Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net income (loss) $ 14,381,720 $ (4,115,610)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 131,403 232,397
Noncash change in right-of-use assets 185,964 154,325
Noncash interest expense, net of interest paid (31,071) 2,306,387
Share-based compensation 1,787,578 1,296,178
Gain on sale of PREBOOST business (18,410,158)  
Deferred income taxes 30,923 (198,944)
Provision for obsolete inventory 42,513 229,047
Change in fair value of derivative liabilities 657,000 (75,000)
Other (1,000) 7,500
Changes in current assets and liabilities:    
Decrease (increase) in accounts receivable 79,083 (1,837,178)
Increase in inventory (1,132,902) (2,597,964)
Increase in prepaid expenses and other assets (2,434,908) (962,470)
Increase in accounts payable 2,815,773 1,110,928
Increase (decrease) in accrued expenses and other current liabilities 191,734 (293,429)
Decrease in operating lease liabilities (223,917) (183,658)
Net cash used in operating activities (1,930,265) (4,927,491)
INVESTING ACTIVITIES    
Cash proceeds from sale of PREBOOST business 15,000,000  
Capital expenditures (12,118) (54,680)
Net cash provided by (used in) investing activities 14,987,882 (54,680)
FINANCING ACTIVITIES    
Proceeds from sale of shares in public offering, net of fees 108,099,988  
Payment of costs related to public offering (43,745)  
Installment payments on SWK credit agreement   (944,612)
Proceeds from stock option exercises 1,273,094 408,632
Proceeds from premium finance agreement 1,061,442 836,780
Installment payments on premium finance agreement (352,664) (277,965)
Proceeds from sale of shares under common stock purchase agreement   1,227,000
Cash paid for debt portion of finance lease (9,357) (5,302)
Net cash provided by financing activities 110,028,758 1,244,533
Net increase (decrease) in cash 123,086,375 (3,737,638)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 13,588,778 6,295,152
CASH AND CASH EQUIVALENTS AT END OF PERIOD 136,675,153 2,557,514
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,471,805  
Schedule of non-cash investing and financing activities:    
Right-of-use assets recorded in exchange for lease liabilities   1,229,926
Notes receivable for sale of PREBOOST business 5,000,000  
Amortization of deferred costs related to common stock purchase agreement   $ 34,759
Costs related to public offering in accounts payable or accrued expenses and other current liabilities $ 113,945