0001683168-21-000578.txt : 20210216 0001683168-21-000578.hdr.sgml : 20210216 20210216155554 ACCESSION NUMBER: 0001683168-21-000578 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 55 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210216 DATE AS OF CHANGE: 20210216 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: 21637570 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 frankliln_10q-123120.htm QUARTERLY REPORT

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 December 31, 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)

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 x No o

Indicate by check mark whether the registrant has submitted electronically 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 x No o

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 o	Accelerated filer o
	Non-accelerated filer o	Smaller reporting company x
	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

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

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

The Registrant has 11,576,281 shares of common stock outstanding as of February 16, 2021.

FRANKLIN WIRELESS CORP.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2020

INDEX

		Page
PART I – Financial Information

Item 1:	Consolidated Financial Statements (unaudited)
	Consolidated Balance Sheets as of December 31, 2020 (unaudited) and June 30, 2020	4
	Consolidated Statements of Income and Comprehensive Income (unaudited) for the three and six months ended December 31, 2020 and 2019	5
	Consolidated Statements of Stockholders' Equity (unaudited) for the three and six months ended December 31, 2020 and 2019	6
	Consolidated Statements of Cash Flows (unaudited) for the six months ended December 31, 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	26
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

	December 31, 2020 (Unaudited)			June 30, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	71,025,316		$	28,161,644
Certificates of deposit account		5,384,496			5,381,918
Accounts receivable, net of allowance for bad debt of $61,890 and $0, respectively		16,366,586			15,973,537
Other receivables, net		50,244			61,090
Inventories, net		13,176,140			11,783,403
Prepaid expenses and other current assets		14,049			21,588
Advance payments to vendors		42,113			27,838
Total current assets		106,058,944			61,411,018
Property and equipment, net		185,563			220,889
Intangible assets, net		1,419,166			1,125,152
Deferred tax assets, non-current		685,280			938,188
Goodwill		273,285			273,285
Right of use assets		955,732			1,139,670
Other assets		144,964			283,369
TOTAL ASSETS	$	109,722,934		$	65,391,571

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	63,939,629		$	42,083,255
Income tax payable		1,970,289			34,713
Accrued liabilities		316,520			466,021
Advance payments from customers		688,572			–
Lease liabilities, current		376,574			400,508
Total current liabilities		67,291,584			42,984,497
Lease liabilities, non-current		617,790			784,233
Notes payable, payroll protection plan loan		–			487,300
Total liabilities		67,909,374			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 December 31, 2020 and June 30, 2020		–			–
Common stock, par value $0.001 per share, authorized 50,000,000 shares; 11,576,281 and 10,605,912 shares issued and outstanding as of December 31, 2020, and June 30, 2020, respectively		14,054			14,007
Additional paid-in capital		12,756,959			7,475,365
Retained earnings		31,805,030			18,028,059
Treasury stock, 2,549,208 and 3,472,286 shares as of December 31, 2020 and June 30, 2020		(3,554,893	)		(4,513,479	)
Accumulated other comprehensive loss		(365,906	)		(650,426	)
Total Parent Company stockholders’ equity		40,655,244			20,353,526
Non-controlling interests		1,158,316			782,015
Total stockholders’ equity		41,813,560			21,135,541
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	109,722,934		$	65,391,571

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended					Six Months Ended
	December 31,					December 31,
	2020			2019		2020			2019
Net sales	$	66,247,578		$	13,263,855	$	128,817,028		$	22,134,130
Cost of goods sold		54,955,123			10,672,228		105,853,342			17,521,991
Gross profit		11,292,455			2,591,627		22,963,686			4,612,139

Operating expenses:
Selling, general and administrative		1,409,026			769,743		2,930,485			1,618,504
Research and development		1,151,732			1,024,424		2,130,124			1,919,936
Total operating expenses		2,560,758			1,794,167		5,060,609			3,538,440
Income from operations		8,731,697			797,460		17,903,077			1,073,699

Other income (loss), net:
Interest income		1,760			40,561		4,654			95,591
Income from governmental subsidy		44,347			33		66,433			4,126
Gain from the forgiveness of payroll protection plan loan		487,300			–		487,300			–
Other income (loss), net		(150,874	)		10,774		(169,052	)		26,366
Total other income (loss), net		382,533			51,368		389,335			126,083
Income before provision for income taxes		9,114,230			848,828		18,292,412			1,199,782
Income tax provision		2,138,406			114,886		4,139,140			175,860
Net income		6,975,824			733,942		14,153,272			1,023,922
Less: non-controlling interests in net income of subsidiary at 33.7%		119,213			–		376,301			–
Less: non-controlling interests in net income of subsidiary at 35.8%		–			153,064		–			189,106
Net income attributable to Parent Company	$	6,856,611		$	580,878	$	13,776,971		$	834,816

Basic income per share attributable to Parent Company stockholders	$	0.59		$	0.05	$	1.24		$	0.08
Diluted income per share attributable to Parent Company stockholders	$	0.58		$	0.05	$	1.22		$	0.08

Weighted average common shares outstanding – basic		11,566,309			10,570,203		11,118,511			10,570,203
Weighted average common shares outstanding – diluted		11,727,282			10,708,028		11,279,483			10,708,028

Comprehensive income
Net income	$	6,975,824		$	733,942	$	14,153,272		$	1,023,922
Translation adjustments		218,096			37,067		284,520			18,750
Comprehensive income		7,193,920			771,009		14,437,792			1,042,672
Less: comprehensive income attributable to non-controlling interest		119,213			153,064		376,301			189,106
Comprehensive income attributable to controlling interest	$	7,074,707		$	617,945	$	14,061,491		$	853,566

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three and Six Months Ended December 31, 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
Net income attributable to Parent Company		–		–		–		6,856,611		–			–			–		6,856,611
Foreign exchange translation		–		–		–		–		–			218,096			–		218,096
Issuance of stock related to stock option exercised		34,291		34		38,536		–		–			–			–		38,570
Compensation expense related to stock option granted		–		–		98,242		–		–			–			–		98,242
Comprehensive income attributable to non-controlling interest		–		–		–		–		–			–			119,213		119,213
Balance – December 31, 2020 (unaudited)		11,576,281	$	14,054	$	12,756,959	$	31,805,030	$	(3,554,893	)	$	(365,906	)	$	1,158,316	$	41,813,560

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three and Six Months Ended December 31, 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
Net income attributable to Parent Company		–		–		–		580,878		–			–			–		580,878
Foreign exchange translation		–		–		–		–		–			37,067			–		37,067
Comprehensive income attributable to non-controlling interest		–		–		–		–		–			–			153,064		153,064
Balance – December 31, 2019 (unaudited)		10,570,203	$	13,972	$	7,442,272	$	13,312,257	$	(4,513,479	)	$	(616,052	)	$	678,152	$	16,317,122

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended December 31,
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	14,153,272		$	1,023,922
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		45,339			43,871
Amortization of intangible assets		240,535			198,268
Deferred tax		252,908			125,169
Amortization of right of use asset		183,938			11,267
Compensation expense related to stock options granted		184,229			–
Bad debt expense		335,935			–
Forgiveness of payroll protection plan loan		(487,300	)		–
Increase (decrease) in cash due to change in:
Accounts receivable		(718,138	)		(3,302,551	)
Inventories		(1,392,737	)		(1,933,989	)
Prepaid expenses and other current assets		7,539			(683	)
Advance payments to vendors		(14,275	)		37,229
Other assets		138,405			(29,541	)
Accounts payable		21,856,374			7,201,760
Income tax payable		1,935,576			49,145
Lease liabilities		(190,377	)		–
Advance payments from customers		688,572			–
Accrued liabilities		(149,501	)		(10,725	)
Net cash provided by operating activities		37,070,294			3,413,142

CASH FLOWS FROM INVESTING ACTIVITIES:
Short-term investments		(2,578	)		4,607
Purchases of property and equipment		(10,013	)		(138,090	)
Payments for capitalized development costs		(533,146	)		(333,668	)
Purchases of intangible assets		(1,403	)		(26,760	)
Net cash used in investing activities		(547,140	)		(493,911	)

CASH FLOW FROM FINANCING ACTIVITIES:
Sales of treasury stock		6,000,008			–
Cash received from exercise of stock options		55,990			–
Net cash provided by financing activities		6,055,998			–

Effect of foreign currency translation		284,520			18,750
Net increase in cash and cash equivalents		42,863,672			2,937,981
Cash and cash equivalents, beginning of period		28,161,644			6,447,505
Cash and cash equivalents, end of period	$	71,025,316		$	9,385,486

Supplemental disclosure of cash flow information:
Cash paid during the periods for:
Interest	$	–		$	–
Income taxes	$	1,940,825		$	800

See accompanying notes to unaudited consolidated financial statements.

FRANKLIN WIRELESS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 - 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 December 31, 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 December 31, 2020, the non-controlling interest was $1,158,316, which represents a $376,301 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 three geographic areas, consisting of North America, the Caribbean and South 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				Six Months Ended
	December 31,				December 31,
Net sales:		2020		2019		2020		2019
North America	$	66,229,782	$	13,035,820	$	128,798,920	$	21,898,467
Caribbean and South America		17,500		–		17,500		–
Asia		296		228,035		608		235,663
Totals	$	66,247,578	$	13,263,855	$	128,817,028	$	22,134,130

Long-lived assets, net (property and equipment and intangible assets):	December 31, 2020		June 30, 2020
North America	$	1,559,693	$	1,302,353
Asia		45,036		43,688
Totals	$	1,604,729	$	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 December 31, 2020, we have recorded an allowance for doubtful accounts in the amount of $61,890 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 six months ended December 31, 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.

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 and six months ended December 31, 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 and six months ended December 31, 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 December 31, 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 $86,000 and $200,000 associated with capitalized product development costs associated with complete technology for the three and six months ended December 31, 2020, respectively, and $97,000 and $167,000 for the three and six months ended December 31, 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 December 31, 2020, and June 30, 2020, capitalized product development costs in progress were $589,997 and $140,192, and the amounts are included in intangible assets in our consolidated balance sheets. For the three and six months ended December 31, 2020, we incurred $454,804 and $533,146, respectively, and for the three and six months ended December 31, 2019, we incurred ($15,000) 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 $1,151,732 and $1,024,424 for the three months ended December 31, 2020 and 2019, respectively, and $2,130,124 and $1,919,936 for the six months ended December 31, 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 loss, were $245,586 and $166,741 for the three months ended December 31, 2020 and 2019, respectively, and $527,652 and $339,849 for the six months ended December 31, 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 December 31, 2020, and June 30, 2020, we have recorded an inventory reserve in the amounts of $0 and $399,437, respectively, 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 December 31, 2020 or June 30, 2020.

