Moving iMage (MITQ) 10-Q/A11 Apr 222022 Q1 Quarterly report (amended)Financial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 04, 2021
Document and Entity Information [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-40511
Entity Registrant Name	Moving iMage Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0232845
Entity Address State Or Province	CA
Entity Address, Address Line One	17760 Newhope Street
Entity Address, City or Town	Fountain Valley
Entity Address, Postal Zip Code	92708
City Area Code	714
Local Phone Number	751-7998
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	MITQ
Security Exchange Name	NYSEAMER
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
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,636,278
Entity Central Index Key	0001770236
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	true
Amendment Description	Amendment No. 1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jul. 01, 2020	Jun. 30, 2020
Current Assets:
Cash and cash equivalents	$ 11,030,000	$ 1,270,000
Accounts receivable, net	898,000	454,000		$ 809,000
Inventories, net	1,911,000	1,534,000
Prepaid expenses and other	642,000	95,000
Total Current Assets	14,481,000	3,353,000
Long-Term Assets:
Property, plant and equipment, net	8,000	21,000
Intangibles, net	911,000	935,000
Goodwill	287,000	287,000
Other assets	16,000	1,133,000
Total Long-Term Assets	1,222,000	2,376,000
Total Assets	15,703,000	5,729,000
Current Liabilities:
Accounts payable	1,841,000	1,911,000
Accrued expenses	402,000	620,000
Customer deposits	2,709,000	1,339,000		$ 854,000
Line of credit		590,000
Notes payable - current	110,000	237,000
Unearned warranty revenue	34,000	34,000
Total Current Liabilities	5,096,000	4,731,000
Long-Term Liabilities:
Notes payable, net of current portion	588,000	1,702,000
Deferred rent	25,000	25,000
Total Long-Term Liabilities	613,000	1,727,000
Total Liabilities	5,709,000	6,458,000
Stockholders' Equity (Deficit)
Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,636,278 and 5,666,667 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively
Additional paid-in capital	12,311,000	1,011,000
Accumulated deficit	(2,317,000)	(1,740,000)
Total Stockholders' Equity (Deficit)	9,994,000	(729,000)	$ (454,000)		$ 101,000
Total Liabilities and Stockholders' Equity (Deficit)	$ 15,703,000	$ 5,729,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock par value	$ 0.00001	$ 0.00001
Common stock, Authorized	100,000,000	100,000,000
Common stock, Issued	10,636,278	5,666,667
Common stock, Outstanding	10,636,278	5,666,667

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 3,474	$ 1,757
Cost of goods sold	2,752	1,304
Gross profit	722	453
Operating expenses:
Research and development	54	27
Selling and marketing	544	283
General and administrative	663	450
Total operating expenses	1,261	760
Loss from operations	(539)	(307)
Other expense (income):
Unrealized gain		(20)
Interest expense	38	83
Total other expense (income)	38	63
Net loss	$ (577)	$ (370)
Weighted average shares outstanding: basic	10,254,686	5,568,660
Weighted average shares outstanding: diluted	10,254,686	5,568,660
Net loss per common share basic	$ (0.06)	$ (0.07)
Net loss per common share diluted	$ (0.06)	$ (0.07)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common StockShare Exchange.	Common StockAdjusted Balance	Common Stock	Additional Paid-in CapitalShare Exchange.	Additional Paid-in CapitalAdjusted Balance	Additional Paid-in Capital	Accumulated DeficitShare Exchange.	Accumulated DeficitAdjusted Balance	Accumulated Deficit	Share Exchange.	Adjusted Balance	Total
Balance at the beginning at Jun. 30, 2020				$ 126	$ 227	$ 101	$ (1,095)	$ (1,095)		$ (969)	$ (868)	$ 101
Balance at the beginning (in shares) at Jun. 30, 2020	2,350,000	5,000,000	2,650,000
Shares issued in private placement						784						784
Shares issued in private placement (in shares)			666,667
Net loss									$ (370)			(370)
Balance at the end at Sep. 30, 2020						1,011			(1,465)			(454)
Balance at the end (in shares) at Sep. 30, 2020			5,666,667
Balance at the beginning at Jun. 30, 2021						1,011			(1,740)			(729)
Balance at the beginning (in shares) at Jun. 30, 2021			5,666,667
Shares of common stock issued for cash, net of issuance costs						11,244						11,244
Shares of common stock issued for cash, net of issuance costs (in shares)			4,830,000
Cashless exercise of warrants (in shares)			139,611
Grant of option for services						56						56
Net loss									(577)			(577)
Balance at the end at Sep. 30, 2021						$ 12,311			$ (2,317)			$ 9,994
Balance at the end (in shares) at Sep. 30, 2021			10,636,278

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (577,000)	$ (370,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for doubtful accounts	(90,000)	40,000
Depreciation expense	13,000	34,000
Amortization expense	24,000	24,000
Deferred rent		2,000
Unrealized gain on investments		(20,000)
Stock option compensation expense	56,000
Changes in operating assets and liabilities
Accounts receivable	(354,000)	171,000
Inventories	(377,000)	(25,000)
Prepaid expenses and other	(547,000)	(147,000)
Accounts payable	(70,000)	(168,000)
Accrued expenses	(217,000)	(132,000)
Unearned warranty revenue		(9,000)
Customer deposits	1,370,000	(249,000)
Net cash used in operating activities	(769,000)	(849,000)
Cash flows from financing activities
Net proceeds from initial public offering	12,360,000
Borrowings on notes payable		14,000
Payments on notes payable	(1,241,000)
Payments on line of credit	(590,000)	(60,000)
Proceeds from private placement		784,000
Net cash provided by financing activities	10,529,000	738,000
Net increase (decrease) in cash and cash equivalents	9,760,000	(111,000)
Cash and cash equivalents, beginning of the period	1,270,000	1,059,000
Cash and cash equivalents, end of the period	11,030,000	948,000
Non-cash investing and financing activities:
Deferred IPO costs		121,000
Reclassification of IPO related costs from other assets to equity	1,116,000
Cash paid during the period:
Interest	$ 38,000	$ 83,000

