Moving iMage (MITQ) 10-Q15 May 242024 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 13, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
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, Address Line One	17760 Newhope Street
Entity Address, City or Town	Fountain Valley
Entity Address State Or Province	CA
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		10,185,370
Entity Central Index Key	0001770236
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Current Assets:
Cash	$ 5,946	$ 6,616
Accounts receivable, net	890	905
Inventories, net	4,220	4,419
Prepaid expenses and other	938	451
Total Current Assets	11,994	12,391
Long-Term Assets:
Right-of-use asset	214	415
Property and equipment, net	31	28
Intangibles, net	437	480
Other assets	16	16
Total Long-Term Assets	698	939
Total Assets	12,692	13,330
Current Liabilities:
Accounts payable	1,457	1,507
Accrued expenses	747	618
Customer deposits	3,895	3,169
Lease liability-current	224	280
Unearned warranty revenue	52	26
Total Current Liabilities	6,375	5,600
Long-Term Liabilities:
Lease liability-non-current		151
Total Long-Term Liabilities		151
Total Liabilities	6,375	5,751
Stockholders' Equity
Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,285,971 and 10,685,778 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively
Additional paid-in capital	12,157	12,462
Accumulated deficit	(5,840)	(4,883)
Total Stockholders' Equity	6,317	7,579
Total Liabilities and Stockholders' Equity	$ 12,692	$ 13,330

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	10,285,971	10,685,778
Common stock, outstanding	10,285,971	10,685,778

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 3,890	$ 3,741	$ 13,790	$ 14,435
Cost of goods sold	3,214	2,699	10,536	10,523
Gross profit	676	1,042	3,254	3,912
Operating expenses:
Research and development	73	66	212	195
Selling and marketing	547	663	1,717	1,867
General and administrative	705	839	2,421	2,464
Total operating expenses	1,325	1,568	4,350	4,526
Operating loss	(649)	(526)	(1,096)	(614)
Other income (expense)
Unrealized gain on marketable securities		81		243
Realized loss on marketable securities				(167)
Interest and other income, net	48	21	140	66
Total other income	48	102	140	142
Net income/(loss)	$ (601)	$ (424)	$ (956)	$ (472)
Weighted average shares outstanding: basic	10,436,519	10,956,413	10,593,229	10,947,790
Weighted average shares outstanding: diluted	10,436,519	10,956,413	10,593,229	10,947,790
Net profit/(loss) per common share basic	$ (0.06)	$ (0.04)	$ (0.09)	$ (0.04)
Net profit/(loss) per common share diluted	$ (0.06)	$ (0.04)	$ (0.09)	$ (0.04)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock Other Than Executive Vice President	Common Stock Executive Vice President	Common Stock	Additional Paid-in Capital Other Than Executive Vice President	Additional Paid-in Capital Executive Vice President	Additional Paid-in Capital	Accumulated Deficit	Other Than Executive Vice President	Executive Vice President	Total
Balance at the beginning at Jun. 30, 2022						$ 12,500	$ (3,085)			$ 9,415
Balance at the beginning (in shares) at Jun. 30, 2022			10,828,398
Issuance of stock to employees						153				153
Issuance of stock to employees (in shares)			130,000
Net income (loss)							(95)			(95)
Balance at the end at Sep. 30, 2022						12,653	(3,180)			9,473
Balance at the end (in shares) at Sep. 30, 2022			10,958,398
Net income (loss)							46			46
Balance at the end at Dec. 31, 2022						12,653	(3,134)			9,519
Balance at the end (in shares) at Dec. 31, 2022			10,958,398
Share buyback and cancellation (in shares)			(47,467)
Share buyback and cancellation						(49)				(49)
Net income (loss)							(424)			(424)
Balance at the end at Mar. 31, 2023						12,604	(3,557)			9,047
Balance at the end (in shares) at Mar. 31, 2023			10,910,931
Balance at the beginning at Jun. 30, 2023						12,462	(4,883)			7,579
Balance at the beginning (in shares) at Jun. 30, 2023			10,685,778
Grant of options to officer						5				5
Net income (loss)							439			439
Balance at the end at Sep. 30, 2023						12,467	(4,444)			8,023
Balance at the end (in shares) at Sep. 30, 2023			10,685,778
Balance at the beginning at Jun. 30, 2023						12,462	(4,883)			$ 7,579
Balance at the beginning (in shares) at Jun. 30, 2023			10,685,778
Share buyback and cancellation (in shares)										418,745
Balance at the end at Mar. 31, 2024						12,157	(5,840)			$ 6,317
Balance at the end (in shares) at Mar. 31, 2024			10,285,971
Balance at the beginning at Sep. 30, 2023						12,467	(4,444)			8,023
Balance at the beginning (in shares) at Sep. 30, 2023			10,685,778
Grant of options to officer						5				5
Share buyback and cancellation						(101)				(101)
Share buyback and cancellation (in shares)			(109,135)
Net income (loss)							(794)			(794)
Balance at the end at Dec. 31, 2023						12,371	(5,238)			7,133
Balance at the end (in shares) at Dec. 31, 2023			10,576,643
Issuance of stock to directors						13				13
Grant of options to officer						5				5
Issuance of stock to directors (in shares)			18,938
Share buyback and cancellation (in shares)	(260,024)	(49,586)
Share buyback and cancellation				$ (200)	$ (33)			$ (200)	$ (33)
Net income (loss)							(601)			(601)
Balance at the end at Mar. 31, 2024						$ 12,157	$ (5,840)			$ 6,317
Balance at the end (in shares) at Mar. 31, 2024			10,285,971

