Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (4,435,000) $ (4,571,000)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation 40,000 25,000
Change in fair value of warrant liability (14,000) (11,000)
Stock-based compensation 40,000 109,000
Stock issuance for services 19,000 29,000
Amortization of prepaid advisory fees 34,000
Amortization of deferred financing costs 44,000 266,000
Amortization of debt discount 19,000 86,000
Changes in operating assets and liabilities:    
Accounts receivable 2,000 (13,000)
Inventories (1,364,000) (21,000)
Other current assets (37,000) (11,000)
Accounts payable (159,000) (42,000)
Accrued expenses 30,000 200,000
Accrued interest 133,000
Customer deposits (16,000)
Net cash used in operating activities (5,698,000) (3,920,000)
Cash flows from investing activities    
Purchases of equipment (53,000) (5,000)
Net cash used in investing activities (53,000) (5,000)
Cash flows from financing activities:    
Repayment of line of credit (215,000)
Proceeds from the sale of common stock 1,075,000 949,000
Borrowings from line of credit - related party 4,385,000 2,950,000
Borrowings from convertible promissory note - related party 500,000
Private placement subscription 100,000
Net cash provided by financing activities 5,745,000 3,999,000
Net change in cash (6,000) 74,000
Cash, beginning of period 127,000 53,000
Cash, end of period 121,000 127,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:    
Conversion of related party debt to equity 400,000 3,397,000
Fair value of warrants exchanged for common stock 10,000
Stock issuance for services 19,000 29,000
Issuance of common stock in private placement for reduction of accounts payable 25,000
Warrant re-pricing modification 12,000
Deferred financing cost related to the line of credit - related party $ 310,000