BUSINESS ACTIVITY AND SUMMARY O

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2021
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization: Moving iMage Acquisition Co., designs, develops and manufactures innovative products for the entertainment, cinema, grocery, worship, restaurant, sports and restroom industries. Share Exchange: In June 2020, MiT LLC members created Moving iMage Technologies, Inc. (“MIT Inc.”) to facilitate the Company’s initial public offering (“IPO”). Upon formation of MiT, Inc., The transaction was accounted for as a merger of entities under common ownership in accordance with generally accepted accounting principles in the United States of America (“GAAP”). This determination was primarily based on the facts that, immediately before and after the transaction: (i) MiT LLC owners owned a substantial majority of the voting rights in the combined company, (ii) MiT LLC designated a majority of the members of the initial board of directors of the combined company, and (iii) MiT LLC’s senior management holds all key positions in the senior management of the combined company. As a result, the historical financial statements of MiT LLC and MiT Inc. for the three months ended September 30, 2020 have been retroactively revised to reflect the consolidation of MiT, Inc. and MiT LLC in a manner similar to pooling of interest. All inter-company transactions and balances between MiT Inc. and MiT, LLC have been eliminated. The condensed consolidated statements of stockholders’ equity (deficit) for the periods ended September 30, 2021 and 2020 have been retroactively revised to give effect of the change in reporting entity (as-if-pooling) accounting of MiT Inc. and MiT LLC. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of prior period Misstatements when Quantifying Misstatements in current period condensed consolidated financial statements;” and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 250-10 “Accounting Changes and Error Corrections”, the Company evaluated and determined that its condensed consolidated balance sheets as of September 30, 2021 and June 30, 2021 and the Condensed Consolidated Financial Statements for the three months ended September 30, 2021 as previously filed in its Form 10-Q for the three months ended September 30, 2021, did not properly reflect the common control merger between MiT Inc. and MiT LLC and are materially misstated. The Company is amending and updating its Form 10Q for the period ended September 30, 2021 to properly reflect this transaction. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Initial Public Offering: per share. None of the potentially dilutive securities were included in the computation of diluted earnings per share as their impact would be anti-dilutive. On July 12, 2021, in connection with the IPO, warrants to purchase 139,611 shares of the Company’s common stock were exercised on a cashless basis. COVID-19 Impact and Liquidity The repercussions of the COVID-19 global pandemic resulted in a significant impact to our customers, specifically those in the entertainment and cinema industries. Cinemas have been shuttered since March 2020 in an effort to stem the spread of COVID-19 and studios, for the most part, have rescheduled their film releases until cinemas can reopen. Specifically, the pandemic has had a material adverse effect on our business. A significant number of our customers have temporarily ceased operations and others have cancelled or pushed back the delivery of pending product orders and/or delayed the start of scheduled theater refurbishing and construction projects. In addition, we have experienced increased challenges in, or cost of, acquiring new customers and increased risk in collectability of accounts receivable. As a result of the aforementioned factors, our financial and operating results for the quarters ended September 30, 2021 and 2020, have been adversely affected. Additionally, our projected financial and operating results for the remainder of fiscal 2022 are expected to be materially adversely affected. The ultimate impact of the COVID-19 pandemic on our business and results of operations in fiscal 2022 and beyond is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the COVID-19 pandemic and any additional preventative and protective actions that governments, or we, or our customers, may direct, which may result in an extended period of continued business disruption and reduced operations. We expect that our results of operations, including revenues, in future periods will continue to be adversely impacted by the COVID-19 pandemic and its negative effects on global economic conditions, which include the possibility of a global recession. During the second half of the 2021 calendar year, several of the larger theater chains have reopened in many parts of the United States. The ability of these chains to reopen was predicated in large part on decisions by state and local officials to allow, limit or prohibit the reopening of establishments such as cinemas in response to regionally specific COVID-19 outbreaks. Such re-openings have been done on a gradual basis with limited occupancy and specific procedures, products, and technologies required to be implemented to protect the safety and health of returning patrons and employees. In response to uncertainties associated with the COVID-19 pandemic, we have taken, and are continuing to take, significant steps to preserve cash and remain in a strong competitive position when the current crisis subsides by eliminating non-essential costs, reducing employee hours and deferring all non-essential capital expenditures to minimum levels. Among other mitigating actions, we have implemented targeted furloughs, significantly reduced our service and distribution activities and temporarily reduced compensation of our executive officers and certain other employees. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) We have also implemented remote work policies for many employees, and the resources available to such employees may not enable them to maintain the same level of productivity and efficiency, and these and other employees may face additional demands on their time, such as increased responsibilities resulting from school closures or illness of family members. Our increased reliance on remote access to our information systems also increases our exposures to potential cybersecurity breaches. As of the date these Condensed Consolidated Financial Statements were issued, with the actions taken above, existing cash, including the cash raised from our initial public offering (See Initial Public Offering), the Company will have sufficient liquidity to fund operations and essential capital expenditures for the 12 months from the date these condensed consolidated financial statements were available to be issued. Principles of Consolidation : The condensed consolidated financial statements include the accounts of MiT Inc., its wholly-owned subsidiary MiT LLC and MiT LLC’s wholly-owned subsidiary, Moving iMage Acquisition Co. All significant intercompany transactions and balances have been eliminated in consolidation. Basis of Presentation: Unaudited Interim Condensed Consolidated Financial Statements: Measurement of Fair Values : — Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. — Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). — Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. Deferred Offering Costs: As of June 30, 2021, $1,116,000 of deferred offering costs are capitalized in other assets. After completion of the IPO in July 2021, these costs have been recorded in the condensed consolidated statements of changes in stockholder’s equity (deficit) as a reduction of proceeds received as a result of the offering. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates: Concentration of Cash: Accounts Receivable: Inventories: Revenue Recognition: Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when control of the promised goods is transferred at the point of shipment to a customer and when performance conditions are satisfied as per the agreement, in an amount that reflects the consideration that we expect to receive in exchange for those goods as per the agreement with the customer. We generate all our revenue from agreements with customers. In case there are agreements with multiple performance obligations, we identify each performance obligation and evaluate whether the performance obligations are distinct within the context of the agreement at the agreement’s inception. Performance obligations that are not distinct at agreement inception are combined. We allocate the transaction price to each distinct performance obligation proportionately based on the estimated standalone selling price for each performance obligation and then evaluate how the services are transferred to the customer to determine the timing of revenue recognition. The Company considers the U.S. GAAP criteria for determining whether to report revenue gross as a principal versus net as an agent. Factors considered include whether the Company is the primary obligor, has risks and rewards of ownership, and bears the risk that a customer may not pay for the products provided or services performed. If there are circumstances where the above criteria are not met, revenues recognized are presented net of cost of goods sold. Contract assets consist of conditional or unconditional rights to consideration. Accounts receivable represent amounts billed to customers where the Company has an enforceable right to payment for performance completed to date (i.e., unconditional rights to consideration). Accounts receivable balance as of July 1, 2020 was $809,000. The Company does not have contract assets that represent conditional rights to consideration. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Contract liabilities consist of refund and warranty liabilities, as well as deposits received in advance on sales to certain customers. Such deposits are reflected as customer deposits and recognized in revenue when control of the products is transferred or when performance conditions are satisfied per the agreement. The change in contract liabilities (customer deposits and unearned warranty revenue) during the three months ended September 30, 2021 included $573,000 for revenue recognized that was included in contract liability as of July Cost of goods sold includes cost of inventory sold during the period, net of vendor discounts and allowances, and shipping and handling costs, and sales taxes. Taxes collected from customers are included in accounts payable on a net basis (excluded from revenues) until remitted to the government. Deferred contract acquisition costs consist of sales commissions paid to the sales force and the related employer payroll taxes and are considered incremental and recoverable costs of obtaining a contract with a customer. The Company has determined that sales commissions paid are an immaterial component of obtaining a customer’s contract and has elected to expense sales commissions when earned. For the three For the three Months ended Months ended Disaggregation of Revenue (in 000’s): September 30, 2021 September 30, 2020 Equipment upon delivery (point in time) $ 3,433 $ 1,722 Installation (point in time) 41 35 Total revenues $ 3,474 $ 1,757 Revenue from the sale of equipment is recognized upon delivery of such equipment to customers and performance conditions are satisfied. Revenue from installation is recognized upon completion of installation project and performance obligation is complete. Software subscription revenue for remote monitoring services is recognized on a straight-line basis over the term of the contract, usually one year. Services revenues are generally recognized over time as the contracts are performed. There were no software revenues during the three months ended September 30, 2021 or 2020. Returns and Allowances: Shipping and Handling Costs: Advertising Costs: are expensed as incurred within selling and marketing expenses. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Goodwill and Intangible Assets: The Company tested goodwill impairment in relation to the COVID-19 pandemic and no impairments were identified for the three months ended September 30, 2021 or 2020. Goodwill is at risk of future impairment in the event of significant unexpected changes in the Company’s forecasted future results and cash flows, or if there is a negative change in the long-term outlook for the business or in other factors such as the discount rate, or if there is a decline in the stock price. Intangible assets arising from business combinations, such as customer relationships, trade names, and/or intellectual property, are initially recorded at fair value. The Company amortizes these intangible assets over the determined useful life which generally ranges from 11 to 20 years. The Company reviews its intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be fully recoverable. There were no intangible asset impairments recognized for the three months ended September 30, 2021 or 2020. Business Combinations: Income Taxes: The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Because the Company has had recurring losses from operations, at December 31, 2021 it has taken a full valuation allowance against all potential deferred tax assets. Prior to July 7, 2021, MiT LLC was a limited liability company treated as a partnership for federal and state income tax purposes with all income tax liabilities and/or benefits (losses) of the Company being passed through to the members. As such, there is no recognition of federal or state income taxes in the financial statements prior to July 7, 2021. Any uncertain tax position taken by the members is not an uncertain position of the Company. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. The Company evaluated the realizability of deferred tax assets (“DTA”) at June 30, 2021 (most recent year end, presented as comparative in 10Q balance sheet), July 7, 2021(date of exchange agreement) and September 30, 2021(Q1 reporting period). Because the Company has had recurring losses from operations at June 30, 2021, and further losses for the period ended September 30, 2021, which will generate NOL’s, it has taken a full valuation allowance against all potential deferred tax assets. Goodwill recognized in connection with acquisitions represents the residual amount of the purchase price over separately identifiable intangible assets and pursuant to 26 U.S. Code Section 197 is deductible for tax purposes. The following table summarizes deferred tax assets and liabilities as of the date of the Exchange Agreement and quarterly through September 30, 2021: Deferred Existing valuation allowance Tax Assets Deferred Tax Liabilities Prior to business combination Net Position MiT Inc. $ — $ — $ — $ — MiT LLC 248 (13) (235) — Total July 1, 2021 $ 248 $ (13) $ (235) $ — Deferred tax assets $ 408 $ — $ — $ 408 Deferred tax liabilities — (11) — (11) Valuation allowance — — (397) (397) Total MiT Inc. September 30, 2021 $ 408 $ (11) $ (397) $ — The following table summarizes the components of deferred tax assets and deferred tax liabilities quarterly through September 30, 2021: Deferred Tax Assets (Liabilities) Inventory reserve $ 133 Accumulated depreciation (7) Accumulated goodwill amortization (6) Warranty reserve 8 Allowance for doubtful accounts 100 Deferred rent 7 Net 235 Valuation allowance (235) Total July 1, 2021 $ — Inventory reserve $ 133 Accumulated depreciation (2) Accumulated goodwill amortization (9) Deferred rent 7 Warranty reserve 9 Stock compensation 16 Net operating loss carryforward 169 Allowance for doubtful accounts 74 Net 397 Valuation allowance (397) Total September 30, 2021 $ — NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Product Warranty: The changes in the Company’s aggregate warranty liabilities were as follows for the following periods (in thousands): September 30, June 30, 2021 2021 Product warranty liability, beginning of period $ 29 $ 65 Accruals for warranties issued 7 29 Change in estimates — (37) Settlements made (3) (28) Product warranty liability, end of the period $ 33 $ 29 Research and Development: Recently Issued Accounting Pronouncements: Leases (Topic 842 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes Other pronouncements issued by the FASB with future effective dates are either not applicable or not significant to the financial statements of the Company.

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended
LOSS PER SHARE	Sep. 30, 2021
LOSS PER SHARE
LOSS PER SHARE	NOTE 2 — LOSS PER SHARE Basic loss per share data for each period presented is computed using the weighted average number of shares of common stock outstanding during each such period. Diluted loss per share data is computed using the weighted average number of common and potentially dilutive securities outstanding during each period. Potentially dilutive securities consist of shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method. A reconciliation of basic and diluted loss per share is as follows: For the Three Months Ended For the Three Months Ended September 30, September 30, 2021 2020 Numerator: Net loss $ (577) $ (370) Denominator: Weighted average common shares outstanding, basic and diluted 10,254,686 5,568,660 Loss per share Basic and diluted $ (0.06) $ (0.07) The following securities were excluded from the calculation of diluted loss per share in each period because their inclusion would have been anti-dilutive: For the Three Months Ended For the Three Months Ended September 30, 2021 September 30, 2020 Options 150,000 — Warrants 241,500 236,667 Total potentially dilutive shares 391,500 236,667

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Sep. 30, 2021
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 3 — PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following (in thousands): September 30, June 30, 2021 2021 Production equipment $ 307 $ 307 Leasehold improvements 202 202 Furniture and fixtures 45 45 Computer equipment 44 44 Other equipment 114 114 712 712 Accumulated depreciation (704) (691) Net property plant and equipment $ 8 $ 21 Depreciation expense related to property, plant and equipment was $13,000 and $34,000 for the three NOTE 3 — PROPERTY, PLANT AND EQUIPMENT (continued) Depreciation of property, plant and equipment is calculated using the straight-line method over their estimated useful lives as follows: Useful Lives Leasehold improvements 5 years or remaining lease term Furniture and fixtures 5 years Production equipment 3 – 7 years Computer equipment 3 years Other equipment 3 – 7 years

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
INTANGIBLE ASSETS	Sep. 30, 2021
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 4 — INTANGIBLE ASSETS The following table summarizes the Company’s intangible assets as of September 30, 2021 (in thousands): Amortization Gross Asset Accumulated Net Book Period Cost Amortization Value Customer relationships 11 years $ 970 $ 191 $ 779 Patents 20 years 70 8 62 Trademark 20 years 78 8 70 $ 1,118 $ 207 $ 911 The following table summarizes the Company’s intangible assets as of June 30, 2021 (in thousands): Amortization Gross Asset Accumulated Net Book Period Cost Amortization Value Customer relationships 11 years $ 970 $ 169 $ 801 Patents 20 years 70 7 63 Trademark 20 years 78 7 71 $ 1,118 $ 183 $ 935 Amortization expense was $24,000 and $24,000 for the three Estimated amortization expense related to intangible assets subject to amortization at September 30, 2021 in each of the five fiscal years subsequent to September 30, 2021, and thereafter is as follows (amounts in thousands): 2022 remaining $ 72 2023 96 2024 96 2025 96 2026 96 Thereafter 455 Total $ 911

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
ACCRUED EXPENSES	Sep. 30, 2021
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 5 — ACCRUED EXPENSES Accrued expenses consist of the following (in thousands): September 30, June 30, 2021 2021 Employee compensation $ 228 $ 485 Others 174 135 Total $ 402 $ 620

DEBT

DEBT	3 Months Ended
DEBT	Sep. 30, 2021
DEBT
DEBT	NOTE 6 — DEBT Line of Credit In October 2019, MiT LLC executed a line of credit agreement with an unaffiliated lender to provide a $1.0 million asset-based bridge loan to be used for working capital purposes. Funds borrowed bore interest at 13% per annum and were due and payable one year from the origination date of the loan. The loan was secured by all assets of MiT LLC and was personally guaranteed by Phil Rafnson, our CEO and Chairman of the Board. Sound Management Investors, LLC, an entity controlled by Mr. Rafnson, pledged all membership units of MiT LLC held by it as further security for the repayment of such loan. In connection with this borrowing, the lender was issued warrants to acquire shares of the Company's common stock upon completion of its IPO. On the effective date of the IPO, the lender exercised these warrants to acquire 94,723 shares of the common stock on a cashless basis. Approximately $400,000 of the proceeds from the loan were used to pay amounts owed to Caddy in connection with the Caddy acquisition. No further borrowings are available under this agreement from March 31, 2020. As of June 30, 2021, the outstanding balance of this line of credit was $590,000. In July 2021, the outstanding balance, and all accrued interest, was repaid in full. Long-term debt at September 30, 2021 was as follows (in thousands): September 30, 2021 Balance Current Long Term PPP loan $ 698 $ 110 $ 588 Total $ 698 $ 110 $ 588 Long-term debt at June 30, 2021 was as follows (in thousands): June 30, 2021 Balance Current Long Term Caddy promissory note $ 1,059 $ 142 $ 917 PPP loan 698 73 625 Caddy indemnity promissory note 182 22 160 Total $ 1,939 $ 237 $ 1,702 The Caddy Promissory note is payable in monthly installments through August 2024 at an interest rate of Prime plus 2.75%. The Caddy Indemnity note is payable in monthly installments due July 2024 at an interest rate of Prime plus 2.75%. On January 1, 2020, the interest rate margin increased to 3.75% on both notes. All of the notes are collateralized by Caddy assets. In addition, the notes are guaranteed by Phil Rafnson, the Company’s majority shareholder. In August 2021, all Caddy related notes and balances were paid in full. NOTE 6 — DEBT (continued) Paycheck Protection Program On May 6, 2020, the Company received loan proceeds in the amount of approximately $694,000 under the Paycheck Protection Program (“PPP”). On March 13, 2021, the Company received a second PPP loan receiving proceeds in the amount of approximately $698,000. The PPP, established as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. In May 2021, the Company received notification from the Small Business Administration that the first loan in the amount of $694,000, including accrued interest, has been fully forgiven. As of June 30, 2021, the outstanding balance of the second PPP loan was $698,000, of which $110,000 is included in notes payable current in the condensed consolidated balance sheets. Any unforgiven portion of a PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Company used the proceeds for purposes consistent with the PPP. In April 2022, the Company received notice that on March 23, 2022, its second PPP loan, plus accrued interest, in the amount of