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income/(loss)	$ (956,000)	$ (472,000)
Adjustments to reconcile net (loss) to net cash (used in) operating activities:
Provision for credit losses	(52,000)	5,000
Inventory reserve	433,000	80,000
Depreciation expense	9,000	6,000
Amortization expense	43,000	72,000
ROU amortization	201,000
Stock option compensation expense	15,000
Realized gain on investments		(76,000)
Changes in operating assets and liabilities
Accounts receivable	67,000	778,000
Inventories	(234,000)	(883,000)
Prepaid expenses and other	(487,000)	289,000
Accounts payable	(50,000)	558,000
Accrued expenses	129,000	(6,000)
Unearned warranty revenue	26,000	30,000
Customer deposits	726,000	(1,066,000)
Lease liabilities	(207,000)
Net cash used in operating activities	(337,000)	(685,000)
Cash flows from investing activities
Sales of marketable securities		12,418,000
Purchases of marketable securities		(7,660,000)
Purchases of property and equipment	(12,000)	(7,000)
Net cash provided by (used in) investing activities	(12,000)	4,751,000
Cash flows from financing activities
Share Buyback	(334,000)	(49,000)
Stock issued for Director expense	13,000
Net cash (used in) financing activities	(321,000)	(49,000)
Net increase (decrease) in cash	(670,000)	4,017,000
Cash, beginning of the year	6,616,000	2,340,000
Cash, end of the year	$ 5,946,000	6,357,000
Non-cash investing and financing activities:
Issuance of stock to employees		153,000
Right-of-use assets from ASC842 adoption		$ 681,000

