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Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Jun. 30, 2022
Current Assets:    
Cash and cash equivalents $ 2,925,852 $ 605,749
Accounts receivable, net of allowance for doubtful accounts of $606,715 at June 30, 2023 and $44,135 at June 30, 2022 3,907,407 2,663,872
Inventories 2,776,216 3,022,147
Prepaid expenses 249,681 213,448
Total current assets 9,859,156 6,505,216
Fixed Assets:    
Machinery and equipment 3,227,481 3,215,412
Leasehold improvements 825,752 843,903
Furniture and fixtures 242,865 219,999
Total fixed assets 4,296,098 4,279,314
Less—Accumulated depreciation and amortization 3,862,578 3,651,843
Net fixed assets 433,520 627,471
Operating lease right-to-use asset 358,437 517,725
Patents, net 265,111 229,398
Goodwill 8,824,210 8,824,210
TOTAL ASSETS 19,740,434 16,704,020
Current Liabilities:    
Current portion of capital lease obligation 43,209 40,705
Current maturities of long-term debt 513,259 367,714
Current portion of acquisition earn out liability 0 166,667
Accounts payable 2,432,264 2,239,175
Customer advances 1,174,690 905,113
Accrued compensation and other 927,521 716,702
Operating lease liability 168,677 150,565
Total current liabilities 5,259,620 4,586,641
Capital lease obligation, net of current portion 68,482 111,691
Long-term debt, net of current maturities 2,175,980 1,961,141
Acquisition earn out liability, net of current portion 0 705,892
Operating lease liability, net of current portion 189,760 367,160
Stockholders’ Equity:    
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 6,066,518 shares at June 30, 2023 and 5,638,302 shares at June 30, 2022 60,665 56,383
Additional paid-in capital 60,224,934 57,009,506
Accumulated deficit (48,239,007) (48,094,394)
Total stockholders’ equity 12,046,592 8,971,495
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 19,740,434 $ 16,704,020