XML 11 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2022
Jun. 30, 2022
Current Assets:    
Cash and cash equivalents $ 673,502 $ 605,749
Accounts receivable, net of allowance for doubtful accounts of $50,114 at September 30, 2022 and $44,135 at June 30, 2022 3,414,685 2,663,872
Inventories 2,755,660 3,022,147
Prepaid expenses 187,498 213,448
Total current assets 7,031,345 6,505,216
Fixed Assets:    
Machinery and equipment 3,222,406 3,215,412
Leasehold improvements 847,363 843,903
Furniture and fixtures 225,564 219,999
Total Fixed Assets 4,295,333 4,279,314
Less—Accumulated depreciation and amortization 3,704,254 3,651,843
Net fixed assets 591,079 627,471
Operating lease right-to-use asset 478,645 517,725
Patents, net 242,553 229,398
Goodwill 8,824,210 8,824,210
TOTAL ASSETS 17,167,832 16,704,020
Current Liabilities:    
Current portion of capital lease obligation 41,318 40,705
Current maturities of long-term debt 371,429 367,714
Current portion of acquisition earn out liability 166,667 166,667
Accounts payable 2,305,907 2,239,175
Customer advances 1,032,891 905,113
Accrued compensation and other 1,117,000 716,702
Operating lease liability 160,923 150,565
Total current liabilities 5,196,135 4,586,641
Capital lease obligation, net of current portion 101,128 111,691
Long-term debt, net of current maturities and debt issuance costs 1,865,498 1,961,141
Acquisition earn out liability, net of current portion 714,375 705,892
Operating lease liability, net of current portion 317,722 367,160
Stockholders’ Equity:    
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 16,915,089 shares at September 30, 2022 and June 30, 2022 169,150 169,150
Additional paid-in capital 56,971,729 56,896,739
Accumulated deficit (48,167,905) (48,094,394)
Total stockholders’ equity 8,972,974 8,971,495
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 17,167,832 $ 16,704,020