Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Jun. 30, 2021
Current assets:    
Cash $ 485,000 $ 4,713,000
Accounts receivable 8,609,000 6,097,000
Inventories 16,262,000 10,513,000
Other current assets 1,261,000 417,000
Total current assets 26,617,000 21,740,000
Right of use asset 2,597,000 3,035,000
Property, plant and equipment, net 1,578,000 1,356,000
Other assets 89,000 131,000
Total assets 30,881,000 26,262,000
Current liabilities:    
Accounts payable 6,645,000 7,175,000
Accrued expenses 2,209,000 2,583,000
Revolving line of credit 4,889,000
Deferred revenue 163,000 24,000
Customer deposits 175,000 171,000
Office lease payable, current portion 504,000 435,000
Accrued interest 1,000 2,000
Total current liabilities 14,586,000 10,390,000
Long term liabilities:    
Office lease payable, less current portion 2,361,000 2,866,000
Total liabilities 16,947,000 13,256,000
Stockholders’ equity:    
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; 15,996,658 and 13,652,164 shares issued and outstanding at June 30, 2022 and June 30, 2021, respectively 16,000 14,000
Additional paid-in capital 95,732,000 79,197,000
Accumulated deficit (81,814,000) (66,205,000)
Total stockholders’ equity 13,934,000 13,006,000
Total liabilities and stockholders’ equity $ 30,881,000 $ 26,262,000