Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2022 | May 10, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
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 $0.001 per share | |
Trading Symbol | FLUX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,996,658 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Current assets: | ||
Cash | $ 3,804,000 | $ 4,713,000 |
Accounts receivable | 9,508,000 | 6,097,000 |
Inventories, net | 20,934,000 | 10,513,000 |
Other current assets | 577,000 | 417,000 |
Total current assets | 34,823,000 | 21,740,000 |
Right of use asset | 2,711,000 | 3,035,000 |
Property, plant and equipment, net | 1,588,000 | 1,356,000 |
Other assets | 89,000 | 131,000 |
Total assets | 39,211,000 | 26,262,000 |
Current liabilities: | ||
Accounts payable | 13,361,000 | 7,175,000 |
Accrued expenses | 2,142,000 | 2,583,000 |
Line of credit | 3,500,000 | |
Deferred revenue | 313,000 | 24,000 |
Customer deposits | 690,000 | 171,000 |
Office lease payable, current portion | 486,000 | 435,000 |
Accrued interest | 2,000 | 2,000 |
Total current liabilities | 20,494,000 | 10,390,000 |
Office lease payable, less current portion | 2,493,000 | 2,866,000 |
Total liabilities | 22,987,000 | 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; 15,992,080 and 13,652,164 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively | 16,000 | 14,000 |
Additional paid-in capital | 95,369,000 | 79,197,000 |
Accumulated deficit | (79,161,000) | (66,205,000) |
Total stockholders’ equity | 16,224,000 | 13,006,000 |
Total liabilities and stockholders’ equity | $ 39,211,000 | $ 26,262,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | 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 | 15,992,080 | 13,652,164 |
Common stock, shares outstanding | 15,992,080 | 13,652,164 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 13,177,000 | $ 6,964,000 | $ 27,138,000 | $ 17,932,000 |
Cost of sales | 11,257,000 | 5,287,000 | 22,838,000 | 13,893,000 |
Gross profit | 1,920,000 | 1,677,000 | 4,300,000 | 4,039,000 |
Operating expenses: | ||||
Selling and administrative | 3,904,000 | 3,122,000 | 11,402,000 | 9,177,000 |
Research and development | 1,713,000 | 1,523,000 | 5,768,000 | 4,624,000 |
Total operating expenses | 5,617,000 | 4,645,000 | 17,170,000 | 13,801,000 |
Operating loss | (3,697,000) | (2,968,000) | (12,870,000) | (9,762,000) |
Other income (expense): | ||||
Other income | 1,307,000 | 1,307,000 | ||
Interest expense | (52,000) | (64,000) | (86,000) | (618,000) |
Net loss | $ (3,749,000) | $ (1,725,000) | $ (12,956,000) | $ (9,073,000) |
Net loss per share - basic and diluted | $ (0.23) | $ (0.14) | $ (0.85) | $ (0.80) |
Weighted average number of common shares outstanding - basic and diluted | 15,988,926 | 12,499,870 | 15,254,983 | 11,300,229 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' 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 – 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 | |||
Stock based compensation | 225,000 | 225,000 | ||
Net loss | (3,984,000) | (3,984,000) | ||
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 | |||
Fair value of warrants issued | 174,000 | 174,000 | ||
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, 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 and warrants, shares | 15,812 | |||
Net loss | $ (9,073,000) | |||
Ending balance, value at Mar. 31, 2021 | $ 13,000 | 72,002,000 | (62,485,000) | 9,530,000 |
Ending balance, shares at Mar. 31, 2021 | 13,003,795 | |||
Beginning balance, value at Sep. 30, 2020 | $ 11,000 | 61,678,000 | (57,396,000) | 4,293,000 |
Beginning balance, shares at Sep. 30, 2020 | 11,419,737 | |||
Issuance of common stock – exercised options and warrants | ||||
Issuance of common stock exercised options and warrants, shares | 6,289 | |||
Stock based compensation | 197,000 | 197,000 | ||
Net loss | (3,364,000) | (3,364,000) | ||
Issuance of common stock – debt conversion | $ 1,000 | 2,160,000 | 2,161,000 | |
Issuance of common stock debt conversion, shares | 540,347 | |||
Issuance of common stock, net of costs | 3,336,000 | 3,336,000 | ||
Issuance of common stock, net of costs, shares | 226,737 | |||
Ending balance, value at Dec. 31, 2020 | $ 12,000 | 67,371,000 | (60,760,000) | 6,623,000 |
Ending balance, shares at Dec. 31, 2020 | 12,193,110 | |||
Issuance of common stock – exercised options and warrants | 29,000 | 29,000 | ||
Issuance of common stock exercised options and warrants, shares | 37,676 | |||
Stock based compensation | 228,000 | 228,000 | ||
Net loss | (1,725,000) | (1,725,000) | ||
Issuance of common stock – debt conversion | $ 1,000 | 2,631,000 | 2,632,000 | |
Issuance of common stock debt conversion, shares | 658,103 | |||
Issuance of common stock, net of costs | 1,743,000 | 1,743,000 | ||
