XML 295 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (38,693,006) $ (15,997,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 146,890 131,000
Amortization of intangibles 2,950,889 2,168,000
Amortization of right-of-use assets 783,752 1,112,000
Amortization of deferred financing costs 791,292 0
Impairment and other losses (gains), net 7,708,677 (3,142,000)
Stock-based compensation 16,307,583 4,419,000
Common stock issuances 80,800
Warrants related to financing of convertible note payable 0 12,000
Imputed interest for note payable 0 19,000
Loss contingency on equity issuance 3,615,000 0
Gain on change in fair value of derivative liabilities (638,622) (72,000)
Discount on derivative liability 0 85,000
Provision (reversal) for bad debt (124,058) (260,000)
Preferred shares converted to common stock 0 150,000
Beneficial conversion features on convertible promissory notes 0 144,000
Tax provision on income 0 216,000
Change in operating assets and liabilities:    
Accounts receivable 13,360,992 (226,000)
Prepaid expenses (526,186) (527,000)
Accounts payable and accrued expenses 8,622,568 1,246,000
Other assets (24,234,556) 3,000
Operating lease liability (3,123,381) (919,000)
Due to related parties 828,249 41,000
Other long-term liabilities (624,103) 477,000
Contract liabilities relating to revenue 5,663,946 2,376,000
Contract liabilities to government grant 0 1,706,000
Net cash used used in operating activities (7,103,274) (6,838,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash paid for acquisition of Converge 82,730,000 0
Net cash paid for acquisition of Redeeem 0 (1,376,000)
Purchase of fixed assets (163,824) (158,000)
Net cash used in investing activities (82,893,824) (1,534,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from bank loan, net of debt issuance cost 69,717,960 0
Proceeds from the issuance of preferred stock, net of offering costs 44,405,000 0
Proceeds from initial public offering, net of offering costs 0 20,702,000
Proceeds from stimulus loan programs 0 569,000
Principal payments made for bank loan (956,250) 0
Payments to note payable of related party (100,000) (2,479,000)
Payments made for the redemption of Series E preferred stock (446,400) 0
Proceeds from convertible note payable 0 500,000
Payments to convertible note payable 0 (135,000)
Net cash provided by financing activities 112,620,310 19,157,000
Effect of exchange rate on cash (2,015,411) (425,000)
Net increase in cash, cash equivalents 20,607,801 10,360,000
CASH AND CASH EQUIVALENTS — beginning of year 12,066,000 1,706,000
CASH AND CASH EQUIVALENTS — end of year 32,673,801 12,066,000
Cash paid during the period for:    
Income taxes 0 0
Interest expense 1,998,958 0
Noncash investing and financing activities:    
Preferred shares converted into common stock upon uplisting 0 54,000
Shares to be issued for Converge acquisition 14,875,000 0
Shares to be issued for Redeeem acquisition 0 1,210,000
Issuance of common stock related to convertible note payable 0 1,750,000
Issuance of common stock related to stock payable 0 1,300,000
Right-of-use assets acquired through operating leases $ 0 $ 2,642,000