Cover
Cover - shares | 6 Months Ended | |
Dec. 31, 2022 | Feb. 10, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 001-41447 | |
Entity Registrant Name | NeoVolta, Inc. | |
Entity Central Index Key | 0001748137 | |
Entity Tax Identification Number | 82-5299263 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 13651 Danielson Street | |
Entity Address, Address Line Two | Suite A | |
Entity Address, City or Town | Poway | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92064 | |
City Area Code | (800) | |
Local Phone Number | 364-5464 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,145,368 | |
Common Stock, par value $0.001 per share | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | NEOV | |
Security Exchange Name | NASDAQ | |
Warrants, each warrant exercisable for one share of common stock | ||
Title of 12(b) Security | Warrants, each warrant exercisable for one share of common stock | |
Trading Symbol | NEOVW | |
Security Exchange Name | NASDAQ |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 3,422,697 | $ 330,385 |
Accounts receivable, net | 1,811,173 | 1,317,738 |
Inventory | 1,738,936 | 2,238,208 |
Prepaid insurance and other current assets | 276,472 | 239,001 |
Total current assets | 7,249,278 | 4,125,332 |
Total assets | 7,249,278 | 4,125,332 |
Current liabilities: | ||
Accounts payable | 29,610 | 205,600 |
Accrued interest payable | 0 | 53,436 |
Other accrued liabilities | 17,757 | 127,356 |
Convertible notes payable | 0 | 1,068,000 |
Total current liabilities | 47,367 | 1,454,392 |
Convertible notes payable | 0 | 53,716 |
Total liabilities | 47,367 | 1,508,108 |
Commitments and contingencies (Note 4) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 32,845,368 and 21,977,251 shares issued and outstanding | 32,846 | 21,978 |
Additional paid-in capital | 24,654,575 | 18,394,641 |
Accumulated deficit | (17,485,510) | (15,799,395) |
Total stockholders' equity | 7,201,911 | 2,617,224 |
Total liabilities and stockholders' equity | $ 7,249,278 | $ 4,125,332 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 32,845,368 | 21,977,251 |
Common Stock, Shares, Outstanding | 32,845,368 | 21,977,251 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenues from contracts with customers | $ 567,105 | $ 1,035,127 | $ 2,104,941 | $ 2,634,731 |
Cost of goods sold | 473,159 | 861,706 | 1,765,119 | 2,222,700 |
Gross profit | 93,946 | 173,421 | 339,822 | 412,031 |
Operating expenses: | ||||
General and administrative | 1,073,729 | 4,137,495 | 1,993,157 | 4,494,053 |
Research and development | 7,746 | 62,250 | 28,646 | 66,503 |
Total operating expenses | 1,081,475 | 4,199,745 | 2,021,803 | 4,560,556 |
Loss from operations | (987,529) | (4,026,324) | (1,681,981) | (4,148,525) |
Other income (expense): | ||||
Interest expense | 0 | (3,530) | (4,134) | (9,536) |
Total other income (expense) | 0 | (3,530) | (4,134) | (9,536) |
Net loss | (987,529) | (4,029,854) | (1,686,115) | (4,158,061) |
Gross profit | $ 93,946 | $ 173,421 | $ 339,822 | $ 412,031 |
Statements of Operations (Una_2
Statements of Operations (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 32,822,542 | 19,998,683 | 30,916,212 | 19,982,352 |
Weighted Average Number of Shares Outstanding, Diluted | 32,822,542 | 19,998,683 | 30,916,212 | 19,982,352 |
Earnings Per Share, Basic | $ (0.03) | $ (0.20) | $ (0.05) | $ (0.21) |
Earnings Per Share, Diluted | $ (0.03) | $ (0.20) | $ (0.05) | $ (0.21) |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2021 | $ 19,641 | $ 13,169,363 | $ (10,040,370) | $ 3,148,634 |
Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 19,640,888 | |||
Issuance of common stock for conversion of debt and accrued interest | $ 204 | 1,079 | 1,283 | |
Issuance of common stock for conversion of debt and accrued interest, shares | 203,630 | |||
Stock compensation expense | $ 154 | 130,469 | 130,623 | |
Net loss | (128,207) | (128,207) | ||
Adjustment for change in accounting principle | (87,116) | 45,809 | (41,307) | |
Stock compensation expense, shares | 154,165 | |||
Ending balance, value at Sep. 30, 2021 | $ 19,999 | 13,213,795 | (10,122,768) | 3,111,026 |
Shares, Outstanding, Beginning Balance at Sep. 30, 2021 | 19,998,683 | |||
Beginning balance, value at Jun. 30, 2021 | $ 19,641 | 13,169,363 | (10,040,370) | 3,148,634 |
Shares, Outstanding, Beginning Balance at Jun. 30, 2021 | 19,640,888 | |||
Net loss | (4,158,061) | |||
Ending balance, value at Dec. 31, 2021 | $ 19,999 | 17,084,730 | (14,152,622) | 2,952,107 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 19,998,683 | |||
