Moving iMage (MITQ) 10-Q 16 May 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2022	May 10, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-40511
Entity Registrant Name	Moving iMage Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1836381
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		10,828,378
Entity Central Index Key	0001770236
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Current Assets:
Cash and cash equivalents	$ 6,337,000	$ 1,270,000
Marketable securities	3,082,000
Accounts receivable, net	1,686,000	454,000
Inventories, net	2,985,000	1,534,000
Prepaid expenses and other	785,000	95,000
Total Current Assets	14,875,000	3,353,000
Long-Term Assets:
Marketable securities	347,000
Property, plant and equipment, net	24,000	21,000
Intangibles, net	863,000	935,000
Goodwill	287,000	287,000
Other assets	16,000	1,133,000
Total Long-Term Assets	1,537,000	2,376,000
Total Assets	16,412,000	5,729,000
Current Liabilities:
Accounts payable	2,237,000	1,911,000
Accrued expenses	515,000	620,000
Customer deposits	3,534,000	1,339,000
Line of credit	0	590,000
Notes payable - current		237,000
Unearned warranty revenue	37,000	34,000
Total Current Liabilities	6,321,000	4,731,000
Long-Term Liabilities:
Notes payable, net of current portion		1,702,000
Deferred rent	24,000	25,000
Total Long-Term Liabilities	24,000	1,727,000
Total Liabilities	6,345,000	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 March 31, 2022 and June 30, 2021, respectively
Additional paid-in capital	12,433,000	1,011,000
Accumulated deficit	(2,368,000)	(1,740,000)
Total Stockholders' Equity (Deficit)	10,065,000	(729,000)
Total Liabilities and Stockholders' Equity (Deficit)	$ 16,412,000	$ 5,729,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	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	10,636,278
Common stock, Outstanding	5,666,667	5,666,667

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 5,835	$ 1,710	$ 12,728	$ 5,076
Cost of goods sold	4,468	1,294	9,743	3,786
Gross profit	1,367	416	2,985	1,290
Operating expenses:
Research and development	53	42	172	103
Selling and marketing	539	277	1,653	934
General and administrative	906	389	2,470	1,209
Total operating expenses	1,498	708	4,295	2,244
Operating loss	(131)	(292)	(1,310)	(956)
Other (income) expense:
Unrealized gain on marketable securities	(17)		(17)
Realized gain on marketable securities		(185)		(459)
PPP loan and interest forgiveness	(705)		(705)
Interest and other income	(1)		(2)
Interest expense	2	57	40	194
Total other (income) expense	(724)	(128)	(684)	(265)
Net income (loss)	$ 593	$ (164)	$ (626)	$ (691)
Weighted average shares outstanding: basic	10,636,278	5,666,667	10,508,152	5,638,626
Weighted average shares outstanding: diluted	10,636,278	5,666,667	10,508,152	5,638,626
Net income (loss) per common share basic	$ 0.06	$ (0.03)	$ (0.06)	$ (0.12)
Net income (loss) per common share diluted	$ 0.06	$ (0.03)	$ (0.06)	$ (0.12)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Common StockPrivate Placement	Common Stock	Additional Paid-in CapitalPrivate Placement	Additional Paid-in Capital	Accumulated DeficitPrivate Placement	Accumulated Deficit	Private Placement	Total
Balance at the beginning at Jun. 30, 2020		$ 0		$ 101,000		$ 0		$ 101,000
Balance at the beginning (in shares) at Jun. 30, 2020		2,650,000
Share Exchange (see Note 1)		$ 0	$ 784,000	126,000	$ 0	(1,095,000)	$ 784,000	(969,000)
Share Exchange (see Note 1) (in shares)	666,667	2,350,000
As adjusted		$ 0		227,000		(1,095,000)		(868,000)
As adjusted (in shares)		5,000,000
Net loss		$ 0		0		(370,000)		(370,000)
Shares issued in private placement		$ 0	784,000	126,000	0	(1,095,000)	784,000	(969,000)
Shares issued in private placement (in shares)	666,667	2,350,000
Balance at the end at Sep. 30, 2020		$ 0		1,011,000		(1,465,000)		(454,000)
Balance at the end (in shares) at Sep. 30, 2020		5,666,667
Balance at the beginning at Jun. 30, 2020		$ 0		101,000		0		101,000
Balance at the beginning (in shares) at Jun. 30, 2020		2,650,000
Share Exchange (see Note 1)	$ 0	$ 0	784,000	126,000	0	(1,095,000)	784,000	(969,000)
Share Exchange (see Note 1) (in shares)	666,667	2,350,000
As adjusted		$ 0		237,000		(1,095,000)		(868,000)
As adjusted (in shares)		5,000,000
Net loss		$ 0		0		(691,000)		(691,000)
Shares issued in private placement	$ 0	$ 0	$ 784,000	126,000	$ 0	(1,095,000)	$ 784,000	(969,000)
Shares issued in private placement (in shares)	666,667	2,350,000
Balance at the end at Mar. 31, 2021		$ 0		1,011,000		(1,786,000)		(775,000)
Balance at the end (in shares) at Mar. 31, 2021		5,666,667
Balance at the beginning at Sep. 30, 2020		$ 0		1,011,000		(1,465,000)		(454,000)
Balance at the beginning (in shares) at Sep. 30, 2020		5,666,667
Net loss		$ 0		0		(157,000)		(157,000)
Balance at the end at Dec. 31, 2020		$ 0		1,011,000		(1,622,000)		(611,000)
Balance at the end (in shares) at Dec. 31, 2020		5,666,667
Net loss		$ 0		0		(164,000)		(164,000)
Balance at the end at Mar. 31, 2021		$ 0		1,011,000		(1,786,000)		(775,000)
Balance at the end (in shares) at Mar. 31, 2021		5,666,667
Balance at the beginning at Jun. 30, 2021		$ 0		1,011,000		(1,740,000)		(729,000)
Balance at the beginning (in shares) at Jun. 30, 2021		5,666,667
Shares of common stock issued for cash, net of issuance costs		$ 0		11,244,000		0		11,244,000
Shares of common stock issued for cash, net of issuance costs (in shares)		4,830,000
Cashless exercise of warrants		$ 0		0		0		0
Cashless exercise of warrants (in shares)		139,611
Grant of option for services		$ 0		56,000		0		56,000
Net loss		0		0		(577,000)		(577,000)
Balance at the end at Sep. 30, 2021		$ 0		12,311,000		(2,317,000)		9,994,000
Balance at the end (in shares) at Sep. 30, 2021		10,636,278
Balance at the beginning at Jun. 30, 2021		$ 0		1,011,000		(1,740,000)		(729,000)
Balance at the beginning (in shares) at Jun. 30, 2021		5,666,667
Shares of common stock issued for cash, net of issuance costs		$ 0		11,244,000		0		11,244,000
Shares of common stock issued for cash, net of issuance costs (in shares)		4,830,000
Cashless exercise of warrants		$ 0		0		0		0
Cashless exercise of warrants (in shares)		139,611
Grant of option for services		$ 0		178,000		0		178,000
Net loss		0		0		(628,000)		(626,000)
Balance at the end at Mar. 31, 2022		$ 0		12,433,000		(2,368,000)		10,065,000
Balance at the end (in shares) at Mar. 31, 2022		10,636,278
Balance at the beginning at Sep. 30, 2021		$ 0		12,311,000		(2,317,000)		9,994,000
Balance at the beginning (in shares) at Sep. 30, 2021		10,636,278
Grant of option for services		$ 0		62,000		0		62,000
Net loss		0		0		(644,000)		(644,000)
Balance at the end at Dec. 31, 2021		$ 0		12,373,000		(2,961,000)		9,412,000
Balance at the end (in shares) at Dec. 31, 2021		10,636,278
Grant of option for services		$ 0		60,000		0		60,000
Net loss		0		0		593,000		593,000
Balance at the end at Mar. 31, 2022		$ 0		$ 12,433,000		$ (2,368,000)		$ 10,065,000
Balance at the end (in shares) at Mar. 31, 2022		10,636,278

