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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (16,451,536) $ 12,894,640
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 43,526 42,573
Non-cash interest expense 47,312 143,837
Stock-based compensation 2,866,779 2,370,972
Deferred income tax benefit 0 (500,000)
Changes in operating assets and liabilities:    
Accounts receivable 0 15,116,822
Prepaid expenses and other assets (183,490) 309,766
Accounts payable (1,748,920) (757,725)
Accrued expenses 537,187 (4,601,842)
Deferred revenue 0 (33,965,053)
Other liabilities 51,643 155,218
Net cash used in operating activities (14,837,499) (8,790,792)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturity of investments 0 250,000
Purchases of property and equipment (36,139) (9,500)
Net cash provided by investing activities (36,139) 240,500
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on capital lease obligations 0 (14,324)
Payment of withholding taxes related to restricted stock units (65,992) (45,165)
Payments on notes payable obligations (5,500,000) (6,000,000)
Proceeds from the exercise of common stock warrants 0 114,384
Proceeds from the exercise of stock options 0 31,231
Proceeds from the sale of common stock, net of costs 2,252,808 0
Net cash used in financing activities (3,313,184) (5,913,874)
NET DECREASE IN CASH AND CASH EQUIVALENTS (18,186,822) (14,464,166)
CASH AND CASH EQUIVALENTS, beginning of period 38,000,171 40,200,324
CASH AND CASH EQUIVALENTS, end of period 19,813,349 25,736,158
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 316,159 876,394
Cash paid for income taxes $ 0 $ 500,000