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 December 31, 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.

The Company recorded a provision for income taxes of $2,138,406 and $4,139,140 for the three and six months ended December 31, 2020, respectively, and $168,037 and $252,908 for the three and six months ended December 31, 2019, respectively. The Company also recorded a decrease in deferred tax asset, non-current, of $168,037 and $252,908 for the three and six months ended December 31, 2020, respectively, and $113,994 and $125,169 for the three and six months ended December 31, 2019, respectively.

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 six months ended December 31, 2020, sales to our two largest customers accounted for 59% and 33% of our consolidated net sales, and 0% and 92% of our accounts receivable balance as of December 31, 2020. For the six months ended December 31, 2019, sales to our two largest customers accounted for 43% and 30% of our consolidated net sales, and 52%, and 25% of our accounts receivable balance as of December 31, 2019. No other customers accounted for more than ten percent of total net sales for the six months ended December 31, 2020 and 2019.

For the six months ended December 31, 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 orders, which would negatively impact the Company's revenue. For the six months ended December 31, 2020, we purchased wireless data products from two manufacturers in the amount of $105,965,938, or 99% of total purchases, and had related accounts payable of $62,966,217 as of December 31, 2020. For the six months ended December 31, 2019, we purchased wireless data products from these two manufacturers in the amount of $18,362,013, or 90% of total purchases, and had related accounts payable of $11,290,854 as of December 31, 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 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 the Caribbean and South America and Asia.

NOTE 3 – 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 4 – DEFINITE LIVED INTANGIBLE ASSETS

The definite lived intangible assets consisted of the following as of December 31, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life	Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years	1.3 years	$	18,397	$	12,265	$	6,132
Technology in progress	Not Applicable	-		589,997		–		589,997
Software	5 years	2.5 years		527,185		370,551		156,634
Patents	10 years	6.5 years		20,882		11,875		9,007
Certifications & licenses	3 years	1.8 years		4,122,105		3,464,709		657,396
Total as of December 31, 2020			$	5,278,566	$	3,859,400	$	1,419,166

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 for the three months ended December 31, 2020 and 2019 was $112,895 and $112,132, respectively, and for the six months ended December 31, 2020 and 2019 was $240,535 and $198,268, respectively. The amortization expenses of the definite lived intangible assets for the future are as follows:

	FY2021			FY2022			FY2023			FY2024			FY2025			Thereafter
Total	$	246,721		$	561,203		$	367,093		$	175,864		$	26,745		$	41,540

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of:

	December 31, 2020			June 30, 2020
Machinery and facility	$	364,624		$	364,054
Office equipment		430,384			420,941
Molds		940,165			940,165
		1,735,173			1,725,160
Less accumulated depreciation		(1,549,610	)		(1,504,271	)
Total	$	185,563		$	220,889

Depreciation expense associated with property and equipment was $22,933 and $23,746 the three months ended December 31, 2020 and 2019, respectively, and $45,339 and $43,871 for the six months ended December 31, 2020 and 2019, respectively.

NOTE 6 – ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of:

	December 31, 2020		June 30, 2020
Accrued payroll deductions owed to government entities	$	63,234	$	39,380
Accrued salaries and bonuses		–		129,000
Accrued vacation		52,964		58,467
Accrued undelivered inventory		140,000		140,000
Accrued commission for service providers		60,000		98,500
Other accrued liabilities		322		674
Total	$	316,520	$	466,021

NOTE 7 – EARNINGS (LOSS) 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 and six months ended December 31, 2020 and 2019, we have calculated the diluted effect of common stock arising from 499,000 and 299,000 stock options, respectively.

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

	Three Months ended December 31,				Six Months Ended December 31,
	2020		2019		2020		2019
Net income attributable to Parent Company	$	6,856,611	$	580,878	$	13,776,971	$	834,816

Weighted-average shares of common stock outstanding:
Basic shares outstanding		11,566,309		10,570,203		11,118,511		10,570,203
Dilutive effect of common stock equivalents arising from stock options		160,973		137,825		160,973		137,825
Diluted shares outstanding		11,727,282		10,708,028		11,279,484		10,708,028
Basic income per share	$	0.59	$	0.05	$	1.24	$	0.08
Diluted income per share	$	0.58	$	0.05	$	1.22	$	0.08

NOTE 8 - 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 December 31, 2020 and 2019, and approximately $64,200 for the six months ended December 31, 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 approximately $2,337 and $2,217 for the three months ended December 31, 2020 and 2019, and approximately $4,527 and $4,521 for the six months ended December 31, 2020 and 2019.

As of December 31, 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	$	225,925
Fiscal 2022		343,584
Fiscal 2023		321,930
Fiscal 2024		160,965
Total lease payments		1,052,404
Less imputed interest		(58,040	)
Total	$	994,364

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 product ACT233F 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, and for the quarter ended December 31, 2020, the prepaid expense of $149,580 has been recorded as a cost of goods sold. As of December 31, 2020, there is a reasonable possibility we may incur a loss; however, the amount is not estimable at this time. On January 25^th, 2021, Franklin commenced legal action against Anydata and its principal officers in San Diego Superior court, case number 37-2021-00003468-CU-BC-CTL.

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. The future impact on sales revenue caused by the current pandemic, and any virus mutations that may occur, are very difficult for management to predict. Management does anticipate that the current pace of sales in the 4G/LTE space will begin to slow in the third and fourth quarter of FY2021. In anticipation of these changes, management is actively working to secure new opportunities within the 5G space, across all major carrier networks both foreign and domestic. Management also believes that the need for remote work and education will continue for the long term and has increased the size of the wireless hotspot market going forward.

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 10 – 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 $184,229 and $0 compensation expenses recorded under this method for the six months ended December 31, 2020 and 2019, respectively.

A summary of the status of our stock options is presented below as of December 31, 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			5.40			–		–
Exercised		(47,291	)		(1.18	)		–		–
Cancelled		–			–			–		–
Forfeited or Expired		(4,000	)		(5.40	)		–		–
Outstanding as of December 31, 2020		499,000		$	3.61			3.27	$	9,926,890

Exercisable as of December 31, 2020		204,000		$	3.61			1.45	$	4,587,390

The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based upon the Company’s closing stock price of $23.50 as of December 31, 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 December 31, 2020, in the amount of 499,000 shares, was $2.97 per share. As of December 31, 2020, there was unrecognized compensation cost of $1,007,164 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 six months ended December 31, 2020.

RESULTS OF OPERATIONS

The following table sets forth, for the three and six months ended December 31, 2020 and 2019, our statements of comprehensive income including data expressed as a percentage of sales:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2020		2019		2020		2019

Net sales		100.0%		100.0%		100.0%		100.0%
Cost of goods sold		83.0%		80.5%		82.2%		79.2%
Gross profit		17.0%		19.5%		17.8%		20.8%
Operating expenses		3.9%		13.5%		3.9%		16.0%
Income from operations		13.1%		6.0%		13.9%		4.8%
Other income (expense), net		0.6%		0.4%		0.3%		0.6%
Net income before income taxes		13.7%		6.4%		14.2%		5.4%
Income tax provision		3.2%		0.9%		3.2%		0.8%
Net income		10.5%		5.5%		11.0%		4.6%
Less: non-controlling interest in net income of subsidiary		0.2%		1.2%		0.3%		0.9%
Net income attributable to Parent Company stockholders		10.3%		4.3%		10.7%		3.7%

THREE MONTHS ENDED DECEMBER 31, 2020 COMPARED TO THREE MONTHS ENDED DECEMBER 31, 2019

NET SALES - Net sales increased by $52,983,723, or 399.5%, to $66,247,578 for the three months ended December 31, 2020 from $13,263,855 for the corresponding period of 2019. For the three months ended December 31, 2020, net sales by geographic regions, consisting of the North America, the countries in the Caribbean and South America, and Asia, were $66,229,782 (100.0% of net sales), $17,500 (0.0% of net sales) and $296 (0.0% of net sales), respectively. For the three months ended December 31, 2019, net sales by geographic regions, consisting of the North America, the Caribbean and South America, and Asia, were $13,035,820 (98.3% of net sales), $0 (0% of net sales), and $228,035 (1.7% of net sales), respectively.

Net sales in North America increased by $53,193,962, or 408.1%, to $66,229,782 for the three months ended December 31, 2020 from $13,035,820 for the corresponding period of 2019. The increase in net sales was primarily due to a newly launched product and the timing of orders placed by a new carrier customer, from which a significant portion of our revenue (approximately 70% of our consolidated net sales for this period) was derived. Net sales in Caribbean and South America increased by $17,500, or 100%, to $17,500 for the three months ended December 31, 2020 from $0 for the corresponding period of 2019. The increase in net sales was primarily due to the general nature of sales in these regions, which often fluctuate significantly from period to period due to timing of orders placed by a relatively small number of customers. Net sales in Asia decreased by $227,739, or 399.5%, to $296 for the three months ended December 31, 2020 from $228,035 for the corresponding period of 2019. The decrease in net sales was primarily due to the discontinued product development service revenue generated by FTI, which typically varies from period to period.

GROSS PROFIT - Gross profit increased by $8,700,828, or 335.7%, to $11,292,455 for the three months ended December 31, 2020 from $2,591,627 for the corresponding period of 2019. The gross profit in terms of net sales percentage was 17.0% for the three months ended December 31, 2020 compared to 19.5% 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 and gross profit in terms of net sales percentage was primarily due to competitive selling prices and the increase in production costs.

