Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 001-31543 | |
Entity Registrant Name | FLUX POWER HOLDINGS, INC. | |
Entity Central Index Key | 0001083743 | |
Entity Tax Identification Number | 86-0931332 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 2685 S. Melrose Drive | |
Entity Address, City or Town | Vista | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92081 | |
City Area Code | 877 | |
Local Phone Number | 505-3589 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | FLUX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,987,502 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Current assets: | ||
Cash | $ 15,737,000 | $ 4,713,000 |
Accounts receivable | 4,511,000 | 6,097,000 |
Inventories | 13,846,000 | 10,513,000 |
Other current assets | 1,026,000 | 417,000 |
Total current assets | 35,120,000 | 21,740,000 |
Right of use asset | 2,929,000 | 3,035,000 |
Other assets | 89,000 | 131,000 |
Property, plant and equipment, net | 1,471,000 | 1,356,000 |
Total assets | 39,609,000 | 26,262,000 |
Current liabilities: | ||
Accounts payable | 9,298,000 | 7,175,000 |
Accrued expenses | 1,908,000 | 2,583,000 |
Deferred revenue | 127,000 | 24,000 |
Customer deposits | 322,000 | 171,000 |
Office lease payable, current portion | 452,000 | 435,000 |
Accrued interest | 3,000 | 2,000 |
Total current liabilities | 12,110,000 | 10,390,000 |
Long term liabilities: | ||
Office lease payable, less current portion | 2,745,000 | 2,866,000 |
Total liabilities | 14,855,000 | 13,256,000 |
Stockholders’ equity: | ||
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; 15,987,502 and 13,652,164 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively | 16,000 | 14,000 |
Additional paid-in capital | 95,073,000 | 79,197,000 |
Accumulated deficit | (70,335,000) | (66,205,000) |
Total stockholders’ equity | 24,754,000 | 13,006,000 |
Total liabilities and stockholders’ equity | $ 39,609,000 | $ 26,262,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 |
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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 15,987,502 | 13,652,164 |
Common stock, shares outstanding | 15,987,502 | 13,652,164 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 6,271,000 | $ 4,499,000 |
Cost of sales | 4,933,000 | 3,626,000 |
Gross profit | 1,338,000 | 873,000 |
Operating expenses: | ||
Selling and administrative | 3,498,000 | 2,920,000 |
Research and development | 1,967,000 | 1,507,000 |
Total operating expenses | 5,465,000 | 4,427,000 |
Operating loss | (4,127,000) | (3,554,000) |
Interest expense | (3,000) | (430,000) |
Net loss | $ (4,130,000) | $ (3,984,000) |
Net loss per share - basic and diluted | $ (0.30) | $ (0.42) |
Weighted average number of common shares outstanding - basic and diluted | 13,804,475 | 9,536,441 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholder's Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value 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 – 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 | |||
Issuance of common stock - exercised options, shares | ||||
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, value 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 | |||
Beginning balance, value at Jun. 30, 2021 | $ 14,000 | 79,197,000 | (66,205,000) | 13,006,000 |
Beginning balance, shares at Jun. 30, 2021 | 13,652,164 | |||
Issuance of common stock and warrants – registered direct offering, net of costs | $ 2,000 | 14,074,000 | 14,076,000 | |
Issuance of common stock and warrants - registered direct offering, net of costs, shares | 2,142,860 | |||
Issuance of common stock – public offering, net of costs | 1,602,000 | 1,602,000 | ||
Issuance of common stock - public offering, net of costs, shares | 190,782 | |||
Issuance of common stock – exercised options | ||||
Issuance of common stock - exercised options, shares | 1,696 | 3,400 | ||
Stock based compensation | 200,000 | $ 200,000 | ||
Net loss | (4,130,000) | (4,130,000) | ||
Ending balance, value at Sep. 30, 2021 | $ 16,000 | $ 95,073,000 | $ (70,335,000) | $ 24,754,000 |
Ending balance, shares at Sep. 30, 2021 | 15,987,502 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (4,130,000) | $ (3,984,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 123,000 | 54,000 |
Stock-based compensation | 200,000 | 225,000 |
Fair value of warrant issued as debt issuance cost | 174,000 | |
Noncash interest expense | 29,000 | |
Noncash rent expense | 106,000 | 98,000 |
Allowance for inventory reserve | 24,000 | (219,000) |
Amortization of prepaid offering costs | 547,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,586,000 | (93,000) |
Inventories | (3,357,000) | (574,000) |
Other current assets | (567,000) | (206,000) |
Accounts payable | 2,123,000 | (857,000) |
Accrued expenses | (675,000) | 53,000 |
Due to Factor | (469,000) | |
Accrued interest | 1,000 | 198,000 |
Office lease payable | (104,000) | (47,000) |
Deferred revenue | 103,000 | 44,000 |
Customer deposits | 151,000 | (643,000) |
Net cash used in operating activities | (4,416,000) | (5,670,000) |
Cash flows from investing activities | ||
Purchases of equipment | (238,000) | (214,000) |
Net cash used in investing activities | (238,000) | (214,000) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock in private placement | 3,200,000 | |
Proceeds from issuance of common stock in registered direct offering, net of offering costs | 14,076,000 | |
Proceeds from issuance of common stock in public offering, net of offering costs | 1,602,000 | 10,698,000 |
Payment of short-term loan – related party | (1,178,000) | |
Payment of line of credit – related party | (1,402,000) | |
Principal payments on financing lease payable | (10,000) | |
Net cash provided by financing activities | 15,678,000 | 11,308,000 |
Net change in cash | 11,024,000 | 5,424,000 |