STOCKHOLDERS' EQUITY AND STOCK

STOCKHOLDERS' EQUITY AND STOCK BASED COMPENSATION	3 Months Ended
STOCKHOLDERS' EQUITY AND STOCK BASED COMPENSATION	Sep. 30, 2021
STOCKHOLDERS' EQUITY AND STOCK BASED COMPENSATION
STOCKHOLDERS' EQUITY AND STOCK BASED COMPENSATION	NOTE 7 — STOCKHOLDERS’ EQUITY AND STOCK BASED COMPENSATION In 2019, the Company adopted the 2019 Omnibus Incentive Plan (the “Plan”). The Plan, as amended, provides for the issuance of stock-based awards to employees. As of September 30, 2021, the Plan provides for the issuance of up to 750,000 stock-based awards. There are 600,000 stock-based awards available to grant under the Plan at September 30, 2021. In July 2020, the Company, through a Private Placement, issued 666,667 shares of stock for total gross proceeds of $887,000. Net proceeds of $784,000 were received after deducting offering costs of $103,000. In conjunction with the private placement, warrants for 50,000 shares were issued to Boustead Securities, LLC. In July 2021, MiT Inc. entered into an Exchange Agreement with MiT LLC pursuant to which MiT Inc. agreed to exchange membership units for 2,350,000 shares of Common Stock representing 41.4 % of the equity as of such date on a fully diluted basis for no consideration. The shares were exchanged as part of the Exchange Agreement with the Company as described in Note 1. In July 2021, the Company granted options to non-employee directors to purchase an aggregate of 150,000 shares of its common stock at an exercise price of $3.00 per shares. The options vest one year from the date of grant, expire ten years from the date of grant and had an aggregate grant date fair value of $244,200, which will be recognized ratably over the vesting period. These options, which were the only options granted during the three months ended September 30, 2021, had a grant-date fair value of $1.63 per share. The Company recognized compensation expense for stock option awards of $56,000 during the three months ended September 30, 2021 in its condensed consolidated statements of operations. None of the these potentially dilutive securities were included in the computation of diluted earnings per share as their impact would be anti-dilutive. At September 30, 2021, there was $188,000 of total unrecognized compensation cost related to nonvested stock option awards that is expected to be recognized over a weighted average period of nine months. During the three months ended September 30, 2021, warrant holders exercised 139,611 warrants on a cashless basis.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 8 — RELATED PARTY TRANSACTIONS In July 2021, the Company provided a discretionary $50,000 payment to the Company’s CEO and Chairman of the Board of Directors for personal guarantees provided in conjunction with financing Company debt. See Note 6.

CUSTOMER AND VENDOR CONCENTRATI

CUSTOMER AND VENDOR CONCENTRATIONS	3 Months Ended
CUSTOMER AND VENDOR CONCENTRATIONS	Sep. 30, 2021
CUSTOMER AND VENDOR CONCENTRATIONS
CUSTOMER AND VENDOR CONCENTRATIONS	NOTE 9 — CUSTOMER AND VENDOR CONCENTRATIONS Customers : Two customers accounted for 49% and 10% of the Company’s sales for the three months ended September 30, 2020. There were no outstanding balances related to these customers at June 30, 2021. Vendors: Approximately 25% and 12% of the Company’s purchases were provided by two vendors for the three months ended September 30, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 10 — COMMITMENTS AND CONTINGENCIES Operating Leases: Future minimum lease payments at September 30, 2021 under these arrangements are as follows: (in thousands) Total Operating leases Payments 2022 $ 214 2023 293 2024 302 2025 174 Total future minimum lease payments $ 983 Legal Matters:

RESTATEMENT OF PREVIOUSLY ISSUE

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3 Months Ended
	Sep. 30, 2021
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS	NOTE 11 — RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS On February 28, 2022, the Company filed a Form 8-K/A disclosing that on February 17, 2022, the Company’s independent registered public accounting firm informed the Company of a material misstatement in the comparative interim financial statements for the quarter ended September 30, 2021 and 2020 (the “ Restatement 10-Q NOTE 11 — RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) Restatement The following is a discussion of the restatement adjustments that were made to the Company’s previously issued September 30, 2021 financial statements. In June 2020, members of MiT LLC created MiT Inc. to facilitate the Company’s initial public offering (“ IPO Exchange Agreement The Company is required to account for the above-described transaction as a merger of entities under common ownership (also known as a “pooling of interests”) in accordance with Generally Accepted Accounting Principles. The Company previously filed its Original Form 10-Q incorrectly reflecting the accounting for the transaction prospectively as a reverse merger, where MiT LLC was designated as the accounting acquiror. The Company is amending and restating its condensed consolidated financial statements as of September 30, 2021 and June 30, 2021 and for the three months ended September 30, 2021 and 2020 to reflect the proper accounting for the merger of entities under common ownership. The effects of the Restatement as shown as adjustments in the below table, is to retroactively consolidate MiT Inc. and MiT LLC as if the merger of entities under common ownership occurred on July 1, 2020. Impact on Condensed Consolidated Statement of Operations The effect of the Restatement described above on the accompanying condensed consolidated statements of operations for the three months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, 2021: As Previously Reported Adjustments As Restated Net sales $ 3,474 — $ 3,474 Cost of goods sold 2,752 — 2,752 Gross profit 722 — 722 Operating expenses: Research and development 54 — 54 Selling and marketing 544 — 544 General and administrative 663 — 663 Total operating expenses 1,261 — 1,261 Operating loss (539) (539) Other expenses: Interest expense 37 1 38 Total other expense 37 1 38 Net loss $ (576) $ (1) $ (577) Weighted average shares outstanding: basic and diluted 9,809,264 — 10,254,686 Net loss per common share basic and diluted $ (0.06) $ — $ (0.06) NOTE 11 — RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) Three Months Ended September 30, 2020: As Previously Reported Adjustments As Restated Net sales $ 1,757 — $ 1,757 Cost of goods sold 1,304 — 1,304 Gross profit 453 — 453 Operating expenses: Research and development 27 — 27 Selling and marketing 283 — 283 General and administrative 450 — 450 Total operating expenses 760 — 760 Operating loss (307) (307) Other (income) expenses: Unrealized gain — (20) (20) Interest expense 82 1 83 Total other (income) expense 82 (19) 63 Net loss $ (389) $ 19 $ (370) Weighted average shares outstanding: basic and diluted 5,666,667 — 5,568,660 Net loss per common share basic and diluted $ (0.07) — $ (0.07) NOTE 11 — RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) The effect of the Restatement described above on the accompanying condensed consolidated balance sheets as of September 30, 2021 and June 30, 2021 is as follows: September 30, 2021 As Previously Reported Adjustments As Restated Assets Current Assets: Cash and cash equivalents $ 11,029 $ 1 $ 11,030 Accounts receivable, net 898 — 898 Inventories, net 1,911 — 1,911 Prepaid expenses and other 642 — 642 Total Current Assets 14,480 1 14,481 Long-Term Assets: Property, plant and equipment, net 8 — 8 Intangibles, net 911 — 911 Goodwill 287 — 287 Other assets 16 — 16 Total Long-Term Assets 1,222 — 1,222 Total Assets $ 15,702 $ 1 $ 15,703 Liabilities And Stockholders’ Equity (Deficit) Current Liabilities: Accounts payable $ 1,841 $ — $ 1,841 Accrued expenses 402 — 402 Customer deposits 2,709 — 2,709 Line of credit — — — Notes payable – current 110 — 110 Unearned warranty revenue 34 — 34 Total Current Liabilities 5,096 — 5,096 Long-Term Liabilities: Notes payable, net of current portion 588 — 588 Deferred rent 25 — 25 Total Long-Term Liabilities 613 — 613 Total Liabilities 5,709 — 5,709 Stockholders’ Equity (Deficit) Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,636,278 shares issued and outstanding at September 30, 2021 — — — Additional paid-in capital 10,172 2,139 12,311 Accumulated deficit (179) (2,138) (2,317) Total Stockholders’ Equity (Deficit) 9,993 1 9,994 Total Liabilities and Stockholders’ Equity (Deficit) $ 15,702 $ 1 $ 15,703 NOTE 11 — RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) June 30, 2021 As Previously Reported Adjustments As Restated Assets Current Assets: Cash and cash equivalents $ 1,269 $ 1 $ 1,270 Accounts receivable, net 454 — 454 Inventories, net 1,534 — 1,534 Prepaid expenses and other 86 9 95 Total Current Assets 3,343 10 3,353 Long-Term Assets: Property, plant and equipment, net 21 — 21 Intangibles, net 935 — 935 Goodwill 287 — 287 Other assets 1,133 — 1,133 Total Long-Term Assets 2,376 — 2,376 Total Assets $ 5,719 10 $ 5,729 Liabilities And Stockholders’ Equity (Deficit) Current Liabilities: Accounts payable $ 1,911 — $ 1,911 Accrued expenses 620 — 620 Customer deposits 1,339 — 1,339 Line of credit 590 — 590 Notes payable – related party 1,272 (1,272) — Notes payable – current 237 — 237 Unearned warranty revenue 34 — 34 Total Current Liabilities 6,003 (1,272) 4,731 Long-Term Liabilities: Notes payable, net of current portion 1,702 — 1,702 Deferred rent 25 — 25 Total Long-Term Liabilities 1,727 — 1,727 Total Liabilities 7,730 (1,272) 6,458 Stockholders’ Equity (Deficit) Common stock, $0.00001 par value, 100,000,000 shares authorized, 5,666,667 shares issued and outstanding at June 30, 2021 — — — Additional paid-in capital — 1,011 1,011 Members deficit (2,011) 2,011 — Accumulated deficit — (1,740) (1,740) Total Stockholders’ Equity (Deficit) (2,011) 1,282 (729) Total Liabilities and Stockholders’ Equity (Deficit) $ 5,719 10 $ 5,729 NOTE 11 — RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) The effect of the Restatement described above on the accompanying condensed consolidated statements of cash flows is as follows: Three months ended Three months ended September 30, September 30, 2021 2021 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (576) $ (1) $ (577) Adjustments to reconcile net loss to net cash used in operating activities: — Provision for doubtful accounts (90) — (90) Depreciation expense 13 — 13 Amortization expense 24 — 24 Stock option compensation expense 56 — 56 Changes in operating assets and liabilities Accounts receivable (354) — (354) Inventories (377) — (377) Prepaid expenses and other (554) 7 (547) Accounts payable (70) — (70) Accrued expenses (219) 2 (217) Customer deposits 1,370 — 1,370 Net cash used in operating activities (777) 8 (769) Cash flows from financing activities Cash acquired through Exchange Agreement 8 (8) — Net proceeds from initial public offering 12,360 — 12,360 Net payments on notes payable (1,241) — (1,241) Payments on line of credit (590) — (590) Net cash provided by financing activities 10,537 (8) 10,529 Net increase in cash and cash equivalents 9,760 9,760 Cash and cash equivalents, beginning of the period 1,269 1 1,270 Cash and cash equivalents, end of the period $ 11,029 $ 1 $ 11,030 NOTE 11 — RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) Three months ended Three months ended September 30, September 30, 2020 2020 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (389) $ 19 $ (370) Adjustments to reconcile net loss to net cash used in operating activities: Provision for doubtful accounts 40 — 40 Depreciation expense 34 — 34 Amortization expense 24 — 24 Deferred rent 2 — 2 Unrealized gain on investments — (20) (20) Changes in operating assets and liabilities Accounts receivable 171 — 171 Inventories (25) — (25) Prepaid expenses and other (148) 1 (147) Accounts payable (167) (1) (168) Accrued expenses (133) 1 (132) Unearned warranty revenue (9) — (9) Customer deposits (249) — (249) Net cash used in operating activities (849) (849) Cash flows from financing activities Net borrowings on notes payable 14 — 14 Payments on line of credit (60) — (60) Proceeds from private placement 784 — 784 Net cash provided by financing activities 738 — 738 Net decrease in cash and cash equivalents (111) (111) Cash and cash equivalents, beginning of the period 1,058 1 1,059 Cash and cash equivalents, end of the period $ 947 $ 1 $ 948 NOTE 11 — RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued) The effects of the restatement described above on the accompanying condensed consolidated financial statements of stockholders’ equity is as follows: (in thousands except share amounts) Common Stock Additional Paid-In Accumulated LLC Members Shares Amount Capital Deficit Equity (Deficit) Total Balance as of July 1, 2020, as previously reported — $ — $ — $ — $ (969) $ (969) Adjustment — — — 969 969 Outstanding shares of MiT, Inc., as of July 1, 2020 (see note 1) 2,650,000 — 101 — — 101 Share exchange (see note 1) 2,350,000 — 126 (1,095) — (969) Balance as of July 1, 2020, as restated 5,000,000 227 (1,095) (868) Shares issued in Private placement 666,667 784 784 Net loss, as previously reported — — — (389) — (389) Adjustment to net loss for restatement — — — 19 — 19 Balance as of September 30, 2020, as restated 5,666,667 $ — $ 1,011 $ (1,465) $ — $ (454) Balance as of July 1, 2021, as previously reported — $ — $ — $ — $ (2,011) $ (2,011) Adjustment 5,666,667 — 1,011 (1,740) 2,011 1,282 Balance as of July 1, 2021, as restated 5,666,667 — 1,011 (1,740) — (729) Reverse recapitalization, as previously reported 3,316,667 — — — 1,280 1,280 Adjustment (3,316,667) — — — 1,280 (1,280) Common shares issued for LLC Members’ interest, as previously reported 2,350,000 — (1,128) 397 731 — Adjustment (2,350,000) — 1,128 (397) (731) — Shares of common stock issued for cash, net of costs 4,830,000 — 11,244 — — 11,244 Cashless exercise of warrants 139,611 — — — — — Stock option compensation expense — — 56 — — 56 Net loss, as previously reported — — — (576) — (576) Adjustment to net loss for restatement — — — (1) — (1) Balance as of September 30, 2021, as restated 10,636,278 $ — $ 12,311 $ (2,317) $ — $ 9,994

