v3.21.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,453,142) $ (2,742,049)
Adjustments to reconcile net loss to net cash used for operations:    
Stock issued for services 132,273 70,897
Amortization of intangible assets 500,000
Warrants for services 126,555
Deferred financing fees 102,800 39,493
Change in derivative liability 887,301 (612,093)
Gain on extinguishment of debt upon notes conversion (54,819)
Stock issued for interest 204,391 82,952
Amortization of debt discount 787,217 1,270,943
Impairment expense related to intangible assets 500,000
(Increase) decrease in accounts receivable 16,980 (5,838)
(Increase) decrease in inventory (69,309) 120,560
(Increase) in other current assets 146,333 (579,746)
Increase in accounts payable 107,107 50,173
Increase (decrease) in accrued expenses 243,881 (24,000)
Net cash used by operating activities (841,133) (1,328,708)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for intangible assets (333,333)
Net cash used by investing activities (333,333)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of stock
Proceeds from the issuance of convertible debt - net 720,000 1,737,000
Borrowings under line of credit 5,000
Repayment to Shareholders
Repayment of convertible debt
Repayment of related party advance
Repayment of Short-term debt (3,308)
Net cash provided by financing activities 716,692 1,742,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (124,442) 79,959
Cash and cash equivalents, beginning of period 197,622 30,142
Cash and cash equivalents, end of period 73,181 110,101
Supplemental Disclosure of Cash Flow Information:    
Interest paid 248,940
Income taxes
Summary of Non-Cash Investing and Financing Information:    
Initial derivative liability and debt discount 512,993 1,463,278
Intangible assets acquired and adjusted in accounts payable balance 666,667
Stock issued for debt conversion 1,314,298 911,000
Stock issued for interest 153,334 82,952
Derivative liability reclassed to loss on extinguishment of debt upon notes conversion 1,716,114
True-up adjustment in debt discount and derivative liability $ 37,360

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