XML 19 R6.htm IDEA: XBRL DOCUMENT v3.24.3
Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (32,120,533) $ (50,255,815)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 229,377 229,377
Stock based compensation - restricted stock units 1,763,450 1,780,047
Stock based compensation expense - stock options 2,823,764 4,222,845
Stock based compensation expense - stock issued 72,900 372,500
Amortization of financing costs 108,751 170,219
Accretion of unearned loan discount 1,023,145 1,601,445
Accretion of loan premium 236,970 421,994
Realized gain on maturity of available-for sale (223,865)
Non-cash lease expense from right-of-use assets 49,346 37,465
Gain on termination of operating lease (5,215)
Change in fair value of derivative liabilities (1,816,271) 1,437,481
Changes in operating assets and liabilities:    
   Prepaid and other assets (101,866) 39,915
   Accounts payable and accrued expenses 110,653 1,033,455
   Operating lease liabilities (47,245) (38,884)
   Other current liabilities (48,385) (1,304,925)
Net cash used in operating activities (27,945,024) (40,252,881)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from (purchases of) U.S. Treasury Bills (available-for-sale) 14,525,000 (14,301,135)
Net cash provided by (used in) investing activities 14,525,000 (14,301,135)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock 27,802,939 49,465,103
Payments of note payable (10,000,000)
Proceeds from exercise of stock options 2,240
Net proceeds from issuance of common stock - Related Party 5,905,840
Net cash provided by financing activities 17,802,939 55,373,183
Net increase in cash and cash equivalents 4,382,915 819,167
Cash and cash equivalents, beginning of period 19,460,883 18,641,716
Cash and cash equivalents, end of period 23,843,798 19,460,883
SUPPLEMENTAL CASH FLOW INFORMATION:    
  Cash paid for interest 1,525,056 2,106,491
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES:    
Right-of-use assets obtained in exchange for lease obligations 432,192
Unrealized gain on U.S. Treasury Bills (available-for-sale) 176,591
Reclassification of unrealized gains on U.S. Treasury Bills (available-for-sale investments) upon settlement 176,591
Deemed dividend of ratchet adjustment to warrants $ 886,423