Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.24.4
Consolidated Statements of Operations - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]                                          
Revenues $ 13,377,000 $ 14,457,000 $ 18,203,000 $ 14,787,000 $ 16,403,000 $ 15,087,000 $ 17,158,000 $ 17,840,000 $ 15,195,000 $ 13,177,000 $ 7,690,000 $ 6,271,000 $ 32,990,000 $ 34,998,000 $ 13,961,000 $ 47,447,000 $ 50,085,000 $ 27,138,000 $ 60,824,000 $ 66,488,000 [1] $ 42,333,000
Cost of sales   10,432,000 12,822,000 10,552,000   10,410,000 13,165,000 14,221,000   11,576,000 7,503,000 5,166,000 23,374,000 27,386,000 12,669,000 33,806,000 37,796,000 24,245,000 43,591,000 50,598,000 [2],[3] 36,726,000 [2],[3]
Gross profit 3,592,000 4,025,000 5,381,000 4,235,000 3,601,000 4,677,000 3,993,000 3,619,000 2,714,000 1,601,000 187,000 1,105,000 9,616,000 7,612,000 1,292,000 13,641,000 12,289,000 2,893,000 17,233,000 15,890,000 5,607,000
Operating expenses:                                          
Selling and administrative   5,311,000 4,593,000 4,725,000   4,724,000 4,250,000 4,536,000   3,904,000 4,000,000 3,498,000 9,318,000 8,786,000 7,498,000 14,629,000 13,510,000 11,402,000 18,932,000 17,620,000 15,515,000
Research and development   1,286,000 1,235,000 1,295,000   1,182,000 1,162,000 1,015,000   1,538,000 1,535,000 1,967,000 2,530,000 2,177,000 3,502,000 3,816,000 3,359,000 5,040,000 4,916,000 4,682,000 6,313,000
Total operating expenses   6,597,000 5,828,000 6,020,000   5,906,000 5,412,000 5,551,000   5,442,000 5,535,000 5,465,000 11,848,000 10,963,000 11,000,000 18,445,000 16,869,000 16,442,000 23,848,000 22,302,000 21,828,000
Operating loss (1,811,000) (2,572,000) (447,000) (1,785,000) (1,832,000) (1,229,000) (1,419,000) (1,932,000) (2,672,000) (3,841,000) (5,348,000) (4,360,000) (2,232,000) (3,351,000) (9,708,000) (4,804,000) (4,580,000) (13,549,000) (6,615,000) (6,412,000) (16,221,000)
Other income (expense):                                          
Other income           8,000           8,000     8,000   8,000
Interest income (expense), net   (433,000) (449,000) (403,000)   (258,000) (385,000) (328,000)   (52,000) (31,000) (3,000) (852,000) (713,000) (34,000) (1,285,000) (971,000) (86,000) (1,718,000) (1,339,000) (252,000)
Net loss $ (2,244,000) $ (3,005,000) $ (896,000) $ (2,188,000) [4],[5] $ (2,200,000) $ (1,487,000) $ (1,796,000) $ (2,260,000) [4],[6] $ (2,838,000) $ (3,893,000) $ (5,379,000) $ (4,363,000) [4],[6] $ (3,084,000) [4],[5],[6],[7] $ (4,056,000) [4],[6] $ (9,742,000) [4],[6] $ (6,089,000) [4],[5],[6],[7] $ (5,543,000) [4],[6] $ (13,635,000) [4],[6] $ (8,333,000) $ (7,743,000) [1],[2],[3] $ (16,473,000) [2],[3]
Net loss per share - basic $ (0.13) $ (0.18) $ (0.06) $ (0.13) $ (0.13) $ (0.10) $ (0.11) $ (0.14) $ (0.18) $ (0.24) $ (0.33) $ (0.32) $ (0.19) $ (0.25) $ (0.65) $ (0.37) $ (0.35) $ (0.89) $ (0.50) $ (0.48) $ (1.07)
Net loss per share - diluted $ (0.13) $ (0.18) $ (0.06) $ (0.13) $ (0.13) $ (0.10) $ (0.11) $ (0.14) $ (0.18) $ (0.24) $ (0.33) $ (0.32) $ (0.19) $ (0.25) $ (0.65) $ (0.37) $ (0.35) $ (0.89) $ (0.50) $ (0.48) $ (1.07)
Weighted average number of common shares outstanding - basic   16,538,998 16,516,700 16,474,754   16,048,054 16,020,183 15,997,296   15,988,926 15,987,502 13,804,475 16,495,727 16,008,740 14,895,989 16,510,046 16,021,653 15,254,983 16,548,533 16,055,256 15,439,530
Weighted average number of common shares outstanding - diluted   16,538,998 16,516,700 16,474,754   16,048,054 16,020,183 15,997,296   15,988,926 15,987,502 13,804,475 16,495,727 16,008,740 14,895,989 16,510,046 16,021,653 15,254,983 16,548,533 16,055,256 15,439,530
[1] Revenue. The Company did not properly recognize revenue in the periods which the related performance obligations were satisfied for a certain contract with a customer. Additionally, the Company improperly recorded accounts receivable from the same contract with a customer as a reduction to its accounts payable owed to the customer prior to the right of offset conditions under ASC 210-20 being met. As a result, revenues, accounts receivable, and accounts payable were misstated.
[2] Inventories. The Company did not properly evaluate its calculation of its excess and obsolescence reserve on its finished goods and raw materials inventories, resulting in an overstatement of inventories and an understatement of cost of sales. In addition, certain inventory components were not properly recorded at the lower of cost or net realizable value, resulting in an overstatement of inventory and an understatement of cost of sales. Further, certain loaner service packs and consigned inventory were not reconciled timely, resulting in an overstatement of inventory and an understatement of cost of sales. Lastly, the Company also corrected the cash flow presentation related to inventory write downs on the statement of cash flows.
[3] Other. The Company had various clearing accounts that were not reconciled in a timely manner, resulting in misstatements of accounts payable, inventories and cost of sales.
[4] Inventories. The Company did not properly evaluate its calculation of its excess and obsolescence reserve on its finished goods and raw materials inventories, resulting in an overstatement of inventories and an understatement of cost of sales. In addition, certain inventory components were not properly recorded at the lower of cost or net realizable value, resulting in an overstatement of inventory and an understatement of cost of sales. Further, certain loaner service packs and consigned inventory were not reconciled timely, resulting in an overstatement of inventory and an understatement of cost of sales. Lastly, the Company also corrected the cash flow presentation related to inventory write downs on the statement of cash flows.
[5] Revenue recognition. The Company improperly recognized revenue during the three months ended September 30, 2023 related to performance obligations satisfied during three months ended June 30, 2023, resulting in an understatement of revenue in the three months ended June 30, 2023 and an overstatement of revenue in the three months ended September 30, 2023.
[6] Other. The Company had various clearing accounts that were not reconciled timely, resulting in an understatement of accounts payable, overstatement of inventories, and understatement of cost of sales.
[7] Product warranty liability. The Company did not include certain product warranty-related expenses within the proper period in its calculation of its product warranty reserve estimate, resulting in an understatement of accrued expenses and an understatement of cost of sales.