0001683168-20-003943.txt : 20201116 0001683168-20-003943.hdr.sgml : 20201116 20201116144358 ACCESSION NUMBER: 0001683168-20-003943 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201116 DATE AS OF CHANGE: 20201116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN WIRELESS CORP CENTRAL INDEX KEY: 0000722572 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 953733534 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14891 FILM NUMBER: 201315750 BUSINESS ADDRESS: STREET 1: 9707 WAPLES STREET, SUITE 150 CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 858-623-0000 MAIL ADDRESS: STREET 1: 9707 WAPLES STREET, SUITE 150 CITY: SAN DIEGO STATE: CA ZIP: 92121 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN TELECOMMUNICATIONS CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ABM COMPUTER SYSTEMS DATE OF NAME CHANGE: 19870317 FORMER COMPANY: FORMER CONFORMED NAME: AUTOMATED BUSINESS MACHINES INC DATE OF NAME CHANGE: 19830802 10-Q 1 franklinwireless_10q-093020.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number: 001-14891

FRANKLIN WIRELESS CORP.

(Exact name of Registrant as specified in its charter)

Nevada

(State or other jurisdiction of incorporation or organization)

95-3733534

(I.R.S. Employer Identification Number)

9707 Waples Street

Suite 150

San Diego, California

(Address of principal executive offices)

92121

(Zip code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☒

Emerging Growth Company ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act: None

The Registrant has 11,541,990 shares of common stock outstanding as of November 16, 2020.

FRANKLIN WIRELESS CORP.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020

INDEX

		Page
PART I – Financial Information

Item 1:	Consolidated Financial Statements (unaudited)
	Consolidated Balance Sheets as of September 30, 2020 (unaudited) and June 30, 2020	4
	Consolidated Statements of Comprehensive Income (Loss) (unaudited) for the three months ended September 30, 2020 and 2019	5
	Consolidated Statements of Stockholders' Equity (unaudited) for the three months ended September 30, 2020 and 2019	6
	Consolidated Statements of Cash Flows (unaudited) for the three months ended September 30, 2020 and 2019	8
	Notes to Consolidated Financial Statements	9
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4:	Controls and Procedures	26

PART II – Other Information

Item 1:	Legal Proceedings	27
Item 1A:	Risk Factors	27
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3:	Defaults Upon Senior Securities	27
Item 4:	Mine Safety Disclosures	27
Item 5:	Other Information	27
Item 6:	Exhibits	27

Signatures		28

NOTE ON FORWARD LOOKING STATEMENTS

You should keep in mind the following points as you read this Report on Form 10-Q:

The terms “we,” “us,” “our,” “Franklin,” “Franklin Wireless,” or the “Company” refer to Franklin Wireless Corp.

This Report on Form 10-Q contains statements which, to the extent they do not recite historical fact, constitute “forward looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements are used under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” and elsewhere in this Quarterly Report on Form 10-Q. You can identify these statements by the use of words like “may,” “will,” “could,” “should,” “project,” “believe,” “anticipate,” “expect,” “plan,” “estimate,” “forecast,” “potential,” “intend,” “continue,” and variations of these words or comparable words. Forward looking statements do not guarantee future performance and involve risks and uncertainties. Actual results may differ substantially from the results that the forward looking statements suggest for various reasons, including those discussed under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended June 30, 2020. These forward looking statements are made only as of the date of this Report on Form 10-Q. We do not undertake to update or revise the forward looking statements, whether as a result of new information, future events or otherwise.

PART I – FINANCIAL INFORMATION

ITEM 1. Consolidated Financial Statements

FRANKLIN WIRELESS CORP.

CONSOLIDATED BALANCE SHEETS

	September 30, 2020 (Unaudited)			June 30, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	43,317,586		$	28,161,644
Certificates of deposit account		5,383,539			5,381,918
Accounts receivable, net of allowance for bad debt of $93,151 and $0, respectively		27,782,709			15,973,537
Other receivables, net		104,698			61,090
Inventories, net		2,765,366			11,783,403
Prepaid expenses and other current assets		12,396			21,588
Advance payments to vendors		37,708			27,838
Total current assets		79,404,002			61,411,018
Property and equipment, net		204,187			220,889
Intangible assets, net		1,076,792			1,125,152
Deferred tax assets, non-current		853,317			938,188
Goodwill		273,285			273,285
Right of use assets		1,047,019			1,139,670
Other assets		286,294			283,369
TOTAL ASSETS	$	83,144,896		$	65,391,571

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	44,850,184		$	42,083,255
Income tax payable		1,917,886			34,713
Accrued liabilities		317,828			466,021
Lease liabilities, current		397,267			400,508
Total current liabilities		47,483,165			42,984,497
Lease liabilities, non-current		691,603			784,233
Notes payable, payroll protection plan loan		487,300			487,300
Total liabilities		48,662,068			44,256,030

Commitments and contingencies (Note 8)
Stockholders’ equity:
Parent Company stockholders’ equity
Preferred stock, par value $0.001 per share, authorized 10,000,000 shares; No preferred stock issued and outstanding as of September 30, 2020 and June 30, 2020		–			–
Common stock, par value $0.001 per share, authorized 50,000,000 shares; 11,541,990 and 10,605,912 shares issued and outstanding as of September 30, 2020, and June 30, 2020, respectively		14,020			14,007
Additional paid-in capital		12,620,181			7,475,365
Retained earnings		24,948,419			18,028,059
Treasury stock, 2,549,208 and 3,472,286 shares as of September 30, 2020 and June 30, 2020		(3,554,893	)		(4,513,479	)
Accumulated other comprehensive loss		(584,002	)		(650,426	)
Total Parent Company stockholders’ equity		33,443,725			20,353,526
Non-controlling interests		1,039,103			782,015
Total stockholders’ equity		34,482,828			21,135,541
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	83,144,896		$	65,391,571

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended
	September 30,
	2020			2019

Net sales	$	62,569,450		$	8,870,275
Cost of goods sold		50,898,219			6,849,763
Gross profit		11,671,231			2,020,512

Operating expenses:
Selling, general and administrative		1,521,459			848,761
Research and development		978,392			895,512
Total operating expenses		2,499,851			1,744,273
Income from operations		9,171,380			276,239

Other income (loss), net:
Interest income		2,894			55,030
Income from governmental subsidy		22,086			4,093
Other income (loss), net		(18,178	)		15,592
Total other income (loss), net		6,802			74,715
Income before provision for income taxes		9,178,182			350,954
Income tax provision		2,000,734			60,974
Net income		7,177,448			289,980
Less: non-controlling interests in net income of subsidiary at 33.7%		257,088			–
Less: non-controlling interests in net income of subsidiary at 35.8%		–			36,042
Net income attributable to Parent Company	$	6,920,360		$	253,938

Basic earnings per share attributable to Parent Company stockholders	$	0.65		$	0.02
Diluted earnings per share attributable to Parent Company stockholders	$	0.64		$	0.02

Weighted average common shares outstanding – basic		10,666,059			10,570,203
Weighted average common shares outstanding – diluted		10,818,050			10,705,500

Comprehensive income
Net income	$	7,177,448		$	289,980
Translation adjustments		66,424			(18,317	)
Comprehensive income		7,243,872			271,663
Less: comprehensive income attributable to non-controlling interest		257,088			36,042
Comprehensive income attributable to controlling interest	$	6,986,784		$	235,621

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months Ended September 30, 2020 (unaudited)

	Common Stock				Additional Paid-in		Retained		Treasury			Accumulated Other Comprehensive			Non- controlling		Total Stockholders
	Shares		Amount		Capital		Earnings		Stock			Loss			Interest		Equity
Balance - June 30, 2020		10,605,912	$	14,007	$	7,475,365	$	18,028,059	$	(4,513,479	)	$	(650,426	)	$	782,015	$	21,135,541
Net income attributable to Parent Company		–		–		–		6,920,360		–			–			–		6,920,360
Foreign exchange translation		–		–		–		–		–			66,424			–		66,424
Issuance of stock related to stock option exercised		13,000		13		17,407		–		–			–			–		17,420
Compensation expense related to stock option granted						85,987												85,987
Sales of treasury stock		923,078		–		5,041,422		–		958,586			–			–		6,000,008
Comprehensive income attributable to non-controlling interest		–		–		–		–		–			–			257,088		257,088
Balance – September 30, 2020 (unaudited)		11,541,990	$	14,020	$	12,620,181	$	24,948,419	$	(3,554,893	)	$	(584,002	)	$	1,039,103	$	34,482,828

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months Ended September 30, 2019 (unaudited)

	Common Stock				Additional Paid-in		Retained		Treasury			Accumulated Other Comprehensive			Non- controlling		Total Stockholders
	Shares		Amount		Capital		Earnings		Stock			Loss			Interest		Equity
Balance - June 30, 2019		10,570,203	$	13,972	$	7,442,272	$	12,477,441	$	(4,513,479	)	$	(634,802	)	$	489,046	$	15,274,450
Net income attributable to Parent Company		–		–		–		253,938		–			–			–		253,938
Foreign exchange translation		–		–		–		–		–			(18,317	)		–		(18,317	)
Comprehensive income attributable to non-controlling interest		–		–		–		–		–			–			36,042		36,042
Balance – September 30, 2019 (unaudited)		10,570,203	$	13,972	$	7,442,272	$	12,731,379	$	(4,513,479	)	$	(653,119	)	$	525,088	$	15,546,113

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended September 30,
	2020			2019

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	7,177,448		$	289,980
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		22,406			20,125
Amortization of intangible assets		127,640			86,136
Bad debt expense		93,151			–
Deferred tax		84,871			11,175
Amortization of right of use asset		92,651			1,541
Compensation expense related to stock options granted		85,987			–
Increase (decrease) in cash due to change in:
Accounts receivable		(11,945,931	)		(4,015,838	)
Inventories		9,018,037			(1,153,573	)
Prepaid expenses and other current assets		9,192			2,894
Advance payments to vendors		(9,870	)		28,725
Other assets		(2,925	)		(23,390	)
Accounts payable		2,766,929			3,433,115
Income tax payable		1,883,173			49,145
Advance payments from customers		–			154,744
Lease liabilities		(95,871	)		–
Accrued liabilities		(148,193	)		46,835
Net cash provided by (used in) operating activities		9,158,695			(1,068,386	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of certificate of deposit		(1,621	)		27,336
Purchases of property and equipment		(5,704	)		(77,580	)
Purchases of intangible assets		(79,280	)		(366,944	)
Net cash used in investing activities		(86,605	)		(417,188	)

CASH FLOW FROM FINANCING ACTIVITIES:
Sales of treasury stock		6,000,008			–
Cash received from exercise of stock options		17,420			–
Net cash provided by financing activities		6,017,428			–

Effect of foreign currency translation		66,424			(18,317	)
Net increase (decrease) in cash and cash equivalents		15,155,942			(1,503,891	)
Cash and cash equivalents, beginning of period		28,161,644			6,447,505
Cash and cash equivalents, end of period	$	43,317,586		$	4,943,614
Supplemental disclosure of cash flow information:
Cash paid during the periods for:
Interest	$	–		$	–
Income taxes	$	(7,335	)	$	–

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Franklin Wireless Corp. (“the Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q. In the opinion of management, the financial statements included herein contain all adjustments, including normal recurring adjustments, considered necessary to present fairly the financial position, the results of operations and comprehensive income (loss) and cash flows of the Company for the periods presented. These financial statements and notes hereto should be read in conjunction with the financial statements and notes thereto for the fiscal year ended June 30, 2020 included in the Company’s Form 10-K filed on September 17, 2020. The operating results or cash flows for the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year.

NOTE 2 – BUSINESS OVERVIEW

We are a leading provider of intelligent wireless solutions including mobile hotspots, routers, trackers, and other devices. Our designs integrate innovative hardware and software enabling machine-to-machine (M2M) applications and the Internet of Things (IoT). Our M2M and IoT solutions include embedded modules, modems and gateways built to deliver reliable always-on connectivity supporting a broad spectrum of applications based on fifth generation and fourth generation (5G/4G) wireless technology.

We have a majority ownership position in Franklin Technology Inc. ("FTI"), a research and development company located in Seoul, South Korea. FTI primarily provides design and development services to us for our wireless products.

Our products are generally marketed and sold directly to wireless operators, and indirectly through strategic partners and distributors. Our global customer base extends primarily from North America to Asia.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiary with a majority voting interest of 66.3% (33.7% is owned by non-controlling interests) as of September 30, 2020 and June 30, 2020. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated and net earnings are reduced by the portion of the net earnings of the subsidiary applicable to non-controlling interests.

Non-controlling Interest in a Consolidated Subsidiary

As of September 30, 2020, the non-controlling interest was $1,039,103, which represents a $257,088 increase from $782,015 as of June 30, 2020.

Segment Reporting

Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how our chief operating decision maker internally evaluates separate financial information, business activities and management responsibility. We have one reportable segment, consisting of the sale of wireless access products. We generate revenues from two geographic areas, consisting of North America and Asia. The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements. The following table contains certain financial information by geographic area:

	Three Months Ended
	September 30,
Net sales:	2020		2019
North America	$	62,569,138	$	8,862,647
Asia		312		7,628
Totals	$	62,569,450	$	8,870,275

Long-lived assets, net (property and equipment and intangible assets):	September 30, 2020		June 30, 2020
North America	$	1,235,764	$	1,302,353
Asia		45,215		43,688
Totals	$	1,280,979	$	1,346,041

Use of Estimates

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Fair Value of Financial Instruments

The carrying amounts of financial instruments such as cash equivalents, short-term investments, accounts receivable, accounts payable and debt approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash into financial instruments which are readily convertible into cash, such as money market funds and certificates of deposit.

Allowance for Doubtful Accounts

Based upon our review of our collection history as well as the current balances associated with all significant customers and associated invoices, as of September 30, 2020, we have recorded an allowance for doubtful accounts in the amount of $93,151 for the uncertainty involving timely collection of our claims for the accounts receivable. As of June 30, 2020, we did not believe an allowance for doubtful accounts was necessary.

Revenue Recognition

In April 2016, the FASB issued Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606) (ASU 2016-10), which amends and adds clarity to certain aspects of the guidance set forth in the original revenue standard (ASU 2014-09) related to identifying performance obligations and licensing. In May 2016, the FASB issued Accounting Standards Update No. 2016-11, Revenue Recognition (Topic 605), which amends and rescinds certain revenue recognition guidance previously released within ASU 2014-09. In May 2016 the FASB issued Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12), which provides narrow scope improvements and practical expedients related to ASU 2014-09.

On July 1, 2018, we adopted ASU 2014-09 using the modified retrospective method applied to those contracts that were not completed or substantially complete as of June 30, 2018. Results for the reporting period beginning after July 1, 2018 are presented under Topic 606. We recorded no change in retained earnings as of July 1, 2018 as a result of the cumulative impact of adopting Topic 606.

Contracts with Customers

Revenue for sales of products and services is derived from contracts with customers. The products and services promised in contracts primarily consist of hotspot routers. Contracts with each customer generally state the terms of the sale, including the description, quantity and price of each product or service. Payment terms are stated in the contract, primarily in the form of a purchase order. Since the customer typically agrees to a stated rate and price in the purchase order that does not vary over the life of the contract, the majority of our contracts do not contain variable consideration. We establish a provision for estimated warranty and returns. Using historical averages, that provision for the quarter ended September 30, 2020 was not material.

Disaggregation of Revenue

In accordance with Topic 606, we disaggregate revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. We determined that disaggregating revenue into these categories meets the disclosure objective in Topic 606, which is to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors.

Contract Balances

We perform our obligations under a contract with a customer by transferring products in exchange for consideration from the customer. We typically invoice our customers as soon as control of an asset is transferred, and a receivable is established. We, however, recognize a contract liability when a customer prepays for goods and/or services, or we have not delivered goods under the contract since we have not yet transferred control of the goods and/or services.

The balances of our trade receivables are as follows:

		September 30, 2020				June 30, 2020
Accounts Receivable		$	27,782,709			$	15,973,537

The balance of contract assets was immaterial as we did not have a significant amount of un-invoiced receivables in the periods ended September 30, 2020 and June 30, 2020.

Our contract liabilities are as follows:

		September 30, 2020				June 30, 2020
Undelivered products		$	140, 000			$	140,000

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of measurement in Topic 606. At contract inception, we assess the products and services promised in our contracts with customers. We then identify performance obligations to transfer distinct products or services to the customer. In order to identify performance obligations, we consider all the products or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.