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 12 — SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q/A, and determined that there have been no events that have occurred that would require adjustments to our disclosures in the condensed consolidated financial statements except for the transaction described below. On February 23, 2022, the Company received a notice from NYSE Regulation stating that the Company was not in compliance with the NYSE American LLC’s continued listing standards under the timely filing criteria included in Section 1007 of the NYSE American Company Guide because the Company failed to timely file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the period ended December 31, 2021. In April 2022, the Company received notice that on March 23, 2022, its second PPP loan in the amount of $698,000 plus accrued interest has been fully forgiven and is paid in full.

BUSINESS ACTIVITY AND SUMMARY_2

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2021
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization	Organization: Moving iMage Acquisition Co., designs, develops and manufactures innovative products for the entertainment, cinema, grocery, worship, restaurant, sports and restroom industries.
Share Exchange	Share Exchange: In June 2020, MiT LLC members created Moving iMage Technologies, Inc. (“MIT Inc.”) to facilitate the Company’s initial public offering (“IPO”). Upon formation of MiT, Inc., The transaction was accounted for as a merger of entities under common ownership in accordance with generally accepted accounting principles in the United States of America (“GAAP”). This determination was primarily based on the facts that, immediately before and after the transaction: (i) MiT LLC owners owned a substantial majority of the voting rights in the combined company, (ii) MiT LLC designated a majority of the members of the initial board of directors of the combined company, and (iii) MiT LLC’s senior management holds all key positions in the senior management of the combined company. As a result, the historical financial statements of MiT LLC and MiT Inc. for the three months ended September 30, 2020 have been retroactively revised to reflect the consolidation of MiT, Inc. and MiT LLC in a manner similar to pooling of interest. All inter-company transactions and balances between MiT Inc. and MiT, LLC have been eliminated. The condensed consolidated statements of stockholders’ equity (deficit) for the periods ended September 30, 2021 and 2020 have been retroactively revised to give effect of the change in reporting entity (as-if-pooling) accounting of MiT Inc. and MiT LLC. In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of prior period Misstatements when Quantifying Misstatements in current period condensed consolidated financial statements;” and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 250-10 “Accounting Changes and Error Corrections”, the Company evaluated and determined that its condensed consolidated balance sheets as of September 30, 2021 and June 30, 2021 and the Condensed Consolidated Financial Statements for the three months ended September 30, 2021 as previously filed in its Form 10-Q for the three months ended September 30, 2021, did not properly reflect the common control merger between MiT Inc. and MiT LLC and are materially misstated. The Company is amending and updating its Form 10Q for the period ended September 30, 2021 to properly reflect this transaction.
Initial Public Offering	Initial Public Offering: per share. None of the potentially dilutive securities were included in the computation of diluted earnings per share as their impact would be anti-dilutive. On July 12, 2021, in connection with the IPO, warrants to purchase 139,611 shares of the Company’s common stock were exercised on a cashless basis.
COVID19 Impact and Liquidity	COVID-19 Impact and Liquidity The repercussions of the COVID-19 global pandemic resulted in a significant impact to our customers, specifically those in the entertainment and cinema industries. Cinemas have been shuttered since March 2020 in an effort to stem the spread of COVID-19 and studios, for the most part, have rescheduled their film releases until cinemas can reopen. Specifically, the pandemic has had a material adverse effect on our business. A significant number of our customers have temporarily ceased operations and others have cancelled or pushed back the delivery of pending product orders and/or delayed the start of scheduled theater refurbishing and construction projects. In addition, we have experienced increased challenges in, or cost of, acquiring new customers and increased risk in collectability of accounts receivable. As a result of the aforementioned factors, our financial and operating results for the quarters ended September 30, 2021 and 2020, have been adversely affected. Additionally, our projected financial and operating results for the remainder of fiscal 2022 are expected to be materially adversely affected. The ultimate impact of the COVID-19 pandemic on our business and results of operations in fiscal 2022 and beyond is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the COVID-19 pandemic and any additional preventative and protective actions that governments, or we, or our customers, may direct, which may result in an extended period of continued business disruption and reduced operations. We expect that our results of operations, including revenues, in future periods will continue to be adversely impacted by the COVID-19 pandemic and its negative effects on global economic conditions, which include the possibility of a global recession. During the second half of the 2021 calendar year, several of the larger theater chains have reopened in many parts of the United States. The ability of these chains to reopen was predicated in large part on decisions by state and local officials to allow, limit or prohibit the reopening of establishments such as cinemas in response to regionally specific COVID-19 outbreaks. Such re-openings have been done on a gradual basis with limited occupancy and specific procedures, products, and technologies required to be implemented to protect the safety and health of returning patrons and employees. In response to uncertainties associated with the COVID-19 pandemic, we have taken, and are continuing to take, significant steps to preserve cash and remain in a strong competitive position when the current crisis subsides by eliminating non-essential costs, reducing employee hours and deferring all non-essential capital expenditures to minimum levels. Among other mitigating actions, we have implemented targeted furloughs, significantly reduced our service and distribution activities and temporarily reduced compensation of our executive officers and certain other employees. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) We have also implemented remote work policies for many employees, and the resources available to such employees may not enable them to maintain the same level of productivity and efficiency, and these and other employees may face additional demands on their time, such as increased responsibilities resulting from school closures or illness of family members. Our increased reliance on remote access to our information systems also increases our exposures to potential cybersecurity breaches. As of the date these Condensed Consolidated Financial Statements were issued, with the actions taken above, existing cash, including the cash raised from our initial public offering (See Initial Public Offering), the Company will have sufficient liquidity to fund operations and essential capital expenditures for the 12 months from the date these condensed consolidated financial statements were available to be issued.
Principles of Consolidation	Principles of Consolidation : The condensed consolidated financial statements include the accounts of MiT Inc., its wholly-owned subsidiary MiT LLC and MiT LLC’s wholly-owned subsidiary, Moving iMage Acquisition Co. All significant intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation:
Unaudited Interim Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements:
Measurement of Fair Values	Measurement of Fair Values : — Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. — Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). — Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
Deferred Offering Costs	Deferred Offering Costs: As of June 30, 2021, $1,116,000 of deferred offering costs are capitalized in other assets. After completion of the IPO in July 2021, these costs have been recorded in the condensed consolidated statements of changes in stockholder’s equity (deficit) as a reduction of proceeds received as a result of the offering.
Use of Estimates	Use of Estimates:
Concentration of Cash	Concentration of Cash:
Accounts Receivable	Accounts Receivable:
Inventories	Inventories:
Revenue Recognition	Revenue Recognition: Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when control of the promised goods is transferred at the point of shipment to a customer and when performance conditions are satisfied as per the agreement, in an amount that reflects the consideration that we expect to receive in exchange for those goods as per the agreement with the customer. We generate all our revenue from agreements with customers. In case there are agreements with multiple performance obligations, we identify each performance obligation and evaluate whether the performance obligations are distinct within the context of the agreement at the agreement’s inception. Performance obligations that are not distinct at agreement inception are combined. We allocate the transaction price to each distinct performance obligation proportionately based on the estimated standalone selling price for each performance obligation and then evaluate how the services are transferred to the customer to determine the timing of revenue recognition. The Company considers the U.S. GAAP criteria for determining whether to report revenue gross as a principal versus net as an agent. Factors considered include whether the Company is the primary obligor, has risks and rewards of ownership, and bears the risk that a customer may not pay for the products provided or services performed. If there are circumstances where the above criteria are not met, revenues recognized are presented net of cost of goods sold. Contract assets consist of conditional or unconditional rights to consideration. Accounts receivable represent amounts billed to customers where the Company has an enforceable right to payment for performance completed to date (i.e., unconditional rights to consideration). Accounts receivable balance as of July 1, 2020 was $809,000. The Company does not have contract assets that represent conditional rights to consideration. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Contract liabilities consist of refund and warranty liabilities, as well as deposits received in advance on sales to certain customers. Such deposits are reflected as customer deposits and recognized in revenue when control of the products is transferred or when performance conditions are satisfied per the agreement. The change in contract liabilities (customer deposits and unearned warranty revenue) during the three months ended September 30, 2021 included $573,000 for revenue recognized that was included in contract liability as of July Cost of goods sold includes cost of inventory sold during the period, net of vendor discounts and allowances, and shipping and handling costs, and sales taxes. Taxes collected from customers are included in accounts payable on a net basis (excluded from revenues) until remitted to the government. Deferred contract acquisition costs consist of sales commissions paid to the sales force and the related employer payroll taxes and are considered incremental and recoverable costs of obtaining a contract with a customer. The Company has determined that sales commissions paid are an immaterial component of obtaining a customer’s contract and has elected to expense sales commissions when earned. For the three For the three Months ended Months ended Disaggregation of Revenue (in 000’s): September 30, 2021 September 30, 2020 Equipment upon delivery (point in time) $ 3,433 $ 1,722 Installation (point in time) 41 35 Total revenues $ 3,474 $ 1,757 Revenue from the sale of equipment is recognized upon delivery of such equipment to customers and performance conditions are satisfied. Revenue from installation is recognized upon completion of installation project and performance obligation is complete. Software subscription revenue for remote monitoring services is recognized on a straight-line basis over the term of the contract, usually one year. Services revenues are generally recognized over time as the contracts are performed. There were no software revenues during the three months ended September 30, 2021 or 2020.
Returns and Allowances	Returns and Allowances:
Shipping and Handling Costs	Shipping and Handling Costs:
Advertising Costs	Advertising Costs: are expensed as incurred within selling and marketing expenses.
Goodwill and Intangible Assets	Goodwill and Intangible Assets: The Company tested goodwill impairment in relation to the COVID-19 pandemic and no impairments were identified for the three months ended September 30, 2021 or 2020. Goodwill is at risk of future impairment in the event of significant unexpected changes in the Company’s forecasted future results and cash flows, or if there is a negative change in the long-term outlook for the business or in other factors such as the discount rate, or if there is a decline in the stock price. Intangible assets arising from business combinations, such as customer relationships, trade names, and/or intellectual property, are initially recorded at fair value. The Company amortizes these intangible assets over the determined useful life which generally ranges from 11 to 20 years. The Company reviews its intangible assets for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be fully recoverable. There were no intangible asset impairments recognized for the three months ended September 30, 2021 or 2020.
Business Combinations	Business Combinations:
Income Taxes	Income Taxes: The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Because the Company has had recurring losses from operations, at December 31, 2021 it has taken a full valuation allowance against all potential deferred tax assets. Prior to July 7, 2021, MiT LLC was a limited liability company treated as a partnership for federal and state income tax purposes with all income tax liabilities and/or benefits (losses) of the Company being passed through to the members. As such, there is no recognition of federal or state income taxes in the financial statements prior to July 7, 2021. Any uncertain tax position taken by the members is not an uncertain position of the Company. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. The Company evaluated the realizability of deferred tax assets (“DTA”) at June 30, 2021 (most recent year end, presented as comparative in 10Q balance sheet), July 7, 2021(date of exchange agreement) and September 30, 2021(Q1 reporting period). Because the Company has had recurring losses from operations at June 30, 2021, and further losses for the period ended September 30, 2021, which will generate NOL’s, it has taken a full valuation allowance against all potential deferred tax assets. Goodwill recognized in connection with acquisitions represents the residual amount of the purchase price over separately identifiable intangible assets and pursuant to 26 U.S. Code Section 197 is deductible for tax purposes. The following table summarizes deferred tax assets and liabilities as of the date of the Exchange Agreement and quarterly through September 30, 2021: Deferred Existing valuation allowance Tax Assets Deferred Tax Liabilities Prior to business combination Net Position MiT Inc. $ — $ — $ — $ — MiT LLC 248 (13) (235) — Total July 1, 2021 $ 248 $ (13) $ (235) $ — Deferred tax assets $ 408 $ — $ — $ 408 Deferred tax liabilities — (11) — (11) Valuation allowance — — (397) (397) Total MiT Inc. September 30, 2021 $ 408 $ (11) $ (397) $ — The following table summarizes the components of deferred tax assets and deferred tax liabilities quarterly through September 30, 2021: Deferred Tax Assets (Liabilities) Inventory reserve $ 133 Accumulated depreciation (7) Accumulated goodwill amortization (6) Warranty reserve 8 Allowance for doubtful accounts 100 Deferred rent 7 Net 235 Valuation allowance (235) Total July 1, 2021 $ — Inventory reserve $ 133 Accumulated depreciation (2) Accumulated goodwill amortization (9) Deferred rent 7 Warranty reserve 9 Stock compensation 16 Net operating loss carryforward 169 Allowance for doubtful accounts 74 Net 397 Valuation allowance (397) Total September 30, 2021 $ —
Product Warranty	Product Warranty: The changes in the Company’s aggregate warranty liabilities were as follows for the following periods (in thousands): September 30, June 30, 2021 2021 Product warranty liability, beginning of period $ 29 $ 65 Accruals for warranties issued 7 29 Change in estimates — (37) Settlements made (3) (28) Product warranty liability, end of the period $ 33 $ 29
Research and Development	Research and Development:
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: Leases (Topic 842 In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes Other pronouncements issued by the FASB with future effective dates are either not applicable or not significant to the financial statements of the Company.

