Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2024
Jun. 30, 2024
Current assets:    
Cash $ 559,000 $ 643,000
Accounts receivable, net of allowance for credit losses 9,948,000 9,773,000
Inventories, net 15,342,000 16,977,000
Other current assets 1,001,000 945,000
Total current assets 26,850,000 28,338,000
Right of use assets 1,897,000 2,096,000
Property, plant and equipment, net 1,734,000 1,749,000
Other assets 118,000 118,000
Total assets 30,599,000 32,301,000
Current liabilities:    
Accounts payable 11,215,000 11,395,000
Accrued expenses 4,848,000 3,926,000
Line of credit 12,041,000 13,834,000
Subordinated debt 1,000,000
Deferred revenue 333,000 485,000
Customer deposits 34,000 18,000
Finance leases payable, current portion 160,000 156,000
Office leases payable, current portion 758,000 734,000
Accrued interest 145,000 126,000
Total current liabilities 30,534,000 30,674,000
Long term liabilities:    
Finance leases payable, less current portion 71,000 112,000
Office leases payable, less current portion 1,122,000 1,321,000
Total liabilities 31,727,000 32,107,000
Stockholders’ equity (deficit):    
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; 16,682,465 shares issued and outstanding at September 30, 2024 and June 30, 2024 17,000 17,000
Additional paid-in capital 100,236,000 99,889,000
Accumulated deficit (101,381,000) (99,712,000)
Total stockholders’ equity (deficit) (1,128,000) 194,000
Total liabilities and stockholders’ equity (deficit) $ 30,599,000 $ 32,301,000