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (626,000)	$ (691,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for (reversal of) doubtful accounts	(230,000)	8,000
Depreciation expense	15,000	99,000
Amortization expense	72,000	72,000
Unrealized gain on investments	(17,000)
Realized gain on investments		(459,000)
Deferred rent	(1,000)	5,000
Stock option compensation expense	178,000
PPP loan forgiveness	(705,000)
Changes in operating assets and liabilities
Accounts receivable	(1,002,000)	139,000
Inventories	(1,451,000)	(263,000)
Prepaid expenses and other	426,000	(104,000)
Accounts payable	326,000	(311,000)
Accrued expenses	(99,000)	(78,000)
Unearned warranty revenue	3,000	(21,000)
Customer deposits	2,195,000	(270,000)
Net cash used in operating activities	(916,000)	(1,874,000)
Cash flows from investing activities
Sale of (investment in) marketable securities	(3,412,000)	550,000
Purchases of property, plant and equipment	(18,000)
Net cash used in investing activities	(3,430,000)	550,000
Cash flows from financing activities
Net Proceeds from initial public offering	11,244,000
Payments on line of credit	(590,000)	(60,000)
Proceeds from private placement		1,334,000
Paycheck Protection Program loan proceeds		698,000
Payments on notes payable	(1,241,000)	(59,000)
Net cash provided by financing activities	9,413,000	1,363,000
Net increase (decrease) in cash and cash equivalents	5,067,000	39,000
Cash and cash equivalents, beginning of the period	1,270,000	1,059,000
Cash and cash equivalents, end of the period	6,337,000	1,098,000
Non-cash investing and financing activities:
Deferred IPO costs		72,000
Reclassification of IPO related costs from other assets to equity	1,116,000
Cash paid during the period:
Interest	$ 40,000	$ 165,000

BUSINESS ACTIVITY AND SUMMARY O

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2022
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. (DBA “Caddy Products”) 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 offering (“IPO”). Upon formation of MiT, Inc., 2,000,000 shares of MiT, Inc. common stock were issued to members of MiT LLC. On July 7, 2021, MiT LLC and MiT Inc. entered into an exchange agreement (“Exchange Agreement”) whereby the members of MiT LLC exchanged their membership interest for 2,350,000 shares of common stock in MiT Inc. As a result of the Exchange Agreement, the members of MiT LLC owned approximately 79% or 4,452,334 of the outstanding common stock of MiT Inc. As a result, MiT LLC (the entity where the Company conducts its business) became a wholly-owned subsidiary of MiT Inc. (the SEC registrant). 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 and for the nine months ended March 31, 2021 have been retroactively revised to reflect the consolidation of MiT, Inc. and MiT LLC. 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 March 31, 2022 and 2021 have been retroactively revised to give effect of the change in reporting entity accounting of MiT Inc. and MiT LLC. ​ 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 three and nine months ended March 31, 2022 and 2021, 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 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 reopening has 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. ​ 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 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 were 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 stockholders’ equity (deficit) as a reduction of proceeds received from the offering. ​ NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates: Concentration of Cash: Cash Equivalents and Marketable Securities: All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. The Company’s investments in marketable debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as available-for sale. Realized gains and losses on available-for-sale debt securities are included in net income/loss. Unrealized gains and losses, net of tax, on available-for-sale debt securities are recognized in other comprehensive gain/(loss). The Company’s investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations. The Company’s marketable equity securities are measured at fair value with gains and losses recognized in other income/(expense), net. The cost of securities sold is determined using the specific identification method. Accounts Receivable: 31, 2022 and June 30, 2021, the allowance for bad debts is approximately Inventories: 31, 2022 and June 30, 2021, inventory on hand was comprised primarily of finished goods ready for sale. As of March 31, 2022 and June 30, 2021, inventory reserve was $ 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 cases where 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 nine months ended March 31, 2022 included $1.273 million 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 ​ For the Nine ​ For the Nine ​ ​ Months Ended ​ Months Ended ​ Months Ended ​ Months Ended Disaggregation of Revenue (in 000’s): ​ March 31, 2022 ​ March 31, 2021 March 31, 2022 March 31, 2021 Equipment upon delivery (point in time) ​ $ 5,701 ​ $ 1,682 ​ $ 12,489 ​ $ 4,984 Installation (point in time) ​ 134 ​ 28 ​ 239 ​ 92 Total revenues ​ $ 5,835 ​ $ 1,710 ​ $ 12,728 ​ $ 5,076 ​ Revenue from the sale of equipment is recognized upon delivery of such equipment to customers and when performance conditions are satisfied. Revenue from installation is recognized upon completion of the installation project and when the 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 or nine months ended March 31, 2022 or 2021. Returns and Allowances: Shipping and Handling Costs: Advertising Costs: and $16,000 and $9,700 for the nine months ended March 31, 2022 and 2021, respectively. 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 and nine months ended March 31, 2022 or 2021. 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 and nine months ended March 31, 2022 or 2021. Business Combinations: Income Taxes: ​ 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. Because the Company has had recurring losses from operations, at March 31, 2022 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. 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. 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), September 30, 2021 (Q1 reporting period) December 31, 2021 (Q2 reporting period) and March 31, 2022 (Q3 reporting period). Because the Company has had recurring losses from operations at June 30, 2021, and further losses for the nine months ended March 31, 2022, which will generate NOL’s, and 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 through March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ Existing valuation allowance ​ ​ ​ ​ Tax Assets Deferred Tax Liabilities Prior to business combination Net Position MiT Inc. ​ $ — ​ $ — ​ $ — ​ $ — MiT LLC ​ 248 ​ (13) ​ (235) ​ — Total July 7, 2021 ​ $ 248 ​ $ (13) ​ $ (235) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets ​ $ 622 ​ $ — ​ $ — ​ $ 622 Deferred tax liabilities ​ ​ — ​ ​ (12) ​ ​ — ​ ​ (12) Valuation allowance ​ ​ — ​ ​ — ​ ​ (610) ​ ​ (610) Total MiT Inc. March 31, 2022 ​ $ 622 ​ $ (12) ​ $ (610) ​ $ — ​ NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The following table summarizes the components of deferred tax assets and deferred tax liabilities through March 31, 2022: ​ ​ ​ ​ ​ Deferred Tax ​ ​ Assets (Liabilities) Inventory reserve ​ $ 133 Accumulated depreciation ​ (7) Accumulated goodwill amortization ​ (6) Accumulated intangible amortization ​ ​ 13 Deferred rent ​ 7 Warranty reserve ​ 8 Allowance for doubtful accounts ​ 100 Net ​ ​ 248 Valuation allowance ​ (248) Total July 1, 2021 ​ $ — ​ ​ ​ ​ Inventory reserve ​ $ 152 Accumulated depreciation ​ (1) Accumulated goodwill amortization ​ (11) Accumulated intangible amortization ​ ​ 17 Deferred rent ​ 7 Warranty reserve ​ 9 Stock compensation ​ 50 Net operating loss carryforward ​ 370 Allowance for doubtful accounts ​ 35 Net ​ ​ 627 Valuation allowance ​ (627) Total March 31, 2022 ​ $ — ​ ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Twelve Months Ended ​ March 31, June 30, ​ ​ 2022 ​ 2021 Product warranty liability, beginning of period ​ $ 29 ​ $ 65 Accruals for warranties issued ​ 37 ​ 29 Change in estimates ​ — ​ (37) Settlements made ​ (29) ​ (28) Product warranty liability, end of period ​ $ 37 ​ $ 29 ​ Research and Development: Recently Issued Accounting Pronouncements: Leases (Topic 842 02 requires modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Management is in the process of evaluating the impact of this standard effective July 1, 2022. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes

INVESTMENTS

INVESTMENTS	9 Months Ended
	Mar. 31, 2022
INVESTMENTS
INVESTMENTS	NOTE 2 — INVESTMENTS ​ Other pronouncements issued by the FASB with future effective dates are either not applicable or not significant to the consolidated financial statements of the Company. ​ The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of March 31, 2022 (amounts in 000’s): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ Non-current ​ ​ ​ Adjusted ​ ​ Unrealized ​ ​ Unrealized ​ ​ Fair ​ ​ Cash and ​ ​ Marketable ​ ​ Marketable ​ ​ ​ Cost ​ ​ Gains ​ ​ Losses ​ ​ Value ​ ​ Cash Equivalents ​ ​ Securities ​ ​ Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash $ 6,337 $ — ​ $ — $ 6,337 $ 6,337 $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equities ​ ​ ​ ​ ​ ​ ​ Communication ​ 40 ​ — ​ ​ (1) ​ 39 ​ — ​ 39 ​ — Consumer Discretionary ​ 56 ​ 2 ​ — ​ ​ 58 ​ — ​ 58 ​ — Consumer Staples ​ 19 ​ 1 ​ — ​ ​ 20 ​ — ​ 20 ​ — Energy ​ 9 ​ — ​ ​ (1) ​ 8 ​ — ​ 8 ​ — Financials ​ 44 ​ — ​ ​ (2) ​ 42 ​ — ​ 42 ​ — Health Care ​ 40 ​ 1 ​ — ​ ​ 41 ​ — ​ 41 ​ — Industrials ​ 27 ​ 1 ​ — ​ ​ 28 ​ — ​ 28 ​ — Information Technology ​ 120 ​ 3 ​ — ​ ​ 123 ​ — ​ 123 ​ — Materials ​ 10 ​ 1 ​ — ​ ​ 11 ​ — ​ 11 ​ — Real Estate ​ 10 ​ — ​ ​ — ​ ​ 10 ​ — ​ 10 ​ — Utilities ​ 6 ​ 1 ​ — ​ ​ 7 ​ — ​ 7 ​ — Mutual Funds ​ 327 ​ — ​ ​ — ​ 327 ​ — ​ 327 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ Subtotal ​ 708 ​ 10 ​ (4) ​ 714 ​ — ​ 714 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Income ​ ​ ​ ​ ​ ​ ​ State & Municipal Bonds ​ 673 ​ 3 ​ — ​ 676 ​ — ​ 329 ​ 347 Fixed income funds ​ 1,655 ​ 2 ​ — ​ 1,657 ​ — ​ 1,657 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subtotal ​ 2,328 ​ 5 ​ — ​ 2,333 ​ — ​ 1,986 ​ 347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Alternative, real estate and other ​ 381 ​ 1 ​ — ​ 382 ​ — ​ 382 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ 9,754 $ 16 $ (4) $ 9,766 $ 6,337 $ 3,082 $ 347 ​

