Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2020 | Nov. 10, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | Flux Power Holdings, Inc. | |
Entity Central Index Key | 0001083743 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,960,084 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 |
Current assets: | ||
Cash | $ 6,150,000 | $ 726,000 |
Accounts receivable | 3,162,000 | 3,069,000 |
Inventories | 6,049,000 | 5,256,000 |
Other current assets | 488,000 | 787,000 |
Total current assets | 15,849,000 | 9,838,000 |
Right of use asset | 3,337,000 | 3,435,000 |
Other assets | 132,000 | 174,000 |
Property, plant and equipment, net | 688,000 | 528,000 |
Total assets | 20,006,000 | 13,975,000 |
Current liabilities: | ||
Accounts payable | 3,791,000 | 4,648,000 |
Accrued expenses | 1,453,000 | 1,400,000 |
Deferred revenue | 48,000 | 4,000 |
Customer deposits | 920,000 | 1,563,000 |
Due to Factor | 469,000 | |
Short-term loans - related party | 2,057,000 | |
Line of credit - related party | 4,396,000 | 5,290,000 |
Financing lease payable | 18,000 | 28,000 |
Office lease payable, current portion | 345,000 | 288,000 |
Accrued interest | 248,000 | 50,000 |
Total current liabilities | 11,219,000 | 15,797,000 |
Long term liabilities: | ||
Paycheck Protection Program loan payable | 1,297,000 | 1,297,000 |
Office lease payable, less current portion | 3,197,000 | 3,301,000 |
Total liabilities | 15,713,000 | 20,395,000 |
Stockholders' equity (deficit): | ||
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding | ||
Common stock, $0.001 par value; 30,000,000 shares authorized; 11,419,737 and 7,420,487 shares issued and outstanding at September 30, 2020 and June 30, 2020, respectively | 11,000 | 7,000 |
Additional paid-in capital | 61,678,000 | 46,985,000 |
Accumulated deficit | (57,396,000) | (53,412,000) |
Total stockholders' equity (deficit) | 4,293,000 | (6,420,000) |
Total liabilities and stockholders' equity (deficit) | $ 20,006,000 | $ 13,975,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 11,419,737 | 7,420,487 |
Common stock, shares outstanding | 11,419,737 | 7,420,487 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||
Net revenue | $ 4,499,000 | $ 1,919,000 |
Cost of sales | 3,626,000 | 1,802,000 |
Gross profit | 873,000 | 117,000 |
Operating expenses: | ||
Selling and administrative expenses | 2,920,000 | 2,262,000 |
Research and development | 1,507,000 | 1,341,000 |
Total operating expenses | 4,427,000 | 3,603,000 |
Operating loss | (3,554,000) | (3,486,000) |
Interest expense | (430,000) | (328,000) |
Net loss | $ (3,984,000) | $ (3,814,000) |
Net loss per share - basic and diluted | $ (0.42) | $ (0.75) |
Weighted average number of common shares outstanding - basic and diluted | 9,536,441 | 5,103,342 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning balance at Jun. 30, 2019 | $ 5,000 | $ 35,902,000 | $ (39,076,000) | $ (3,169,000) |
Beginning balance, shares at Jun. 30, 2019 | 5,101,580 | |||
Issuance of common stock - exercised options | ||||
Issuance of common stock - exercised options, shares | 2,894 | 4,437 | ||
Stock based compensation | 451,000 | $ 451,000 | ||
Net loss | (3,814,000) | (3,814,000) | ||
Ending balance at Sep. 30, 2019 | $ 5,000 | 36,353,000 | (42,890,000) | (6,532,000) |
Ending balance, shares at Sep. 30, 2019 | 5,104,474 | |||
Beginning balance at Jun. 30, 2020 | $ 7,000 | 46,985,000 | (53,412,000) | $ (6,420,000) |
Beginning balance, shares at Jun. 30, 2020 | 7,420,487 | |||
Issuance of common stock - exercised options, shares | ||||
Issuance of common stock - private placement transactions, net | $ 1,000 | 3,199,000 | $ 3,200,000 | |
Issuance of common stock - private placement transactions, net, shares | 800,000 | |||
Issuance of common stock - debt conversion | 400,000 | 400,000 | ||
Issuance of common stock - debt conversion, shares | 100,000 | |||
Issuance of common stock - public offering, net of costs | $ 3,000 | 10,695,000 | 10,698,000 | |
Issuance of common stock - public offering, net of costs, shares | 3,099,250 | |||
Fair value of warrants issued | 174,000 | 174,000 | ||
Stock based compensation | 225,000 | 225,000 | ||
Net loss | (3,984,000) | (3,984,000) | ||
Ending balance at Sep. 30, 2020 | $ 11,000 | $ 61,678,000 | $ (57,396,000) | $ 4,293,000 |
Ending balance, shares at Sep. 30, 2020 | 11,419,737 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (3,984,000) | $ (3,814,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 54,000 | 33,000 |
Stock-based compensation | 225,000 | 451,000 |
Fair value of warrant issued as debt issuance cost | 174,000 | |
Noncash interest expense | 29,000 | |
Noncash rent expense | 98,000 | 88,000 |
Allowance for inventory reserve | (219,000) | |
Amortization of prepaid offering costs | 547,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (93,000) | 1,390,000 |
Inventories | (574,000) | (311,000) |
Other current assets | (206,000) | (132,000) |
Accounts payable | (857,000) | 309,000 |
Accrued expenses | 53,000 | (103,000) |
Due to Factor | (469,000) | 382,000 |
Accrued interest | 198,000 | 282,000 |
Office lease payable | (47,000) | 2,000 |
Deferred revenue | 44,000 | |
Customer deposits | (643,000) | |
Net cash used in operating activities | (5,670,000) | (1,423,000) |
Cash flows from investing activities | ||
Purchases of equipment | (214,000) | (104,000) |
Net cash used in investing activities | (214,000) | (104,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock in private placement | 3,200,000 | |
Proceeds from issuance of common stock in public offering, net of offering costs | 10,698,000 | |
Borrowings from line of credit - related party debt | 1,595,000 | |
Payment of short-term loan - related party | (178,000) | |
Payment of line of credit - related party | (1,402,000) | |
Principal payments on financing lease payable | (10,000) | (7,000) |
Net cash provided by financing activities | 11,308,000 | 1,588,000 |
Net change in cash | 5,424,000 | 61,000 |
Cash, beginning of period | 726,000 | 102,000 |
Cash, end of period | 6,150,000 | 163,000 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Initial recognition of right-of-use lease asset and lease liability | 2,706,000 | |
Common stock issued for conversion of related party debt | 400,000 | |
Accrued interest converted into principal | 29,000 | |
Supplemental schedule of cash flow information: | ||
Interest paid | $ 29,000 | $ 46,000 |
Nature of Business and Reverse
Nature of Business and Reverse Stock Split | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Business and Reverse Stock Split | NOTE 1 - NATURE OF BUSINESS AND REVERSE STOCK SPLIT Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) applicable to interim reports of companies filing as a smaller reporting company. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the SEC on September 28, 2020. In the opinion of management, the accompanying condensed consolidated interim financial statements include all adjustments necessary in order to make the financial statements not misleading. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period. Certain notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Company’s Annual Report on Form 10-K have been omitted. The accompanying condensed consolidated balance sheet at June 30, 2020 has been derived from the audited balance sheet at June 30, 2020 contained in such Form 10-K. Nature of Business Flux Power Holdings, Inc. (“Flux”) was incorporated in 1998 in the State of Nevada. On June 14, 2012, Flux entered into a reverse merger and changed its name to Flux Power Holdings, Inc. (“Flux”). Flux’s operations are conducted through its wholly owned subsidiary, Flux Power, Inc. (“Flux Power”), a California corporation (collectively, the “Company”). The Company designs, develops, manufactures, and sells advanced rechargeable lithium-ion energy storage solutions for lift trucks, airport ground support equipment (“GSE”) and other industrial motive applications. The Company’s “LiFT” battery packs, including its proprietary battery management system (“BMS”), provide its customers with a better performing, cheaper and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. The Company has received Underwriters Laboratory (“UL”) Listing on its Class 3 Walkie Pallet Jack (“Class 3 Walkie”) LiFT pack product line in 2016 and expect to finalize UL listing during calendar 2020 for its other product lines, which include Class 1 Counterbalance/Sit down/Ride-on (“Class 1 Ride-on”) LiFT packs, Class 2 Narrow Aisle LiFT packs, and Class 3 End Rider LiFT packs. The Company believes that a UL Listing demonstrates the safety, reliability and durability of its products and gives it an important competitive advantage over other lithium-ion energy suppliers. The Company’s Class 3 Walkie LiFT packs have been approved for use by leading industrial motive manufacturers, including Toyota Material Handling USA, Inc., Crown Equipment Corporation, and Raymond Corporation. As used herein, the terms “we,” “us,” “our,” “Flux,” and “Company” mean Flux Power Holdings, Inc., unless otherwise indicated. All dollar amounts herein are in U.S. dollars unless otherwise stated Reverse Stock Split The Company effected a 1-for-10 reverse split of its common stock and preferred stock on July 11, 2019 (“2019 Reverse Split”). No fractional shares were issued in connection with the 2019 Reverse Split. The 2019 Reverse Split resulted in a reduction of the outstanding shares of common stock from 51,000,868 to 5,101,580. In addition, it resulted in a reduction of the authorized shares of common stock from 300,000,000 to 30,000,000, and a reduction of the authorized shares of preferred stock from 5,000,000 to 500,000. The par value of the Company’s stock remained unchanged at $0.001. In addition, by reducing the number of the Company’s outstanding shares, the Company’s loss per share in all periods presented was increased by a factor of ten. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020. There have been no material changes in these policies or their application. Management has considered all recent accounting pronouncements issued since the last audit of the Company’s consolidated financial statements, and believes that these recent pronouncements will not have a material effect on the Company’s condensed consolidated financial statements. Net Loss Per Common Share The Company calculates basic loss per common share by dividing net loss by the weighted average number of common shares outstanding during the periods. Diluted loss per common share includes the impact from all dilutive potential common shares relating to outstanding convertible securities. For the three months ended September 30, 2020 and 2019, basic and diluted weighted-average common shares outstanding were 9,536,441 and 5,103,342, respectively. The Company incurred a net loss for the three months ended September 30, 2020 and 2019, and therefore, basic and diluted loss per share for the periods are the same because potential common equivalent shares were excluded from diluted weighted-average common shares outstanding during the period, as the inclusion of such shares would be anti-dilutive. The total potentially dilutive common shares outstanding at September 30, 2020 and 2019, excluded from diluted weighted-average common shares outstanding, which include common shares underlying outstanding convertible debt, stock options and warrants, were 1,946,101 and 571,421, respectively. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation for comparative purposes. |
Paycheck Protection Program Loa
Paycheck Protection Program Loan | 3 Months Ended |
Sep. 30, 2020 | |
Paycheck Protection Program Loan | |
Paycheck Protection Program Loan | NOTE 3 – PAYCHECK PROTECTION PROGRAM LOAN On May 1, 2020, the Company applied for and received a loan from the Bank of America, NA (the “BOA”) in the aggregate principal amount of approximately $1,297,000 (the “PPP Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The PPP Loan is evidenced by a promissory note dated May 1, 2020, issued by Flux Power to the BOA (the “PPP Note”). The PPP Loan has a two-year term and bears interest at a rate of 1.0% per annum. Monthly principal and interest payments are deferred for six months after the date of disbursement. The Company received the funds on or around May 4, 2020. The PPP Note may be prepaid by the Company at any time prior to maturity with no prepayment penalties. Proceeds from the PPP Loan are available to the Company to fund designated expenses, including certain payroll costs, group health care benefits and other permitted expenses, in accordance with the PPP. Under the terms of the PPP, subject to specific limitations, up to the entire amount of principal and accrued interest may be forgiven to the extent PPP Loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the U.S. Small Business Administration under the PPP. The Company intends to use the entire PPP Loan amount for designated qualifying expenses and to apply for forgiveness of the PPP Loan in accordance with the terms of the PPP. No assurance can be given that the Company will obtain forgiveness of the PPP Loan in whole or in part. With respect to any portion of the PPP Loan that is not forgiven, the PPP Loan will be subject to customary provisions for a loan of this type, including customary events of default relating to, among other things, payment defaults, and breaches of the provisions of the PPP Note. As of September 30, 2020, the outstanding balance of the PPP Loan was approximately $1,297,000. |
Related Party Debt Agreements
Related Party Debt Agreements | 3 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Related Party Debt Agreements | NOTE 4 - RELATED PARTY DEBT AGREEMENTS Esenjay Loan On March 9, 2020, the Company and Esenjay entered into a certain convertible promissory note (“Original Esenjay Note”) pursuant to which Esenjay provided the Company with a loan in the principal amount of $750,000 (the “Esenjay Loan”). The section below describes the original Esenjay Loan and subsequent changes and modifications made to the Esenjay Loan through August 31, 2020 at which time $564,000 of remaining principal and accrued interest outstanding under the Esenjay Loan became part of the Credit Facility Agreement as described below (See “Credit Facility” below). The Original Esenjay Note bore an interest rate of 15% per annum and was originally due on the earlier of: (i) June 30, 2020, unless extended pursuant to the terms thereunder, or (ii) an occurrence of an event of default. The outstanding obligations under the Original Esenjay Note were convertible into shares of common stock of the Company at the cash price per share of the equity securities paid by purchasers in the offering at any time upon consummation of an offering of equity securities of at least $1,000,000 before the maturity date. On June 2, 2020, the Original Esenjay Note was amended and restated to (i) extend the maturity date from June 30, 2020 to September 30, 2020, and (ii) to increase the principal amount outstanding under the Original Esenjay Note from $750,000 to $1,400,000 (the “Esenjay Note”). On June 26, 2020 and July 22, 2020, Esenjay assigned a total of $900,000 of the Esenjay Note to three (3) accredited investors. On June 30, 2020, in connection with the completion of the Company’s initial closing of its private placement offering, the principal amount outstanding under the Esenjay Note became convertible into shares of common stock at $4.00 per share, which was the cash price per share of such offering. The three note holders converted their notes into an aggregate 225,000 shares of common stock at $4.00 per share. On August 31, 2020, the Company entered into the Third Amended and Restated Credit Facility Agreement and pursuant to which the Company further amended the Notes to, among other amended items, to include outstanding obligations for an aggregate amount of approximately$564,000, consisting of $500,000 in principal and approximately $64,000 in accrued interest, under the Esenjay Note, into the Credit Facility Agreement. (See “Credit Facility” below). Cleveland Loan On July 3, 2019, the Company entered into a loan agreement with Cleveland, pursuant to which Cleveland agreed to loan the Company $1,000,000 (the “Cleveland Loan”). On August 19, 2020, In connection with the Cleveland Loan, on July 3, 2019, the Company issued Cleveland an unsecured short-term promissory note in the amount of $1,000,000 (the “Unsecured Promissory Note”). The Unsecured Promissory Note bears an interest rate of 15.0% per annum and was originally due on September 1, 2019, unless repaid earlier from a percentage of proceeds from certain identified accounts receivable. In connection with the Cleveland Loan, the Company issued Cleveland a three-year warrant (the “Cleveland Warrant”) to purchase the Company’s common stock in a number equal to 0.5% of the number of shares of common stock outstanding after giving effect to the total number of shares of common stock to be sold in a contemplated public offering and with an exercise price equal to the per share public offering price. On September 1, 2019, the Company entered into the First Amendment to the Unsecured Promissory Note pursuant to which the maturity date of the Unsecured Promissory Note was modified from September 1, 2019 to December 1, 2019 (the “First Amendment”). In connection with the First Amendment, the Company replaced the Cleveland Warrant with the Amended and Restated Warrant Certificate (the “Amended Warrant”). The Amended Warrant increased the warrant coverage from 0.5% to 1% of the number of shares of common stock outstanding after giving effect to the total number of shares of common stock sold in the next private or public offering. In addition, the exercise price was also changed to equal the per share price of common stock sold in such offering. The fair value of such warrants was approximately $174,000. (See Note 6) During the period of December 3, 2019 through June 30, 2020, the Company entered into an additional six amendments (Second Amendment to Seventh Amendment) to the Unsecured Promissory Note which (i) extended the maturity date of the Unsecured Promissory Note and (ii) capitalized all accrued and unpaid interest to the principal amount as of the effective date of each of such amendment. The first of such amendments, which was the Second Amendment to the Unsecured Promissory Note, waived any Event of Default (as defined in the Unsecured Promising Note) arising from the failure of the Company to make the required