OPERATING EXPENSES - Operating expenses increased by $766,591, or 42.7%, to $2,560,758 for the three months ended December 31, 2020 from $1,794,167 for the corresponding period of 2019. The increase in operating expenses was primarily due to the increased research and development costs, 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 increased by $331,165, or 644.7%, to $382,533 for the three months ended December 31, 2020 from $51,368 for the corresponding period of 2019. The increase was primarily due to the gain from forgiveness of the Payroll Protection Plan loan and increased product development funding received by FTI from a government entity, which was partially offset by the loss from the unfavorable changes in foreign currency exchange rates in FTI and the decreased interest income earned from the money market accounts and certificates of deposit.

SIX MONTHS ENDED DECEMBER 31, 2020 COMPARED TO SIX MONTHS ENDED DECEMBER 31, 2019

NET SALES - Net sales increased by $106,682,898, or 482.0%, to $128,817,028 for the six months ended December 31, 2020 from $22,134,130 for the corresponding period of 2019. For the six months ended December 31, 2019, net sales by geographic regions, consisting of the North America, the countries in the Caribbean and South America, and Asia, were $128,798,920 (100.0% of net sales), $17,500 (0.0% of net sales) and $608 (0.0% of net sales), respectively. For the six months ended December 31, 2019, net sales by geographic regions, consisting of the United States, EMEA and Asia, were $21,898,467 (98.9% of net sales), $0 (0% of net sales), and $235,663 (1.1% of net sales), respectively.

Net sales in North America increased by $106,900,453, or 488.20%, to $128,798,920 for the six months ended December 31, 2020 from $21,898,467 for the corresponding period of 2019. The increase in net sales was primarily due to a newly launched product and the timing of orders placed by a new carrier customer, from which a significant portion of our revenue (approximately 59% of our consolidated net sales for this period) was derived. Net sales in the Caribbean and South America increased by $17,500, or 100%, to $17,500 for the six months ended December 31, 2020 from $0 for the corresponding period of 2019. The increase in net sales was primarily due to the general nature of sales in these regions, which often fluctuate significantly from period to period due to timing of orders placed by a relatively small number of customers. Net sales in Asia decreased by $235,055, or 99.7%, to $608 for the six months ended December 31, 2020 from $235,663 for the corresponding period of 2019. The decrease in net sales was primarily due to the discontinued product development service revenue generated by FTI, which typically varies from period to period.

GROSS PROFIT - Gross profit increased by $18,351,547, or 397.9%, to $22,963,686 for the six months ended December 31, 2020 from $4,612,139 for the corresponding period of 2019. The gross profit in terms of net sales percentage was 17.8% for the six months ended December 31, 2020 compared to 20.8% for the corresponding period of 2019. The decrease in gross profit and gross profit in terms of net sales percentage was primarily due to competitive selling prices and the increase in production costs.

OPERATING EXPENSES - Operating expenses increased by $1,522,169, or 43.0%, to $5,060,609 for the six months ended December 31, 2019 from $3,538,440 for the corresponding period of 2018. The increase in operating expenses was primarily due to the increased research and development costs, 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 increased by $263,252, or 208.8%, to $389,335 for the six months ended December 31, 2020 from $126,083 for the corresponding period of 2019. The increase was primarily due to the gain from the forgiveness of the Payroll Protection Plan loan and increased product development funding received by FTI from a government entity, which was partially offset by the loss from the unfavorable changes in foreign currency exchange rates in FTI and 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 December 31, 2020 consisted of cash and cash equivalents as well as short-term investments of $76,409,812. 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 six months ended December 31, 2020 and 2019 was $37,070,294 and $3,413,142, respectively.

The $37,070,294 in net cash provided by operating activities for the six months ended December 31, 2020 was primarily due to the increase in accounts payable and income tax payable of $21,856,374 and $1,935,576, respectively, as well as our operating results (net income of $14,153,272 adjusted for depreciation, amortization, and other non-cash charges), which were partially offset by the increase in accounts receivable and inventories of $718,138 and $1,392,737, respectively.

The $3,413,142 in net cash provided by operating activities for the six months ended December 31, 2019 was primarily due to the increase in accounts payable of $7,201,760 and our operating results (net income adjusted for depreciation, amortization, and other non-cash charges), which were partially offset by the increase in accounts receivable and inventories of $3,302,551 and $1,933,989, respectively.

INVESTING ACTIVITIES – Net cash used in investing activities for the six months ended December 31, 2020 and 2019 was $547,140 and $493,911, respectively.

The $547,140 in net cash used in investing activities for six months ended December 31, 2020 was primarily due to the payments for purchase of capitalized product development of $533,146.

The $493,911 in net cash used in investing activities for the six months ended December 31, 2019 was primarily due to the payments for capitalized product development, intangible assets, and property and equipment of $333,668, $26,760, and $138,090, respectively.

FINANCING ACTIVITIES – Net cash provided by financing activities for the six months ended December 31, 2020 was $6,055,998, and we had no financing activities for the six months periods ended December 31, 2019.

The $6,055,998 in net cash provided by financing activities for the six months ended December 31, 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, 2021.

Rent expense for the three months ended December 31, 2020 and 2019 was $111,700 and $108,941, respectively. Rent expense for the six months ended December 31, 2020 and 2019 was $223,253 and $212,689, respectively.

Recently Issued Accounting Pronouncements

Refer to NOTE 1 - 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 December 31, 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 six months ended December 31, 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 8 of the notes to consolidated financial statements for the three and six months ended December 31, 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: February 16, 2021

EX-31.1 2 franklin_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

February 16, 2021

EX-31.2 3 franklin_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

February 16, 2021

EX-32.1 4 franklin_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 six months ended December 31, 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

February 16, 2021

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 franklin_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 six months ended December 31, 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

February 16, 2021

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NOTE 1 - 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 December 31, 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 December 31, 2020, the non-controlling interest was $1,158,316, which represents a $376,301 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 three geographic areas, consisting of North America, the Caribbean and South 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 cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Six Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Net sales:</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; text-align: justify">North America</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">66,229,782</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">13,035,820</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">128,798,920</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">21,898,467</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Caribbean and South America</td> <td> </td> <td> </td> <td style="text-align: right">17,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Asia</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">296</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">228,035</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">608</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">235,663</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Totals</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">66,247,578</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">13,263,855</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">128,817,028</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">22,134,130</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Long-lived assets, net (property and equipment and intangible assets):</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31, 2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">June 30, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 68%">North America</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,559,693</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,302,353</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Asia</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">45,036</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">43,688</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt">Totals</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">1,604,729</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,346,041</td> <td style="padding-bottom: 2.5pt"> </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 December 31, 2020, we have recorded an allowance for doubtful accounts in the amount of $61,890 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 six months ended December 31, 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.   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 and six months ended December 31, 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 and six months ended December 31, 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 December 31, 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 $86,000 and $200,000 associated with capitalized product development costs associated with complete technology for the three and six months ended December 31, 2020, respectively, and $97,000 and $167,000 for the three and six months ended December 31, 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 December 31, 2020, and June 30, 2020, capitalized product development costs in progress were $589,997 and $140,192, and the amounts are included in intangible assets in our consolidated balance sheets. For the three and six months ended December 31, 2020, we incurred $454,804 and $533,146, respectively, and for the three and six months ended December 31, 2019, we incurred ($15,000) 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 $1,151,732 and $1,024,424 for the three months ended December 31, 2020 and 2019, respectively, and $2,130,124 and $1,919,936 for the six months ended December 31, 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 loss, were $245,586 and $166,741 for the three months ended December 31, 2020 and 2019, respectively, and $527,652 and $339,849 for the six months ended December 31, 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 December 31, 2020, and June 30, 2020, we have recorded an inventory reserve in the amounts of $0 and $399,437, respectively, 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" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="width: 46%; text-align: justify">Machinery</td> <td style="width: 54%; 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 December 31, 2020 or June 30, 2020.   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 December 31, 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.   The Company recorded a provision for income taxes of $2,138,406 and $4,139,140 for the three and six months ended December 31, 2020, respectively, and $168,037 and $252,908 for the three and six months ended December 31, 2019, respectively. The Company also recorded a decrease in deferred tax asset, non-current, of $168,037 and $252,908 for the three and six months ended December 31, 2020, respectively, and $113,994 and $125,169 for the three and six months ended December 31, 2019, respectively.   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 six months ended December 31, 2020, sales to our two largest customers accounted for 59% and 33% of our consolidated net sales, and 0% and 92% of our accounts receivable balance as of December 31, 2020. For the six months ended December 31, 2019, sales to our two largest customers accounted for 43% and 30% of our consolidated net sales, and 52%, and 25% of our accounts receivable balance as of December 31, 2019. No other customers accounted for more than ten percent of total net sales for the six months ended December 31, 2020 and 2019.   For the six months ended December 31, 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 orders, which would negatively impact the Company's revenue. For the six months ended December 31, 2020, we purchased wireless data products from two manufacturers in the amount of $105,965,938, or 99% of total purchases, and had related accounts payable of $62,966,217 as of December 31, 2020. For the six months ended December 31, 2019, we purchased wireless data products from these two manufacturers in the amount of $18,362,013, or 90% of total purchases, and had related accounts payable of $11,290,854 as of December 31, 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 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 the Caribbean and South America and Asia.

