XML 15 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (1,064,437) $ (1,135,684)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of property and equipment 298,973 161,961
Amortization of intangible assets 457,265 23,010
Amortization of other assets 56,433 92,323
Amortization of building capital lease 188,950 188,950
Gain on sale of property and equipment (7,002) (19,252)
Stock-based compensation expense 211,747 171,798
Change in allowance for doubtful accounts receivable (1,561) 70,650
Change in allowance for inventory obsolescence 162,528 7,028
Deferred gain on sale/leaseback (112,836) (112,836)
Change in operating assets and liabilities:    
Receivables, net 324,838 509,154
Inventories, net (1,017,052) (793,101)
Prepaid expenses (124,079) 35,722
Other assets (16,181) (205,570)
Income tax payable (3,896) (3,967)
Accounts payable and accrued expenses 750,894 255,194
Net cash provided by (used in) operating activities 104,584 (754,620)
Cash flows from investing activities:    
Purchase of property and equipment (131,040) (164,181)
Net cash paid in acquisition, net of cash received - see Note 2 (9,063,017) 0
Proceeds from sale of property and equipment 12,160 32,000
Net cash used in investing activities (9,181,897) (132,181)
Cash flows from financing activities:    
Principal payments on long-term debt (106,840) (42,561)
Principal payments on long-term capital lease (144,345) (136,513)
Payment of acquisition holdbacks (294,744) 2,540,073
Net change in line of credit 4,370,755 928,554
Proceeds from issuance of preferred stock, net 6,600,121 (16,241)
Preferred stock dividends paid in cash (104,884) 0
Net cash provided by financing activities 10,320,063 3,273,312
Net change in cash and cash equivalents 1,242,750 2,386,511
Cash and cash equivalents at beginning of the period 254,705 966,183
Cash and cash equivalents at end of the period 1,497,455 3,352,694
Supplemental disclosure of cash flow information:    
Cash paid for interest 284,437 198,572
Supplemental disclosure of non-cash investing and financing activity:    
Deemed dividend on convertible preferred stock and accretion of discount 1,023,786 375,858
Preferred stock dividends paid or to be paid in common stock 578,178 276,693
Preferred stock issued to acquire "Bird & Cronin" 4,000,000 0
Acquisition holdback 2,147,291 0
Conversion of preferred stock to common stock 7,459,600 0
Accrued severance paid in common stock $ 0 $ 185,000