Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (14,935,542) $ (11,362,364)
Amortization of intangible asset 7,292 5,255
Depreciation expense 743,962 128,870
Stock-based compensation expense 3,761,837 2,846,828
Stock issued for services 0 298,419
Warrant expense 72,972 93,564
Derivative (gains) losses (19,822) 662,723
Forgiveness of accounts payable and accrued expenses - related party 0 (132,339)
Changes in operating assets and liabilities:    
(Increase) decrease in other assets (42,083) 172,514
Increase in accounts payable and accrued expenses 26,370 436,688
(Decrease) in accounts payable and accrued expenses - related party 0 (264,716)
Increase in interest payable 2,000 2,000
(Decrease) increase in deferred lease liability (105,484) 33,664
Net Cash Used In Operating Activities (10,488,498) (7,078,894)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (2,091,790) (3,107,957)
Acquisition of intangibles 0 (55,000)
Return of security deposit 187,500 0
Decrease (increase) in restricted cash 450,167 (450,167)
Net Cash Used In Investing Activities (1,454,123) (3,613,124)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on lease payable (93,851) (67,898)
Proceeds from issuance of equity financing 5,362,521 11,175,656
Proceeds from issuance of preferred stock 6,347,615 0
Payment of placement agent compensation and issuance costs (890,357) (1,071,568)
Net Cash Provided By Financing Activities 10,725,928 10,036,190
Net decrease in cash (1,216,693) (655,828)
Cash - Beginning of Year 5,278,706 5,934,534
Cash - End of Year 4,062,013 5,278,706
Cash Paid During the Period for:    
Taxes 0 0
Interest 0 0
Non-Cash Transactions:    
Conversion of preferred stock to common stock 5,923,200 0
Deemed dividend on conversion of preferred stock 5,811,708 0
Series A Preferred Stock dividend paid in stock 162,677 0
Warrant derivative liability reclassified as equity 0 2,342,039
Warrant value recorded as issuance costs 750,484 1,745,498
Lease Payable    
Non-Cash Transactions:    
Fixed assets acquired 0 184,877
Tenant Improvements    
Non-Cash Transactions:    
Fixed assets acquired 46,049 511,616
Accounts payable and Accrued expenses    
Non-Cash Transactions:    
Fixed assets acquired $ 65,881 $ 511,400