Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (6,741,000) $ (15,609,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 899,000 575,000
Stock-based compensation 798,000 711,000
Fair value of warrants issued as debt discount cost 253,000
Amortization of debt issuance costs 482,000
Noncash lease expense 512,000 438,000
Allowance for inventory reserve 61,000
Changes in operating assets and liabilities:    
Accounts receivable (40,000) (2,512,000)
Inventories (2,734,000) (5,810,000)
Other current assets (170,000) (802,000)
Accounts payable 3,090,000 (530,000)
Accrued expenses 972,000 (374,000)
Deferred revenue (32,000) 139,000
Accrued interest 1,000 (1,000)
Office lease payable (518,000) (436,000)
Customer deposits (93,000) 4,000
Net cash used in operating activities (3,574,000) (23,893,000)
Cash flows from investing activities    
Purchases of equipment (1,032,000) (797,000)
Proceeds from sale of fixed assets 8,000
Net cash used in investing activities (1,024,000) (797,000)
Cash flows from financing activities:    
Proceeds from the issuance of common stock in registered direct offering, net of offering costs 13,971,000
Proceeds from the issuance of common stock in public offering, net of offering costs 1,556,000 1,602,000
Proceeds from revolving line of credit 63,400,000 8,450,000
Payment of revolving line of credit (58,377,000) (3,561,000)
Payment of financed leases (87,000)
Net cash provided by financing activities 6,492,000 20,462,000
Net change in cash 1,894,000 (4,228,000)
Cash, beginning of period 485,000 4,713,000
Cash, end of period 2,379,000 485,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Initial right of use asset recognition 855,000
Common stock issued for vested RSUs 417,000 21,000
Supplemental cash flow information:    
Interest paid $ 1,127,000 $ 151,000