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, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Consolidated net loss $ (23,213,000) $ (16,444,000)
Adjustments to reconcile consolidated net loss to net cash used in operating activities:    
Share-based compensation 1,586,000 388,000
Amortization of intangible assets 291,000 298,000
Amortization of finance lease right-of-use assets 1,651,000 1,661,000
Depreciation of fixed assets 472,000 282,000
Accrued interest income on note receivable (56,000)  
Amortization of premiums on debt securities 216,000  
Loss on abandonment of intangible assets 143,000  
Changes in operating assets and liabilities:    
Accounts receivable – trade (426,000) 22,000
Accounts receivable – other (112,000)  
Settlement receivable (10,200,000)  
Work in process 772,000 (798,000)
Prepaid expenses and other current assets (1,746,000) 77,000
Accounts payable 48,000 498,000
Accrued expenses 1,897,000 140,000
Deferred revenue / contract liabilities (1,387,000) 531,000
Net cash used in operating activities (30,064,000) (13,345,000)
Cash flows from investing activities:    
Purchases of debt securities (23,816,000)  
Additions to intangible assets (242,000) (76,000)
Purchases of fixed assets (4,920,000) (1,078,000)
Redemption of debt securities 4,000,000  
Issuance of note receivable (1,500,000)  
Net cash used in investing activities (26,478,000) (1,154,000)
Cash flows from financing activities:    
Proceeds from sales of preferred and common stock 78,276,000 62,363,000
Proceeds from subscription receivable 5,549,000  
Proceeds from exercise of warrants   6,330,000
Proceeds from exercise of stock option 54,000 130,000
Costs to raise capital (4,713,000) (2,170,000)
Proceeds from PPP Loan   600,000
Payments of notes payable – warrant exchange   (1,995,000)
Payment of finance lease obligation (331,000) (66,000)
Net cash provided by financing activities 78,835,000 65,192,000
Effect of exchange rate changes (1,000) (2,000)
Net increase in cash and cash equivalents 22,292,000 50,691,000
Cash and cash equivalents – beginning 55,112,000 4,421,000
Cash and cash equivalents - end 77,404,000 55,112,000
Schedule of non-cash activities:    
Legal costs related to Fraunhofer litigation (16,000,000)  
Legal cost recovery - Fraunhofer litigation 16,000,000  
Increase in ROU assets under ASC 842 146,000 7,489,000
Subscription receivable for capital raise   5,549,000
Costs related to subscription receivable (net of costs)   172,000
Deemed dividends – down round of Series A Preferred and Series B Preferred   21,560,000
Deemed dividend – non-cash warrant exchange   6,600,000
Issuances of common stock under warrant exchange   3,300,000
Issuances of notes payable under warrant exchange   3,300,000
Cashless exercise of warrants reducing balance owed for notes payable – warrant exchange   1,305,000
Intangible assets included in accounts payable in prior period, paid in current period   8,000
Unpaid fixed assets included in accounts payable 791,000 268,000
Accounts receivable and accounts payable offset related to Fraunhofer settlement 75,000  
Unrealized loss on available-for-sale debt securities 29,000  
Conversion of preferred stock shares into common stock shares 29,000 29,000
Compensation shares   1,000
Supplemental cash flow information:    
Cash paid for interest during Fiscal Year 2021 $ 2,446,000 $ 2,372,000