v3.20.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (20,902,859) $ (4,839,554)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 177,529 285,844
Amortization of convertible debt discounts 247,702 216,724
Accretion and settlement of financing instruments and change in fair value of derivative liability 4,126,813 536,339
Stock compensation and stock issued for services 2,786,775
Non-cash interest expense 11,893,497
Changes in assets and liabilities:    
Accounts receivable (401,935) 75,339
Inventories (526,227) 315,734
Intangibles (120,404)
Accounts payable (1,463,810) (54,573)
Accrued expenses (175,384) (950,480)
Deferred revenue (161,221) (173,380)
Net cash used in operating activities (4,519,524) (4,588,007)
Cash Flows from Investing Activities    
Acquisition of business, net of cash 38,836 2,967,918
Purchases of property and equipment (17,636)
Net cash provided by investing activities 38,836 2,950,282
Cash Flows from Financing Activities    
Principal payments on financing lease obligations (3,449)
Principal payments on notes payable (932) (35,431)
Payments on advances from stockholder, net (121,663)
Payments on convertible notes payable (159,983)
Proceeds from convertible notes payable 1,956,000 1,923,684
Proceeds from notes payable related parties 535,963 400,000
Payments on notes payable related parties (411,006)
Payments on line of credit, net (245,000) (100)
Proceeds from sale of common stock under Equity Purchase Agreement 2,316,520
Net cash provided by financing activities 4,440,888 1,713,715
Net Increase (Decrease) in Cash and Cash Equivalents (39,800) 75,990
Cash, Beginning of Period 412,391 169,430
Cash, End of Period 372,591 245,420
Supplemental and Non-Cash Disclosures    
Noncash additions related to convertible debt 210,520 206,600
Cash paid for interest 35,888 161,944
Interest on shares issued under Equity Purchase Agreement 5,001,900
Related party note payable issued for acquisition of business 194,526 1,484,473
Acquisition of goodwill and intangibles 46,869
Stock compensation and stock issued for services 2,776,200 2,007,692
Property leased with financing lease 25,317
Accretion of discount and change in fair value of derivatives 4,238,991
Common stock issued in exchange for convertible debt reduction $ 4,117,650