payment due on maturity date under the First Amendment. On July 9, 2020, the Company made a payment to Cleveland in the amount of $200,000 as a partial payment of the outstanding principal balance of the Cleveland Loan. On July 27, 2020, in connection with the outstanding loan from Cleveland to the Company in the principal amount of $1,157,000, the Company entered into the Eighth Amendment to the Unsecured Promissory Note which extended the maturity date from July 31, 2020 to August 31, 2020, and capitalized all accrued and unpaid interest as of July 27, 2020 to the principal amount. All accrued and unpaid interest as of July 27, 2020 was capitalized to the principal amount. On August 19, 2020, Credit Facility On March 22, 2018, Flux Power entered into a credit facility agreement with Esenjay with a maximum borrowing amount of $5,000,000 (the “Original Agreement”). The Original Agreement was amended multiple times to allow for, among other things, an increase in the maximum principal amount available under line of credit (“LOC”), additional lenders and extensions of the maturity date. As of September 30, 2020, there was approximately $4,396,000 in principal outstanding under the LOC and approximately $7,604,000 remained available for future draws. The section below describes the Original Agreement and changes and modifications made to such agreement through August 31, 2020. Proceeds from the initial credit facility under the Original Agreement put in place on March 22, 2018 were to be used to purchase inventory and related operational expenses and accrue interest at a rate of 15% per annum. The outstanding balance of the Original Agreement and all accrued interest was due and payable on March 31, 2019. The Original Agreement was amended, among other things, to (i) increase the maximum principal amount available under LOC from $5,000,000 to $7,000,000, (ii) add Cleveland as additional lender to the LOC pursuant to which each lender has a right to advance a pro rata amount of the principal amount available under the LOC, (iii) extend the maturity date from March 31, 2019 to December 31, 2019, and (iv) provide for additional parties to become a “Lender” under the Amended and Restated Credit Facility Agreement. In connection with the LOC, on March 28, 2019 the Company issued a secured promissory note to Cleveland (the “Cleveland Note”), and an amended and restated secured promissory note to Esenjay which amended and superseded the secured promissory note dated March 22, 2018 (“Esenjay Note” and together with the Cleveland Note and other secured promissory notes to Lenders (the “Notes”). The Notes were issued for the principal amount of $7,000,000 or such lesser principal amount advanced by the respective Lender under the Amended and Restated Credit Facility Agreement. The Notes bore an interest rate of fifteen percent (15%) per annum and a maturity date of December 31, 2019. To secure the obligations under the Notes, Flux Power entered into an Amended and Restated Security Agreement dated March 28, 2019 with the Lenders (as amended, the “Amended Security Agreement”). The Amended Security Agreement amended and restated the Guaranty and Security Agreement dated March 22, 2018 by and between Esenjay and the Company, and added Cleveland and other Lenders as additional secured parties to the Amended Security Agreement and appointing Esenjay as collateral agent. On October 10, 2019, the Company entered into a Second Amended and Restated Credit Facility Agreement and pursuant to which the Company further amended its line of credit and Notes to increase the maximum principal amount available under line of credit from $7,000,000 to $10,000,000. On December 31, 2019, the Company further amended the Notes to (i) increase the maximum principal amount available under line of credit from $10,000,000 to $12,000,000, (ii) capitalize all accrued and unpaid interest to the principal amount as of December 31, 2019, and (iii) extend the maturity date from December 31, 2019 to June 30, 2020. In addition, on December 31, 2019, the Company granted a right to each of the Lenders to convert their respective Note under the LOC into shares of the Company’s common stock at any time after the close of the next financing of the Company of at least $1,000,000 on or after December 31, 2019, and on or before the maturity date. On June 30, 2020, the Company and the Lenders executed the Third Amendment to the Amended and Restated Secured Promissory Note which (i) extended the maturity date of the secured Notes from June 30, 2020 to December 31, 2020, and (ii) capitalized all accrued and unpaid interest to the principal amount as of June 30, 2020. In addition, in connection with the Company’s private placement of up to 2,000,000 shares of common stock, par value $0.001 to accredited investors for an aggregate amount of up to approximately $8,000,000, or $4.00 per share of Common Stock (the “Offering”), the Company completed an initial closing of the Offering on June 30, 2020 pursuant to which an aggregate of 275,000 shares were sold for cash of $1,100,000. As a result of the initial closing of the Offering, each of the Lenders had a right to convert the principal and accrued interest outstanding under their respective Notes into shares of common stock at $4.00 per share, which was the price per share of common stock sold under the Offering. On June 30, 2020, the Lenders holding an aggregate of approximately $7,383,000 in principal and accrued interest outstanding under the LOC elected to convert their Notes into 1,845,830 shares of common stock. Such partial conversion consisted of (a) partial conversion of principal plus interest under the Esenjay LOC Note in the amount of $4,400,000 into 1,100,000 shares of common stock at $4.00 per share, and (b) conversion of approximately $2,983,000 of principal plus accrued interest held by other Lenders, including certain assignees of the Esenjay LOC Note, into 745,830 shares of common stock. In August 2020, the Company paid down an aggregate principal amount of approximately $1,402,000 of the outstanding balance under the LOC. On August 31, 2020, the Company entered into the Third Amended and Restated Credit Facility Agreement and pursuant to which the Company further amended the Notes to (i) extend the maturity date from December 31, 2020 to September 30, 2021, and (ii) include outstanding obligations under the Esenjay Note of approximately $564,000, consisting of $500,000 in principal and approximately $64,000 in accrued interest, into the LOC. As of September 30, 2020, there was approximately $4,396,000 in principal outstanding under the LOC of which $884,000 was held by Esenjay, $1,720,000 was held by Cleveland, and the balance of $1,792,000 was held by other Lenders. As of September 30, 2020, there was approximately $7,604,000 available for future draws. |
Factoring Arrangement
Factoring Arrangement | 3 Months Ended |
Sep. 30, 2020 | |
Factoring Arrangement | |
Factoring Arrangement | NOTE 5 – FACTORING ARRANGEMENT On August 23, 2019, the Company entered into a Factoring Agreement (“Factoring Agreement”) with CSNK Working Capital Finance Corp. d/b/a Bay View Funding (“CSNK”) for a factoring facility under which CSNK would, from time to time, buy approved receivables from the Company. The Company gave termination notice to CSNK and accordingly, effective August 30, 2020 has terminated the Factoring Agreement. As of September 30, 2020 and 2019, an outstanding balance of $0 and $382,000, respectively, was due to CNSK under the Factoring Agreement. The section below describes the terms of such factoring agreement prior to its termination. The factoring facility was for an initial term of twelve months and allowed for renewal on a year to year basis thereafter, unless terminated in accordance with the Factoring Agreement. The Company had the right to terminate the Factoring Agreement at any time upon 60 days prior written notice and payment to CSNK of an early termination fee equal to 0.5% of the Maximum Credit multiplied by the number of months remaining in the current term. The Company gave termination notice to CSNK and accordingly, effective August 30, 2020 the Factoring Agreement was terminated. As of September 30, 2020 and 2019, an outstanding balance of $0 and $382,000, respectively, was due to CNSK under the Factoring Agreement. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 3 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | NOTE 6 - STOCKHOLDERS’ EQUITY (DEFICIT) Public Offering 2020 Public Offering and NASDAQ Capital Market uplisting On August 18, 2020, the Company closed an underwritten public offering of its common stock at a public offering price of $4.00 per share for gross proceeds of approximately $12.4 million, which included the full exercise of the underwriters’ over-allotment option to purchase additional shares, prior to deducting underwriting discounts and commissions and offering expenses. A total of 3,099,250 shares of common stock were issued by the Company in the offering, including the full exercise of the over-allotment option. The securities were offered pursuant to a registration statement on Form S-1 (File No. 333-231766), which was declared effective by the United States Securities and Exchange Commission on August 12, 2020. Concurrent with the announcement of the public offering, on August 14, 2020, the Company’s common stock commenced trading on The NASDAQ Capital Market under the symbol “FLUX.” Prior to the listing on The NASDAQ Capital Market, the Company’s common stock was quoted on the OTCQB. Private Placements 2019 Private Placement In December 2018, the Company’s Board of Directors approved the private placement of up to 454,546 shares of common stock to select accredited investors for a total amount of $5,000,000, or $11.00 per share of common stock with the right of the Board to increase the offering amount to $7,000,000 (the “Offering”). On December 26, 2018, the Company completed an initial closing of the Offering, pursuant to which it sold an aggregate of 335,910 shares of common stock, at $11.00 per share, for an aggregate purchase price of approximately $3,695,000 in cash. A portion of the proceeds from the Offering was used to repay in full approximately $2.6 million in borrowings and accrued interest under two short-term credit facilities provided by Cleveland Capital, L.P. and a stockholder. On January 29, 2019, the Company conducted its final closing (the “Final Closing”) to its round of private placement to accredited investors that initially closed on December 26, 2018 (“Initial Closing”). Following the Initial Closing to the Final Closing, the Company sold an additional 63,347 shares of its Common Stock (“Shares”), at $11.00 per share, for an aggregate purchase price of approximately $697,000 to two accredited investors. The shares offered and sold in the Offering have not been registered under the Securities Act of 1933, as amended (“Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The shares were offered and sold to the accredited investors in reliance upon exemptions from registration pursuant to Rule 506(c) of Regulation D promulgated under Section 4(a)(2) under the Securities Act. In the aggregate, the Company issued 399,257 shares of its common stock for an aggregate gross proceeds of approximately $4,392,000 during Fiscal 2019. The Shares were issued on identical terms to those previously reported for the Initial Closing on the Company’s Form 8-K filed with the Securities and Exchange Commission (“SEC”) on December 28, 2018. The Company relied on the exemption from registration pursuant to Rule 506(c) of Regulation D promulgated under Section 4(a)(2) under the Securities Act of 1933, as amended. 2020 Private Placement On April 22, 2020, the Company sold and issued an aggregate of 66,250 shares of common stock, at $4.00 per share, for an aggregate purchase price of $265,000 in cash to two (2) accredited investors (the “2020 Private Placement”). On June 30, 2020, the Company completed an initial closing of the 2020 Private Placement offering of up to 2,000,000 shares of common stock, pursuant to which the Company sold an aggregate of 275,000 shares of common stock at $4.00 per share, for an aggregate purchase price of $1,100,000 to six (6) accredited investors. The $1,100,000 aggregate purchase price for such shares was paid in cash. Esenjay and Mr. Dutt, the Company’s president and chief executive officer, participated in the initial closing in the amount of $300,000 and $50,000, respectively. On July 24, 2020, the Company sold and issued an aggregate of 800,000 shares of common stock, at $4.00 per share, for an aggregate purchase price of $3,200,000 in cash to accredited investors. The shares offered and sold in the 2020 Private Placement offering described above were not initially registered under the Securities Act of 1933, as amended (“Securities Act”), and could not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The shares were offered and sold to the accredited investors in reliance upon exemptions from registration pursuant to Rule 506(b) of Regulation D promulgated under Section 4(a)(2) under the Securities Act Debt Conversion LOC Conversion On June 30, 2020, there was a partial conversion of the debt underlying the secured promissory notes issued to lenders under the LOC at a conversion price of $4.00 per share (the “Conversion”). At the option of the lenders, on June 30, 2020, an aggregate of approximately $7,383,000 in principal and accrued interest outstanding under the LOC was converted into 1,845,830 shares of common stock, which consisted of (a) partial conversion of Principal plus interest under the Esenjay LOC Note in the amount of $4,400,000 into 1,100,000 shares of common stock at $4.00 per share, and (b) conversion of approximately $2,983,000 of the secured promissory notes issued in connection with the LOC, principal plus accrued interest, by other lenders, including certain assignees of the Esenjay LOC Note, into 745,830 shares of common stock. Esenjay Note Conversion On June 30, 2020, two (2) accredited individuals, who became note holders to the Esenjay Note pursuant to the assignment of such notes by Esenjay to the note holders, converted $500,000 in principal into 125,000 shares of common stock at $4.00 per share. On July 22, 2020, one accredited individual, who became note holder to the Esenjay Note pursuant to the assignment of such note by Esenjay to the note holder, converted $400,000 in principal into 100,000 shares of common stock at $4.00 per share. Warrant Activity On July 3, 2019, the Company issued a three-year warrant to Cleveland Capital, L.P. to purchase up to 83,205 shares of the Company’s common stock at an exercise price of $4.00 per share pursuant to the loan agreement dated July 3, 2020. As September 30, 2020, all 83,205 warrants remain outstanding and exercisable. Fair value of the warrants was approximately $174,000. On August 18, 2020 and in conjunction with the Company’s public offering, the Company issued five-year warrants to the underwriters to purchase up to 185,955 shares of the Company’s common stock at an exercise price of $4.80 per share. The underwriters’ warrants become exercisable on or after February 8, 2021. Fair value of the warrants was approximately $513,000. Warrant detail for the three months ended September 30, 2020 is reflected below: Number of Warrants Weighted Average Exercise Price Per Warrant Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2020 83,205 $ 4.00 2.01 Warrants issued 185,955 $ 4.80 5.00 Warrants exchanged - $ - - Warrants forfeited - $ - - Warrants outstanding at September 30, 2020 269,160 $ 4.55 3.91 Warrants exercisable at September 30, 2020 83,205 $ 4.00 1.76 Warrant detail for the three months ended September 30, 2019 is reflected below: Number of Warrants Weighted Average Exercise Price Per Warrant Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2019 8,333 $ 20.00 0.25 Warrants issued - $ - - Warrants exchanged - $ - - Warrants forfeited (8,333 ) $ 20.00 - Warrants outstanding and exercisable at September 30, 2019 - $ - - Stock-based Compensation On November 26, 2014, the board of directors approved the 2014 Equity Incentive Plan (the “2014 Plan”), which was approved by the Company’s stockholders on February 17, 2015. The 2014 Plan offers selected employees, directors, and consultants the opportunity to acquire the Company’s common stock, and serves to encourage such persons to remain employed by the Company and to attract new employees. The 2014 Plan allows for the award of stock and options, up to 1,000,000 shares of common stock. Activity in stock options during the three months ended September 30, 2020 and related balances outstanding as of that date are reflected below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2020 579,584 $ 11.00 7.55 Granted - $ - - Exercised - $ - - Forfeited and cancelled (1,751 ) $ 13.60 - Outstanding at September 30, 2020 577,833 $ 10.99 7.22 Exercisable at September 30, 2020 482,300 $ 10.79 6.99 Activity in stock options during the three months ended September 30, 2019 and related balances outstanding as of that date are reflected below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2019 580,171 $ 11.05 8.59 Granted - $ - - Exercised (4,437 ) $ 4.69 - Forfeited and cancelled (4,313 ) $ 10.34 - Outstanding at September 30, 2019 571,421 $ 11.10 8.31 Exercisable at September 30, 2019 339,420 $ 10.32 7.84 Stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended September 30, 2020 and 2019, includes compensation expense for stock-based options and awards granted based on the grant date fair value. For options and awards granted, expenses are amortized under the straight-line method over the expected vesting period. Stock-based compensation expense recognized in the condensed consolidated statements of operations has been reduced for estimated forfeitures of options that are subject to vesting. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. At September 30, 2020, the aggregate intrinsic value of exercisable options was approximately $393,000. The following table summarizes stock-based compensation expense for employee and non-employee option grants: Three Months Ended 2020 2019 Research and development $ 53,000 $ 54,000 Selling and administrative 172,000 397,000 Total stock-based compensation expense $ 225,000 $ 451,000 The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below: Three Months Ended 2020 2019 Expected volatility 0 % 111.4% -112.2 % Risk free interest rate 0 % 2.43% - 2.45 % Forfeiture rate 20 % 20 % Dividend yield 0 % 0 % Expected term (years) 0 5.61 The remaining amount of unrecognized stock-based compensation expense at September 30, 2020 relating to outstanding stock options, is approximately $744,000, which is expected to be recognized over the weighted-average period of 1.28 years. |
