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CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Mar. 31, 2024
Jun. 30, 2023
Current Assets:    
Cash and cash equivalents $ 925,067 $ 2,925,852
Accounts receivable, net of allowance for doubtful accounts of $826,434 at March 31, 2024 and $606,715 at June 30, 2023 4,223,769 3,907,407
Inventories 3,032,221 2,776,216
Prepaid expenses 209,505 249,681
Total current assets 8,390,562 9,859,156
Fixed Assets:    
Machinery and equipment 3,255,789 3,227,481
Leasehold improvements 810,913 788,194
Furniture and fixtures 256,681 248,917
Construction in progress 233,519 31,506
Total fixed assets 4,556,902 4,296,098
Less—Accumulated depreciation and amortization 4,019,164 3,862,578
Net fixed assets 537,738 433,520
Operating lease right-to-use asset 232,930 358,437
Patents, net 286,385 265,111
Goodwill 8,824,210 8,824,210
TOTAL ASSETS 18,271,825 19,740,434
Current Liabilities:    
Revolving line of credit 400,000 0
Current portion of capital lease obligation 43,301 43,209
Current maturities of long-term debt 513,259 513,259
Accounts payable 1,695,178 2,432,264
Customer advances 1,464,925 1,174,690
Accrued compensation and other 833,860 927,521
Operating lease liability 175,961 168,677
Total current liabilities 5,126,484 5,259,620
Capital lease obligation, net of current portion 36,226 68,482
Long-term debt, net of current maturities and debt issuance costs 1,791,035 2,175,980
Operating lease liability, net of current portion 56,969 189,760
Stockholders’ Equity:    
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 6,068,518 shares at March 31, 2024 and 6,066,518 at June 30, 2023 60,685 60,665
Additional paid-in capital 60,979,705 60,224,934
Accumulated deficit (49,779,279) (48,239,007)
Total stockholders’ equity 11,261,111 12,046,592
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,271,825 $ 19,740,434