BUSINESS ACTIVITY AND SUMMARY_3

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Sep. 30, 2021
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Summary of disaggregation of Revenue	For the three For the three Months ended Months ended Disaggregation of Revenue (in 000’s): September 30, 2021 September 30, 2020 Equipment upon delivery (point in time) $ 3,433 $ 1,722 Installation (point in time) 41 35 Total revenues $ 3,474 $ 1,757
Summary of valuation allowance	Deferred Existing valuation allowance Tax Assets Deferred Tax Liabilities Prior to business combination Net Position MiT Inc. $ — $ — $ — $ — MiT LLC 248 (13) (235) — Total July 1, 2021 $ 248 $ (13) $ (235) $ — Deferred tax assets $ 408 $ — $ — $ 408 Deferred tax liabilities — (11) — (11) Valuation allowance — — (397) (397) Total MiT Inc. September 30, 2021 $ 408 $ (11) $ (397) $ —
Schedule of deferred tax assets and deferred tax liabilities	Deferred Tax Assets (Liabilities) Inventory reserve $ 133 Accumulated depreciation (7) Accumulated goodwill amortization (6) Warranty reserve 8 Allowance for doubtful accounts 100 Deferred rent 7 Net 235 Valuation allowance (235) Total July 1, 2021 $ — Inventory reserve $ 133 Accumulated depreciation (2) Accumulated goodwill amortization (9) Deferred rent 7 Warranty reserve 9 Stock compensation 16 Net operating loss carryforward 169 Allowance for doubtful accounts 74 Net 397 Valuation allowance (397) Total September 30, 2021 $ —
Summary of warranty liabilities	The changes in the Company’s aggregate warranty liabilities were as follows for the following periods (in thousands): September 30, June 30, 2021 2021 Product warranty liability, beginning of period $ 29 $ 65 Accruals for warranties issued 7 29 Change in estimates — (37) Settlements made (3) (28) Product warranty liability, end of the period $ 33 $ 29

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	3 Months Ended
LOSS PER SHARE (Tables)	Sep. 30, 2021
LOSS PER SHARE
Schedule of basic and diluted earnings (loss) per share	For the Three Months Ended For the Three Months Ended September 30, September 30, 2021 2020 Numerator: Net loss $ (577) $ (370) Denominator: Weighted average common shares outstanding, basic and diluted 10,254,686 5,568,660 Loss per share Basic and diluted $ (0.06) $ (0.07)
Schedule of antidilutive securities excluded	For the Three Months Ended For the Three Months Ended September 30, 2021 September 30, 2020 Options 150,000 — Warrants 241,500 236,667 Total potentially dilutive shares 391,500 236,667

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Sep. 30, 2021
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	Property, plant and equipment consist of the following (in thousands): September 30, June 30, 2021 2021 Production equipment $ 307 $ 307 Leasehold improvements 202 202 Furniture and fixtures 45 45 Computer equipment 44 44 Other equipment 114 114 712 712 Accumulated depreciation (704) (691) Net property plant and equipment $ 8 $ 21
Schedule of estimated useful lives of the assets	Useful Lives Leasehold improvements 5 years or remaining lease term Furniture and fixtures 5 years Production equipment 3 – 7 years Computer equipment 3 years Other equipment 3 – 7 years

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
INTANGIBLE ASSETS (Tables)	Sep. 30, 2021
INTANGIBLE ASSETS
Summary of intangible assets	The following table summarizes the Company’s intangible assets as of September 30, 2021 (in thousands): Amortization Gross Asset Accumulated Net Book Period Cost Amortization Value Customer relationships 11 years $ 970 $ 191 $ 779 Patents 20 years 70 8 62 Trademark 20 years 78 8 70 $ 1,118 $ 207 $ 911 The following table summarizes the Company’s intangible assets as of June 30, 2021 (in thousands): Amortization Gross Asset Accumulated Net Book Period Cost Amortization Value Customer relationships 11 years $ 970 $ 169 $ 801 Patents 20 years 70 7 63 Trademark 20 years 78 7 71 $ 1,118 $ 183 $ 935
Summary of estimated amortization expense related to intangible assets	Estimated amortization expense related to intangible assets subject to amortization at September 30, 2021 in each of the five fiscal years subsequent to September 30, 2021, and thereafter is as follows (amounts in thousands): 2022 remaining $ 72 2023 96 2024 96 2025 96 2026 96 Thereafter 455 Total $ 911

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
ACCRUED EXPENSES (Tables)	Sep. 30, 2021
ACCRUED EXPENSES
Schedule of accrued expenses	Accrued expenses consist of the following (in thousands): September 30, June 30, 2021 2021 Employee compensation $ 228 $ 485 Others 174 135 Total $ 402 $ 620

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Sep. 30, 2021
DEBT
Summary of long-term debt	Long-term debt at September 30, 2021 was as follows (in thousands): September 30, 2021 Balance Current Long Term PPP loan $ 698 $ 110 $ 588 Total $ 698 $ 110 $ 588 Long-term debt at June 30, 2021 was as follows (in thousands): June 30, 2021 Balance Current Long Term Caddy promissory note $ 1,059 $ 142 $ 917 PPP loan 698 73 625 Caddy indemnity promissory note 182 22 160 Total $ 1,939 $ 237 $ 1,702

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
Summary of future minimum lease payments	(in thousands) Total Operating leases Payments 2022 $ 214 2023 293 2024 302 2025 174 Total future minimum lease payments $ 983

