Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Jun. 30, 2018
Current assets:    
Cash $ 102,000 $ 2,706,000
Accounts receivable 2,416,000 946,000
Inventories, net 3,813,000 1,512,000
Other current assets 371,000 92,000
Total current assets 6,702,000 5,256,000
Other assets 158,000 26,000
Property, plant and equipment, net 346,000 87,000
Total assets 7,206,000 5,369,000
Current liabilities:    
Accounts payable 2,483,000 417,000
Accrued expenses 858,000 391,000
Line of credit - related party 6,405,000 10,380,000
Convertible promissory note - related party 0 500,000
Capital lease payable 29,000 0
Accrued interest 571,000 1,014,000
Total current liabilities 10,346,000 12,702,000
Long term liabilities:    
Capital lease payable 29,000 0
Customer deposits from related party 0 102,000
Total liabilities 10,375,000 12,804,000
Stockholders' deficit:    
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.001 par value; 30,000,000 shares authorized; 5,101,580 and 3,106,103 shares issued and outstanding at June 30, 2019 and 2018, respectively 5,000 3,000
Additional paid-in capital 35,902,000 19,224,000
Accumulated deficit (39,076,000) (26,662,000)
Total stockholders' deficit (3,169,000) (7,435,000)
Total liabilities and stockholders' deficit $ 7,206,000 $ 5,369,000