Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.7.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Jun. 30, 2016
Current assets:    
Cash $ 121,000 $ 127,000
Accounts receivable 80,000 82,000
Inventories 1,566,000 202,000
Other current assets 69,000 86,000
Total current assets 1,836,000 497,000
Other assets 26,000 16,000
Property, plant and equipment, net 59,000 46,000
Total assets 1,921,000 559,000
Current liabilities:    
Accounts payable 367,000 526,000
Accrued expenses 259,000 229,000
Accrued interest 239,000 106,000
Warrant derivative liability 24,000
Line of credit, net of discount 196,000
Total current liabilities 865,000 1,081,000
Long term liabilities:    
Line of credit - related party 5,185,000 1,200,000
Convertible promissory note - related party 500,000
Customer deposits from related party 120,000 136,000
Total liabilities 6,670,000 2,417,000
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; 25,085,526 and 20,937,513 shares issued and outstanding at June 30, 2017 and 2016, respectively 25,000 21,000
Additional paid-in capital 14,923,000 13,383,000
Accumulated deficit (19,697,000) (15,262,000)
Total stockholders’ deficit (4,749,000) (1,858,000)
Total liabilities and stockholders’ deficit $ 1,921,000 $ 559,000