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Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Jun. 30, 2023
Current Assets:    
Cash and cash equivalents $ 405,278 $ 2,925,852
Accounts receivable, net of allowance for credit losses of $118,872 at June 30, 2024 and $606,715 at June 30, 2023 3,545,491 3,907,407
Inventories 2,868,100 2,776,216
Prepaid expenses 299,364 249,681
Total current assets 7,118,233 9,859,156
Fixed Assets:    
Machinery and equipment 3,341,194 3,227,481
Leasehold improvements 810,914 825,752
Furniture and fixtures 416,425 242,865
Total fixed assets 4,568,533 4,296,098
Less—Accumulated depreciation and amortization 4,074,960 3,862,578
Net fixed assets 493,573 433,520
Operating lease right-of-use asset 189,999 358,437
Patents, net 286,559 265,111
Goodwill 8,824,210 8,824,210
Total other assets 9,300,768 9,447,758
TOTAL ASSETS 16,912,574 19,740,434
Current Liabilities:    
Revolving line of credit 1,000,000 0
Current portion of capital lease obligation 41,113 43,209
Current maturities of long-term debt 276,928 513,259
Accounts payable 1,397,313 2,432,264
Customer advances 1,172,350 1,174,690
Accrued compensation and other 840,662 927,521
Operating lease liability 178,450 168,677
Total current liabilities 4,906,816 5,259,620
Capital lease obligation, net of current portion 27,369 68,482
Long-term debt, net of current maturities 1,899,052 2,175,980
Operating lease liability, net of current portion 11,549 189,760
Total liabilities 6,844,786 7,693,842
Stockholders’ Equity:    
Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 6,073,939 shares at June 30, 2024 and 6,066,518 shares at June 30, 2023 60,739 60,665
Additional paid-in capital 61,197,433 60,224,934
Accumulated deficit (51,190,384) (48,239,007)
Total stockholders’ equity 10,067,788 12,046,592
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 16,912,574 $ 19,740,434