DANLAX, CORP.

CIK:0001584754|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 9,027	$ 7,002
Cost of revenue	4,725	8,086
Gross profit (loss)	4,302	(1,084)
Operating expenses
Research and development	2,694	10,346
General and administrative expenses	6,944	10,224
Total operating expenses	9,638	20,570
Loss from operations	(5,336)	(21,654)
Other (expense) income
Interest (expense) income	(713)	(485)
Litigation related contingent liability	(366)
Other (expense) income	(4)	(3)
Change in fair value of derivative liabilities		2,014
Total other (expense) income	(1,083)	1,526
Net loss before income taxes	(6,419)	(20,128)
Income tax expense	1	1
Net Loss	$ (6,420)	$ (20,129)
Net loss per common share - basic (in Dollars per share)	$ (0.04)	$ (0.28)
Net loss per common share - diluted (in Dollars per share)	$ (0.04)	$ (0.28)
Weighted average common shares outstanding - basic (in Shares)	154,426,333	72,306,689
Weighted average common shares outstanding - diluted (in Shares)	154,426,333	72,306,689

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,420)	$ (20,129)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,195	3,017
Stock-based compensation	(1,701)	1,883
Amortization of debt discount	167	155
Amortization of operating lease right of use asset	120	113
Change in fair value of derivative liabilities		(2,014)
Loss on disposal of fixed assets		66
Changes in operating assets and liabilities:
Accounts receivable, net	(4,035)	610
Inventory	(945)	1,366
Other current assets	(457)	1,765
Notes payable	333	333
Litigation related contingent liability	366
Accounts payable and accrued expenses	(872)	(380)
Lease liabilities	(122)	(101)
Deferred revenue	170	208
Net Cash Used in Operating Activities	(12,201)	(13,108)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for property, plant and equipment	(185)	(4,209)
Net Cash Used in Investing Activities	(185)	(4,209)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(12,386)	(17,317)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	24,447	43,104
Cash, Cash Equivalents and Restricted Cash - End of Period	12,061	25,787
SUPPLEMENTARY CASH FLOW INFORMATION:
Income taxes
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accounts receivable applied against notes payable	4,114
Fixed assets included in accounts payable and accrued expenses	$ 178	$ 850

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Assets:
Cash and cash equivalents	$ 12,061	$ 24,447
Accounts receivable, net of allowance of $473 and $294 as of September 30, 2024 and June 30, 2024, respectively	3,832	3,911
Inventory	3,168	2,223
Investment tax credits receivable	3,197	3,197
Other current assets	3,449	2,991
Total current assets	25,707	36,769
Property and equipment, net	12,372	12,905
Goodwill	6,508	6,508
Intangibles, net	11,910	12,565
Operating lease right-of-use asset, net	803	923
Other assets	71	71
Total Assets	57,371	69,741
Current Liabilities:
Accounts payable and accrued expenses	15,303	16,352
Litigation related contingent liability	57,738	57,372
Notes payable	6,219	10,000
Deferred revenue	301	131
Operating lease liability	525	514
Total current liabilities	80,086	84,369
Long-term Liabilities:
Convertible notes payable, net	42,054	41,887
Operating lease liability	329	462
Other long-term liabilities	117	117
Total long-term liabilities	42,500	42,466
Total Liabilities	122,586	126,835
Commitments and Contingencies (Note 14)
Stockholders’ Equity (Deficit)
Preferred stock, par value $0.001: 5,000,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value; 175,000,000 shares authorized; 154,590,918, and 123,392,181 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively	154	123
Additional paid in capital	379,557	381,289
Accumulated deficit	(444,926)	(438,506)
Total Stockholders’ Equity (Deficit)	(65,215)	(57,094)
Total Liabilities and Stockholders’ Equity (Deficit)	$ 57,371	$ 69,741