Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (15,609,000) $ (12,793,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 575,000 274,000
Stock-based compensation 711,000 797,000
PPP Loan principal and accrued interest forgiveness (1,307,000)
Fair value of warrants issued as debt discount cost 253,000 174,000
Noncash interest expense 426,000
Noncash rent expense 438,000 400,000
Allowance for inventory reserve 61,000 (195,000)
Amortization of prepaid offering costs 547,000
Changes in operating assets and liabilities:    
Accounts receivable (2,512,000) (3,028,000)
Inventories (5,810,000) (5,062,000)
Other current assets (802,000) (134,000)
Accounts payable (530,000) 2,527,000
Accrued expenses (374,000) 1,183,000
Due to factor (469,000)
Deferred revenue 139,000 20,000
Accrued interest (1,000) (38,000)
Office lease payable (436,000) (288,000)
Customer deposits 4,000 (1,392,000)
Net cash used in operating activities (23,893,000) (18,358,000)
Cash flows from investing activities    
Purchases of equipment (797,000) (1,102,000)
Net cash used in investing activities (797,000) (1,102,000)
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 1,602,000 22,855,000
Proceeds from the issuance of common stock in private placement 3,200,000
Proceeds from revolving line of credit 8,450,000 700,000
Payment of short-term loan - related party (1,178,000)
Payment of line of credit - related party (1,402,000)
Payment of revolving line of credit (3,561,000) (700,000)
Principal payments of financing lease payable (28,000)
Net cash provided by financing activities 20,462,000 23,447,000
Net change in cash (4,228,000) 3,987,000
Cash, beginning of period 4,713,000 726,000
Cash, end of period 485,000 4,713,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Common stock issued for conversion of related party debt 5,193,000
Accrued interest converted into principal 358,000
Common stock issued for vested RSUs 21,000
Supplemental cash flow information:    
Interest paid $ 151,000 $ 59,000