Beginning balance, value at Sep. 30, 2021 | $ 19,999 | 13,213,795 | (10,122,768) | 3,111,026 |
Shares, Outstanding, Beginning Balance at Sep. 30, 2021 | 19,998,683 | |||
Stock compensation expense | 3,870,935 | 3,870,935 | ||
Net loss | (4,029,854) | (4,029,854) | ||
Ending balance, value at Dec. 31, 2021 | $ 19,999 | 17,084,730 | (14,152,622) | 2,952,107 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2021 | 19,998,683 | |||
Beginning balance, value at Jun. 30, 2022 | $ 21,978 | 18,394,641 | (15,799,395) | 2,617,224 |
Shares, Outstanding, Beginning Balance at Jun. 30, 2022 | 21,977,251 | |||
Issuance of common stock in underwritten public offering | $ 1,121 | 3,779,284 | 3,780,405 | |
Issuance of common stock in underwritten public offering, shares | 1,121,250 | |||
Issuance of common stock for conversion of debt and accrued interest | $ 9,672 | 1,169,614 | 1,179,286 | |
Issuance of common stock for conversion of debt and accrued interest, shares | 9,671,867 | |||
Stock compensation expense | 591,816 | 591,816 | ||
Net loss | (698,586) | (698,586) | ||
Ending balance, value at Sep. 30, 2022 | $ 32,771 | 23,935,355 | (16,497,981) | 7,470,145 |
Shares, Outstanding, Beginning Balance at Sep. 30, 2022 | 32,770,368 | |||
Beginning balance, value at Jun. 30, 2022 | $ 21,978 | 18,394,641 | (15,799,395) | 2,617,224 |
Shares, Outstanding, Beginning Balance at Jun. 30, 2022 | 21,977,251 | |||
Net loss | (1,686,115) | |||
Ending balance, value at Dec. 31, 2022 | $ 32,846 | 24,654,575 | (17,485,510) | 7,201,911 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 32,845,368 | |||
Beginning balance, value at Sep. 30, 2022 | $ 32,771 | 23,935,355 | (16,497,981) | 7,470,145 |
Shares, Outstanding, Beginning Balance at Sep. 30, 2022 | 32,770,368 | |||
Stock compensation expense | $ 75 | 719,220 | 719,295 | |
Net loss | (987,529) | (987,529) | ||
Stock compensation expense, shares | 75,000 | |||
Ending balance, value at Dec. 31, 2022 | $ 32,846 | $ 24,654,575 | $ (17,485,510) | $ 7,201,911 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2022 | 32,845,368 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (1,686,115) | $ (4,158,061) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Stock compensation expense | 1,311,111 | 4,001,558 |
Bad debt expense | 80,000 | 0 |
Changes in current assets and liabilities | ||
Accounts receivable | (573,435) | (325,004) |
Inventory | 499,272 | 126,609 |
Prepaid insurance and other current assets | (37,471) | (72,617) |
Accounts payable | (175,990) | (43,160) |
Accrued expenses | (105,465) | 197 |
Other, net | 0 | (5,445) |
Net cash flows used in operating activities | (688,093) | (475,923) |
Cash flows from financing activities: | ||
Underwritten public offering of common stock | 3,780,405 | 0 |
Proceeds from convertible notes payable | 0 | 1,068,000 |
Net cash flows provided by financing activities | 3,780,405 | 1,068,000 |
Net increase in cash and cash equivalents | 3,092,312 | 592,077 |
Cash and cash equivalents at beginning of period | 330,385 | 425,681 |
Cash and cash equivalents at end of period | 3,422,697 | 1,017,758 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 0 | 0 |
Supplemental non-cash financing activities | ||
Conversion of convertible debt and accrued interest into common stock | 1,179,286 | 1,283 |
Adjustment of debt discount related to adoption of new accounting principle | $ 0 | $ 87,116 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Summary of Significant Accounting Policies | ( 1) Business and Summary of Significant Accounting Policies Description of Business Interim Financial Information Cash and Cash Equivalents 3,172,697 Inventory Schedule of inventory December 31, June 30, Raw materials $ 1,676,141 $ 1,844,049 Work in process 62,795 22,768 Finished goods – 371,391 Total $ 1,738,936 $ 2,238,208 The Company periodically reviews the value of items in inventory and records an allowance to reduce the carrying value of inventory to the lower of cost or net realizable value based on its assessment of market conditions, inventory turnover and current stock levels. Inventory write-downs are charged to cost of goods sold. No Revenue Recognition · Identification of the contract with a customer · Identification of the performance obligations in the contract · Determination of the transaction price · Allocation of the transaction price to the performance obligations in the contract · Recognition of revenue when, or as, the Company satisfies a performance obligation The Company generates revenues from contracts with customers, consisting of a relatively small number of wholesale dealers and installers, primarily in