Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Jun. 30, 2022
Current assets:    
Cash $ 306,000 $ 485,000
Accounts receivable 11,596,000 8,609,000
Inventories, net 18,878,000 16,262,000
Other current assets 1,308,000 1,261,000
Total current assets 32,088,000 26,617,000
Right of use asset 2,558,000 2,597,000
Property, plant and equipment, net 1,758,000 1,578,000
Other assets 42,000 89,000
Total assets 36,446,000 30,881,000
Current liabilities:    
Accounts payable 13,505,000 6,645,000
Accrued expenses 2,228,000 2,209,000
Line of credit 5,651,000 4,889,000
Deferred revenue 347,000 163,000
Customer deposits 10,000 175,000
Vehicle lease payable, current portion 13,000
Office lease payable, current portion 523,000 504,000
Accrued interest 2,000 1,000
Total current liabilities 22,279,000 14,586,000
Office lease payable, less current portion 2,222,000 2,361,000
Vehicle lease payable, less current portion 55,000
Total liabilities 24,556,000 16,947,000
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; 15,998,336 and 15,996,658 shares issued and outstanding at September 30, 2022 and June 30, 2022, respectively 16,000 16,000
Additional paid-in capital 95,827,000 95,732,000
Accumulated deficit (83,953,000) (81,814,000)
Total stockholders’ equity 11,890,000 13,934,000
Total liabilities and stockholders’ equity $ 36,446,000 $ 30,881,000