Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (9,207,000) $ (7,348,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 259,000 127,000
Stock-based compensation 449,000 422,000
Fair value of warrant issued as debt issuance cost 174,000
Noncash interest expense 197,000
Noncash rent expense 214,000 197,000
Allowance for inventory reserve 169,000 (242,000)
Amortization of prepaid offering costs 547,000
Changes in operating assets and liabilities:    
Accounts receivable 913,000 (1,393,000)
Inventories (9,239,000) (1,090,000)
Other current assets (409,000) (414,000)
Accounts payable 2,064,000 67,000
Accrued expenses (350,000) 395,000
Due to Factor (469,000)
Accrued interest 1,000 152,000
Office lease payable (211,000) (96,000)
Deferred revenue 116,000 34,000
Customer deposits (171,000) (1,550,000)
Net cash used in operating activities (15,401,000) (10,290,000)
Cash flows from investing activities    
Purchases of equipment (530,000) (417,000)
Net cash used in investing activities (530,000) (417,000)
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 13,971,000
Proceeds from issuance of common stock in public offering, net of offering costs 1,602,000 14,034,000
Proceeds from revolving line of credit 3,500,000
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 (20,000)
Net cash provided by financing activities 19,073,000 14,634,000
Net change in cash 3,142,000 3,927,000
Cash, beginning of period 4,713,000 726,000
Cash, end of period 7,855,000 4,653,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Common stock issued for conversion of related party debt 2,561,000
Accrued interest converted into principal 197,000
Supplemental cash flow information:    
Interest paid $ 33,000 $ 31,000