California. Three such dealers represented approximately 27 19 12 61 17 15 13 12 Allowance for Doubtful Accounts 80,000 Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of Accounting Standards Codification (“ASC”) 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. The Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates. Stock Compensation Expense Loss Per Common Share 1,529,750 1,121,250 58,500 350,000 Research and Development Costs Use of Estimates Related Parties Fair Value Measurements and Financial Instruments The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. The carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalents, accounts receivable, accounts payable, and long-term debt. The carrying value of long-term debt approximates fair value since the related rate of interest approximates current market rates. At December 31, 2022 and June 30, 2022, the Company did no Recent Accounting Pronouncements Liquidity |
Notes Payable
Notes Payable | 6 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | (2) Notes Payable In conjunction with the closing of our underwritten public offering in August 2022 (see Note 3), all holders of the Company’s two outstanding series of convertible notes payable, which were originally issued to various accredited investors in May 2018 and October 2021, agreed to convert their debt into a total of 9,671,867 In May 2018, we entered into convertible note payable agreements with a group of accredited investors for aggregate proceeds of $104,688. Each unsecured note originally bore interest at a rate of 12% per annum, which was later reduced by mutual agreement to 3.99% per annum in May 2019. Subsequently, the holders of certain of these notes elected to convert or exchange certain portions of their convertible notes payable into shares of our common stock, based upon the stated conversion rate of $0.0063 per share. As of the closing of our underwritten public offering in August 2022, the holders of the remaining balance of such unconverted notes in the total amount of $ 59,251 9,404,867 0.0063 In October 2021, we entered into convertible note payable agreements with a group of accredited investors for aggregate proceeds of $ 1,068,000 6 267,000 4.00 |
Equity
Equity | 6 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | (3) Equity Common Stock 4.00 In the underwritten public offering, a total of 1,121,250 4.00 4,485,000 3,780,000 58,500 4.40 In conjunction with the public offering, all holders of the Company’s 2018 convertible notes in the total amount of $ 59,251 9,404,867 1,068,000 267,000 In the six months ended December 31, 2021, the holders of the 2018 convertible notes payable having total principal and accrued interest balances in the aggregate amount of $ 1,283 203,630 Warrants 1,179,750 The following table presents activity with respect to the Company’s warrants for the six months ended December 31, 2022: Schedule of warrants activity Number Wtd. Avg. Wtd. Avg. Aggregate of Exercise Remaining Intrinsic Shares Price Term (Yrs.) Value Outstanding at July 1, 2022 – – Warrants issued to Public Investors 1,121,250 4.00 Warrants issued to Underwriters 58,500 4.40 Outstanding at December 31, 2022 1,179,750 4.02 4.5 $ – Exercisable at December 31, 2022 1,179,750 4.02 4.5 $ – These warrants were issued in conjunction with an underwritten public equity offering, therefore, there was no employee or non-employee compensation expense recognized. Stock Compensation Expense In February 2022, we entered into a new employment agreement with our Chief Financial Officer (“CFO”), effective March 1, 2022. The initial term of the employment agreement is one year and is automatically renewable for additional one-year terms unless either party chooses not to renew the agreement. The agreement provides for an initial annual salary of $125,000. Pursuant to the agreement, we issued our CFO an RSU award for up to 300,000 shares of our common stock upon achieving the following milestones (which achievements shall be determined by the Board): (i) Milestone 1 - Successfully complete an uplisting of our common stock in 2022 and continue his employment with our company until January 1, 2023: 250,000 shares; and (ii) Milestone 2 - successfully complete and file the Company’s Form 10-K for the year ended June 30, 2023 no later than September 29, 2023 and continue his employment with our company until January 1, 2024: 50,000 shares. Milestone 1 was achieved as of January 1, 2023, and the underlying 250,000 shares of common stock earned under Milestone 1 were issued to the CFO as of that date. Based upon the Company’s