Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Jun. 30, 2019
Current assets:    
Cash $ 136,000 $ 102,000
Accounts receivable 3,240,000 2,416,000
Inventories 4,206,000 3,813,000
Other current assets 648,000 371,000
Total current assets 8,230,000 6,702,000
Right of use asset 2,553,000
Other assets 142,000 158,000
Property, plant and equipment, net 406,000 346,000
Total assets 11,331,000 7,206,000
Current liabilities:    
Accounts payable 3,484,000 2,483,000
Accrued expenses 811,000 858,000
Deferred revenue 26,000
Customer deposits 212,000
Due to Factor 1,655,000
Short-term loan - related party 1,074,000
Line of credit - related party 10,691,000 6,405,000
Financing lease payable, current portion 39,000 29,000
Office lease payable, current portion 168,000
Accrued interest 571,000
Total current liabilities 18,160,000 10,346,000
Long term liabilities:    
Financing lease payable, less current portion 7,000 29,000
Office lease payable, less current portion 2,524,000
Total liabilities 20,691,000 10,375,000
Stockholders' deficit:    
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value; 30,000,000 shares authorized; 5,107,595 and 5,101,580 shares issued and outstanding at December 31, 2019 and June 30, 2019, respectively 5,000 5,000
Additional paid-in capital 36,832,000 35,902,000
Accumulated deficit (46,197,000) (39,076,000)
Total stockholders' deficit (9,360,000) (3,169,000)
Total liabilities and stockholders' deficit $ 11,331,000 $ 7,206,000