Concentrations
Concentrations | 3 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations | NOTE 7 - CONCENTRATIONS Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments and unsecured trade accounts receivable. The Company maintains cash balances at a financial institution in San Diego, California. The Company’s cash balance at this institution is secured by the Federal Deposit Insurance Corporation up to $250,000. As of September 30, 2020, cash totaled approximately $6,150,000, which consists of funds held in a non-interest bearing bank deposit account. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to any significant credit risk with respect to its cash. Customer Concentrations During the three months ended September 30, 2020, the Company had three (3) major customers that each represented more than 10% of its revenues, on an individual basis, and together represented approximately $2,965,000 or 66% of its total revenues. During the three months ended September 30, 2019, the Company had three (3) major customers that each represented more than 10% of its revenues, on an individual basis, and together represented approximately $1,507,000 or 78% of its total revenues. Suppliers/Vendor Concentrations The Company obtains a limited number of components and supplies included in its products from a small group of suppliers. During the three months ended September 30, 2020, the Company had two (2) suppliers who accounted for more than 10% of its total purchases, on an individual basis, and together represented approximately $1,834,000 or 28% of its total purchases. During the three months ended September 30, 2019, the Company had two (2) suppliers who accounted for more than 10% of its total purchases, on an individual basis, and together represented approximately $1,033,000 or 44% of its total purchases. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 8 - COMMITMENTS AND CONTINGENCIES From time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. To the best knowledge of management, there are no material legal proceedings pending against the Company. Operating Leases On April 25, 2019 the Company signed a Standard Industrial/Commercial Multi-Tenant Lease (“Lease”) with Accutek to rent approximately 45,600 square feet of industrial space at 2685 S. Melrose Drive, Vista, California. The Lease has an initial term of seven years and four months, commencing on or about June 28, 2019. The lease contains an option to extend the term for two periods of 24 months, and the right of first refusal to lease an additional approximate 15,300 square feet. The monthly rental rate is $42,400 for the first 12 months, escalating at 3% each year. On February 26, 2020, the Company entered into the First Amendment to Standard Industrial/Commercial Multi-Tenant Lease dated April 25, 2019 (the “Amendment”) with Accutek to rent an additional 16,309 rentable square feet of space plus a residential unit of approximately 1,230 rentable square feet (for a total of approximately 17,539 rentable square feet). The lease for the additional space commenced 30 days following the occupancy date of the additional space, and terminates concurrently with the term for the lease of the original lease, which expires on November 20, 2026. The base rent for the additional space is the same rate as the space rented under the terms of the original lease, $0.93 per rentable square (subject to 3% annual increase). In connection with the Amendment, the Company purchased certain existing office furniture for a total purchase price of $8,300. Total rent expense was approximately $206,000 and $170,000 for the three months ended September 30, 2020 and 2019, respectively. The Future Minimum Lease Payments as of September 30, 2020 are as follows: Year Ending June 30, 2021 (remaining nine months) $ 501,000 2022 704,000 2023 726,000 2024 791,000 2025 815,000 Thereafter 1,198,000 Total Future Minimum Lease Payments 4,735,000 Less: discount (1,193,000 ) Total lease liability $ 3,542,000 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 - SUBSEQUENT EVENTS Independent audit firm On November 1, 2020, the Company was notified that the audit practice of Squar Milner, LLP (“Squar Milner”) an independent registered public accounting firm, was combined with Baker Tilly US, LLP (“Baker Tilly”) in a transaction pursuant to which Squar Milner combined its operations with Baker Tilly and certain of the professional staff and partners of Squar Milner joined Baker Tilly either as employees or partners of Baker Tilly. In connection therewith, on November 1, 2020, Squar Milner resigned as auditors of the Company and with the approval of the Audit Committee of the Company’s Board of Directors, Baker Tilly was engaged as its independent registered public accounting firm. Credit facility On November 4, 2020, certain holders of the Company’s outstanding convertible debt exercised their rights to convert approximately $2,161,000 in principal and accrued interest outstanding into 540,347 shares of common stock, at $4.00 per share (the “Conversion Shares”). After giving effect to the issuance of the Conversion Shares, as of November 10, 2020, there was approximately $2,403,000 outstanding under the LOC and approximately $9,597,000 available for future draws. Following such conversion, the Company had 11,960,084 shares of common stock outstanding. Adoption of compensation plans On November 5, 2020, the Company’s Board of Directors approved an amendment to the Company’s 2014 Equity Incentive Plan, as amended (the “2014 Plan”), to include the right to grant Restricted Stock Units (“RSUs”) under the 2014 Plan, and (ii) an annual cash bonus plan (the “Annual Bonus Plan”). All of the Company’s executive officers are eligible to participate in the 2014 Plan. In addition, on November 5, 2020, the Compensation Committee established and approved (i) the performance criteria for the Annual Bonus Plan for fiscal year 2021 (“2021 Annual Bonus Plan”), (ii) the maximum bonus pool at approximately $1,299,000 and the target bonus pool of approximately $866,000 for New bank revolving credit facility On November 9, 2020, the Company entered into a certain Loan and Security Agreement (“Agreement”) with Silicon Valley Bank (“SVB”). The Agreement provides the Company with a senior secured revolving credit facility for up to $4.0 million available on a revolving basis (“Credit Facility”) which matures on November 8, 2021. Outstanding principal under the Credit Facility accrues interest at a floating per annum rate equal to the greater of either (i) prime rate plus two and one-half of one percent (2.50%) or (ii) five and three-quarters percent (5.75%). Interest payment is due monthly on the last day of the month. In the event of default, the amounts due under the Agreement will bear interest at a rate per annum equal to five percent (5.0%) above the rate that is otherwise applicable to such amounts. The Company paid a non-refundable commitment fee of $15,000 upon execution of the Loan Agreement. In addition, the Company is required to pay a quarterly unused facility fee equal to one-quarter of one percent (0.25%) per annum of the average daily unused portion of the commitments under the Credit Facility, depending upon availability of borrowings under the Credit Facility. The loans and other obligations of the Company under the Credit Facility are secured by substantially all of the tangible and intangible assets of the Company (including, without limitation, intellectual property) pursuant to the terms of the Agreement and the Intellectual Property Security Agreement dated as of November 9, 2020. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Net Loss Per Common Share | Net Loss Per Common Share The Company calculates basic loss per common share by dividing net loss by the weighted average number of common shares outstanding during the periods. Diluted loss per common share includes the impact from all dilutive potential common shares relating to outstanding convertible securities. For the three months ended September 30, 2020 and 2019, basic and diluted weighted-average common shares outstanding were 9,536,441 and 5,103,342, respectively. The Company incurred a net loss for the three months ended September 30, 2020 and 2019, and therefore, basic and diluted loss per share for the periods are the same because potential common equivalent shares were excluded from diluted weighted-average common shares outstanding during the period, as the inclusion of such shares would be anti-dilutive. The total potentially dilutive common shares outstanding at September 30, 2020 and 2019, excluded from diluted weighted-average common shares outstanding, which include common shares underlying outstanding convertible debt, stock options and warrants, were 1,946,101 and 571,421, respectively. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation for comparative purposes. |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Stock Warrant Activity | Warrant detail for the three months ended September 30, 2020 is reflected below: Number of Warrants Weighted Average Exercise Price Per Warrant Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2020 83,205 $ 4.00 2.01 Warrants issued 185,955 $ 4.80 5.00 Warrants exchanged - $ - - Warrants forfeited - $ - - Warrants outstanding at September 30, 2020 269,160 $ 4.55 3.91 Warrants exercisable at September 30, 2020 83,205 $ 4.00 1.76 Warrant detail for the three months ended September 30, 2019 is reflected below: Number of Warrants Weighted Average Exercise Price Per Warrant Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2019 8,333 $ 20.00 0.25 Warrants issued - $ - - Warrants exchanged - $ - - Warrants forfeited (8,333 ) $ 20.00 - Warrants outstanding and exercisable at September 30, 2019 - $ - - |