Issuance of common stock, net of costs, shares | 114,906 | |||
Ending balance, value at Mar. 31, 2021 | $ 13,000 | 72,002,000 | (62,485,000) | 9,530,000 |
Ending balance, shares at Mar. 31, 2021 | 13,003,795 | |||
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 and warrants | ||||
Issuance of common stock exercised options and warrants, shares | 1,696 | |||
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 | |||
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 exercised options and warrants, shares | 3,400 | |||
Net loss | $ (12,956,000) | |||
Ending balance, value at Mar. 31, 2022 | $ 16,000 | 95,369,000 | (79,161,000) | 16,224,000 |
Ending balance, shares at Mar. 31, 2022 | 15,992,080 | |||
Beginning balance, value at Sep. 30, 2021 | $ 16,000 | 95,073,000 | (70,335,000) | 24,754,000 |
Beginning balance, shares at Sep. 30, 2021 | 15,987,502 | |||
Stock based compensation | 249,000 | 249,000 | ||
Net loss | (5,077,000) | (5,077,000) | ||
Additional offering costs related to the registered direct offering | (105,000) | (105,000) | ||
Ending balance, value at Dec. 31, 2021 | $ 16,000 | 95,217,000 | (75,412,000) | 19,821,000 |
Ending balance, shares at Dec. 31, 2021 | 15,987,502 | |||
Stock based compensation | 152,000 | 152,000 | ||
Net loss | (3,749,000) | (3,749,000) | ||
Issuance of common stock – RSU settlement | ||||
Issuance of common stock RSU settlement, shares | 4,578 | |||
Ending balance, value at Mar. 31, 2022 | $ 16,000 | $ 95,369,000 | $ (79,161,000) | $ 16,224,000 |
Ending balance, shares at Mar. 31, 2022 | 15,992,080 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (12,956,000) | $ (9,073,000) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 412,000 | 176,000 |
Stock-based compensation | 601,000 | 650,000 |
PPP Loan principal and accrued interest forgiveness | (1,307,000) | |
Fair value of warrant issued as debt issuance cost | 174,000 | |
Noncash interest expense | 426,000 | |
Noncash rent expense | 324,000 | 297,000 |
Allowance for inventory reserve | 109,000 | (217,000) |
Amortization of prepaid offering costs | 547,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,411,000) | (1,795,000) |
Inventories | (10,530,000) | (3,138,000) |
Other current assets | (118,000) | (498,000) |
Accounts payable | 6,186,000 | 1,402,000 |
Accrued expenses | (441,000) | 350,000 |
Due to Factor | (469,000) | |
Accrued interest | (37,000) | |
Office lease payable | (322,000) | (191,000) |
Deferred revenue | 289,000 | 111,000 |
Customer deposits | 519,000 | (1,408,000) |
Net cash used in operating activities | (19,338,000) | (14,000,000) |
Cash flows from investing activities | ||
Purchases of equipment | (644,000) | (692,000) |
Net cash used in investing activities | (644,000) | (692,000) |
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 | 13,971,000 | |
Proceeds from issuance of common stock in public offering, net of offering costs | 1,602,000 | 15,806,000 |
Proceeds from revolving line of credit | 3,500,000 | |
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 | (28,000) | |
Net cash provided by financing activities | 19,073,000 | 16,398,000 |
Net change in cash | (909,000) | 1,706,000 |
Cash, beginning of period | 4,713,000 | 726,000 |
Cash, end of period | 3,804,000 | 2,432,000 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||
Common stock issued for conversion of related party debt | 5,193,000 | |
Accrued interest converted into principal | 358,000 | |
Common stock issued for vested RSUs | 9,700 | |
Supplemental cash flow information: | ||
Interest paid | $ 86,000 | $ 55,000 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 9 Months Ended |
Mar. 31, 2022 | |
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 2008 in the State of Nevada, and 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 electrification of a range of industrial commercial sectors which include material handling, airport ground support equipment (“GSE”), and stationary energy storage. 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. We believe that the increasing demand for lithium-ion battery packs and more environmentally friendly energy storage solutions in the material handling sector should continue to drive our revenue growth. 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 | 9 Months Ended |
Mar. 31, 2022 | |
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. 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 March 31, 2022 and 2021, basic and diluted weighted-average common shares outstanding were 15,988,926 12,499,870 15,254,983 11,300,229 2,070,652 897,646 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses consist of the following: SCHEDULE OF ACCRUED EXPENSES March 31, 2022 June 30, 2021 Payroll and bonus accrual $ 784,000 $ 1,271,000 PTO accrual 438,000 417,000 Warranty liability 920,000 895,000 Total Accrued expenses $ 2,142,000 $ 2,583,000 |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Mar. 31, 2022 | |