Cash, beginning of period | 4,713,000 | 726,000 |
Cash, end of period | 15,737,000 | 6,150,000 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
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 | $ 2,000 | $ 29,000 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS | NOTE 1 - NATURE OF BUSINESS 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, 2021 filed with the SEC on September 27, 2021. 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, 2021 has been derived from the audited balance sheet at June 30, 2021 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 changed its name to Flux Power Holdings, Inc. Flux’s operations are conducted through its wholly owned subsidiary, Flux Power, Inc. (“Flux Power”), a California corporation (collectively, the “Company”). We design, develop, manufacture, and sell a portfolio of advanced lithium-ion energy storage solutions for the material handling sector which includes lift trucks, airport ground support equipment (“GSE”), and other industrial and commercial applications. We believe our mobile and stationary energy storage solutions provide customers with a reliable, high performing, cost effective, and more environmentally friendly alternative as compared to traditional lead acid and propane-based solutions. Our modular and scalable design allows different configurations of lithium-ion battery packs to be paired with our proprietary wireless battery management system to provide the level of energy storage required and “state of the art” real time monitoring of pack performance. 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2021 | |
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, 2021. 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. Revenue Recognition We derive our revenue primarily from product sales. We determine revenue recognition through the following steps: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation. Substantially all of the Company’s revenues are derived from sales of battery packs and accessories, for which the only performance obligation is the shipment of products ordered by customers. Revenues are recognized at a point in time upon transfer of control, which typically occurs when product is shipped. Revenue is recognized net of returns. We offer industry standard contractual terms in our sales orders. 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, 2021 and 2020, basic and diluted weighted-average common shares outstanding were 13,804,475 and 9,536,441 , respectively. The Company incurred a net loss for the three months ended September 30, 2021 and 2020, and therefore, basic and diluted loss per share for the periods were the same because potential common share equivalent would have been anti-dilutive. The total potentially dilutive common shares outstanding at September 30, 2021 and 2020 that were excluded from diluted weighted-average common shares outstanding represent shares underlying outstanding convertible debt, stock options, RSUs, and warrants, and totaled 1,938,461 and 1,946,101 , respectively. |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended |
Sep. 30, 2021 | |
Notes Payable | |
NOTES PAYABLE | NOTE 3 – NOTES PAYABLE 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 was evidenced by a promissory note dated May 1, 2020, issued by Flux Power to the BOA (the “PPP Note”). The PPP Loan had a two -year term and bears interest at a rate of 1.0 % per annum. Monthly principal and interest payments were deferred for six months after the date of disbursement. The Company received the funds on May 4, 2020. On February 9, 2021, the Company was notified that the Small Business Administration (“SBA”) had forgiven repayment of the entire PPP Loan of approximately $ 1,297,000 in principal, together with all accrued interest of approximately $ 10,000 . The Company has recorded the entire forgiven principal and accrued interest amount of approximately $ 1,307,000 as other income in its statement of operations on February 9, 2021. As of September 30, 2021, the outstanding balance of the PPP Loan was $ 0 . The SBA reserves the right to audit any PPP loan, regardless of size. These audits may occur after forgiveness has been granted. In accordance with the CARES Act, all borrowers are required to maintain their PPP loan documentation for six years after the PPP loan was forgiven or repaid in full and to provide that documentation to the SBA upon request. Revolving Line of Credit On November 9, 2020, the Company entered into a certain Loan and Security Agreement (“Loan Agreement”) with Silicon Valley Bank (“SVB”). The Loan Agreement provides the Company with a senior secured credit facility for up to $ 4.0 Prime Rate plus two and a half 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 Loan 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. We paid a non-refundable commitment fee of $ 15,000 4.0 6.0 November 7, 2022 |
RELATED PARTY DEBT AGREEMENTS
RELATED PARTY DEBT AGREEMENTS | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