RESTATEMENT OF PREVIOUSLY ISS_2

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables)	3 Months Ended
	Sep. 30, 2021
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS	As Previously Reported Adjustments As Restated Net sales $ 3,474 — $ 3,474 Cost of goods sold 2,752 — 2,752 Gross profit 722 — 722 Operating expenses: Research and development 54 — 54 Selling and marketing 544 — 544 General and administrative 663 — 663 Total operating expenses 1,261 — 1,261 Operating loss (539) (539) Other expenses: Interest expense 37 1 38 Total other expense 37 1 38 Net loss $ (576) $ (1) $ (577) Weighted average shares outstanding: basic and diluted 9,809,264 — 10,254,686 Net loss per common share basic and diluted $ (0.06) $ — $ (0.06) As Previously Reported Adjustments As Restated Net sales $ 1,757 — $ 1,757 Cost of goods sold 1,304 — 1,304 Gross profit 453 — 453 Operating expenses: Research and development 27 — 27 Selling and marketing 283 — 283 General and administrative 450 — 450 Total operating expenses 760 — 760 Operating loss (307) (307) Other (income) expenses: Unrealized gain — (20) (20) Interest expense 82 1 83 Total other (income) expense 82 (19) 63 Net loss $ (389) $ 19 $ (370) Weighted average shares outstanding: basic and diluted 5,666,667 — 5,568,660 Net loss per common share basic and diluted $ (0.07) — $ (0.07) September 30, 2021 As Previously Reported Adjustments As Restated Assets Current Assets: Cash and cash equivalents $ 11,029 $ 1 $ 11,030 Accounts receivable, net 898 — 898 Inventories, net 1,911 — 1,911 Prepaid expenses and other 642 — 642 Total Current Assets 14,480 1 14,481 Long-Term Assets: Property, plant and equipment, net 8 — 8 Intangibles, net 911 — 911 Goodwill 287 — 287 Other assets 16 — 16 Total Long-Term Assets 1,222 — 1,222 Total Assets $ 15,702 $ 1 $ 15,703 Liabilities And Stockholders’ Equity (Deficit) Current Liabilities: Accounts payable $ 1,841 $ — $ 1,841 Accrued expenses 402 — 402 Customer deposits 2,709 — 2,709 Line of credit — — — Notes payable – current 110 — 110 Unearned warranty revenue 34 — 34 Total Current Liabilities 5,096 — 5,096 Long-Term Liabilities: Notes payable, net of current portion 588 — 588 Deferred rent 25 — 25 Total Long-Term Liabilities 613 — 613 Total Liabilities 5,709 — 5,709 Stockholders’ Equity (Deficit) Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,636,278 shares issued and outstanding at September 30, 2021 — — — Additional paid-in capital 10,172 2,139 12,311 Accumulated deficit (179) (2,138) (2,317) Total Stockholders’ Equity (Deficit) 9,993 1 9,994 Total Liabilities and Stockholders’ Equity (Deficit) $ 15,702 $ 1 $ 15,703 June 30, 2021 As Previously Reported Adjustments As Restated Assets Current Assets: Cash and cash equivalents $ 1,269 $ 1 $ 1,270 Accounts receivable, net 454 — 454 Inventories, net 1,534 — 1,534 Prepaid expenses and other 86 9 95 Total Current Assets 3,343 10 3,353 Long-Term Assets: Property, plant and equipment, net 21 — 21 Intangibles, net 935 — 935 Goodwill 287 — 287 Other assets 1,133 — 1,133 Total Long-Term Assets 2,376 — 2,376 Total Assets $ 5,719 10 $ 5,729 Liabilities And Stockholders’ Equity (Deficit) Current Liabilities: Accounts payable $ 1,911 — $ 1,911 Accrued expenses 620 — 620 Customer deposits 1,339 — 1,339 Line of credit 590 — 590 Notes payable – related party 1,272 (1,272) — Notes payable – current 237 — 237 Unearned warranty revenue 34 — 34 Total Current Liabilities 6,003 (1,272) 4,731 Long-Term Liabilities: Notes payable, net of current portion 1,702 — 1,702 Deferred rent 25 — 25 Total Long-Term Liabilities 1,727 — 1,727 Total Liabilities 7,730 (1,272) 6,458 Stockholders’ Equity (Deficit) Common stock, $0.00001 par value, 100,000,000 shares authorized, 5,666,667 shares issued and outstanding at June 30, 2021 — — — Additional paid-in capital — 1,011 1,011 Members deficit (2,011) 2,011 — Accumulated deficit — (1,740) (1,740) Total Stockholders’ Equity (Deficit) (2,011) 1,282 (729) Total Liabilities and Stockholders’ Equity (Deficit) $ 5,719 10 $ 5,729 Three months ended Three months ended September 30, September 30, 2021 2021 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (576) $ (1) $ (577) Adjustments to reconcile net loss to net cash used in operating activities: — Provision for doubtful accounts (90) — (90) Depreciation expense 13 — 13 Amortization expense 24 — 24 Stock option compensation expense 56 — 56 Changes in operating assets and liabilities Accounts receivable (354) — (354) Inventories (377) — (377) Prepaid expenses and other (554) 7 (547) Accounts payable (70) — (70) Accrued expenses (219) 2 (217) Customer deposits 1,370 — 1,370 Net cash used in operating activities (777) 8 (769) Cash flows from financing activities Cash acquired through Exchange Agreement 8 (8) — Net proceeds from initial public offering 12,360 — 12,360 Net payments on notes payable (1,241) — (1,241) Payments on line of credit (590) — (590) Net cash provided by financing activities 10,537 (8) 10,529 Net increase in cash and cash equivalents 9,760 9,760 Cash and cash equivalents, beginning of the period 1,269 1 1,270 Cash and cash equivalents, end of the period $ 11,029 $ 1 $ 11,030 Three months ended Three months ended September 30, September 30, 2020 2020 As Previously Reported Adjustments As Restated Cash flows from operating activities: Net loss $ (389) $ 19 $ (370) Adjustments to reconcile net loss to net cash used in operating activities: Provision for doubtful accounts 40 — 40 Depreciation expense 34 — 34 Amortization expense 24 — 24 Deferred rent 2 — 2 Unrealized gain on investments — (20) (20) Changes in operating assets and liabilities Accounts receivable 171 — 171 Inventories (25) — (25) Prepaid expenses and other (148) 1 (147) Accounts payable (167) (1) (168) Accrued expenses (133) 1 (132) Unearned warranty revenue (9) — (9) Customer deposits (249) — (249) Net cash used in operating activities (849) (849) Cash flows from financing activities Net borrowings on notes payable 14 — 14 Payments on line of credit (60) — (60) Proceeds from private placement 784 — 784 Net cash provided by financing activities 738 — 738 Net decrease in cash and cash equivalents (111) (111) Cash and cash equivalents, beginning of the period 1,058 1 1,059 Cash and cash equivalents, end of the period $ 947 $ 1 $ 948 Common Stock Additional Paid-In Accumulated LLC Members Shares Amount Capital Deficit Equity (Deficit) Total Balance as of July 1, 2020, as previously reported — $ — $ — $ — $ (969) $ (969) Adjustment — — — 969 969 Outstanding shares of MiT, Inc., as of July 1, 2020 (see note 1) 2,650,000 — 101 — — 101 Share exchange (see note 1) 2,350,000 — 126 (1,095) — (969) Balance as of July 1, 2020, as restated 5,000,000 227 (1,095) (868) Shares issued in Private placement 666,667 784 784 Net loss, as previously reported — — — (389) — (389) Adjustment to net loss for restatement — — — 19 — 19 Balance as of September 30, 2020, as restated 5,666,667 $ — $ 1,011 $ (1,465) $ — $ (454) Balance as of July 1, 2021, as previously reported — $ — $ — $ — $ (2,011) $ (2,011) Adjustment 5,666,667 — 1,011 (1,740) 2,011 1,282 Balance as of July 1, 2021, as restated 5,666,667 — 1,011 (1,740) — (729) Reverse recapitalization, as previously reported 3,316,667 — — — 1,280 1,280 Adjustment (3,316,667) — — — 1,280 (1,280) Common shares issued for LLC Members’ interest, as previously reported 2,350,000 — (1,128) 397 731 — Adjustment (2,350,000) — 1,128 (397) (731) — Shares of common stock issued for cash, net of costs 4,830,000 — 11,244 — — 11,244 Cashless exercise of warrants 139,611 — — — — — Stock option compensation expense — — 56 — — 56 Net loss, as previously reported — — — (576) — (576) Adjustment to net loss for restatement — — — (1) — (1) Balance as of September 30, 2021, as restated 10,636,278 $ — $ 12,311 $ (2,317) $ — $ 9,994

BUSINESS ACTIVITY AND SUMMARY_4

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jul. 12, 2021	Jul. 07, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jul. 01, 2020
Subsidiary or Equity Method Investee [Line Items]
Common stock, Outstanding				10,636,278		5,666,667
Warrants exercised for number of shares				139,611
Deferred offering costs						$ 1,116,000
Allowance for bad debts				$ 266,000		356,000
Accounts Receivable, after Allowance for Credit Loss, Current				898,000		454,000	$ 809,000
Revenue recognized				573,000
Contract liabilities				$ 2,709,000		$ 1,339,000	$ 854,000
Initial public offering
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued	4,830,000
Share Price	$ 3
Net proceeds	$ 12,360,000
Underwriting discounts, commissions and other expenses	2,130,000
Other assets to additional paid in capital	$ 1,116,000
Warrants exercised for number of shares	139,611
Share Exchange Agreement with PubCo \| MiT Inc
Subsidiary or Equity Method Investee [Line Items]
Percentage of ownership acquired		79.00%
Common stock, Outstanding		4,452,334
Number of Shares Exchanged		2,350,000
Share Exchange Agreement with PubCo \| MiT Inc \| Initial public offering
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued			2,000,000
Common Stock
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued					666,667
Common Stock \| Initial public offering
Subsidiary or Equity Method Investee [Line Items]
Share Price	$ 3.75
Warrants exercised for number of shares	241,500

BUSINESS ACTIVITY AND SUMMARY_5

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,474	$ 1,757
Equipment upon delivery \| Point in time
Disaggregation of Revenue [Line Items]
Total revenues	3,433	1,722
Installation \| Point in time
Disaggregation of Revenue [Line Items]
Total revenues	$ 41	$ 35

BUSINESS ACTIVITY AND SUMMARY_6

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Advertising Expense	$ 1,000	$ 2,000
Impairment on goodwill	0	0
Impairment on intangible assets	$ 0	$ 0
Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years
Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period	11 years

BUSINESS ACTIVITY AND SUMMARY_7

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Federal or state income taxes	$ 0
Deferred Tax Assets	408,000	$ 248,000
Deferred tax liabilities	(11,000)	(13,000)
Existing valuation allowance Prior to business combination	(397,000)	(235,000)
MiT Inc
Deferred Tax Assets	408,000
Deferred tax liabilities	(11,000)
Existing valuation allowance Prior to business combination	$ (397,000)
MiT LLC
Deferred Tax Assets		248,000
Deferred tax liabilities		(13,000)
Existing valuation allowance Prior to business combination		$ (235,000)

BUSINESS ACTIVITY AND SUMMARY_8

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Inventory reserve	$ 133	$ 133
Accumulated depreciation	(2)	(7)
Accumulated goodwill amortization	(9)	(6)
Warranty reserve	9	8
Stock compensation	16
Net operating loss carryforward	169
Allowance for doubtful accounts	74	100
Deferred rent	7	7
Net	397	235
Existing valuation allowance Prior to business combination	$ (397)	$ (235)

BUSINESS ACTIVITY AND SUMMARY_9

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Warranty Liabilities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Product Warranty Liability [Line Items]
Period of right to return defective products	3 years
Product warranty liability beginning of period	$ 29,000	$ 65,000
Accruals for warranties issued	7,000	29,000
Change in estimates		(37,000)
Settlements made	(3,000)	(28,000)
Product warranty liability end of the period	$ 33,000	$ 29,000
Maximum
Product Warranty Liability [Line Items]
Warranty period	3 years
Minimum
Product Warranty Liability [Line Items]
Warranty period	1 year

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss	$ (577)	$ (370)
Denominator:
Weighted average common shares outstanding, basic	10,254,686	5,568,660
Weighted average common shares outstanding, diluted	10,254,686	5,568,660
Loss per share
Basic	$ (0.06)	$ (0.07)
Diluted	$ (0.06)	$ (0.07)

LOSS PER SHARE - Antidilutive s

LOSS PER SHARE - Antidilutive shares (Details) - shares	3 Months Ended
LOSS PER SHARE - Antidilutive shares (Details) - shares	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	391,500	236,667
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	150,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	241,500	236,667

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 712	$ 712
Accumulated depreciation	(704)	(691)
Net property plant and equipment	8	21
Production equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	307	307
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	202	202
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	45	45
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	44	44
Other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 114	$ 114

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Depreciation expense (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Line Items]
Depreciation	$ 13,000	$ 34,000
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation	9,000	30,000
General and administrative expense.
Property, Plant and Equipment [Line Items]
Depreciation	$ 4,000	$ 4,000

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Useful lives (Details)	3 Months Ended
PROPERTY, PLANT AND EQUIPMENT - Useful lives (Details)	Sep. 30, 2021
Leasehold improvements
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Production equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Production equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Intangible assets
Gross Asset Cost	$ 1,118	$ 1,118
Accumulated Amortization	207	183
Net Book Value	$ 911	$ 935
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	11 years	11 years
Intangible assets
Gross Asset Cost	$ 970	$ 970
Accumulated Amortization	191	169
Net Book Value	$ 779	$ 801
Patents
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years	20 years
Intangible assets
Gross Asset Cost	$ 70	$ 70
Accumulated Amortization	8	7
Net Book Value	$ 62	$ 63
Trademark
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years	20 years
Intangible assets
Gross Asset Cost	$ 78	$ 78
Accumulated Amortization	8	7
Net Book Value	$ 70	$ 71

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expense (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 24,000	$ 24,000
General and administrative expense.
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 24,000	$ 24,000

INTANGIBLE ASSETS - Estimated a

INTANGIBLE ASSETS - Estimated amortization expense related to intangible assets subject to amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 72
2023	96
2024	96
2025	96
2026	96
Thereafter	455
Net Book Value	$ 911	$ 935

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
ACCRUED EXPENSES
Employee compensation	$ 228	$ 485
Others	174	135
Total	$ 402	$ 620

DEBT - Line of Credit (Details)

DEBT - Line of Credit (Details) - USD ($)	1 Months Ended
DEBT - Line of Credit (Details) - USD ($)	Oct. 31, 2019	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Term of debt	1 year
Number of shares for which warrants exercised		139,611
Outstanding balance of line of credit			$ 590,000
Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000,000
Interest rate	13.00%
Number of shares for which warrants exercised	94,723
Amount of proceeds from loan used to pay business combination	$ 400,000
Available borrowing capacity				$ 0
Outstanding balance of line of credit			$ 590,000

