Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Stockholders' Equity

v3.24.4
Consolidated Statements of Stockholders' Equity - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance at Jun. 30, 2021 [1] $ 14,000 $ 79,197,000 $ (67,163,000) $ 12,048,000
Balance, shares at Jun. 30, 2021 [1] 13,652,164      
Net loss [2],[3]       (4,363,000)
Balance at Sep. 30, 2021       23,563,000
Balance, shares at Sep. 30, 2021 15,987,502      
Balance at Jun. 30, 2021 [1] $ 14,000 79,197,000 (67,163,000) 12,048,000
Balance, shares at Jun. 30, 2021 [1] 13,652,164      
Net loss [2],[3]       (9,742,000)
Balance at Dec. 31, 2021       $ 18,329,000
Balance, shares at Dec. 31, 2021       15,987,502
Balance at Jun. 30, 2021 [1] $ 14,000 79,197,000 (67,163,000) $ 12,048,000
Balance, shares at Jun. 30, 2021 [1] 13,652,164      
Net loss [2],[3]       (13,635,000)
Balance at Mar. 31, 2022       $ 14,587,000
Balance, shares at Mar. 31, 2022       15,992,080
Balance at Jun. 30, 2021 [1] $ 14,000 79,197,000 (67,163,000) $ 12,048,000
Balance, shares at Jun. 30, 2021 [1] 13,652,164      
Issuance of common stock - exercised options and RSU settlement
Issuance of common stock, exercised options and RSU settlement, shares 10,852     3,400
Fair value of warrants issued 253,000 $ 253,000
Stock-based compensation 711,000 711,000
Net loss (16,473,000) (16,473,000) [4],[5]
Issuance of common stock — public offering, net of costs 1,602,000 1,602,000
Issuance of common stock - public offering, net of costs, shares 190,782      
Issuance of common stock and warrants - registered direct offering, net of costs $ 2,000 13,969,000 13,971,000
Issuance of common stock and warrants - registered direct offering, net of costs, shares 2,142,860      
Balance at Jun. 30, 2022 $ 16,000 95,732,000 (83,636,000) 12,112,000
Balance, shares at Jun. 30, 2022 15,996,658      
Balance at Sep. 30, 2021       23,563,000
Balance, shares at Sep. 30, 2021 15,987,502      
Net loss       (5,379,000)
Balance at Dec. 31, 2021       $ 18,329,000
Balance, shares at Dec. 31, 2021       15,987,502
Net loss       $ (3,893,000)
Balance at Mar. 31, 2022       $ 14,587,000
Balance, shares at Mar. 31, 2022       15,992,080
Net loss       $ (2,838,000)
Balance at Jun. 30, 2022 $ 16,000 95,732,000 (83,636,000) 12,112,000
Balance, shares at Jun. 30, 2022 15,996,658      
Net loss [2],[3]       (2,260,000)
Balance at Sep. 30, 2022       9,947,000
Balance, shares at Sep. 30, 2022 15,998,336      
Balance at Jun. 30, 2022 $ 16,000 95,732,000 (83,636,000) 12,112,000
Balance, shares at Jun. 30, 2022 15,996,658      
Net loss [2],[3]       (4,056,000)
Balance at Dec. 31, 2022       $ 8,360,000
Balance, shares at Dec. 31, 2022       16,029,478
Balance at Jun. 30, 2022 $ 16,000 95,732,000 (83,636,000) $ 12,112,000
Balance, shares at Jun. 30, 2022 15,996,658      
Net loss [2],[3]       (5,543,000)
Balance at Mar. 31, 2023       $ 7,805,000
Balance, shares at Mar. 31, 2023       16,156,432
Balance at Jun. 30, 2022 $ 16,000 95,732,000 (83,636,000) $ 12,112,000
Balance, shares at Jun. 30, 2022 15,996,658      
Issuance of common stock - exercised options and RSU settlement
Issuance of common stock, exercised options and RSU settlement, shares 110,248     22,500
Stock-based compensation 798,000 $ 798,000
Net loss (7,743,000) (7,743,000) [4],[5],[6]
Issuance of common stock — public offering, net of costs 1,556,000 1,556,000
Issuance of common stock - public offering, net of costs, shares 355,309      
Balance at Jun. 30, 2023 $ 16,000 98,086,000 (91,379,000) 6,723,000
Balance, shares at Jun. 30, 2023 16,462,215      
Balance at Sep. 30, 2022       9,947,000
Balance, shares at Sep. 30, 2022 15,998,336      
Net loss       (1,796,000)
Balance at Dec. 31, 2022       $ 8,360,000
Balance, shares at Dec. 31, 2022       16,029,478
Net loss       $ (1,487,000)
Balance at Mar. 31, 2023       $ 7,805,000
Balance, shares at Mar. 31, 2023       16,156,432
Net loss       $ (2,200,000)
Balance at Jun. 30, 2023 $ 16,000 98,086,000 (91,379,000) 6,723,000
Balance, shares at Jun. 30, 2023 16,462,215      
Net loss [2],[7]       (2,188,000)
Balance at Sep. 30, 2023       4,811,000
Balance, shares at Sep. 30, 2023 16,478,237      
Balance at Jun. 30, 2023 $ 16,000 98,086,000 (91,379,000) 6,723,000
Balance, shares at Jun. 30, 2023 16,462,215      
Net loss [2],[3],[7],[8]       (3,084,000)
Balance at Dec. 31, 2023       $ 4,401,000
Balance, shares at Dec. 31, 2023       16,532,275
Balance at Jun. 30, 2023 $ 16,000 98,086,000 (91,379,000) $ 6,723,000
Balance, shares at Jun. 30, 2023 16,462,215      
Net loss [2],[3],[7],[8]       (6,089,000)
Balance at Mar. 31, 2024       $ 2,069,000
Balance, shares at Mar. 31, 2024       16,599,683
Balance at Jun. 30, 2023 $ 16,000 98,086,000 (91,379,000) $ 6,723,000
Balance, shares at Jun. 30, 2023 16,462,215      
Issuance of common stock - exercised options and RSU settlement $ 1,000 35,000 $ 36,000
Issuance of common stock, exercised options and RSU settlement, shares 182,707     100,104
Issuance of common stock – ESPP 105,000 $ 105,000
Issuance of common stock - ESPP, shares 37,543      
Fair value of warrants issued 92,000 92,000
Stock-based compensation 1,571,000 1,571,000
Net loss (8,333,000) (8,333,000)
Balance at Jun. 30, 2024 $ 17,000 99,889,000 (99,712,000) 194,000
Balance, shares at Jun. 30, 2024 16,682,465      
Balance at Sep. 30, 2023       4,811,000
Balance, shares at Sep. 30, 2023 16,478,237      
Net loss       (896,000)
Balance at Dec. 31, 2023       $ 4,401,000
Balance, shares at Dec. 31, 2023       16,532,275
Net loss       $ (3,005,000)
Balance at Mar. 31, 2024       $ 2,069,000
Balance, shares at Mar. 31, 2024       16,599,683
Net loss       $ (2,244,000)
Balance at Jun. 30, 2024 $ 17,000 $ 99,889,000 $ (99,712,000) $ 194,000
Balance, shares at Jun. 30, 2024 16,682,465      
[1] June 30, 2021 total shareholders’ equity, as restated, reflects the impact of restatement adjustments related to periods prior to the year ended June 30, 2022. The impact of restatement is a decrease of $958,000 to accumulated deficit at June 30, 2021.
[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 timely, resulting in an understatement of accounts payable, overstatement of inventories, and understatement of 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] 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.
[6] 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.
[7] 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.
[8] 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.