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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2023
Jun. 30, 2022
Current Assets:    
Cash and cash equivalents $ 612,095 $ 605,749
Accounts receivable, net of allowance for doubtful accounts of $74,593 at March 31, 2023 and $44,135 at June 30, 2022 4,389,907 2,663,872
Inventories 2,959,732 3,079,938
Prepaid expenses 307,663 213,448
Total current assets 8,269,397 6,563,007
Fixed Assets:    
Machinery and equipment 3,225,483 3,215,412
Leasehold improvements 794,894 786,112
Furniture and fixtures 233,547 219,999
Total fixed assets 4,253,924 4,221,523
Less—Accumulated depreciation and amortization 3,809,303 3,651,843
Net fixed assets 444,621 569,680
Operating lease right-to-use asset 399,007 517,725
Patents, net 249,408 229,398
Goodwill 8,824,210 8,824,210
TOTAL ASSETS 18,186,643 16,704,020
Current Liabilities:    
Current portion of financing lease obligation 42,397 40,705
Current maturities of long-term debt 371,429 367,714
Current portion of acquisition earn out liabilities 571,838 166,667
Accounts payable 2,649,248 2,239,175
Contract liabilities 1,387,806 905,113
Accrued compensation and other 1,305,678 716,702
Operating lease liability 166,316 150,565
Total current liabilities 6,494,712 4,586,641
Financing lease obligation, net of current portion 79,701 111,691
Long-term debt, net of current maturities and debt issuance costs 1,681,642 1,961,141
Acquisition earn out liability, net of current portion 0 705,892
Operating lease liability, net of current portion 232,691 367,160
Stockholders’ Equity:    
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 5,640,995 shares at March 31, 2023 and 5,638,302 June 30, 2022 56,410 56,383
Additional paid-in capital 57,784,369 57,009,506
Accumulated deficit (48,142,882) (48,094,394)
Total stockholders’ equity 9,697,897 8,971,495
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,186,643 $ 16,704,020