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE	9 Months Ended
	Mar. 31, 2022
LOSS PER SHARE
LOSS PER SHARE	NOTE 3 — INCOME (LOSS) PER SHARE ​ Basic income (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 income (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 income (loss) per share is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended For the Three Months Ended For the Nine Months Ended ​ ​ March 31, ​ March 31, March 31, ​ December 31, ​ ​ 2022 ​ 2022 2021 ​ 2021 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 593 ​ $ (628) ​ $ (164) ​ $ (691) Denominator: ​ ​ ​ ​ Weighted average common shares outstanding, basic and diluted ​ 10,636,278 ​ 10,508,152 ​ 5,666,667 ​ 5,638,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) per share ​ ​ ​ ​ Basic and diluted ​ $ .06 ​ $ (0.06) ​ $ (0.03) ​ $ (0.12) ​ 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 Nine Months Ended ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ March 31, ​ March 31, ​ March 31, ​ March 31, ​ 2022 2022 2021 2021 Options ​ 150,000 ​ 150,000 ​ — ​ — Warrants 241,500 ​ 241,500 ​ 236,667 236,667 Total potentially dilutive shares 391,500 ​ 391,500 ​ 236,667 236,667 ​ For the three month period ended March 31, 2021 and the nine month periods ended March 31, 2022 and 2021, the Company had a net loss, therefore all potentially dilutive securities are deemed to be anti-dilutive and are not included in the diluted loss per share computation. For the three month period ended March 31, 2022 the Company had net income. All potentially dilutive securities for the three month period ended March 31, 2022 were excluded from the computation of earnings per share because their exercise prices were out of the money and were thus also anti-dilutive when computed using the treasury stock method.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Mar. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 4 — PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, June 30, ​ ​ 2022 ​ 2021 Production equipment ​ $ 307 ​ $ 307 Leasehold improvements ​ 213 ​ 202 Furniture and fixtures ​ 45 ​ 45 Computer equipment ​ 46 ​ 44 Other equipment ​ 120 ​ 114 ​ ​ 730 ​ 712 Accumulated depreciation ​ (706) ​ (691) Net property plant and equipment ​ $ 24 ​ $ 21 ​ Depreciation expense related to property, plant and equipment was $3,000 and $33,000 for the three months ended March NOTE 4 — PROPERTY, PLANT AND EQUIPMENT (continued) Depreciation expense related to property, plant and equipment was $15,000 and $98,000 ​ 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	9 Months Ended
	Mar. 31, 2022
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 5 —INTANGIBLE ASSETS The following table summarizes the Company’s intangible assets as of March 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization Gross Asset Accumulated Net Book ​ ​ Period ​ Cost ​ Amortization ​ Value Customer relationships 11 years ​ $ 970 ​ $ 235 ​ $ 735 Patents 20 years ​ 70 ​ 10 ​ 60 Trademark 20 years ​ 78 ​ 10 ​ 68 ​ ​ ​ ​ $ 1,118 ​ $ 231 ​ $ 863 ​ 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 March 31, 2022 in each of the five years subsequent to March 31, 2022, and thereafter is as follows (amounts in thousands): ​ ​ ​ ​ ​ 2022 $ 96 2023 ​ 96 2024 ​ 96 2025 ​ 96 2026 ​ 96 Thereafter ​ 383 Total ​ $ 863 ​

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Mar. 31, 2022
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 6 — ACCRUED EXPENSES Accrued expenses consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, June 30, ​ ​ 2022 ​ 2021 Employee compensation ​ $ 311 ​ $ 485 Others ​ 204 ​ 135 Total ​ $ 515 ​ $ 620 ​

DEBT

DEBT	9 Months Ended
	Mar. 31, 2022
DEBT
DEBT	NOTE 7 — 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 this 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 paid in full. There was no outstanding debt as of March 31, 2022. ​ 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 was payable in monthly installments through August 2024 at an interest rate of Prime plus 2.75%. The Caddy Indemnity note was 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 were collateralized by Caddy assets. In addition, the notes were guaranteed by Phil Rafnson, the Company’s majority shareholder. In August 2021, all related Caddy notes and balances were paid in full ​ NOTE 7 — 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 proceeds in the amount of approximately $698,000 from a second PPP loan. 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. 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 in the amount of $698,000 plus accrued interest has been fully forgiven and is paid in full.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Mar. 31, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 8 — STOCKHOLDERS’ EQUITY 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 December 31, 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 March 31, 2022. 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 share. 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 nine months ended March 31, 2022, had a grant-date fair value of $1.63 per share. The Company recognized compensation expense for stock option awards of approximately $60,000 and $178,000 during the three and nine month periods ended March 31, 2022, respectively. 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 March 31, 2022, there was $66,000 of total unrecognized compensation cost related to nonvested stock option awards that is expected to be recognized over a weighted average period of three months. During the nine months ended March 31, 2022, warrant holders exercised 139,611 warrants on a cashless basis.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 9 — 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	9 Months Ended
	Mar. 31, 2022
CUSTOMER AND VENDOR CONCENTRATIONS
CUSTOMER AND VENDOR CONCENTRATIONS	NOTE 10 — CUSTOMER AND VENDOR CONCENTRATIONS Customers : At March 31, 2022, the amount of outstanding receivables related to these customers was approximately $120,000. Two customers accounted for 14% and 13% of the Company’s sales for the three months ended March 31, 2021. One customer accounted for 31% of the Company's sales for the nine months ended March 31, 2021. At March 31, 2021, the amount of outstanding receivables related to this customer was approximately $1,000. Vendors: Approximately 10% of the Company’s purchases were provided by one vendor for the nine months ended March 31, 2022. Approximately 50% of the Company’s purchases were provided by one vendor for the nine months ended March 31, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11 — COMMITMENTS AND CONTINGENCIES Operating Leases: Future minimum lease payments for the next 5 years at March December 31, 2021 under these arrangements are as follows: ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Total Operating leases ​ Payments 2022 ​ $ 288 2023 ​ 297 2024 ​ 278 Total future minimum lease payments ​ $ 862 ​ Legal Matters:

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2022
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, 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 April 21, 2022, Moving iMage Technologies, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Agreement”) with QSC, LLC (the”Seller”) whereby the Company agreed to purchase from the Seller all of its infrared-based assistive listening and closed caption devices for cinema patrons for an aggregate purchase price of $1.5 million, which amount may be adjusted based on the full cost value and quantities in inventory at the time of closing. In April 2022, underwriter warrants were exercised on a cashless basis resulting in the issuance of 192,120 shares of common stock.

