Cover
Cover - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Sep. 22, 2023 | Dec. 31, 2022 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
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 Public Float | $ 78,900 | ||
Entity Common Stock, Shares Outstanding | 33,155,127 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 206 | ||
Auditor Name | MaloneBailey, LLP | ||
Auditor Location | Houston, Texas | ||
Common Stock, par value $0.001 per share | |||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | NEOV | ||
Security Exchange Name | NASDAQ | ||
Warrants, each warrant exercisable for one share of common stock | |||
Title of 12(b) Security | Warrants, each warrant exercisable for one share of common stock | ||
Trading Symbol | NEOVW | ||
Security Exchange Name | NASDAQ |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,002,789 | $ 330,385 |
Accounts receivable, net | 1,826,385 | 1,317,738 |
Inventory | 2,580,571 | 2,238,208 |
Prepaid insurance and other current assets | 96,119 | 239,001 |
Total current assets | 6,505,864 | 4,125,332 |
Total assets | 6,505,864 | 4,125,332 |
Current liabilities: | ||
Accounts payable | 0 | 205,600 |
Accrued interest payable | 0 | 53,436 |
Other accrued liabilities | 39,491 | 127,356 |
Convertible notes payable | 0 | 1,068,000 |
Total current liabilities | 39,491 | 1,454,392 |
Convertible notes payable | 0 | 53,716 |
Total liabilities | 39,491 | 1,508,108 |
Commitments and contingencies (Note 5) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 33,155,127 and 21,977,251 shares issued and outstanding | 33,155 | 21,978 |
Additional paid-in capital | 24,872,446 | 18,394,641 |
Accumulated deficit | (18,439,228) | (15,799,395) |
Total stockholders' equity | 6,466,373 | 2,617,224 |
Total liabilities and stockholders' equity | $ 6,505,864 | $ 4,125,332 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 33,155,127 | 21,977,251 |
Common Stock, Shares Outstanding | 33,155,127 | 21,977,251 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Revenues from contracts with customers | $ 3,455,813 | $ 4,473,514 |
Cost of goods sold | 2,767,818 | 3,806,381 |
Gross profit | 687,995 | 667,133 |
Operating expenses: | ||
General and administrative | 3,293,758 | 6,353,920 |
Research and development | 29,936 | 68,503 |
Total operating expenses | 3,323,694 | 6,422,423 |
Loss from operations | (2,635,699) | (5,755,290) |
Other expense: | ||
Interest expense | (4,134) | (49,544) |
Total other expense | (4,134) | (49,544) |
Net loss | $ (2,639,833) | $ (5,804,834) |
Statements of Operations (Paren
Statements of Operations (Parenthetical) - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 32,025,620 | 20,554,985 |
Weighted Average Number of Shares Outstanding, Diluted | 32,025,620 | 20,554,985 |
Earnings Per Share, Basic | $ (0.08) | $ (0.28) |
Earnings Per Share, Diluted | $ (0.08) | $ (0.28) |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - 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 |
Beginning balance, shares at Jun. 30, 2021 | 19,640,888 | |||
Issuance of common stock for conversion of debt and accrued interest | $ 1,099 | 5,823 | 6,922 | |
Issuance of common stock for conversion of debt and accrued interest, shares | 1,098,630 | |||
Stock compensation expense | $ 1,238 | 5,306,571 | 5,307,809 | |
Stock compensation expense, shares | 1,237,733 | |||
Adjustment for change in accounting principle | (87,116) | 45,809 | (41,307) | |
Net loss | (5,804,834) | (5,804,834) | ||
Ending balance, value at Jun. 30, 2022 | $ 21,978 | 18,394,641 | (15,799,395) | 2,617,224 |
Ending balance, shares 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 | $ 384 | 1,528,907 | 1,529,291 | |
Stock compensation expense, shares | 384,759 | |||
Net loss | (2,639,833) | (2,639,833) | ||
Ending balance, value at Jun. 30, 2023 | $ 33,155 | $ 24,872,446 | $ (18,439,228) | $ 6,466,373 |
Ending balance, shares at Jun. 30, 2023 | 33,155,127 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (2,639,833) | $ (5,804,834) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Stock compensation expense | 1,529,291 | 5,307,809 |
Bad debt expense | 490,000 | 0 |
Changes in current assets and liabilities | ||
Accounts receivable | (998,647) | (189,294) |
Inventory | (342,363) | (576,068) |
Prepaid expenses and other current assets | 142,882 | (193,075) |
Accounts payable - others | (205,600) | 152,090 |
Accrued expenses | (83,731) | 140,076 |
Net cash flows used in operating activities | (2,108,001) | (1,163,296) |
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 from financing activities | 3,780,405 | 1,068,000 |
Net increase (decrease) in cash and cash equivalents | 1,672,404 | (95,296) |
Cash and cash equivalents at beginning of period | 330,385 | 425,681 |
Cash and cash equivalents at end of period | 2,002,789 | 330,385 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 0 | 0 |
Supplemental non-cash financing activities: | ||
Convertible notes payable and accrued interest converted to common stock | 1,179,286 | 6,922 |
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 | 12 Months Ended |
Jun. 30, 2023 | |