RELATED PARTY DEBT AGREEMENTS | NOTE 4 - RELATED PARTY DEBT AGREEMENTS As of September 30, 2021 and June 30, 2021, the Company had no outstanding related party debt agreements. Related party debt agreements that existed during the periods covered by the accompanying unaudited condensed consolidated financial statements are described below. Esenjay Loan On March 9, 2020, the Company and Esenjay Investments, LLC (“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 extend the maturity date from June 30, 2020 to September 30, 2020 1,400,000 Between June 26, 2020 and July 22, 2020, Esenjay assigned a total of $ 900,000 900,000 4.00 225,000 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 Esenjay Note to, among other items, transfer all remaining principal and accrued interest outstanding of approximately $ 564,000 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 12,000,000 September 30, 2021 In August 2020, the Company paid down an aggregate principal amount of approximately $ 1,402,000 September 30, 2021 564,000 2,161,000 540,347 4.00 2,632,000 658,103 4.00 1,045,000 261,133 On June 10, 2021, the Company repaid all obligations in full and without additional fees or termination penalties and the Third Amended and Restated Credit Facility Agreement and the related Second Amended and Restated Security Agreement were terminated. 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 1,000,000 15.0 0.5 On September 1, 2019, the Company entered into the First Amendment to the Unsecured Promissory Note pursuant to which the maturity date was extended to December 1, 2019 0.5% 1% On July 9, 2020, the Company made a payment to Cleveland in the amount of $ 200,000 957,000 extended the maturity date from July 31, 2020 to August 31, 2020 978,000 |
FACTORING ARRANGEMENT
FACTORING ARRANGEMENT | 3 Months Ended |
Sep. 30, 2021 | |
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. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 6 - STOCKHOLDERS’ EQUITY At-The-Market (“ATM”) Offering On December 21, 2020 the Company entered into a Sales Agreement (the “Sales Agreement”) with H.C. Wainwright & Co., LLC (“HCW”) to sell shares of its common stock, par value $ 0.001 The Company agreed to pay HCW a commission in an amount equal to 3.0 In addition, the Company agreed to reimburse HCW for certain legal and other expenses incurred up to a maximum of $50,000 to establish the ATM Offering, and $2,500 per quarter thereafter to maintain such program under the Sales Agreement. On May 27, 2021, the Company filed Amendment No. 1 (the “Amendment”) to the prospectus supplement dated December 21, 2020 (the “Prospectus Supplement”) to increase the size of the ATM Offering from an aggregate offering price of up to $ 10 20 From December 21, 2020 to September 30, 2021, the Company sold an aggregate of 1,169,564 12.24 14.3 13.7 The Shares were registered under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-249521), declared effective by the Securities and Exchange Commission (the “Commission”) on October 26, 2020, and the Prospectus. Sales of the Shares, if any, may be made by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) of the Securities Act. The Company or the HCW may, upon written notice to the other party in accordance with the terms of the Sales Agreement, suspend offers and sales of the Shares. The Company and HCW each have the right, in its sole discretion, to terminate the Sales Agreement at any time upon prior written notice pursuant to the terms and subject to the conditions set forth in the Sales Agreement. Public Offering 2020 Public Offering and NASDAQ Capital Market uplisting In August 2020, the Company closed an underwritten public offering of its common stock at a public offering price of $ 4.00 12.4 3,099,250 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”. At-the-Market Registered Direct Offering On September 27, 2021, we closed a registered direct offering, priced at-the-market under Nasdaq rules (“RDO”) for the sale of 2,142,860 1,071,430 7.00 15.0 7.00 The securities sold in the RDO were sold pursuant to a “shelf” registration statement on Form S-3 (File No. 333-249521), including a base prospectus, previously filed with the Securities and Exchange Commission (the “SEC”) on October 16, 2020 and declared effective by the SEC on October 26, 2020. The registered direct offering of the securities was made by means of a prospectus supplement dated September 22, 2021 and filed with the SEC, that forms a part of the effective registration statement. Private Placements 2020 Private Placement On April 22, 2020, the Company sold an aggregate of 66,250 4.00 265,000 275,000 4.00 1,100,000 300,000 50,000 800,000 4.00 3,200,000 250,000 The shares offered and sold in the private placement offerings described above were sold to 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. Such shares were not 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 Debt Conversion LOC Conversion On June 30, 2020, there was a partial conversion of $ 7,383,000 4.00 1,845,830 On November 6, 2020, there was a partial conversion of $ 2,161,000 4.00 540,347 In January and March 2021, there were conversions of the remaining balance of approximately $ 2,632,000 658,103 All conversions were at the option of the lenders, and all outstanding secured promissory notes were converted into shares of common stock. Esenjay Note Conversion On June 30, 2020, two (2) accredited individuals, who had been assigned $ 500,000 125,000 4.00 400,000 100,000 4.00 Warrants On July 3, 2019, the Company issued a three 0.5 0.5 1 83,205 4.00 174,000 83,205 In August 2020 and in conjunction with the Company’s public offering, the Company issued five 185,955 4.80 513,000 In connection with the Company’s RDO, in September 2021 the Company issued five -year warrants to the RDO investors to purchase up to 1,071,430 shares of the Company’s common stock at an exercise price of $ 7.00 per share and were estimated to have a fair value of approximately $ 3,874,000. The warrants were exercisable immediately and are limited to beneficial ownership of 4.99 % at any point in time in accordance with the warrant agreement. Warrant detail for the three months ended September 30, 2021 is reflected below: SCHEDULE OF STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Per Warrant Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2021 214,883 $ 4.49 2.92 Warrants issued 1,071,430 $ 7.00 5.00 Warrants outstanding at September 30, 2021 1,286,313 $ 6.58 4.61 Warrants exercisable at September 30, 2021 968,670 $ 6.44 4.48 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 