Annual report pursuant to Section 13 and 15(d)

QUARTERLY FINANCIAL SUMMARY (Unaudited) - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Details)

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QUARTERLY FINANCIAL SUMMARY (Unaudited) - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Details) - USD ($)
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
Jun. 30, 2021
Current assets:                          
Cash $ 643,000 $ 1,250,000 $ 1,584,000 $ 1,139,000 $ 2,379,000 $ 790,000 $ 157,000 $ 306,000 $ 485,000 $ 3,804,000 $ 7,855,000 $ 15,737,000  
Accounts receivable 9,773,000 10,468,000 12,726,000 10,840,000 8,800,000 [1] 9,881,000 10,507,000 11,596,000 8,609,000 9,508,000 5,184,000 4,511,000  
Inventories, net 16,977,000 17,362,000 15,554,000 16,591,000 16,158,000 [2],[3] 18,859,000 17,449,000 16,935,000 14,440,000 [2],[3] 19,297,000 18,090,000 12,655,000  
Other current assets 945,000 840,000 942,000 1,053,000 918,000 775,000 884,000 1,308,000 1,261,000 577,000 868,000 1,026,000  
Total current assets 28,338,000 29,920,000 30,806,000 29,623,000 28,255,000 30,305,000 28,997,000 30,145,000 24,795,000 33,186,000 31,997,000 33,929,000  
Right of use asset 2,096,000 2,291,000 2,482,000 2,670,000 2,854,000 3,035,000 2,601,000 2,558,000 2,597,000 2,711,000 2,821,000 2,929,000  
Property, plant and equipment, net 1,749,000 1,705,000 1,680,000 1,747,000 1,789,000 1,724,000 1,561,000 1,758,000 1,578,000 1,588,000 1,627,000 1,471,000  
Other assets 118,000 118,000 119,000 119,000 120,000 119,000 115,000 42,000 89,000 89,000 89,000 89,000  
Total assets 32,301,000 34,034,000 35,087,000 34,159,000 33,018,000 35,183,000 33,274,000 34,503,000 29,059,000 37,574,000 36,534,000 38,418,000  
Current liabilities:                          
Accounts payable 11,395,000 11,394,000 10,361,000 10,202,000 9,872,000 [1],[3] 10,855,000 12,837,000 13,505,000 6,645,000 13,361,000 9,239,000 9,298,000  
Accrued expenses 3,926,000 3,900,000 3,350,000 3,782,000 3,181,000 2,604,000 2,298,000 2,228,000 2,209,000 2,142,000 2,233,000 1,908,000  
Line of credit 13,834,000 13,645,000 13,575,000 11,986,000 9,912,000 10,491,000 6,811,000 5,651,000 4,889,000 3,500,000 3,500,000 0  
Deferred revenue 485,000 343,000 310,000 336,000 131,000 81,000 347,000 163,000 313,000 140,000 127,000  
Customer deposits 18,000 18,000 232,000 17,000 82,000 135,000 29,000 10,000 175,000 690,000 0 322,000  
Finance leases payable, current portion 156,000 153,000 150,000 147,000 143,000 140,000 64,000 13,000        
Office leases payable, current portion 734,000 712,000 689,000 667,000 644,000 616,000 542,000 523,000 504,000 486,000 469,000 452,000  
Accrued interest 126,000 136,000 130,000 102,000 2,000 3,000 1,000 2,000 1,000 2,000 3,000 3,000  
Total current liabilities 30,674,000 30,301,000 28,797,000 27,239,000 23,967,000 24,844,000 22,663,000 22,279,000 14,586,000 20,494,000 15,584,000 12,110,000  
Long term liabilities:                          
Finance leases payable, less current portion 112,000 153,000 191,000 229,000 273,000 311,000 172,000 55,000        
Office leases payable, less current portion 1,321,000 1,511,000 1,698,000 1,880,000 2,055,000 2,223,000 2,079,000 2,222,000 2,361,000 2,493,000 2,621,000 2,745,000  
Total liabilities 32,107,000 31,965,000 30,686,000 29,348,000 26,295,000 27,378,000 24,914,000 24,556,000 16,947,000 22,987,000 18,205,000 14,855,000  