BUSINESS ACTIVITY AND SUMMARY O

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2024
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. Initial Public Offering: 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. NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Impact of the COVID-19 Pandemic Throughout 2020 and through 2022 the theatres reopened as soon as local restrictions and the status of the COVID-19 pandemic would allow. As of March 31, 2024, a large majority of domestic and international theatres were open. The industry’s recovery to historical levels of new film content, both in terms of the number of new films and box office performance, is still underway, as the industry also continues to adjust to evolving theatrical release windows, competition from streaming and other delivery platforms, supply chain delays, inflationary pressures, labor shortages, wage rate pressures and other economic factors. Based on the management’s current estimates of recovery, it believes it will generate sufficient cash to sustain operations for a period of 12 months from the issuance of these financial statements. Nonetheless, the COVID-19 pandemic has had, and continues to have, adverse effects on the Company’s business, results of operations, cash flows and financial condition. Principles of Consolidation Basis of Presentation: Unaudited Interim Condensed Consolidated Financial Statements: NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Marketable Securities: The carrying amounts of accounts receivable and accounts payable approximate fair value due to their short maturities. Assets and Liabilities Measured on a Non-recurring Basis ) million in Note Receivables. There were Use of Estimates: Concentration of Cash: Accounts Receivable: Inventories: Revenue Recognition: Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when control of the promised goods is transferred at the point of shipment to a customer, and when performance conditions are satisfied at the customer location, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods as per the agreement with the customer. The Company generates all its revenue from agreements with customers based on equipment shipment dates and when customer location work is completed. In case agreements with multiple performance obligations, the Company identifies each performance obligation and evaluates 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. The Company allocates the transaction price to each distinct performance obligation NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) proportionately based on the estimated standalone selling price for each performance obligation and then evaluates 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). The Company does not have contract assets that represent conditional rights to consideration. Contract liabilities consist of customer refunds 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 Contract Liabilities ($ in Thousands) March 31, 2024 June 30, 2023 Customer deposits $ 3,895 $ 3,169 Unearned warranty revenue 52 26 Customer refunds 370 139 Total contract liabilities $ 4,317 $ 3,334 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. Three Months Ended Nine Months Ended Disaggregation of Revenue ($ in Thousands): March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Equipment upon delivery (point in time) $ 3,767 $ 3,669 $ 13,484 $ 14,100 Installation (point in time) 107 60 255 293 Software and services (over time) 16 12 51 42 Total revenues $ 3,890 $ 3,741 $ 13,790 $ 14,435 Revenue from the sale of equipment is recognized upon shipment of such equipment to customers and when performance conditions are satisfied at the custom location. 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. Returns and Allowances: NOTE 1 — BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Shipping and Handling Costs: Advertising Costs: Advertising costs were approximately respectively, and $23,200 and $19,000 for the nine months ended March 31, 2024 and 2023, respectively. Advertising costs are expensed as incurred within selling and marketing expenses. Intangible assets: 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 Business Combinations: Income Taxes: The following table summarizes the components of deferred tax assets and deferred tax liabilities at March 31, 2024 and June 30, 2023 (in thousands): Deferred Tax Assets (Liabilities) March 31, 2024 June 30, 2023 Inventory reserve $ 285 $ 163 Accumulated depreciation (7) (5) Accumulated goodwill amortization 65 (13) Accumulated intangible amortization 126 130 Unrealized loss on investments - 68 Deferred rent 3 4 Warranty reserve 14 7 Stock compensation 68 68 Net operating loss carryforward 1,197 1,097 Allowance for doubtful accounts 42 36 Net 1,793 1,555 Valuation allowance (1,793) (1,555) Total $ — $ — Leases 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 March 31, Year Ended June 30, 2024 2023 Product warranty liability beginning of period $ 53 $ 55 Accruals for warranties issued 178 162 Change in estimates — — Settlements made (166) (164) Product warranty liability end of the period $ 65 $ 53 Research and Development: Recently Issued Accounting Pronouncements: The Company adopted the new pronouncement on July 1, 2023. The allowance for credit losses has been adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, Management has estimated an allowance for expected credit losses on trade receivables. Due to the Management’s continuing ability to obtain 90% of contract value in up-front customer deposits, the Company’s risk is only the remaining 10% of the customer’s contract value. The combined effect of up-front customer deposits, prompt collection of trade receivables and application of historical aging criteria has resulted in minimal bad debts and allowances for credit losses.

INVESTMENTS

INVESTMENTS	9 Months Ended
INVESTMENTS	Mar. 31, 2024
INVESTMENTS
INVESTMENTS	NOTE 2 — INVESTMENTS In March 2023, the Company sold all its marketable securities with the proceeds deposited to the Company’s cash account.

