Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.5.0.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Jun. 30, 2015
Current assets:    
Cash $ 127,000 $ 53,000
Accounts receivable 82,000 69,000
Inventories 202,000 181,000
Deferred financing costs 44,000
Other current assets 42,000 56,000
Total current assets 497,000 359,000
Other assets 16,000 25,000
Property, plant and equipment, net 46,000 66,000
Total assets 559,000 450,000
Current liabilities:    
Accounts payable 526,000 593,000
Accrued expenses 335,000 182,000
Customer deposits from related party 136,000 136,000
Warrant derivative liability 24,000 23,000
Line of credit - related party 1,600,000
Line of credit, net of discount 196,000 110,000
Total current liabilities 1,217,000 2,644,000
Long term liabilities:    
Long-term Line of Credit, Noncurrent 1,200,000
Total liabilities 2,417,000 2,644,000
Commitments and contingencies (Note 13)
Stockholders’ deficit:    
Preferred stock, $0.001 par value; 5,000,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value; 300,000,000 shares authorized; 209,375,137 and 99,464,000 shares issued and outstanding at June 30, 2016 and 2015, respectively 209,000 99,000
Additional paid-in capital 13,195,000 8,398,000
Accumulated deficit (15,262,000) (10,691,000)
Total stockholders’ deficit (1,858,000) (2,194,000)
Total liabilities and stockholders’ deficit $ 559,000 $ 450,000