CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net loss |
$ (4,175,000)
|
$ (6,029,000)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Common stock and stock options issued as compensation |
374,000
|
516,000
|
| Amortization of patent costs |
186,000
|
185,000
|
| Patent write off |
|
155,000
|
| Depreciation of equipment |
1,000
|
1,000
|
| (Gain) loss on disposal of equipment |
|
(40,000)
|
| Interest expense-preferred stock |
40,000
|
1,975,000
|
| Change in fair value of preferred stock |
(102,000)
|
|
| Warrants modification expense |
1,212,000
|
|
| Impairment expense of operating lease |
643,000
|
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and security deposits |
17,000
|
(6,000)
|
| Accounts payable |
158,000
|
(738,000)
|
| Accrued expenses |
35,000
|
64,000
|
| Accrued officers' salaries and payroll taxes |
195,000
|
(56,000)
|
| Operating lease liability |
(28,000)
|
|
| Net cash used in operating activities |
(1,444,000)
|
(3,973,000)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Sales proceeds of property, plant and equipment |
|
40,000
|
| Patent costs |
(45,000)
|
(36,000)
|
| Net cash used in investing activities |
(45,000)
|
4,000
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Proceeds from exercise of warrants |
1,152,000
|
|
| Purchase of treasury stock |
(55,000)
|
(91,000)
|
| Proceeds from issuance of preferred stocks and warrants, net of financing costs |
|
2,384,000
|
| Net cash provided by financing activities |
1,097,000
|
2,293,000
|
| NET DECREASE IN CASH |
(392,000)
|
(1,676,000)
|
| CASH, BEGINNING OF PERIOD |
579,000
|
2,424,000
|
| CASH, END OF PERIOD |
187,000
|
748,000
|
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
| Cash paid for interest |
66,000
|
114,000
|
| Cash paid for tax |
|
|
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FLOW INVESTING AND FINANCING ACTIVITIES |
|
|
| Conversion of Series B Convertible Preferred stock to Common stock |
$ 632,000
|
|
| Excess of exercise price of 1,192 warrants over fair value |
$ 524,000
|
|