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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net loss $ (5,644,400) $ (3,672,500)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss/(Gain) on sale of investments securities 32,700 (35,600)
Unrealized holding loss on investments securities 233,700 10,400
Provision for bad debt 0 4,000
Extinguishment of debt (433,800) (531,100)
Depreciation and amortization 688,200 251,500
Deferred income taxes (1,253,600) (1,152,500)
Loss on disposal of subsidiary 0 405,400
Stock-based compensation 2,350,600 2,108,000
Change in fair value of contingent consideration (42,500) (30,000)
Changes in operating assets and liabilities:    
Trade accounts receivable (206,700) (75,500)
Inventories (1,719,200) (560,000)
Carrying value of right of use assets (810,200) (138,000)
Income tax receivable 172,200 1,500
Prepaid and other current assets (207,800) (211,400)
Accounts payable 652,400 79,600
Contract liabilities 29,000 (20,000)
Lease Liabilities 807,900 (105,600)
Bank overdraft (321,700) 278,600
Other assets (8,100) 0
Other long term liabilities (10,900) 10,900
Accrued expenses and taxes 180,300 (195,200)
Total adjustments 132,500 371,000
Net cash used in operating activities (5,511,900) (3,301,500)
Investing activities:    
Redemption of investment securities 2,709,800 6,181,400
Purchase of investment securities (5,634,500) (9,569,000)
Proceeds from sale of Altamira 0 440,000
Purchase of Aquila, net of cash acquired 0 (7,679,000)
Capital expenditures (757,600) (198,700)
Purchase of other intangible assets (67,000) (58,700)
Net cash used in investing activities (3,749,300) (10,884,000)
Financing activities:    
Proceeds from issuance of common stock and warrants 3,000,000 17,080,400
Issuance of common stock and warrants (272,800) (1,006,400)
Payments of contingent consideration (98,800) (168,000)
Proceeds from Payroll Protection Program, net of repayment 0 401,100
Proceeds from stock options exercised 0 3,100
Net cash provided by financing activities 2,628,400 16,310,200
Effect of changes in foreign currency exchange rates (71,300) (9,200)
Net increase/ (decrease) in cash and cash equivalents (6,704,100) 2,115,500
Cash and cash equivalents, beginning of year 9,675,200 7,559,700
Cash and cash equivalents, end of year 2,971,100 9,675,200
Cash paid during the period for:    
Income taxes 0 2,500
Noncash financing activities:    
Record right-of-use assets 1,010,900 0
Record lease liabilities $ 1,010,400 $ 0