NOTE 3 – 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 4 – DEFINITE LIVED INTANGIBLE ASSETS   The definite lived intangible assets consisted of the following as of December 31, 2020:     <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Definite lived intangible assets:</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Expected Life</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> Average Remaining life</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt"> 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; padding-bottom: 1pt"> 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"> Net Intangible Assets</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 30%">Complete technology</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center">3 years</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center">1.3 years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">18,397</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">12,265</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">6,132</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Technology in progress</td> <td> </td> <td style="text-align: center">Not Applicable</td> <td> </td> <td style="text-align: center">-</td> <td> </td> <td> </td> <td style="text-align: right">589,997</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">589,997</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Software</td> <td> </td> <td style="text-align: center">5 years</td> <td> </td> <td style="text-align: center">2.5 years</td> <td> </td> <td> </td> <td style="text-align: right">527,185</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">370,551</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">156,634</td> <td> </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">6.5 years</td> <td> </td> <td> </td> <td style="text-align: right">20,882</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,875</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,007</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt">Certifications & licenses</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">3 years</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">1.8 years</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">4,122,105</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">3,464,709</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">657,396</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total as of December 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">5,278,566</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">3,859,400</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,419,166</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The definite lived intangible assets consisted of the following as of June 30, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Definite lived intangible assets:</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Expected Life</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> Average Remaining life</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt"> 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; padding-bottom: 1pt"> 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"> Net Intangible Assets</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 30%">Complete technology</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center">3 years</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center">1.8 years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">18,397</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">7,666</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">10,731</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Technology in progress</td> <td> </td> <td style="text-align: center">Not Applicable</td> <td> </td> <td style="text-align: center">-</td> <td> </td> <td> </td> <td style="text-align: right">140,192</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">140,192</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Software</td> <td> </td> <td style="text-align: center">5 years</td> <td> </td> <td style="text-align: center">2.9 years</td> <td> </td> <td> </td> <td style="text-align: right">525,930</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">338,593</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">187,337</td> <td> </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">7.0 years</td> <td> </td> <td> </td> <td style="text-align: right">20,734</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,821</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,913</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt">Certifications & licenses</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">3 years</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">1.9 years</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">4,038,764</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">3,261,785</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">776,979</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total as of June 30, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">4,744,017</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">3,618,865</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,125,152</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Amortization expense recognized for the three months ended December 31, 2020 and 2019 was $112,895 and $112,132, respectively, and for the six months ended December 31, 2020 and 2019 was $240,535 and $198,268, respectively. The amortization expenses of the definite lived intangible assets for the future are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2021</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2022</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2023</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2024</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2025</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Thereafter</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 34%; background-color: #EEEEEE">Total</td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">246,721</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">561,203</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">367,093</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">175,864</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">26,745</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">41,540</td> <td style="width: 1%; background-color: white"> </td></tr> </table>

NOTE 5 – PROPERTY AND EQUIPMENT   Property and equipment consisted of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31, 2020</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">June 30, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 64%; text-align: justify">Machinery and facility</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">364,624</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">364,054</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Office equipment</td> <td> </td> <td> </td> <td style="text-align: right">430,384</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">420,941</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Molds</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">940,165</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">940,165</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,735,173</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,725,160</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Less accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,549,610</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,504,271</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">185,563</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">220,889</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Depreciation expense associated with property and equipment was $22,933 and $23,746 the three months ended December 31, 2020 and 2019, respectively, and $45,339 and $43,871 for the six months ended December 31, 2020 and 2019, respectively.

NOTE 6 – ACCRUED LIABILITIES   Accrued liabilities consisted of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31, 2020</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">June 30, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 64%">Accrued payroll deductions owed to government entities</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">63,234</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">39,380</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Accrued salaries and bonuses</td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">129,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Accrued vacation</td> <td> </td> <td> </td> <td style="text-align: right">52,964</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">58,467</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Accrued undelivered inventory</td> <td> </td> <td> </td> <td style="text-align: right">140,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">140,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Accrued commission for service providers</td> <td> </td> <td> </td> <td style="text-align: right">60,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">98,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Other accrued liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">322</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">674</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">316,520</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">466,021</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 7 – EARNINGS (LOSS) 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 and six months ended December 31, 2020 and 2019, we have calculated the diluted effect of common stock arising from 499,000 and 299,000 stock options, respectively.   The weighted average number of shares outstanding used to compute loss per share is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Three Months ended December 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Six Months Ended December 31, </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</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">2019</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: left; width: 44%; padding-bottom: 2.5pt">Net income attributable to Parent Company</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; width: 11%; padding-bottom: 2.5pt; text-align: right">6,856,611</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; width: 11%; padding-bottom: 2.5pt; text-align: right">580,878</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; width: 11%; padding-bottom: 2.5pt; text-align: right">13,776,971</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right">834,816</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: left">Weighted-average shares of common stock outstanding:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt">Basic shares outstanding</td> <td> </td> <td> </td> <td style="text-align: right">11,566,309</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,570,203</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,118,511</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,570,203</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left; text-indent: -10pt">Dilutive effect of common stock equivalents arising from stock options</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt; text-align: right">160,973</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt; text-align: right">137,825</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt; text-align: right">160,973</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">137,825</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left">Diluted shares outstanding</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">11,727,282</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">10,708,028</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">11,279,484</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,708,028</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: left; padding-bottom: 2.5pt">Basic income per share</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">0.59</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">0.05</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">1.24</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.08</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-bottom: 2.5pt">Diluted income per share</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">0.58</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">0.05</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">1.22</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.08</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

NOTE 8 - 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 $74,624 for the three months ended December 31, 2020 and 2019 and $154,526 and $143,968 for the six months ended December 31, 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 December 31, 2020 and 2019, and approximately $64,200 for the six months ended December 31, 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 approximately $2,337 and $2,217 for the three months ended December 31, 2020 and 2019, and approximately $4,527 and $4,521 for the six months ended December 31, 2020 and 2019.   As of December 31, 2020, we used discount rates of 4.0% and 2.8% in determining our operating lease liabilities for the office spaces in San Diego, California, and South Korea, respectively. These rates represented our incremental borrowing rates at that time. Short-term leases with initial terms of twelve months or less are not capitalized. Both our San Diego and Korean office leases were extensions of previous leases and neither contains any further extension provisions.   Future minimum payments under operating leases are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 77%">Fiscal 2021</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">225,925</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Fiscal 2022</td> <td> </td> <td> </td> <td style="text-align: right">343,584</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Fiscal 2023</td> <td> </td> <td> </td> <td style="text-align: right">321,930</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Fiscal 2024</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">160,965</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">1,052,404</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Less imputed interest</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(58,040</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">994,364</td> <td style="padding-bottom: 2.5pt"> </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 product ACT233F 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, and for the quarter ended December 31, 2020, the prepaid expense of $149,580 has been recorded as a cost of goods sold. As of December 31, 2020, there is a reasonable possibility we may incur a loss; however, the amount is not estimable at this time. On January 25th, 2021, Franklin commenced legal action against Anydata and its principal officers in San Diego Superior court, case number 37-2021-00003468-CU-BC-CTL.   COVID-19   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. The future impact on sales revenue caused by the current pandemic, and any virus mutations that may occur, are very difficult for management to predict. Management does anticipate that the current pace of sales in the 4G/LTE space will begin to slow in the third and fourth quarter of FY2021. In anticipation of these changes, management is actively working to secure new opportunities within the 5G space, across all major carrier networks both foreign and domestic. Management also believes that the need for remote work and education will continue for the long term and has increased the size of the wireless hotspot market going forward.   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 9 – 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 $184,229 and $0 compensation expenses recorded under this method for the six months ended December 31, 2020 and 2019, respectively.   A summary of the status of our stock options is presented below as of December 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <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" style="text-align: center">Weighted-</td> <td> </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> </td> <td colspan="2" style="text-align: center">Average</td> <td> </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" style="text-align: center">Weighted-</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Remaining</td> <td> </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" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Life</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Intrinsic</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Options</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Price</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">(In Years)</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">Value</td> <td style="padding-bottom: 1pt"> </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: #EEEEEE"> <td style="width: 44%; padding-left: 19.8pt; text-indent: -19.8pt">Outstanding as of June 30, 2020</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">251,291</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1.05</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.95</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,124,525</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 19.8pt; text-indent: -19.8pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">299,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.40</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 19.8pt; text-indent: -19.8pt">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(47,291</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1.18</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 19.8pt; text-indent: -19.8pt">Cancelled</td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; padding-left: 19.8pt; text-indent: -19.8pt">Forfeited or Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt; text-align: right">(4,000</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt; text-align: right">(5.40</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt; text-align: right">–</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">–</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 19.8pt; text-indent: -19.8pt">Outstanding as of December 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">499,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">3.61</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">3.27</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,926,890</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 19.8pt; text-indent: -19.8pt">Exercisable as of December 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">204,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">3.61</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">1.45</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,587,390</td> <td style="padding-bottom: 2.5pt"> </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 $23.50 as of December 31, 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 December 31, 2020, in the amount of 499,000 shares, was $2.97 per share. As of December 31, 2020, there was unrecognized compensation cost of $1,007,164 related to non-vested stock options granted.

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 December 31, 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.

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 three geographic areas, consisting of North America, the Caribbean and South 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 cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Six Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Net sales:</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; text-align: justify">North America</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">66,229,782</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">13,035,820</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">128,798,920</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">21,898,467</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Caribbean and South America</td> <td> </td> <td> </td> <td style="text-align: right">17,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Asia</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">296</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">228,035</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">608</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">235,663</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Totals</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">66,247,578</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">13,263,855</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">128,817,028</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">22,134,130</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Long-lived assets, net (property and equipment and intangible assets):</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31, 2020</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">June 30, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 68%">North America</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,559,693</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,302,353</td> <td style="width: 1%"> </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; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">45,036</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">43,688</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt">Totals</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">1,604,729</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,346,041</td> <td style="padding-bottom: 2.5pt"> </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 December 31, 2020, we have recorded an allowance for doubtful accounts in the amount of $61,890 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 six months ended December 31, 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.   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 and six months ended December 31, 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 and six months ended December 31, 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 December 31, 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 $86,000 and $200,000 associated with capitalized product development costs associated with complete technology for the three and six months ended December 31, 2020, respectively, and $97,000 and $167,000 for the three and six months ended December 31, 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 December 31, 2020, and June 30, 2020, capitalized product development costs in progress were $589,997 and $140,192, and the amounts are included in intangible assets in our consolidated balance sheets. For the three and six months ended December 31, 2020, we incurred $454,804 and $533,146, respectively, and for the three and six months ended December 31, 2019, we incurred ($15,000) 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 $1,151,732 and $1,024,424 for the three months ended December 31, 2020 and 2019, respectively, and $2,130,124 and $1,919,936 for the six months ended December 31, 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 loss, were $245,586 and $166,741 for the three months ended December 31, 2020 and 2019, respectively, and $527,652 and $339,849 for the six months ended December 31, 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 December 31, 2020, and June 30, 2020, we have recorded an inventory reserve in the amounts of $0 and $399,437, respectively, 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" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="width: 46%; text-align: justify">Machinery</td> <td style="width: 54%; 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 December 31, 2020 or June 30, 2020.

