Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Jun. 30, 2017
Current assets:    
Cash $ 2,706,000 $ 121,000
Accounts receivable 946,000 80,000
Inventories, net 1,512,000 1,566,000
Other current assets 92,000 69,000
Total current assets 5,256,000 1,836,000
Other assets 26,000 26,000
Property, plant and equipment, net 87,000 59,000
Total assets 5,369,000 1,921,000
Current liabilities:    
Accounts payable 417,000 367,000
Accrued expenses 474,000 259,000
Line of credit - related party 10,380,000 5,185,000
Convertible promissory note - related party 500,000 500,000
Accrued interest 931,000 239,000
Total current liabilities 12,702,000 6,550,000
Long term liabilities:    
Customer deposits from related party 102,000 120,000
Total liabilities 12,804,000 6,670,000
Commitments and contingencies (Note 14)
Stockholders’ deficit:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.001 par value; 300,000,000 shares authorized; 31,061,028 and 25,085,526 shares issued and outstanding at June 30, 2018 and 2017, respectively 31,000 25,000
Additional paid-in capital 19,196,000 14,923,000
Accumulated deficit (26,662,000) (19,697,000)
Total stockholders’ deficit (7,435,000) (4,749,000)
Total liabilities and stockholders’ deficit $ 5,369,000 $ 1,921,000