DEBT - Long term debt (Details)

DEBT - Long term debt (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Balance	$ 698,000	$ 1,939,000
Current	110,000	237,000
Long Term	588,000	1,702,000
Closing promissory note
Debt Instrument [Line Items]
Balance		1,059,000
Current		142,000
Long Term		917,000
PPP loan
Debt Instrument [Line Items]
Balance	698,000	698,000
Current	110,000	73,000
Long Term	$ 588,000	625,000
Caddy indemnity promissory note
Debt Instrument [Line Items]
Balance		182,000
Current		22,000
Long Term		$ 160,000

DEBT - Caddy Promissory (Detail

DEBT - Caddy Promissory (Details)	3 Months Ended
DEBT - Caddy Promissory (Details)	Sep. 30, 2021
Debt Instrument [Line Items]
Spread on variable interest rate	3.75%
Closing promissory note \| Prime Rate [Member]
Debt Instrument [Line Items]
Spread on variable interest rate	2.75%
Caddy indemnity promissory note \| Prime Rate [Member]
Debt Instrument [Line Items]
Spread on variable interest rate	2.75%

DEBT - Paycheck Protection Prog

DEBT - Paycheck Protection Program (Details) - USD ($)	Mar. 13, 2021	May 06, 2020	May 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Debt forgiven			$ 694,000
Outstanding balance				$ 698,000	$ 1,939,000
Notes payable current				110,000	237,000
PPP loan
Debt Instrument [Line Items]
Proceeds from loan	$ 698,000	$ 694,000
Outstanding balance				$ 698,000	698,000
Notes payable current					$ 110,000
Interest rate				1.00%
Accrued interest				$ 705,293

STOCKHOLDERS' EQUITY AND STOC_2

STOCKHOLDERS' EQUITY AND STOCK BASED COMPENSATION (Details) - USD ($)	1 Months Ended		3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Limited Partners' Capital Account [Line Items]
Maximum stock based awards available for issuance			750,000
Share based payment award option outstanding			600,000
Options granted	150,000
Exercise price, options granted	$ 3
Vesting period	1 year
Option expiration period	10 years
Aggregate grant date fair value	$ 244,200
Grant-date fair value			$ 1.63
Compensation expense			$ 56,000
Total unrecognized compensation			$ 188,000
Weighted average period			9 months
Warrants exercised for number of shares			139,611
Proceeds from private placement				$ 784,000
Private Placement
Limited Partners' Capital Account [Line Items]
Number of shares issued		666,667
Offering cost		$ 103,000
Gross Proceeds from private placement		887,000
Proceeds from private placement		$ 784,000
Boustead Securities, LLC \| Private Placement
Limited Partners' Capital Account [Line Items]
Warrants issued		50,000
MiT LLC \| MiT Inc
Limited Partners' Capital Account [Line Items]
Shares of common stock issued for acquiring members unit	2,350,000
Percentage of outstanding member unit exchanged	41.40%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	1 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Jul. 31, 2021USD ($)
RELATED PARTY TRANSACTIONS
Discretionary payment to the related parties for personal guarantees provided in conjunction with financing company debt	$ 50,000

CUSTOMER AND VENDOR CONCENTRA_2

CUSTOMER AND VENDOR CONCENTRATIONS (Details) - USD ($)	3 Months Ended
CUSTOMER AND VENDOR CONCENTRATIONS (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jul. 01, 2020
Concentration Risk [Line Items]
Outstanding receivables	$ 898,000		$ 454,000	$ 809,000
Sales \| Customer concentration \| Customer one
Concentration Risk [Line Items]
Concentration risk percentage	27.00%	49.00%
Sales \| Customer concentration \| Customer two
Concentration Risk [Line Items]
Concentration risk percentage	13.00%	10.00%
Outstanding receivables \| Customer concentration
Concentration Risk [Line Items]
Outstanding receivables	$ 132,000		$ 0

CUSTOMER AND VENDOR CONCENTRA_3

CUSTOMER AND VENDOR CONCENTRATIONS (continued) (Details) - Purchases - Supplier concentration	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Vendor one
Concentration Risk [Line Items]
Concentration risk percentage	21.00%	25.00%
Vendor two
Concentration Risk [Line Items]
Concentration risk percentage		12.00%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Executive office lease
Operating Leased Assets [Line Items]
Rent expense	$ 70,000	$ 70,000

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Future minimum lease payments) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Future minimum lease payments
2022	$ 214
2023	293
2024	302
2025	174
Total future minimum lease payments	$ 983

RESTATEMENT OF PREVIOUSLY ISS_3

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 3,474	$ 1,757
Cost of goods sold	2,752	1,304
Gross profit	722	453
Operating expenses:
Research and development	54	27
Selling and marketing	544	283
General and administrative	663	450
Total operating expenses	1,261	760
Operating loss	(539)	(307)
Other expenses:
Unrealized gain		(20)
Interest expense	38	83
Total other expense (income)	38	63
Net loss	$ (577)	$ (370)
Weighted average common shares outstanding, basic	10,254,686	5,568,660
Weighted average common shares outstanding, diluted	10,254,686	5,568,660
Basic	$ (0.06)	$ (0.07)
Diluted	$ (0.06)	$ (0.07)
Restatement of the Company's Financial Statements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 3,474	$ 1,757
Cost of goods sold	2,752	1,304
Gross profit	722	453
Operating expenses:
Research and development	54	27
Selling and marketing	544	283
General and administrative	663	450
Total operating expenses	1,261	760
Operating loss	(539)	(307)
Other expenses:
Unrealized gain		(20)
Interest expense	38	83
Total other expense (income)	38	63
Net loss	$ (577)	$ (370)
Weighted average common shares outstanding, basic	10,254,686	5,568,660
Weighted average common shares outstanding, diluted	10,254,686	5,568,660
Basic	$ (0.06)	$ (0.07)
Diluted	$ (0.06)	$ (0.07)
As Previously Reported \| Restatement of the Company's Financial Statements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 3,474	$ 1,757
Cost of goods sold	2,752	1,304
Gross profit	722	453
Operating expenses:
Research and development	54	27
Selling and marketing	544	283
General and administrative	663	450
Total operating expenses	1,261	760
Operating loss	(539)	(307)
Other expenses:
Interest expense	37	82
Total other expense (income)	37	82
Net loss	$ (576)	$ (389)
Weighted average common shares outstanding, basic	9,809,264	5,666,667
Weighted average common shares outstanding, diluted	9,809,264	5,666,667
Basic	$ (0.06)	$ (0.07)
Diluted	$ (0.06)	$ (0.07)
Adjustments \| Restatement of the Company's Financial Statements
Other expenses:
Unrealized gain		$ (20)
Interest expense	$ 1	1
Total other expense (income)	1	(19)
Net loss	$ (1)	$ 19

RESTATEMENT OF PREVIOUSLY ISS_4

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Balance sheet (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jul. 01, 2020	Jun. 30, 2020
Current Assets:
Cash and cash equivalents	$ 11,030,000	$ 1,270,000
Accounts receivable, net	898,000	454,000		$ 809,000
Inventories, net	1,911,000	1,534,000
Prepaid expenses and other	642,000	95,000
Total Current Assets	14,481,000	3,353,000
Long-Term Assets:
Property, plant and equipment, net	8,000	21,000
Intangibles, net	911,000	935,000
Goodwill	287,000	287,000
Other assets	16,000	1,133,000
Total Long-Term Assets	1,222,000	2,376,000
Total Assets	15,703,000	5,729,000
Current Liabilities:
Accounts payable	1,841,000	1,911,000
Accrued expenses	402,000	620,000
Customer deposits	2,709,000	1,339,000		$ 854,000
Line of credit		590,000
Notes payable - current	110,000	237,000
Unearned warranty revenue	34,000	34,000
Total Current Liabilities	5,096,000	4,731,000
Long-Term Liabilities:
Notes payable, net of current portion	588,000	1,702,000
Deferred rent	25,000	25,000
Total Long-Term Liabilities	613,000	1,727,000
Total Liabilities	5,709,000	6,458,000
Stockholders' Equity (Deficit)
Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,636,278 and 5,666,667 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively
Additional paid-in capital	12,311,000	1,011,000
Accumulated deficit	(2,317,000)	(1,740,000)
Total Stockholders' Equity (Deficit)	9,994,000	(729,000)	$ (454,000)		$ 101,000
Total Liabilities and Stockholders' Equity (Deficit)	$ 15,703,000	$ 5,729,000
Common stock par value	$ 0.00001	$ 0.00001
Common stock, Authorized	100,000,000	100,000,000
Common stock, Issued	10,636,278	5,666,667
Common stock, Outstanding	10,636,278	5,666,667
Restatement Of Companys Financial Statements [Member]
Current Assets:
Cash and cash equivalents	$ 11,030,000	$ 1,270,000
Accounts receivable, net	898,000	454,000
Inventories, net	1,911,000	1,534,000
Prepaid expenses and other	642,000	95,000
Total Current Assets	14,481,000	3,353,000
Long-Term Assets:
Property, plant and equipment, net	8,000	21,000
Intangibles, net	911,000	935,000
Goodwill	287,000	287,000
Other assets	16,000	1,133,000
Total Long-Term Assets	1,222,000	2,376,000
Total Assets	15,703,000	5,729,000
Current Liabilities:
Accounts payable	1,841,000	1,911,000
Accrued expenses	402,000	620,000
Customer deposits	2,709,000	1,339,000
Line of credit		590,000
Notes payable - current	110,000	237,000
Unearned warranty revenue	34,000	34,000
Total Current Liabilities	5,096,000	4,731,000
Long-Term Liabilities:
Notes payable, net of current portion	588,000	1,702,000
Deferred rent	25,000	25,000
Total Long-Term Liabilities	613,000	1,727,000
Total Liabilities	5,709,000	6,458,000
Stockholders' Equity (Deficit)
Additional paid-in capital	12,311,000	1,011,000
Accumulated deficit	(2,317,000)	(1,740,000)
Total Stockholders' Equity (Deficit)	9,994,000	(729,000)	$ (454,000)
Total Liabilities and Stockholders' Equity (Deficit)	$ 15,703,000	$ 5,729,000
Common stock par value	$ 0.00001	$ 0.00001
Common stock, Authorized	100,000,000	100,000,000
Common stock, Issued	10,636,278	5,666,667
Common stock, Outstanding	10,636,278	5,666,667
As Previously Reported \| Restatement Of Companys Financial Statements [Member]
Current Assets:
Cash and cash equivalents	$ 11,029,000	$ 1,269,000
Accounts receivable, net	898,000	454,000
Inventories, net	1,911,000	1,534,000
Prepaid expenses and other	642,000	86,000
Total Current Assets	14,480,000	3,343,000
Long-Term Assets:
Property, plant and equipment, net	8,000	21,000
Intangibles, net	911,000	935,000
Goodwill	287,000	287,000
Other assets	16,000	1,133,000
Total Long-Term Assets	1,222,000	2,376,000
Total Assets	15,702,000	5,719,000
Current Liabilities:
Accounts payable	1,841,000	1,911,000
Accrued expenses	402,000	620,000
Customer deposits	2,709,000	1,339,000
Line of credit		590,000
Notes payable - related party		1,272,000
Notes payable - current	110,000	237,000
Unearned warranty revenue	34,000	34,000
Total Current Liabilities	5,096,000	6,003,000
Long-Term Liabilities:
Notes payable, net of current portion	588,000	1,702,000
Deferred rent	25,000	25,000
Total Long-Term Liabilities	613,000	1,727,000
Total Liabilities	5,709,000	7,730,000
Stockholders' Equity (Deficit)
Additional paid-in capital	10,172,000
Members' deficit		(2,011,000)
Accumulated deficit	(179,000)
Total Stockholders' Equity (Deficit)	9,993,000	(2,011,000)			(969,000)
Total Liabilities and Stockholders' Equity (Deficit)	15,702,000	5,719,000
Adjustment \| Restatement Of Companys Financial Statements [Member]
Current Assets:
Cash and cash equivalents	1,000	1,000
Prepaid expenses and other		9,000
Total Current Assets	1,000	10,000
Long-Term Assets:
Total Assets	1,000	10,000
Current Liabilities:
Notes payable - related party		(1,272,000)
Total Current Liabilities		(1,272,000)
Long-Term Liabilities:
Total Liabilities		(1,272,000)
Stockholders' Equity (Deficit)
Additional paid-in capital	2,139,000	1,011,000
Members' deficit		2,011,000
Accumulated deficit	(2,138,000)	(1,740,000)
Total Stockholders' Equity (Deficit)	1,000	1,282,000			$ 969,000
Total Liabilities and Stockholders' Equity (Deficit)	$ 1,000	$ 10,000