assessment of the probability of the CEO and CFO ultimately achieving each milestone specified under the RSU awards indicated above, the Company has calculated the grant date value of such awards and is amortizing it as stock compensation expense over the underlying performance periods. The Company has recognized stock compensation expense applicable to such RSU awards in the six months ended December 31, 2022 in the amount of $1,159,882. In conjunction with our public offering in August 2022, we appointed two new independent directors and adopted a new compensation plan for all independent directors based on an annual compensation amount of $65,000 to be paid quarterly with not less than 70% of such amount paid in shares of our common stock, calculated based on the share price at the end of such prior fiscal quarter, and up to 30% paid in cash, with such final amounts to be determined by each director. As of December 31, 2022, we booked an initial accrual of $ 97,500 26,000 97,500 1,311,111 1,159,882 87,750 48,750 14,729 75,000 In the six months ended December 31, 2021, the Company recognized non-cash stock compensation expense in the total amount of $ 4,001,558 3,505,000 175,250 157,746 103,500 60,062 Other Matters 2,500,000 450,000 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (4) Commitments and Contingencies Effective January 1, 2021, the Company secured new corporate and manufacturing office space under a sublease agreement with its contract manufacturer. Under the terms of the sublease agreement, the Company is required to make rental payments of $10,350 per month during the initial one-year term of the agreement. The sublease agreement is renewable upon mutual agreement of both parties for up to four additional years at a modest increase in the monthly rent, however, the Company is under is no obligation to renew it. Management has determined that the exercise of the renewal option is not reasonably certain and, as such, the Company has accounted for it as a short-term lease under ASC 842, Leases As indicated in Note 1, the Company sells its proprietary ESS units through wholesale dealers, primarily in California. In that regard, the Company has entered into agreements with several wholesale dealers operating in California and other states under which the Company has incentivized the dealers to achieve quarterly sales above targeted levels by agreeing to grant them shares of the Company’s common stock for exceeding such quarterly sales targets, subject to defined maximums. From time to time in the ordinary course of our business, the Company may be involved in legal proceedings, the outcomes of which may not be determinable. The Company is not involved in any legal proceedings at this time. The results of litigation are inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of management time and result in diversion of significant resources. We are not able to estimate an aggregate amount or range of reasonably possible losses for those legal matters for which losses are not probable and estimable. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | (5) Subsequent Events As of January 1, 2023, we issued a total of 300,000 shares of common stock to our two executive officers in recognition of each officer having achieved Milestone 1 under their respective Board approved RSU awards (see Note 3). |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business |
Interim Financial Information | Interim Financial Information |
Cash and Cash Equivalents | Cash and Cash Equivalents 3,172,697 |
Inventory | Inventory Schedule of inventory December 31, June 30, Raw materials $ 1,676,141 $ 1,844,049 Work in process 62,795 22,768 Finished goods – 371,391 Total $ 1,738,936 $ 2,238,208 The Company periodically reviews the value of items in inventory and records an allowance to reduce the carrying value of inventory to the lower of cost or net realizable value based on its assessment of market conditions, inventory turnover and current stock levels. Inventory write-downs are charged to cost of goods sold. No |
Revenue Recognition | Revenue Recognition · Identification of the contract with a customer · Identification of the performance obligations in the contract · Determination of the transaction price · Allocation of the transaction price to the performance obligations in the contract · Recognition of revenue when, or as, the Company satisfies a performance obligation The Company generates revenues from contracts with customers, consisting of a relatively small number of wholesale dealers and installers, primarily in California. Three such dealers represented approximately 27 19 12 61 17 15 13 12 |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts 80,000 |
