Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,412,063) $ (4,598,343)
Adjustments to reconcile net loss to net cash used in operations activities:    
Stock issued for services 308,768 345,656
Amortization of debt discount and deferred financing fees 1,709,759 1,794,359
Amortization of intangible assets 500,000
Deferred financing fees and financing cost 159,572
Warrants issued for services 67,990 44,826
Loss on debt extinguishment upon note conversion, net 395,781  
Change in derivative liability (858,774) 795,699
Stock issued for interest 88,762 95,805
Impairment expense 500,000
Change in operating assets and liabilities:    
Accounts receivable (15,927) (45,086)
Inventories 130,834 (303,230)
Other current assets (397,085) 2,210
Accounts payable 122,673 344,878
Accrued expenses 168,626 (44,001)
Net cash used in operating activities (1,531,084) (1,567,227)
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 common stock 50,000
Proceeds from the issuance of debt-net 2,028,000 1,602,005
Repayment of convertible debt (102,076)
Repayment of short-term debt 3,897 (1,000)
Net cash provided by financing activities 2,031,897 1,548,929
NET INCREASE IN CASH AND CASH EQUIVALENTS 167,480 18,298
Cash and cash equivalents, beginning of year 30,142 48,440
Cash and cash equivalents, end of year 197,622 30,142
Cash Paid For:    
Interest
Income taxes
Summary of Non-Cash Investing and Financing Information:    
Initial derivative liability and Debt discount due to beneficial conversion feature on notes issued 1,684,711 1,482,314
Stock issued for conversion of debt 961,000 1,327,953
Derivative liability reclassed to loss on extinguishment of debt upon notes conversion 581,219
Intangible assets acquired and adjusted in accounts payable balance 666,667
Stock issued for interest $ 88,762 $ 95,805