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 Basis of Presentation Cash and Cash Equivalents 1,408,060 Inventory 1.4 million Schedule of inventory June 30, 2023 2022 Raw materials, consisting of assembly parts, batteries and inverters $ 2,353,055 $ 1,844,049 Work in process – 22,768 Finished goods 227,516 371,391 Total $ 2,580,571 $ 2,238,208 Revenue Recognition · Identification of the contact 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. In the year ended June 30, 2023, three such dealers represented approximately 25 15 13 94 20 Allowance for Doubtful Accounts 490,000 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 1,229,750 1,121,250 58,500 50,000 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 June 30, 2023 and 2022, the Company did no Recent Accounting Pronouncements Effective as of July 1, 2021, the Company early adopted the provisions of ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Liquidity |
Notes Payable
Notes Payable | 12 Months Ended |
Jun. 30, 2023 | |
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 In October 2021, we entered into convertible note payable agreements with a group of accredited investors for aggregate proceeds of $ 1,068,000 267,000 |
Equity
Equity | 12 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | (3) Equity Common Stock In the underwritten public offering, a total of 1,121,250 4,485,000 3,780,000 58,500 In conjunction with the public offering, all holders of the Company’s 2018 convertible notes in the total amount of $ 59,251 9,404,867 267,000 In the year ended June 30, 2022, the holders of the 2018 convertible notes payable having total principal and accrued interest balances in the aggregate amount of $ 6,922 1,098,630 Warrants 1,179,750 The following table presents activity with respect to the Company’s warrants for the year ended June 30, 2023: 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 June 30, 2023 1,179,750 $ 4.02 4.1 $ – Exercisable at June 30, 2023 1,179,750 $ 4.02 4.1 $ – 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 50,000 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 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 years ended June 30, 2023 and 2022 in the amounts of $ 1,241,563 773,255 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 June 30, 2023, we booked an annual accrual of $ 195,000 26,000 97,500 In the year ended June 30, 2023, we recognized total non-cash stock compensation expense of $ 1,529,291 1,241,563 175,500 85,000 27,228 384,759 75,000 In the year ended June 30, 2022, we recognized total non-cash stock compensation expense of $ 5,307,809 3,505,000 773,255 1,029,554 278,750 60,062 1,237,733 Other Matters 2,500,000 450,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (4) Income Taxes The Company is subject to United States federal income taxes at an approximate rate of 21%. The reconciliation of the provision for income taxes at the federal statutory rate, compared to the Company’s income tax expense as reported, is as follows (rounded to nearest $00): Schedule of income tax expense Year Ended June 30, 2023 2022 Income tax benefit computed at statutory rate $ 233,200 $ 104,400 Change in valuation allowance (233,200 ) (104,400 ) Provision for income taxes $ – $ – Significant components of the Company’s deferred tax assets at the currently enacted corporate income tax rate are as follows (rounded to nearest $00): Schedule of deferred taxes June 30, 2023 June 30, 2022 Deferred income tax assets: Net operating losses $ 647,800 $ 414,600 Valuation allowance (647,800 ) (414,600 ) Net deferred income tax assets $ – $ – The Company has a cumulative tax operating loss carry forward as of June 30, 2023 of approximately $ 3,085,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (5) Commitments and Contingencies Effective January 1, 2021, the Company secured new corporate and manufacturing office space under a sublease agreement with its former contract manufacturer (see Note 6). 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 is renewable for additional terms of 12 months upon mutual agreement of both parties, provided thirty days’ notice is given for each subsequent term, at a modest increase in the monthly rent, through February 28, 2025, 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. Pursuant to such agreements, two dealers met the necessary milestones to earn a total of 9,759 incentive shares of common stock in December 2022, which were issued in January 2023, and one dealer earned 8,568 incentive shares of common stock in December 2021, which were issued in March 2022. 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (6) Related Party Transactions In the year ended June 30, 2022, we appointed the former owner of our contract manufacturer (see Note 5) to become a director of the Company. At the time of his appointment, the former owner of our contract manufacturer still had significant related party influence over its operations in his capacity with the contract manufacturer’s new parent company. Pursuant to an agreement that we reached with our contract manufacturer prior to such appointment, we made payments to that company to assemble our energy storage systems during the year ended June 30, 2022 in the total amount of $ 857,025 126,000 Effective April 1, 2023, we amended our agreement with our contract manufacturer resulting in our taking over direct responsibility for our manufacturing operations from that company, thus eliminating the related party relationship. Prior to the termination of such relationship, we made contractual payments to that company to assemble our energy storage systems during the period from July 1, 2022 to March 31, 2023 in the total amount of $ 669,424 95,250 |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business |