BUSINESS ACTIVITY AND SUMMARY_2

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2022
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization	Organization: Moving iMage Acquisition Co. (DBA “Caddy Products”) 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 offering (“IPO”). Upon formation of MiT, Inc., 2,000,000 shares of MiT, Inc. common stock were issued to members of MiT LLC. On July 7, 2021, MiT LLC and MiT Inc. entered into an exchange agreement (“Exchange Agreement”) whereby the members of MiT LLC exchanged their membership interest for 2,350,000 shares of common stock in MiT Inc. As a result of the Exchange Agreement, the members of MiT LLC owned approximately 79% or 4,452,334 of the outstanding common stock of MiT Inc. As a result, MiT LLC (the entity where the Company conducts its business) became a wholly-owned subsidiary of MiT Inc. (the SEC registrant). 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 and for the nine months ended March 31, 2021 have been retroactively revised to reflect the consolidation of MiT, Inc. and MiT LLC. 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 March 31, 2022 and 2021 have been retroactively revised to give effect of the change in reporting entity accounting of MiT Inc. and MiT LLC.
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 three and nine months ended March 31, 2022 and 2021, 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 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 reopening has 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. ​ 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
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 were 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 stockholders’ equity (deficit) as a reduction of proceeds received from the offering.
Use of Estimates	Use of Estimates:
Concentration of Cash	Concentration of Cash:
Cash Equivalents and Marketable Securities	Cash Equivalents and Marketable Securities: All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. The Company’s investments in marketable debt securities are carried at either amortized cost or fair value. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as available-for sale. Realized gains and losses on available-for-sale debt securities are included in net income/loss. Unrealized gains and losses, net of tax, on available-for-sale debt securities are recognized in other comprehensive gain/(loss). The Company’s investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations. The Company’s marketable equity securities are measured at fair value with gains and losses recognized in other income/(expense), net. The cost of securities sold is determined using the specific identification method.
Accounts Receivable	Accounts Receivable: 31, 2022 and June 30, 2021, the allowance for bad debts is approximately
Inventories	Inventories: 31, 2022 and June 30, 2021, inventory on hand was comprised primarily of finished goods ready for sale. As of March 31, 2022 and June 30, 2021, inventory reserve was $
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 cases where 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 nine months ended March 31, 2022 included $1.273 million 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 ​ For the Nine ​ For the Nine ​ ​ Months Ended ​ Months Ended ​ Months Ended ​ Months Ended Disaggregation of Revenue (in 000’s): ​ March 31, 2022 ​ March 31, 2021 March 31, 2022 March 31, 2021 Equipment upon delivery (point in time) ​ $ 5,701 ​ $ 1,682 ​ $ 12,489 ​ $ 4,984 Installation (point in time) ​ 134 ​ 28 ​ 239 ​ 92 Total revenues ​ $ 5,835 ​ $ 1,710 ​ $ 12,728 ​ $ 5,076 ​ Revenue from the sale of equipment is recognized upon delivery of such equipment to customers and when performance conditions are satisfied. Revenue from installation is recognized upon completion of the installation project and when the 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 or nine months ended March 31, 2022 or 2021.
Returns and Allowances	Returns and Allowances:
Shipping and Handling Costs	Shipping and Handling Costs:
Advertising Costs	Advertising Costs: and $16,000 and $9,700 for the nine months ended March 31, 2022 and 2021, respectively. 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 and nine months ended March 31, 2022 or 2021. 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 and nine months ended March 31, 2022 or 2021.
Business Combinations	Business Combinations:
Income Taxes	Income Taxes: ​ 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. Because the Company has had recurring losses from operations, at March 31, 2022 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. 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. 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), September 30, 2021 (Q1 reporting period) December 31, 2021 (Q2 reporting period) and March 31, 2022 (Q3 reporting period). Because the Company has had recurring losses from operations at June 30, 2021, and further losses for the nine months ended March 31, 2022, which will generate NOL’s, and 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 through March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ Existing valuation allowance ​ ​ ​ ​ Tax Assets Deferred Tax Liabilities Prior to business combination Net Position MiT Inc. ​ $ — ​ $ — ​ $ — ​ $ — MiT LLC ​ 248 ​ (13) ​ (235) ​ — Total July 7, 2021 ​ $ 248 ​ $ (13) ​ $ (235) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets ​ $ 622 ​ $ — ​ $ — ​ $ 622 Deferred tax liabilities ​ ​ — ​ ​ (12) ​ ​ — ​ ​ (12) Valuation allowance ​ ​ — ​ ​ — ​ ​ (610) ​ ​ (610) Total MiT Inc. March 31, 2022 ​ $ 622 ​ $ (12) ​ $ (610) ​ $ — ​ NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The following table summarizes the components of deferred tax assets and deferred tax liabilities through March 31, 2022: ​ ​ ​ ​ ​ Deferred Tax ​ ​ Assets (Liabilities) Inventory reserve ​ $ 133 Accumulated depreciation ​ (7) Accumulated goodwill amortization ​ (6) Accumulated intangible amortization ​ ​ 13 Deferred rent ​ 7 Warranty reserve ​ 8 Allowance for doubtful accounts ​ 100 Net ​ ​ 248 Valuation allowance ​ (248) Total July 1, 2021 ​ $ — ​ ​ ​ ​ Inventory reserve ​ $ 152 Accumulated depreciation ​ (1) Accumulated goodwill amortization ​ (11) Accumulated intangible amortization ​ ​ 17 Deferred rent ​ 7 Warranty reserve ​ 9 Stock compensation ​ 50 Net operating loss carryforward ​ 370 Allowance for doubtful accounts ​ 35 Net ​ ​ 627 Valuation allowance ​ (627) Total March 31, 2022 ​ $ — ​
Product Warranty	Product Warranty: The changes in the Company’s aggregate warranty liabilities were as follows for the following periods (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Twelve Months Ended ​ March 31, June 30, ​ ​ 2022 ​ 2021 Product warranty liability, beginning of period ​ $ 29 ​ $ 65 Accruals for warranties issued ​ 37 ​ 29 Change in estimates ​ — ​ (37) Settlements made ​ (29) ​ (28) Product warranty liability, end of period ​ $ 37 ​ $ 29
Research and Development	Research and Development:
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: Leases (Topic 842 02 requires modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. Management is in the process of evaluating the impact of this standard effective July 1, 2022. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes

BUSINESS ACTIVITY AND SUMMARY_3

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Mar. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Summary of disaggregation of Revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three For the Three ​ For the Nine ​ For the Nine ​ ​ Months Ended ​ Months Ended ​ Months Ended ​ Months Ended Disaggregation of Revenue (in 000’s): ​ March 31, 2022 ​ March 31, 2021 March 31, 2022 March 31, 2021 Equipment upon delivery (point in time) ​ $ 5,701 ​ $ 1,682 ​ $ 12,489 ​ $ 4,984 Installation (point in time) ​ 134 ​ 28 ​ 239 ​ 92 Total revenues ​ $ 5,835 ​ $ 1,710 ​ $ 12,728 ​ $ 5,076
Summary of Deferred tax assets and liabilities	The following table summarizes the components of deferred tax assets and deferred tax liabilities through March 31, 2022: ​ ​ ​ ​ ​ Deferred Tax ​ ​ Assets (Liabilities) Inventory reserve ​ $ 133 Accumulated depreciation ​ (7) Accumulated goodwill amortization ​ (6) Accumulated intangible amortization ​ ​ 13 Deferred rent ​ 7 Warranty reserve ​ 8 Allowance for doubtful accounts ​ 100 Net ​ ​ 248 Valuation allowance ​ (248) Total July 1, 2021 ​ $ — ​ ​ ​ ​ Inventory reserve ​ $ 152 Accumulated depreciation ​ (1) Accumulated goodwill amortization ​ (11) Accumulated intangible amortization ​ ​ 17 Deferred rent ​ 7 Warranty reserve ​ 9 Stock compensation ​ 50 Net operating loss carryforward ​ 370 Allowance for doubtful accounts ​ 35 Net ​ ​ 627 Valuation allowance ​ (627) Total March 31, 2022 ​ $ —
Summary of warranty liabilities	The changes in the Company’s aggregate warranty liabilities were as follows for the following periods (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ Twelve Months Ended ​ March 31, June 30, ​ ​ 2022 ​ 2021 Product warranty liability, beginning of period ​ $ 29 ​ $ 65 Accruals for warranties issued ​ 37 ​ 29 Change in estimates ​ — ​ (37) Settlements made ​ (29) ​ (28) Product warranty liability, end of period ​ $ 37 ​ $ 29
Exchange Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Summary of Deferred tax assets and liabilities	The following table summarizes deferred tax assets and liabilities as of the date of the Exchange Agreement through March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred ​ ​ ​ Existing valuation allowance ​ ​ ​ ​ Tax Assets Deferred Tax Liabilities Prior to business combination Net Position MiT Inc. ​ $ — ​ $ — ​ $ — ​ $ — MiT LLC ​ 248 ​ (13) ​ (235) ​ — Total July 7, 2021 ​ $ 248 ​ $ (13) ​ $ (235) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets ​ $ 622 ​ $ — ​ $ — ​ $ 622 Deferred tax liabilities ​ ​ — ​ ​ (12) ​ ​ — ​ ​ (12) Valuation allowance ​ ​ — ​ ​ — ​ ​ (610) ​ ​ (610) Total MiT Inc. March 31, 2022 ​ $ 622 ​ $ (12) ​ $ (610) ​ $ — ​

