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Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Jun. 30, 2021
Current Assets:    
Cash and cash equivalents $ 605,749 $ 861,650
Accounts receivable, net of allowance for doubtful accounts of $44,135 at June 30, 2022 and $251,383 at June 30, 2021 2,663,872 1,878,755
Inventories 3,022,147 1,885,395
Prepaid expenses 213,448 150,635
Total current assets 6,505,216 4,776,435
Fixed Assets:    
Machinery and equipment 3,215,412 3,084,511
Leasehold improvements 843,903 792,723
Furniture and fixtures 219,999 178,640
Total Fixed Assets 4,279,314 4,055,874
Less—Accumulated depreciation and amortization 3,651,843 3,461,622
Net fixed assets 627,471 594,252
Operating lease right-to-use asset 517,725 61,247
Patents, net 229,398 141,702
Goodwill 8,824,210 687,664
TOTAL ASSETS 16,704,020 6,261,300
Current Liabilities:    
Current portion of capital lease obligation 40,705 38,347
Current maturities of long-term debt 367,714 0
Current portion of acquisition earn out liability 166,667 166,667
Accounts payable 2,239,175 1,205,149
Customer advances 905,113 450,084
Accrued compensation and other 716,702 589,616
Operating lease liability 150,565 61,247
Total current liabilities 4,586,641 2,511,110
Capital lease obligation, net of current portion 111,691 152,397
Long-term debt, net of current maturities 1,961,141 0
Acquisition earn out liability, net of current portion 705,892 166,666
Operating lease liability, net of current portion 367,160 0
Stockholders’ Equity:    
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 16,915,089 shares at June 30, 2022 and 13,282,476 shares at June 30, 2021 169,150 132,825
Additional paid-in capital 56,896,739 50,464,280
Accumulated deficit (48,094,394) (47,165,978)
Total stockholders’ equity 8,971,495 3,431,127
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 16,704,020 $ 6,261,300