Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Jun. 30, 2020
Current assets:    
Cash $ 6,150,000 $ 726,000
Accounts receivable 3,162,000 3,069,000
Inventories 6,049,000 5,256,000
Other current assets 488,000 787,000
Total current assets 15,849,000 9,838,000
Right of use asset 3,337,000 3,435,000
Other assets 132,000 174,000
Property, plant and equipment, net 688,000 528,000
Total assets 20,006,000 13,975,000
Current liabilities:    
Accounts payable 3,791,000 4,648,000
Accrued expenses 1,453,000 1,400,000
Deferred revenue 48,000 4,000
Customer deposits 920,000 1,563,000
Due to Factor 469,000
Short-term loans - related party 2,057,000
Line of credit - related party 4,396,000 5,290,000
Financing lease payable 18,000 28,000
Office lease payable, current portion 345,000 288,000
Accrued interest 248,000 50,000
Total current liabilities 11,219,000 15,797,000
Long term liabilities:    
Paycheck Protection Program loan payable 1,297,000 1,297,000
Office lease payable, less current portion 3,197,000 3,301,000
Total liabilities 15,713,000 20,395,000
Stockholders' equity (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; 11,419,737 and 7,420,487 shares issued and outstanding at September 30, 2020 and June 30, 2020, respectively 11,000 7,000
Additional paid-in capital 61,678,000 46,985,000
Accumulated deficit (57,396,000) (53,412,000)
Total stockholders' equity (deficit) 4,293,000 (6,420,000)
Total liabilities and stockholders' equity (deficit) $ 20,006,000 $ 13,975,000