Basis of Presentation | Basis of Presentation |
Cash and Cash Equivalents | Cash and Cash Equivalents 1,408,060 |
Inventory | Inventory 1.4 million Schedule of inventory June 30, 2023 2022 Raw materials, consisting of assembly parts, batteries and inverters $ 2,353,055 $ 1,844,049 Work in process – 22,768 Finished goods 227,516 371,391 Total $ 2,580,571 $ 2,238,208 |
Revenue Recognition | Revenue Recognition · Identification of the contact 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. In the year ended June 30, 2023, three such dealers represented approximately 25 15 13 94 20 |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts 490,000 |
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 1,229,750 1,121,250 58,500 50,000 |
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 June 30, 2023 and 2022, the Company did no |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective as of July 1, 2021, the Company early adopted the provisions of ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity |
Liquidity | Liquidity |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventory | Schedule of inventory June 30, 2023 2022 Raw materials, consisting of assembly parts, batteries and inverters $ 2,353,055 $ 1,844,049 Work in process – 22,768 Finished goods 227,516 371,391 Total $ 2,580,571 $ 2,238,208 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 1,179,750 $ 4.02 4.1 $ – Exercisable at June 30, 2023 1,179,750 $ 4.02 4.1 $ – |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | Schedule of income tax expense Year Ended June 30, 2023 2022 Income tax benefit computed at statutory rate $ 233,200 $ 104,400 Change in valuation allowance (233,200 ) (104,400 ) Provision for income taxes $ – $ – |
Schedule of deferred taxes | Schedule of deferred taxes June 30, 2023 June 30, 2022 Deferred income tax assets: Net operating losses $ 647,800 $ 414,600 Valuation allowance (647,800 ) (414,600 ) Net deferred income tax assets $ – $ – |
Business and Summary of Signi_4
Business and Summary of Significant Accounting Policies (Details Inventory) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials, consisting of assembly parts, batteries and inverters | $ 2,353,055 | $ 1,844,049 |
Work in process | 0 | 22,768 |
Finished goods | 227,516 | 371,391 |
Total | $ 2,580,571 | $ 2,238,208 |
Business and Summary of Signi_5
Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Product Information [Line Items] | ||
Cash, Uninsured Amount | $ 1,408,060 | |
Inventory, Gross | 1,400,000 | |
Allowance for doubtful accounts | 490,000 | |
Assets, fair value disclosure | $ 0 | $ 0 |
Common Stock [Member] | ||
Product Information [Line Items] | ||
Antidilutive shares | 1,229,750 | |
Warrants [Member] | ||
Product Information [Line Items] | ||
Antidilutive shares | 1,121,250 | |
Warrants Underwriters [Member] | ||
Product Information [Line Items] | ||
Antidilutive shares | 58,500 | |
Restricted Stock [Member] | ||
Product Information [Line Items] | ||
Antidilutive shares | 50,000 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Dealer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 25% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Second Dealer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 15% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Third Dealer [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 13% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Dealers Two [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 20% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Dealers Plus One Other One [Member] | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 94% |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2022 | Jun. 30, 2022 | |
May 2018 Notes Payable [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Debt converted, shares issued | 1,098,630 | |
Debt converted, amount converted | $ 6,922 | |
August Public Offering [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Debt converted, shares issued | 9,671,867 | |
August Public Offering [Member] | May 2018 Notes Payable [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Debt converted, shares issued | 9,404,867 | |
Debt converted, amount converted | $ 59,251 | |
August Public Offering [Member] | October 2021 Notes Payable [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Debt converted, shares issued | 267,000 | |
Debt converted, amount converted | $ 1,068,000 |
Equity (Details - Warrant activ
Equity (Details - Warrant activity) | 12 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Equity [Abstract] | |
Warrants outstanding, beginning | shares | 0 |
Weighted Average Exercise Price, Beginning | $ / shares | $ 0 |
Warrants issued to public investors | shares | 1,121,250 |
Weighted Average Exercise Price, Warrants Issued to Public Investors | $ / shares | $ 4 |
Number of Shares, Warrants Issued to Underwriters | shares | 58,500 |