Schedule of Stock Options Activity | Activity in stock options during the three months ended September 30, 2020 and related balances outstanding as of that date are reflected below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2020 579,584 $ 11.00 7.55 Granted - $ - - Exercised - $ - - Forfeited and cancelled (1,751 ) $ 13.60 - Outstanding at September 30, 2020 577,833 $ 10.99 7.22 Exercisable at September 30, 2020 482,300 $ 10.79 6.99 Activity in stock options during the three months ended September 30, 2019 and related balances outstanding as of that date are reflected below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2019 580,171 $ 11.05 8.59 Granted - $ - - Exercised (4,437 ) $ 4.69 - Forfeited and cancelled (4,313 ) $ 10.34 - Outstanding at September 30, 2019 571,421 $ 11.10 8.31 Exercisable at September 30, 2019 339,420 $ 10.32 7.84 |
Schedule of Stock-Based Compensation Expenses | The following table summarizes stock-based compensation expense for employee and non-employee option grants: Three Months Ended 2020 2019 Research and development $ 53,000 $ 54,000 Selling and administrative 172,000 397,000 Total stock-based compensation expense $ 225,000 $ 451,000 |
Schedule of Fair Value Assumptions of Stock Options | The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was measured at the grant date using the assumptions (annualized percentages) in the table below: Three Months Ended 2020 2019 Expected volatility 0 % 111.4% -112.2 % Risk free interest rate 0 % 2.43% - 2.45 % Forfeiture rate 20 % 20 % Dividend yield 0 % 0 % Expected term (years) 0 5.61 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The Future Minimum Lease Payments as of September 30, 2020 are as follows: Year Ending June 30, 2021 (remaining nine months) $ 501,000 2022 704,000 2023 726,000 2024 791,000 2025 815,000 Thereafter 1,198,000 Total Future Minimum Lease Payments 4,735,000 Less: discount (1,193,000 ) Total lease liability $ 3,542,000 |
Nature of Business and Revers_2
Nature of Business and Reverse Stock Split (Details Narrative) - USD ($) | Jul. 11, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Jul. 12, 2019 | Jun. 30, 2019 |
Common stock, shares outstanding | 11,419,737 | 7,420,487 | |||
Common stock, shares authorized | 30,000,000 | 30,000,000 | |||
Preferred stock, shares authorized | 500,000 | 500,000 | |||
Common stock par value | $ 0.001 | $ 0.001 | |||
Additional paid in capital | $ 61,678,000 | $ 46,985,000 | |||
2019 Reverse Split [Member] | |||||
Reverse stock split | 1-for-10 reverse split | ||||
Common stock, shares outstanding | 5,101,580 | 51,000,868 | |||
Common stock, shares authorized | 300,000,000 | 30,000,000 | |||
Preferred stock, shares authorized | 5,000,000 | 500,000 | |||
Common stock par value | $ 0.001 | $ 0.001 | |||
Additional paid in capital | $ 46,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jul. 02, 2019 | |
Weighted average number of common shares outstanding - basic and diluted | 9,536,441 | 5,103,342 | ||
Potentially dilutive common shares outstanding | 1,946,101 | 571,421 | ||
Right of use asset | $ 3,337,000 | $ 3,435,000 | ||
Lease liability | $ 3,542,000 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Right of use asset | $ 2,700,000 | |||
Lease liability | $ 2,700,000 |
Paycheck Protection Program L_2
Paycheck Protection Program Loan (Details Narrative) - Paycheck Protection Program [Member] - USD ($) | Sep. 30, 2020 | May 02, 2020 |
Loan outstanding balance | $ 1,297,000 | |
CARES Act [Member] | ||
Aggregate principal amount | $ 1,297,000 | |
Debt instrument interest rate | 1.00% |
Related Party Debt Agreements (
Related Party Debt Agreements (Details Narrative) - USD ($) | Aug. 31, 2020 | Aug. 18, 2020 | Jul. 27, 2020 | Jul. 22, 2020 | Jul. 09, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 26, 2020 | Jun. 02, 2020 | Mar. 09, 2020 | Sep. 01, 2019 | Jul. 03, 2019 | Mar. 28, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Aug. 19, 2020 | Dec. 31, 2019 | Dec. 30, 2019 | Oct. 10, 2019 | Oct. 09, 2019 | Sep. 30, 2019 | Mar. 27, 2019 | Mar. 22, 2018 |
Common stock per share | $ 4.80 | $ 4 | |||||||||||||||||||||
Loans payable | $ 382,000 | ||||||||||||||||||||||
Warrant term | 5 years | 3 years | |||||||||||||||||||||
Number of shares issued | 2,000,000 | ||||||||||||||||||||||
Number of shares issued value | 10,698,000 | ||||||||||||||||||||||
Line of Credit [Member] | |||||||||||||||||||||||
Principal amount | $ 4,400,000 | $ 4,400,000 | $ 4,400,000 | ||||||||||||||||||||
Number of shares issued | 1,845,830 | ||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||
Common stock per share | $ 4 | $ 4 | $ 4 | $ 4 | |||||||||||||||||||
Number of shares issued | 3,099,250 | ||||||||||||||||||||||
Number of shares issued value | $ 12,400,000 | $ 8,000,000 | |||||||||||||||||||||
Esenjay Investments, LLS [Member] | |||||||||||||||||||||||
Maturity date | Dec. 31, 2019 | ||||||||||||||||||||||
Maturity date, description | Extend the maturity date from March 31, 2019 to December 31, 2019 | ||||||||||||||||||||||
Maximum line of credit | $ 7,000,000 | $ 12,000,000 | $ 10,000,000 | $ 10,000,000 | $ 7,000,000 | $ 5,000,000 | |||||||||||||||||
Restated Credit Facility Agreement [Member] | Esenjay Investments, LLS [Member] | |||||||||||||||||||||||
Principal amount | $ 7,000,000 | ||||||||||||||||||||||
Credit Facility Agreement [Member] | Esenjay Investments, LLS [Member] | |||||||||||||||||||||||
Interest rate | 15.00% | ||||||||||||||||||||||
Maximum line of credit | $ 5,000,000 | ||||||||||||||||||||||
Factoring Agreement [Member] | |||||||||||||||||||||||
Loans payable | $ 0 | ||||||||||||||||||||||
Cleveland Capital L.P [Member] | |||||||||||||||||||||||
Principal amount | $ 1,720,000 | ||||||||||||||||||||||
Loans payable | $ 978,000 | ||||||||||||||||||||||
Debt instrument description | The Company subsequently entered into series of seven amendments to Unsecured Promissory Note with Cleveland beginning December, 3, 2019 and continuing to August 31, 2020 which all reflected extending the maturity of the Note. The first such amendment, which was the Second Amendment to the Unsecured Promissory Note, waived any Event of Default arising from the failure of the Company to make the required payment at maturity and continued such waiver through to all subsequent amendments. Subsequent amendments provided for capitalizing all accrued and unpaid interest. | ||||||||||||||||||||||
Cleveland Capital L.P [Member] | Loan Agreement [Member] | |||||||||||||||||||||||
Loans payable | $ 1,000,000 | ||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||
Number of shares issued | 3,099,250 | ||||||||||||||||||||||
Number of shares issued value | $ 3,000 | ||||||||||||||||||||||
Common Stock [Member] | Private Placement [Member] | |||||||||||||||||||||||
Common stock per share | 0.001 | $ 0.001 | 0.001 | ||||||||||||||||||||
Number of shares issued | 2,000,000 | ||||||||||||||||||||||
Common Stock [Member] | IPO [Member] | |||||||||||||||||||||||
Common stock per share | $ 4 | $ 4 | $ 4 | ||||||||||||||||||||
Number of shares issued | 275,000 | ||||||||||||||||||||||
Number of shares issued value | $ 1,100,000 | ||||||||||||||||||||||
Cleveland Warrant [Member] | Cleveland Capital L.P [Member] | |||||||||||||||||||||||
Warrant term | 3 years | ||||||||||||||||||||||
Purchase of stock percentage | 0.50% | ||||||||||||||||||||||
Lenders [Member] | |||||||||||||||||||||||
Principal amount | $ 7,383,000 | 7,383,000 | $ 7,383,000 | ||||||||||||||||||||
Lenders [Member] | Esenjay Investments, LLS [Member] | |||||||||||||||||||||||
Line of credit | $ 1,000,000 | ||||||||||||||||||||||
Other Lenders [Member] | |||||||||||||||||||||||
Principal amount | 1,792,000 | ||||||||||||||||||||||
Other Lenders [Member] | Line of Credit [Member] | |||||||||||||||||||||||
Principal amount | $ 2,983,000 | $ 2,983,000 | $ 2,983,000 | ||||||||||||||||||||
Original Esenjay Note [Member] | |||||||||||||||||||||||
Principal amount | $ 564,000 | $ 1,400,000 | $ 750,000 | ||||||||||||||||||||
Interest rate | 15.00% | ||||||||||||||||||||||
Maturity date | Sep. 30, 2020 | Jun. 30, 2020 | |||||||||||||||||||||
Accrued interest | $ 978,000 | ||||||||||||||||||||||
Original Esenjay Note [Member] | Restated Credit Facility Agreement [Member] | Amendment No. 3 [Member] | |||||||||||||||||||||||
Principal amount | 500,000 | ||||||||||||||||||||||
Accrued interest | 64,000 | ||||||||||||||||||||||
