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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 35,773,027 $ 24,702,714 $ (13,331,533)
Adjustments to reconcile net income(loss) to net cash provided by (used) in operating activities:      
Depreciation and amortization 58,635 56,569 33,051
Non-cash interest expense 51,234 175,493 298,790
Stock-based compensation 3,482,077 3,518,351 1,757,259
Deferred income tax benefit 0 (500,000) 0
Changes in operating assets and liabilities:      
Accounts receivable (60,265,970) 15,116,822 (15,116,822)
Prepaid expenses and other assets 35,399 715,533 308,917
Accounts payable (1,718,906) 672,326 837,477
Accrued expenses 745,671 (8,393,698) 2,728,985
Deferred revenue 0 (34,550,572) 35,050,572
Other non-current liabilities 55,992 189,565 314,831
Net cash (used in) provided by operating activities (21,782,841) 1,703,103 12,881,527
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from sale/maturity of investments 0 250,000 1,124,999
Purchases of property and equipment (36,139) (22,451) (133,403)
Net cash provided by (used in) investing activities (36,139) 227,549 991,596
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments on capital lease obligations 0 (14,324) (27,424)
Payment of withholding taxes related to restricted stock units and stock options (115,763) (45,165) (2,708)
Payment on notes payable obligations (6,500,000) (8,000,000) (5,666,666)
Proceeds from the exercise of stock options 0 159,881 0
Proceeds from exercise of common stock warrants 808,934 2,511,029 164,358
Proceeds from the sale of common stock and warrants, net of costs 33,136,060 1,257,774 23,856,973
Net cash provided by financing activities 27,329,231 (4,130,805) 18,324,533
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,510,251 (2,200,153) 32,197,656
CASH AND CASH EQUIVALENTS, beginning of period 38,000,171 40,200,324 8,002,668
CASH AND CASH EQUIVALENTS, end of period 43,510,422 38,000,171 40,200,324
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for interest 354,456 1,084,158 1,676,954
Issuance of warrants in connection with debt financing $ 0 $ 500,000 $ 0