LOSS PER SHARE

LOSS PER SHARE	9 Months Ended
LOSS PER SHARE	Mar. 31, 2024
LOSS PER SHARE
LOSS PER SHARE	NOTE 3 — LOSS PER SHARE Basic loss per share data for each period presented is computed using the weighted average number of shares of common stock outstanding during each such period. Diluted loss per share data is computed using the weighted average number of common and potentially dilutive securities outstanding during each period. Potentially dilutive securities consist of shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method. A reconciliation of basic and diluted loss per share is as follows: Dollars in Thousands 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, 2024 2024 2023 2023 Numerator: Net income/(loss) $ (601) $ (956) $ (424) $ (472) Denominator: Weighted average common shares outstanding, basic and diluted 10,436,519 10,593,229 10,956,413 10,947,790 Profit/(loss) per share Basic and diluted $ (0.06) $ (0.09) $ (0.04) $ (0.04) 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, 2024 2024 2023 2023 Options — — 150,000 150,000 Warrants — — — — Total potentially dilutive shares — — 150,000 150,000 For the three and nine months ended March 31, 2024 the Company had a net loss. However, all potentially dilutive securities were also deemed to be anti-dilutive because their exercise price exceeded the weighted average trading price of the Company’s stock for the period.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
PROPERTY AND EQUIPMENT	Mar. 31, 2024
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	NOTE 4 — PROPERTY AND EQUIPMENT Property and equipment consist of the following (in thousands): March 31, June 30, 2024 2023 Production equipment $ 308 $ 308 Leasehold improvements 213 213 Furniture and fixtures 45 45 Computer equipment 72 60 Other equipment 120 120 Total 758 746 Accumulated depreciation (727) (718) Net property and equipment $ 31 $ 28 Depreciation expense related to property and equipment was $3,500 and $2,000 for the three months ended March 31, 2024 and 2023, respectively of which $0 and $0 is included in cost of goods and $3,500 and $2,000 in general and administrative expense, respectively. Depreciation of property 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
INTANGIBLE ASSETS	Mar. 31, 2024
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 5 — INTANGIBLE ASSETS The following table summarizes the Company’s intangible assets as of March 31, 2024 (in thousands): Amortization Gross Asset Accumulated Net Book Period Cost Amortization Value Customer relations 11 years $ 970 $ 647 $ 323 Patents 20 years 70 16 54 Trademark 20 years 78 18 60 $ 1,118 $ 681 $ 437 NOTE 5 — INTANGIBLE ASSETS (continued) The following table summarizes the Company’s intangible assets as of June 30, 2023 (in thousands): Amortization Gross Asset Accumulated Net Book Period Cost Amortization Value Customer relations 11 years $ 970 $ 609 $ 361 Patents 20 years 70 14 56 Trademark 20 years 78 15 63 $ 1,118 $ 638 $ 480 Amortization expense was $15,000 and $24,000 for the three months ended March 31, 2024 and 2023, respectively, and was $43,000 and $72,000 for the nine months ended March 31, 2024 and 2023, respectively, and is included in general and administrative expense. Estimated amortization expense related to intangible assets subject to amortization at March 31, 2024 in each of the years subsequent to March 31, 2024, and thereafter is as follows (amounts in thousands): 2024 $ 15 2025 59 2026 59 2027 59 Thereafter 245 Total $ 437

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
ACCRUED EXPENSES	Mar. 31, 2024
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 6 — ACCRUED EXPENSES Accrued expenses consist of the following (in thousands): March 31, June 30, 2024 2023 Employee compensation $ 231 $ 180 Accrued warranty 65 53 Customer refund 370 139 Legal fees - 56 Freight 10 29 Sales tax 11 27 Others 60 134 Total $ 747 $ 618