Notes Payable | |
NOTES PAYABLE | NOTE 4 – 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 two-year 1.0 1,297,000 10,000 1,307,000 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 Loan and Security Agreement (“Loan Agreement”) with Silicon Valley Bank (“SVB”). On October 29, 2021, the Company entered into a First Amendment to Loan and Security Agreement (“First Amendment” and together with the Loan Agreement, the “Amended Loan Agreement”) with SVB which amended certain terms of the Loan Agreement including, but not limited to, increasing the amount of the revolving line of credit from $ 4.0 6.0 November 7, 2022 6.0 (i) Prime Rate plus two and a half percent (2.50%), currently 6.00%, or (ii) five and three-quarters percent (5.75%). Interest payments are due on the last day of the month. Should an event of default occur, the interest rate per annum will be increased to five percent (5.0%) above the rate that otherwise would have been applicable to such amounts owed. The Company paid a non-refundable commitment fee of $ 15,000 3,500,000 2,500,000 |
RELATED PARTY DEBT AGREEMENTS
RELATED PARTY DEBT AGREEMENTS | 9 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
RELATED PARTY DEBT AGREEMENTS | NOTE 5 - RELATED PARTY DEBT AGREEMENTS As of March 31, 2022 and June 30, 2021, the Company had no outstanding related party debt agreements. Related party debt agreements that existed during the 2021 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 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 | 9 Months Ended |
Mar. 31, 2022 | |
Factoring Arrangement | |
FACTORING ARRANGEMENT | NOTE 6 – 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 terminated the Factoring Agreement. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 7 - 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 through March 31, 2022, 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 Offerings 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, the Company 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 1.0 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-year 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-year 185,955 4.80 513,000 In connection with the Company’s RDO, in September 2021 the Company issued five-year 1,071,430 7.00 3,874,000 4.99 Warrant detail for the nine months ended March 31, 2022 is reflected below: SCHEDULE OF STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Per Warrant Weighted Average Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2021 214,883 $ 4.49 Warrants issued 1,071,430 $ 7.00 Warrants outstanding and exercisable at March 31, 2022 1,286,313 $ 6.58 4.11 Warrant detail for the nine months ended March 31, 2021 is reflected below: Number of Warrants Weighted Average Exercise Price Per Warrant Weighted Average Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2020 83,205 $ 4.00 Warrants issued 185,955 $ 4.80 Warrants exercised (32,977 ) $ 4.80 Warrants forfeited (11,700 ) $ 4.80 Warrants outstanding at March 31, 2021 224,483 $ 4.50 3.22 Stock Options In connection with the reverse acquisition of Flux Power, Inc. in 2012, the Company 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 1,000,000 170,810 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 nine months ended March 31, 2022 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 Granted - $ - Exercised (3,400 ) $ 4.65 Forfeited and cancelled (15,612 ) $ 14.28 Outstanding and exercisable at March 31, 2022 512,193 $ 10.97 5.91 Activity in the Company’s stock options during the nine months ended March 31, 2021 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 Granted - $ - Exercised (15,812 ) $ 5.77 Forfeited and cancelled (18,932 ) $ 12.45 Outstanding at March 31, 2021 544,840 $ 11.10 6.81 Exercisable at March 31, 2021 490,493 $ 10.91 6.67 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 97,828 48,914 48,914 81,786 Activity in RSUs during the nine months ended March 31, 2022 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 Granted 179,614 $ 5.75 Settled (4.578 ) $ 11.56 Forfeited and cancelled (35,542 ) $ 6.95 Outstanding at March 31, 2022 271,146 $ 7.19 2.34 Activity in RSUs during the nine months ended March 31, 2021 and related balances outstanding as of that date are reflected below: Number of Shares Weighted Average Grant date Fair Value Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2020 - $ - Granted 134,865 $ 8.88 Forfeited and cancelled (6,542 ) $ 8.88 Outstanding at March 31, 2021 128,323 $ 8.88 2.91 Stock-based Compensation Stock-based compensation expense for the three and nine months ended March 31, 2022 and 2021 represents the estimated fair value of stock options and RSUs at the time of grant amortized under the straight-line method over the expected vesting period and reduced for estimated forfeitures of options and RSUs. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from original estimates. At March 31, 2022, the aggregate intrinsic value of exercisable stock options was approximately $ 1,686,000 The following table summarizes stock-based compensation expense for employee and non-employee stock option and RSU grants: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES 2022 2021 2022 2021 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 32,000 $ 48,000 $ 122,000 $ 146,000 Selling and administrative 120,000 180,000 479,000 504,000 Total stock-based compensation expense $ 152,000 $ 228,000 $ 601,000 $ 650,000 At March 31, 2022, the unamortized stock-based compensation expense related to outstanding RSUs was approximately $ 1,085,000 2.34 |
CONCENTRATIONS
CONCENTRATIONS | 9 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | NOTE 8 - CONCENTRATIONS Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash 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 3,804,000 4,713,000 Customer Concentrations During the three months ended March 31, 2022, the Company had four (4) major customers that each represented more than 10% of revenues on an individual basis, and together represented approximately $ 10,762,000 82 15,891,000 59 During the three months ended March 31, 2021, the Company had four (4) major customers that each represented more than 10% of revenues on an individual basis, and together represented approximately $ 5,352,000 77 10,594,000 59 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 March 31, 2022, the Company had three (3) suppliers who accounted for more than 10 5,556,000 48 10 12,722,000 32 During the three months ended March 31, 2021, the Company had two (2) suppliers who accounted for more than 10 2,252,000 26 10 6,229,000 27 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9 - 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. The Company is not aware of any material legal proceedings currently pending or expected 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 and commenced on or about June 28, 2019. The lease contains an option to extend the term for two periods of 24 months each, 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 will terminate concurrently with the term of the original lease, which expires on November 20, 2026 0.93 8,300 Total rent expense was approximately $ 219,000 214,000 648,000 635,000 The Future Minimum Lease Payments as of March 31, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Year Ending June 30, 2022 (remaining three months) $ 187,000 2023 768,000 2024 791,000 2025 815,000 2026 840,000 Thereafter 359,000 Total Future Minimum Lease Payments 3,760,000 Less: discount (781,000 ) Total lease liability $ 2,979,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 - SUBSEQUENT EVENTS Grant of Restricted Stock Units to Non-Executive Directors On April 28, 2022, the Company’s four non-executive directors were granted RSUs covering a total of 71,172 Subordinated Line of Credit On May 11, 2022, the Company entered into a Credit Facility Agreement (the “Credit Facility”) with Cleveland Capital, L.P., a Delaware limited partnership (“Cleveland”), Herndon Plant Oakley, Ltd., (“HPO”), and other lenders (together with Cleveland and HPO, the “Lenders”). The Credit Facility provides the Company with a short-term line of credit (the “LOC”) not less than $ 3,000,000 5,000,000 4,000,000 Pursuant to the terms of the Credit Facility, each Lender severally agrees to make loans (each such loan, an “Advance”) up to such Lender’s Commitment Amount to the Company from time to time, until December 31, 2022 (the “Due Date”). The Company may, from time to time, prior to the Due Date, draw down, repay, and re-borrow on the Note, by giving notice to the Lenders of the amount to be requested to be drawn down. Each Note bears an interest rate of 15.0 2 The Credit Facility includes customary representations, warranties and covenants by the Company and the Lenders. The Company has also agreed to pay the legal fees of Cleveland’s counsel in an amount up to $ 10,000 In connection with entry into the Credit Facility, the Company agreed to pay to each Lender a one-time committee fee in cash equal to 3.5 % of such Lender’s Commitment Amount. In addition, in consideration of the Lenders’ commitment to provide the Advances to the Company, the 160,000 5,000,000 Subject to certain ownership limitations, the Warrants will be exercisable immediately from the date of issuance, will expire on the five ( 5 2.53 Pursuant to a selling agreement, dated as of May 11, 2022, the Company retained HPO as its placement agent in connection with the Credit Facility. As compensation for services rendered in conjunction with the Credit Facility, the Company agreed to pay HPO a finder fee equal to 3 Financial Advisory Agreement On May 11, 2022, the Company entered into a certain financial advisory agreement with Cleveland Capital Management, L.L.C., a related party (“Cleveland Management”) pursuant to which Cleveland Management agreed to provide the Company with financial consulting services. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and 2021, basic and diluted weighted-average common shares outstanding were 15,988,926 12,499,870 15,254,983 11,300,229 2,070,652 897,646 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES | Accrued expenses consist of the following: SCHEDULE OF ACCRUED EXPENSES March 31, 2022 June 30, 2021 Payroll and bonus accrual $ 784,000 $ 1,271,000 PTO accrual 438,000 417,000 Warranty liability 920,000 895,000 Total Accrued expenses $ 2,142,000 $ 2,583,000 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
SCHEDULE OF STOCK WARRANT ACTIVITY | Warrant detail for the nine months ended March 31, 2022 is reflected below: SCHEDULE OF STOCK WARRANT ACTIVITY Number of Warrants Weighted Average Exercise Price Per Warrant Weighted Average Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2021 214,883 $ 4.49 Warrants issued 1,071,430 $ 7.00 Warrants outstanding and exercisable at March 31, 2022 1,286,313 $ 6.58 4.11 Warrant detail for the nine months ended March 31, 2021 is reflected below: Number of Warrants Weighted Average Exercise Price Per Warrant Weighted Average Remaining Contract Term (# years) Warrants outstanding and exercisable at June 30, 2020 83,205 $ 4.00 Warrants issued 185,955 $ 4.80 Warrants exercised (32,977 ) $ 4.80 Warrants forfeited (11,700 ) $ 4.80 Warrants outstanding at March 31, 2021 224,483 $ 4.50 3.22 |
SCHEDULE OF STOCK OPTIONS ACTIVITY | Activity in the Company’s stock options during the nine months ended March 31, 2022 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 Granted - $ - Exercised (3,400 ) $ 4.65 Forfeited and cancelled (15,612 ) $ 14.28 Outstanding and exercisable at March 31, 2022 512,193 $ 10.97 5.91 Activity in the Company’s stock options during the nine months ended March 31, 2021 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 Granted - $ - Exercised (15,812 ) $ 5.77 Forfeited and cancelled (18,932 ) $ 12.45 Outstanding at March 31, 2021 544,840 $ 11.10 6.81 Exercisable at March 31, 2021 490,493 $ 10.91 6.67 |
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY | Activity in RSUs during the nine months ended March 31, 2022 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 Granted 179,614 $ 5.75 Settled (4.578 ) $ 11.56 Forfeited and cancelled (35,542 ) $ 6.95 Outstanding at March 31, 2022 271,146 $ 7.19 2.34 Activity in RSUs during the nine months ended March 31, 2021 and related balances outstanding as of that date are reflected below: Number of Shares Weighted Average Grant date Fair Value Weighted Average Remaining Contract Term (# years) Outstanding at June 30, 2020 - $ - Granted 134,865 $ 8.88 Forfeited and cancelled (6,542 ) $ 8.88 Outstanding at March 31, 2021 128,323 $ 8.88 2.91 |
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES | The following table summarizes stock-based compensation expense for employee and non-employee stock option and RSU grants: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES 2022 2021 2022 2021 Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 32,000 $ 48,000 $ 122,000 $ 146,000 Selling and administrative 120,000 180,000 479,000 504,000 Total stock-based compensation expense $ 152,000 $ 228,000 $ 601,000 $ 650,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | The Future Minimum Lease Payments as of March 31, 2022 are as follows: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Year Ending June 30, 2022 (remaining three months) $ 187,000 2023 768,000 2024 791,000 2025 815,000 2026 840,000 Thereafter 359,000 Total Future Minimum Lease Payments 3,760,000 Less: discount (781,000 ) Total lease liability $ 2,979,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||||
Basic and diluted weighted average common shares outstanding | 15,988,926 | 12,499,870 | 15,254,983 | 11,300,229 |
Potentially dilutive common shares outstanding | 2,070,652 | 897,646 |
SCHEDULE OF ACCRUED EXPENSES (D
SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Payables and Accruals [Abstract] | ||
Payroll and bonus accrual | $ 784,000 | $ 1,271,000 |
PTO accrual | 438,000 | 417,000 |
Warranty liability | 920,000 | 895,000 |
Total Accrued expenses | $ 2,142,000 | $ 2,583,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Oct. 29, 2021 | Feb. 09, 2021 | May 02, 2020 | Mar. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Line of credit | $ 3,500,000 | |||