outstanding at September 30, 2020 269,160 $ 4.55 3.91 Warrants exercisable at September 30, 2020 83,205 $ 4.00 1.76 Stock Options In connection with the reverse acquisition of Flux Power, Inc in 2012, we assumed the 2010 Option Plan. As of June 30, 2021, there were 22,536 On February 17, 2015 the Company’s stockholders approved the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan offers certain employees, directors, and consultants the opportunity to acquire the Company’s common stock subject to vesting requirements, 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 common stock and stock options, up to 1,000,000 On April 29, 2021, the Company’s stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan authorizes the issuance of awards for up to 2,000,000 Activity in the Company’s stock options during the three months ended September 30, 2021 and related balances outstanding as of that date are reflected below: SCHEDULE OF STOCK OPTIONS ACTIVITY Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2021 531,205 $ 11.02 6.73 Granted - $ - - Exercised (3,400 ) $ 4.65 - Forfeited and cancelled (2,626 ) $ 13.60 - Outstanding at September 30, 2021 525,179 $ 11.05 6.32 Exercisable at September 30, 2021 499,533 $ 10.97 6.25 Activity in the Company’s 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 Restricted Stock Units On November 5, 2020, the Company’s Board of Directors approved an amendment to the 2014 Plan, to allow for grants of Restricted Stock Units (“RSUs”). Subject to vesting requirements set forth in the RSU Award Agreement, one share of common stock is issuable for one vested RSU. On November 5, 2020, the Board of Directors authorized the following RSUs to be granted under the amended 2014 Option Plan: (i) a total of 43,527 91,338 45,652 45,686 18,312 Activity in RSUs during the three months ended September 30, 2021 and related balances outstanding as of that date are reflected below: SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY Number of Shares Weighted Average Grant date Fair Value Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2021 131,652 $ 9.25 2.72 Granted - $ - - Forfeited and cancelled (4,683 ) $ 8.88 - Outstanding at September 30, 2021 126,969 $ 9.26 2.59 There were no RSUs granted or outstanding during the three months ended September 30, 2020. Stock-based Compensation Stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended September 30, 2021 and 2020 related to stock options and RSUs are based on their grant date fair value, are amortized under the straight-line method over the expected vesting period and has been reduced for estimated forfeitures of options and RSUs 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 such estimates. At September 30, 2021, the aggregate intrinsic value of exercisable options was approximately $ 70,000 The following table summarizes stock-based compensation expense for employee and non-employee option and RSU grants: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES Three Months Ended 2021 2020 Research and development $ 36,000 $ 53,000 Selling and administrative 164,000 172,000 Total stock-based compensation expense $ 200,000 $ 225,000 At September 30, 2021, the unamortized stock-based compensation expense related to outstanding stock options and RSUs was approximately $ 221,000 478,000 0.44 2.59 |
CONCENTRATIONS
CONCENTRATIONS | 3 Months Ended |
Sep. 30, 2021 | |
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 in non-interest bearing bank deposit accounts at a California commercial bank. The Company’s cash balance at this institution is secured by the Federal Deposit Insurance Corporation up to $ 250,000 15,737,000 4,713,000 Customer Concentrations During the three months ended September 30, 2021, the Company had four (4) major customers that each represented more than 10% of its revenues, on an individual basis, and together represented approximately $ 3,605,000 57 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 66 Suppliers/Vendor Concentrations The Company obtains a number of components and supplies included in its products from a group of suppliers. During the three months ended September 30, 2021, the Company had two (2) suppliers who accounted for more than 10 2,179,000 24 During the three months ended September 30, 2020, the Company had two (2) suppliers who accounted for more than 10 1,834,000 28 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2021 | |
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 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 42,400 3 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 1,230 17,539 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 0.93 8,300 Total rent expense was approximately $ 214,000 206,000 The Future Minimum Lease Payments as of September 30, 2021 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Year Ending June 30, 2022 (remaining nine months) $ 561,000 2023 768,000 2024 791,000 2025 815,000 2026 840,000 Thereafter 359,000 Total Future Minimum Lease Payments 4,134,000 Less: discount (937,000 ) Total lease liability $ 3,197,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENTS Renewal of Bank Revolving Credit Facility On October 29, 2021, the Company entered into a First Amendment to Loan and Security Agreement (“First Amendment”) with Silicon Valley Bank, or SVB, which amended certain terms of the Loan Agreement including but not limited to, the amount of the revolving line of credit from $ 4.0 6.0 November 7, 2022 22,500 Compensation Plan On October 29, 2021, the Compensation Committee approved target cash bonuses to the Company’s executive officers for fiscal year 2022 under the previously approved Annual Cash Bonus Plan, which target bonus was calculated based on percentage of the executive’s current base salary upon the Company achieving certain targets. On October 29, 2021, the Compensation Committee approved the grant of an aggregate of 204,073 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition We derive our revenue primarily from product sales. We determine revenue recognition through the following steps: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, we satisfy a performance obligation. Substantially all of the Company’s revenues are derived from sales of battery packs and accessories, for which the only performance obligation is the shipment of products ordered by customers. Revenues are recognized at a point in time upon transfer of control, which typically occurs when product is shipped. Revenue is recognized net of returns. We offer industry standard contractual terms in our sales orders. |
