Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
shares in Thousands
 9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Consolidated net loss $ (23,327,000) $ (12,904,000)
Adjustments to reconcile consolidated net loss to net cash used in operating activities:    
Share-based compensation 990,000 168,000
Amortization of intangible assets 218,000 225,000
Amortization of finance lease right-of-use assets 1,236,000 1,246,000
Depreciation of fixed assets 330,000 207,000
Accrued interest receivable on convertible promissory note receivable (37,000)  
Amortization of premiums on debt securities 130,000  
Reserve for loss on contract 300,000  
Changes in operating assets and liabilities:    
Accounts receivable – trade (312,000) 22,000
Accounts receivable – other (1,000)  
Work in process 366,000  
Prepaid expenses and other current assets (2,247,000) 101,000
Accounts payable (303,000) (440,000)
Accrued expenses 743,000 169,000
Deferred Revenue/Contract liabilities (924,000) 1,728,000
Net cash used in operating activities (22,838,000) (9,478,000)
Cash flows from investing activities:    
Purchases of debt securities (20,963,000)  
Additions to intangible assets (201,000) (63,000)
Purchases of fixed assets (2,406,000) (271,000)
Redemption of debt securities 1,500,000  
Issuance of note receivable (1,500,000)  
Net cash used in investing activities (23,570,000) (334,000)
Cash flows from financing activities:    
Proceeds from sales of preferred and common stock 75,281,000 10,281,000
Proceeds from subscription receivable 5,549,000  
Proceeds from exercise of stock option 29,000 3,000
Proceeds from exercise of warrants   6,330,000
Costs to raise capital (4,713,000) (381,000)
Payments of notes payable – warrant exchange   (800,000)
Payment of finance/capital lease obligation (223,000)  
Net cash provided by financing activities 75,923,000 15,433,000
Effect of exchange rate changes   (2,000)
Net increase in cash and cash equivalents 29,515,000 5,619,000
Cash - beginning of period 55,112,000 4,421,000
Cash - end of period 84,627,000 10,040,000
Schedule of non-cash activities:    
Unpaid fixed assets included in accounts payable 943,000  
Conversion of preferred stock into common stock 29,000 29,000
Unpaid intangible assets included in accounts payable 19,000  
Unrealized loss on available-for-sale debt securities 36,000  
Increase in ROU assets under ASC 842   7,489,000
Deemed dividends – down round of Series A Preferred and Series B Preferred   21,560,000
Issuances of common stock under warrant exchange   3,300,000
Issuance of notes payable under warrant exchange   $ 3,300,000
Cashless exercise of warrants reducing balance owed for notes payable – warrant exchange   1,304
Intangible assets included in accounts payable in prior period, paid in current period   $ 8,000
Compensation shares   1,000
Supplemental cash flow information:    
Cash paid during the period for interest $ 1,839,000 $ 1,756,000