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, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Consolidated net loss $ (16,444,000) $ (17,597,000)
Adjustments to reconcile consolidated net loss to net cash used in operating activities:    
Share-based compensation 388,000 241,000
Amortization of intangible assets 298,000 322,000
Amortization of finance lease right-of-use assets 1,661,000 0
Depreciation of fixed assets 282,000 1,427,000
Write-off of fixed assets 0 179,000
Changes in operating assets and liabilities    
Accounts receivable - trade 22,000 (22,000)
Work in process (798,000) 0
Prepaid expenses and other current assets 77,000 (15,000)
Security deposit 0 1,000
Accounts payable 498,000 292,000
Accrued expenses 140,000 (82,000)
Contract liabilities 531,000 1,279,000
Net cash used in operating activities (13,345,000) (13,975,000)
Cash flows from investing activities:    
Additions to intangible assets (76,000) (70,000)
Purchases of fixed assets (1,078,000) (920,000)
Net cash used in investing activities (1,154,000) (990,000)
Cash flows from financing activities:    
Proceeds from sales of preferred and common stock 62,363,000 1,350,000
Proceeds from the exercise of warrants 6,330,000 0
Proceeds from the exercise of stock options 130,000 0
Costs to raise capital and warrant exchange (2,170,000) (159,000)
Proceeds from PPP Loan 600,000 0
Payments of notes payable - warrant exchange (1,995,000) 0
Payment of finance/capital lease obligation (66,000) (197,000)
Proceeds from capital contribution 0 2,459,000
Net cash provided by financing activities 65,192,000 3,453,000
Effect of exchange rate changes (2,000) (1,000)
Net increase (decrease) in cash 50,691,000 (11,513,000)
Cash - beginning of year 4,421,000 4,421,000
Cash - end of year 55,112,000 4,421,000
Schedule of non-cash activities:    
Increase in ROU assets under ASC 842 7,489,000 0
Subscription receivable for capital raise 5,549,000 0
Costs related to subscription receivable (which is net of costs) 172,000 0
Deemed dividends - down round of Series A Preferred and Series B Preferred 21,560,000 0
Deemed dividend - non-cash warrant exchange 6,600,000 0
Issuances of common stock under warrant exchange 3,300,000 0
Issuances of notes payable under warrant exchange 3,300,000 0
Cashless exercise of warrants reducing balance owed for notes payable - warrant exchange 1,305,000 0
Unpaid intangible assets included in accounts payable 0 8,000
Intangible assets included in accounts payable in prior period, paid in current period 8,000 2,000
Unpaid fixed assets included in accounts payable 268,000 14,000
Fixed assets included in accounts payable in prior period, paid in current period 0 84,000
Conversion of preferred stock shares into common stock shares 29,000 2,000
Compensation shares 1,000 0
Supplemental cash flow information:    
Cash paid during the year for interest $ 2,372,000 $ 1,903,000