Our performance obligations are primarily satisfied at a point in time. Revenue from products transferred to customers at a single point in time accounted for 99.9% of net sales for the three months ended September 30, 2020. Revenue recognized over a period of time for non-recurring engineering projects is based on the percent complete of a project and accounted for 0.1% of net sales for the three months ended September 30, 2020. The majority of our revenue recognized at a point in time is for the sale of hotspot router products. Revenue from these contracts is recognized when the customer is able to direct the use of and obtain substantially all of the benefits from the product which generally coincides with title transfer at completion of the shipping process.

As of September 30, 2020, our contracts do not contain any unsatisfied performance obligations, except for undelivered products.

Cost of Goods Sold

All costs associated with our contract manufacturers, as well as distribution, fulfillment and repair services, are included in our cost of goods sold. Cost of goods sold also includes amortization expenses of approximately $114,000 and $70,000 associated with capitalized product development costs associated with complete technology for the three months ended September 30, 2020 and 2019, respectively.

Capitalized Product Development Costs

Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other” includes software that is part of a product or process to be sold to a customer and is accounted for under Subtopic 985-20. Our products contain embedded software internally developed by FTI, which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.

The costs of product development that are capitalized once technological feasibility is determined (noted as technology in progress in the Intangible Assets table in Note 3 to Notes to Consolidated Financial Statements) include related licenses, certification costs, payroll, employee benefits, and other headcount-related expenses associated with product development. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the greater of straight-line amortization or the ratio of the current gross revenues to the current and anticipated future gross revenues. The amortization begins when the products are available for general release to our customers.

As of September 30, 2020, and June 30, 2020, capitalized product development costs in progress was $140,193, and the amounts are included in intangible assets in our consolidated balance sheets. During the three months ended September 30, 2020 and 2019, we incurred $78,342 and $348,668, respectively, in capitalized product development costs, and such amounts are primarily comprised of certifications and licenses. All costs incurred before technological feasibility is reached are expensed and included in our consolidated statements of comprehensive income.

Research and Development Costs

Costs associated with research and development are expensed as incurred. Research and development costs were $978,392 and $895,512 for the three months ended September 30, 2020 and 2019, respectively.

Warranties

We provide a warranty for one year which is covered by our vendors and manufacturers under purchase agreements between the Company and the vendors. As a result, we believe we do not have any net warranty exposure and do not accrue any warranty expenses. Historically, the Company has not experienced any material net warranty expenditures.

Shipping and Handling Costs

Costs associated with product shipping and handling are expensed as incurred. Shipping and handling costs, which are included in selling, general and administrative expenses on the consolidated statements of comprehensive income, were $282,066 and $173,108 for the three months ended September 30, 2020 and 2019, respectively.

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flow, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. We invest our excess cash into financial instruments which management believes are readily convertible into cash, such as money market funds that are readily convertible to cash.

Short Term Investments

We have invested excess funds in short term liquid assets, such as certificates of deposit.

Inventories

Our inventories consist of finished goods and are stated at the lower of cost or net realizable value, cost being determined on a first-in, first-out basis. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. Our customer demand is highly unpredictable and can fluctuate significantly caused by factors beyond the control of the Company. We may write down our inventory value for potential obsolescence and excess inventory. As of September 30, 2020, and June 30, 2020, we have recorded an inventory reserve in the amounts of $399,437, for inventories that we have identified as obsolete or slow-moving.

Property and Equipment

Property and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows:

Machinery	6 years
Office equipment	5 years
Molds	3 years
Vehicles	5 years
Computers and software	5 years
Furniture and fixtures	7 years
Facilities improvements	5 years or life of the lease, whichever is shorter

Goodwill and Intangible Assets

Goodwill and certain intangible assets were recorded in connection with the FTI acquisition in October 2009, and are accounted for in accordance with ASC 805, “Business Combinations.” Goodwill represents the excess of the purchase price over the fair value of the tangible and intangible net assets acquired. Intangible assets are recorded at their fair value at the date of acquisition. Goodwill and other intangible assets are accounted for in accordance with ASC 350, “Goodwill and Other Intangible Assets.” Goodwill and other intangible assets are tested for impairment at least annually and any related impairment losses are recognized in earnings when identified. No impairment was deemed necessary as of September 30, 2020 or June 30, 2020.

The definite lived intangible assets consisted of the following as of September 30, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		1.6 years		18,397		10,732		7,665
Technology in progress	Not Applicable		–		140,192		–		140,192
Software	5 years		2.7 years		526,868		347,473		179,395
Patents	10 years		6.8 years		20,734		11,344		9,390
Certifications & licenses	3 years		2.1 years		4,117,106		3,376,956		740,150
Total as of September 30, 2020				$	4,823,297	$	3,746,505	$	1,076,792

The definite lived intangible assets consisted of the following as of June 30, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		1.8 years		18,397		7,666		10,731
Technology in progress	Not Applicable		–		140,192		–		140,192
Software	5 years		2.9 years		525,930		338,593		187,337
Patents	10 years		7.0 years		20,734		10,821		9,913
Certifications & licenses	3 years		1.9 years		4,038,764		3,261,785		776,979
Total as of June 30, 2020				$	4,744,017	$	3,618,865	$	1,125,152

Amortization expense recognized during the three months ended September 30, 2020 and 2019 was $127,640 and $86,136, respectively.

Long-lived Assets

We review for impairment of long-lived assets and certain identifiable intangibles whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. We consider the carrying value of assets may not be recoverable based upon our review of the following events or changes in circumstances: the asset’s ability to continue to generate income from operations and positive cash flow in future periods; loss of legal ownership or title to the asset; significant changes in our strategic business objectives and utilization of the asset; or significant negative industry or economic trends. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset are less than its carrying amount.

As of September 30, 2020, and June 30, 2020, we were not aware of any events or changes in circumstances that would indicate that the long-lived assets are impaired.

Stock-based Compensation

The Company’s employee share-based awards result in a cost that is measured at fair value on an award’s grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the award’s vesting period. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Stock-based compensation costs are reflected in the accompanying consolidated statements of comprehensive income based upon the underlying recipients' roles within the Company.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are determined based on the difference between the financial statement and income tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets, unless it is more likely than not such assets will be realized. Current income taxes are based on the year’s taxable income for federal and state income tax reporting purposes and the annual change in deferred taxes.

The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of income tax expense.

As of September 30, 2020, we have no material unrecognized tax benefits. We recorded income tax provisions of $2,000,734 and $60,974 for the three months ended September 30, 2020 and 2019, respectively. We also recorded a decrease in deferred tax asset, non-current, of $84,871 and $11,175 for the three months ended September 30, 2020 and 2019.

Earnings per Share Attributable to Common Stockholders

Earnings per share is calculated by dividing the net income by the weighted-average number of common shares that were outstanding for the period, without consideration for potential common shares. Diluted earnings per share is calculated by dividing the net income by the sum of the weighted-average number of dilutive potential common shares outstanding for the period determined using the treasury-stock method or the as-converted method. Potentially dilutive shares are comprised of common stock options outstanding under our stock plan.

Concentrations

We extend credit to our customers and perform ongoing credit evaluations of such customers. We evaluate our accounts receivable on a regular basis for collectability and provide for an allowance for potential credit losses as deemed necessary. No reserve was required or recorded for any of the periods presented.

Substantially all of our revenues are derived from sales of wireless data products. Any significant decline in market acceptance of our products or in the financial condition of our existing customers could impair our ability to operate effectively.

A significant portion of our revenue is derived from a small number of customers. For the three months ended September 30, 2020, sales to our two largest customers accounted for 48% and 43% of our consolidated net sales, and 4% and 91% of our accounts receivable balance as of September 30, 2020. In the same period of 2019, sales to our three largest customers accounted for 65%, 11%, and 11% of our consolidated net sales and 65%, 10%, and 2% of our accounts receivable balance as of September 30, 2019. No other customers accounted for more than ten percent of total net sales for the three months ended September 30, 2020 and 2019.

For the three months ended September 30, 2020, we purchased the majority of our wireless data products from two manufacturing companies located in Asia. If these manufacturing companies were to experience delays, capacity constraints or quality control problems, product shipments to our customers could be delayed, or our customers could consequently elect to cancel the underlying product purchase order, which would negatively impact the Company's revenue. For the three months ended September 30, 2020, we purchased wireless data products from these manufacturers in the amount of $41,210,624, or 98% of total purchases, and had related accounts payable of $44,081,107 as of September 30, 2020. In the same period of 2019, we purchased the majority of our wireless data products from two manufacturing companies located in Asia, and we purchased wireless data products from these manufacturers in the amount of $7,598,831, or 92% of total purchases, and had related accounts payable of $7,994,460 as of September 30, 2019.

We maintain our cash accounts with established commercial banks. Such cash deposits exceed the Federal Deposit Insurance Corporation insured limit of $250,000 for each financial institution. However, we do not anticipate any losses on excess deposits.

Recently Issued Accounting Pronouncements

In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Under the amendments in ASU 2018-02, an entity may elect to reclassify the income tax effects of the Tax Cuts and Jobs Act on items within AOCI to retained earnings. We do not expect that the adoption of this update will impact the Company’s consolidated financial statements.

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of:

	September 30, 2020			June 30, 2020
Machinery and facility	$	364,319		$	364,054
Office equipment		426,380			420,941
Molds		940,165			940,165
		1,730,864			1,725,160
Less accumulated depreciation		(1,526,677	)		(1,504,271	)
Total	$	204,187		$	220,889

Depreciation expense associated with property and equipment was $22,406 and $20,125 for the three months ended September 30, 2020 and 2019, respectively.

NOTE 5 – ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of:

	September 30, 2020		June 30, 2020
Accrued payroll deductions owed to government entities	$	39,930	$	39,380
Accrued salaries and bonuses		–		129,000
Accrued vacation		71,370		58,467
Accrued undelivered inventory		140,000		140,000
Accrued commission for service providers		65,000		98,500
Other accrued liabilities		1,528		674
Total	$	317,828	$	466,021

NOTE 6 – EARNINGS PER SHARE

We report earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic earnings per share are computed using the weighted average number of shares outstanding during the period. Diluted earnings per share represent basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options by using the treasury stock method that the proceeds we receive from an in-the-money option exercise are used towards repurchasing common shares in the market. For the three months ended September 30, 2020 and 2019, we have calculated the diluted effect of common stock arising from 537,291 and 299,000 stock options, respectively.

The weighted average number of shares outstanding used to compute earnings per share is as follows:

	Three Months Ended September 30,
	2020		2019
Net income attributable to Parent Company	$	6,920,360	$	253,938

Weighted-average shares of common stock outstanding:
Basic shares outstanding		10,666,059		10,570,203
Dilutive effect of common stock equivalents arising from stock options		151,991		135,297
Diluted shares outstanding		10,818,050		10,705,500
Basic earnings per share	$	0.65	$	0.02
Diluted earnings per share	$	0.64	$	0.02

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Leases

Our Korea-based subsidiary, FTI leases approximately 10,000 square feet of office space, located in Seoul, Korea, at a monthly rent of approximately $8,000 that expires on August 31, 2021. Beginning on June 12, 2015, FTI leased additional office space consisting of approximately 2,682 square feet, also located in Seoul, Korea, at a monthly rent of approximately $2,700 that expires on August 31, 2021. Rent expense related to these leases was approximately $32,100 for the three months ended September 30, 2020 and 2019. This facility is also covered by an appropriate level of insurance and we believe it to be suitable for our use and adequate for our present needs.

We lease one corporate housing facility primarily for our employees who travel, under a non-cancelable operating lease that expires on September 4, 2021. Rent expense related to this lease was $2,190 and $2,304 for the three months ended September 30, 2020 and 2019, respectively.

As of September 30, 2020, we used discount rates of 4.0% and 2.8% in determining our operating lease liabilities for the office spaces in San Diego, California, and South Korea, respectively. These rates represented our incremental borrowing rates at that time. Short-term leases with initial terms of twelve months or less are not capitalized. Both our San Diego and Korean office leases were extensions of previous leases and neither contains any further extension provisions.

Future minimum payments under operating leases are as follows:

	Operating Leases
Fiscal 2021	$	332,137
Fiscal 2022		342,083
Fiscal 2023		321,930
Fiscal 2024		160,965
Total lease payments		1,157,115
Less imputed interest		(68,245)
Total	$	1,088,870

Litigation

We are from time to time involved in certain legal proceedings and claims arising in the ordinary course of business. Management does not expect any material adverse outcome.

We entered into a Professional Services Agreement with Anydata Corp. (“Anydata”) for the productACT233F Smart Link OBD device on May 5, 2017, for a minimum purchase commitment of 250,000 units. We have delivered approximately 25,000 units and 7,000 units during our second and fourth quarters of fiscal 2018, respectively, and an additional 18,000 units during our first quarter of fiscal 2019. Sales to Anydata were approximately $1.8 million for the year ended June 30, 2019. We have received information that Anydata may not be able to fulfill the entire purchase commitment for which parts have already been ordered with our main vendor, Quanta. Management believes that the Company will be able to supply some of the products to another customer and has received personal guarantees from the ownership group of Anydata. As of June 30, 2019, the remaining unfulfilled purchase commitment was approximately $3.1 million. The total product purchase commitment with Quanta was approximately $2.9 million. We have not recorded a receivable from Anydata, nor a liability owed to Quanta. Management believes that, at this time, a loss contingency is reasonably possible but not estimable as to how much ultimately would be paid to Quanta. As of June 30, 2020, we paid $100,000 for the right to call on inventory and recorded an additional $49,580 as a prepaid expense related to pricing adjustments, which has been agreed with Quanta for other products to ensure demand is met. As of September 30, 2020, there is a reasonable possibility we may incur a loss, however, the amount is not estimable at this time.

COVID-19

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States. On March 19, 2020, the Governor of California declared a health emergency and issued an order to close all nonessential businesses until further notice. As a maker of wireless connectivity devices, Franklin Wireless is deemed to be an essential business. Nonetheless, out of concern for our workers and pursuant to the government order, Franklin Wireless reduced the scope of its operations and, where possible, certain workers began telecommuting from their homes. The continued spread of COVID-19 may result in a period of business disruption, including delays or disruptions in our supply chain. The spread of COVID-19, or another infectious disease, could also negatively affect the operations at our third-party manufacturers, which could result in delays or disruptions in the supply of our products. While the Company expects this situation may increase demand for its products, the related impact cannot be reasonably estimated at this time.

Change of Control Agreements

On October 1, 2020, we entered into Change of Control Agreements with OC Kim, our President, and Yun J. (David) Lee, our Chief Operating Officer. Each Change of Control Agreement provides for a lump sum payment to the officer in case of a change of control of the Company. The term includes the acquisition of Common Stock of the Company resulting in one person or company owning more than 50% of the outstanding shares, a significant change in the composition of the Board of Directors of the Company during any 12-month period, a reorganization, merger, consolidation or similar transaction resulting in the transfer of ownership of more than fifty percent (50%) of the Company's outstanding Common Stock, or a liquidation or dissolution of the Company or sale of substantially all of the Company's assets.

The Change of Control Agreement with Mr. Kim calls for a payment of $5 million upon a change of control, and the agreement with Mr. Lee calls for a payment of $2 million upon a change of control.

International Tariffs

We believe that our products are currently exempt from international tariffs upon import from our manufacturers to the United States. If this were to change at any point, a tariff of 10%-25% of the purchase price would be imposed. If such tariffs are imposed, they could have a materially adverse effect on sales and operating results

Customer Indemnification

Under purchase orders and contracts for the sale of our products we may provide indemnification to our customers for potential intellectual property infringement claims for which we may have no corresponding recourse against our third-party licensors. This potential liability, if realized, could materially adversely affect our business, operating results and financial condition.

NOTE 8 – LONG-TERM INCENTIVE PLAN AWARDS

We apply the provisions of ASC 718, “Compensation - Stock Compensation,” using a modified prospective application, and the Black-Scholes model to value stock options. Under this application, we record compensation expense for all awards granted. Compensation costs will be recognized over the period that an employee provides service in exchange for the award, i.e. the vesting period.

We adopted the 2009 Stock Incentive Plan (“2009 Plan”) on June 11, 2009, which provided for the grant of incentive stock options and non-qualified stock options to our employees and directors. Options granted under the 2009 Plan generally have a term of ten years and generally vest and become exercisable at the rate of 33% after one year and 33% on the second and third anniversaries of the option grant dates. Historically, some stock option grants have included shorter vesting periods ranging from one to two years.