Income Taxes | Income Taxes The Company accounts for uncertain tax positions in accordance with the provisions of Accounting Standards Codification (“ASC”) 740-10 which prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, on its tax return. The Company evaluates and records any uncertain tax positions based on the amount that management deems is more likely than not to be sustained upon examination and ultimate settlement with the tax authorities in the tax jurisdictions in which it operates. |
Stock Compensation Expense | Stock Compensation Expense |
Loss Per Common Share | Loss Per Common Share 1,529,750 1,121,250 58,500 350,000 |
Research and Development Costs | Research and Development Costs |
Use of Estimates | Use of Estimates |
Related Parties | Related Parties |
Fair Value Measurements and Financial Instruments | Fair Value Measurements and Financial Instruments The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 - Inputs that are both significant to the fair value measurement and unobservable. The carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalents, accounts receivable, accounts payable, and long-term debt. The carrying value of long-term debt approximates fair value since the related rate of interest approximates current market rates. At December 31, 2022 and June 30, 2022, the Company did no |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Liquidity | Liquidity |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventory | Schedule of inventory December 31, June 30, Raw materials $ 1,676,141 $ 1,844,049 Work in process 62,795 22,768 Finished goods – 371,391 Total $ 1,738,936 $ 2,238,208 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of warrants activity | Schedule of warrants activity Number Wtd. Avg. Wtd. Avg. Aggregate of Exercise Remaining Intrinsic Shares Price Term (Yrs.) Value Outstanding at July 1, 2022 – – Warrants issued to Public Investors 1,121,250 4.00 Warrants issued to Underwriters 58,500 4.40 Outstanding at December 31, 2022 1,179,750 4.02 4.5 $ – Exercisable at December 31, 2022 1,179,750 4.02 4.5 $ – |
Business and Summary of Signi_4
Business and Summary of Significant Accounting Policies (Details Inventory) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Raw materials | $ 1,676,141 | $ 1,844,049 |
Work in process | 62,795 | 22,768 |
Finished goods | 0 | 371,391 |
Total | 1,738,936 | $ 2,238,208 |
Allowance for doubtful accounts | $ 80,000 | |
Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 1,529,750 | |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 1,121,250 | |
Warrants Underwriters [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 58,500 | |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 350,000 |
Business and Summary of Signi_5
Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | ||
Cash, Uninsured Amount | $ 3,172,697 | |
Inventory Valuation Reserves | 0 | |
Liabilities, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure | $ 0 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Dealer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 27% | 17% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Another Dealer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 19% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Thrid Dealer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 12% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Dealer Two [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 15% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Dealer Three [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 13% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Dealer Four [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 12% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Dealers [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 61% |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Oct. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Conversion of Stock, Amount Converted | $ 59,251 | |||
Shares converted | 9,404,867 | 203,630 | ||
Conversion price | $ 0.0063 | |||
Proceeds from Convertible Debt | $ 0 | $ 1,068,000 | ||
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Conversion of Stock, Amount Converted | $ 59,251 | |||
Shares converted | 267,000 | 9,404,867 | ||
Conversion price | $ 4 | |||
Proceeds from Convertible Debt | $ 1,068,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||
Common Stock [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of shares converted | 9,671,867 |
