General form of registration statement for all companies including face-amount certificate companies

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Jun. 30, 2019
Jun. 30, 2018
Current assets:      
Cash $ 106,000 $ 102,000 $ 2,706,000
Accounts receivable 2,710,000 2,416,000 946,000
Inventories 5,140,000 3,813,000 1,512,000
Other current assets 741,000 371,000 92,000
Total current assets 8,697,000 6,702,000 5,256,000
Right of use asset 2,487,000  
Other assets 185,000 158,000 26,000
Property, plant and equipment, net 397,000 346,000 87,000
Total assets 11,766,000 7,206,000 5,369,000
Current liabilities:      
Accounts payable 4,141,000 2,483,000 417,000
Accrued expenses 1,206,000 858,000 391,000
Deferred revenue 11,000  
Customer deposits 2,211,000  
Due to factor 399,000  
Short-term loans - related party 1,865,000  
Line of credit - related party 11,591,000 6,405,000 10,380,000
Convertible promissory note - related party   500,000
Financing lease payable, current portion 37,000 29,000
Office lease payable, current portion 276,000  
Accrued interest 434,000 571,000 1,014,000
Total current liabilities 22,171,000 10,346,000 12,702,000
Long term liabilities:      
Financing lease payable, less current portion 29,000
Office lease payable, less current portion 2,355,000  
Customer deposits from related party   102,000
Total liabilities 24,526,000 10,375,000 12,804,000
Commitments and contingencies (Note 13)  
Stockholders' deficit:      
Preferred stock value
Common stock value 5,000 5,000 3,000
Common stock subscribed 105,000  
Additional paid-in capital 37,292,000 35,902,000 19,224,000
Accumulated deficit (50,162,000) (39,076,000) (26,662,000)
Total stockholders' deficit (12,760,000) (3,169,000) (7,435,000)
Total liabilities and stockholders' deficit $ 11,766,000 $ 7,206,000 $ 5,369,000