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Mar. 31, 2022
INVESTMENTS
Schedule of Company's cash, cash equivalents and marketable securities by significant investment category	The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of March 31, 2022 (amounts in 000’s): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ Non-current ​ ​ ​ Adjusted ​ ​ Unrealized ​ ​ Unrealized ​ ​ Fair ​ ​ Cash and ​ ​ Marketable ​ ​ Marketable ​ ​ ​ Cost ​ ​ Gains ​ ​ Losses ​ ​ Value ​ ​ Cash Equivalents ​ ​ Securities ​ ​ Securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash $ 6,337 $ — ​ $ — $ 6,337 $ 6,337 $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equities ​ ​ ​ ​ ​ ​ ​ Communication ​ 40 ​ — ​ ​ (1) ​ 39 ​ — ​ 39 ​ — Consumer Discretionary ​ 56 ​ 2 ​ — ​ ​ 58 ​ — ​ 58 ​ — Consumer Staples ​ 19 ​ 1 ​ — ​ ​ 20 ​ — ​ 20 ​ — Energy ​ 9 ​ — ​ ​ (1) ​ 8 ​ — ​ 8 ​ — Financials ​ 44 ​ — ​ ​ (2) ​ 42 ​ — ​ 42 ​ — Health Care ​ 40 ​ 1 ​ — ​ ​ 41 ​ — ​ 41 ​ — Industrials ​ 27 ​ 1 ​ — ​ ​ 28 ​ — ​ 28 ​ — Information Technology ​ 120 ​ 3 ​ — ​ ​ 123 ​ — ​ 123 ​ — Materials ​ 10 ​ 1 ​ — ​ ​ 11 ​ — ​ 11 ​ — Real Estate ​ 10 ​ — ​ ​ — ​ ​ 10 ​ — ​ 10 ​ — Utilities ​ 6 ​ 1 ​ — ​ ​ 7 ​ — ​ 7 ​ — Mutual Funds ​ 327 ​ — ​ ​ — ​ 327 ​ — ​ 327 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ Subtotal ​ 708 ​ 10 ​ (4) ​ 714 ​ — ​ 714 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Income ​ ​ ​ ​ ​ ​ ​ State & Municipal Bonds ​ 673 ​ 3 ​ — ​ 676 ​ — ​ 329 ​ 347 Fixed income funds ​ 1,655 ​ 2 ​ — ​ 1,657 ​ — ​ 1,657 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subtotal ​ 2,328 ​ 5 ​ — ​ 2,333 ​ — ​ 1,986 ​ 347 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Alternative, real estate and other ​ 381 ​ 1 ​ — ​ 382 ​ — ​ 382 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ 9,754 $ 16 $ (4) $ 9,766 $ 6,337 $ 3,082 $ 347

INCOME (LOSS) PER SHARE (Tables

INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Mar. 31, 2022
LOSS PER SHARE
Schedule of basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Nine Months Ended For the Three Months Ended For the Nine Months Ended ​ ​ March 31, ​ March 31, March 31, ​ December 31, ​ ​ 2022 ​ 2022 2021 ​ 2021 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 593 ​ $ (628) ​ $ (164) ​ $ (691) Denominator: ​ ​ ​ ​ Weighted average common shares outstanding, basic and diluted ​ 10,636,278 ​ 10,508,152 ​ 5,666,667 ​ 5,638,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) per share ​ ​ ​ ​ Basic and diluted ​ $ .06 ​ $ (0.06) ​ $ (0.03) ​ $ (0.12)
Schedule of antidilutive securities excluded	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ For the Three Months Ended ​ For the Nine Months Ended ​ ​ March 31, ​ March 31, ​ March 31, ​ March 31, ​ 2022 2022 2021 2021 Options ​ 150,000 ​ 150,000 ​ — ​ — Warrants 241,500 ​ 241,500 ​ 236,667 236,667 Total potentially dilutive shares 391,500 ​ 391,500 ​ 236,667 236,667

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Mar. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	Property, plant and equipment consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, June 30, ​ ​ 2022 ​ 2021 Production equipment ​ $ 307 ​ $ 307 Leasehold improvements ​ 213 ​ 202 Furniture and fixtures ​ 45 ​ 45 Computer equipment ​ 46 ​ 44 Other equipment ​ 120 ​ 114 ​ ​ 730 ​ 712 Accumulated depreciation ​ (706) ​ (691) Net property plant and equipment ​ $ 24 ​ $ 21
Schedule of estimated useful lives of the assets	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 (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Mar. 31, 2022
INTANGIBLE ASSETS
Summary of intangible assets	The following table summarizes the Company’s intangible assets as of March 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization Gross Asset Accumulated Net Book ​ ​ Period ​ Cost ​ Amortization ​ Value Customer relationships 11 years ​ $ 970 ​ $ 235 ​ $ 735 Patents 20 years ​ 70 ​ 10 ​ 60 Trademark 20 years ​ 78 ​ 10 ​ 68 ​ ​ ​ ​ $ 1,118 ​ $ 231 ​ $ 863 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 March 31, 2022 in each of the five years subsequent to March 31, 2022, and thereafter is as follows (amounts in thousands): ​ ​ ​ ​ ​ 2022 $ 96 2023 ​ 96 2024 ​ 96 2025 ​ 96 2026 ​ 96 Thereafter ​ 383 Total ​ $ 863