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 7 — 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 March 31, 2024, the Plan provides for the issuance of up to 1,500,000 stock-based awards. There are 1,220,000 stock-based awards available to grant under the Plan at March 31, 2024. 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 was recognized ratably over the vesting period. On May 26, 2023, the Board of Directors cancelled 150,000 options consisting of 50,000 options each to John Stiska, Katherine Crothall and Scott Anderson with an exercise price of $3.00 . In its place, the Board granted 150,000 options consisting of 50,000 options each with an exercise price of $1.10 vesting immediately to John Stiska, Katherine Crothall and Scott Anderson . In addition to the director options, the Board granted CFO William Greene 100,000 options with an exercise price of $1.10 with 25% vesting immediately the remainder vesting at 25% per year thereafter. These options, which were the only options granted during the year ended June 30, 2023, had a grant-date fair value of $1.10 per share. The Company recognized compensation expense for stock option awards of approximately $113,000 during the year ended June 30, 2023. None of these potentially dilutive securities were included in the computation of diluted earnings per share as their impact would be anti-dilutive. On March 6, 2023, the Board of Directors (the “Board”) of Moving iMage Technologies, Inc. (the “Company”) approved an amendment (the “Amendment”) to the Company’s Amended and Restated Bylaws that amends the quorum for a stockholders’ meeting or action to be at least 33 1/3% of all shares of stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy. At March 31, 2024, there was no unrecognized compensation cost related to nonvested stock option awards and no option grants during the period. The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option valuation model. No options were granted during the three and nine months ended March 31, 2024. The following weighted average assumptions were used for option grants during the nine months ended March 31, 2023: Director Officer Options Options Risk-free interest rate 3.92 % 3.86 % Expected volatility 82.0 % 82.0 % Dividend yield — % — % Expected option term in years 5 7 On March 23, 2023 the Board of Directors re-authorized a stock repurchase program. Under the stock repurchase program, the Company may repurchase up to $1 million of its outstanding common stock over the next 12 months. The program expired on March 23, 2024 and a new program was established on April 1, 2024 – see Note 10 Subsequent Events for more information. During the nine months ended March 31, 2024, the Company repurchased NOTE 7 — STOCKHOLDERS’ EQUITY (continued) On February 28, 2024, the Company and Joe Delgado, Executive Vice President of Sales (“Joe Delgado”) agreed to sell 49,586 shares of common stock at a price of $0.667 per share (based on the closing stock price as of February 27, 2024) for a total of $33,000, which amount represents satisfaction of Mr. Delgado’s $25,000 outstanding obligation to the Company plus an estimated $8,000 in federal and California state income taxes incurred in connection with the sale. Following the purchase, the shares were cancelled by the Company. As authorized by the Board on May 26, 2023, directors may receive their board fees as cash on in shares of the Company’s stock. The Company records director fee expense at the end of each board meeting. On March 25, 2024, the Company subsequently issued shares to its independent directors for director fees earned during the nine months ended March 31, 2024. $ in Thousands, except shares and dollar per share amounts Total Number of Approximate Shares Dollar Value of Purchased as Shares that May Total Number of Part of Publicly Yet Be Purchased Shares Average Price Announced Plans Under the Plans Period Purchased Paid per Share or Programs or Programs March 23, 2023 – March 31, 2023 47,467 $ 1.042 47,467 $ 951,000 May 18, 2023 - June 30, 2023 225,153 1.130 225,153 696,000 Nov 1, 2023 - Dec 31, 2023 109,135 0.905 109,135 597,000 Jan 1, 2024 - Mar 31, 2024 309,610 0.732 309,610 363,000 Total 691,365 $ 0.922 691,365 $ 363,000 On July 12, 2022, the Company granted 130,000 shares of common stock, with a fair market value of approximately $153,000, to employees as compensation for previously provided service, which was accrued as of June 30, 2022. A summary of the status of the Company’s stock options as of March 31, 2024 and changes during the nine months ended March 31, 2024 are presented below. Wtd. Avg. Exercise Options Price Balance, July 1, 2023 250,000 $ 1.10 Granted during the period — — Exercised during the period — — Cancelled during the period — — Balance, March 31, 2024 250,000 $ 1.10 NOTE 7 — STOCKHOLDERS’ EQUITY (continued) A summary of the status of the Company’s stock options as of March 31, 2023 and changes during the nine months ended March 31, 2023 are presented below. Wtd. Avg. Exercise Options Price Balance, July 1, 2022 — $ — Granted during the period 150,000 3.00 Exercised during the period — — Terminated/Expired during the period — — Balance, March 31, 2023 150,000 $ 3.00 The following table summarizes information about outstanding and exercisable stock options at March 31, 2024: Range of Number Number Wtd. Avg. Exercise Price Outstanding Exercisable Wtd. Avg, Life Exercise Price $1.10 250,000 175,000 9.0 years $1.10 There was no warrant activity or warrants outstanding during the year ended June 30, 2023 or for the three and nine months ended March 31, 2024 and 2023.