Loans payable | 564,000 | ||||||||||||||||||||||
Original Esenjay Note [Member] | Common Stock [Member] | |||||||||||||||||||||||
Debt converted into shares | 255,000 | ||||||||||||||||||||||
Common stock per share | $ 4 | $ 4 | $ 4 | ||||||||||||||||||||
Original Esenjay Note [Member] | Three Accredited Investors [Member] | |||||||||||||||||||||||
Proceeds from Loans | $ 900,000 | $ 900,000 | |||||||||||||||||||||
Original Esenjay Note [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt converted into shares, value | $ 1,000,000 | ||||||||||||||||||||||
Unsecured Promissory Note [Member] | Amendment No. 1 [Member] | |||||||||||||||||||||||
Purchase of stock percentage | 1.00% | ||||||||||||||||||||||
Maturity date, description | Maturity date of the Unsecured Promissory Note was modified from September 1, 2019 to December 1, 2019. | ||||||||||||||||||||||
Fair value of warrants | $ 174,000 | ||||||||||||||||||||||
Unsecured Promissory Note [Member] | Cleveland Capital L.P [Member] | |||||||||||||||||||||||
Interest rate | 15.00% | ||||||||||||||||||||||
Maturity date | Sep. 1, 2019 | ||||||||||||||||||||||
Loans payable | $ 1,000,000 | ||||||||||||||||||||||
Unsecured Promissory Note [Member] | Cleveland Loan [Member] | |||||||||||||||||||||||
Repayment of debt | $ 1,157,000 | ||||||||||||||||||||||
Secured Promissory Note [Member] | |||||||||||||||||||||||
Debt converted into shares | 1,845,830 | ||||||||||||||||||||||
Secured Promissory Note [Member] | Amendment No. 3 [Member] | |||||||||||||||||||||||
Maturity date, description | Extended the maturity date of the secured Notes from June 30, 2020 to December 31, 2020. | ||||||||||||||||||||||
Secured Promissory Note [Member] | Other Lenders [Member] | |||||||||||||||||||||||
Debt converted into shares | 745,830 | ||||||||||||||||||||||
Cleveland Loan [Member] | |||||||||||||||||||||||
Repayment of debt | $ 200,000 | ||||||||||||||||||||||
Esenjay [Member] | |||||||||||||||||||||||
Principal amount | 884,000 | ||||||||||||||||||||||
Principal outstanding | 4,396,000 | ||||||||||||||||||||||
Esenjay [Member] | Line of Credit [Member] | |||||||||||||||||||||||
Line of credit | $ 7,604,000 | ||||||||||||||||||||||
Esenjay LOC Note [Member] | |||||||||||||||||||||||
Principal amount | 4,396,000 | ||||||||||||||||||||||
Debt converted into shares | 1,100,000 | ||||||||||||||||||||||
Loans payable | $ 7,604,000 | ||||||||||||||||||||||
Esenjay LOC Note [Member] | Line of Credit [Member] | |||||||||||||||||||||||
Common stock per share | $ 4 | $ 4 | $ 4 | ||||||||||||||||||||
Number of shares issued | 1,100,000 | ||||||||||||||||||||||
Esenjay LOC Note [Member] | Other Lenders [Member] | |||||||||||||||||||||||
Number of shares issued | 745,830 | ||||||||||||||||||||||
Repayment of debt | 1,402,000 | ||||||||||||||||||||||
Esenjay LOC Note [Member] | Other Lenders [Member] | Amendment No. 3 [Member] | |||||||||||||||||||||||
Principal amount | 500,000 | ||||||||||||||||||||||
Accrued interest | 64,000 | ||||||||||||||||||||||
Loans payable | $ 564,000 | ||||||||||||||||||||||
Maturity date, description | Extend the maturity date from December 31, 2020 to September 30, 2021 |
Factoring Arrangement (Details
Factoring Arrangement (Details Narrative) - USD ($) | Aug. 23, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 |
Due to factor | $ 469,000 | |||
Factoring Agreement [Member] | Capital Finance Corp [Member] | ||||
Factoring facility maximum credit | $ 3,000,000 | |||
Undisputed receivables purchase percentage | 90.00% | |||
Facility fee percentage | 1.00% | |||
Facility description | Factoring Agreement and a factoring fee of 0.75% of the face value of purchased receivables for 1st 30-days such receivables are outstanding after purchase and 0.35% for each 15-days. | |||
Factoring fees and financing fees percentage | 0.50% | |||
Termination fee percentage | 0.50% | |||
Due to factor | $ 0 | $ 382,000 | ||
Factoring Agreement [Member] | Floor [Member] | Capital Finance Corp [Member] | ||||
Floating rate | 8.00% | |||
Factoring Agreement [Member] | Prime [Member] | Capital Finance Corp [Member] | ||||
Floating rate | 2.00% |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details Narrative) - USD ($) | Aug. 18, 2020 | Jul. 24, 2020 | Jul. 22, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Apr. 22, 2020 | Jan. 29, 2019 | Dec. 26, 2018 | Dec. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 03, 2019 | Nov. 26, 2014 |
Common stock per share | $ 4.80 | $ 4 | |||||||||||||
Number of shares issued, value | $ 10,698,000 | ||||||||||||||
Number of shares issued | 2,000,000 | ||||||||||||||
Number of common stock shares sold | 275,000 | ||||||||||||||
Proceeds from offering | $ 1,100,000 | 10,698,000 | |||||||||||||
Number of shares purchase upto | 185,955 | 83,205 | |||||||||||||
Warrants term | 5 years | 3 years | |||||||||||||
Aggregate intrinsic value of exercisable options | $ 393,000 | ||||||||||||||
Number of stock issued for serivces | |||||||||||||||
Unrecognized stock-based compensation expense | $ 744,000 | ||||||||||||||
Unrecognized stock-based compensation weighted average period | 1 year 3 months 11 days | ||||||||||||||
2014 Equity Incentive Plan [Member] | |||||||||||||||
Share based compensation, number of shares authorized | 1,000,000 | ||||||||||||||
Secured Promissory Note [Member] | |||||||||||||||
Principal and accrued interest | $ 7,383,000 | ||||||||||||||
Number of shares converted into common stock | 1,845,830 | ||||||||||||||
Debt conversion description | An aggregate of approximately $7,383,000 in principal and accrued interest outstanding under the LOC was converted into 1,845,830 shares of common stock, which consisted of (a) partial conversion of Principal plus interest under the Esenjay LOC Note in the amount of $4,400,000 into 1,100,000 shares of common stock at $4.00 per share, and (b) conversion of approximately $2,983,000 of the secured promissory notes issued in connection with the LOC, principal plus accrued interest, by other lenders, including certain assignees of the Esenjay LOC Note, into 745,830 shares of common stock. | ||||||||||||||
Esenjay LOC Note [Member] | |||||||||||||||
Conversion price per share | $ 4 | $ 4 | $ 4 | ||||||||||||
Principal and accrued interest | $ 4,400,000 | ||||||||||||||
Number of shares converted into common stock | 1,100,000 | ||||||||||||||
Debt converted principal amount | $ 4,396,000 | ||||||||||||||
Esenjay Note [Member] | |||||||||||||||
Common stock per share | $ 4 | ||||||||||||||
Number of shares converted into common stock | 100,000 | ||||||||||||||
Debt converted principal amount | $ 400,000 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Number of shares issued, value | $ 4,392,000 | ||||||||||||||
Number of shares issued | 399,257 | ||||||||||||||
Two Accredited Investors [Member] | |||||||||||||||
Number of shares issued, value | $ 265,000 | $ 697,000 | |||||||||||||
Number of shares issued | 66,250 | 63,347 | |||||||||||||
Sale of stock price per share | $ 4 | $ 11 | |||||||||||||
Esenjay [Member] | |||||||||||||||
Proceeds from offering | $ 300,000 | ||||||||||||||
Dutt [Member] | |||||||||||||||
Proceeds from offering | $ 50,000 | ||||||||||||||
Accredited Investors [Member] | |||||||||||||||
Common stock per share | $ 4 | ||||||||||||||
Number of shares issued, value | $ 3,200,000 | ||||||||||||||
Number of shares issued | 800,000 | ||||||||||||||
Cleveland Capital L.P [Member] | |||||||||||||||
Number of common stock shares sold | 335,910 | ||||||||||||||
Sale of stock price per share | $ 11 | ||||||||||||||
Number of common stock shares sold, value | $ 3,695,000 | ||||||||||||||
Proceeds from offering | $ 2,600,000 | ||||||||||||||
Debt converted principal amount | 1,720,000 | ||||||||||||||
IPO [Member] | |||||||||||||||
Common stock per share | $ 4 | $ 4 | $ 4 | $ 4 | |||||||||||
Number of shares issued, value | $ 12,400,000 | $ 8,000,000 | |||||||||||||
Number of shares issued | 3,099,250 | ||||||||||||||
Proceeds from offering | $ 12,400,000 | ||||||||||||||
Investor [Member] | Private Placement [Member] | |||||||||||||||
Common stock per share | $ 11 | ||||||||||||||
Number of shares issued, value | $ 5,000,000 | ||||||||||||||
Number of shares issued | 454,546 | ||||||||||||||
Investor [Member] | Private Placement [Member] | Maximum [Member] | |||||||||||||||
Number of shares issued, value | $ 7,000,000 | ||||||||||||||
Lenders [Member] | |||||||||||||||
Debt converted principal amount | $ 7,383,000 | $ 7,383,000 | $ 7,383,000 | ||||||||||||
Lenders [Member] | Secured Promissory Note [Member] | |||||||||||||||
Conversion price per share | $ 4 | $ 4 | $ 4 | ||||||||||||
Other Lenders [Member] | |||||||||||||||
Debt converted principal amount | $ 1,792,000 | ||||||||||||||
Other Lenders [Member] | Secured Promissory Note [Member] | |||||||||||||||
Principal and accrued interest | $ 2,983,000 | ||||||||||||||
Number of shares converted into common stock | 745,830 | ||||||||||||||
Other Lenders [Member] | Esenjay LOC Note [Member] | |||||||||||||||
Number of shares issued | 745,830 | ||||||||||||||
Three Accredited Investors [Member] | Esenjay Note [Member] | |||||||||||||||
Principal and accrued interest | $ 500,000 | ||||||||||||||
Number of shares converted into common stock | 125,000 | ||||||||||||||