Equity (Details - Warrant activ
Equity (Details - Warrant activity) | 6 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Class of Warrant or Right, Outstanding | shares | 0 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0 |
Class of Warrant or Right, Outstanding | shares | 1,179,750 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 4.02 |
Warrants and Rights Outstanding, Term | 4 years 6 months |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ | $ 0 |
Warrant exercisable, shares | shares | 1,179,750 |
Warrants exercisable, weighted average exercise price | $ / shares | $ 4.02 |
Warrants term, exercisable | 4 years 6 months |
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercisable-0] | $ | $ 0 |
Public Investors [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
[custom:WarrantsIssuedShares] | shares | 1,121,250 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4 |
Underwriters [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
[custom:WarrantsIssuedShares] | shares | 58,500 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4.40 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | 1 Months Ended | 5 Months Ended | 6 Months Ended | 47 Months Ended | ||||
Aug. 31, 2022 | Oct. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Jun. 30, 2022 | Feb. 28, 2019 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Exercise price | $ 4 | $ 4.02 | $ 4.02 | $ 4.02 | $ 0 | |||
Proceeds from Issuance Initial Public Offering | $ 3,780,405 | $ 0 | ||||||
Amounts converted | $ 59,251 | |||||||
Shares converted | 9,404,867 | 203,630 | ||||||
Proceeds from Convertible Debt | 0 | $ 1,068,000 | ||||||
Debt Conversion, Converted Instrument, Amount | 1,283 | |||||||
Share-Based Payment Arrangement, Noncash Expense | 1,311,111 | 4,001,558 | ||||||
2019 Stock Option Plan [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 2,500,000 | |||||||
Amortized Value of RSUs Granted [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Payment Arrangement, Noncash Expense | 1,159,882 | |||||||
Amortized Value Of New Compensation Plan [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Payment Arrangement, Noncash Expense | 87,750 | |||||||
Amortized Value Of Shares Granted To Various Advisors [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Payment Arrangement, Noncash Expense | 48,750 | |||||||
Fair Value Of Incentive Shares [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Payment Arrangement, Noncash Expense | 14,729 | 3,505,000 | ||||||
Fair Value Of Bonus Shares Earned [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Payment Arrangement, Noncash Expense | 175,250 | |||||||
Amortized Value Of Shares Granted To Attorney [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Payment Arrangement, Noncash Expense | 157,746 | |||||||
Amortized Value Of Shares To New Independent Director [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Payment Arrangement, Noncash Expense | 103,500 | |||||||
Fair Value Of Incentive Shares Wholesale Dealer [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Payment Arrangement, Noncash Expense | $ 60,062 | |||||||
Three Independent Directors [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Accrued compensation expenses | $ 97,500 | $ 97,500 | $ 97,500 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,000 | |||||||
Shares Granted, Value, Share-Based Payment Arrangement, before Forfeiture | $ 97,500 | |||||||
Three Grantees [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 75,000 | |||||||
Two Executives [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 450,000 | |||||||
Convertible Debt [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Amounts converted | $ 59,251 | |||||||
Shares converted | 267,000 | 9,404,867 | ||||||
Proceeds from Convertible Debt | $ 1,068,000 | |||||||
Convertible Debt 1 [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Shares converted | 267,000 | |||||||
Proceeds from Convertible Debt | $ 1,068,000 | |||||||
Warrant [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Exercise price | $ 4.40 | $ 4.40 | $ 4.40 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant | 58,500 | 58,500 | 58,500 | |||||
Number of shares exercisable | 1,179,750 | 1,179,750 | 1,179,750 | |||||
Public Offering [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Proceeds from Issuance or Sale of Equity | $ 3,780,000 | |||||||
IPO [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 1,121,250 | |||||||
Sale of Stock, Price Per Share | $ 4 | $ 4 | $ 4 | |||||
Proceeds from Issuance Initial Public Offering | $ 4,485,000 |