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 December 31, 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.   The Company recorded a provision for income taxes of $2,138,406 and $4,139,140 for the three and six months ended December 31, 2020, respectively, and $168,037 and $252,908 for the three and six months ended December 31, 2019, respectively. The Company also recorded a decrease in deferred tax asset, non-current, of $168,037 and $252,908 for the three and six months ended December 31, 2020, respectively, and $113,994 and $125,169 for the three and six months ended December 31, 2019, respectively.

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 six months ended December 31, 2020, sales to our two largest customers accounted for 59% and 33% of our consolidated net sales, and 0% and 92% of our accounts receivable balance as of December 31, 2020. For the six months ended December 31, 2019, sales to our two largest customers accounted for 43% and 30% of our consolidated net sales, and 52%, and 25% of our accounts receivable balance as of December 31, 2019. No other customers accounted for more than ten percent of total net sales for the six months ended December 31, 2020 and 2019.   For the six months ended December 31, 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 orders, which would negatively impact the Company's revenue. For the six months ended December 31, 2020, we purchased wireless data products from two manufacturers in the amount of $105,965,938, or 99% of total purchases, and had related accounts payable of $62,966,217 as of December 31, 2020. For the six months ended December 31, 2019, we purchased wireless data products from these two manufacturers in the amount of $18,362,013, or 90% of total purchases, and had related accounts payable of $11,290,854 as of December 31, 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.

The following table contains certain financial information by geographic area:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Three Months Ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">Six Months Ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Net sales:</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 44%; text-align: justify">North America</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">66,229,782</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">13,035,820</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">128,798,920</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">21,898,467</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Caribbean and South America</td> <td> </td> <td> </td> <td style="text-align: right">17,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Asia</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">296</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">228,035</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">608</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">235,663</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Totals</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">66,247,578</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">13,263,855</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">128,817,028</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">22,134,130</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>    <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Long-lived assets, net (property and equipment and intangible assets):</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31, 2020</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">June 30, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 68%">North America</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,559,693</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,302,353</td> <td style="width: 1%"> </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; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">45,036</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">43,688</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt">Totals</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">1,604,729</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,346,041</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Depreciation is computed using the straight-line method over the estimated useful lives as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: #F2F2F2"> <td style="width: 46%; text-align: justify">Machinery</td> <td style="width: 54%; 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>

The definite lived intangible assets consisted of the following as of December 31, 2020:     <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Definite lived intangible assets:</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Expected Life</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> Average Remaining life</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt"> 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; padding-bottom: 1pt"> 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"> Net Intangible Assets</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 30%">Complete technology</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center">3 years</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center">1.3 years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">18,397</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">12,265</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">6,132</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Technology in progress</td> <td> </td> <td style="text-align: center">Not Applicable</td> <td> </td> <td style="text-align: center">-</td> <td> </td> <td> </td> <td style="text-align: right">589,997</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">589,997</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Software</td> <td> </td> <td style="text-align: center">5 years</td> <td> </td> <td style="text-align: center">2.5 years</td> <td> </td> <td> </td> <td style="text-align: right">527,185</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">370,551</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">156,634</td> <td> </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">6.5 years</td> <td> </td> <td> </td> <td style="text-align: right">20,882</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,875</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,007</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt">Certifications & licenses</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">3 years</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">1.8 years</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">4,122,105</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">3,464,709</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">657,396</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total as of December 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">5,278,566</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">3,859,400</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,419,166</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The definite lived intangible assets consisted of the following as of June 30, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Definite lived intangible assets:</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Expected Life</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> Average Remaining life</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt"> 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; padding-bottom: 1pt"> 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"> Net Intangible Assets</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 30%">Complete technology</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center">3 years</td> <td style="width: 1%"> </td> <td style="width: 13%; text-align: center">1.8 years</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">18,397</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">7,666</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">10,731</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Technology in progress</td> <td> </td> <td style="text-align: center">Not Applicable</td> <td> </td> <td style="text-align: center">-</td> <td> </td> <td> </td> <td style="text-align: right">140,192</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">140,192</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Software</td> <td> </td> <td style="text-align: center">5 years</td> <td> </td> <td style="text-align: center">2.9 years</td> <td> </td> <td> </td> <td style="text-align: right">525,930</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">338,593</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">187,337</td> <td> </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">7.0 years</td> <td> </td> <td> </td> <td style="text-align: right">20,734</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,821</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">9,913</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt">Certifications & licenses</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">3 years</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center">1.9 years</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">4,038,764</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">3,261,785</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">776,979</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total as of June 30, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">4,744,017</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">3,618,865</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,125,152</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The amortization expenses of the definite lived intangible assets for the future are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2021</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2022</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2023</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2024</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">FY2025</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Thereafter</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 34%; background-color: #EEEEEE">Total</td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">246,721</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">561,203</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">367,093</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">175,864</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">26,745</td> <td style="width: 1%; background-color: #EEEEEE"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; background-color: #EEEEEE">$</td> <td style="border-bottom: black 2.25pt double; width: 9%; background-color: #EEEEEE; text-align: right">41,540</td> <td style="width: 1%; background-color: white"> </td></tr> </table>

Property and equipment consisted of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31, 2020</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">June 30, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 64%; text-align: justify">Machinery and facility</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">364,624</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">364,054</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Office equipment</td> <td> </td> <td> </td> <td style="text-align: right">430,384</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">420,941</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Molds</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">940,165</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">940,165</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,735,173</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,725,160</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; text-align: justify">Less accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,549,610</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(1,504,271</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">185,563</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">220,889</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Accrued liabilities consisted of the following as of:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">December 31, 2020</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">June 30, 2020</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 64%">Accrued payroll deductions owed to government entities</td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">63,234</td> <td style="width: 1%"> </td> <td style="width: 2%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">39,380</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Accrued salaries and bonuses</td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">129,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Accrued vacation</td> <td> </td> <td> </td> <td style="text-align: right">52,964</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">58,467</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Accrued undelivered inventory</td> <td> </td> <td> </td> <td style="text-align: right">140,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">140,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="text-align: justify">Accrued commission for service providers</td> <td> </td> <td> </td> <td style="text-align: right">60,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">98,500</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Other accrued liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: right">322</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">674</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">316,520</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">466,021</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The weighted average number of shares outstanding used to compute loss per share is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Three Months ended December 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">Six Months Ended December 31, </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">2020</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">2019</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 44%; padding-bottom: 2.5pt">Net income attributable to Parent Company</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; width: 11%; padding-bottom: 2.5pt; text-align: right">6,856,611</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; width: 11%; padding-bottom: 2.5pt; text-align: right">580,878</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; width: 11%; padding-bottom: 2.5pt; text-align: right">13,776,971</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 11%; text-align: right">834,816</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Weighted-average shares of common stock outstanding:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 20pt; text-align: justify; text-indent: -10pt">Basic shares outstanding</td> <td> </td> <td> </td> <td style="text-align: right">11,566,309</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,570,203</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">11,118,511</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">10,570,203</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left; text-indent: -10pt">Dilutive effect of common stock equivalents arising from stock options</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt; text-align: right">160,973</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt; text-align: right">137,825</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 20pt; text-align: right">160,973</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-left: 20pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">137,825</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Diluted shares outstanding</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">11,727,282</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">10,708,028</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">11,279,484</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">10,708,028</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt">Basic income per share</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">0.59</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">0.05</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">1.24</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.08</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Diluted income per share</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">0.58</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">0.05</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt">$</td> <td style="border-bottom: black 2.25pt double; padding-bottom: 2.5pt; text-align: right">1.22</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.08</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Future minimum payments under operating leases are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <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">Operating Leases</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="width: 77%">Fiscal 2021</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">225,925</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Fiscal 2022</td> <td> </td> <td> </td> <td style="text-align: right">343,584</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Fiscal 2023</td> <td> </td> <td> </td> <td style="text-align: right">321,930</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Fiscal 2024</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">160,965</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td>Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">1,052,404</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Less imputed interest</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(58,040</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 2.5pt">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">994,364</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

A summary of the status of our stock options is presented below as of December 31, 2020:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <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" style="text-align: center">Weighted-</td> <td> </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> </td> <td colspan="2" style="text-align: center">Average</td> <td> </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" style="text-align: center">Weighted-</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Remaining</td> <td> </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" style="text-align: center">Average</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Contractual</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Aggregate</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Exercise</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Life</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Intrinsic</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Options</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">Price</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: center">(In Years)</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">Value</td> <td style="padding-bottom: 1pt"> </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: #EEEEEE"> <td style="width: 44%; padding-left: 19.8pt; text-indent: -19.8pt">Outstanding as of June 30, 2020</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">251,291</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1.05</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; text-align: right">1.95</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 11%; text-align: right">1,124,525</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 19.8pt; text-indent: -19.8pt">Granted</td> <td> </td> <td> </td> <td style="text-align: right">299,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">5.40</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-left: 19.8pt; text-indent: -19.8pt">Exercised</td> <td> </td> <td> </td> <td style="text-align: right">(47,291</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(1.18</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 19.8pt; text-indent: -19.8pt">Cancelled</td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">–</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td style="padding-bottom: 1pt; padding-left: 19.8pt; text-indent: -19.8pt">Forfeited or Expired</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt; text-align: right">(4,000</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt; text-align: right">(5.40</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 19.8pt; text-align: right">–</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">–</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 19.8pt; text-indent: -19.8pt">Outstanding as of December 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">499,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">3.61</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">3.27</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">9,926,890</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #EEEEEE"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 19.8pt; text-indent: -19.8pt">Exercisable as of December 31, 2020</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">204,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; text-align: left">$</td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">3.61</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double; padding-left: 19.8pt; text-align: right">1.45</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-left: 19.8pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">4,587,390</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

1604729 1346041 1559693 45036 43688 1302353

200000

167000

86000

97000

994364

58040

1052404

160965

321930

343584

225925

100000

49580

149580

5.40

1940825

800

6000008

246721

561203

367093

175864

26745

41540

2578

-4607

487300

376301

119213

0 189106 0 153064

98242

85987

98242

85987

184229

Non-controlling Interest in a Consolidated Subsidiary   As of December 31, 2020, the non-controlling interest was $1,158,316, which represents a $376,301 increase from $782,015 as of June 30, 2020.

