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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Jun. 30, 2022
Operating activities:      
Net loss $ (4,079,400) $ (9,086,500) $ (13,668,100)
Adjustments to reconcile net loss to net cash used in operating activities:      
Provision for bad debt 17,300 0 0
Extinguishment of debt 0 0 (433,800)
Impairment of goodwill and intangible asset 51,500 0 4,280,100
Depreciation and amortization 380,800 754,000 688,200
Stock-based compensation 1,236,700 2,240,100 2,350,600
Fair value on issuance of warrants 0 161,000 0
Loss/(Gain) on sale of investment securities 89,200 92,300 32,700
Unrealized holding (gain)/loss on investment securities (18,900) (143,400) 233,700
Change in fair value of contingent consideration 0 0 (42,500)
Deferred income taxes 0 0 2,490,000
Carrying value of right of use assets 103,800 105,200 (810,200)
Changes in operating assets and liabilities:      
Trade accounts receivable 175,600 119,100 (206,700)
Inventories (733,600) (13,100) (1,719,200)
Prepaid and other current assets 89,400 47,400 (207,800)
Income tax receivable (300) 0 172,200
Other assets 4,200 (1,200) (8,100)
Accounts payable (191,500) (222,400) 652,400
Accrued expenses and taxes 27,300 10,100 180,300
Contract liabilities 106,500 (110,800) 29,000
Lease Liabilities 0 (106,800) 807,900
Other long term liabilities (107,600) 0 (10,900)
Net cash used in operating activities (2,849,000) (6,155,000) (5,190,200)
Investing activities:      
Redemption of investment securities 2,404,200 5,314,000 2,709,800
Purchase of investment securities (346,200) (5,917,400) (5,634,500)
Capital expenditures (253,000) (131,700) (757,600)
Purchase of other intangible assets (1,500) 0 (67,000)
Net cash provided by (used) in investing activities 1,803,500 (735,100) (3,749,300)
Financing activities:      
Proceeds from issuance of common stock 0 6,283,200 3,000,000
Issuance cost of common stock and warrants 0 (532,000) (272,800)
Payments of contingent consideration 0 0 (98,800)
Bank overdraft 0 0 (321,700)
Net cash received in financing activities 0 5,751,200 2,306,700
Effect of changes in foreign currency exchange rates on cash and cash equivalents 1,500 7,900 (71,300)
Net (decrease) increase in cash and cash equivalents (1,044,000) (1,131,000) (6,704,100)
Cash and cash equivalents, beginning of period 2,971,100 1,927,100 9,675,200
Cash and cash equivalents, end of period 1,927,100 796,100 2,971,100
Cash paid during the period for:      
Income taxes 0 0 0
Interest 0 0 0
Noncash financing activities:      
Record right-of-use assets 104,326 166,400 1,010,900
Record lease liabilities $ 104,642 $ 166,400 $ 1,010,400