In July of 2020 the Board of Directors adopted the 2020 Franklin Wireless Corp. Stock Option Plan, which covers 800,000 shares of Common Stock. The Plan provide for the grant of incentive stock options, non-qualified stock options and restricted stock to our employees, directors and independent contractors. These options will have such vesting or other provisions as may be established by the Board of Directors at the time of each grant.

The estimated forfeiture rate considers historical turnover rates stratified into employee pools in comparison with an overall employee turnover rate, as well as expectations about the future. We periodically revise the estimated forfeiture rate in subsequent periods if actual forfeitures differ from those estimates. There were $85,987 and $0 compensation expenses recorded under this method for the three months ended September 30, 2020 and 2019, respectively.

A summary of the status of our stock options is presented below as of September 30, 2020:

							Weighted-
							Average
				Weighted-			Remaining
				Average			Contractual		Aggregate
				Exercise			Life		Intrinsic
Options	Shares			Price			(In Years)		Value

Outstanding as of June 30, 2020		251,291		$	1.05			1.95	$	1,124,525
Granted		299,000			4.04			4.79		3,166,410
Exercised		(13,000	)		(1.34	)		–		(207,870	)
Cancelled		–			–			–		–
Forfeited or Expired		–			–			–		–
Outstanding as of September 30, 2020		537,291		$	2.65			3.42	$	6,731,502

Exercisable as of September 30, 2020		537,291		$	1.03			1.70	$	3,565,092

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $15.99 as of September 30, 2020, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of September 30, 2020, in the amount of 537,291 shares, was $2.65 per share.

As of September 30, 2020, there was no unrecognized compensation cost related to non-vested stock options granted.

A summary of the status of our stock options is presented below as of September 30, 2019:

Weighted-

Average

Weighted-

Remaining

Average

Contractual

Aggregate

Exercise

Life

Intrinsic

Options

Price

(In Years)

Value

Outstanding as of June 30, 2019

299,000

1.04

2.75

420,620

Granted

–

Exercised

–

Cancelled

–

Forfeited or Expired

–

Outstanding as of September 30, 2019

299,000

1.04

2.50

354,840

Exercisable as of September 30, 2019

299,000

1.04

2.50

354,840

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $2.23 as of September 30, 2019, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of September 30, 2019, in the amount of 299,000 shares, was $0.92 per share.

As of September 30, 2019, there was no unrecognized compensation cost related to non-vested stock options granted.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this report. This report contains certain forward-looking statements relating to future events or our future financial performance. These statements are subject to risks and uncertainties which could cause actual results to differ materially from those discussed in this report. You are cautioned not to place undue reliance on this information, which speaks only as of the date of this report. We are not obligated to publicly update this information, whether as a result of new information, future events or otherwise, except to the extent we are required to do so in connection with our obligation to file reports with the SEC. For a discussion of the important risks to our business and future operating performance, see the discussion under the caption “Item 1A. Risk Factors” and under the caption “Factors That May Influence Future Results of Operations” in the Company’s Form 10-K for the year ended June 30, 2020, filed on September 17, 2020. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report might not occur.

BUSINESS OVERVIEW

FACTORS THAT MAY INFLUENCE FUTURE RESULTS OF OPERATIONS

We believe that our revenue growth will be influenced largely by (1) the successful maintenance of our existing customers, (2) the rate of increase in demand for wireless data products, (3) customer acceptance of our new products, (4) new customer relationships and contracts, and (5) our ability to meet customers’ demands.

We have entered into and expect to continue to enter into new customer relationships and contracts for the supply of our products, and this may require significant demands on our resources, resulting in increased operating, selling, and marketing expenses associated with such new customers.

CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Management evaluates these estimates and assumptions on an ongoing basis. Our estimates and assumptions have been prepared on the basis of the most current reasonably available information. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates under different assumptions and conditions.

We have several critical accounting policies, which were described in our Annual Report on Form 10-K for the year ended June 30, 2020, that are both important to the portrayal of our financial condition and results of operations and require management’s most difficult, subjective and complex judgments. Typically, the circumstances that make these judgments difficult, subjective and complex have to do with making estimates about the effect of matters that are inherently uncertain. There were no material changes to our critical accounting policies during the three months ended September 30, 2020.

RESULTS OF OPERATIONS

The following table sets forth, for the three months ended September 30, 2020 and 2019, our statements of comprehensive income including data expressed as a percentage of sales:

	Three Months Ended
	September 30,
	2020		2019

Net sales		100.0%		100.0%
Cost of goods sold		81.3%		77.2%
Gross profit		18.7%		22.8%
Operating expenses		4.0%		19.7%
Income from operations		14.7%		3.1%
Other income (loss), net		0.0%		0.9%
Net income before income taxes		14.7%		4.0%
Income tax provision		3.2%		0.7%
Net income		11.5%		3.3%
Less: non-controlling interest in net income of subsidiary		0.4%		0.4%
Net income attributable to Parent Company stockholders		14.1%		2.9%

THREE MONTHS ENDED SEPTEMBER 30, 2020 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2019

NET SALES - Net sales increased by $53,699,175, or 605.4%, to $62,569,450 for the three months ended September 30, 2020 from $8,870,275 for the corresponding period of 2019. For the three months ended September 30, 2020, net sales by geographic regions, consisting of North America and Asia were $62,569,138 (100.0% of net sales) and $312 (0.0% of net sales), respectively.

For the three months ended September 30, 2019, net sales by geographic regions, consisting of the North America and Asia were $8,862,647 (99.9% of net sales) and $7,628 (0.1% of net sales), respectively.

Net sales in North America increased by $53,706,491, or 606.0%, to $62,569,138 for the three months ended September 30, 2020 from $8,862,647 for the corresponding period of 2019. The increase in net sales in North America resulted primarily from increased demand for wireless connectivity due to people working and attending school remotely. High volume sales to school districts rapidly rolling out remote learning programs was a significant driver for increased sales through our primary customers during the Covid-19 Pandemic period. Net sales in Asia decreased by $7,316, or 95.9%, to $312 for the three months ended September 30, 2020 from $7,628 for the corresponding period of 2019. The decrease in net sales was primarily due to the decreased sales generated by FTI, which typically vary from period to period.

GROSS PROFIT - Gross profit increased by $9,650,719, or 477.6%, to $11,671,231 for the three months ended September 30, 2020 from $2,020,512 for the corresponding period of 2019. The gross profit in terms of net sales percentage was 18.7% for the three months ended September 30, 2020 compared to 22.8% for the corresponding period of 2019. The increase in gross profit was primarily due to the change in net sales as described above. The decrease in gross profit in terms of net sales percentage was primarily due to the product development service revenues generated from two customers by Franklin and FTI, which involved lower costs of goods sold, for the three months ended September 30, 2019.

OPERATING EXPENSES - Operating expenses increased by $755,578, or 43.3%, to $2,499,851 for the three months ended September 30, 2020 from $1,744,273 for the corresponding period of 2019. The increase in operating expenses was primarily due to the increased payroll expense for employees and shipping and handling costs related to the increased volume of product shipments and sales as well as the increased bad debt expenses and compensation costs related to the granted options.

OTHER INCOME (LOSS), NET - Other income (loss), net decreased by $67,913 to $6,802 for the three months ended September 30, 2020 from $74,715 for the corresponding period of 2019. The decrease was primarily due to the decreased interest income earned from the money market accounts and certificates of deposit.

LIQUIDITY AND CAPITAL RESOURCES

Our historical operating results, capital resources and financial position, in combination with current projections and estimates, were considered in management's plan and intentions to fund our operations over a reasonable period of time, which we define as the twelve-month period ending from the date of the filing of this Form 10-Q. For purposes of liquidity disclosures, we assess the likelihood that we have sufficient available working capital and other principal sources of liquidity to fund our operating activities and obligations as they become due.

Our principal source of liquidity as of September 30, 2020 consisted of cash and cash equivalents as well as short-term investments of $48,701,125. We believe we have sufficient available capital to cover our existing operations and obligations through at least one year from the date of the filing of this Form 10-Q. Our long-term future cash requirements will depend on numerous factors, including our revenue base, profit margins, product development activities, market acceptance of our products, future expansion plans and ability to control costs. If we are unable to achieve our current business plan or secure additional funding that may be required, we would need to curtail our operations or take other similar actions outside the ordinary course of business in order to continue to operate as a going concern.

OPERATING ACTIVITIES - Net cash provided by operating activities for the three months ended September 30, 2020 was $9,158,695, and net cash used in operating activities for the three months ended September 30, 2019 was $1,068,386.

The $9,158,695 in net cash provided by operating activities for the three months ended September 30, 2020 was primarily due to the decrease in inventories of $9,018,037 and increase in accounts payable and income tax payable of $2,766,929 and $1,883,173, respectively, as well as our operating results (net income adjusted for depreciation, amortization, and other non-cash charges), which was partially offset by the increase in accounts receivable of $11,945,931.

The $1,068,386 in net cash used by operating activities for the three months ended September 30, 2019 was primarily due to the increase in accounts receivable and inventories of $4,015,838 and $1,153,573, respectively, which is partially offset by the increases in accounts payable and advance payment from customers of $3,433,115 and $154,744, respectively, as well as our operating results (net income adjusted for depreciation, amortization, and other non-cash charge).

INVESTING ACTIVITIES - Net cash used in investing activities for the three months ended September 30, 2020 and 2019 was $86,605 and $417,188, respectively.

The $86,605 in net cash used in investing activities for the three months ended September 30, 2020 was primarily due to the payments for capitalized product development of $78,342.

The $417,188 in net cash used in investing activities for the three months ended September 30, 2019 was primarily due to the payments for capitalized product development, intangible assets, and property and equipment of $348,668, $18,276, and $77,580, respectively, which is partially offset by the decrease in short-term investment.

FINANCING ACTIVITIES - Net cash provided by financing activities for the three months ended September 30, 2020 was $6,017,428, and we had no financing activities for the three months periods ended September 30, 2019.

The $6,017,428 in net cash provided by financing activities for the three months ended September 30, 2020 was primarily due to the $6,000,008 aggregate purchase price, which was paid in cash to the Company, by investors for issuance of 923,078 shares of Common Stock.

CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS

Leases

On September 9, 2015, we signed a lease for new office space consisting of approximately 12,775 square feet, located in San Diego, California, at a monthly rent of $23,115, which commenced on October 28, 2015. In addition to monthly rent, the new lease includes payment for certain common area costs. The term of the lease for the new office space was four years from the lease commencement date and was then extended by an additional fifty months, to December 31, 2023. Our facility is covered by an appropriate level of insurance and we believe it to be suitable for our use and adequate for our present needs. Our Korea-based subsidiary, FTI leases approximately 10,000 square feet of office space, located in Seoul, Korea, at a monthly rent of approximately $8,000 that expires on August 31, 2021. Beginning on June 12, 2015, FTI leased additional office space consisting of approximately 2,682 square feet, also located in Seoul, Korea, at a monthly rent of approximately $2,700 that expires on August 31, 2021. We lease one corporate housing facility primarily for our employees who travel, under a non-cancelable operating lease that expires on September 4, 2020.

Rent expense for the three months ended September 30, 2020 and 2019 was $111,553 and $103,748, respectively.

Recently Issued Accounting Pronouncements

Refer to NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES in the Consolidated Financial Statements.

OFF-BALANCE SHEET ARRANGEMENTS

None.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company,” the Company is not required to respond to this item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management has evaluated, under the supervision and with the participation of our President and Acting Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based upon that evaluation, our President and our Acting Chief Financial Officer have concluded that, as of September 30, 2020, our disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is (i) recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC and (ii) accumulated and communicated to our management, including our principal executive and principal accounting officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 and as a result of adopting Topic 842) during the three months ended September 30, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We have provided information about legal proceedings in which we are involved in Note 7 of the notes to consolidated financial statements for the three months ended September 30, 2020, contained within this Quarterly Report on Form 10-Q.

ITEM 1A. RISK FACTORS

Our Annual Report on Form 10-K for the fiscal year ended June 30, 2020, filed with the SEC on September 17, 2020 (the “Annual Report”), includes a detailed discussion of our risk factors under the heading “PART I, ITEM 1A – RISK FACTORS.” You should carefully consider the risk factors discussed in our Annual Report, as well as other information in this quarterly report. Any of these risks could cause our business, financial condition, results of operations and future growth prospects to suffer. We are not aware of any material changes from the risk factors previously disclosed.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

In accordance with Section 13 of 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Franklin Wireless Corp.

	By:	/s/ OC Kim
		OC Kim President (Principal Executive Officer)

	By:	/s/ OC Kim
		OC Kim Acting Chief Financial Officer (Principal Financial Officer)
Dated: November 16, 2020

EX-31.1 2 franklinwireless_10q-ex3101.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, OC Kim, President of Franklin Wireless Corp., certify that:

	1)	I have reviewed this quarterly report on Form 10-Q of Franklin Wireless Corp.;

	2)	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4)	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

		a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

		c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

		d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

		a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

		b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ OC KIM

OC Kim

President

November 16, 2020

EX-31.2 3 franklinwireless_10q-ex3102.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, OC Kim, Acting Chief Financial Officer of Franklin Wireless Corp., certify that:

	1)	I have reviewed this quarterly report on Form 10-Q of Franklin Wireless Corp.;

	2)	Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4)	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

		a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

		c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

		d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

		a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

		b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ OC Kim

OC Kim

Acting Chief Financial Officer

November 16, 2020

EX-32.1 4 franklinwireless_10q-ex3201.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Franklin Wireless Corp. (the "Company") on Form 10-Q for the three months ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, OC Kim, President of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

	(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ OC KIM

OC Kim

President

November 16, 2020

A signed copy of this written statement required by section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 franklinwireless_10q-ex3202.htm CERTIFICATION

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Franklin Wireless Corp. (the "Company") on Form 10-Q for the three months ended September 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, OC Kim, Acting Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

	(1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

/s/ OC Kim

OC Kim

Acting Chief Financial Officer

November 16, 2020

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NOTE 2 – BUSINESS OVERVIEW   We are a leading provider of intelligent wireless solutions including mobile hotspots, routers, trackers, and other devices. Our designs integrate innovative hardware and software enabling machine-to-machine (M2M) applications and the Internet of Things (IoT). Our M2M and IoT solutions include embedded modules, modems and gateways built to deliver reliable always-on connectivity supporting a broad spectrum of applications based on fifth generation and fourth generation (5G/4G) wireless technology.   We have a majority ownership position in Franklin Technology Inc. ("FTI"), a research and development company located in Seoul, South Korea. FTI primarily provides design and development services to us for our wireless products.   Our products are generally marketed and sold directly to wireless operators, and indirectly through strategic partners and distributors. Our global customer base extends primarily from North America to Asia.

Principles of Consolidation   The consolidated financial statements include the accounts of the Company and its subsidiary with a majority voting interest of 66.3% (33.7% is owned by non-controlling interests) as of September 30, 2020 and June 30, 2020. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated and net earnings are reduced by the portion of the net earnings of the subsidiary applicable to non-controlling interests.

Non-controlling Interest in a Consolidated Subsidiary   As of September 30, 2020, the non-controlling interest was $1,039,103, which represents a $257,088 increase from $782,015 as of June 30, 2020.

Use of Estimates   The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.

Fair Value of Financial Instruments   The carrying amounts of financial instruments such as cash equivalents, short-term investments, accounts receivable, accounts payable and debt approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash into financial instruments which are readily convertible into cash, such as money market funds and certificates of deposit.

Allowance for Doubtful Accounts   Based upon our review of our collection history as well as the current balances associated with all significant customers and associated invoices, as of September 30, 2020, we have recorded an allowance for doubtful accounts in the amount of $93,151 for the uncertainty involving timely collection of our claims for the accounts receivable. As of June 30, 2020, we did not believe an allowance for doubtful accounts was necessary.

Cost of Goods Sold   All costs associated with our contract manufacturers, as well as distribution, fulfillment and repair services, are included in our cost of goods sold. Cost of goods sold also includes amortization expenses of approximately $114,000 and $70,000 associated with capitalized product development costs associated with complete technology for the three months ended September 30, 2020 and 2019, respectively.

