Quarterly report pursuant to Section 13 or 15(d)

Unaudited Condensed Consolidated Statements of Cash Flows

v3.20.4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,542,528) $ (1,650,522)
Adjustments to reconcile net loss to net cash used in operations activities:    
Warrants issued for services 65,711
Stock issued for services 88,673 70,897
Stock issued for interest 42,336
Amortization of debt discount 576,787 831,436
Deferred financing fees and financing cost 112,604 39,173
Change in derivative liability (264,818) (355,625)
Loss on extinguishment of debt upon notes conversion 2,216
Amortization of intangible assets 333,333
Change in operating assets and liabilities    
Change in accounts receivable 19,723 (9,049)
Change in inventory 109,564 31,916
Change in other current assets 185,859 (409,334)
Change in accounts payable (145,947) 199,876
Change in accrued expenses 174,277 (24,000)
Net cash used in operating activities (617,879) (899,563)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for purchase of intangible assets (333,333)
Net cash used in investing activities (333,333)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the issuance of debt-net 540,000 1,350,000
Repayment on line of credit (2,205)
Net cash provided by financing activities 537,795 1,350,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (80,084) 117,104
Cash and cash equivalents, beginning of period 197,622 30,142
Cash and cash equivalents, end of period 117,538 147,246
Cash Paid For:    
Interest 675
Income taxes
Summary of Non-Cash Investing and Financing Information:    
Initial derivative liability and debt discount 373,612 1,117,777
Derivative liability reclassed to loss on extinguishment of debt upon notes conversion 320,746
Stock issued for conversion of debt 562,000 557,000
Stock issued for Interest 61,486 42,337
True-up adjustment in debt discount and derivative liability 37,360
Intangible assets acquired and adjusted in accounts payable balance $ 666,666