Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Jun. 30, 2019
Current assets:    
Cash $ 726,000 $ 102,000
Accounts receivable 3,069,000 2,416,000
Inventories 5,256,000 3,813,000
Other current assets 787,000 371,000
Total current assets 9,838,000 6,702,000
Right of use asset 3,435,000
Other assets 174,000 158,000
Property, plant and equipment, net 528,000 346,000
Total assets 13,975,000 7,206,000
Current liabilities:    
Accounts payable 4,648,000 2,483,000
Accrued expenses 1,400,000 858,000
Deferred revenue 4,000
Customer deposits 1,563,000
Due to factor 469,000
Short-term loans - related party 2,057,000
Line of credit - related party 5,290,000 6,405,000
Financing lease payable, current portion 28,000 29,000
Office lease payable, current portion 288,000
Accrued interest 50,000 571,000
Total current liabilities 15,797,000 10,346,000
Long term liabilities:    
Financing lease payable, less current portion 29,000
Paycheck Protection Program loan payable 1,297,000
Office lease payable, less current portion 3,301,000
Total liabilities 20,395,000 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; 7,420,487 and 5,101,580 shares issued and outstanding at June 30, 2020 and June 30, 2019, respectively 7,000 5,000
Additional paid-in capital 46,985,000 35,902,000
Accumulated deficit (53,412,000) (39,076,000)
Total stockholders' deficit (6,420,000) (3,169,000)
Total liabilities and stockholders' deficit $ 13,975,000 $ 7,206,000