Financial Statements

v3.10.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Jun. 30, 2018
Current assets    
Cash and cash equivalents $ 17,804,887 $ 7,012,527
Restricted cash 100,225 100,000
Accounts receivable, net 1,482,490 578,782
Inventory, net 1,644,861 1,338,973
Prepaid expenses and other 944,766 440,009
Total current assets 21,977,229 9,470,291
Fixed assets, net 186,944 218,684
Licensed assets, net 19,999,550 11,120,086
Patents, net 233,278 245,944
Deposits 2,200 5,088
Total long-term assets 20,421,972 11,589,802
Total assets 42,399,201 21,060,093
Current liabilities    
Accounts payable and other 2,371,785 2,119,672
Accrued liabilities 932,690 185,882
Accrued compensation 743,834 540,674
 Current deferred revenue 13,990 0
Current deferred rent 0 1,450
Current contingent consideration 593,173 547,100
Total current liabilities 4,655,472 3,394,778
Long-term contingent consideration 12,783,710 4,146,829
 Long-term debt 5,036,164 0
Warrant derivative liability 25,992 93,981
Total liabilities 22,501,338 7,635,588
Commitments and contingencies (Note 7)
Stockholders' equity    
Preferred Stock, par value $.0001; 50,000,000 shares authorized; shares issued and outstanding 4,532,664 and 0, respectively as of December 31, 2018 and June 30, 2018 453 0
Common Stock, par value $.0001; 100,000,000 shares authorized; shares issued and outstanding 10,504,769 and 1,794,762, respectively as of December 31, 2018 and June 30, 2018 1,050 179
Additional paid-in capital 107,258,097 92,681,918
Accumulated deficit (87,361,737) (79,257,592)
Total stockholders' equity 19,897,863 13,424,505
Total liabilities and stockholders' equity $ 42,399,201 $ 21,060,093
v3.10.0.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]        
Product revenue, net $ 1,795,011 $ 1,051,154 $ 3,226,820 $ 2,127,522
Total revenue 1,795,011 1,051,154 3,226,820 2,127,522
Operating expenses        
Cost of sales 525,138 385,411 936,097 672,612
Research and development 149,029 (277,486) 304,907 (136,532)
Sales, general and administrative 5,046,174 4,553,366 8,622,754 9,171,769
Sales, general and administrative - related party (Note 11) 91,337 0 345,046 0
Amortization of intangible assets 534,063 383,811 986,020 769,652
Total operating expenses 6,345,741 5,045,102 11,194,824 10,477,501
Loss from operations (4,550,730) (3,993,948) (7,968,004) (8,349,979)
Other (expense) income        
Other expense, net (127,569) (196,781) (204,130) (385,526)
Derivative income 20,637 518,051 67,989 817,785
Total other (expense) income (106,932) 321,270 (136,141) 432,259
Net loss $ (4,657,662) $ (3,672,678) $ (8,104,145) $ (7,917,720)
Weighted average number of common shares outstanding 6,477,004 205,663 4,183,591 124,056
Basic and diluted net loss per common share $ (0.72) $ (17.86) $ (1.94) $ (63.82)
v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net loss $ (8,104,145) $ (7,917,720)
Adjustments to reconcile net loss to cash used in operating activities    
Stock-based compensation expense 106,671 275,688
Issuance of restricted stock 239,505 103,635
Depreciation, amortization and accretion 1,230,671 1,315,063
Issuance of common stock to employee 11,690 0
Derivative (income) (67,989) (817,785)
Changes in operating assets and liabilities:    
(Increase) in accounts receivable (903,708) (849,397)
(Increase) in inventory (305,888) (67,585)
(Increase) in prepaid expenses and other (504,757) (454,595)
Increase in accounts payable and other 252,113 1,124,558
Increase (decrease) in accrued liabilities 746,808 (524,905)
Increase in accrued compensation 203,160 497,586
Increase in interest payable 36,164 0
Increase in deferred revenue 13,990 0
(Decrease) in deferred rent (1,450) (3,337)
Net cash used in operating activities (7,047,165) (7,318,794)
Cash flows used in investing activities    
Deposits 2,888 0
Purchases of property and equipment (12,954) (12,195)
Contingent consideration payment (50,221) 0
Purchase of assets (800,000) 0
Net cash used in investing activities (860,287) (12,195)
Cash flows from financing activities    
Issuance of preferred, common stock and warrants 15,180,000 11,839,995
Issuance costs related to preferred, common stock and warrants (1,479,963) (1,402,831)
Issuance of debt 5,000,000 0
Net cash provided by financing activities 18,700,037 10,437,164
Net change in cash, cash equivalents and restricted cash 10,792,585 3,106,175
Cash, cash equivalents and restricted cash at beginning of period 7,112,527 877,542
Cash, cash equivalents and restricted cash at end of period 17,905,112 3,983,717
Fair value of warrants issued to investors and underwriters 1,888,652 0
Issuance of preferred stock related to purchase of asset 519,600 0
Contingent consideration 8,833,219 0
Warrants issued to investors and underwriters (see Note 6) 0 4,117,997
Revenue share payment to Jazz included in accounts payable 0 7,385
Earn-out payment to Nuelle Shareholders 0 250,000
Fixed assets included in accounts payable $ 0 $ 62,512