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, 2021 and 2020, basic and diluted weighted-average common shares outstanding were 13,804,475 and 9,536,441 , respectively. The Company incurred a net loss for the three months ended September 30, 2021 and 2020, and therefore, basic and diluted loss per share for the periods were the same because potential common share equivalent would have been anti-dilutive. The total potentially dilutive common shares outstanding at September 30, 2021 and 2020 that were excluded from diluted weighted-average common shares outstanding represent shares underlying outstanding convertible debt, stock options, RSUs, and warrants, and totaled 1,938,461 and 1,946,101 , respectively. |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF STOCK WARRANT ACTIVITY | Warrant detail for the three months ended September 30, 2021 is reflected below: SCHEDULE OF STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Per Warrant Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2021 214,883 $ 4.49 2.92 Warrants issued 1,071,430 $ 7.00 5.00 Warrants outstanding at September 30, 2021 1,286,313 $ 6.58 4.61 Warrants exercisable at September 30, 2021 968,670 $ 6.44 4.48 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 outstanding at September 30, 2020 269,160 $ 4.55 3.91 Warrants exercisable at September 30, 2020 83,205 $ 4.00 1.76 |
SCHEDULE OF STOCK OPTIONS ACTIVITY | Activity in the Company’s stock options during the three months ended September 30, 2021 and related balances outstanding as of that date are reflected below: SCHEDULE OF STOCK OPTIONS ACTIVITY Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2021 531,205 $ 11.02 6.73 Granted - $ - - Exercised (3,400 ) $ 4.65 - Forfeited and cancelled (2,626 ) $ 13.60 - Outstanding at September 30, 2021 525,179 $ 11.05 6.32 Exercisable at September 30, 2021 499,533 $ 10.97 6.25 Activity in the Company’s 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 |
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY | Activity in RSUs during the three months ended September 30, 2021 and related balances outstanding as of that date are reflected below: SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY Number of Shares Weighted Average Grant date Fair Value Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2021 131,652 $ 9.25 2.72 Granted - $ - - Forfeited and cancelled (4,683 ) $ 8.88 - Outstanding at September 30, 2021 126,969 $ 9.26 2.59 |
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES | The following table summarizes stock-based compensation expense for employee and non-employee option and RSU grants: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES Three Months Ended 2021 2020 Research and development $ 36,000 $ 53,000 Selling and administrative 164,000 172,000 Total stock-based compensation expense $ 200,000 $ 225,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | The Future Minimum Lease Payments as of September 30, 2021 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Year Ending June 30, 2022 (remaining nine months) $ 561,000 2023 768,000 2024 791,000 2025 815,000 2026 840,000 Thereafter 359,000 Total Future Minimum Lease Payments 4,134,000 Less: discount (937,000 ) Total lease liability $ 3,197,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 13,804,475 | 9,536,441 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,938,461 | 1,946,101 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Feb. 09, 2021 | Nov. 09, 2020 | May 02, 2020 | Sep. 30, 2021 |
Paycheck Protection Program [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,297,000 | |||
Interest Payable | 10,000 | |||
Other Income | $ 1,307,000 | |||
Notes Payable | $ 0 | |||
CARES Act [Member] | Paycheck Protection Program [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,297,000 | |||
Debt Instrument, Term | 2 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||
Loan and Security Agreement [Member] | Revolving Credit Facility [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Senior secured revolving credit facility | $ 4,000,000 | |||
Line of credit, interest rate procedures, description | Prime Rate plus two and a half 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 Loan 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. We paid a non-refundable commitment fee of $15,000 upon execution of the Loan Agreement. In addition, we are 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 Revolving LOC, depending upon availability of borrowings under the Revolving LOC. | |||
Line of credit, non-refundable commitment fee | $ 15,000 | |||
Line of credit, maturity date | Nov. 7, 2022 | |||
Loan and Security Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Senior secured revolving credit facility | 4,000,000 | |||
Loan and Security Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Senior secured revolving credit facility | $ 6,000,000 |
RELATED PARTY DEBT AGREEMENTS (