CUSTOMER AND VENDOR CONCENTRATI

CUSTOMER AND VENDOR CONCENTRATIONS	9 Months Ended
CUSTOMER AND VENDOR CONCENTRATIONS	Mar. 31, 2024
CUSTOMER AND VENDOR CONCENTRATIONS
CUSTOMER AND VENDOR CONCENTRATIONS	NOTE 8 — CUSTOMER AND VENDOR CONCENTRATIONS Customers : one customer accounted for 10% of the Company’s sales for the three months ended March 31, 2024. One customer accounted for 12% of the Company’s sales for the nine months ended March 31, 2024. At March 31, 2024, the amount of outstanding receivables related to the one customer was approximately $176,000. One customer accounted for approximately 12% of the Company’s sales for the three months ended March 31, 2023. One customer accounted for approximately Vendors: of the Company's purchases were provided by two vendors for the three months ended March 31, 2023. Approximately

LEASE COMMITMENTS AND CONTINGEN

LEASE COMMITMENTS AND CONTINGENCIES	9 Months Ended
LEASE COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
LEASE COMMITMENTS AND CONTINGENCIES
LEASE COMMITMENTS AND CONTINGENCIES	NOTE 9 — LEASE COMMITMENTS AND CONTINGENCIES Operating Leases: The Company’s executive office and warehouse lease agreements are classified as operating leases. The lease agreements, as amended, expire on January 31, 2025 and do not include any renewal options. The agreements provide for initial monthly base amounts plus annual escalations through the term of the leases. In addition to the monthly base amounts in the lease agreements, the Company is required to pay a portion of real estate taxes and common operating expenses during the lease terms. NOTE 9 — LEASE COMMITMENTS AND CONTINGENCIES (continued) The Company’s operating lease expense was $72,000 and $73,000 for the three months ended March 31, 2024 and 2023, respectively. The Company’s operating lease expense was Future minimum lease payments at March 31, 2024 under these arrangements are as follows: (in thousands) Total Operating leases Payments 2024 $ 77 2025 154 Total undiscounted operating lease payments $ 231 Less imputed interest (at 8% ) (7) Present value of operating lease payments $ 224 The following table sets forth the ROU assets and operating lease liabilities as of March 31, 2024: Assets (in thousands) ROU assets-net $ 214 Liabilities Current operating lease liabilities $ 224 Long-term operating lease liabilities — Total ROU liabilities $ 224 The Company’s weighted average remaining lease term for its operating leases is 0.8 years. Legal Matters:

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 10 — SUBSEQUENT EVENTS On April 1, 2024, the Board of Directors authorized a new share repurchase program for the repurchase of up to $363,000 worth of shares and will expire at the earlier of June 30, 2024, or when the maximum dollar amount of shares is repurchased. All repurchases will be implemented in accordance with the applicable requirements of Rule 10b-18 under the U.S. Securities Exchange Act of 1934. On May 8, 2024, the Board of Directors authorized a $25,000 payment to CEO Phil Rafnson as part of a pay increase to $250,000 per year from the CEO’s current pay of $200,000, effective as of November 1, 2023. Management has evaluated events from March 31, 2024 through May 15, 2024, the date these financial statements were available to be issued and determined that there have been no other events that occurred that would require adjustment to our disclosures in the condensed consolidated financial statements.

