XML 31 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:      
Net loss $ (273,886,970) $ (153,266,286) $ (59,135,716)
Adjustments to reconcile net loss to net cash used in operating activities:      
Changes in fair value of warrant liabilities 108,635,809 61,073,808 0
Warrant related expense 0 7,649,395 0
Depreciation and amortization 1,297,273 923,348 737,661
Interest on non-recourse debt 19,789,995 0 0
Loss on induced exchanges of debt 13,005,329 0 0
Deferred revenue, net of amortization (77,298) (64,405) (36,295)
Amortization of bond premiums 30,795 218,426 669,858
Amortization of debt issuance costs 1,678,589 729,821 729,821
Amortization of deferred rent 278,977 8,996 99,516
Loss (gain) on sale of marketable securities 434 15,682 (1,844)
(Decrease) increase in allowance for doubtful accounts (9,371) (61,932) 20,369
Non-cash expense related to stock compensation 4,023,697 4,333,430 3,740,526
Non-cash decrease in value of life insurance policy 0 0 20,566
Non-cash financing expenses 0 346,568 0
Changes in operating assets and liabilities      
Accounts receivable - net of reserve 452,321 102,640 (190,300)
Inventories - net of reserve 580,016 (195,958) 256,381
Other receivables (30,000) 223,340 620,300
Prepaid expenses (2,911,299) 146,871 97,948
Other current assets (5,293,365) (241,775) 761,803
Accounts payable and accrued expenses (1,515,818) 15,807,887 3,147,606
Purchases from sales/maturities of marketable securities (133,950,886) (62,250,144) (48,461,800)
Cash flows from investing activities:      
Purchases of marketable securities (10,380,182) (131,610,011) (2,749,117)
Purchases from sales/maturities of marketable securities 95,111,926 57,183,499 50,850,088
Purchases of property and equipment (9,974,683) (1,837,167) (2,226,256)
Net cash provided by (used in) investing activities 74,757,061 (76,263,679) 45,874,715
Cash flows from financing activities:      
Exercise of stock options 2,261,240 4,290,103 2,732,962
Exercise of warrants 78,225,940 0 0
Sale of preferred stock, net of related expenses 0 121,781,941 0
Proceeds from public offering of common stock 299,466,900 28,578,473 0
Proceeds from private offering of common stock 67,784,000 14,700,000 0
Proceeds from the issuance of non-recourse debt 182,216,000 0 0
Debt conversion fees (530,064) 0 0
Tax withholding payments for stock compensation (1,521,484) (547,021) (368,984)
Net cash provided by financing activities 627,902,532 168,803,496 2,363,978
Effect of changes in exchange rates on cash and cash equivalents (45,775) (99,728) (26,043)
Net increase (decrease) in cash and cash equivalents 568,662,932 30,189,945 (249,150)
Cash and cash equivalents, beginning balance 43,393,570 13,203,625 13,452,775
Cash and cash equivalents, ending balance 612,056,502 43,393,570 13,203,625
Supplemental disclosure of cash flow information:      
Accrued capital expenditures 2,850,000 4,750,000 4,802,778
Income taxes paid 0 23,636 28,679
Schedule for non-cash investing and financing activities:      
Issuance of Common Shares for Debt Conversion 92,307,266 0 0
Accrued capital expenditures $ 2,173,038 $ 0 $ 0