15000

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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 $61,890 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 Advance payments from customers 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 December 31, 2020 and June 30, 2020 Common stock, par value $0.001 per share, authorized 50,000,000 shares; 11,576,281 and 10,605,912 shares issued and outstanding as of December 31, 2020, and June 30, 2020, respectively Additional paid-in capital Retained earnings Treasury stock, 2,549,208 and 3,472,286 shares as of December 31, 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 Gain from the forgiveness of payroll protection plan loan 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 income per share attributable to Parent Company stockholders Diluted income 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 income 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 (loss) to net cash provided by operating activities: Depreciation Amortization of intangible assets Deferred tax Amortization of right of use assets Compensation expense related to stock options granted Bad debt expense Forgiveness of payroll protection plan loan 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 Lease liabilities Advance payments from customers Accrued liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: EX-101.PRE 11 fkwl-20201231_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2020	Feb. 16, 2021
Cover [Abstract]
Entity Registrant Name	FRANKLIN WIRELESS CORP
Entity Central Index Key	0000722572
Document Type	10-Q
Document Period End Date	Dec. 31, 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		11,576,281
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

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Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 71,025,316	$ 28,161,644
Certificates of deposit account	5,384,496	5,381,918
Accounts receivable, net of allowance for bad debt of $61,890 and $0, respectively	16,366,586	15,973,537
Other receivables, net	50,244	61,090
Inventories, net	13,176,140	11,783,403
Prepaid expenses and other current assets	14,049	21,588
Advance payments to vendors	42,113	27,838
Total current assets	106,058,944	61,411,018
Property and equipment, net	185,563	220,889
Intangible assets, net	1,419,166	1,125,152
Deferred tax assets, non-current	685,280	938,188
Goodwill	273,285	273,285
Right of use assets	955,732	1,139,670
Other assets	144,964	283,369
TOTAL ASSETS	109,722,934	65,391,571
Current liabilities:
Accounts payable	63,939,629	42,083,255
Income tax payable	1,970,289	34,713
Accrued liabilities	316,520	466,021
Advance payments from customers	688,572	0
Lease liabilities, current	376,574	400,508
Total current liabilities	67,291,584	42,984,497
Lease liabilities, non-current	617,790	784,233
Notes payable, payroll protection plan loan	0	487,300
Total liabilities	67,909,374	44,256,030
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 December 31, 2020 and June 30, 2020	0	0
Common stock, par value $0.001 per share, authorized 50,000,000 shares; 11,576,281 and 10,605,912 shares issued and outstanding as of December 31, 2020, and June 30, 2020, respectively	14,054	14,007
Additional paid-in capital	12,756,959	7,475,365
Retained earnings	31,805,030	18,028,059
Treasury stock, 2,549,208 and 3,472,286 shares as of December 31, 2020 and June 30, 2020	(3,554,893)	(4,513,479)
Accumulated other comprehensive loss	(365,906)	(650,426)
Total Parent Company stockholders' equity	40,655,244	20,353,526
Non-controlling interests	1,158,316	782,015
Total stockholders' equity	41,813,560	21,135,541
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 109,722,934	$ 65,391,571

XML 14 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Allowance For Doubtful Account	$ 61,890	$ 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	11,576,281	10,605,912
Common stock Outstanding	11,576,281	10,605,912
Treasury stock shares	2,549,208	3,472,286

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Income And Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 66,247,578	$ 13,263,855	$ 128,817,028	$ 22,134,130
Cost of goods sold	54,955,123	10,672,228	105,853,342	17,521,991
Gross profit	11,292,455	2,591,627	22,963,686	4,612,139
Operating expenses:
Selling, general and administrative	1,409,026	769,743	2,930,485	1,618,504
Research and development	1,151,732	1,024,424	2,130,124	1,919,936
Total operating expenses	2,560,758	1,794,167	5,060,609	3,538,440
Income from operations	8,731,697	797,460	17,903,077	1,073,699
Other income (loss), net:
Interest income	1,760	40,561	4,654	95,591
Income from governmental subsidy	44,347	33	66,433	4,126
Gain from the forgiveness of payroll protection plan loan	487,300	0	487,300	0
Other income (loss), net	(150,874)	10,774	(169,052)	26,366
Total other income (loss), net	382,533	51,368	389,335	126,083
Income before provision for income taxes	9,114,230	848,828	18,292,412	1,199,782
Income tax provision	2,138,406	114,886	4,139,140	175,860
Net income	6,975,824	733,942	14,153,272	1,023,922
Less: non-controlling interests in net income of subsidiary at 33.7%	119,213	0	376,301	0
Less: non-controlling interests in net income (loss) of subsidiary at 35.8%	0	153,064	0	189,106
Net income attributable to Parent Company	$ 6,856,611	$ 580,878	$ 13,776,971	$ 834,816
Basic income per share attributable to Parent Company stockholders	$ 0.59	$ 0.05	$ 1.24	$ 0.08
Diluted income per share attributable to Parent Company stockholders	$ 0.58	$ 0.05	$ 1.22	$ 0.08
Weighted average common shares outstanding - basic	11,566,309	10,570,203	11,118,511	10,570,203
Weighted average common shares outstanding - diluted	11,727,282	10,708,028	11,279,483	10,708,028
Comprehensive income
Net income	$ 6,975,824	$ 733,942	$ 14,153,272	$ 1,023,922
Translation adjustments	218,096	37,067	284,520	18,750
Comprehensive income	7,193,920	771,009	14,437,792	1,042,672
Less: comprehensive income attributable to non-controlling interest	119,213	153,064	376,301	189,106
Comprehensive income attributable to controlling interest	$ 7,074,707	$ 617,945	$ 14,061,491	$ 853,566

XML 16 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Accumulated Other Comprehensive 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 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
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, 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 income attributable to Parent Company							834,816
Foreign exchange translation							18,750
Comprehensive income attributable to non-controlling interest							189,106
Ending balance, shares at Dec. 31, 2019	10,570,203
Ending balance, value at Dec. 31, 2019	$ 13,972	7,442,272	13,312,257	(4,513,479)	(616,052)	678,152	16,317,122
Beginning balace, shares at Sep. 30, 2019	10,570,203
Beginning balace, value at Sep. 30, 2019	$ 13,972	7,442,272	12,731,379	(4,513,479)	(653,119)	525,088	15,546,113
Net income attributable to Parent Company			580,878				580,878
Foreign exchange translation					37,067		37,067
Comprehensive income attributable to non-controlling interest						153,064	153,064
Ending balance, shares at Dec. 31, 2019	10,570,203
Ending balance, value at Dec. 31, 2019	$ 13,972	7,442,272	13,312,257	(4,513,479)	(616,052)	678,152	16,317,122
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 income 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
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 income attributable to Parent Company							13,776,971
Foreign exchange translation							284,520
Comprehensive income attributable to non-controlling interest							376,301
Ending balance, shares at Dec. 31, 2020	11,576,281
Ending balance, value at Dec. 31, 2020	$ 14,054	12,756,959	31,805,030	(3,554,893)	(365,906)	1,158,316	41,813,560
Beginning balace, shares at Sep. 30, 2020	11,541,990
Beginning balace, value at Sep. 30, 2020	$ 14,020	12,620,181	24,948,419	(3,554,893)	(584,002)	1,039,103	34,482,828
Net income attributable to Parent Company			6,856,611				6,856,611
Foreign exchange translation					218,096		218,096
Issuance of stock related to stock options exercised, shares	34,291
Issuance of stock related to stock options exercised, value	$ 34	38,536					38,570
Compensation expense related to stock option granted		98,242					98,242
Comprehensive income attributable to non-controlling interest						119,213	119,213
Ending balance, shares at Dec. 31, 2020	11,576,281
Ending balance, value at Dec. 31, 2020	$ 14,054	$ 12,756,959	$ 31,805,030	$ (3,554,893)	$ (365,906)	$ 1,158,316	$ 41,813,560

XML 17 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 14,153,272	$ 1,023,922
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	45,339	43,871
Amortization of intangible assets	240,535	198,268
Deferred tax	252,908	125,169
Amortization of right of use assets	183,938	11,267
Compensation expense related to stock options granted	184,229	0
Bad debt expense	335,935	0
Forgiveness of payroll protection plan loan	(487,300)	0
Increase (decrease) in cash due to change in:
Accounts receivable	(718,138)	(3,302,551)
Inventories	(1,392,737)	(1,933,989)
Prepaid expenses and other current assets	7,539	(683)
Advance payments to vendors	(14,275)	37,229
Other assets	138,405	(29,541)
Accounts payable	21,856,374	7,201,760
Income tax payable	1,935,576	49,145
Lease liabilities	(190,377)	0
Advance payments from customers	688,572	0
Accrued liabilities	(149,501)	(10,725)
Net cash provided by operating activities	37,070,294	3,413,142
CASH FLOWS FROM INVESTING ACTIVITIES:
Short-term investments	(2,578)	4,607
Purchases of property and equipment	(10,013)	(138,090)
Payments for capitalized development costs	(533,146)	(333,668)
Purchases of intangible assets	(1,403)	(26,760)
Net cash used in investing activities	(547,140)	(493,911)
CASH FLOWS FROM FINANCING ACTIVITIES:
Sales of treasury stock	6,000,008	0
Cash received from exercise of stock options	55,990	0
Net cash provided by financing activities	6,055,998	0
Effect of foreign currency translation	284,520	18,750
Net increase in cash and cash equivalents	42,863,672	2,937,981
Cash and cash equivalents, beginning of year	28,161,644	6,447,505
Cash and cash equivalents, end of year	71,025,316	9,385,486
Cash paid during the periods for:
Interest	0	0
Income taxes	$ 1,940,825	$ 800

XML 18 R7.htm IDEA: XBRL DOCUMENT

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

Non-controlling Interest in a Consolidated Subsidiary

As of December 31, 2020, the non-controlling interest was $1,158,316, which represents a $376,301 increase from $782,015 as of June 30, 2020.

