Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (12,793,000) $ (14,336,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 274,000 141,000
Stock-based compensation 797,000 1,803,000
Stock issuance for services 30,000
PPP Loan principal and accrued interest forgiveness (1,307,000)
Fair value of warrants issued as debt discount cost 174,000
Noncash interest expense 426,000 1,599,000
Noncash rent expense 400,000 323,000
Allowance for inventory reserve (195,000) 317,000
Amortization of prepaid offering costs 547,000
Changes in operating assets and liabilities:    
Accounts receivable (3,028,000) (653,000)
Inventories (5,062,000) (1,760,000)
Other current assets (134,000) (432,000)
Accounts payable 2,527,000 2,165,000
Accrued expenses 1,183,000 542,000
Due to factor (469,000) 469,000
Deferred revenue 20,000 4,000
Accrued interest (38,000) 50,000
Office lease payable (288,000) (169,000)
Customer deposits (1,392,000) 1,563,000
Net cash used in operating activities (18,358,000) (8,344,000)
Cash flows from investing activities    
Purchases of equipment (1,102,000) (323,000)
Net cash used in investing activities (1,102,000) (323,000)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net of costs 22,855,000 1,369,000
Proceeds from the issuance of common stock in private placement 3,200,000
Proceeds from Payment Protection Program 1,297,000
Borrowings from revolving line of credit 700,000
Payment of short-term loan - related party (1,178,000)
Payment of line of credit - related party (1,402,000)
Payment of revolving line of credit (700,000)
Borrowings from short-term loan - related party debt 2,400,000
Borrowings from line of credit - related party debt 4,255,000
Principal payments of financing lease payable (28,000) (30,000)
Net cash provided by financing activities 23,447,000 9,291,000
Net change in cash 3,987,000 624,000
Cash, beginning of period 726,000 102,000
Cash, end of period 4,713,000 726,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Initial recognition of right-of-use lease asset and lease liability 2,706,000
Accrued interest converted into principal 358,000 2,170,000
Interest paid 59,000 137,000
Common stock issued for conversion of related party debt 5,193,000 7,883,000
Stock issuance for services $ 30,000