Capitalized Product Development Costs   Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other” includes software that is part of a product or process to be sold to a customer and is accounted for under Subtopic 985-20. Our products contain embedded software internally developed by FTI, which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.    The costs of product development that are capitalized once technological feasibility is determined (noted as technology in progress in the Intangible Assets table in Note 3 to Notes to Consolidated Financial Statements) include related licenses, certification costs, payroll, employee benefits, and other headcount-related expenses associated with product development. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the greater of straight-line amortization or the ratio of the current gross revenues to the current and anticipated future gross revenues. The amortization begins when the products are available for general release to our customers.   As of September 30, 2020, and June 30, 2020, capitalized product development costs in progress was $140,193, and the amounts are included in intangible assets in our consolidated balance sheets. During the three months ended September 30, 2020 and 2019, we incurred $78,342 and $348,668, respectively, in capitalized product development costs, and such amounts are primarily comprised of certifications and licenses. All costs incurred before technological feasibility is reached are expensed and included in our consolidated statements of comprehensive income.

Research and Development Costs   Costs associated with research and development are expensed as incurred. Research and development costs were $978,392 and $895,512 for the three months ended September 30, 2020 and 2019, respectively.

Warranties   We provide a warranty for one year which is covered by our vendors and manufacturers under purchase agreements between the Company and the vendors. As a result, we believe we do not have any net warranty exposure and do not accrue any warranty expenses. Historically, the Company has not experienced any material net warranty expenditures.

Shipping and Handling Costs   Costs associated with product shipping and handling are expensed as incurred.  Shipping and handling costs, which are included in selling, general and administrative expenses on the consolidated statements of comprehensive income, were $282,066 and $173,108 for the three months ended September 30, 2020 and 2019, respectively.

Cash and Cash Equivalents   For purposes of the consolidated statements of cash flow, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. We invest our excess cash into financial instruments which management believes are readily convertible into cash, such as money market funds that are readily convertible to cash.

Short Term Investments   We have invested excess funds in short term liquid assets, such as certificates of deposit.

Inventories   Our inventories consist of finished goods and are stated at the lower of cost or net realizable value, cost being determined on a first-in, first-out basis. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. Our customer demand is highly unpredictable and can fluctuate significantly caused by factors beyond the control of the Company. We may write down our inventory value for potential obsolescence and excess inventory.  As of September 30, 2020, and June 30, 2020, we have recorded an inventory reserve in the amounts of $399,437, for inventories that we have identified as obsolete or slow-moving.

Long-lived Assets   We review for impairment of long-lived assets and certain identifiable intangibles whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. We consider the carrying value of assets may not be recoverable based upon our review of the following events or changes in circumstances: the asset’s ability to continue to generate income from operations and positive cash flow in future periods; loss of legal ownership or title to the asset; significant changes in our strategic business objectives and utilization of the asset; or significant negative industry or economic trends.  An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset are less than its carrying amount.   As of September 30, 2020, and June 30, 2020, we were not aware of any events or changes in circumstances that would indicate that the long-lived assets are impaired.

Stock-based Compensation   The Company’s employee share-based awards result in a cost that is measured at fair value on an award’s grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the award’s vesting period. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Stock-based compensation costs are reflected in the accompanying consolidated statements of comprehensive income based upon the underlying recipients' roles within the Company.

Income Taxes   The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are determined based on the difference between the financial statement and income tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets, unless it is more likely than not such assets will be realized. Current income taxes are based on the year’s taxable income for federal and state income tax reporting purposes and the annual change in deferred taxes.      The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of income tax expense.   As of September 30, 2020, we have no material unrecognized tax benefits. We recorded income tax provisions of $2,000,734 and $60,974 for the three months ended September 30, 2020 and 2019, respectively. We also recorded a decrease in deferred tax asset, non-current, of $84,871 and $11,175 for the three months ended September 30, 2020 and 2019.

Earnings per Share Attributable to Common Stockholders   Earnings per share is calculated by dividing the net income by the weighted-average number of common shares that were outstanding for the period, without consideration for potential common shares. Diluted earnings per share is calculated by dividing the net income by the sum of the weighted-average number of dilutive potential common shares outstanding for the period determined using the treasury-stock method or the as-converted method. Potentially dilutive shares are comprised of common stock options outstanding under our stock plan.

Concentrations   We extend credit to our customers and perform ongoing credit evaluations of such customers. We evaluate our accounts receivable on a regular basis for collectability and provide for an allowance for potential credit losses as deemed necessary.  No reserve was required or recorded for any of the periods presented.   Substantially all of our revenues are derived from sales of wireless data products.  Any significant decline in market acceptance of our products or in the financial condition of our existing customers could impair our ability to operate effectively.   A significant portion of our revenue is derived from a small number of customers. For the three months ended September 30, 2020, sales to our two largest customers accounted for 48% and 43% of our consolidated net sales, and 4% and 91% of our accounts receivable balance as of September 30, 2020. In the same period of 2019, sales to our three largest customers accounted for 65%, 11%, and 11% of our consolidated net sales and 65%, 10%, and 2% of our accounts receivable balance as of September 30, 2019. No other customers accounted for more than ten percent of total net sales for the three months ended September 30, 2020 and 2019.   For the three months ended September 30, 2020, we purchased the majority of our wireless data products from two manufacturing companies located in Asia. If these manufacturing companies were to experience delays, capacity constraints or quality control problems, product shipments to our customers could be delayed, or our customers could consequently elect to cancel the underlying product purchase order, which would negatively impact the Company's revenue.  For the three months ended September 30, 2020, we purchased wireless data products from these manufacturers in the amount of $41,210,624, or 98% of total purchases, and had related accounts payable of $44,081,107 as of September 30, 2020. In the same period of 2019, we purchased the majority of our wireless data products from two manufacturing companies located in Asia, and we purchased wireless data products from these manufacturers in the amount of $7,598,831, or 92% of total purchases, and had related accounts payable of $7,994,460 as of September 30, 2019.   We maintain our cash accounts with established commercial banks. Such cash deposits exceed the Federal Deposit Insurance Corporation insured limit of $250,000 for each financial institution.  However, we do not anticipate any losses on excess deposits.

Recently Issued Accounting Pronouncements   In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Under the amendments in ASU 2018-02, an entity may elect to reclassify the income tax effects of the Tax Cuts and Jobs Act on items within AOCI to retained earnings. We do not expect that the adoption of this update will impact the Company’s consolidated financial statements.

NOTE 1 – BASIS OF PRESENTATION   The accompanying unaudited consolidated financial statements of Franklin Wireless Corp. (“the Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q. In the opinion of management, the financial statements included herein contain all adjustments, including normal recurring adjustments, considered necessary to present fairly the financial position, the results of operations and comprehensive income (loss) and cash flows of the Company for the periods presented. These financial statements and notes hereto should be read in conjunction with the financial statements and notes thereto for the fiscal year ended June 30, 2020 included in the Company’s Form 10-K filed on September 17, 2020.  The operating results or cash flows for the interim periods presented herein are not necessarily indicative of the results to be expected for any other interim period or the full year.

1621

-27336

154744

853317

938188

317828

466021

1528

674

65000

98500

140000 140000

71370

58467

129000

39930

39380

1088870

68245

160965

321930

342083

332137

77263

69344

2190

2304

0.040

0.028

537291

299000

251291

537291

299000

1.03

1.04

1.05

2.65

1.04

1.34

4.04

3565092

354840

1124525

6731502

420620

354840

207870

3166410

P1Y8M12D

P2Y6M

P4Y9M14D

P3Y5M1D

P2Y6M

P1Y11M12D

P2Y9M

85987

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Principles of Consolidation   The consolidated financial statements include the accounts of the Company and its subsidiary with a majority voting interest of 66.3% (33.7% is owned by non-controlling interests) as of September 30, 2020 and June 30, 2020. In the preparation of consolidated financial statements of the Company, intercompany transactions and balances are eliminated and net earnings are reduced by the portion of the net earnings of the subsidiary applicable to non-controlling interests.   Non-controlling Interest in a Consolidated Subsidiary   As of September 30, 2020, the non-controlling interest was $1,039,103, which represents a $257,088 increase from $782,015 as of June 30, 2020.   Segment Reporting   Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how our chief operating decision maker internally evaluates separate financial information, business activities and management responsibility. We have one reportable segment, consisting of the sale of wireless access products. We generate revenues from two geographic areas, consisting of North America and Asia. The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements. The following table contains certain financial information by geographic area:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Net sales:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left">North America</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">62,569,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">8,862,647</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">312</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,628</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">62,569,450</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,870,275</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>     <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Long-lived assets, net (property and equipment and intangible assets):</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2020</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left">North America</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,235,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,302,353</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,688</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,280,979</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,346,041</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   Use of Estimates   The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates.   Fair Value of Financial Instruments   The carrying amounts of financial instruments such as cash equivalents, short-term investments, accounts receivable, accounts payable and debt approximate the related fair values due to the short-term maturities of these instruments. We invest our excess cash into financial instruments which are readily convertible into cash, such as money market funds and certificates of deposit.   Allowance for Doubtful Accounts   Based upon our review of our collection history as well as the current balances associated with all significant customers and associated invoices, as of September 30, 2020, we have recorded an allowance for doubtful accounts in the amount of $93,151 for the uncertainty involving timely collection of our claims for the accounts receivable. As of June 30, 2020, we did not believe an allowance for doubtful accounts was necessary.   Revenue Recognition   In April 2016, the FASB issued Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606) (ASU 2016-10), which amends and adds clarity to certain aspects of the guidance set forth in the original revenue standard (ASU 2014-09) related to identifying performance obligations and licensing. In May 2016, the FASB issued Accounting Standards Update No. 2016-11, Revenue Recognition (Topic 605), which amends and rescinds certain revenue recognition guidance previously released within ASU 2014-09. In May 2016 the FASB issued Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12), which provides narrow scope improvements and practical expedients related to ASU 2014-09.   On July 1, 2018, we adopted ASU 2014-09 using the modified retrospective method applied to those contracts that were not completed or substantially complete as of June 30, 2018. Results for the reporting period beginning after July 1, 2018 are presented under Topic 606. We recorded no change in retained earnings as of July 1, 2018 as a result of the cumulative impact of adopting Topic 606.   Contracts with Customers   Revenue for sales of products and services is derived from contracts with customers. The products and services promised in contracts primarily consist of hotspot routers. Contracts with each customer generally state the terms of the sale, including the description, quantity and price of each product or service. Payment terms are stated in the contract, primarily in the form of a purchase order. Since the customer typically agrees to a stated rate and price in the purchase order that does not vary over the life of the contract, the majority of our contracts do not contain variable consideration. We establish a provision for estimated warranty and returns. Using historical averages, that provision for the quarter ended September 30, 2020 was not material.   Disaggregation of Revenue   In accordance with Topic 606, we disaggregate revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. We determined that disaggregating revenue into these categories meets the disclosure objective in Topic 606, which is to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors.   Contract Balances   We perform our obligations under a contract with a customer by transferring products in exchange for consideration from the customer. We typically invoice our customers as soon as control of an asset is transferred, and a receivable is established. We, however, recognize a contract liability when a customer prepays for goods and/or services, or we have not delivered goods under the contract since we have not yet transferred control of the goods and/or services.   The balances of our trade receivables are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2020</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left; padding-bottom: 2.5pt">Accounts Receivable</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">27,782,709</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">15,973,537</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The balance of contract assets was immaterial as we did not have a significant amount of un-invoiced receivables in the periods ended September 30, 2020 and June 30, 2020.   Our contract liabilities are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">September 30, 2020</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">June 30, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%">Undelivered products</td> <td style="width: 2%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right">140, 000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right">140,000</td> <td style="width: 1%"> </td></tr> </table>   Performance Obligations   A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of measurement in Topic 606. At contract inception, we assess the products and services promised in our contracts with customers. We then identify performance obligations to transfer distinct products or services to the customer. In order to identify performance obligations, we consider all the products or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.   Our performance obligations are primarily satisfied at a point in time. Revenue from products transferred to customers at a single point in time accounted for 99.9% of net sales for the three months ended September 30, 2020. Revenue recognized over a period of time for non-recurring engineering projects is based on the percent complete of a project and accounted for 0.1% of net sales for the three months ended September 30, 2020. The majority of our revenue recognized at a point in time is for the sale of hotspot router products. Revenue from these contracts is recognized when the customer is able to direct the use of and obtain substantially all of the benefits from the product which generally coincides with title transfer at completion of the shipping process.   As of September 30, 2020, our contracts do not contain any unsatisfied performance obligations, except for undelivered products.   Cost of Goods Sold   All costs associated with our contract manufacturers, as well as distribution, fulfillment and repair services, are included in our cost of goods sold. Cost of goods sold also includes amortization expenses of approximately $114,000 and $70,000 associated with capitalized product development costs associated with complete technology for the three months ended September 30, 2020 and 2019, respectively.   Capitalized Product Development Costs   Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other” includes software that is part of a product or process to be sold to a customer and is accounted for under Subtopic 985-20. Our products contain embedded software internally developed by FTI, which is an integral part of these products because it allows the various components of the products to communicate with each other and the products are clearly unable to function without this coding.   The costs of product development that are capitalized once technological feasibility is determined (noted as technology in progress in the Intangible Assets table in Note 3 to Notes to Consolidated Financial Statements) include related licenses, certification costs, payroll, employee benefits, and other headcount-related expenses associated with product development. We determine that technological feasibility for our products is reached after all high-risk development issues have been resolved. Once the products are available for general release to our customers, we cease capitalizing the product development costs and any additional costs, if any, are expensed. The capitalized product development costs are amortized on a product-by-product basis using the greater of straight-line amortization or the ratio of the current gross revenues to the current and anticipated future gross revenues. The amortization begins when the products are available for general release to our customers.   As of September 30, 2020, and June 30, 2020, capitalized product development costs in progress was $140,193, and the amounts are included in intangible assets in our consolidated balance sheets. During the three months ended September 30, 2020 and 2019, we incurred $78,342 and $348,668, respectively, in capitalized product development costs, and such amounts are primarily comprised of certifications and licenses. All costs incurred before technological feasibility is reached are expensed and included in our consolidated statements of comprehensive income.   Research and Development Costs   Costs associated with research and development are expensed as incurred. Research and development costs were $978,392 and $895,512 for the three months ended September 30, 2020 and 2019, respectively.   Warranties   We provide a warranty for one year which is covered by our vendors and manufacturers under purchase agreements between the Company and the vendors. As a result, we believe we do not have any net warranty exposure and do not accrue any warranty expenses. Historically, the Company has not experienced any material net warranty expenditures.   Shipping and Handling Costs   Costs associated with product shipping and handling are expensed as incurred.  Shipping and handling costs, which are included in selling, general and administrative expenses on the consolidated statements of comprehensive income, were $282,066 and $173,108 for the three months ended September 30, 2020 and 2019, respectively.   Cash and Cash Equivalents   For purposes of the consolidated statements of cash flow, we consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. We invest our excess cash into financial instruments which management believes are readily convertible into cash, such as money market funds that are readily convertible to cash.   Short Term Investments   We have invested excess funds in short term liquid assets, such as certificates of deposit.   Inventories   Our inventories consist of finished goods and are stated at the lower of cost or net realizable value, cost being determined on a first-in, first-out basis. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. Our customer demand is highly unpredictable and can fluctuate significantly caused by factors beyond the control of the Company. We may write down our inventory value for potential obsolescence and excess inventory.  As of September 30, 2020, and June 30, 2020, we have recorded an inventory reserve in the amounts of $399,437, for inventories that we have identified as obsolete or slow-moving.   Property and Equipment   Property and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows:     <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="width: 45%; text-align: justify">Machinery</td> <td style="width: 45%; text-align: right">6 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Office equipment</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Molds</td> <td style="text-align: right">3 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Vehicles</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Computers and software</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Furniture and fixtures</td> <td style="text-align: right">7 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Facilities improvements</td> <td style="text-align: right">5 years or life of the lease, whichever is shorter</td></tr> </table>   Goodwill and Intangible Assets   Goodwill and certain intangible assets were recorded in connection with the FTI acquisition in October 2009, and are accounted for in accordance with ASC 805, “Business Combinations.” Goodwill represents the excess of the purchase price over the fair value of the tangible and intangible net assets acquired. Intangible assets are recorded at their fair value at the date of acquisition. Goodwill and other intangible assets are accounted for in accordance with ASC 350, “Goodwill and Other Intangible Assets.” Goodwill and other intangible assets are tested for impairment at least annually and any related impairment losses are recognized in earnings when identified. No impairment was deemed necessary as of September 30, 2020 or June 30, 2020.   The definite lived intangible assets consisted of the following as of September 30, 2020:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Less Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 26%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 13%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 13%; text-align: center">1.6 years</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">18,397</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,732</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,665</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">2.7 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">526,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">347,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">179,395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">6.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,734</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,344</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center">2.1 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,117,106</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,376,956</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">740,150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt">Total as of September 30, 2020</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,823,297</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,746,505</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,076,792</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   The definite lived intangible assets consisted of the following as of June 30, 2020:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Less Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 26%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 13%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 13%; text-align: center">1.8 years</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">18,397</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,666</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,731</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">2.9 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">525,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">338,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,337</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">7.0 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,734</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center">1.9 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,038,764</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,261,785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">776,979</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt">Total as of June 30, 2020</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,744,017</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,618,865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,125,152</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   Amortization expense recognized during the three months ended September 30, 2020 and 2019 was $127,640 and $86,136, respectively.   Long-lived Assets   We review for impairment of long-lived assets and certain identifiable intangibles whenever events or circumstances indicate that the carrying amount of assets may not be recoverable. We consider the carrying value of assets may not be recoverable based upon our review of the following events or changes in circumstances: the asset’s ability to continue to generate income from operations and positive cash flow in future periods; loss of legal ownership or title to the asset; significant changes in our strategic business objectives and utilization of the asset; or significant negative industry or economic trends.  An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset are less than its carrying amount.   As of September 30, 2020, and June 30, 2020, we were not aware of any events or changes in circumstances that would indicate that the long-lived assets are impaired.   Stock-based Compensation   The Company’s employee share-based awards result in a cost that is measured at fair value on an award’s grant date, based on the estimated number of awards that are expected to vest. Stock-based compensation is recognized on a straight-line basis over the award’s vesting period. The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Transactions with non-employees in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Stock-based compensation costs are reflected in the accompanying consolidated statements of comprehensive income based upon the underlying recipients' roles within the Company.   Income Taxes   The Company uses the asset and liability method of accounting for income taxes. Accordingly, deferred tax assets and liabilities are determined based on the difference between the financial statement and income tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets, unless it is more likely than not such assets will be realized. Current income taxes are based on the year’s taxable income for federal and state income tax reporting purposes and the annual change in deferred taxes.   The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of income tax expense.   As of September 30, 2020, we have no material unrecognized tax benefits. We recorded income tax provisions of $2,000,734 and $60,974 for the three months ended September 30, 2020 and 2019, respectively. We also recorded a decrease in deferred tax asset, non-current, of $84,871 and $11,175 for the three months ended September 30, 2020 and 2019.   Earnings per Share Attributable to Common Stockholders   Earnings per share is calculated by dividing the net income by the weighted-average number of common shares that were outstanding for the period, without consideration for potential common shares. Diluted earnings per share is calculated by dividing the net income by the sum of the weighted-average number of dilutive potential common shares outstanding for the period determined using the treasury-stock method or the as-converted method. Potentially dilutive shares are comprised of common stock options outstanding under our stock plan.   Concentrations   We extend credit to our customers and perform ongoing credit evaluations of such customers. We evaluate our accounts receivable on a regular basis for collectability and provide for an allowance for potential credit losses as deemed necessary.  No reserve was required or recorded for any of the periods presented.   Substantially all of our revenues are derived from sales of wireless data products.  Any significant decline in market acceptance of our products or in the financial condition of our existing customers could impair our ability to operate effectively.   A significant portion of our revenue is derived from a small number of customers. For the three months ended September 30, 2020, sales to our two largest customers accounted for 48% and 43% of our consolidated net sales, and 4% and 91% of our accounts receivable balance as of September 30, 2020. In the same period of 2019, sales to our three largest customers accounted for 65%, 11%, and 11% of our consolidated net sales and 65%, 10%, and 2% of our accounts receivable balance as of September 30, 2019. No other customers accounted for more than ten percent of total net sales for the three months ended September 30, 2020 and 2019.   For the three months ended September 30, 2020, we purchased the majority of our wireless data products from two manufacturing companies located in Asia. If these manufacturing companies were to experience delays, capacity constraints or quality control problems, product shipments to our customers could be delayed, or our customers could consequently elect to cancel the underlying product purchase order, which would negatively impact the Company's revenue.  For the three months ended September 30, 2020, we purchased wireless data products from these manufacturers in the amount of $41,210,624, or 98% of total purchases, and had related accounts payable of $44,081,107 as of September 30, 2020. In the same period of 2019, we purchased the majority of our wireless data products from two manufacturing companies located in Asia, and we purchased wireless data products from these manufacturers in the amount of $7,598,831, or 92% of total purchases, and had related accounts payable of $7,994,460 as of September 30, 2019.   We maintain our cash accounts with established commercial banks. Such cash deposits exceed the Federal Deposit Insurance Corporation insured limit of $250,000 for each financial institution.  However, we do not anticipate any losses on excess deposits.   Recently Issued Accounting Pronouncements   In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. Under the amendments in ASU 2018-02, an entity may elect to reclassify the income tax effects of the Tax Cuts and Jobs Act on items within AOCI to retained earnings. We do not expect that the adoption of this update will impact the Company’s consolidated financial statements.