Segment Reporting

	Three Months Ended				Six Months Ended
	December 31,				December 31,
Net sales:		2020		2019		2020		2019
North America	$	66,229,782	$	13,035,820	$	128,798,920	$	21,898,467
Caribbean and South America		17,500		–		17,500		–
Asia		296		228,035		608		235,663
Totals	$	66,247,578	$	13,263,855	$	128,817,028	$	22,134,130

Long-lived assets, net (property and equipment and intangible assets):	December 31, 2020		June 30, 2020
North America	$	1,559,693	$	1,302,353
Asia		45,036		43,688
Totals	$	1,604,729	$	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

Performance Obligations

As of December 31, 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

Long-lived Assets

As of December 31, 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

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2. BUSINESS OVERVIEW

6 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BUSINESS OVERVIEW

NOTE 2 - BUSINESS OVERVIEW

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3. BASIS OF PRESENTATION

6 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

BASIS OF PRESENTATION

NOTE 3 – BASIS OF PRESENTATION

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4. DEFINITE LIVED INTANGIBLE ASSETS

6 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

DEFINITE LIVED INTANGIBLE ASSETS

NOTE 4 – DEFINITE LIVED INTANGIBLE ASSETS

The definite lived intangible assets consisted of the following as of December 31, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life	Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years	1.3 years	$	18,397	$	12,265	$	6,132
Technology in progress	Not Applicable	-		589,997		–		589,997
Software	5 years	2.5 years		527,185		370,551		156,634
Patents	10 years	6.5 years		20,882		11,875		9,007
Certifications & licenses	3 years	1.8 years		4,122,105		3,464,709		657,396
Total as of December 31, 2020			$	5,278,566	$	3,859,400	$	1,419,166

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

	FY2021			FY2022			FY2023			FY2024			FY2025			Thereafter
Total	$	246,721		$	561,203		$	367,093		$	175,864		$	26,745		$	41,540

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5. PROPERTY AND EQUIPMENT

6 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of:

	December 31, 2020			June 30, 2020
Machinery and facility	$	364,624		$	364,054
Office equipment		430,384			420,941
Molds		940,165			940,165
		1,735,173			1,725,160
Less accumulated depreciation		(1,549,610	)		(1,504,271	)
Total	$	185,563		$	220,889

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6. ACCRUED LIABILITIES

6 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

NOTE 6 – ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of:

	December 31, 2020		June 30, 2020
Accrued payroll deductions owed to government entities	$	63,234	$	39,380
Accrued salaries and bonuses		–		129,000
Accrued vacation		52,964		58,467
Accrued undelivered inventory		140,000		140,000
Accrued commission for service providers		60,000		98,500
Other accrued liabilities		322		674
Total	$	316,520	$	466,021

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7. EARNINGS (LOSS) PER SHARE

6 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 7 – EARNINGS (LOSS) PER SHARE

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

	Three Months ended December 31,				Six Months Ended December 31,
	2020		2019		2020		2019
Net income attributable to Parent Company	$	6,856,611	$	580,878	$	13,776,971	$	834,816

Weighted-average shares of common stock outstanding:
Basic shares outstanding		11,566,309		10,570,203		11,118,511		10,570,203
Dilutive effect of common stock equivalents arising from stock options		160,973		137,825		160,973		137,825
Diluted shares outstanding		11,727,282		10,708,028		11,279,484		10,708,028
Basic income per share	$	0.59	$	0.05	$	1.24	$	0.08
Diluted income per share	$	0.58	$	0.05	$	1.22	$	0.08

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8. COMMITMENTS AND CONTINGENCIES

6 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 8 - COMMITMENTS AND CONTINGENCIES

Leases

Future minimum payments under operating leases are as follows:

	Operating Leases
Fiscal 2021	$	225,925
Fiscal 2022		343,584
Fiscal 2023		321,930
Fiscal 2024		160,965
Total lease payments		1,052,404
Less imputed interest		(58,040	)
Total	$	994,364

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

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. The future impact on sales revenue caused by the current pandemic, and any virus mutations that may occur, are very difficult for management to predict. Management does anticipate that the current pace of sales in the 4G/LTE space will begin to slow in the third and fourth quarter of FY2021. In anticipation of these changes, management is actively working to secure new opportunities within the 5G space, across all major carrier networks both foreign and domestic. Management also believes that the need for remote work and education will continue for the long term and has increased the size of the wireless hotspot market going forward.

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

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9. LONG-TERM INCENTIVE PLAN AWARDS

6 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

LONG-TERM INCENTIVE PLAN AWARDS

NOTE 9 – LONG-TERM INCENTIVE PLAN AWARDS

A summary of the status of our stock options is presented below as of December 31, 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			5.40			–		–
Exercised		(47,291	)		(1.18	)		–		–
Cancelled		–			–			–		–
Forfeited or Expired		(4,000	)		(5.40	)		–		–
Outstanding as of December 31, 2020		499,000		$	3.61			3.27	$	9,926,890

Exercisable as of December 31, 2020		204,000		$	3.61			1.45	$	4,587,390

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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Dec. 31, 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 December 31, 2020, the non-controlling interest was $1,158,316, which represents a $376,301 increase from $782,015 as of June 30, 2020.

Segment Reporting

Segment Reporting

	Three Months Ended				Six Months Ended
	December 31,				December 31,
Net sales:		2020		2019		2020		2019
North America	$	66,229,782	$	13,035,820	$	128,798,920	$	21,898,467
Caribbean and South America		17,500		–		17,500		–
Asia		296		228,035		608		235,663
Totals	$	66,247,578	$	13,263,855	$	128,817,028	$	22,134,130

Long-lived assets, net (property and equipment and intangible assets):	December 31, 2020		June 30, 2020
North America	$	1,559,693	$	1,302,353
Asia		45,036		43,688
Totals	$	1,604,729	$	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

Performance Obligations

As of December 31, 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

Long-lived Assets

Long-lived Assets

As of December 31, 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 28 R17.htm IDEA: XBRL DOCUMENT

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Segment information by geographic areas

The following table contains certain financial information by geographic area:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
Net sales:		2020		2019		2020		2019
North America	$	66,229,782	$	13,035,820	$	128,798,920	$	21,898,467
Caribbean and South America		17,500		–		17,500		–
Asia		296		228,035		608		235,663
Totals	$	66,247,578	$	13,263,855	$	128,817,028	$	22,134,130

Long-lived assets, net (property and equipment and intangible assets):	December 31, 2020		June 30, 2020
North America	$	1,559,693	$	1,302,353
Asia		45,036		43,688
Totals	$	1,604,729	$	1,346,041

Useful lives of property and equipment

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

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4. DEFINITE LIVED INTANGIBLE ASSETS (Tables)

6 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of definite lived intangible assets

The definite lived intangible assets consisted of the following as of December 31, 2020:

Definite lived intangible assets:	Expected Life	Average Remaining life	Gross Intangible Assets		Less Accumulated Amortization		Net Intangible Assets
Complete technology	3 years	1.3 years	$	18,397	$	12,265	$	6,132
Technology in progress	Not Applicable	-		589,997		–		589,997
Software	5 years	2.5 years		527,185		370,551		156,634
Patents	10 years	6.5 years		20,882		11,875		9,007
Certifications & licenses	3 years	1.8 years		4,122,105		3,464,709		657,396
Total as of December 31, 2020			$	5,278,566	$	3,859,400	$	1,419,166

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

Schedule of finite-lived intangible assets, future amortization expense

The amortization expenses of the definite lived intangible assets for the future are as follows:

	FY2021			FY2022			FY2023			FY2024			FY2025			Thereafter
Total	$	246,721		$	561,203		$	367,093		$	175,864		$	26,745		$	41,540

XML 30 R19.htm IDEA: XBRL DOCUMENT

5. PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consisted of the following as of:

	December 31, 2020			June 30, 2020
Machinery and facility	$	364,624		$	364,054
Office equipment		430,384			420,941
Molds		940,165			940,165
		1,735,173			1,725,160
Less accumulated depreciation		(1,549,610	)		(1,504,271	)
Total	$	185,563		$	220,889

XML 31 R20.htm IDEA: XBRL DOCUMENT

6. ACCRUED LIABILITIES (Tables)

6 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of accrued liabilities

Accrued liabilities consisted of the following as of:

	December 31, 2020		June 30, 2020
Accrued payroll deductions owed to government entities	$	63,234	$	39,380
Accrued salaries and bonuses		–		129,000
Accrued vacation		52,964		58,467
Accrued undelivered inventory		140,000		140,000
Accrued commission for service providers		60,000		98,500
Other accrued liabilities		322		674
Total	$	316,520	$	466,021

XML 32 R21.htm IDEA: XBRL DOCUMENT

7. EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of earnings per share

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

	Three Months ended December 31,				Six Months Ended December 31,
	2020		2019		2020		2019
Net income attributable to Parent Company	$	6,856,611	$	580,878	$	13,776,971	$	834,816

Weighted-average shares of common stock outstanding:
Basic shares outstanding		11,566,309		10,570,203		11,118,511		10,570,203
Dilutive effect of common stock equivalents arising from stock options		160,973		137,825		160,973		137,825
Diluted shares outstanding		11,727,282		10,708,028		11,279,484		10,708,028
Basic income per share	$	0.59	$	0.05	$	1.24	$	0.08
Diluted income per share	$	0.58	$	0.05	$	1.22	$	0.08

XML 33 R22.htm IDEA: XBRL DOCUMENT

8. COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Dec. 31, 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	$	225,925
Fiscal 2022		343,584
Fiscal 2023		321,930
Fiscal 2024		160,965
Total lease payments		1,052,404
Less imputed interest		(58,040	)
Total	$	994,364

XML 34 R23.htm IDEA: XBRL DOCUMENT

9. LONG-TERM INCENTIVE PLAN AWARDS (Tables)

6 Months Ended

Dec. 31, 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 December 31, 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			5.40			–		–
Exercised		(47,291	)		(1.18	)		–		–
Cancelled		–			–			–		–
Forfeited or Expired		(4,000	)		(5.40	)		–		–
Outstanding as of December 31, 2020		499,000		$	3.61			3.27	$	9,926,890

Exercisable as of December 31, 2020		204,000		$	3.61			1.45	$	4,587,390

XML 35 R24.htm IDEA: XBRL DOCUMENT

1. Summary of Significant Accounting Policies (Details - Segments) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 66,247,578	$ 13,263,855	$ 128,817,028	$ 22,134,130
North America [Member]
Net sales	66,229,782	13,035,820	128,798,920	21,898,467
Caribbean and South America [Member]
Net sales	17,500	0	17,500	0
Asia [Member]
Net sales	$ 296	$ 228,035	$ 608	$ 235,663

- 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).

