Description of Business, Liquidity and Capital Resources (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
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Oct. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 08, 2020 |
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Description of Business, Liquidity and Capital Resources (Textual) | ||||||
Description of liquidity and capital resources | Although we have continuing negative cash flow from operations, the cash outflow since the Mergers is partially attributable to approximately $5.1 million in costs incurred in connection with specific transactions, including the Mergers, acquisitions completed or expected to close within the next twelve months and the issuance of debt. We began a cost reduction initiative in the second half of our fiscal year ended June 30, 2020 and during the three months ended September 30, 2020, we implemented phase two of that initiative. The cost-cutting measures included a reduction in headcount, because as our business has matured we have been able to streamline our operations, we also determined to forego certain costs, which have not historically yielded sufficient returns. Since beginning this initiative we have achieved a reduction in cash used in operations in excess of $0.6 million on a quarterly basis. On October 30, 2020, we closed a public offering of our common stock with net proceeds of $11.9 million after equity issuance costs. We anticipate our current cash balances will be sufficient to meet the working capital requirements for the next twelve months. | Although we have continuing negative cash flow from operations, the cash outflow since the Mergers is partially attributable to approximately $4.1 million in costs incurred in connection with specific transactions, including the Mergers, acquisitions completed or expected to close within the next twelve months and the issuance of debt. We implemented a cost reduction initiative and achieved a reduction in cash used in operations in excess of $1.0 million between the third and fourth quarters of fiscal year 2020. | ||||
Net proceeds of secured convertible notes | $ 13,800,000 | |||||
Net loss | $ (4,741,876) | $ (2,326,332) | $ (15,534,345) | $ (12,403,215) | ||
Cash in operations | (4,181,159) | (3,142,174) | (14,347,652) | (9,048,595) | ||
Working capital | 900,000 | |||||
Non recurring expenses | 1,100,000 | |||||
PPP Loan | $ 2,000,000 | |||||
Cost reduction initiatives, description | cost reduction initiatives reducing costs and identifying costs savings that we expect to result in annual savings of an additional $3.0 million to $4.0 million. | |||||
Loss from operations | $ (5,523,470) | (2,399,427) | (17,271,851) | (12,512,346) | ||
Cash | 14,257,858 | 24,155,828 | 21,867,289 | |||
Offering costs | $ 10,000,000 | |||||
Subsequent Event [Member] | ||||||
Description of Business, Liquidity and Capital Resources (Textual) | ||||||
Common stock, shares | 5 | |||||
Offering costs | $ 11,000,000 |
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- Definition Description of liquidity and capital resources. No definition available.
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of new stock issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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