Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Jun. 30, 2022
Current assets:    
Cash $ 2,379,000 $ 485,000
Accounts receivable 8,649,000 8,609,000
Inventories, net 18,996,000 16,262,000
Other current assets 918,000 1,261,000
Total current assets 30,942,000 26,617,000
Right of use asset 2,854,000 2,597,000
Property, plant and equipment, net 1,789,000 1,578,000
Other assets 120,000 89,000
Total assets 35,705,000 30,881,000
Current liabilities:    
Accounts payable 9,735,000 6,645,000
Accrued expenses 3,181,000 2,209,000
Revolving line of credit 9,912,000 4,889,000
Deferred revenue 131,000 163,000
Customer deposits 82,000 175,000
Finance lease payable, current portion 143,000
Office lease payable, current portion 644,000 504,000
Accrued interest 2,000 1,000
Total current liabilities 23,830,000 14,586,000
Long term liabilities:    
Finance lease payable, less current portion 273,000
Office lease payable, less current portion 2,055,000 2,361,000
Total liabilities 26,158,000 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; 16,462,215 and 15,996,658 shares issued and outstanding at June 30, 2023 and June 30, 2022, respectively 16,000 16,000
Additional paid-in capital 98,086,000 95,732,000
Accumulated deficit (88,555,000) (81,814,000)
Total stockholders’ equity 9,547,000 13,934,000
Total liabilities and stockholders’ equity $ 35,705,000 $ 30,881,000