XML 14 R6.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net loss $ (3,640,300) $ (2,311,400)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss/(Gain) on sale of investments 11,100 (34,600)
Unrealized holding loss on investments 102,800 18,900
Extinguishment of debt (433,800) 0
Depreciation and amortization 581,800 126,700
Deferred income taxes (955,400) (652,300)
Loss on disposal of subsidiary 0 405,400
Stock-based compensation 1,920,100 1,429,400
Change in fair value of contingent consideration (42,500) (118,500)
Changes in operating assets and liabilities:    
Trade accounts receivable (328,700) (758,500)
Inventories (1,383,900) (697,700)
Carrying value of right of use assets 783,300 87,700
Income tax receivable 172,200 (1,500)
Prepaid and other current assets (127,700) 57,400
Accounts payable 585,500 142,600
Contract liabilities 796,100 (20,000)
Lease liabilities 0 (51,000)
Bank overdraft (281,100) 7,500
Other assets 107,100 0
Discontinued operations 25,400 0
Accrued expenses (20,700) (222,600)
Total adjustments (55,000) (281,100)
Net cash used in operating activities (3,695,300) (2,592,500)
Investing activities:    
Redemption of investment securities 1,278,500 1,631,000
Purchase of investment securities (5,422,700) (6,609,200)
Proceeds from sale of assets of discontinued operations 0 440,000
Capital expenditures (337,400) (183,700)
Purchase of other intangible assets (67,000) (41,200)
Net cash used in investing activities (4,548,600) (4,763,100)
Financing activities:    
Proceeds from issuance of common stock $ 3,000,000 0
Issuance costs of common stock and warrants (272,800)  
Payments of contingent consideration $ 0 (13,400)
Proceeds from Payroll Protection Program 0 433,800
Proceeds from stock options exercised 0 3,000
Net cash provided by financing activities 2,727,200 423,400
Effect of changes in foreign currency exchange rates (90,500) 0
Net decrease in cash and cash equivalents (5,607,200) (6,932,200)
Cash and cash equivalents, beginning of year 9,675,200 7,559,700
Cash and cash equivalents, end of period 4,068,000 627,500
SUPPLEMENTAL DISCLOSURES    
Income taxes 0 2,500
Record right-of-use assets 941,300 0
Record lease liabilities $ 941,300 $ 0