Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (20,277,132) $ (14,935,542)
Amortization of intangible asset 7,292 7,292
Depreciation expense 1,106,878 743,962
Stock-based compensation expense 6,005,670 3,761,837
Warrant expense 12,564 72,972
Derivative gains (11,367) (19,822)
Changes in operating assets and liabilities:    
Increase in other assets (68,762) (42,083)
Increase in deferred lease asset (86,293) 0
Increase in accounts payable and accrued expenses 112,347 26,370
(Decrease) increase in interest payable (2,800) 2,000
Decrease in deferred lease liability (109,856) (105,484)
Net Cash Used In Operating Activities (13,311,459) (10,488,498)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (407,929) (2,091,790)
Receipt of sublease deposit 25,046 0
Return of security deposit 187,500 187,500
Decrease in restricted cash 0 450,167
Net Cash Used In Investing Activities (195,383) (1,454,123)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on capital lease payable (23,128) (93,851)
Proceeds from issuance of equity financing 14,637,689 5,362,521
Proceeds from issuance of preferred stock 0 6,347,615
Payment of placement agent compensation and issuance costs (683,194) (890,357)
Net Cash Provided By Financing Activities 13,931,367 10,725,928
Net increase (decrease) in cash 424,525 (1,216,693)
Cash - Beginning of Year 4,062,013 5,278,706
Cash - End of Year 4,486,538 4,062,013
Cash Paid During the Period for:    
Taxes 0 0
Interest 0 0
Non-Cash Transactions:    
Warrant value recorded as issuance costs 753,079 750,484
Conversion of note payable into common stock 50,000 0
Conversion of interest payable to common stock 9,517 0
Fair value of warrant modifications recorded as a deemed dividend 3,406,932 0
Conversion of preferred stock to common stock 0 5,923,200
Deemed dividend on conversion of preferred stock 0 5,811,708
Series A Preferred Stock dividend paid in stock 0 162,677
Tenant Improvements    
Non-Cash Transactions:    
Fixed assets acquired 0 46,049
Accounts payable and Accrued expenses [Member]    
Non-Cash Transactions:    
Fixed assets acquired $ 39,680 $ 65,881