Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,523,277) $ (3,479,824)
Adjustments to reconcile net loss to net cash used in operations activities:    
Stock issued for services 214,125 372,253
Amortization of debt discount and deferred financing fees 275,423 917,569
Warrants issued for services 39,045 613,009
Warrants issued for financing 170,210
(Gain) on accounts payable settlement (715,075)
Loss on debt extinguishment upon note conversion, net 2,100,405
(Gain) on debt extinguishment upon refinancing (658,080)
Change in derivative liability (853,329)
Stock issued for interest 184,274
Non cash expense 15,192
Allowance for Inventories 24,403
Change in operating assets and liabilities:    
Accounts receivable 15,915 (48,576)
Inventories 56,205 (136,534)
Other current assets (104,317) 152,450
Accounts payable (228,551) 93,840
Accrued expenses (6,613)
Net cash used in operating activities (2,070,030) (1,439,828)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of preferred stock B - net 308,200 2,868,000
Proceeds from the issuance of debt-net 984,808 720,000
Proceeds from exercise warrants 16,000
Repayment of convertible debt (1,300,000)
Repayment of short-term debt (3,895)
Net cash provided by financing activities 1,309,008 2,284,105
NET INCREASE IN CASH AND CASH EQUIVALENTS (761,022) 844,277
Cash and cash equivalents, beginning of year 1,041,899 197,622
Cash and cash equivalents, end of year 280,877 1,041,899
Supplemental Disclosure of Cash Flow Information:    
Interest 1,012
Income taxes
Summary of Non-Cash Investing and Financing Information:    
Debt and warrants discount accounted on convertible notes 931,272
Common stock issued for preferred stock conversion 7,950
Deemed dividend associated with preferred stock B and warrants dilutive adjustment 381,310 4,085,925
Initial derivative liability and Debt discount due to beneficial conversion feature on notes issued 512,993
Stock issued for conversion of debt 1,433,000
Derivative liability reclassed to loss on extinguishment of debt upon notes conversion 2,100,405
Stock issued for interest 184,274
True-up adjustment in debt discount and derivative liability 37,360
Preferred Stock B from extinguishment of convertible notes $ 1,500,001