Remaining available balance | 2,500,000 | |||
Paycheck Protection Program [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt instrument face amount | $ 1,297,000 | |||
Accrued interest | 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 percentage | 1.00% | |||
Loan and Security Agreement [Member] | Revolving Credit Facility [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Line of credit | $ 4,000,000 | |||
Senior secured maximum revolving credit facility | $ 6,000,000 | |||
Revolving line of credit Maturity | Nov. 7, 2022 | |||
Line of credit, interest rate procedures, description | (i) Prime Rate plus two and a half percent (2.50%), currently 6.00%, or (ii) five and three-quarters percent (5.75%). Interest payments are due on the last day of the month. Should an event of default occur, the interest rate per annum will be increased to five percent (5.0%) above the rate that otherwise would have been applicable to such amounts owed. The Company paid a non-refundable commitment fee of $15,000 upon execution of the Loan Agreement and an additional non-refundable commitment fee of $22,500 in connection with the First Amendment. 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 $6.0 million commitment under the Revolving LOC, depending upon availability of borrowings under the Revolving LOC | |||
Line of credit, non-refundable commitment fee | $ 15,000 |
RELATED PARTY DEBT AGREEMENTS (
RELATED PARTY DEBT AGREEMENTS (Details Narrative) - USD ($) | Jul. 09, 2020 | Sep. 02, 2019 | Jul. 03, 2019 | Mar. 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | Aug. 19, 2020 | Jul. 22, 2020 | Mar. 22, 2018 | Mar. 31, 2022 | Jul. 27, 2020 | Jul. 24, 2020 | Jun. 02, 2020 | Mar. 09, 2020 |
Short-Term Debt [Line Items] | ||||||||||||||
Line of credit | $ 3,500,000 | |||||||||||||
Esenjay [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Common stock approximate shares | $ 1,045,000 | |||||||||||||
Debt conversion, shares issued | 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] | Three Accredited Investors [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Proceeds from Loans | $ 900,000 | |||||||||||||
Common stock approximate shares | $ 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 | $ 2,161,000 | ||||||||||||
Common stock per share | $ 4 | $ 4 | ||||||||||||
Debt conversion, shares issued | 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 | ||||||||||||
Cleveland Capital L.P [Member] | Cleveland Warrant [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Common stock per share | $ 4 | |||||||||||||
Purchase of stock percentage | 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 | 100.00% | 50.00% | ||||||||||||
Cleveland Capital L.P [Member] | Loan Agreement [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Loans payable | $ 1,000,000 | |||||||||||||
Cleveland Capital L.P [Member] | Unsecured Promissory Note [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Loans payable | $ 1,000,000 | |||||||||||||
Interest rate | 15.00% | |||||||||||||
Maturity date | Dec. 1, 2019 | |||||||||||||
Maturity date, description | extended the maturity date from July 31, 2020 to August 31, 2020 | |||||||||||||
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) - Warrant [Member] - $ / shares | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants, outstanding and exercisable, beginning balance | 214,883 | 83,205 |
Weighted average exercise price, outstanding, beginning balance | $ 4.49 | $ 4 |
Number of warrants, warrants issued | 1,071,430 | 185,955 |
Weighted average exercise price, warrants issued | $ 7 | $ 4.80 |
Number of warrants, outstanding, ending balance | 1,286,313 | 224,483 |
Weighted average exercise price per warrant, outstanding and exercisable, ending balance | $ 6.58 | $ 4.50 |
Remaining contract term (years) warrants, outstanding and exercisable, ending balance | 4 years 1 month 9 days | 3 years 2 months 19 days |
Number of warrants, warrants exercised | (32,977) | |
Weighted average exercise price, warrants exercised | $ 4.80 | |
Number of warrants, warrants forfeited | (11,700) | |
Weighted average exercise price, warrants forfeited | $ 4.80 |
SCHEDULE OF STOCK OPTIONS ACTIV
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - $ / shares | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Number of shares, outstanding, beginning balance | 531,205 | 579,584 |
Weighted average exercise price, outstanding, beginning balance | $ 11.02 | $ 11 |
Number of Shares, granted | ||
Weighted average exercise price, granted | ||
Number of shares, exercised | (3,400) | (15,812) |
Weighted average exercise price, exercised | $ 4.65 | $ 5.77 |
