1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Disaggregation of revenue

Revenues are comprised of the following for the fiscal years ended June 30, 2020 and 2019:

	2020		2019
Engineering Design Services	$	1,390,324	$	1,313,543
Optical Components		5,773,068		1,821,889
Medical Device Products and Assemblies		2,759,963		3,668,737
Total Revenues	$	9,923,355	$	6,804,169

Schedule of contract liability

Contract liabilities, which were recorded as customer advances in the Company’s Consolidated Balance Sheets, and unearned revenue are comprised of the following:

	Fiscal Year Ended June 30,
	2020			2019
Contract liabilities, beginning of period	$	450,192		$	857,842
Unearned revenue received from customers		554,314			439,800
Revenue recognized		(587,447	)		(847,450	)
Contract liabilities, end of period	$	417,059		$	450,192

Schedule of Inventory

The components of inventories at June 30, 2020 and 2019 are as follows:

	2020		2019
Raw material	$	653,678	$	578,856
Work-in-progress		665,593		409,019
Finished goods		877,973		746,729
	$	2,197,244	$	1,734,604

Estimated Useful Lives of Property and Equipment

The Company provides for depreciation and amortization by charges to operations, using the straight-line and declining-balance methods, which allocate the cost of property and equipment over the following estimated useful lives:

Asset Classification	Estimated Useful Life
Machinery and equipment	2-7 years
Leasehold improvements	Shorter of lease term or estimated useful life
Furniture and fixtures	5 years
Vehicles	3 years

Percent schedule of entity wide revenues by percentage

Revenues from the Company’s largest customers, as a percentage of total revenues, were as follows:

	2020		2019
Customer A		9%		18%
Customer B		7%		13%
Customer C		5%		11%
All Others		79%		58%
		100%		100%

Schedule of earnings per share

The following is the calculation of loss per share for the years ended June 30, 2020 and 2019:

	Year Ended June 30
	2020			2019
Net Loss– Basic and Diluted	$	(1,426,150	)	$	(614,871	)
Basic Weighted Average Shares Outstanding		12,998,915			11,486,079
Potentially Dilutive Securities		–			–
Diluted Weighted Average Shares Outstanding		12,998,915			11,486,079
Loss Per Share
Basic and Fully Diluted	$	(0.11	)	$	(0.05	)

Warranty reserve activity

The following tables summarize warranty reserve activity for the years ended June 30, 2020 and 2019:

	2020			2019
Balance at beginning of period	$	25,000		$	25,000
Provision for warranty claims		12,940			5,791
Warranty claims incurred		(12,940	)		(5,791	)
Balance at end of period	$	25,000		$	25,000