RELATED PARTY DEBT AGREEMENTS (Details Narrative) - USD ($) | Jul. 09, 2020 | Jun. 02, 2020 | Sep. 02, 2019 | Jul. 03, 2019 | Jul. 03, 2019 | Mar. 31, 2021 | Jan. 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | Aug. 19, 2020 | Jul. 22, 2020 | Mar. 22, 2018 | Jul. 27, 2020 | Jul. 24, 2020 | Mar. 09, 2020 |
Esenjay [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal amount | $ 1,045,000 | $ 1,045,000 | |||||||||||||
Debt conversion, shares issued | 261,133 | 261,133 | |||||||||||||
Credit Facility Agreement [Member] | Esenjay Investments, LLS [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Line of credit, maximum borrowing capacity | $ 5,000,000 | ||||||||||||||
Amended Credit Facility Agreement [Member] | Esenjay Investments, LLS [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Line of credit, maximum borrowing capacity | $ 12,000,000 | ||||||||||||||
Line of credit, maturity date | Sep. 30, 2021 | ||||||||||||||
Third Amended And Restated Facility Agreement [Member] | Esenjay Investments, LLS [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Line of credit, maturity date | Sep. 30, 2021 | ||||||||||||||
Original Esenjay Note [Member] | Third Amended and Restated Credit Facility Agreement [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Line of credit | $ 564,000 | ||||||||||||||
Original Esenjay Note [Member] | Two Accredited Investors [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Proceeds from Loans | $ 900,000 | ||||||||||||||
Debt conversion, amount | $ 900,000 | ||||||||||||||
Common stock per share | $ 4 | ||||||||||||||
Debt conversion, shares issued | 225,000 | ||||||||||||||
Esenjay LOC Note [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Repayment of line of credit | $ 1,402,000 | ||||||||||||||
Esenjay LOC Note [Member] | Lenders [Member] | Third Amended and Restated Credit Facility Agreement [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal amount | $ 2,632,000 | $ 2,632,000 | $ 2,161,000 | ||||||||||||
Common stock per share | $ 4 | $ 4 | $ 4 | ||||||||||||
Debt conversion, shares issued | 658,103 | 658,103 | 540,347 | ||||||||||||
Cleveland Loan [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Repayment of line of credit | $ 200,000 | $ 978,000 | |||||||||||||
Esenjay [Member] | Original Esenjay Note [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal amount | $ 1,400,000 | $ 750,000 | |||||||||||||
Maturity date, description | extend the maturity date from June 30, 2020 to September 30, 2020 | ||||||||||||||
Cleveland Capital L.P [Member] | Cleveland Warrant [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Common stock per share | $ 4 | ||||||||||||||
Purchase of stock percentage | 0.50% | 0.50% | |||||||||||||
Cleveland Capital L.P [Member] | Cleveland Warrant [Member] | Maximum [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Purchase of stock percentage | 0.50% | 100.00% | |||||||||||||
Cleveland Capital L.P [Member] | Cleveland Warrant [Member] | Minimum [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Purchase of stock percentage | 1.00% | 50.00% | |||||||||||||
Cleveland Capital L.P [Member] | Loan Agreement [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Loans payable | $ 1,000,000 | $ 1,000,000 | |||||||||||||
Cleveland Capital L.P [Member] | Unsecured Promissory Note [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Maturity date, description | extended the maturity date from July 31, 2020 to August 31, 2020 | ||||||||||||||
Loans payable | $ 1,000,000 | $ 1,000,000 | |||||||||||||
Interest rate | 15.00% | 15.00% | |||||||||||||
Maturity date | Dec. 1, 2019 | ||||||||||||||
Cleveland [Member] | Unsecured Promissory Note [Member] | |||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||
Principal amount | $ 957,000 |
SCHEDULE OF STOCK WARRANT ACTIV
SCHEDULE OF STOCK WARRANT ACTIVITY (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||
Number of Warrants, Outstanding and exercisable, Beginning balance | 214,883 | 83,205 |
Weighted Average Exercise Price Per Warrant, Outstanding and exercisable, Beginning balance | $ 4.49 | $ 4 |
Remaining Contract Term (years) Warrants, Outstanding and exercisable, Beginning balance | 2 years 11 months 1 day | 2 years 3 days |
Number of Warrants, Warrants issued | 1,071,430 | 185,955 |
Weighted Average Exercise Price Per Warrant, Warrants issued | $ 7 | $ 4.80 |
Remaining Contract Term (years) Warrants, Warrants issued | 5 years | 5 years |
Number of Warrants, Outstanding and exercisable, Ending balance | 1,286,313 | 269,160 |
Weighted Average Exercise Price Per Warrant, Outstanding and exercisable, Ending balance | $ 6.58 | $ 4.55 |
Remaining Contract Term (years) Warrants, Outstanding, Ending balance | 4 years 7 months 9 days | 3 years 10 months 28 days |
Number of Warrants, Exercisable, Ending balance | 968,670 | 83,205 |
Weighted Average Exercise Price Per Warrant, Exercisable, Ending balance | $ 6.44 | $ 4 |
Remaining Contract Term (years) Warrants, Outstanding and exercisable, Ending balance | 4 years 5 months 23 days | 1 year 9 months 3 days |
SCHEDULE OF STOCK OPTIONS ACTIV
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - $ / shares | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||
Number of Shares, Outstanding, Beginning balance | 531,205 | 579,584 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 11.02 | $ 11 |
Weighted Average Remaining Contract Term (years), Outstanding, Beginning balance | 6 years 8 months 23 days | 7 years 6 months 18 days |
Number of Shares, Granted | ||
Weighted Average Exercise Price, Granted | ||
Number of Shares, Exercised | (3,400) | |
Weighted Average Exercise Price, Exercised | $ 4.65 | |
Number of Shares, Forfeited and cancelled | (2,626) | (1,751) |
Weighted Average Exercise Price, Forfeited and cancelled | $ 13.60 | $ 13.60 |
Number of Shares, Outstanding, Ending balance | 525,179 | 577,833 |
Weighted Average Exercise Price, Exercisable, Ending balance | $ 11.05 | $ 10.99 |