Number of shares, forfeited and cancelled | (15,612) | (18,932) |
Weighted average exercise price, forfeited and cancelled | $ 14.28 | $ 12.45 |
Number of shares, outstanding, ending balance | 512,193 | 544,840 |
Weighted average exercise price, outstanding, ending balance | $ 10.97 | $ 11.10 |
Weighted average remaining contract term (years), outstanding, ending balance | 5 years 10 months 28 days | 6 years 9 months 21 days |
Number of shares, exercisable, ending balance | 490,493 | |
Weighted average exercise price, exercisable, ending balance | $ 10.91 | |
Weighted average remaining contract term (years), exercisable, ending balance | 6 years 8 months 1 day |
SCHEDULE OF RESTRICTED STOCK UN
SCHEDULE OF RESTRICTED STOCK UNITS ACTIVITY (Details) - $ / shares | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Number of shares, outstanding, beginning balance | 131,652 | |
Weighted average grant date fair value, outstanding, beginning balance | $ 9.25 | |
Number of shares, granted | 179,614 | 134,865 |
Weighted average drant date fair value, granted | $ 5.75 | $ 8.88 |
Number of shares, settled | (4.578) | |
Weighted average drant date fair value, settled | $ 11.56 | |
Number of Shares, Forfeited and cancelled | (35,542) | (6,542) |
Weighted average grant date fair value, forfeited and cancelled | $ 6.95 | $ 8.88 |
Number of shares, outstanding, ending balance | 271,146 | 128,323 |
Weighted average grant date fair value, outstanding, ending balance | $ 7.19 | $ 8.88 |
Weighted average remaining contract term (years), outstanding, ending balance | 2 years 4 months 2 days | 2 years 10 months 28 days |
SCHEDULE OF STOCK-BASED COMPENS
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Total stock-based compensation expense | $ 152,000 | $ 228,000 | $ 601,000 | $ 650,000 |
Research and Development Expense [Member] | ||||
Total stock-based compensation expense | 32,000 | 48,000 | 122,000 | 146,000 |
General and Administrative Expense [Member] | ||||
Total stock-based compensation expense | $ 120,000 | $ 180,000 | $ 479,000 | $ 504,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Oct. 29, 2021 | 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 | Sep. 30, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Aug. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Aug. 31, 2021 | Jun. 30, 2021 | Feb. 17, 2015 |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Proceeds from offering | $ 1,602,000 | $ 15,806,000 | ||||||||||||||||||||||
Net Proceeds from offering | $ 3,200,000 | |||||||||||||||||||||||
Aggregate intrinsic value of exercisable options | 1,686,000 | $ 1,686,000 | ||||||||||||||||||||||
Unrecognized stock-based compensation expense | $ 1,085,000 | $ 1,085,000 | ||||||||||||||||||||||
Unrecognized stock-based compensation weighted average period | 2 years 4 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] | ||||||||||||||||||||||||
Number of shares available for grant | 170,810 | 170,810 | ||||||||||||||||||||||
2021 Equity Incentive Plan [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Common stock award issued, shares | 2,000,000 | |||||||||||||||||||||||
2014 Option Plan [Member] | Performance Based RSU [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Issuance of restricted stock unit | 48,914 | 45,652 | ||||||||||||||||||||||
2014 Option Plan [Member] | Time Based RSU [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Issuance of restricted stock unit | 45,686 | |||||||||||||||||||||||
2014 Plan [Member] | Time Based RSU [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Issuance of restricted stock unit | 48,914 | 18,312 | ||||||||||||||||||||||
Investors [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Ownership interest rate | 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, shares amount | 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] | ||||||||||||||||||||||||
Exercise price | $ 4.80 | |||||||||||||||||||||||
Warrants term | 5 years | |||||||||||||||||||||||
Investors purchase of shares | 185,955 | |||||||||||||||||||||||
Fair value | $ 513,000 | |||||||||||||||||||||||
Investor [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Exercise price | $ 7 | |||||||||||||||||||||||
Warrants term | 5 years | |||||||||||||||||||||||
Investors purchase of shares | 1,071,430 | |||||||||||||||||||||||
Fair value | $ 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 | 97,828 | 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 | |||||||||||||||||||||||
Employees [Member] | 2014 Option Plan [Member] | Time Based RSU [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Issuance of restricted stock unit | 81,786 | |||||||||||||||||||||||
Maximum [Member] | 2014 Equity Incentive Plan [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Common stock award issued, shares | 1,000,000 | |||||||||||||||||||||||