Segment Reporting   Accounting Standards Codification (“ASC”) 280, “Segment Reporting,” requires public companies to report financial and descriptive information about their reportable operating segments. We identify our operating segments based on how our chief operating decision maker internally evaluates separate financial information, business activities and management responsibility. We have one reportable segment, consisting of the sale of wireless access products. We generate revenues from two geographic areas, consisting of North America and Asia. The following enterprise-wide disclosure is prepared on a basis consistent with the preparation of the consolidated financial statements. The following table contains certain financial information by geographic area:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Net sales:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left">North America</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">62,569,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">8,862,647</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">312</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,628</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">62,569,450</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,870,275</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>     <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Long-lived assets, net (property and equipment and intangible assets):</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2020</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left">North America</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,235,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,302,353</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,688</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,280,979</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,346,041</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

The following table contains certain financial information by geographic area:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">Three Months Ended</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Net sales:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left">North America</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">62,569,138</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">8,862,647</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">312</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">7,628</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">62,569,450</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,870,275</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>     <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Long-lived assets, net (property and equipment and intangible assets):</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2020</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left">North America</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,235,764</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,302,353</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Asia</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">45,215</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">43,688</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Totals</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,280,979</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,346,041</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

Revenue Recognition   In April 2016, the FASB issued Accounting Standards Update No. 2016-10, Revenue from Contracts with Customers (Topic 606) (ASU 2016-10), which amends and adds clarity to certain aspects of the guidance set forth in the original revenue standard (ASU 2014-09) related to identifying performance obligations and licensing. In May 2016, the FASB issued Accounting Standards Update No. 2016-11, Revenue Recognition (Topic 605), which amends and rescinds certain revenue recognition guidance previously released within ASU 2014-09. In May 2016 the FASB issued Accounting Standards Update No. 2016-12, Revenue from Contracts with Customers (Topic 606) (ASU 2016-12), which provides narrow scope improvements and practical expedients related to ASU 2014-09.   On July 1, 2018, we adopted ASU 2014-09 using the modified retrospective method applied to those contracts that were not completed or substantially complete as of June 30, 2018. Results for the reporting period beginning after July 1, 2018 are presented under Topic 606. We recorded no change in retained earnings as of July 1, 2018 as a result of the cumulative impact of adopting Topic 606.   Contracts with Customers   Revenue for sales of products and services is derived from contracts with customers. The products and services promised in contracts primarily consist of hotspot routers. Contracts with each customer generally state the terms of the sale, including the description, quantity and price of each product or service. Payment terms are stated in the contract, primarily in the form of a purchase order. Since the customer typically agrees to a stated rate and price in the purchase order that does not vary over the life of the contract, the majority of our contracts do not contain variable consideration. We establish a provision for estimated warranty and returns. Using historical averages, that provision for the quarter ended September 30, 2020 was not material.   Disaggregation of Revenue   In accordance with Topic 606, we disaggregate revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. We determined that disaggregating revenue into these categories meets the disclosure objective in Topic 606, which is to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors.   Contract Balances   We perform our obligations under a contract with a customer by transferring products in exchange for consideration from the customer. We typically invoice our customers as soon as control of an asset is transferred, and a receivable is established. We, however, recognize a contract liability when a customer prepays for goods and/or services, or we have not delivered goods under the contract since we have not yet transferred control of the goods and/or services.   The balances of our trade receivables are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2020</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left; padding-bottom: 2.5pt">Accounts Receivable</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">27,782,709</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">15,973,537</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The balance of contract assets was immaterial as we did not have a significant amount of un-invoiced receivables in the periods ended September 30, 2020 and June 30, 2020.   Our contract liabilities are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">September 30, 2020</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">June 30, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%">Undelivered products</td> <td style="width: 2%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right">140, 000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right">140,000</td> <td style="width: 1%"> </td></tr> </table>   Performance Obligations   A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of measurement in Topic 606. At contract inception, we assess the products and services promised in our contracts with customers. We then identify performance obligations to transfer distinct products or services to the customer. In order to identify performance obligations, we consider all the products or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.   Our performance obligations are primarily satisfied at a point in time. Revenue from products transferred to customers at a single point in time accounted for 99.9% of net sales for the three months ended September 30, 2020. Revenue recognized over a period of time for non-recurring engineering projects is based on the percent complete of a project and accounted for 0.1% of net sales for the three months ended September 30, 2020. The majority of our revenue recognized at a point in time is for the sale of hotspot router products. Revenue from these contracts is recognized when the customer is able to direct the use of and obtain substantially all of the benefits from the product which generally coincides with title transfer at completion of the shipping process.   As of September 30, 2020, our contracts do not contain any unsatisfied performance obligations, except for undelivered products.

The balances of our trade receivables are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">September 30, 2020</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left; padding-bottom: 2.5pt">Accounts Receivable</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">27,782,709</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">15,973,537</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Our contract liabilities are as follows:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">September 30, 2020</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">June 30, 2020</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 56%">Undelivered products</td> <td style="width: 2%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right">140, 000</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right">140,000</td> <td style="width: 1%"> </td></tr> </table>

Property and Equipment   Property and equipment are recorded at cost. Significant additions or improvements extending useful lives of assets are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives as follows:     <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="width: 45%; text-align: justify">Machinery</td> <td style="width: 45%; text-align: right">6 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Office equipment</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Molds</td> <td style="text-align: right">3 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Vehicles</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Computers and software</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Furniture and fixtures</td> <td style="text-align: right">7 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Facilities improvements</td> <td style="text-align: right">5 years or life of the lease, whichever is shorter</td></tr> </table>

<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="width: 45%; text-align: justify">Machinery</td> <td style="width: 45%; text-align: right">6 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Office equipment</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Molds</td> <td style="text-align: right">3 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Vehicles</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Computers and software</td> <td style="text-align: right">5 years</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Furniture and fixtures</td> <td style="text-align: right">7 years</td></tr> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="text-align: justify">Facilities improvements</td> <td style="text-align: right">5 years or life of the lease, whichever is shorter</td></tr> </table>

Goodwill and Intangible Assets   Goodwill and certain intangible assets were recorded in connection with the FTI acquisition in October 2009, and are accounted for in accordance with ASC 805, “Business Combinations.” Goodwill represents the excess of the purchase price over the fair value of the tangible and intangible net assets acquired. Intangible assets are recorded at their fair value at the date of acquisition. Goodwill and other intangible assets are accounted for in accordance with ASC 350, “Goodwill and Other Intangible Assets.” Goodwill and other intangible assets are tested for impairment at least annually and any related impairment losses are recognized in earnings when identified. No impairment was deemed necessary as of September 30, 2020 or June 30, 2020.   The definite lived intangible assets consisted of the following as of September 30, 2020:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Less Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 26%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 13%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 13%; text-align: center">1.6 years</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">18,397</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,732</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,665</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">2.7 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">526,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">347,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">179,395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">6.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,734</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,344</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center">2.1 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,117,106</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,376,956</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">740,150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt">Total as of September 30, 2020</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,823,297</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,746,505</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,076,792</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   The definite lived intangible assets consisted of the following as of June 30, 2020:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Less Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 26%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 13%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 13%; text-align: center">1.8 years</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">18,397</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,666</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,731</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">2.9 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">525,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">338,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,337</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">7.0 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,734</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center">1.9 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,038,764</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,261,785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">776,979</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt">Total as of June 30, 2020</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,744,017</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,618,865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,125,152</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   Amortization expense recognized during the three months ended September 30, 2020 and 2019 was $127,640 and $86,136, respectively.

The definite lived intangible assets consisted of the following as of September 30, 2020:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Less Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 26%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 13%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 13%; text-align: center">1.6 years</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">18,397</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,732</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,665</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">2.7 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">526,868</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">347,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">179,395</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">6.8 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,734</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,344</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,390</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center">2.1 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,117,106</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,376,956</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">740,150</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt">Total as of September 30, 2020</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,823,297</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,746,505</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,076,792</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   The definite lived intangible assets consisted of the following as of June 30, 2020:   <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Definite lived intangible assets:</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expected Life</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Average Remaining life</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Gross Intangible Assets</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Less Accumulated Amortization</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Net Intangible Assets</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 26%; text-align: left">Complete technology</td><td style="width: 2%"> </td> <td style="width: 13%; text-align: center">3 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 13%; text-align: center">1.8 years</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">18,397</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">7,666</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">10,731</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Technology in progress</td><td> </td> <td style="text-align: center">Not Applicable</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,192</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Software</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">2.9 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">525,930</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">338,593</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">187,337</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Patents</td><td> </td> <td style="text-align: center">10 years</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">7.0 years</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,734</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,913</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt">Certifications & licenses</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt">3 years</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> </td><td style="text-align: center">1.9 years</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,038,764</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,261,785</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">776,979</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -10pt">Total as of June 30, 2020</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: left; padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,744,017</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,618,865</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,125,152</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

NOTE 4 – PROPERTY AND EQUIPMENT   Property and equipment consisted of the following as of:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: justify">Machinery and facility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">364,319</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">364,054</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">426,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,941</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Molds</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">940,165</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">940,165</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,730,864</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,725,160</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,526,677</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,504,271</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">204,187</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">220,889</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>   Depreciation expense associated with property and equipment was $22,406 and $20,125 for the three months ended September 30, 2020 and 2019, respectively.