RESTATEMENT OF PREVIOUSLY ISS_5

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Cash flows (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (577,000)	$ (370,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for doubtful accounts	(90,000)	40,000
Depreciation expense	13,000	34,000
Amortization expense	24,000	24,000
Deferred rent		2,000
Unrealized gain on investments		(20,000)
Stock option compensation expense	56,000
Changes in operating assets and liabilities
Accounts receivable	(354,000)	171,000
Inventories	(377,000)	(25,000)
Prepaid expenses and other	(547,000)	(147,000)
Accounts payable	(70,000)	(168,000)
Accrued expenses	(217,000)	(132,000)
Unearned warranty revenue		(9,000)
Customer deposits	1,370,000	(249,000)
Net cash used in operating activities	(769,000)	(849,000)
Cash flows from financing activities
Net proceeds from initial public offering	12,360,000
Net payments on notes payable	(1,241,000)
Net borrowings on notes payable		14,000
Payments on line of credit	(590,000)	(60,000)
Proceeds from private placement		784,000
Net cash provided by financing activities	10,529,000	738,000
Net increase (decrease) in cash and cash equivalents	9,760,000	(111,000)
Cash and cash equivalents, beginning of the period	1,270,000	1,059,000
Cash and cash equivalents, end of the period	11,030,000	948,000
Restatement Of Companys Financial Statements [Member]
Cash flows from operating activities:
Net loss	(577,000)	(370,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for doubtful accounts	(90,000)	40,000
Depreciation expense	13,000	34,000
Amortization expense	24,000	24,000
Deferred rent		2,000
Unrealized gain on investments		(20,000)
Stock option compensation expense	56,000
Changes in operating assets and liabilities
Accounts receivable	(354,000)	171,000
Inventories	(377,000)	(25,000)
Prepaid expenses and other	(547,000)	(147,000)
Accounts payable	(70,000)	(168,000)
Accrued expenses	(217,000)	(132,000)
Unearned warranty revenue		(9,000)
Customer deposits	1,370,000	(249,000)
Net cash used in operating activities	(769,000)	(849,000)
Cash flows from financing activities
Net proceeds from initial public offering	12,360,000
Net payments on notes payable	(1,241,000)
Net borrowings on notes payable		14,000
Payments on line of credit	(590,000)	(60,000)
Proceeds from private placement		784,000
Net cash provided by financing activities	10,529,000	738,000
Net increase (decrease) in cash and cash equivalents	9,760,000	(111,000)
Cash and cash equivalents, beginning of the period	1,270,000	1,059,000
Cash and cash equivalents, end of the period	11,030,000	948,000
As Previously Reported \| Restatement Of Companys Financial Statements [Member]
Cash flows from operating activities:
Net loss	(576,000)	(389,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for doubtful accounts	(90,000)	40,000
Depreciation expense	13,000	34,000
Amortization expense	24,000	24,000
Deferred rent		2,000
Stock option compensation expense	56,000
Changes in operating assets and liabilities
Accounts receivable	(354,000)	171,000
Inventories	(377,000)	(25,000)
Prepaid expenses and other	(554,000)	(148,000)
Accounts payable	(70,000)	(167,000)
Accrued expenses	(219,000)	(133,000)
Unearned warranty revenue		(9,000)
Customer deposits	1,370,000	(249,000)
Net cash used in operating activities	(777,000)	(849,000)
Cash flows from investing activities
Cash acquired in business combination	8,000
Cash flows from financing activities
Cash acquired through Exchange Agreement	8,000
Net proceeds from initial public offering	12,360,000
Net payments on notes payable	(1,241,000)
Net borrowings on notes payable		14,000
Payments on line of credit	(590,000)	(60,000)
Proceeds from private placement		784,000
Net cash provided by financing activities	10,537,000	738,000
Net increase (decrease) in cash and cash equivalents	9,760,000	(111,000)
Cash and cash equivalents, beginning of the period	1,269,000	1,058,000
Cash and cash equivalents, end of the period	11,029,000	947,000
Adjustment \| Restatement Of Companys Financial Statements [Member]
Cash flows from operating activities:
Net loss	(1,000)	19,000
Adjustments to reconcile net loss to net cash used in operating activities:
Unrealized gain on investments		(20,000)
Changes in operating assets and liabilities
Prepaid expenses and other	7,000	1,000
Accounts payable		(1,000)
Accrued expenses	2,000	1,000
Net cash used in operating activities	8,000
Cash flows from investing activities
Cash acquired in business combination	(8,000)
Cash flows from financing activities
Cash acquired through Exchange Agreement	(8,000)
Net cash provided by financing activities	(8,000)
Cash and cash equivalents, beginning of the period	1,000	1,000
Cash and cash equivalents, end of the period	$ 1,000	$ 1,000

RESTATEMENT OF PREVIOUSLY ISS_6

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		$ (729)	$ 101
Shares issued in private placement			784
Shares of common stock issued for cash, net of costs		11,244
Net loss		577	370
Balance at the end	$ 101	$ 9,994	(454)
Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			(969)
Balance at the end	(969)
Adjusted Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			$ (868)
Balance at the end	$ (868)
Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning (in shares)		5,666,667	2,650,000
Shares issued in private placement (in shares)			666,667
Shares of common stock issued for cash, net of costs (in shares)		4,830,000
Cashless exercise of warrants (in shares)		139,611
Balance at the end (in shares)	2,650,000	10,636,278	5,666,667
Common Stock \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning (in shares)			2,350,000
Balance at the end (in shares)	2,350,000
Common Stock \| Adjusted Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning (in shares)			5,000,000
Balance at the end (in shares)	5,000,000
Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		$ 1,011	$ 101
Shares issued in private placement			784
Shares of common stock issued for cash, net of costs		11,244
Balance at the end	$ 101	12,311	1,011
Additional Paid-in Capital \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			126
Balance at the end	126
Additional Paid-in Capital \| Adjusted Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			227
Balance at the end	227
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		(1,740)
Net loss		577	370
Balance at the end		(2,317)	(1,465)
Accumulated Deficit \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			(1,095)
Balance at the end	(1,095)
Accumulated Deficit \| Adjusted Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			(1,095)
Balance at the end	(1,095)
Restatement Of Companys Financial Statements [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		(729)
Outstanding shares of MiT, Inc.	101
Shares issued in private placement			784
Shares of common stock issued for cash, net of costs		11,244
Stock option compensation expense		56
Balance at the end		$ 9,994	(454)
Restatement Of Companys Financial Statements [Member] \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			(969)
Balance at the end	(969)
Restatement Of Companys Financial Statements [Member] \| Adjusted Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			$ (868)
Balance at the end	$ (868)
Restatement Of Companys Financial Statements [Member] \| Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning (in shares)		5,666,667
Outstanding shares of MiT, Inc. (in shares)	2,650,000
Shares issued in private placement (in shares)			666,667
Shares of common stock issued for cash, net of costs (in shares)		4,830,000
Cashless exercise of warrants (in shares)		139,611
Balance at the end (in shares)		10,636,278	5,666,667
Restatement Of Companys Financial Statements [Member] \| Common Stock \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning (in shares)			2,350,000
Balance at the end (in shares)	2,350,000
Restatement Of Companys Financial Statements [Member] \| Common Stock \| Adjusted Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning (in shares)			5,000,000
Balance at the end (in shares)	5,000,000
Restatement Of Companys Financial Statements [Member] \| Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		$ 1,011
Outstanding shares of MiT, Inc.	$ 101
Shares issued in private placement			$ 784
Shares of common stock issued for cash, net of costs		11,244
Stock option compensation expense		56
Balance at the end		12,311	1,011
Restatement Of Companys Financial Statements [Member] \| Additional Paid-in Capital \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			126
Balance at the end	126
Restatement Of Companys Financial Statements [Member] \| Additional Paid-in Capital \| Adjusted Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			227
Balance at the end	227
Restatement Of Companys Financial Statements [Member] \| Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		(1,740)
Balance at the end		(2,317)	(1,465)
Restatement Of Companys Financial Statements [Member] \| Accumulated Deficit \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			(1,095)
Balance at the end	(1,095)
Restatement Of Companys Financial Statements [Member] \| Accumulated Deficit \| Adjusted Balance
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning			(1,095)
Balance at the end	(1,095)
As Previously Reported \| Restatement Of Companys Financial Statements [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		(2,011)	(969)
Reverse recapitalization		1,280
Net loss		(576)	(389)
Balance at the end	(969)	$ 9,993
As Previously Reported \| Restatement Of Companys Financial Statements [Member] \| Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares issued for LLC Members' interest (in shares)		2,350,000
Reverse recapitalization (in shares)		3,316,667
As Previously Reported \| Restatement Of Companys Financial Statements [Member] \| Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares issued for LLC Members' interest		$ (1,128)
As Previously Reported \| Restatement Of Companys Financial Statements [Member] \| Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares issued for LLC Members' interest		397
Net loss		(576)	(389)
As Previously Reported \| Restatement Of Companys Financial Statements [Member] \| LLC Members Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		(2,011)	(969)
Common shares issued for LLC Members' interest		731
Reverse recapitalization		1,280
Balance at the end	(969)
Adjustment \| Restatement Of Companys Financial Statements [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		1,282	969
Adjustment		(1,280)
Net loss		(1)	19
Balance at the end	969	$ 1
Adjustment \| Restatement Of Companys Financial Statements [Member] \| Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning (in shares)		5,666,667
Adjustment (in shares)		(3,316,667)
Adjustment \| Restatement Of Companys Financial Statements [Member] \| Common Stock \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the end (in shares)		(2,350,000)
Adjustment \| Restatement Of Companys Financial Statements [Member] \| Additional Paid-in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		$ 1,011
Adjustment \| Restatement Of Companys Financial Statements [Member] \| Additional Paid-in Capital \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the end		1,128
Adjustment \| Restatement Of Companys Financial Statements [Member] \| Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		(1,740)
Net loss		(1)	19
Adjustment \| Restatement Of Companys Financial Statements [Member] \| Accumulated Deficit \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the end		(397)
Adjustment \| Restatement Of Companys Financial Statements [Member] \| LLC Members Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the beginning		2,011	$ 969
Adjustment		1,280
Balance at the end	$ 969
Adjustment \| Restatement Of Companys Financial Statements [Member] \| LLC Members Deficit \| Share Exchange.
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at the end		$ (731)

RESTATEMENT OF PREVIOUSLY ISS_7

RESTATEMENT OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Additional information (Details) - shares	Jul. 12, 2021	Jul. 07, 2021	Jun. 30, 2020	Sep. 30, 2021	Jun. 30, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common Stock, Shares, Outstanding				10,636,278	5,666,667
Initial public offering
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of shares issued	4,830,000
MiT Inc \| Share Exchange Agreement with PubCo
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of Shares Exchanged		2,350,000
Common Stock, Shares, Outstanding		4,452,334
Percentage of ownership acquired		79.00%
MiT Inc \| Initial public offering \| Share Exchange Agreement with PubCo
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Number of shares issued			2,000,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - PPP loan - USD ($)	1 Months Ended	3 Months Ended
SUBSEQUENT EVENTS (Details) - PPP loan - USD ($)	Apr. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Accrued interest		$ 705,293
Subsequent Event
Subsequent Event [Line Items]
Accrued interest	$ 698,000