Weighted Average Remaining Contract Term (years), Outstanding, Ending balance | 6 years 3 months 25 days | 7 years 2 months 19 days |
Number of Shares, Exercisable, Ending balance | 499,533 | 482,300 |
Weighted Average Exercise Price, Exercisable, Ending balance | $ 10.97 | $ 10.79 |
Weighted Average Remaining Contract Term (years), Exercisable, Ending balance | 6 years 3 months | 6 years 11 months 26 days |
SCHEDULE OF RESTRICTED STOCK UN
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY (Details) | 3 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Equity [Abstract] | |
Number of Shares, Outstanding, Beginning balance | shares | 131,652 |
Weighted Average Grant date Fair Value, Outstanding, Beginning balance | $ / shares | $ 9.25 |
Weighted Average Remaining Contract Term (years), Outstanding, Beinning balance | 2 years 8 months 19 days |
Number of Shares, Granted | shares | |
Weighted Average Grant date Fair Value, Granted | $ / shares | |
Number of Shares, Forfeited and cancelled | shares | (4,683) |
Weighted Average Grant date Fair Value, Forfeited and cancelled | $ / shares | $ 8.88 |
Number of Shares, Outstanding, Ending balance | shares | 126,969 |
Weighted Average Grant date Fair Value, Outstanding, Ending balance | $ / shares | $ 9.26 |
Weighted Average Remaining Contract Term (years), Outstanding, Ending balance | 2 years 7 months 2 days |
SCHEDULE OF STOCK-BASED COMPENS
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Total stock-based compensation expense | $ 200,000 | $ 225,000 |
Research and Development Expense [Member] | ||
Total stock-based compensation expense | 36,000 | 53,000 |
General and Administrative Expense [Member] | ||
Total stock-based compensation expense | $ 164,000 | $ 172,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Sep. 27, 2021 | May 27, 2021 | Apr. 29, 2021 | Dec. 21, 2020 | Nov. 06, 2020 | Nov. 05, 2020 | Jul. 24, 2020 | Jul. 22, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Apr. 22, 2020 | Sep. 02, 2019 | Jul. 03, 2019 | Jul. 03, 2019 | Mar. 31, 2021 | Jan. 31, 2021 | Aug. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Jul. 03, 2020 | Feb. 17, 2015 |
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Proceeds from offering | $ 1,602,000 | $ 10,698,000 | |||||||||||||||||||||
Net Proceeds from offering | $ 3,200,000 | ||||||||||||||||||||||
Aggregate intrinsic value of exercisable options | 70,000 | $ 70,000 | |||||||||||||||||||||
Unrecognized stock-based compensation expense | $ 221,000 | 221,000 | |||||||||||||||||||||
Unrecognized stock-based compensation weighted average period | 5 months 8 days | ||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Unrecognized stock-based compensation expense | $ 478,000 | $ 478,000 | |||||||||||||||||||||
Unrecognized stock-based compensation weighted average period | 2 years 7 months 2 days | ||||||||||||||||||||||
2010 Option Plan [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Number of shares available for grant | 22,536 | ||||||||||||||||||||||
2014 Equity Incentive Plan [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Share based compensation, number of shares authorized | 1,000,000 | ||||||||||||||||||||||
2021 Equity Incentive Plan [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Share based compensation, number of shares authorized | 2,000,000 | ||||||||||||||||||||||
2014 Option Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Issuance of restricted stock unit | 45,686 | ||||||||||||||||||||||
Two Thousand And Fourteen Option Plans [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Issuance of restricted stock unit | 45,652 | ||||||||||||||||||||||
2014 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Issuance of restricted stock unit | 18,312 | ||||||||||||||||||||||
Investors [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 4.99% | 4.99% | |||||||||||||||||||||
Secured Promissory Note [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 4 | ||||||||||||||||||||||
Principal and accrued interest | $ 2,161,000 | $ 7,383,000 | $ 2,632,000 | $ 2,632,000 | |||||||||||||||||||
Conversion price per share | $ 4 | $ 4 | |||||||||||||||||||||
Number of shares converted into common stock | 540,347 | 1,845,830 | 658,103 | 658,103 | |||||||||||||||||||
Esenjay Note [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 4 | ||||||||||||||||||||||
Principal and accrued interest | $ 400,000 | ||||||||||||||||||||||
Number of shares converted into common stock | 100,000 | ||||||||||||||||||||||
Two Investors [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Sale of stock, shares issued | 66,250 | ||||||||||||||||||||||
Sale of stock price per share | $ 4 | ||||||||||||||||||||||
Sale of stock, value | $ 265,000 | ||||||||||||||||||||||
Six Investors [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Sale of stock, shares issued | 275,000 | ||||||||||||||||||||||
Sale of stock price per share | $ 4 | $ 4 | |||||||||||||||||||||
Sale of stock, value | $ 1,100,000 | ||||||||||||||||||||||
Esenjay [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Proceeds from offering | 300,000 | ||||||||||||||||||||||
Mr. Dutt [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Proceeds from offering | $ 50,000 | ||||||||||||||||||||||
Accredited Investors [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 4 | ||||||||||||||||||||||
Sale of stock, value | $ 3,200,000 | ||||||||||||||||||||||
Sale of stock, shares issued | 800,000 | ||||||||||||||||||||||
Mr. Cosentino [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Proceeds from offering | $ 250,000 | ||||||||||||||||||||||
Two Accredited Investors [Member] | Esenjay Note [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 4 | $ 4 | |||||||||||||||||||||
Principal and accrued interest | $ 500,000 | ||||||||||||||||||||||
