Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (3,814,000) $ (2,401,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 33,000 11,000
Stock-based compensation 451,000 164,000
Stock issuance for services 0 152,000
Noncash lease expense 88,000 0
Changes in operating assets and liabilities:    
Accounts receivable 1,390,000 395,000
Inventories (311,000) (1,057,000)
Other current assets (132,000) 15,000
Accounts payable 309,000 313,000
Accrued expenses (103,000) (20,000)
Due to Factor 382,000 0
Accrued interest 282,000 274,000
Office lease payable 2,000 0
Customer deposits 0 (4,000)
Net cash used in operating activities (1,423,000) (2,158,000)
Cash flows from investing activities    
Purchases of equipment (104,000) (44,000)
Net cash used in investing activities (104,000) (44,000)
Cash flows from financing activities:    
Borrowings from line of credit - related party debt 1,595,000 0
Principal payments on financing lease payable (7,000) 0
Net cash provided by financing activities 1,588,000 0
Net change in cash 61,000 (2,202,000)
Cash, beginning of period 102,000 2,706,000
Cash, end of period 163,000 504,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Initial recognition of right-of-use asset 2,706,000 0
Stock issuance for services 0 152,000
Interest paid $ 46,000 $ 0