Stockholders’ equity:                          
Preferred stock value  
Common stock value 17,000 17,000 17,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000  
Additional paid-in capital 99,889,000 99,520,000 98,847,000 98,362,000 98,086,000 96,968,000 96,036,000 95,827,000 95,732,000 95,369,000 95,217,000 95,073,000  
Accumulated deficit (99,712,000) (97,468,000) (94,463,000) (93,567,000) (91,379,000) [1],[2],[3] (89,179,000) (87,692,000) (85,896,000) (83,636,000) [2],[3] (80,798,000) (76,904,000) (71,526,000)  
Total stockholders’ equity 194,000 2,069,000 4,401,000 4,811,000 6,723,000 7,805,000 8,360,000 9,947,000 12,112,000 14,587,000 18,329,000 23,563,000 $ 12,048,000 [4]
Total liabilities and stockholders’ equity $ 32,301,000 34,034,000 35,087,000 34,159,000 33,018,000 35,183,000 33,274,000 34,503,000 29,059,000 37,574,000 36,534,000 38,418,000  
Previously Reported [Member]                          
Current assets:                          
Cash   1,250,000 1,584,000 1,139,000 2,379,000 790,000 157,000 306,000 485,000 3,804,000 7,855,000 15,737,000  
Accounts receivable   10,404,000 12,579,000 10,699,000 8,649,000 [1] 9,853,000 10,467,000 11,596,000 8,609,000 9,508,000 5,184,000 4,511,000  
Inventories, net   20,174,000 18,283,000 19,495,000 18,996,000 [2],[3] 20,959,000 19,507,000 18,878,000 16,262,000 [2],[3] 20,934,000 19,583,000 13,846,000  
Other current assets   840,000 942,000 1,053,000 918,000 775,000 884,000 1,308,000 1,261,000 577,000 868,000 1,026,000  
Total current assets   32,668,000 33,388,000 32,386,000 30,942,000 32,377,000 31,015,000 32,088,000 26,617,000 34,823,000 33,490,000 35,120,000  
Right of use asset   2,291,000 2,482,000 2,670,000 2,854,000 3,035,000 2,601,000 2,558,000 2,597,000 2,711,000 2,821,000 2,929,000  
Property, plant and equipment, net   1,705,000 1,680,000 1,747,000 1,789,000 1,724,000 1,561,000 1,758,000 1,578,000 1,588,000 1,627,000 1,471,000  
Other assets   118,000 119,000 119,000 120,000 119,000 115,000 42,000 89,000 89,000 89,000 89,000  
Total assets   36,782,000 37,669,000 36,922,000 35,705,000 37,255,000 35,292,000 36,446,000 30,881,000 39,211,000 38,027,000 39,609,000  
Current liabilities:                          
Accounts payable   11,050,000 10,021,000 10,065,000 9,735,000 [1],[3] 10,827,000 12,797,000 13,505,000 6,645,000 13,361,000 9,239,000 9,298,000  
Accrued expenses   3,645,000 3,290,000 3,782,000 3,181,000 2,604,000 2,298,000 2,228,000 2,209,000 2,142,000 2,233,000 1,908,000  
Line of credit   13,645,000 13,575,000 11,986,000 9,912,000 10,491,000 6,811,000 5,651,000 4,889,000 3,500,000 3,500,000    
Deferred revenue   343,000 310,000 336,000 131,000   81,000 347,000 163,000 313,000 140,000 127,000  
Customer deposits   18,000 232,000 17,000 82,000 135,000 29,000 10,000 175,000 690,000   322,000  
Finance leases payable, current portion   153,000 150,000 147,000 143,000 140,000 64,000 13,000          
Office leases payable, current portion   712,000 689,000 667,000 644,000 616,000 542,000 523,000 504,000 486,000 469,000 452,000  
Accrued interest   136,000 130,000 102,000 2,000 3,000 1,000 2,000 1,000 2,000 3,000 3,000  
Total current liabilities   29,702,000 28,397,000 27,102,000 23,830,000 24,816,000 22,623,000 22,279,000 14,586,000 20,494,000 15,584,000 12,110,000  
Long term liabilities:                          
Finance leases payable, less current portion   153,000 191,000 229,000 273,000 311,000 172,000 55,000          