Property and equipment consisted of the following as of:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: justify">Machinery and facility</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">364,319</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">364,054</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Office equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">426,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">420,941</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Molds</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">940,165</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">940,165</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,730,864</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,725,160</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,526,677</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,504,271</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">204,187</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">220,889</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

NOTE 5 – ACCRUED LIABILITIES   Accrued liabilities consisted of the following as of:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left">Accrued payroll deductions owed to government entities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">39,930</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">39,380</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued salaries and bonuses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Accrued vacation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,370</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,467</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued undelivered inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Accrued commission for service providers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other accrued liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,528</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">674</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">317,828</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">466,021</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued liabilities consisted of the following as of:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left">Accrued payroll deductions owed to government entities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">39,930</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">39,380</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued salaries and bonuses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">129,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Accrued vacation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,370</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,467</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accrued undelivered inventory</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">140,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify">Accrued commission for service providers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">65,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Other accrued liabilities</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,528</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">674</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">317,828</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">466,021</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

NOTE 6 – EARNINGS PER SHARE   We report earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic earnings per share are computed using the weighted average number of shares outstanding during the period. Diluted earnings per share represent basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options by using the treasury stock method that the proceeds we receive from an in-the-money option exercise are used towards repurchasing common shares in the market. For the three months ended September 30, 2020 and 2019, we have calculated the diluted effect of common stock arising from 537,291 and 299,000 stock options, respectively.   The weighted average number of shares outstanding used to compute earnings per share is as follows:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left; padding-bottom: 2.5pt">Net income attributable to Parent Company</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">6,920,360</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">253,938</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Weighted-average shares of common stock outstanding:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 8.1pt">Basic shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,666,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,570,203</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Dilutive effect of common stock equivalents arising from stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">151,991</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">135,297</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Diluted shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,818,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,705,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 8.1pt">Basic earnings per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.65</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.02</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 8.1pt">Diluted earnings per share</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.64</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.02</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

The weighted average number of shares outstanding used to compute earnings per share is as follows:   <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended September 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 56%; text-align: left; padding-bottom: 2.5pt">Net income attributable to Parent Company</td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">6,920,360</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 13%; text-align: right">253,938</td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left">Weighted-average shares of common stock outstanding:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 8.1pt">Basic shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,666,059</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,570,203</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: justify; padding-bottom: 1pt">Dilutive effect of common stock equivalents arising from stock options</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">151,991</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">135,297</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Diluted shares outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,818,050</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">10,705,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 8.1pt">Basic earnings per share</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.65</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.02</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 8.1pt">Diluted earnings per share</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.64</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.02</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

NOTE 7 – COMMITMENTS AND CONTINGENCIES   Leases   On September 9, 2015, we signed a lease for new office space consisting of approximately 12,775 square feet, located in San Diego, California, at a monthly rent of $23,115, which commenced on October 28, 2015. In addition to monthly rent, the new lease includes payment for certain common area costs. The term of the lease for the new office space was four years from the lease commencement date and was then extended by an additional fifty months, to December 31, 2023. Our facility is covered by an appropriate level of insurance and we believe it to be suitable for our use and adequate for our present needs. Rent expense for this office space was $77,263 and $69,344 for the three months ended September 30, 2020 and 2019.   Our Korea-based subsidiary, FTI leases approximately 10,000 square feet of office space, located in Seoul, Korea, at a monthly rent of approximately $8,000 that expires on August 31, 2021. Beginning on June 12, 2015, FTI leased additional office space consisting of approximately 2,682 square feet, also located in Seoul, Korea, at a monthly rent of approximately $2,700 that expires on August 31, 2021. Rent expense related to these leases was approximately $32,100 for the three months ended September 30, 2020 and 2019. This facility is also covered by an appropriate level of insurance and we believe it to be suitable for our use and adequate for our present needs.   We lease one corporate housing facility primarily for our employees who travel, under a non-cancelable operating lease that expires on September 4, 2021. Rent expense related to this lease was $2,190 and $2,304 for the three months ended September 30, 2020 and 2019, respectively.   As of September 30, 2020, we used discount rates of 4.0% and 2.8% in determining our operating lease liabilities for the office spaces in San Diego, California, and South Korea, respectively. These rates represented our incremental borrowing rates at that time. Short-term leases with initial terms of twelve months or less are not capitalized. Both our San Diego and Korean office leases were extensions of previous leases and neither contains any further extension provisions.   Future minimum payments under operating leases are as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Operating Leases</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Fiscal 2021</td> <td> </td> <td>$</td> <td style="text-align: right">332,137</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fiscal 2022</td> <td> </td> <td> </td> <td style="text-align: right">342,083</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Fiscal 2023</td> <td> </td> <td> </td> <td style="text-align: right">321,930</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fiscal 2024</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">160,965</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">1,157,115</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less imputed interest</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(68,245)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 33%">Total</td> <td style="width: 2%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right">1,088,870</td> <td style="width: 1%"> </td></tr> </table>   Litigation   We are from time to time involved in certain legal proceedings and claims arising in the ordinary course of business. Management does not expect any material adverse outcome.   We entered into a Professional Services Agreement with Anydata Corp. (“Anydata”) for the productACT233F Smart Link OBD device on May 5, 2017, for a minimum purchase commitment of 250,000 units. We have delivered approximately 25,000 units and 7,000 units during our second and fourth quarters of fiscal 2018, respectively, and an additional 18,000 units during our first quarter of fiscal 2019. Sales to Anydata were approximately $1.8 million for the year ended June 30, 2019. We have received information that Anydata may not be able to fulfill the entire purchase commitment for which parts have already been ordered with our main vendor, Quanta. Management believes that the Company will be able to supply some of the products to another customer and has received personal guarantees from the ownership group of Anydata. As of June 30, 2019, the remaining unfulfilled purchase commitment was approximately $3.1 million. The total product purchase commitment with Quanta was approximately $2.9 million. We have not recorded a receivable from Anydata, nor a liability owed to Quanta. Management believes that, at this time, a loss contingency is reasonably possible but not estimable as to how much ultimately would be paid to Quanta. As of June 30, 2020, we paid $100,000 for the right to call on inventory and recorded an additional $49,580 as a prepaid expense related to pricing adjustments, which has been agreed with Quanta for other products to ensure demand is met. As of September 30, 2020, there is a reasonable possibility we may incur a loss, however, the amount is not estimable at this time.   COVID-19   In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States. On March 19, 2020, the Governor of California declared a health emergency and issued an order to close all nonessential businesses until further notice. As a maker of wireless connectivity devices, Franklin Wireless is deemed to be an essential business. Nonetheless, out of concern for our workers and pursuant to the government order, Franklin Wireless reduced the scope of its operations and, where possible, certain workers began telecommuting from their homes. The continued spread of COVID-19 may result in a period of business disruption, including delays or disruptions in our supply chain. The spread of COVID-19, or another infectious disease, could also negatively affect the operations at our third-party manufacturers, which could result in delays or disruptions in the supply of our products. While the Company expects this situation may increase demand for its products, the related impact cannot be reasonably estimated at this time.   Change of Control Agreements   On October 1, 2020, we entered into Change of Control Agreements with OC Kim, our President, and Yun J. (David) Lee, our Chief Operating Officer. Each Change of Control Agreement provides for a lump sum payment to the officer in case of a change of control of the Company. The term includes the acquisition of Common Stock of the Company resulting in one person or company owning more than 50% of the outstanding shares, a significant change in the composition of the Board of Directors of the Company during any 12-month period, a reorganization, merger, consolidation or similar transaction resulting in the transfer of ownership of more than fifty percent (50%) of the Company's outstanding Common Stock, or a liquidation or dissolution of the Company or sale of substantially all of the Company's assets.   The Change of Control Agreement with Mr. Kim calls for a payment of $5 million upon a change of control, and the agreement with Mr. Lee calls for a payment of $2 million upon a change of control.   International Tariffs   We believe that our products are currently exempt from international tariffs upon import from our manufacturers to the United States. If this were to change at any point, a tariff of 10%-25% of the purchase price would be imposed. If such tariffs are imposed, they could have a materially adverse effect on sales and operating results   Customer Indemnification   Under purchase orders and contracts for the sale of our products we may provide indemnification to our customers for potential intellectual property infringement claims for which we may have no corresponding recourse against our third-party licensors. This potential liability, if realized, could materially adversely affect our business, operating results and financial condition.

Future minimum payments under operating leases are as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Operating Leases</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Fiscal 2021</td> <td> </td> <td>$</td> <td style="text-align: right">332,137</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fiscal 2022</td> <td> </td> <td> </td> <td style="text-align: right">342,083</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Fiscal 2023</td> <td> </td> <td> </td> <td style="text-align: right">321,930</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Fiscal 2024</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">160,965</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td>Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">1,157,115</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less imputed interest</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(68,245)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 33%">Total</td> <td style="width: 2%"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 13%; text-align: right">1,088,870</td> <td style="width: 1%"> </td></tr> </table>

NOTE 8 – LONG-TERM INCENTIVE PLAN AWARDS   We apply the provisions of ASC 718, “Compensation - Stock Compensation,” using a modified prospective application, and the Black-Scholes model to value stock options. Under this application, we record compensation expense for all awards granted. Compensation costs will be recognized over the period that an employee provides service in exchange for the award, i.e. the vesting period.   We adopted the 2009 Stock Incentive Plan (“2009 Plan”) on June 11, 2009, which provided for the grant of incentive stock options and non-qualified stock options to our employees and directors. Options granted under the 2009 Plan generally have a term of ten years and generally vest and become exercisable at the rate of 33% after one year and 33% on the second and third anniversaries of the option grant dates. Historically, some stock option grants have included shorter vesting periods ranging from one to two years.   In July of 2020 the Board of Directors adopted the 2020 Franklin Wireless Corp. Stock Option Plan, which covers 800,000 shares of Common Stock. The Plan provide for the grant of incentive stock options, non-qualified stock options and restricted stock to our employees, directors and independent contractors. These options will have such vesting or other provisions as may be established by the Board of Directors at the time of each grant.   The estimated forfeiture rate considers historical turnover rates stratified into employee pools in comparison with an overall employee turnover rate, as well as expectations about the future. We periodically revise the estimated forfeiture rate in subsequent periods if actual forfeitures differ from those estimates. There were $85,987 and $0 compensation expenses recorded under this method for the three months ended September 30, 2020 and 2019, respectively.   A summary of the status of our stock options is presented below as of September 30, 2020:    <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Options</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(In Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 44%; text-indent: -19.8pt; padding-left: 19.8pt">Outstanding as of June 30, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">251,291</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1.05</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1.95</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,124,525</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,166,410</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.34</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(207,870</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Cancelled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -19.8pt; padding-left: 19.8pt">Forfeited or Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -19.8pt; padding-left: 19.8pt">Outstanding as of September 30, 2020</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">537,291</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">2.65</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">3.42</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">6,731,502</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -19.8pt; padding-left: 19.8pt">Exercisable as of September 30, 2020</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">537,291</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">1.03</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">1.70</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">3,565,092</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $15.99 as of September 30, 2020, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of September 30, 2020, in the amount of 537,291 shares, was $2.65 per share.   As of September 30, 2020, there was no unrecognized compensation cost related to non-vested stock options granted.   A summary of the status of our stock options is presented below as of September 30, 2019:    <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Options</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(In Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 44%; text-indent: -19.8pt; padding-left: 19.8pt">Outstanding as of June 30, 2019</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">299,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1.04</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">2.75</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">420,620</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Cancelled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -19.8pt; padding-left: 19.8pt">Forfeited or Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -19.8pt; padding-left: 19.8pt">Outstanding as of September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">299,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">1.04</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">2.50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">354,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -19.8pt; padding-left: 19.8pt">Exercisable as of September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">299,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">1.04</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">2.50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">354,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $2.23 as of September 30, 2019, which would have been received by the option holders had all option holders exercised their options as of that date. The weighted-average grant-date fair value of stock options outstanding as of September 30, 2019, in the amount of 299,000 shares, was $0.92 per share.   As of September 30, 2019, there was no unrecognized compensation cost related to non-vested stock options granted.

A summary of the status of our stock options is presented below as of September 30, 2020:    <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Options</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(In Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 44%; text-indent: -19.8pt; padding-left: 19.8pt">Outstanding as of June 30, 2020</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">251,291</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1.05</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1.95</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,124,525</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">299,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.04</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,166,410</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(13,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1.34</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(207,870</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Cancelled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -19.8pt; padding-left: 19.8pt">Forfeited or Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -19.8pt; padding-left: 19.8pt">Outstanding as of September 30, 2020</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">537,291</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">2.65</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">3.42</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">6,731,502</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -19.8pt; padding-left: 19.8pt">Exercisable as of September 30, 2020</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">537,291</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">1.03</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">1.70</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">3,565,092</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    A summary of the status of our stock options is presented below as of September 30, 2019:    <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold">Options</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">(In Years)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="width: 44%; text-indent: -19.8pt; padding-left: 19.8pt">Outstanding as of June 30, 2019</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">299,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1.04</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">2.75</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">420,620</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -19.8pt; padding-left: 19.8pt">Cancelled</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -19.8pt; padding-left: 19.8pt">Forfeited or Expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -19.8pt; padding-left: 19.8pt">Outstanding as of September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">299,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">1.04</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">2.50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">354,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(238,238,238)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -19.8pt; padding-left: 19.8pt">Exercisable as of September 30, 2019</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">299,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">1.04</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">2.50</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left">$</td><td style="text-align: right">354,840</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

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Entity Filer Category Entity Emerging Growth Company Entity Small Business Entity Ex Transition Period Entity Incorporation, State or Country Code Entity File Number Entity Interactive Data Current Entity Shell Company Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets: Cash and cash equivalents Certificates of deposit account Accounts receivable, net of allowance for bad debt of $93,151 and $0, respectively Other receivables, net Inventories, net Prepaid expenses and other current assets Advance payments to vendors Total current assets Property and equipment, net Intangible assets, net Deferred tax assets, non-current Goodwill Right of use assets Other assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Income tax payable Accrued liabilities Lease liabilities, current Total current liabilities Lease liabilities, non-current Notes payable, payroll protection plan loan Total liabilities Commitments and contingencies (Note 8) Stockholders' equity: Parent Company stockholders' equity: Preferred stock, par value $0.001 per share, authorized 10,000,000 shares; No preferred stock issued and outstanding as of September 30, 2020 and June 30, 2020 Common stock, par value $0.001 per share, authorized 50,000,000 shares; 11,541,990 and 10,605,912 shares issued and outstanding as of September 30, 2020, and June 30, 2020, respectively Additional paid-in capital Retained earnings Treasury stock, 2,549,208 and 3,472,286 shares as of September 30, 2020 and June 30, 2020 Accumulated other comprehensive loss Total Parent Company stockholders' equity Non-controlling interests Total stockholders' equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Allowance For Doubtful Account Preferred stock par value (in Dollars per share) Preferred stock Authorized Preferred stock Issued Preferred stock Outstanding Common stock par value (in Dollars per share) Common stock Authorized Common stock Issued Common stock Outstanding Treasury stock shares Income Statement [Abstract] Net sales Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Research and development Total operating expenses Income from operations Other income (loss), net: Interest income Income from governmental subsidy Other income (loss), net Total other income (loss), net Income before provision for income taxes Income tax provision Net income Less: non-controlling interests in net income of subsidiary at 33.7% Less: non-controlling interests in net income (loss) of subsidiary at 35.8% Net income attributable to Parent Company Basic earnings per share attributable to Parent Company stockholders Diluted earnings per share attributable to Parent Company stockholders Weighted average common shares outstanding - basic Weighted average common shares outstanding - diluted Comprehensive income Net income Translation adjustments Comprehensive income Less: comprehensive income attributable to non-controlling interest Comprehensive income attributable to controlling interest Statement [Table] Statement [Line Items] Beginning balace, shares Beginning balace, value Net loss attributable to Parent Company Foreign exchange translation Issuance of stock related to stock options exercised, shares Issuance of stock related to stock options exercised, value Compensation expense related to stock option granted Sales of treasury stock, shares Sales of treasury stock, value Comprehensive income attributable to non-controlling interest Ending balance, shares Ending balance, value Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation Amortization of intangible assets Bad debt expense Deferred tax Amortization of right of use assets Compensation expense related to stock options granted Increase (decrease) in cash due to change in: Accounts receivable Inventories Prepaid expenses and other current assets Advance payments to vendors Other assets Accounts payable Income tax payable Advance payments from customers Lease liabilities Accrued liabilities Net cash provided by (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of certificate of deposit Purchases of property and equipment Purchases of intangible assets Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: EX-101.PRE 11 fkwl-20200930_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Nov. 16, 2020
Document And Entity Information
Entity Registrant Name	FRANKLIN WIRELESS CORP
Entity Central Index Key	0000722572
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Incorporation, State or Country Code	NV
Entity File Number	001-14891
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,541,990
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

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Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 43,317,586	$ 28,161,644
Certificates of deposit account	5,383,539	5,381,918
Accounts receivable, net of allowance for bad debt of $93,151 and $0, respectively	27,782,709	15,973,537
Other receivables, net	104,698	61,090
Inventories, net	2,765,366	11,783,403
Prepaid expenses and other current assets	12,396	21,588
Advance payments to vendors	37,708	27,838
Total current assets	79,404,002	61,411,018
Property and equipment, net	204,187	220,889
Intangible assets, net	1,076,792	1,125,152
Deferred tax assets, non-current	853,317	938,188
Goodwill	273,285	273,285
Right of use assets	1,047,019	1,139,670
Other assets	286,294	283,369
TOTAL ASSETS	83,144,896	65,391,571
Current liabilities:
Accounts payable	44,850,184	42,083,255
Income tax payable	1,917,886	34,713
Accrued liabilities	317,828	466,021
Lease liabilities, current	397,267	400,508
Total current liabilities	47,483,165	42,984,497
Lease liabilities, non-current	691,603	784,233
Notes payable, payroll protection plan loan	487,300	487,300
Total liabilities	48,662,068	44,256,030
Commitments and contingencies (Note 8)
Parent Company stockholders' equity:
Preferred stock, par value $0.001 per share, authorized 10,000,000 shares; No preferred stock issued and outstanding as of September 30, 2020 and June 30, 2020	0	0
Common stock, par value $0.001 per share, authorized 50,000,000 shares; 11,541,990 and 10,605,912 shares issued and outstanding as of September 30, 2020, and June 30, 2020, respectively	14,020	14,007
Additional paid-in capital	12,620,181	7,475,365
Retained earnings	24,948,419	18,028,059
Treasury stock, 2,549,208 and 3,472,286 shares as of September 30, 2020 and June 30, 2020	(3,554,893)	(4,513,479)
Accumulated other comprehensive loss	(584,002)	(650,426)
Total Parent Company stockholders' equity	33,443,725	20,353,526
Non-controlling interests	1,039,103	782,015
Total stockholders' equity	34,482,828	21,135,541
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 83,144,896	$ 65,391,571

