v3.21.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities    
Net loss $ (9,696,588) $ (2,789,428)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:    
Depreciation and amortization 537,112 365,349
Stock compensation expense 650,656 380,620
Amortization of debt costs 182,900
Interest expense on notes payable converted to common stock 3,430,931
Value of common stock issued in exchange for consulting services 789,600
Changes in operating assets and liabilities which (used) provided cash:    
Accounts receivable 54,220 (366,120)
Prepaid expenses and other assets (398,412) (1,872)
Accounts payable 103,797 (107,779)
Deferred revenue 164,615 380,000
Accrued compensation 33,871 (14,913)
Accrued and other liabilities 53,388 (10,640)
Net cash and cash equivalents used in operating activities (4,093,910) (2,164,783)
Cash Flows from Investing Activities    
Purchase of property and equipment (67,266) (7,810)
Investment in capitalized software (607,236) (650,306)
Net cash and cash equivalents used in investing activities (674,502) (658,116)
Cash Flows from Financing Activities – Issuance of common stock – net of issuance costs 12,796,230 4,770,222
Net Increase in Cash and Cash Equivalents 8,027,818 1,947,323
Cash and Cash Equivalents - Beginning of period 4,093,874 1,008,902
Cash and Cash Equivalents - End of period 12,121,692 2,956,225
Significant Noncash Transactions:    
Acquisition of capitalized software included in accounts payable and accrued liabilities 94,481 33,105
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 $ 789,600

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