Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Jun. 30, 2020
Current assets:    
Cash $ 2,432,000 $ 726,000
Accounts receivable 4,864,000 3,069,000
Inventories 8,611,000 5,256,000
Other current assets 780,000 787,000
Total current assets 16,687,000 9,838,000
Right of use asset 3,138,000 3,435,000
Other assets 132,000 174,000
Property, plant and equipment, net 1,044,000 528,000
Total assets 21,001,000 13,975,000
Current liabilities:    
Accounts payable 6,050,000 4,648,000
Accrued expenses 1,750,000 1,400,000
Deferred revenue 115,000 4,000
Customer deposits 155,000 1,563,000
Due to Factor 469,000
Short-term loans - related party 2,057,000
Line of credit - related party 5,290,000
Financing lease payable 28,000
Office lease payable, current portion 419,000 288,000
Accrued interest 3,000 50,000
Total current liabilities 8,492,000 15,797,000
Long term liabilities:    
Paycheck Protection Program loan payable 1,297,000
Office lease payable, less current portion 2,979,000 3,301,000
Total liabilities 11,471,000 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; 13,003,795 and 7,420,487 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively 13,000 7,000
Additional paid-in capital 72,002,000 46,985,000
Accumulated deficit (62,485,000) (53,412,000)
Total stockholders' equity (deficit) 9,530,000 (6,420,000)
Total liabilities and stockholders' equity (deficit) $ 21,001,000 $ 13,975,000