Weighted Average Exercise Price, Warrants Issued to Underwriters | $ / shares | $ 4.40 |
Warrants outstanding, ending | shares | 1,179,750 |
Weighted Average Exercise Price, Ending | $ / shares | $ 4.02 |
Warrants and Rights Outstanding, Term | 4 years 1 month 6 days |
Aggregate Intrinsic Value, Ending | $ | $ 0 |
Warrant exercisable, shares | shares | 1,179,750 |
Warrants exercisable, weighted average exercise price | $ / shares | $ 4.02 |
Warrants term, exercisable | 4 years 1 month 6 days |
Aggregate Intrinsic Value, Exercisable | $ | $ 0 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Aug. 31, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 28, 2019 | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Class of Warrant or Right, Outstanding | 1,179,750 | 1,179,750 | 0 | |||
Share-Based Payment Arrangement, Noncash Expense | $ 1,529,291 | $ 5,307,809 | ||||
Stock Option Plan 2019 [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 | 1,241,563 | 773,255 | ||||
Amortized Value Of New Compensation Plan [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Share-Based Payment Arrangement, Noncash Expense | 175,500 | |||||
Amortized Value Of Shares Granted To Various Advisors [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Share-Based Payment Arrangement, Noncash Expense | 85,000 | |||||
Fair Value Of Incentive Shares [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Share-Based Payment Arrangement, Noncash Expense | 27,228 | 3,505,000 | ||||
Other Grantees [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Share-Based Payment Arrangement, Noncash Expense | 1,029,554 | |||||
New Independent Director [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Share-Based Payment Arrangement, Noncash Expense | 278,750 | |||||
Fair Value Of Incentive Shares Wholesale Dealer [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Share-Based Payment Arrangement, Noncash Expense | 60,062 | |||||
Restricted Stock Grants [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Share-Based Payment Arrangement, Noncash Expense | 1,241,563 | 773,255 | ||||
Chief Executive Officer [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Common stock granted, shares | 50,000 | |||||
Chief Financial Officer [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Common stock granted, shares | 250,000 | |||||
May 2018 Notes Payable [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Debt converted, amount converted | $ 6,922 | |||||
Debt converted, shares issued | 1,098,630 | |||||
Three Independent Directors [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Accrued compensation expenses | $ 195,000 | $ 195,000 | ||||
Various Advisors [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Shares granted | 26,000 | |||||
Shares granted amount | $ 97,500 | |||||
Various Grantees [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Shares granted | 384,759 | 1,237,733 | ||||
Grantees [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Shares granted | 75,000 | |||||
Two Executives [Member] | Stock Option Plan 2019 [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Common stock granted, shares | 450,000 | |||||
Underwritten Public Offering [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Shares issued new, units issued | 1,121,250 | |||||
Gross proceeds from sale of equity | $ 4,485,000 | |||||
Net proceeds from sale of equity | $ 3,780,000 | |||||
Underwritten Public Offering [Member] | Underwriters [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Warrants issued, shares | 58,500 | |||||
August Public Offering [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Debt converted, shares issued | 9,671,867 | |||||
August Public Offering [Member] | May 2018 Notes Payable [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Debt converted, amount converted | $ 59,251 | |||||
Debt converted, shares issued | 9,404,867 | |||||
August Public Offering [Member] | October 2021 Notes Payable [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Debt converted, amount converted | $ 1,068,000 | |||||
Debt converted, shares issued | 267,000 |
Income Taxes (Details - Income
Income Taxes (Details - Income tax expense) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit computed at statutory rate | $ 233,200 | $ 104,400 |
Change in valuation allowance | (233,200) | (104,400) |
Provision for income taxes | $ 0 | $ 0 |
Income Taxes (Details - Deferre
Income Taxes (Details - Deferred taxes) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Deferred income tax assets: | ||
Net operating losses | $ 647,800 | $ 414,600 |
Valuation allowance | (647,800) | (414,600) |
Net deferred income tax assets | $ 0 | $ 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | Jun. 30, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
Operating loss carry forward | $ 3,085,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Assembly Of Energy Storage Systems [Member] | ||
Related Party Transaction [Line Items] | ||
Related Parties Amount in Cost of Sales | $ 669,424 | |
Rental Of Office Space [Member] | ||
Related Party Transaction [Line Items] | ||
Related Parties Amount in Cost of Sales | $ 95,250 | |
Director [Member] | ||
Related Party Transaction [Line Items] | ||
Cost of revenue | $ 857,025 | |
Operating lease expense | $ 126,000 |