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CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Dec. 31, 2022
Jun. 30, 2022
Current Assets:    
Cash and cash equivalents $ 381,318 $ 605,749
Accounts receivable, net of allowance for doubtful accounts of $72,343 at December 31, 2022 and $44,135 at June 30, 2022 4,032,522 2,663,872
Inventories 2,846,975 3,079,938
Prepaid expenses 213,177 213,448
Total current assets 7,473,992 6,563,007
Fixed Assets:    
Machinery and equipment 3,222,406 3,215,412
Leasehold improvements 795,572 786,112
Furniture and fixtures 227,599 219,999
Total fixed assets 4,245,577 4,221,523
Less—Accumulated depreciation and amortization 3,756,593 3,651,843
Net fixed assets 488,984 569,680
Operating lease right-to-use asset 439,074 517,725
Patents, net 242,981 229,398
Goodwill 8,824,210 8,824,210
TOTAL ASSETS 17,469,241 16,704,020
Current Liabilities:    
Current portion of financing lease obligation 41,938 40,705
Current maturities of long-term debt 371,429 367,714
Current portion of acquisition earn out liabilities 889,525 166,667
Accounts payable 2,244,270 2,239,175
Contract liabilities 794,981 905,113
Accrued compensation and other 971,864 716,702
Operating lease liability 163,984 150,565
Total current liabilities 5,477,991 4,586,641
Financing lease obligation, net of current portion 90,409 111,691
Long-term debt, net of current maturities and debt issuance costs 1,773,571 1,961,141
Acquisition earn out liability, net of current portion 0 705,892
Operating lease liability, net of current portion 275,090 367,160
Stockholders’ Equity:    
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 5,638,302 shares at December 31, 2022 and June 30, 2022 56,383 56,383
Additional paid-in capital 57,329,282 57,009,506
Accumulated deficit (47,533,485) (48,094,394)
Total stockholders’ equity 9,852,180 8,971,495
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 17,469,241 $ 16,704,020