2. BUSINESS ACQUISITION (Tables)

12 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Allocation of purchase price

The acquired assets, contingent consideration and assumed liabilities at the effective date of acquisition include the following:

At Acquisition Effective Date June 1, 2019	Amount
Cash and cash equivalents	$	163,204
Trade accounts receivable, net		652,898
Inventories		728,046
Other current assets		2,889
Fixed assets		232,036
Total Assets Acquired		1,779,073
Accounts payable		401,360
Customer advances		24,350
Accrued compensation and other		41,027
Total Liabilities Assumed		466,737
Net assets acquired		1,312,336
Goodwill		687,664
Total Purchase Price-Initial and Contingent Consideration	$	2,000,000

Pro Forma results of acquistion

Pro forma operating results include net adjustments resulting from the acquisition transaction and reducing operating expenses by $447,722 during the fiscal year ended June 30, 2019.

	Fiscal Year Ended June 30,
	2020			2019
	Actual			Pro-Forma
Revenues	$	9,923,355		$	10,539,623
Net (Loss) Income	$	(1,426,150	)	$	121,946
Earnings per Share
Basic	$	(0.11	)	$	0.01
Fully Diluted	$	(0.11	)	$	0.01