Cover
Cover - shares | 6 Months Ended | |
Dec. 31, 2023 | Feb. 09, 2024 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
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 | 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 Common Stock, Shares Outstanding | 33,236,091 | |
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, 2023 | Jun. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,499,292 | $ 2,002,789 |
Accounts receivable, net | 2,185,811 | 1,826,385 |
Inventory | 1,981,833 | 2,580,571 |
Prepaid insurance and other current assets | 8,305 | 96,119 |
Total current assets | 5,675,241 | 6,505,864 |
Total assets | 5,675,241 | 6,505,864 |
Current liabilities: | ||
Accrued liabilities | 11,769 | 39,491 |
Total current liabilities | 11,769 | 39,491 |
Stockholders' equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 33,236,091 shares and 33,155,127 shares issued and outstanding, respectively | 33,236 | 33,155 |
Additional paid-in capital | 25,054,223 | 24,872,446 |
Accumulated deficit | (19,423,987) | (18,439,228) |
Total stockholders' equity | 5,663,472 | 6,466,373 |
Total liabilities and stockholders' equity | $ 5,675,241 | $ 6,505,864 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2023 | Jun. 30, 2023 |
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 | 33,236,091 | 33,155,127 |
Common Stock, Shares, Outstanding | 33,236,091 | 33,155,127 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenues from contracts with customers | $ 1,017,828 | $ 567,105 | $ 1,781,958 | $ 2,104,941 |
Cost of goods sold | 811,955 | 473,159 | 1,454,913 | 1,765,119 |
Gross profit | 205,873 | 93,946 | 327,045 | 339,822 |
Operating expenses: | ||||
General and administrative | 774,698 | 1,073,729 | 1,329,858 | 1,993,157 |
Research and development | 0 | 7,746 | 0 | 28,646 |
Total operating expenses | 774,698 | 1,081,475 | 1,329,858 | 2,021,803 |
Loss from operations | (568,825) | (987,529) | (1,002,813) | (1,681,981) |
Other income (expense): | ||||
Interest income | 12,781 | 0 | 18,054 | 0 |
Interest expense | 0 | 0 | 0 | (4,134) |
Total other income (expense) | 12,781 | 0 | 18,054 | (4,134) |
Net loss | $ (556,044) | $ (987,529) | $ (984,759) | $ (1,686,115) |
Statements of Operations (Una_2
Statements of Operations (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Weighted Average Number of Shares Outstanding, Basic | 33,226,411 | 32,822,542 | 33,190,769 | 30,916,212 |
Weighted Average Number of Shares Outstanding, Diluted | 33,226,411 | 32,822,542 | 33,190,769 | 30,916,212 |
Earnings Per Share, Basic | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.05) |
Earnings Per Share, Diluted | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.05) |
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, 2022 | $ 21,978 | $ 18,394,641 | $ (15,799,395) | $ 2,617,224 |
Shares, Outstanding, Beginning Balance at Jun. 30, 2022 | 21,977,251 | |||
Stock compensation expense | 591,816 | 591,816 | ||
Net loss | (698,586) | (698,586) | ||
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 | |||
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 | |||
Beginning balance, value at Jun. 30, 2023 | $ 33,155 | 24,872,446 | (18,439,228) | 6,466,373 |
Shares, Outstanding, Beginning Balance at Jun. 30, 2023 | 33,155,127 | |||
Stock compensation expense | 84,717 | 84,717 | ||
Net loss | (428,715) | (428,715) | ||
Ending balance, value at Sep. 30, 2023 | $ 33,155 | 24,957,163 | (18,867,943) | 6,122,375 |
Shares, Outstanding, Beginning Balance at Sep. 30, 2023 | 33,155,127 | |||
Beginning balance, value at Jun. 30, 2023 | $ 33,155 | 24,872,446 | (18,439,228) | 6,466,373 |
Shares, Outstanding, Beginning Balance at Jun. 30, 2023 | 33,155,127 | |||
Net loss | (984,759) | |||
Ending balance, value at Dec. 31, 2023 | $ 33,236 | 25,054,223 | (19,423,987) | 5,663,472 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2023 | 33,236,091 | |||
Beginning balance, value at Sep. 30, 2023 | $ 33,155 | 24,957,163 | (18,867,943) | 6,122,375 |
Shares, Outstanding, Beginning Balance at Sep. 30, 2023 | 33,155,127 | |||
Stock compensation expense | $ 81 | 97,060 | 97,141 | |
Net loss | (556,044) | (556,044) | ||
Stock compensation expense, shares | 80,964 | |||
Ending balance, value at Dec. 31, 2023 | $ 33,236 | $ 25,054,223 | $ (19,423,987) | $ 5,663,472 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2023 | 33,236,091 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (984,759) | $ (1,686,115) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Stock compensation expense | 181,858 | 1,311,111 |
Provision for expected credit losses/bad debt expense | 330,000 | 80,000 |
Changes in current assets and liabilities | ||
Accounts receivable | (689,426) | (573,435) |
Inventory | 598,738 | 499,272 |
Prepaid insurance and other current assets | 87,814 | (37,471) |
Accounts payable | 0 | (175,990) |
Accrued expenses | (27,722) | (105,465) |
Net cash flows used in operating activities | (503,497) | (688,093) |
Cash flows from financing activities: | ||
Underwritten public offering of common stock | 0 | 3,780,405 |
Net cash flows provided by financing activities | 0 | 3,780,405 |
Net increase (decrease) in cash and cash equivalents | (503,497) | 3,092,312 |
Cash and cash equivalents at beginning of period | 2,002,789 | 330,385 |
Cash and cash equivalents at end of period | 1,499,292 | 3,422,697 |
