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, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (6,965,000) $ (4,435,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 57,000 40,000
Change in fair value of warrant liability 0 (14,000)
Stock-based compensation 255,000 40,000
Stock issuance for services 49,000 19,000
Amortization of deferred financing costs 0 44,000
Amortization of debt discount 0 19,000
Changes in operating assets and liabilities:    
Accounts receivable (866,000) 2,000
Inventories 54,000 (1,364,000)
Other current assets (23,000) (37,000)
Accounts payable 51,000 (159,000)
Accrued expenses 214,000 30,000
Accrued interest 692,000 133,000
Customer deposits (18,000) (16,000)
Net cash used in operating activities (6,500,000) (5,698,000)
Cash flows from investing activities    
Purchases of equipment (85,000) (53,000)
Net cash used in investing activities (85,000) (53,000)
Cash flows from financing activities:    
Repayment of line of credit 0 (215,000)
Proceeds from the sale of common stock 3,975,000 1,075,000
Borrowings from line of credit - related party 5,195,000 4,385,000
Borrowings from convertible promissory note - related party 0 500,000
Net cash provided by financing activities 9,170,000 5,745,000
Net change in cash 2,585,000 (6,000)
Cash, beginning of period 121,000 127,000
Cash, end of period 2,706,000 121,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Conversion of related party debt to equity 0 400,000
Fair value of warrants exchanged for common stock 0 10,000
Stock issuance for services $ 49,000 $ 19,000