Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net loss $ (13,195,468) $ (5,610,920)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 3,782 1,698
Stock-based compensation 810,537 365,173
Amortization of deferred financing costs 661,167 501,203
Change in fair value of derivative liabilities 54,634 (80,542)
Fair value of shares relinquished in litigation (394,410)
Loss on promissory note extinguishment 3,774,468
Changes in operating assets and liabilities:    
Other receivable 7,617 232,597
Other assets (19,120)
Lease payment receivable 47,855 44,022
Prepaid expenses 219,128 312,572
Accounts payable 314,671 483,531
Accrued expenses 884,365 14,761
Net cash used in operating activities (6,830,774) (3,735,905)
Cash flows from investing activities    
Purchase of fixed assets (2,591)
Net cash used in investing activities (2,591)
Cash flows from financing activities    
Proceeds from promissory notes and warrants, net of fees 6,534,400
Principal payments of notes payable (256,401) (248,790)
Net proceeds from sale of units 6,902,085
Net cash provided by financing activities 6,645,684 6,285,610
Net (decrease) increase in cash and cash equivalents (185,090) 2,547,114
Cash and cash equivalents at beginning of the period 2,238,943 1,710,512
Cash and cash equivalents at end of the period 2,053,853 4,257,626
Cash paid during the period for:    
Income taxes
Interest 5,876 2,738
Non-cash investing and financing transactions:    
Issuances of common stock resulting from cashless exercise of warrants 17
Issuance of vested shares of restricted stock   38
Warrants issued to placement agent 200,658
Warrants issued to promissory note holders 1,268,813
Derivative associated with issuance of promissory notes 3,862,095
Debt issuance cost from accrued financing fees 127,757
Write-off of derivative liability due to adoption of ASU 2017-11 59,397
Conversion of promissory notes and accrued interest to common stock $ 8,030,365