Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Jun. 30, 2020
Current assets:    
Cash $ 4,713,000 $ 726,000
Accounts receivable 6,097,000 3,069,000
Inventories 10,513,000 5,256,000
Other current assets 417,000 787,000
Total current assets 21,740,000 9,838,000
Right of use asset 3,035,000 3,435,000
Other assets 131,000 174,000
Property, plant and equipment, net 1,356,000 528,000
Total assets 26,262,000 13,975,000
Current liabilities:    
Accounts payable 7,175,000 4,648,000
Accrued expenses 2,583,000 1,400,000
Deferred revenue 24,000 4,000
Customer deposits 171,000 1,563,000
Due to factor 469,000
Short-term loans - related party 2,057,000
Line of credit - related party 5,290,000
Financing lease payable, current portion 28,000
Office lease payable, current portion 435,000 288,000
Accrued interest 2,000 50,000
Total current liabilities 10,390,000 15,797,000
Long term liabilities:    
Paycheck Protection Program loan payable 1,297,000
Office lease payable, less current portion 2,866,000 3,301,000
Total liabilities 13,256,000 20,395,000
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; 13,652,164 and 7,420,487 shares issued and outstanding at June 30, 2021 and June 30, 2020, respectively 14,000 7,000
Additional paid-in capital 79,197,000 46,985,000
Accumulated deficit (66,205,000) (53,412,000)
Total stockholders' equity (deficit) 13,006,000 (6,420,000)
Total liabilities and stockholders' equity (deficit) $ 26,262,000 $ 13,975,000