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Allowance For Doubtful Account	$ 93,151	$ 0
Preferred stock par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock Authorized	10,000,000	10,000,000
Preferred stock Issued	0	0
Preferred stock Outstanding	0	0
Common stock par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock Authorized	50,000,000	50,000,000
Common stock Issued	11,541,990	10,605,912
Common stock Outstanding	11,541,990	10,605,912
Treasury stock shares	2,549,208	3,472,286

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 62,569,450	$ 8,870,275
Cost of goods sold	50,898,219	6,849,763
Gross profit	11,671,231	2,020,512
Operating expenses:
Selling, general, and administrative	1,521,459	848,761
Research and development	978,392	895,512
Total operating expenses	2,499,851	1,744,273
Income from operations	9,171,380	276,239
Other income (loss), net:
Interest income	2,894	55,030
Income from governmental subsidy	22,086	4,093
Other income (loss), net	(18,178)	15,592
Total other income (loss), net	6,802	74,715
Income before provision for income taxes	9,178,182	350,954
Income tax provision	2,000,734	60,974
Net income	7,177,448	289,980
Less: non-controlling interests in net income of subsidiary at 33.7%	257,088	0
Less: non-controlling interests in net income (loss) of subsidiary at 35.8%	0	36,042
Net income attributable to Parent Company	$ 6,920,360	$ 253,938
Basic earnings per share attributable to Parent Company stockholders	$ 0.65	$ 0.02
Diluted earnings per share attributable to Parent Company stockholders	$ 0.64	$ 0.02
Weighted average common shares outstanding - basic	10,666,059	10,570,203
Weighted average common shares outstanding - diluted	10,818,050	10,705,500
Comprehensive income
Net income	$ 7,177,448	$ 289,980
Translation adjustments	66,424	(18,317)
Comprehensive income	7,243,872	271,663
Less: comprehensive income attributable to non-controlling interest	257,088	36,042
Comprehensive income attributable to controlling interest	$ 6,986,784	$ 235,621

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Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Total
Beginning balace, shares at Jun. 30, 2019	10,570,203
Beginning balace, value at Jun. 30, 2019	$ 13,972	$ 7,442,272	$ 12,477,441	$ (4,513,479)	$ (634,802)	$ 489,046	$ 15,274,450
Net loss attributable to Parent Company			253,938				253,938
Foreign exchange translation					(18,317)		(18,317)
Sales of treasury stock, value
Comprehensive income attributable to non-controlling interest						36,042	36,042
Ending balance, shares at Sep. 30, 2019	10,570,203
Ending balance, value at Sep. 30, 2019	$ 13,972	7,442,272	12,731,379	(4,513,479)	(653,119)	525,088	15,546,113
Beginning balace, shares at Jun. 30, 2020	10,605,912
Beginning balace, value at Jun. 30, 2020	$ 14,007	7,475,365	18,028,059	(4,513,479)	(650,426)	782,015	21,135,541
Net loss attributable to Parent Company			6,920,360				6,920,360
Foreign exchange translation					66,424		66,424
Issuance of stock related to stock options exercised, shares	13,000
Issuance of stock related to stock options exercised, value	$ 13	17,407					17,420
Compensation expense related to stock option granted		85,987					85,987
Sales of treasury stock, shares	923,078
Sales of treasury stock, value		5,041,422		958,586			(6,000,008)
Comprehensive income attributable to non-controlling interest						257,088	257,088
Ending balance, shares at Sep. 30, 2020	11,541,990
Ending balance, value at Sep. 30, 2020	$ 14,020	$ 12,620,181	$ 24,948,419	$ (3,554,893)	$ (584,002)	$ 1,039,103	$ 34,482,828

XML 17 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 7,177,448	$ 289,980
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	22,406	20,125
Amortization of intangible assets	127,640	86,136
Bad debt expense	93,151	0
Deferred tax	84,871	11,175
Amortization of right of use assets	92,651	1,541
Compensation expense related to stock options granted	85,987	0
Increase (decrease) in cash due to change in:
Accounts receivable	(11,945,931)	(4,015,838)
Inventories	9,018,037	(1,153,573)
Prepaid expenses and other current assets	9,192	2,894
Advance payments to vendors	(9,870)	28,725
Other assets	(2,925)	(23,390)
Accounts payable	2,766,929	3,433,115
Income tax payable	1,883,173	49,145
Advance payments from customers	0	154,744
Lease liabilities	(95,871)	0
Accrued liabilities	(148,193)	46,835
Net cash provided by (used in) operating activities	9,158,695	(1,068,386)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of certificate of deposit	(1,621)	27,336
Purchases of property and equipment	(5,704)	(77,580)
Purchases of intangible assets	(79,280)	(366,944)
Net cash used in investing activities	(86,605)	(417,188)
CASH FLOWS FROM FINANCING ACTIVITIES:
Sales of treasury stock	6,000,008
Cash received from exercise of stock options	17,420	0
Net cash provided by financing activities	6,017,428	0
Effect of foreign currency translation	66,424	(18,317)
Net increase (decrease) in cash and cash equivalents	15,155,942	(1,503,891)
Cash and cash equivalents, beginning of period	28,161,644	6,447,505
Cash and cash equivalents, end of period	43,317,586	4,943,614
Cash paid during the periods for:
Interest	0	0
Income taxes	$ (7,335)	$ 0

XML 18 R7.htm IDEA: XBRL DOCUMENT

1. BASIS OF PRESENTATION

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

BASIS OF PRESENTATION

NOTE 1 – BASIS OF PRESENTATION

XML 19 R8.htm IDEA: XBRL DOCUMENT

2. BUSINESS OVERVIEW

3 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BUSINESS OVERVIEW

NOTE 2 – BUSINESS OVERVIEW

XML 20 R9.htm IDEA: XBRL DOCUMENT

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Non-controlling Interest in a Consolidated Subsidiary

As of September 30, 2020, the non-controlling interest was $1,039,103, which represents a $257,088 increase from $782,015 as of June 30, 2020.

Segment Reporting

	Three Months Ended
	September 30,
Net sales:	2020		2019
North America	$	62,569,138	$	8,862,647
Asia		312		7,628
Totals	$	62,569,450	$	8,870,275

Long-lived assets, net (property and equipment and intangible assets):	September 30, 2020		June 30, 2020
North America	$	1,235,764	$	1,302,353
Asia		45,215		43,688
Totals	$	1,280,979	$	1,346,041

Use of Estimates

Fair Value of Financial Instruments

Allowance for Doubtful Accounts

Revenue Recognition

Contracts with Customers

Disaggregation of Revenue

Contract Balances

The balances of our trade receivables are as follows:

		September 30, 2020				June 30, 2020
Accounts Receivable		$	27,782,709			$	15,973,537

The balance of contract assets was immaterial as we did not have a significant amount of un-invoiced receivables in the periods ended September 30, 2020 and June 30, 2020.

Our contract liabilities are as follows:

		September 30, 2020				June 30, 2020
Undelivered products		$	140, 000			$	140,000

Performance Obligations

As of September 30, 2020, our contracts do not contain any unsatisfied performance obligations, except for undelivered products.

Cost of Goods Sold

Capitalized Product Development Costs

Research and Development Costs

Warranties

Shipping and Handling Costs

Cash and Cash Equivalents

Short Term Investments

We have invested excess funds in short term liquid assets, such as certificates of deposit.

Inventories

Property and Equipment

Machinery	6 years
Office equipment	5 years
Molds	3 years
Vehicles	5 years
Computers and software	5 years
Furniture and fixtures	7 years
Facilities improvements	5 years or life of the lease, whichever is shorter

Goodwill and Intangible Assets

The definite lived intangible assets consisted of the following as of September 30, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		1.6 years		18,397		10,732		7,665
Technology in progress	Not Applicable		–		140,192		–		140,192
Software	5 years		2.7 years		526,868		347,473		179,395
Patents	10 years		6.8 years		20,734		11,344		9,390
Certifications & licenses	3 years		2.1 years		4,117,106		3,376,956		740,150
Total as of September 30, 2020				$	4,823,297	$	3,746,505	$	1,076,792

The definite lived intangible assets consisted of the following as of June 30, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		1.8 years		18,397		7,666		10,731
Technology in progress	Not Applicable		–		140,192		–		140,192
Software	5 years		2.9 years		525,930		338,593		187,337
Patents	10 years		7.0 years		20,734		10,821		9,913
Certifications & licenses	3 years		1.9 years		4,038,764		3,261,785		776,979
Total as of June 30, 2020				$	4,744,017	$	3,618,865	$	1,125,152

Amortization expense recognized during the three months ended September 30, 2020 and 2019 was $127,640 and $86,136, respectively.

Long-lived Assets

As of September 30, 2020, and June 30, 2020, we were not aware of any events or changes in circumstances that would indicate that the long-lived assets are impaired.

Stock-based Compensation

Income Taxes

Earnings per Share Attributable to Common Stockholders

Concentrations

Recently Issued Accounting Pronouncements

XML 21 R10.htm IDEA: XBRL DOCUMENT

4. PROPERTY AND EQUIPMENT

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of:

	September 30, 2020			June 30, 2020
Machinery and facility	$	364,319		$	364,054
Office equipment		426,380			420,941
Molds		940,165			940,165
		1,730,864			1,725,160
Less accumulated depreciation		(1,526,677	)		(1,504,271	)
Total	$	204,187		$	220,889

Depreciation expense associated with property and equipment was $22,406 and $20,125 for the three months ended September 30, 2020 and 2019, respectively.

XML 22 R11.htm IDEA: XBRL DOCUMENT

5. ACCRUED LIABILITIES

3 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

NOTE 5 – ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of:

	September 30, 2020		June 30, 2020
Accrued payroll deductions owed to government entities	$	39,930	$	39,380
Accrued salaries and bonuses		–		129,000
Accrued vacation		71,370		58,467
Accrued undelivered inventory		140,000		140,000
Accrued commission for service providers		65,000		98,500
Other accrued liabilities		1,528		674
Total	$	317,828	$	466,021

XML 23 R12.htm IDEA: XBRL DOCUMENT

6. EARNINGS PER SHARE

3 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 6 – EARNINGS PER SHARE

The weighted average number of shares outstanding used to compute earnings per share is as follows:

	Three Months Ended September 30,
	2020		2019
Net income attributable to Parent Company	$	6,920,360	$	253,938

Weighted-average shares of common stock outstanding:
Basic shares outstanding		10,666,059		10,570,203
Dilutive effect of common stock equivalents arising from stock options		151,991		135,297
Diluted shares outstanding		10,818,050		10,705,500
Basic earnings per share	$	0.65	$	0.02
Diluted earnings per share	$	0.64	$	0.02

XML 24 R13.htm IDEA: XBRL DOCUMENT

7. COMMITMENTS AND CONTINGENCIES

3 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 7 – COMMITMENTS AND CONTINGENCIES

Leases

Future minimum payments under operating leases are as follows:

	Operating Leases
Fiscal 2021	$	332,137
Fiscal 2022		342,083
Fiscal 2023		321,930
Fiscal 2024		160,965
Total lease payments		1,157,115
Less imputed interest		(68,245)
Total	$	1,088,870

Litigation

We are from time to time involved in certain legal proceedings and claims arising in the ordinary course of business. Management does not expect any material adverse outcome.

COVID-19

Change of Control Agreements

The Change of Control Agreement with Mr. Kim calls for a payment of $5 million upon a change of control, and the agreement with Mr. Lee calls for a payment of $2 million upon a change of control.

International Tariffs

Customer Indemnification

XML 25 R14.htm IDEA: XBRL DOCUMENT

8. LONG-TERM INCENTIVE PLAN AWARDS

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

LONG-TERM INCENTIVE PLAN AWARDS

NOTE 8 – LONG-TERM INCENTIVE PLAN AWARDS

A summary of the status of our stock options is presented below as of September 30, 2020:

							Weighted-
							Average
				Weighted-			Remaining
				Average			Contractual		Aggregate
				Exercise			Life		Intrinsic
Options	Shares			Price			(In Years)		Value

Outstanding as of June 30, 2020		251,291		$	1.05			1.95	$	1,124,525
Granted		299,000			4.04			4.79		3,166,410
Exercised		(13,000	)		(1.34	)		–		(207,870	)
Cancelled		–			–			–		–
Forfeited or Expired		–			–			–		–
Outstanding as of September 30, 2020		537,291		$	2.65			3.42	$	6,731,502

Exercisable as of September 30, 2020		537,291		$	1.03			1.70	$	3,565,092

As of September 30, 2020, there was no unrecognized compensation cost related to non-vested stock options granted.

A summary of the status of our stock options is presented below as of September 30, 2019:

Weighted-

Average

Weighted-

Remaining

Average

Contractual

Aggregate

Exercise

Life

Intrinsic

Options

Price

(In Years)

Value

Outstanding as of June 30, 2019

299,000

1.04

2.75

420,620

Granted

–

Exercised

–

Cancelled

–

Forfeited or Expired

–

Outstanding as of September 30, 2019

299,000

1.04

2.50

354,840

Exercisable as of September 30, 2019

299,000

1.04

2.50

354,840

As of September 30, 2019, there was no unrecognized compensation cost related to non-vested stock options granted.

XML 26 R15.htm IDEA: XBRL DOCUMENT

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Principles of Consolidation

Non-controlling Interest in a Consolidated Subsidiary

Non-controlling Interest in a Consolidated Subsidiary

As of September 30, 2020, the non-controlling interest was $1,039,103, which represents a $257,088 increase from $782,015 as of June 30, 2020.

Segment Reporting

Segment Reporting

	Three Months Ended
	September 30,
Net sales:	2020		2019
North America	$	62,569,138	$	8,862,647
Asia		312		7,628
Totals	$	62,569,450	$	8,870,275

Long-lived assets, net (property and equipment and intangible assets):	September 30, 2020		June 30, 2020
North America	$	1,235,764	$	1,302,353
Asia		45,215		43,688
Totals	$	1,280,979	$	1,346,041

Use of Estimates

Use of Estimates

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

Revenue Recognition

Revenue Recognition

Contracts with Customers

Disaggregation of Revenue

Contract Balances

The balances of our trade receivables are as follows:

		September 30, 2020				June 30, 2020
Accounts Receivable		$	27,782,709			$	15,973,537

The balance of contract assets was immaterial as we did not have a significant amount of un-invoiced receivables in the periods ended September 30, 2020 and June 30, 2020.

Our contract liabilities are as follows:

		September 30, 2020				June 30, 2020
Undelivered products		$	140, 000			$	140,000

Performance Obligations

As of September 30, 2020, our contracts do not contain any unsatisfied performance obligations, except for undelivered products.

Cost of Goods Sold

Cost of Goods Sold

Capitalized Product Development Costs

Capitalized Product Development Costs

Research and Development Costs

Research and Development Costs

Warranties

Warranties

Shipping and Handling Costs

Shipping and Handling Costs

Cash and Cash Equivalents

Cash and Cash Equivalents

Short Term Investments

Short Term Investments

We have invested excess funds in short term liquid assets, such as certificates of deposit.

Inventories

Inventories

Property and Equipment

Property and Equipment

Machinery	6 years
Office equipment	5 years
Molds	3 years
Vehicles	5 years
Computers and software	5 years
Furniture and fixtures	7 years
Facilities improvements	5 years or life of the lease, whichever is shorter

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The definite lived intangible assets consisted of the following as of September 30, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		1.6 years		18,397		10,732		7,665
Technology in progress	Not Applicable		–		140,192		–		140,192
Software	5 years		2.7 years		526,868		347,473		179,395
Patents	10 years		6.8 years		20,734		11,344		9,390
Certifications & licenses	3 years		2.1 years		4,117,106		3,376,956		740,150
Total as of September 30, 2020				$	4,823,297	$	3,746,505	$	1,076,792

The definite lived intangible assets consisted of the following as of June 30, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		1.8 years		18,397		7,666		10,731
Technology in progress	Not Applicable		–		140,192		–		140,192
Software	5 years		2.9 years		525,930		338,593		187,337
Patents	10 years		7.0 years		20,734		10,821		9,913
Certifications & licenses	3 years		1.9 years		4,038,764		3,261,785		776,979
Total as of June 30, 2020				$	4,744,017	$	3,618,865	$	1,125,152

Amortization expense recognized during the three months ended September 30, 2020 and 2019 was $127,640 and $86,136, respectively.

