XML 22 R6.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 12,810,766 $ (6,162,083)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 567,122 490,235
Stock-based compensation 352,583 459,538
Provision for uncollectible accounts 2,030 8,788
Recovery of sales returns (29,000) (42,000)
Inventory write-downs 150,000 5,863,991
(Recovery of) Provision for accounts receivable discounts (9,153) 3,751
Gain on extinguishment of debt (974,328) 0
Benefit for deferred income taxes, net (6,350,830) 0
Changes in operating assets and liabilities:    
Accounts receivable (955,233) 1,321,214
Inventory 1,311,239 (2,764,230)
Prepaid expenses and other assets, net (3,140,405) 490,438
Accounts payable (973,862) 468,687
Accrued income taxes 1,931 1,733
Accrued expenses and other liabilities 3,710,232 109,123
Net cash provided by operating activities 6,473,092 249,185
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (437,069) (458,854)
Payment to fund note receivable (250,000) 0
Payments for intangible assets (46,396) (77,122)
Net cash used in investing activities (733,465) (535,976)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Stock option exercises 1,090,090 0
Proceeds from long-term debt 0 965,000
Issuance of common stock, net of offering costs 0 932,480
Net cash provided by financing activities 1,090,090 1,897,480
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 6,829,717 1,610,689
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR 14,617,234 13,006,545
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR 21,446,951 14,617,234
Supplemental disclosure of non-cash investing and financing activities:    
Additions to right-of-use assets obtained from new operating lease liabilities 3,908,249 0
Forgiveness of PPP Loan principal 965,000 0
Supplemental disclosure of cash flow information:    
Cash paid during the year for interest 0 884
Cash paid during the year for income taxes $ 14,704 $ 2,050