Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Jun. 30, 2022
Current assets:    
Cash $ 790,000 $ 485,000
Accounts receivable 9,853,000 8,609,000
Inventories, net 20,959,000 16,262,000
Other current assets 775,000 1,261,000
Total current assets 32,377,000 26,617,000
Right of use assets 3,035,000 2,597,000
Property, plant and equipment, net 1,724,000 1,578,000
Other assets 119,000 89,000
Total assets 37,255,000 30,881,000
Current liabilities:    
Accounts payable 10,827,000 6,645,000
Accrued expenses 2,604,000 2,209,000
Line of credit 10,491,000 4,889,000
Deferred revenue 163,000
Customer deposits 135,000 175,000
Finance lease payable, current portion 140,000
Office lease payable, current portion 616,000 504,000
Accrued interest 3,000 1,000
Total current liabilities 24,816,000 14,586,000
Office lease payable, less current portion 2,223,000 2,361,000
Finance lease payable, less current portion 311,000
Total liabilities 27,350,000 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; 16,156,432 and 15,996,658 shares issued and outstanding at March 31, 2023 and June 30, 2022, respectively 16,000 16,000
Additional paid-in capital 96,968,000 95,732,000
Accumulated deficit (87,079,000) (81,814,000)
Total stockholders’ equity 9,905,000 13,934,000
Total liabilities and stockholders’ equity $ 37,255,000 $ 30,881,000