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1. Summary of Significant Accounting Policies (Details - Segments Long-Lived Assets) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Long-lived assets, net (property and equipment and intangible assets)	$ 1,604,729	$ 1,346,041
North America [Member]
Long-lived assets, net (property and equipment and intangible assets)	1,559,693	1,302,353
Asia [Member]
Long-lived assets, net (property and equipment and intangible assets)	$ 45,036	$ 43,688

XML 37 R26.htm IDEA: XBRL DOCUMENT

1. Summary of Significant Accounting Policies (Details - Useful lives)	6 Months Ended
	Dec. 31, 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

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1. Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Noncontrolling interest	$ 1,158,316		$ 1,158,316		$ 782,015
Allowance for doubtful accounts	61,890		61,890		0
Product development costs	86,000	$ 97,000	200,000	$ 167,000
Capitalized product development costs	589,997		589,997		140,192
Product development costs incurred	454,804		533,146	348,668
Credit on developed software		15,000
Research and development costs	1,151,732	1,024,424	2,130,124	1,919,936
Warranty expense			0	0
Shipping and handling expense	1,409,026	769,743	2,930,485	1,618,504
Inventory reserve	0		0		399,437
Goodwill impairment			0		0
Income tax provisions	2,138,406	114,886	4,139,140	175,860
Increase (decrease) in deferred tax asset	168,037	113,994	(252,908)	(125,169)
Products purchased	54,955,123	10,672,228	105,853,342	17,521,991
Accounts payable	63,939,629	11,290,854	63,939,629	11,290,854	42,083,255
Operating lease right-of-use assets	955,732		955,732		1,139,670
Operating lease liabilities	994,364		994,364
Shipping and Handling [Member]
Shipping and handling expense	$ 245,586	$ 166,741	$ 527,652	$ 339,849
Sales [Member] \| Transferred At Point In Time [Member]
Concentration of credit risk	99.90%		99.90%
Sales [Member] \| Transferred Over Time [Member]
Concentration of credit risk	0.10%		0.10%
Sales [Member] \| Customer 1 [Member]
Concentration of credit risk			59.00%	43.00%
Sales [Member] \| Customer 2 [Member]
Concentration of credit risk			33.00%	30.00%
Accounts Receivable [Member] \| Customer 1 [Member]
Concentration of credit risk			0.00%	52.00%
Accounts Receivable [Member] \| Customer 2 [Member]
Concentration of credit risk			92.00%	25.00%
Purchases [Member] \| Supplier Concentration Risk [Member]
Concentration of credit risk			99.00%	90.00%
Products purchased			$ 105,965,938	$ 18,362,013
Accounts payable	$ 62,966,217		$ 62,966,217		$ 11,290,854
Noncontrolling Interest [Member]
Noncontrolling interest percentage	33.70%		33.70%		33.70%

XML 39 R28.htm IDEA: XBRL DOCUMENT

4. Definite Lived Intangible Assets (Details - Intangible assets activity) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Gross Intangible Assets	$ 5,278,566	$ 4,744,017
Less Accumulated Amortization	3,859,400	3,618,865
Net Intangible Assets	$ 1,419,166	$ 1,125,152
Complete Technology [Member]
Expected Life	3 years	3 years
Average Remaining Life	1 year 11 days	1 year 9 months 18 days
Gross Intangible Assets	$ 18,397	$ 18,397
Less Accumulated Amortization	12,265	7,666
Net Intangible Assets	$ 6,132	$ 10,731
Software [Member]
Expected Life	5 years	5 years
Average Remaining Life	2 years 18 days	2 years 1 month 2 days
Gross Intangible Assets	$ 527,185	$ 525,930
Less Accumulated Amortization	370,551	338,593
Net Intangible Assets	$ 156,634	$ 187,337
Patents [Member]
Expected Life	10 years	10 years
Average Remaining Life	6 years 18 days	7 years
Gross Intangible Assets	$ 20,882	$ 20,734
Less Accumulated Amortization	11,875	10,821
Net Intangible Assets	$ 9,007	$ 9,913
Certifications And Licenses [Member]
Expected Life	3 years	3 years
Average Remaining Life	1 year 29 days	1 year 1 month 2 days
Gross Intangible Assets	$ 4,122,105	$ 4,038,764
Less Accumulated Amortization	3,464,709	3,261,785
Net Intangible Assets	657,396	776,979
Technology in progress [Member]
Gross Intangible Assets	589,997	140,192
Less Accumulated Amortization	0	0
Net Intangible Assets	$ 589,997	$ 140,192

XML 40 R29.htm IDEA: XBRL DOCUMENT

4. Definite Lived Intangible Assets (Details - Amortization Expenses)	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets, Future Amortization Expense
2021	$ 246,721
2022	561,203
2023	367,093
2024	175,864
2025	26,745
Thereafter	$ 41,540

XML 41 R30.htm IDEA: XBRL DOCUMENT

4. Definite Lived Intangible Assets (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 112,895	$ 112,132	$ 240,535	$ 198,268

XML 42 R31.htm IDEA: XBRL DOCUMENT

5. Property and Equipment (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Property and equipment, gross	$ 1,735,173	$ 1,725,160
Less accumulated depreciation	(1,549,610)	(1,504,271)
Total	185,563	220,889
Machinery and Commercial Equipment [Member]
Property and equipment, gross	364,624	364,054
Office Equipment [Member]
Property and equipment, gross	430,384	420,941
Molds [Member]
Property and equipment, gross	$ 940,165	$ 940,165

XML 43 R32.htm IDEA: XBRL DOCUMENT

5. Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
5. Property and Equipment (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 22,933	$ 23,746	$ 45,339	$ 43,871

XML 44 R33.htm IDEA: XBRL DOCUMENT

6. Accrued Liabilities (Details) - USD ($)	Dec. 31, 2020	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued payroll deductions owed to government entities	$ 63,234	$ 39,380
Accrued salaries and bonuses	0	129,000
Accrued vacation	52,964	58,467
Accrued undelivered inventory	140,000	140,000
Accrued commission for service providers	60,000	98,500
Other accrued liabilities	322	674
Total	$ 316,520	$ 466,021

XML 45 R34.htm IDEA: XBRL DOCUMENT

7. Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
7. Earnings (Loss) Per Share (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income attributable to Parent Company	$ 6,856,611	$ 580,878	$ 13,776,971	$ 834,816
Weighted-average shares of common stock outstanding:
Basic shares outstanding	11,566,309	10,570,203	11,118,511	10,570,203
Dilutive effect of common stock equivalents arising from stock options	160,973	137,825	160,973	137,825
Diluted Outstanding shares	11,727,282	10,708,028	11,279,483	10,708,028
Basic income per share	$ 0.59	$ 0.05	$ 1.24	$ 0.08
Diluted income per share	$ 0.58	$ 0.05	$ 1.22	$ 0.08

- 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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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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+ Details

XML 46 R35.htm IDEA: XBRL DOCUMENT

7. Earnings (Loss) Per Share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Anti-dilutive shares excluded from EPS	499,000	299,000	499,000	299,000

XML 47 R36.htm IDEA: XBRL DOCUMENT

8. Commitments and Contingencies (Details - Maturities of lease liabilities)	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Fiscal 2021	$ 225,925
Fiscal 2022	343,584
Fiscal 2023	321,930
Fiscal 2024	160,965
Total	1,052,404
Less imputed interest	(58,040)
Total	$ 994,364

XML 48 R37.htm IDEA: XBRL DOCUMENT

8. Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Anydata [Member]
Purchase commitment	$ 3,100,000		$ 3,100,000
Quanta [Member]
Purchase commitment	2,900,000		2,900,000
Payment made for inventory	100,000		100,000
Prepaid expense	49,580		49,580
Cost of goods sold	149,580
Administrative office, San Diego, CA [Member]
Rent Expense	$ 77,263	$ 74,624	$ 154,526	$ 143,968
Operating lease discount rate	4.00%		4.00%
Administrative office, Korea [Member]
Rent Expense	$ 32,100	32,100	$ 64,200	64,200
Operating lease discount rate	2.80%		2.80%
Employee [Member]
Rent Expense	$ 2,337	$ 2,217	$ 4,527	$ 4,521

XML 49 R38.htm IDEA: XBRL DOCUMENT

9. Long-Term Incentive Plan Awards (Details - Option Activity) - Options [Member] - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020
Shares
Number of Options Outstanding, Beginning	251,291	299,000
Number of Options Granted	299,000
Number of Options Exercised	(47,291)
Number of Options Cancelled	0
Number of Options Forfeited or Expired	(4,000)
Number of Options Outstanding, Ending	499,000	251,291
Number of Options Exercisable	204,000
Weighted-Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$ 1.05	$ 1.04
Weighted Average Exercise Price Granted	5.40
Weighted Average Exercise Price Exercised	(1.18)
Weighted Average Exercise Price Canceled
Weighted Average Exercise Price Forfeited or Expired	(5.40)
Weighted Average Exercise Price Outstanding, Ending	3.61	$ 1.05
Weighted Average Exercise Price Exercisable	$ 3.61
Weighted-Average Remaining Contractual Life (In Years)
Weighted Average Remaining Contractual Life (in years) Outstanding	3 years 3 months 8 days	1 year 11 months 12 days
Weighted Average Remaining Contractual Life (in years) Exercisable	1 year 5 months 12 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value Outstanding, Beginning	$ 1,124,525	$ 420,620
Aggregate Intrinsic Value Exercised	0
Aggregate Intrinsic Value Cancelled	$ 0
Aggregate Intrinsic Value Forfeited or Expired	$ 0
Aggregate Intrinsic Value Outstanding, Ending	$ 9,926,890	$ 1,124,525
Aggregate Intrinsic Value Exercisable	$ 4,587,390

XML 50 R39.htm IDEA: XBRL DOCUMENT

9. Long-Term Incentive Plan Awards (Details Narrative) - USD ($)	6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share based compensation expense	$ 184,229	$ 0
Weighted average grant-date fair value of stock options	499,000
Weighted average grant-date fair value of stock options, per share price	$ 2.97
Unrecognized compensation cost related to non-vested options	$ 1,007,164

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