Long-lived Assets

Long-lived Assets

As of September 30, 2020, and June 30, 2020, we were not aware of any events or changes in circumstances that would indicate that the long-lived assets are impaired.

Stock-based Compensation

Stock-based Compensation

Income Taxes

Income Taxes

Earnings per Share Attributable to Common Stockholders

Earnings per Share Attributable to Common Stockholders

Concentrations

Concentrations

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

XML 27 R16.htm IDEA: XBRL DOCUMENT

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Segment information by geographic areas

The following table contains certain financial information by geographic area:

	Three Months Ended
	September 30,
Net sales:	2020		2019
North America	$	62,569,138	$	8,862,647
Asia		312		7,628
Totals	$	62,569,450	$	8,870,275

Long-lived assets, net (property and equipment and intangible assets):	September 30, 2020		June 30, 2020
North America	$	1,235,764	$	1,302,353
Asia		45,215		43,688
Totals	$	1,280,979	$	1,346,041

Schedule of receivables

The balances of our trade receivables are as follows:

		September 30, 2020				June 30, 2020
Accounts Receivable		$	27,782,709			$	15,973,537

Schedule of contract liabilities

Our contract liabilities are as follows:

		September 30, 2020				June 30, 2020
Undelivered products		$	140, 000			$	140,000

Useful lives of property and equipment

Machinery	6 years
Office equipment	5 years
Molds	3 years
Vehicles	5 years
Computers and software	5 years
Furniture and fixtures	7 years
Facilities improvements	5 years or life of the lease, whichever is shorter

Intangible Assets

The definite lived intangible assets consisted of the following as of September 30, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		1.6 years		18,397		10,732		7,665
Technology in progress	Not Applicable		–		140,192		–		140,192
Software	5 years		2.7 years		526,868		347,473		179,395
Patents	10 years		6.8 years		20,734		11,344		9,390
Certifications & licenses	3 years		2.1 years		4,117,106		3,376,956		740,150
Total as of September 30, 2020				$	4,823,297	$	3,746,505	$	1,076,792

The definite lived intangible assets consisted of the following as of June 30, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life		Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years		1.8 years		18,397		7,666		10,731
Technology in progress	Not Applicable		–		140,192		–		140,192
Software	5 years		2.9 years		525,930		338,593		187,337
Patents	10 years		7.0 years		20,734		10,821		9,913
Certifications & licenses	3 years		1.9 years		4,038,764		3,261,785		776,979
Total as of June 30, 2020				$	4,744,017	$	3,618,865	$	1,125,152

XML 28 R17.htm IDEA: XBRL DOCUMENT

4. PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consisted of the following as of:

	September 30, 2020			June 30, 2020
Machinery and facility	$	364,319		$	364,054
Office equipment		426,380			420,941
Molds		940,165			940,165
		1,730,864			1,725,160
Less accumulated depreciation		(1,526,677	)		(1,504,271	)
Total	$	204,187		$	220,889

XML 29 R18.htm IDEA: XBRL DOCUMENT

5. ACCRUED LIABILITIES (Tables)

3 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Schedule of accrued liabilities

Accrued liabilities consisted of the following as of:

	September 30, 2020		June 30, 2020
Accrued payroll deductions owed to government entities	$	39,930	$	39,380
Accrued salaries and bonuses		–		129,000
Accrued vacation		71,370		58,467
Accrued undelivered inventory		140,000		140,000
Accrued commission for service providers		65,000		98,500
Other accrued liabilities		1,528		674
Total	$	317,828	$	466,021

XML 30 R19.htm IDEA: XBRL DOCUMENT

6. EARNINGS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of earnings per share

The weighted average number of shares outstanding used to compute earnings per share is as follows:

	Three Months Ended September 30,
	2020		2019
Net income attributable to Parent Company	$	6,920,360	$	253,938

Weighted-average shares of common stock outstanding:
Basic shares outstanding		10,666,059		10,570,203
Dilutive effect of common stock equivalents arising from stock options		151,991		135,297
Diluted shares outstanding		10,818,050		10,705,500
Basic earnings per share	$	0.65	$	0.02
Diluted earnings per share	$	0.64	$	0.02

XML 31 R20.htm IDEA: XBRL DOCUMENT

7. COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum payments under operating leases are as follows:

	Operating Leases
Fiscal 2021	$	332,137
Fiscal 2022		342,083
Fiscal 2023		321,930
Fiscal 2024		160,965
Total lease payments		1,157,115
Less imputed interest		(68,245)
Total	$	1,088,870

XML 32 R21.htm IDEA: XBRL DOCUMENT

8. LONG-TERM INCENTIVE PLAN AWARDS (Tables)

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the status of our stock options is presented below as of September 30, 2020:

							Weighted-
							Average
				Weighted-			Remaining
				Average			Contractual		Aggregate
				Exercise			Life		Intrinsic
Options	Shares			Price			(In Years)		Value

Outstanding as of June 30, 2020		251,291		$	1.05			1.95	$	1,124,525
Granted		299,000			4.04			4.79		3,166,410
Exercised		(13,000	)		(1.34	)		–		(207,870	)
Cancelled		–			–			–		–
Forfeited or Expired		–			–			–		–
Outstanding as of September 30, 2020		537,291		$	2.65			3.42	$	6,731,502

Exercisable as of September 30, 2020		537,291		$	1.03			1.70	$	3,565,092

A summary of the status of our stock options is presented below as of September 30, 2019:

Weighted-

Average

Weighted-

Remaining

Average

Contractual

Aggregate

Exercise

Life

Intrinsic

Options

Price

(In Years)

Value

Outstanding as of June 30, 2019

299,000

1.04

2.75

420,620

Granted

–

Exercised

–

Cancelled

–

Forfeited or Expired

–

Outstanding as of September 30, 2019

299,000

1.04

2.50

354,840

Exercisable as of September 30, 2019

299,000

1.04

2.50

354,840

XML 33 R22.htm IDEA: XBRL DOCUMENT

3. Summary of Significant Accounting Policies (Details - Segments) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net sales	$ 62,569,450	$ 8,870,275
North America [Member]
Net sales	62,569,138	8,862,647
Asia [Member]
Net sales	$ 312	$ 7,628

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

XML 34 R23.htm IDEA: XBRL DOCUMENT

3. Summary of Significant Accounting Policies (Details - Segments Long-Lived Assets) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Long-lived assets, net (property and equipment and intangible assets)	$ 1,280,979	$ 1,346,041
North America [Member]
Long-lived assets, net (property and equipment and intangible assets)	1,235,764	1,302,353
Asia [Member]
Long-lived assets, net (property and equipment and intangible assets)	$ 45,215	$ 43,688

XML 35 R24.htm IDEA: XBRL DOCUMENT

3. Summary of Significant Accounting Policies (Details - Receivables) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Accounting Policies [Abstract]
Accounts Receivable	$ 27,782,709	$ 15,973,537

XML 36 R25.htm IDEA: XBRL DOCUMENT

3. Summary of Significant Accounting Policies (Details - Contract liabilities) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Accounting Policies [Abstract]
Undelivered products	$ 140,000	$ 140,000

XML 37 R26.htm IDEA: XBRL DOCUMENT

3. Summary of Significant Accounting Policies (Details - Useful lives)	3 Months Ended
	Sep. 30, 2020
Machinery [Member]
Estimated useful lives	6 years
Office Equipment [Member]
Estimated useful lives	5 years
Molds [Member]
Estimated useful lives	3 years
Vehicles[Member]
Estimated useful lives	5 years
Computers and software [Member]
Estimated useful lives	5 years
Furniture and fixtures [Member]
Estimated useful lives	7 years
Facilities [Member]
Estimated useful lives	5 years or life of the lease, whichever is shorter

XML 38 R27.htm IDEA: XBRL DOCUMENT

3. Summary of Significant Accounting Policies (Details - Intangibles) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Intangible Assets, Gross	$ 4,823,297		$ 4,744,017
Accumulated Amortization	3,746,505		3,618,865
Intangible Assets, Net	$ 1,076,792		1,125,152
Complete Technology [Member]
Expected Life	3 years	3 years
Remaining Life	1 year 7 months 6 days	1 year 9 months 18 days
Intangible Assets, Gross	$ 18,397		18,397
Accumulated Amortization	10,732		7,666
Intangible Assets, Net	7,665		10,731
Technology in progress [Member]
Intangible Assets, Gross	140,192		140,192
Accumulated Amortization	0		0
Intangible Assets, Net	$ 140,192		140,192
Software [Member]
Expected Life	5 years	5 years
Remaining Life	2 years 8 months 12 days	2 years 10 months 25 days
Intangible Assets, Gross	$ 526,868		525,930
Accumulated Amortization	347,473		338,593
Intangible Assets, Net	$ 179,395		187,337
Patents [Member]
Expected Life	10 years	10 years
Remaining Life	6 years 9 months 18 days	7 years
Intangible Assets, Gross	$ 20,734		20,734
Accumulated Amortization	11,344		10,821
Intangible Assets, Net	$ 9,390		9,913
Certifications And Licenses [Member]
Expected Life	3 years	3 years
Remaining Life	2 years 1 month 6 days	1 year 10 months 25 days
Intangible Assets, Gross	$ 4,117,106		4,038,764
Accumulated Amortization	3,376,956		3,261,785
Intangible Assets, Net	$ 740,150		$ 776,979

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3. Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Noncontrolling interest	$ 1,039,103		$ 782,015
Allowance for doubtful accounts	93,151		0
Capitalized product development costs	140,193		140,193
Product development costs incurred	78,342	$ 348,668
Research and development costs	978,392	895,512
Warranty expense	0	0
Shipping and handling expense	1,521,459	848,761
Inventory reserve	399,437		399,437
Goodwill impairment	0	0
Amortization expense	127,640	86,136
Unrecognized tax benefits	0		0
Income tax provisions	2,000,734	60,974
Decrease in deferred tax asset	(84,871)	(11,175)
Products purchased	50,898,219	6,849,763
Accounts payable	44,850,184		42,083,255
Operating lease right-of-use assets	1,047,019		1,139,670
Operating lease liabilities	1,088,870
Shipping and Handling [Member]
Shipping and handling expense	$ 282,066	$ 173,108
Sales [Member] \| Transferred At Point In Time [Member]
Concentration of credit risk	99.90%
Sales [Member] \| Transferred Over Time [Member]
Concentration of credit risk	0.10%
Sales [Member] \| Customer 1 [Member]
Concentration of credit risk	48.00%	65.00%
Sales [Member] \| Customer 2 [Member]
Concentration of credit risk	43.00%	11.00%
Sales [Member] \| Customer 3 [Member]
Concentration of credit risk		11.00%
Accounts Receivable [Member] \| Customer 1 [Member]
Concentration of credit risk	4.00%	65.00%
Accounts Receivable [Member] \| Customer 2 [Member]
Concentration of credit risk	91.00%	10.00%
Accounts Receivable [Member] \| Customer 3 [Member]
Concentration of credit risk		2.00%
Purchases [Member] \| Supplier Concentration Risk [Member]
Concentration of credit risk	98.00%	92.00%
Products purchased	$ 41,210,624	$ 7,598,831
Accounts payable	$ 44,081,107		$ 7,994,460
Noncontrolling Interest [Member]
Noncontrolling interest percentage	33.70%		33.70%

XML 40 R29.htm IDEA: XBRL DOCUMENT

4. Property and Equipment (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Property and equipment, gross	$ 1,730,864	$ 1,725,160
Less accumulated depreciation	(1,526,677)	(1,504,271)
Total	204,187	220,889
Machinery and Commercial Equipment [Member]
Property and equipment, gross	364,319	364,054
Office Equipment [Member]
Property and equipment, gross	426,380	420,941
Molds [Member]
Property and equipment, gross	$ 940,165	$ 940,165

XML 41 R30.htm IDEA: XBRL DOCUMENT

4. Property and Equipment (Details Narrative) - USD ($)	3 Months Ended
4. Property and Equipment (Details Narrative) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 22,406	$ 20,125

XML 42 R31.htm IDEA: XBRL DOCUMENT

5. Accrued Liabilities (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued payroll deductions owed to government entities	$ 39,930	$ 39,380
Accrued salaries and bonuses	0	129,000
Accrued vacation	71,370	58,467
Accrued undelivered inventory	140,000	140,000
Accrued commission for service providers	65,000	98,500
Other accrued liabilities	1,528	674
Total	$ 317,828	$ 466,021

XML 43 R32.htm IDEA: XBRL DOCUMENT

6. Earnings Per Share (Details) - USD ($)	3 Months Ended
6. Earnings Per Share (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income attributable to Parent Company	$ 6,920,360	$ 253,938
Weighted-average shares of common stock outstanding:
Basic shares outstanding	10,666,059	10,570,203
Dilutive effect of common stock equivalents arising from stock options	151,991	135,297
Diluted Outstanding shares	10,818,050	10,705,500
Basic earnings per share	$ 0.65	$ 0.02
Diluted earnings per share	$ 0.64	$ 0.02

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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6. Earnings (Loss) Per Share (Details Narrative) - shares	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from EPS	537,291	299,000

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7. Commitments and Contingencies (Details - Maturities of lease liabilities)	Sep. 30, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal 2021	$ 332,137
Fiscal 2022	342,083
Fiscal 2023	321,930
Fiscal 2024	160,965
Total	1,157,115
Less imputed interest	(68,245)
Total	$ 1,088,870

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7. Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Anydata [Member]
Purchase commitment	$ 3,100,000
Quanta [Member]
Purchase commitment	2,900,000
Payment made for inventory	100,000
Prepaid expense	49,580
Administrative office, San Diego, CA [Member]
Rent Expense	$ 77,263	$ 69,344
Operating lease discount rate	4.00%
Administrative office, Korea [Member]
Rent Expense	$ 2,190	$ 2,304
Operating lease discount rate	2.80%

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8. Long-Term Incentive Plan Awards (Details - Option Activity) - Options [Member] - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Shares
Number of Options Outstanding, Beginning	251,291	299,000	299,000
Number of Options Granted	299,000	0
Number of Options Exercised	(13,000)	0
Number of Options Cancelled	0	0
Number of Options Forfeited or Expired	0	0
Number of Options Outstanding, Ending	537,291	299,000	251,291	299,000
Number of Options Exercisable	537,291	299,000
Weighted-Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$ 1.05	$ 1.04	$ 1.04
Weighted Average Exercise Price Granted	4.04
Weighted Average Exercise Price Exercised	(1.34)
Weighted Average Exercise Price Canceled
Weighted Average Exercise Price Forfeited or Expired
Weighted Average Exercise Price Outstanding, Ending	2.65	1.04	$ 1.05	$ 1.04
Weighted Average Exercise Price Exercisable	$ 1.03	$ 1.04
Weighted-Average Remaining Contractual Life (In Years)
Weighted Average Remaining Contractual Life (in years) Outstanding	3 years 5 months 1 day	2 years 6 months	1 year 11 months 12 days	2 years 9 months
Weighted Average Remaining Contractual Life (in years) Granted	4 years 9 months 14 days
Weighted Average Remaining Contractual Life (in years) Exercisable	1 year 8 months 12 days	2 years 6 months
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding, Beginning	$ 1,124,525	$ 420,620	$ 420,620
Aggregate Intrinsic Value Granted	$ 3,166,410
Aggregate Intrinsic Value Exercised	$ (207,870)
Aggregate Intrinsic Value Cancelled
Aggregate Intrinsic Value Forfeited or Expired
Aggregate Intrinsic Value Outstanding, Ending	$ 6,731,502	$ 354,840	$ 1,124,525	$ 420,620
Aggregate Intrinsic Value Exercisable	$ 3,565,092	$ 354,840

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8. Long-Term Incentive Plan Awards (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Share based compensation expense	$ 85,987	$ 0
Weighted average grant-date fair value of stock options	537,291
Weighted average grant-date fair value of stock options, per share price	$ 2.65
Unrecognized compensation cost related to non-vested options	$ 0

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