Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Jun. 30, 2022
Current assets:    
Cash $ 157,000 $ 485,000
Accounts receivable 10,467,000 8,609,000
Inventories, net 19,507,000 16,262,000
Other current assets 884,000 1,261,000
Total current assets 31,015,000 26,617,000
Right of use assets 2,601,000 2,597,000
Property, plant and equipment, net 1,561,000 1,578,000
Other assets 115,000 89,000
Total assets 35,292,000 30,881,000
Current liabilities:    
Accounts payable 12,797,000 6,645,000
Accrued expenses 2,298,000 2,209,000
Line of credit 6,811,000 4,889,000
Deferred revenue 81,000 163,000
Customer deposits 29,000 175,000
Finance lease payable, current portion 64,000
Office lease payable, current portion 542,000 504,000
Accrued interest 1,000 1,000
Total current liabilities 22,623,000 14,586,000
Office lease payable, less current portion 2,079,000 2,361,000
Finance lease payable, less current portion 172,000
Total liabilities 24,874,000 16,947,000
Stockholders’ equity:    
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; 16,029,478 and 15,996,658 shares issued and outstanding at December 31, 2022 and June 30, 2022, respectively 16,000 16,000
Additional paid-in capital 96,036,000 95,732,000
Accumulated deficit (85,634,000) (81,814,000)
Total stockholders’ equity 10,418,000 13,934,000
Total liabilities and stockholders’ equity $ 35,292,000 $ 30,881,000