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] | ||||||||||||||||||||||||
Sale of stock, shares issued | 2,142,860 | |||||||||||||||||||||||
Warrants issued, shares | 1,071,430 | |||||||||||||||||||||||
Offering price | $ 7 | |||||||||||||||||||||||
Proceeds from warrants issuance | $ 15,000,000 | |||||||||||||||||||||||
Offering expenses | $ 1,000,000 | |||||||||||||||||||||||
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% | |||||||||||||||||||||||
Investors purchase of shares | 83,205 | 83,205 | ||||||||||||||||||||||
Fair value | $ 174,000 | |||||||||||||||||||||||
Cleveland Capital L.P [Member] | Minimum [Member] | Cleveland Warrant [Member] | ||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||||||||||
Purchase of stock percentage | 100.00% | 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 | 9 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Concentration Risk [Line Items] | |||||
Federal deposit insurance corporation | $ 250,000 | $ 250,000 | |||
Cash | 3,804,000 | 3,804,000 | $ 4,713,000 | ||
Revenues | 13,177,000 | $ 6,964,000 | 27,138,000 | $ 17,932,000 | |
Four Major Customers [Member | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenues | $ 10,762,000 | $ 5,352,000 | |||
Concentration risk, percentage | 82.00% | 77.00% | |||
Three major customers [Member] | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenues | $ 15,891,000 | $ 10,594,000 | |||
Concentration risk, percentage | 59.00% | 59.00% | |||
Three suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 48.00% | ||||
Purchases | $ 5,556,000 | ||||
Three suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member] | Maximum [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10.00% | ||||
Two Suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 26.00% | 27.00% | |||
Purchases | $ 2,252,000 | $ 6,229,000 | |||
Two Suppliers [Member] | Purchase [Member] | Supplier Concentration Risk [Member] | Maximum [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% | ||
One Supplier [Member] | Purchase [Member] | Supplier Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 32.00% | ||||
Purchases | $ 12,722,000 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (remaining three months) | $ 187,000 |
2023 | 768,000 |
2024 | 791,000 |
2025 | 815,000 |
2026 | 840,000 |
Thereafter | 359,000 |
Total Future Minimum Lease Payments | 3,760,000 |
Less: discount | (781,000) |
Total lease liability | $ 2,979,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Feb. 26, 2020USD ($)ft²$ / shares | Apr. 25, 2019USD ($)ft²$ / shares | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) |
Monthly rental payment | $ | $ 219,000 | $ 214,000 | $ 648,000 | $ 635,000 | ||
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 will terminate concurrently with the term 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 and commenced 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 each, 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 | |||||
Lease term , percentage | $ / shares | $ 0.03 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | May 12, 2022 | May 11, 2022 | Apr. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 |
Subsequent Event [Line Items] | ||||||
Granted shares | 179,614 | 134,865 | ||||
Lines of credit | $ 3,500,000 | |||||
Proceeds from Lines of Credit | $ 3,500,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Bear interest rate | 15.00% | |||||
Commitment rate | 2.00% | |||||
Exercise price | $ 0.0253 | |||||
Subsequent Event [Member] | Warrant [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Warrant term | 5 years | |||||
Subsequent Event [Member] | Lender [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Commitment rate | 3.50% | |||||
Subsequent Event [Member] | Maximum [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Legal fees | $ 10,000 | |||||
Subsequent Event [Member] | Credit Facility Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Lenders committed amount | $ 4,000,000 | |||||
Subsequent Event [Member] | Credit Facility Agreement [Member] | Warrant [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Lenders committed amount | $ 5,000,000 | |||||
Number of shares issued | 160,000 | |||||
Subsequent Event [Member] | Credit Facility Agreement [Member] | Letter of Credit [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Lines of credit | 3,000,000 | |||||
Proceeds from Lines of Credit | $ 5,000,000 | |||||
Subsequent Event [Member] | Placement Agent Agreement [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Commitment rate | 3.00% | |||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | 2014 Plan [Member] | Four Non Executive Directors [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Granted shares | 71,172 |