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Mar. 31, 2022
ACCRUED EXPENSES
Schedule of accrued expenses	Accrued expenses consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, June 30, ​ ​ 2022 ​ 2021 Employee compensation ​ $ 311 ​ $ 485 Others ​ 204 ​ 135 Total ​ $ 515 ​ $ 620

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Mar. 31, 2022
DEBT
Summary of long-term debt	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)	9 Months Ended
	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
Summary of future minimum lease payments	​ ​ ​ ​ ​ ​ (in thousands) ​ ​ Total Operating leases ​ Payments 2022 ​ $ 288 2023 ​ 297 2024 ​ 278 Total future minimum lease payments ​ $ 862

BUSINESS ACTIVITY AND SUMMARY_4

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jul. 12, 2021	Jul. 07, 2021	Jul. 31, 2021	Jun. 30, 2020	Sep. 30, 2020	Mar. 31, 2021	Mar. 31, 2022	Jul. 01, 2021	Jun. 30, 2021	Jul. 01, 2020
Subsidiary or Equity Method Investee [Line Items]
Common stock, Outstanding							5,666,667		5,666,667
Inventory reserve							$ 581,000		$ 375,000
Warrants exercised for number of shares							139,611
Deferred offering costs									1,116,000
Allowance for bad debts							$ 126,000		261,000
Accounts Receivable, after Allowance for Credit Loss, Current							1,686,000		454,000	$ 809,000
Contract liabilities							$ 3,534,000	$ 1,273,000	$ 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
MiT LLC | MiT Inc
Subsidiary or Equity Method Investee [Line Items]
Percentage of outstanding member unit exchanged		79.00%	41.40%
Shares of common stock issued for acquiring members unit			2,350,000
Common stock, Outstanding		4,452,334
Number of Shares Exchanged		2,350,000
Number of shares issued				2,000,000
Common Stock
Subsidiary or Equity Method Investee [Line Items]
Number of shares issued					2,350,000	2,350,000
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 ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 5,835,000	$ 1,710,000	$ 12,728,000	$ 5,076,000
Equipment upon delivery | Point in time
Disaggregation of Revenue [Line Items]
Total revenues	5,701,000	1,682,000	12,489,000	4,984,000
Installation | Point in time
Disaggregation of Revenue [Line Items]
Total revenues	134,000	$ 28,000	239,000	$ 92,000
Software and services
Disaggregation of Revenue [Line Items]
Total revenues	$ 0		$ 0

BUSINESS ACTIVITY AND SUMMARY_6

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Advertising Expense	$ 4,300	$ 4,600	$ 16,000	$ 9,700
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 ($) $ in Thousands	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2022	Jul. 07, 2021
Deferred Tax Assets		$ 622	$ 248
Deferred tax liabilities		(12)	(13)
Valuation allowance	$ (248)	(627)	(235)
Federal or state income taxes	$ 0
MiT Inc
Deferred Tax Assets		622
Deferred tax liabilities		(12)
Valuation allowance		$ (610)
MiT LLC
Deferred Tax Assets			248
Deferred tax liabilities			(13)
Valuation allowance			$ (235)

BUSINESS ACTIVITY AND SUMMARY_8

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jul. 07, 2021	Jun. 30, 2021	Mar. 31, 2021
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Inventory reserve	$ 152		$ 133
Accumulated depreciation	(1)		(7)
Accumulated goodwill amortization	(11)		(6)
Accumulated intangible amortization			13	$ 17
Deferred rent	7		7
Warranty reserve	9		8
Valuation allowance	(627)	$ (235)	(248)
Stock compensation	50
Net operating loss carryforward	370
Allowance for doubtful accounts	35		100
Net	$ 627		$ 248

BUSINESS ACTIVITY AND SUMMARY_9

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - warranty liabilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2022	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	37,000	29,000
Change in estimates		(37,000)
Settlements made	(29,000)	(28,000)
Product warranty liability end of the period	$ 37,000	$ 29,000
Maximum
Product Warranty Liability [Line Items]
Warranty period	3 years
Minimum
Product Warranty Liability [Line Items]
Warranty period	1 year

INVESTMENTS - Cash, cash equiva

INVESTMENTS - Cash, cash equivalents and marketable securities by significant investment category (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Net Investment Income [Line Items]
Adjusted Cost	$ 9,754
Unrealized Gains	16
Unrealized Losses	4
Fair Value	9,766
Cash and cash equivalents	6,337	$ 1,270
Current Marketable Securities	3,082
Non-current Marketable Securities	347
Cash
Net Investment Income [Line Items]
Adjusted Cost	6,337
Fair Value	6,337
Cash and cash equivalents	6,337
Equities
Net Investment Income [Line Items]
Adjusted Cost	708
Unrealized Gains	10
Unrealized Losses	4
Fair Value	714
Current Marketable Securities	714
Communication
Net Investment Income [Line Items]
Adjusted Cost	40
Unrealized Losses	1
Fair Value	39
Current Marketable Securities	39
Consumer Discretionary
Net Investment Income [Line Items]
Adjusted Cost	56
Unrealized Gains	2
Fair Value	58
Current Marketable Securities	58
Consumer Staples
Net Investment Income [Line Items]
Adjusted Cost	19
Unrealized Gains	1
Fair Value	20
Current Marketable Securities	20
Energy
Net Investment Income [Line Items]
Adjusted Cost	9
Unrealized Losses	1
Fair Value	8
Current Marketable Securities	8
Financials
Net Investment Income [Line Items]
Adjusted Cost	44
Unrealized Losses	2
Fair Value	42
Current Marketable Securities	42
Health Care
Net Investment Income [Line Items]
Adjusted Cost	40
Unrealized Gains	1
Fair Value	41
Current Marketable Securities	41
Industrials
Net Investment Income [Line Items]
Adjusted Cost	27
Unrealized Gains	1
Fair Value	28
Current Marketable Securities	28
Information Technology
Net Investment Income [Line Items]
Adjusted Cost	120
Unrealized Gains	3
Fair Value	123
Current Marketable Securities	123
Materials
Net Investment Income [Line Items]
Adjusted Cost	10
Unrealized Gains	1
Fair Value	11
Current Marketable Securities	11
Real Estate
Net Investment Income [Line Items]
Adjusted Cost	10
Fair Value	10
Current Marketable Securities	10
Utilities
Net Investment Income [Line Items]
Adjusted Cost	6
Unrealized Gains	1
Fair Value	7
Current Marketable Securities	7
Mutual Funds
Net Investment Income [Line Items]
Adjusted Cost	327
Fair Value	327
Current Marketable Securities	327
Fixed Income
Net Investment Income [Line Items]
Adjusted Cost	2,328
Unrealized Gains	5
Fair Value	2,333
Current Marketable Securities	1,986
Non-current Marketable Securities	347
State & Municipal Bonds
Net Investment Income [Line Items]
Adjusted Cost	673
Unrealized Gains	3
Fair Value	676
Current Marketable Securities	329
Non-current Marketable Securities	347
Fixed income funds
Net Investment Income [Line Items]
Adjusted Cost	1,655
Unrealized Gains	2
Fair Value	1,657
Current Marketable Securities	1,657
Alternative, real estate and other
Net Investment Income [Line Items]
Adjusted Cost	381
Unrealized Gains	1
Fair Value	382
Current Marketable Securities	$ 382

