v3.21.2
Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities    
Net loss $ (11,586,292) $ (4,170,303)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:    
Depreciation and amortization 751,498 522,257
Amortization of debt issuance costs 182,900 79,000
Impairment expense - property and equipment   15,305
Stock compensation expense 876,295 555,048
Value of common stock issued in exchange for consulting services 1,009,601
Interest expense on notes payable converted to common stock 3,430,858
Changes in operating assets and liabilities which (used) provided cash:    
Accounts receivable 10,000 (61,120)
Prepaid expenses and other assets (72,115) (124,432)
Deferred revenue (46,800) 380,000
Accounts payable 27,701 (95,490)
Accrued compensation 137,423 13,841
Accrued and other liabilities (55,755) 75,792
Net cash and cash equivalents used in operating activities (5,334,686) (2,810,102)
Cash Flows from Investing Activities    
Purchase of property and equipment (73,427) (10,761)
Investment in capitalized software (768,899) (784,987)
Net cash and cash equivalents used in investing activities (842,326) (795,748)
Cash Flows from Financing Activities    
Issuance of common stock – net of offering costs 12,796,229 4,770,222
Issuance of convertible notes payable – net of issuance costs   1,920,600
Net cash and cash equivalents provided by financing activities 12,796,229 6,690,822
Net Increase in Cash and Cash Equivalents 6,619,217 3,084,972
Cash and Cash Equivalents - Beginning of year 4,093,874 1,008,902
Cash and Cash Equivalents - End of year 10,713,091 4,093,874
Significant Noncash Transactions    
Acquisition of capitalized software included in accounts payable 95,387 70,803
Conversion of convertible notes payable, including accrued interest of $73,315, into 1,127,872 shares of common stock 2,255,745
Issuance of common stock in exchange for consulting services $ 1,009,601

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