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 | $ 0 | $ 1,179,286 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 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 Interim Financial Information Cash and Cash Equivalents 250,000 999,292 Inventory 1.4 million Schedule of inventory December 31, June 30, 2023 2023 Raw materials, consisting of assembly parts, batteries and inverters $ 1,805,506 $ 2,353,055 Finished goods 176,327 227,516 Total $ 1,981,833 $ 2,580,571 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 29 20 10 98 27 19 12 Allowance for Expected Credit Losses 820,000 490,000 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 Research and Development Costs Use of Estimates Related Parties Fair Value Measurements and Financial Instruments 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, and accounts payable. At December 31, 2023 and June 30, 2023, the Company did not have any financial assets or liabilities measured and recorded at fair value on the Company’s balance sheets on a recurring basis. Recent Accounting Pronouncements Financial Instruments – Credit Losses Liquidity 1,499,292 5,663,472 |
Equity
Equity | 6 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | (2) 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 1,120,035 267,000 Warrants 1,179,750 The following table presents activity with respect to the Company’s warrants for the six months ended December 31, 2023 Schedule of warrant activity Number Wtd. Avg. Wtd. Avg. Aggregate of Exercise Remaining Intrinsic Shares Price Term (Yrs.) Value Outstanding at June 30, 2023 1,179,750 $ 4.02 Warrants issued – – Warrants exercised/forfeited – – Outstanding at December 31, 2023 1,179,750 $ 4.02 3.5 $ – Exercisable at December 31, 2023 1,179,750 $ 4.02 3.5 $ – 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 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 management’s assessment of the probability of our CEO and CFO ultimately achieving each milestone specified under the RSU awards indicated above, we calculated the grant date value of such awards and are amortizing it as stock compensation expense over the underlying performance periods. We have recognized stock compensation expense applicable to such RSU awards in the six months ended December 31, 2023 and 2022 in the amounts of $ 81,683 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 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, 2023, we booked an accrual of $ 97,500 In the six months ended December 31, 2023, we recognized total non-cash stock compensation expense of $ 181,858 81,683 87,750 12,425 In the six months ended December 31, 2022, we recognized total non-cash stock compensation expense of $ 1,311,111 1,159,882 87,750 48,750 14,729 Other Matters 2,500,000 450,000 54,964 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (3) Commitments and Contingencies Effective January 1, 2021, we secured new corporate and manufacturing office space under a sublease agreement with a company that served as our contract manufacturer at that time. Under the terms of the sublease agreement, we were required to make rental payments of $10,350 per month during the initial one-year term of the agreement. Further, under the terms of the sublease agreement, we were granted the right to renew the sublease for additional terms of 12 months each 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, we were under no obligation to renew it. At inception of the sublease, Management determined that exercise of the renewal option was not reasonably certain and, notwithstanding that the Company elected to renew the agreement for additional one year periods as of January 1, 2022, 2023 and 2024, continues to believe that is the case. Accordingly, we have accounted for it as a short-term lease under ASC 842, Leases As indicated in Note 1, we sell our proprietary ESS units through wholesale dealers, primarily in California. In that regard, we have entered into agreements with several wholesale dealers operating in California and other states under which we have incentivized the dealers to achieve quarterly sales above targeted levels by agreeing to grant them shares of our common stock for exceeding such quarterly sales targets, determined as of the calendar year end, 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, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | (4) Subsequent Events On February 5, 2024, our Board of Directors approved the following two equity transactions: (i) the issuance of 50,000 shares of common stock to one of our executive officers in recognition of the officer having achieved Milestone 2 under his Board approved RSU awards (see Note 2); and (ii) the granting of 7,746 shares of common stock to a wholesale dealer for an incentive award earned in the calendar year ended December 31, 2023 (see Note 3). Both of these tranches of our common stock were fully expensed as of December 31, 2023. |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2023 | |
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 250,000 999,292 |
Inventory | Inventory 1.4 million Schedule of inventory December 31, June 30, 2023 2023 Raw materials, consisting of assembly parts, batteries and inverters $ 1,805,506 $ 2,353,055 Finished goods 176,327 227,516 Total $ 1,981,833 $ 2,580,571 |
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 29 20 10 98 27 19 12 |
Allowance for Expected Credit Losses | Allowance for Expected Credit Losses 820,000 490,000 |
