Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,479,824) $ (4,412,063)
Adjustments to reconcile net loss to net cash used in operations activities:    
Stock issued for services 372,253 308,768
Amortization of debt discount and deferred financing fees 917,569 1,709,759
Amortization of intangible assets 500,000
Deferred financing fees and financing costs 159,572
Warrants issued for services 613,009 67,990
(Gain) on accounts payable settlement (715,075)
Loss on debt extinguishment upon note conversion, net 2,100,405 395,781
(Gain) on debt extinguishment upon refinancing (658,080)
Change in derivative liability (853,329) (858,774)
Stock issued for interest 184,274 88,762
Impairment expense 500,000
Allowance for Inventories 24,403  
Change in operating assets and liabilities:    
Accounts receivable (48,576) (15,927)
Inventories (136,534) 130,834
Other current assets 152,450 (397,085)
Accounts payable 93,840 122,673
Accrued expenses (6,613) 168,626
Net cash used in operating activities (1,439,828) (1,531,084)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for purchase of intangible asset (333,333)
Net cash provided by investing activities (333,333)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of preferred stock B - net 2,868,000
Proceeds from the issuance of debt-net 720,000 2,028,000
Repayment of convertible debt (1,300,000)
Repayment of short-term debt (3,895) 3,897
Net cash provided by financing activities 2,284,105 2,031,897
NET INCREASE IN CASH AND CASH EQUIVALENTS 844,277 167,480
Cash and cash equivalents, beginning of year 197,622 30,142
Cash and cash equivalents, end of year 1,041,899 197,622
Cash Paid For:    
Interest 1,012
Income taxes
Summary of Non-Cash Investing and Financing Information:    
Initial derivative liability and Debt discount due to beneficial conversion feature on notes issued 512,993 1,684,711
Stock issued for conversion of debt 1,433,000 961,000
Derivative liability reclassed to loss on extinguishment of debt upon notes conversion 2,100,405 581,219
Intangible assets acquired and adjusted in accounts payable balance 666,667
Stock issued for interest 184,274 88,762
True-up adjustment in debt discount and derivative liability 37,360
Preferred Stock B from extinguishment of convertible notes $ 1,500,001