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Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Jun. 30, 2019
Current Assets:    
Cash and cash equivalents $ 1,134,697 $ 2,288,426
Accounts receivable (net of allowance for doubtful accounts of $248,450 at June 30, 2020 and $246,953 at June 30, 2019) 1,481,437 2,165,107
Inventories 2,197,244 1,734,604
Prepaid expenses 133,707 180,336
Total current assets 4,947,085 6,368,473
Fixed Assets:    
Machinery and equipment 2,907,533 2,748,715
Leasehold improvements 731,801 668,446
Furniture and fixtures 178,640 168,450
Total 3,817,974 3,585,611
Less: Accumulated depreciation and amortization 3,314,824 3,202,605
Net fixed assets 503,150 383,006
Operating lease right-to-use asset 118,403 0
Patents, net 95,229 54,087
Goodwill 687,664 687,664
TOTAL ASSETS 6,351,531 7,493,230
Current Liabilities:    
Current portion of capital lease obligation 51,761 9,572
Current portion of acquisition earn out liability 166,667 0
Note payable to bank 808,962 0
Accounts payable 1,066,005 1,174,263
Customer advances 417,059 450,192
Accrued compensation and other 581,770 533,944
Operating lease liability 57,156 0
Amount due for business acquisition   1,443,341
Total current liabilities 3,149,380 3,611,312
Capital lease obligation, net of current portion 35,810 5,027
Acquisition earn out liability 333,333 500,000
Operating lease liability 61,247 0
Stockholders' Equity:    
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding - 13,191,789 shares at June 30, 2020 and 12,071,139 shares at June 30, 2019 131,918 120,712
Additional paid-in capital 49,702,986 48,893,172
Accumulated deficit (47,063,143) (45,636,993)
Total stockholders' equity 2,771,761 3,376,891
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,351,531 $ 7,493,230