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 |
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 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, and accounts payable. At December 31, 2023 and June 30, 2023, the Company did not have any financial assets or liabilities measured and recorded at fair value on the Company’s balance sheets on a recurring basis. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Financial Instruments – Credit Losses |
Liquidity | Liquidity 1,499,292 5,663,472 |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of inventory | Schedule of inventory December 31, June 30, 2023 2023 Raw materials, consisting of assembly parts, batteries and inverters $ 1,805,506 $ 2,353,055 Finished goods 176,327 227,516 Total $ 1,981,833 $ 2,580,571 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of warrant activity | Schedule of warrant activity Number Wtd. Avg. Wtd. Avg. Aggregate of Exercise Remaining Intrinsic Shares Price Term (Yrs.) Value Outstanding at June 30, 2023 1,179,750 $ 4.02 Warrants issued – – Warrants exercised/forfeited – – Outstanding at December 31, 2023 1,179,750 $ 4.02 3.5 $ – Exercisable at December 31, 2023 1,179,750 $ 4.02 3.5 $ – |
Schedule of inventory (Details)
Schedule of inventory (Details) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials, consisting of assembly parts, batteries and inverters | $ 1,805,506 | $ 2,353,055 |
Finished goods | 176,327 | 227,516 |
Total | $ 1,981,833 | $ 2,580,571 |
Business and Summary of Signi_4
Business and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Product Information [Line Items] | |||
Cash, FDIC Insured Amount | $ 250,000 | ||
Cash, Uninsured Amount | 999,292 | ||
Inventory, Gross | $ 1,400,000 | ||
Accounts Receivable, Allowance for Credit Loss | 820,000 | 490,000 | |
Cash and Cash Equivalents, at Carrying Value | 1,499,292 | $ 2,002,789 | |
Working Capital | $ 5,663,472 | ||
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 | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | One Dealer [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 29% | 27% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Second Dealer [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 20% | 19% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Third Dealer [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 10% | 12% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Dealers Plus One Other One [Member] | |||
Product Information [Line Items] | |||
Concentration Risk, Percentage | 98% |
Equity (Details - Warrant activ
Equity (Details - Warrant activity) | 6 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Equity [Abstract] | |
Warrants outstanding, beginning | 1,179,750 |
Weighted Average Exercise Price, Beginning | $ / shares | $ 4.02 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | |
Warrants outstanding, beginning | 1,179,750 |
Weighted Average Exercise Price, Beginning | $ / shares | $ 4.02 |
Warrants and Rights Outstanding, Term | 3 years 6 months |
Aggregate Intrinsic Value, Ending | $ | $ 0 |
Warrants exercisable, weighted average exercise price | $ / shares | $ 4.02 |
Warrants term, exercisable | 3 years 6 months |
Aggregate Intrinsic Value, Exercisable | $ | $ 0 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Feb. 28, 2019 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Class of Warrant or Right, Outstanding | 1,179,750 | 1,179,750 | |||
Share-Based Payment Arrangement, Noncash Expense | $ 181,858 | $ 1,311,111 | |||
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 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Share-Based Payment Arrangement, Noncash Expense | 81,683 | 1,159,882 | |||
Amortized value of RSUs granted [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Share-Based Payment Arrangement, Noncash Expense | 81,683 | 1,159,882 | |||
Independent Directors [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Share-Based Payment Arrangement, Noncash Expense | 87,750 | 87,750 | |||
Fair Value Of Incentive Shares Wholesale Dealer [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Share-Based Payment Arrangement, Noncash Expense | 12,425 | 14,729 | |||
Amortized Value Of Shares Granted To Various Advisors [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Share-Based Payment Arrangement, Noncash Expense | $ 48,750 | ||||
Chief Executive Officer [Member] | Milestone 1 [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Restricted stock granted, shares | 50,000 | ||||
Chief Financial Officer [Member] | Milestone 1 [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Restricted stock granted, shares | 250,000 | ||||
Three Independent Directors [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Accrued compensation expenses | $ 97,500 | ||||
Three Independent Directors [Member] | 2019 Stock Option Plan [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Restricted stock granted, shares | 54,964 | ||||
Two Executives [Member] | 2019 Stock Option Plan [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Restricted 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] | Underwriter [Member] | Non Tradeable Warrants [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Warrants granted | 58,500 | ||||
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 | $ 1,120,035 | ||||
Debt converted, shares issued | 267,000 |