Number of shares converted into common stock | 125,000 | ||||||||||||||||||||||
Underwriters [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 4.80 | ||||||||||||||||||||||
Warrants term | 5 years | ||||||||||||||||||||||
Warrant outstanding, shares | 185,955 | ||||||||||||||||||||||
Fair value of warrant | $ 513,000 | ||||||||||||||||||||||
Investor [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 7 | $ 7 | |||||||||||||||||||||
Warrants term | 5 years | 5 years | |||||||||||||||||||||
Warrant outstanding, shares | 1,071,430 | 1,071,430 | |||||||||||||||||||||
Fair value of warrant | $ 3,874,000 | ||||||||||||||||||||||
Executive Officers [Member] | 2014 Option Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Issuance of restricted stock unit | 43,527 | ||||||||||||||||||||||
Employees [Member] | 2014 Option Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Issuance of restricted stock unit | 91,338 | ||||||||||||||||||||||
At The Market Offering [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Proceeds from offering | $ 14,300,000 | ||||||||||||||||||||||
Sale of stock, shares issued | 1,169,564 | ||||||||||||||||||||||
Sale of stock price per share | $ 12.24 | $ 12.24 | |||||||||||||||||||||
Net Proceeds from offering | $ 13,700,000 | ||||||||||||||||||||||
At The Market Offering [Member] | Minimum [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Proceeds from offering | $ 10,000,000 | ||||||||||||||||||||||
At The Market Offering [Member] | Maximum [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Proceeds from offering | $ 20,000,000 | ||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 4 | ||||||||||||||||||||||
Proceeds from offering | $ 12,400,000 | ||||||||||||||||||||||
Sale of stock, shares issued | 3,099,250 | ||||||||||||||||||||||
At the Market Registered Direct Offering [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 7 | ||||||||||||||||||||||
Sale of stock, shares issued | 2,142,860 | ||||||||||||||||||||||
Warrants issued, shares | 1,071,430 | ||||||||||||||||||||||
Proceeds from warrants issuance | $ 15,000,000 | ||||||||||||||||||||||
Warrant exercise price | $ 7 | ||||||||||||||||||||||
H.C. Wainwright & Co., LLC [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 0.001 | ||||||||||||||||||||||
Commission percentage | 3.00% | ||||||||||||||||||||||
Reimbursement description | In addition, the Company agreed to reimburse HCW for certain legal and other expenses incurred up to a maximum of $50,000 to establish the ATM Offering, and $2,500 per quarter thereafter to maintain such program under the Sales Agreement. | ||||||||||||||||||||||
Cleveland Capital L.P [Member] | Cleveland Warrant [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Common stock per share | $ 4 | ||||||||||||||||||||||
Warrants term | 3 years | ||||||||||||||||||||||
Purchase of stock percentage | 0.50% | 0.50% | |||||||||||||||||||||
Warrant outstanding, shares | 83,205 | 83,205 | 83,205 | ||||||||||||||||||||
Fair value of warrant | $ 174,000 | ||||||||||||||||||||||
Cleveland Capital L.P [Member] | Minimum [Member] | Cleveland Warrant [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Purchase of stock percentage | 1.00% | 50.00% | |||||||||||||||||||||
Cleveland Capital L.P [Member] | Maximum [Member] | Cleveland Warrant [Member] | |||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||
Purchase of stock percentage | 0.50% | 100.00% |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | |
Concentration Risk [Line Items] | |||
Federal deposit insurance corporation | $ 250,000 | ||
Cash | 15,737,000 | $ 4,713,000 | |
Revenues | 6,271,000 | $ 4,499,000 | |
Four Customers [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 3,605,000 | ||
Concentration risk, percentage | 57.00% | ||
Three Major Customers [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenues | $ 2,965,000 | ||
Concentration risk, percentage | 66.00% | ||
Two Suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 24.00% | 28.00% | |
Purchases | $ 2,179,000 | $ 1,834,000 | |
Two Suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (remaining nine months) | $ 561,000 |
2023 | 768,000 |
2024 | 791,000 |
2025 | 815,000 |
2026 | 840,000 |
Thereafter | 359,000 |
Total Future Minimum Lease Payments | 4,134,000 |
Less: discount | (937,000) |
Total lease liability | $ 3,197,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Feb. 26, 2020USD ($)ft²$ / shares | Apr. 25, 2019USD ($)ft² | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Monthly rental payment | $ | $ 214,000 | $ 206,000 | ||
Accutek [Member] | ||||
Area of land | ft² | 17,539 | 45,600 | ||
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) | The Lease has an initial term of seven years and four months, commencing on or about June 28, 2019 | ||
Lease option to extend | 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 | |||
Purchase price of office furniture | $ | $ 8,300 | |||
Accutek [Member] | Space [Member] | ||||
Area of land | ft² | 16,309 | |||
Accutek [Member] | Residential Unit [Member] | ||||
Area of land | ft² | 1,230 | |||
Accutek [Member] | First 12 Months [Member] | ||||
Monthly rental payment | $ | $ 42,400 | |||
Escalating lease payment percentage | 3.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Oct. 29, 2021 | Oct. 29, 2021 | Sep. 30, 2021 |
Subsequent Event [Line Items] | |||
Number of shares, granted | |||
Subsequent Event [Member] | 2014 Option Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares, granted | 204,073 | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||
Subsequent Event [Line Items] | |||
Maturity date | Nov. 7, 2022 | ||
Commitment fee | $ 22,500 | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Line of credit amount | $ 4,000,000 | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Line of credit amount | $ 6,000,000 |