XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Operations - USD ($)
12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]    
Revenues, net $ 4,715,822 $ 3,979,049
Cost of goods sold 1,900,496 2,153,311
Gross profit 2,815,325 1,825,738
Selling, general and administrative expenses 2,503,815 1,824,757
Advertising and promotion expense 1,499,576 844,890
Marketing and research expense 175,929 431,913
Professional expense 1,014,363 1,438,341
Salaries and wages 1,766,540 709,041
Stock compensation expense 1,068,690 518,393
Total operating expenses 8,028,913 5,767,335
Loss from operations (5,213,587) (3,941,597)
Non-operating income (expense):    
Other (expense) income 41,948 12,637
Gain in loss of control of VIE 313,928
Interest expense (1,704,564) (1,700,420)
Bad debts (689,110) (522,352)
Change in fair value of derivative liabilities (2,809,857) 1,087,485
Warrant expense 17,942 58,868
Loss on impairment (43,800)
Loss on settlement (106,051)
Loss on assets disposal (4,795) (3,742)
Amortization of intangible assets (2,822)
Amortization of debt discount (410,397) (2,617,274)
Debt forgiveness 96,595
Loss on inventory (29,801)
Loss on deposits (119,000)
Unrealized gain on securities (870,132) 1,451,922
Total non-operating expenses, net (6,461,589) (2,091,204)
Equity method investment loss (81,725)
Loss before income taxes (11,675,176) (6,114,526)
Income tax expense
Net loss (11,675,176) (6,114,526)
Other comprehensive loss
Total comprehensive loss (11,675,176) (6,114,526)
Less: net loss attributable to the noncontrolling interest (602,251) (188,392)
Net loss attributable to SugarMade Inc. $ (11,072,926) $ (5,926,134)
Basic net loss per share $ (0.00) $ (0.00)
Diluted net loss per share $ (0.00) $ (0.00)
Basic and diluted weighted average common shares outstanding [1] 9,467,689,872 3,851,836,959
[1] Shares issuable upon conversion of convertible debts and exercising of warrants were excluded in calculating diluted loss per share as they would have been anti-dilutive.