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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (22,426,023) $ 35,773,027 $ 24,702,714
Adjustments to reconcile net income(loss) to net cash provided by (used) in operating activities:      
Depreciation and amortization 64,203 58,635 56,569
Non-cash interest expense 438 51,234 175,493
Decrease in right-of-use asset 298,558 0 0
Stock-based compensation 3,138,464 3,482,077 3,518,351
Deferred income tax benefit 0 0 (500,000)
Changes in operating assets and liabilities:      
Accounts receivable 60,265,970 (60,265,970) 15,116,822
Prepaid expenses and other assets 22,073 35,399 715,533
Accounts payable 210,885 (1,718,906) 672,326
Accrued expenses 50,405 745,671 (8,393,698)
Deferred revenue 0 0 (34,550,572)
Operating lease liability (298,558) 0 0
Other liabilities 0 55,992 189,565
Net cash (used in) provided by operating activities 41,326,415 (21,782,841) 1,703,103
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from matured investments 0 0 250,000
Purchases of property and equipment (62,880) (36,139) (22,451)
Net cash provided by (used in) investing activities (62,880) (36,139) 227,549
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments on capital lease obligations 0 0 (14,324)
Payment of withholding taxes related to restricted stock units (122,868) (115,763) (45,165)
Payment on notes payable obligations (832,851) (6,500,000) (8,000,000)
Proceeds from the exercise of stock options 0 0 159,881
Proceeds from exercise of common stock warrants 0 808,934 2,511,029
Warrant repurchases (2,547,466) 0 0
Proceeds from the sale of common stock and warrants, net of costs 1,581,498 33,136,060 1,257,774
Net cash provided by financing activities (1,921,687) 27,329,231 (4,130,805)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 39,341,848 5,510,251 (2,200,153)
CASH AND CASH EQUIVALENTS, beginning of period 43,510,422 38,000,171 40,200,324
CASH AND CASH EQUIVALENTS, end of period 82,852,270 43,510,422 38,000,171
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for interest 19,222 354,456 1,084,158
Issuance of warrants in connection with debt financing $ 0 $ 0 $ 500,000