INCOME (LOSS) PER SHARE (Detail

INCOME (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Numerator:
Net income (loss)	$ 593	$ (164)	$ (628)	$ (691)
Denominator:
Weighted average common shares outstanding, basic	10,636,278	5,666,667	10,508,152	5,638,626	5,638,626
Weighted average common shares outstanding, diluted	10,636,278	5,666,667	10,508,152		5,638,626
Income (loss) per share
Basic	$ 0.06	$ (0.03)	$ (0.06)	$ (0.12)	$ (0.12)
Diluted	$ 0.06	$ (0.03)	$ (0.06)		$ (0.12)

INCOME (LOSS) PER SHARE - Antid

INCOME (LOSS) PER SHARE - Antidilutive shares (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	391,500	236,667	391,500	236,667
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	150,000		150,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	241,500	236,667	241,500	236,667

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 730	$ 712
Accumulated depreciation	(706)	(691)
Net property plant and equipment	24	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	213	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	46	44
Other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 120	$ 114

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Depreciation expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation	$ 3,000	$ 33,000	$ 15,000	$ 99,000
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation	0	30,000	9,000	90,000
General and administrative expense.
Property, Plant and Equipment [Line Items]
Depreciation	$ 3,000	$ 3,000	$ 7,000	$ 8,000

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Useful lives (Details)	9 Months Ended
	Mar. 31, 2022
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	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Intangible assets
Gross Asset Cost	$ 1,118	$ 1,118
Accumulated Amortization	231	183
Net Book Value	$ 863	$ 935
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	11 years	11 years
Intangible assets
Gross Asset Cost	$ 970	$ 970
Accumulated Amortization	235	169
Net Book Value	$ 735	$ 801
Patents
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years	20 years
Intangible assets
Gross Asset Cost	$ 70	$ 70
Accumulated Amortization	10	7
Net Book Value	$ 60	$ 63
Trademark
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years	20 years
Intangible assets
Gross Asset Cost	$ 78	$ 78
Accumulated Amortization	10	7
Net Book Value	$ 68	$ 71

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense			$ 72,000	$ 72,000
General and administrative expense.
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 24,000	$ 24,000	$ 72,000	$ 72,000

INTANGIBLE ASSETS - Estimated a

INTANGIBLE ASSETS - Estimated amortization expense related to intangible assets subject to amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 96
2023	96
2024	96
2025	96
2026	96
Thereafter	383
Net Book Value	$ 863	$ 935

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
ACCRUED EXPENSES
Employee compensation	$ 311	$ 485
Others	204	135
Total	$ 515	$ 620

DEBT - Line of Credit (Details)

DEBT - Line of Credit (Details) - USD ($)	1 Months Ended
	Oct. 31, 2019	Mar. 31, 2022	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		$ 0	$ 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) $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Balance	$ 1,939
Current	237
Long Term	1,702
Closing promissory note
Debt Instrument [Line Items]
Balance	1,059
Current	142
Long Term	917
PPP loan
Debt Instrument [Line Items]
Balance	698
Current	73
Long Term	625
Caddy indemnity promissory note
Debt Instrument [Line Items]
Balance	182
Current	22
Long Term	$ 160

DEBT - Caddy Promissory (Detail

DEBT - Caddy Promissory (Details)	9 Months Ended
	Mar. 31, 2022
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	Apr. 30, 2022	May 31, 2021	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Debt forgiven				$ 694,000
Outstanding balance						$ 1,939,000
Notes payable current						237,000
PPP loan
Debt Instrument [Line Items]
Proceeds from loan	$ 698,000	$ 694,000
Outstanding balance						$ 698,000
Interest rate					1.00%
PPP loan | Subsequent Event
Debt Instrument [Line Items]
Accrued interest			$ 698,000

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	Jul. 07, 2021	Jul. 31, 2021	Jul. 31, 2020	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Limited Partners' Capital Account [Line Items]
Maximum stock based awards available for issuance							750,000
Share based payment award option outstanding				600,000	600,000
Net Proceeds			$ 784,000
Gross Proceeds			887,000
Offering costs			$ 103,000			$ 72,000
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				$ 60,000	$ 178,000
Total unrecognized compensation				$ 66,000	$ 66,000
Weighted average period					3 months
Warrants exercised for number of shares				139,611	139,611
Private Placement
Limited Partners' Capital Account [Line Items]
Shares issued			666,667
Boustead Securities
Limited Partners' Capital Account [Line Items]
Share Price			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	79.00%	41.40%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	1 Months Ended
	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		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	Jul. 01, 2020
Concentration Risk [Line Items]
Outstanding receivables	$ 1,686,000		$ 1,686,000		$ 454,000	$ 809,000
Sales | Customer concentration | Customer one
Concentration Risk [Line Items]
Concentration risk percentage	11.00%	14.00%	32.00%	31.00%
Sales | Customer concentration | Customer two
Concentration Risk [Line Items]
Concentration risk percentage	10.00%	13.00%
Outstanding receivables | Customer concentration
Concentration Risk [Line Items]
Outstanding receivables	$ 120,000	$ 1,000	$ 120,000	$ 1,000

CUSTOMER AND VENDOR CONCENTRA_3

CUSTOMER AND VENDOR CONCENTRATIONS (continued) (Details) - Purchases - Supplier concentration	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Vendor one
Concentration Risk [Line Items]
Concentration risk percentage	14.00%	17.00%	10.00%
Vendor two
Concentration Risk [Line Items]
Concentration risk percentage	13.00%	16.00%		50.00%
Vendor three
Concentration Risk [Line Items]
Concentration risk percentage		10.00%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Operating Leased Assets [Line Items]
Rent expense			$ 141,000	$ 141,000
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	Mar. 31, 2022USD ($)
Future minimum lease payments
2022	$ 288
2023	297
2024	278
Total future minimum lease payments	$ 862

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Apr. 30, 2022	Mar. 31, 2022	Apr. 21, 2021
Subsequent Event [Line Items]
Underwriter warrants exercised		139,611
Aggregate purchase price			$ 1.5
Subsequent Event
Subsequent Event [Line Items]
Underwriter warrants exercised	192,120