Office leases payable, less current portion   1,511,000 1,698,000 1,880,000 2,055,000 2,223,000 2,079,000 2,222,000 2,361,000 2,493,000 2,621,000 2,745,000  
Total liabilities   31,366,000 30,286,000 29,211,000 26,158,000 27,350,000 24,874,000 24,556,000 16,947,000 22,987,000 18,205,000 14,855,000  
Stockholders’ equity:                          
Preferred stock value    
Common stock value   17,000 17,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000 16,000  
Additional paid-in capital   99,520,000 98,847,000 98,362,000 98,086,000 96,968,000 96,036,000 95,827,000 95,732,000 95,369,000 95,217,000 95,073,000  
Accumulated deficit   (94,121,000) (91,481,000) (90,667,000) (88,555,000) [1],[2],[3] (87,079,000) (85,634,000) (83,953,000) (81,814,000) [2],[3] (79,161,000) (75,411,000) (70,335,000)  
Total stockholders’ equity   5,416,000 7,383,000 7,711,000 9,547,000 9,905,000 10,418,000 11,890,000 13,934,000 16,224,000 19,822,000 24,754,000 13,006,000
Total liabilities and stockholders’ equity   36,782,000 37,669,000 36,922,000 35,705,000 37,255,000 35,292,000 36,446,000 30,881,000 39,211,000 38,027,000 39,609,000  
Revision of Prior Period, Reclassification, Adjustment [Member]                          
Current assets:                          
Cash    
Accounts receivable   64,000 147,000 141,000 151,000 [1] 28,000 40,000  
Inventories, net   (2,812,000) (2,729,000) (2,904,000) (2,838,000) [2],[3] (2,100,000) (2,058,000) (1,943,000) (1,822,000) [2],[3] (1,637,000) (1,493,000) (1,191,000)  
Other current assets    
Total current assets   (2,748,000) (2,582,000) (2,763,000) (2,687,000) (2,072,000) (2,018,000) (1,943,000) (1,822,000) (1,637,000) (1,493,000) (1,191,000)  
Right of use asset    
Property, plant and equipment, net    
Other assets    
Total assets   (2,748,000) (2,582,000) (2,763,000) (2,687,000) (2,072,000) (2,018,000) (1,943,000) (1,822,000) (1,637,000) (1,493,000) (1,191,000)  
Current liabilities:                          
Accounts payable   344,000 340,000 137,000 137,000 [1],[3] 28,000 40,000  
Accrued expenses   255,000 60,000  
Line of credit      
Deferred revenue      
Customer deposits      
Finance leases payable, current portion            
Office leases payable, current portion    
Accrued interest    
Total current liabilities   599,000 400,000 137,000 137,000 28,000 40,000  
Long term liabilities:                          
Finance leases payable, less current portion            
Office leases payable, less current portion    
Total liabilities   599,000 400,000 137,000 137,000 28,000 40,000  
Stockholders’ equity:                          
Preferred stock value    
Common stock value    
Additional paid-in capital      
Accumulated deficit   (3,347,000) (2,982,000) (2,900,000) (2,824,000) [1],[2],[3] (2,100,000) (2,058,000) (1,943,000) (1,822,000) [2],[3] (1,637,000) (1,493,000) (1,191,000)  
Total stockholders’ equity   (3,347,000) (2,982,000) (2,900,000) (2,824,000) (2,100,000) (2,058,000) (1,943,000) (1,822,000) [2],[3] (1,637,000) (1,493,000) (1,191,000) $ (958,000) [2],[3]
Total liabilities and stockholders’ equity   $ (2,748,000) $ (2,582,000) $ (2,763,000) $ (2,687,000) $ (2,072,000) $ (2,018,000) $ (1,943,000) $ (1,822,000) $ (1,637,000) $ (1,493,000) $ (1,191,000)  
[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] 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.