BUSINESS ACTIVITY AND SUMMARY_2

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Mar. 31, 2024
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.
Initial Public Offering	Initial Public Offering: 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.
Impact of the COVID-19 Pandemic	Impact of the COVID-19 Pandemic Throughout 2020 and through 2022 the theatres reopened as soon as local restrictions and the status of the COVID-19 pandemic would allow. As of March 31, 2024, a large majority of domestic and international theatres were open. The industry’s recovery to historical levels of new film content, both in terms of the number of new films and box office performance, is still underway, as the industry also continues to adjust to evolving theatrical release windows, competition from streaming and other delivery platforms, supply chain delays, inflationary pressures, labor shortages, wage rate pressures and other economic factors. Based on the management’s current estimates of recovery, it believes it will generate sufficient cash to sustain operations for a period of 12 months from the issuance of these financial statements. Nonetheless, the COVID-19 pandemic has had, and continues to have, adverse effects on the Company’s business, results of operations, cash flows and financial condition.
Principles of Consolidation	Principles of Consolidation
Basis of Presentation	Basis of Presentation:
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial Statements:
Marketable Securities	Marketable Securities: The carrying amounts of accounts receivable and accounts payable approximate fair value due to their short maturities.
Assets and Liabilities Measured on a Non-recurring Basis	Assets and Liabilities Measured on a Non-recurring Basis ) million in Note Receivables. There were
Use of Estimates	Use of Estimates:
Concentration of Cash	Concentration of Cash:
Accounts Receivable	Accounts Receivable:
Inventories	Inventories:
Revenue Recognition	Revenue Recognition: Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when control of the promised goods is transferred at the point of shipment to a customer, and when performance conditions are satisfied at the customer location, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods as per the agreement with the customer. The Company generates all its revenue from agreements with customers based on equipment shipment dates and when customer location work is completed. In case agreements with multiple performance obligations, the Company identifies each performance obligation and evaluates 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. The Company allocates the transaction price to each distinct performance obligation proportionately based on the estimated standalone selling price for each performance obligation and then evaluates 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). The Company does not have contract assets that represent conditional rights to consideration. Contract liabilities consist of customer refunds 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 Contract Liabilities ($ in Thousands) March 31, 2024 June 30, 2023 Customer deposits $ 3,895 $ 3,169 Unearned warranty revenue 52 26 Customer refunds 370 139 Total contract liabilities $ 4,317 $ 3,334 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. Three Months Ended Nine Months Ended Disaggregation of Revenue ($ in Thousands): March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Equipment upon delivery (point in time) $ 3,767 $ 3,669 $ 13,484 $ 14,100 Installation (point in time) 107 60 255 293 Software and services (over time) 16 12 51 42 Total revenues $ 3,890 $ 3,741 $ 13,790 $ 14,435 Revenue from the sale of equipment is recognized upon shipment of such equipment to customers and when performance conditions are satisfied at the custom location. 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.
Returns and Allowances	Returns and Allowances:
Shipping and Handling Costs	Shipping and Handling Costs:
Advertising Costs	Advertising Costs: Advertising costs were approximately respectively, and $23,200 and $19,000 for the nine months ended March 31, 2024 and 2023, respectively. Advertising costs are expensed as incurred within selling and marketing expenses.
Intangible Assets	Intangible assets: 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
Business Combinations	Business Combinations:
Income Taxes	Income Taxes: The following table summarizes the components of deferred tax assets and deferred tax liabilities at March 31, 2024 and June 30, 2023 (in thousands): Deferred Tax Assets (Liabilities) March 31, 2024 June 30, 2023 Inventory reserve $ 285 $ 163 Accumulated depreciation (7) (5) Accumulated goodwill amortization 65 (13) Accumulated intangible amortization 126 130 Unrealized loss on investments - 68 Deferred rent 3 4 Warranty reserve 14 7 Stock compensation 68 68 Net operating loss carryforward 1,197 1,097 Allowance for doubtful accounts 42 36 Net 1,793 1,555 Valuation allowance (1,793) (1,555) Total $ — $ —
Leases	Leases
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 March 31, Year Ended June 30, 2024 2023 Product warranty liability beginning of period $ 53 $ 55 Accruals for warranties issued 178 162 Change in estimates — — Settlements made (166) (164) Product warranty liability end of the period $ 65 $ 53
Research and Development	Research and Development:
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: The Company adopted the new pronouncement on July 1, 2023. The allowance for credit losses has been adjusted for management’s current estimate at each reporting date. The new guidance provides no threshold for recognition of impairment allowance. Therefore, entities must also measure expected credit losses on assets that have a low risk of loss. For instance, trade receivables that are either current or not yet due may not require an allowance reserve under currently generally accepted accounting principles, but under the new standard, Management has estimated an allowance for expected credit losses on trade receivables. Due to the Management’s continuing ability to obtain 90% of contract value in up-front customer deposits, the Company’s risk is only the remaining 10% of the customer’s contract value. The combined effect of up-front customer deposits, prompt collection of trade receivables and application of historical aging criteria has resulted in minimal bad debts and allowances for credit losses.