Three Accredited Investors [Member] | Esenjay Note [Member] | |||||||||||||||
Conversion price per share | $ 4 | $ 4 | $ 4 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Schedule of Stock Warrant Activity (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Equity [Abstract] | ||
Number of Warrants outstanding and exercisable, beginning balance, | 83,205 | 8,333 |
Number of Warrants, issued | 185,955 | |
Number of Warrants, exchanged | ||
Number of Warrants, forfeited | (8,333) | |
Number of Warrants outstanding and exercisable, ending balance | 269,160 | |
Number of Warrants exercisable, ending balance | 83,205 | |
Weighted Average Exercise Price Per Warrant outstanding and exercisable, beginning balance | $ 4 | $ 20 |
Weighted Average Exercise Price Per Warrant, issued | 4.80 | |
Weighted Average Exercise Price Per Warrant, exchanged | ||
Weighted Average Exercise Price Per Warrant, forfeited | 20 | |
Weighted Average Exercise Price Per Warrant outstanding and exercisable, ending balance | 4.55 | |
Weighted Average Exercise Price Per Warrant exercisable, ending balance | $ 4 | |
Remaining Contract Term (years) Warrants outstanding and exercisable, beginning balance | 2 years 4 days | 2 months 30 days |
Remaining Contract Term (years) Warrants, issued | 5 years | |
Remaining Contract Term (years) Warrants outstanding and exercisable, ending balance | 3 years 10 months 28 days | |
Remaining Contract Term (years) Warrants exercisable, ending balance | 1 year 9 months 3 days |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Schedule of Stock Options Activity (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Equity [Abstract] | ||
Number of Shares Outstanding, beginning balance | 579,584 | 580,171 |
Number of Shares, Granted | ||
Number of Shares, Exercised | (4,437) | |
Number of Shares, Forfeited and cancelled | (1,751) | (4,313) |
Number of Shares Outstanding, ending balance | 577,833 | 571,421 |
Number of Shares Exercisable, ending balance | 482,300 | 339,420 |
Weighted Average Exercise Price Outstanding, beginning balance | $ 11 | $ 11.05 |
Weighted Average Exercise Price, Granted | ||
Weighted Average Exercise Price, Exercised | 4.69 | |
Weighted Average Exercise Price, Forfeited and cancelled | 13.60 | 10.34 |
Weighted Average Exercise Price Outstanding, ending balance | 10.99 | 11.10 |
Weighted Average Exercise Price Exercisable, ending balance | $ 10.79 | $ 10.32 |
Weighted Average Remaining Contract Term (years) Outstanding, beginning balance | 7 years 6 months 18 days | 8 years 7 months 2 days |
Weighted Average Remaining Contract Term (years) Outstanding, ending balance | 7 years 2 months 19 days | 8 years 3 months 22 days |
Weighted Average Remaining Contract Term (years) Exercisable, ending balance | 6 years 11 months 26 days | 7 years 10 months 3 days |
Stockholders' Equity (Deficit_4
Stockholders' Equity (Deficit) - Schedule of Stock-Based Compensation Expenses (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Total stock-based compensation expense | $ 225,000 | $ 451,000 |
Research and Development [Member] | ||
Total stock-based compensation expense | 53,000 | 54,000 |
General and Administrative [Member] | ||
Total stock-based compensation expense | $ 172,000 | $ 397,000 |
Stockholders' Equity (Deficit_5
Stockholders' Equity (Deficit) - Schedule of Fair Value Assumptions of Stock Options (Details) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Equity [Abstract] | ||
Expected volatility | 0.00% | |
Expected volatility, minimum | 111.40% | |
Expected volatility, maximum | 112.20% | |
Risk free interest rate | 0.00% | |
Risk free interest rate, minimum | 2.43% | |
Risk free interest rate, maximum | 2.45% | |
Forfeiture rate | 20.00% | 20.00% |
Dividend yield | 0.00% | 0.00% |
Expected term (years) | 0 years | 5 years 7 months 10 days |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Federal deposit insurance corporation | $ 250,000 | |
Non-interest Bearing bank deposit account | 6,150,000 | |
Revenues | $ 4,499,000 | $ 1,919,000 |
Purchase [Member] | Two (2) Suppliers [Member] | ||
Concentration risk, percentage | 28.00% | 44.00% |
Total Purchases | $ 1,834,000 | $ 1,033,000 |
Three (3) Major Customer [Member] | Sales Revenue [Member] | ||
Concentration risk, percentage | 66.00% | 78.00% |
Revenues | $ 2,965,000 | $ 1,507,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | Feb. 26, 2020USD ($)ft²$ / shares | Apr. 25, 2019USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Monthly rental payment | $ 206,000 | $ 170,000 | ||
Accutek [Member] | ||||
Area of land | ft² | 17,539 | 45,600 | ||
Lease term | 7 years 4 months | |||
Lease option to extend | The Company entered into the First Amendment to Standard Industrial/Commercial Multi-Tenant Lease dated April 25, 2019 (the “Amendment”) with Accutek to rent an additional 16,309 rentable square feet of space plus a residential unit of approximately 1,230 rentable square feet (for a total of approximately 17,539 rentable square feet). | The lease contains an option to extend the term for two periods of 24 months, and the right of first refusal to lease an additional approximate 15,300 square feet. | ||
Lease expiration date | Nov. 20, 2026 | |||
Lease, per rentable square | $ / shares | $ 0.93 | |||
Operating lease, description | The lease for the additional space commenced 30 days following the occupancy date of the additional space, and terminates concurrently with the term for the lease of the original lease, which expires on November 20, 2026. The base rent for the additional space is the same rate as the space rented under the terms of the original lease, $0.93 per rentable square (subject to 3% annual increase). | |||
Total purchase price of office furniture | $ 8,300 | |||
Accutek [Member] | First 12 Months [Member] | ||||
Monthly rental payment | $ 42,400 | |||
Escalating lease payment percentage | 3.00% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) | Sep. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 (remaining nine months) | $ 501,000 |
2022 | 704,000 |
2023 | 726,000 |
2024 | 791,000 |
2025 | 815,000 |
Thereafter | 1,198,000 |
Total Future Minimum Lease Payments | 4,735,000 |
Less: discount | (1,193,000) |
Total lease liability | $ 3,542,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Nov. 09, 2020 | Nov. 05, 2020 | Nov. 04, 2020 | Sep. 30, 2020 | Aug. 18, 2020 | Jun. 30, 2020 | Jul. 03, 2019 |
Common stock conversion per share | $ 4.80 | $ 4 | |||||
Loans payable | $ 382,000 | ||||||
Common stock shares outstanding | 11,419,737 | 7,420,487 | |||||
Line of Credit [Member] | |||||||
Principal amount | $ 4,400,000 | ||||||
Subsequent Event [Member] | |||||||
Loans payable | $ 9,597,000 | ||||||
Common stock shares outstanding | 11,960,084 | ||||||
Subsequent Event [Member] | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | |||||||
Maximum line of credit | $ 4,000,000 | ||||||
Line of credit maturity date | Nov. 8, 2021 | ||||||
Line of credit interest rate description | Outstanding principal under the Credit Facility accrues interest at a floating per annum rate equal to the greater of either (i) prime rate plus two and one-half of one percent (2.50%) or (ii) five and three-quarters percent (5.75%). Interest payment is due monthly on the last day of the month. In the event of default, the amounts due under the Agreement will bear interest at a rate per annum equal to five percent (5.0%) above the rate that is otherwise applicable to such amounts. The Company paid a non-refundable commitment fee of $15,000 upon execution of the Loan Agreement. In addition, the Company is required to pay a quarterly unused facility fee equal to one-quarter of one percent (0.25%) per annum of the average daily unused portion of the commitments under the Credit Facility, depending upon availability of borrowings under the Credit Facility. | ||||||
Payment for non-refundable commitment fee | $ 15,000 | ||||||
Subsequent Event [Member] | 2021 Annual Bonus Plan [Member] | Maximum [Member] | |||||||
Annual bonus amount | $ 1,299,000 | ||||||
Subsequent Event [Member] | 2021 Annual Bonus Plan [Member] | Minimum [Member] | |||||||
Annual bonus amount | $ 866,000 | ||||||
Subsequent Event [Member] | 2014 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Based on Time [Member] | |||||||
Issuance of restricted stock unit | 27,114 | ||||||
Subsequent Event [Member] | 2014 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Based on Performance [Member] | |||||||
Issuance of restricted stock unit | 40,671 | ||||||
Subsequent Event [Member] | 2014 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Salary Staff Employee [Member] | |||||||
Issuance of restricted stock unit | 48,000 | ||||||
Subsequent Event [Member] | 2014 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Executive Officers [Member] | |||||||
Issuance of restricted stock unit | 43,525 | ||||||
Subsequent Event [Member] | 2014 Plan [Member] | Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||||
Issuance of restricted stock unit | 67,785 | ||||||
Subsequent Event [Member] | Line of Credit [Member] | |||||||
Principal amount | $ 2,161,000 | ||||||
Debt instrument converted to shares | 540,347 | ||||||
Common stock conversion per share | $ 4 | ||||||
Loans payable | $ 2,403,000 |