Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (4,130,000) $ (3,984,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 123,000 54,000
Stock-based compensation 200,000 225,000
Fair value of warrant issued as debt issuance cost 174,000
Noncash interest expense 29,000
Noncash rent expense 106,000 98,000
Allowance for inventory reserve 24,000 (219,000)
Amortization of prepaid offering costs 547,000
Changes in operating assets and liabilities:    
Accounts receivable 1,586,000 (93,000)
Inventories (3,357,000) (574,000)
Other current assets (567,000) (206,000)
Accounts payable 2,123,000 (857,000)
Accrued expenses (675,000) 53,000
Due to Factor (469,000)
Accrued interest 1,000 198,000
Office lease payable (104,000) (47,000)
Deferred revenue 103,000 44,000
Customer deposits 151,000 (643,000)
Net cash used in operating activities (4,416,000) (5,670,000)
Cash flows from investing activities    
Purchases of equipment (238,000) (214,000)
Net cash used in investing activities (238,000) (214,000)
Cash flows from financing activities:    
Proceeds from issuance of common stock in private placement 3,200,000
Proceeds from issuance of common stock in registered direct offering, net of offering costs 14,076,000
Proceeds from issuance of common stock in public offering, net of offering costs 1,602,000 10,698,000
Payment of short-term loan – related party (1,178,000)
Payment of line of credit – related party (1,402,000)
Principal payments on financing lease payable (10,000)
Net cash provided by financing activities 15,678,000 11,308,000
Net change in cash 11,024,000 5,424,000
Cash, beginning of period 4,713,000 726,000
Cash, end of period 15,737,000 6,150,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Common stock issued for conversion of related party debt 400,000
Accrued interest converted into principal 29,000
Supplemental schedule of cash flow information:    
Interest paid $ 2,000 $ 29,000