Quarterly report pursuant to Section 13 or 15(d)

Going concern

Going concern
6 Months Ended
Dec. 31, 2021
Going Concern [Abstract]  
Going concern
3. Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. For the six months ended December 31, 2021, and 2020, the Company incurred a net loss of $9.9 million and $6.0 million and used net cash of $7.6 million and $5.7 million in operations, respectively. The Company expects to continue to incur additional operating losses in the foreseeable future.
As of December 31, 2021, the Company had $12.3 million in cash and cash equivalents. The Company has performed a review of the cash flow forecasts and believes that the current funding will be sufficient for a period of at least twelve months from the date of this Report.
The Company’s ability to continue as a going concern is dependent upon its ability to generate revenue and obtain adequate financing. While the Company believes in its ability to generate revenue and raise additional funds, there can be no assurances to that effect. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern due to unsuccessful product development or commercialization, or the inability to obtain adequate financing in the future.