BUSINESS ACTIVITY AND SUMMARY_3

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Mar. 31, 2024
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of revenue recognized included in contract liability	Contract Liabilities ($ in Thousands) March 31, 2024 June 30, 2023 Customer deposits $ 3,895 $ 3,169 Unearned warranty revenue 52 26 Customer refunds 370 139 Total contract liabilities $ 4,317 $ 3,334
Summary of disaggregation of revenue	Three Months Ended Nine Months Ended Disaggregation of Revenue ($ in Thousands): March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Equipment upon delivery (point in time) $ 3,767 $ 3,669 $ 13,484 $ 14,100 Installation (point in time) 107 60 255 293 Software and services (over time) 16 12 51 42 Total revenues $ 3,890 $ 3,741 $ 13,790 $ 14,435
Summary of deferred tax assets and liabilities	Deferred Tax Assets (Liabilities) March 31, 2024 June 30, 2023 Inventory reserve $ 285 $ 163 Accumulated depreciation (7) (5) Accumulated goodwill amortization 65 (13) Accumulated intangible amortization 126 130 Unrealized loss on investments - 68 Deferred rent 3 4 Warranty reserve 14 7 Stock compensation 68 68 Net operating loss carryforward 1,197 1,097 Allowance for doubtful accounts 42 36 Net 1,793 1,555 Valuation allowance (1,793) (1,555) Total $ — $ —
Summary of warranty liabilities	Nine Months Ended March 31, Year Ended June 30, 2024 2023 Product warranty liability beginning of period $ 53 $ 55 Accruals for warranties issued 178 162 Change in estimates — — Settlements made (166) (164) Product warranty liability end of the period $ 65 $ 53

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	9 Months Ended
LOSS PER SHARE (Tables)	Mar. 31, 2024
LOSS PER SHARE
Schedule of basic and diluted earnings (loss) per share	Dollars in Thousands 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, 2024 2024 2023 2023 Numerator: Net income/(loss) $ (601) $ (956) $ (424) $ (472) Denominator: Weighted average common shares outstanding, basic and diluted 10,436,519 10,593,229 10,956,413 10,947,790 Profit/(loss) per share Basic and diluted $ (0.06) $ (0.09) $ (0.04) $ (0.04)
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, 2024 2024 2023 2023 Options — — 150,000 150,000 Warrants — — — — Total potentially dilutive shares — — 150,000 150,000

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Mar. 31, 2024
PROPERTY AND EQUIPMENT
Schedule of property and equipment	Property and equipment consist of the following (in thousands): March 31, June 30, 2024 2023 Production equipment $ 308 $ 308 Leasehold improvements 213 213 Furniture and fixtures 45 45 Computer equipment 72 60 Other equipment 120 120 Total 758 746 Accumulated depreciation (727) (718) Net property and equipment $ 31 $ 28
Schedule of estimated useful lives of the assets	Useful Lives Leasehold improvements 5 years or remaining lease term Furniture and fixtures 5 years Production equipment 3 – 7 years Computer equipment 3 years Other equipment 3 – 7 years

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
INTANGIBLE ASSETS (Tables)	Mar. 31, 2024
INTANGIBLE ASSETS
Summary of intangible assets	Amortization Gross Asset Accumulated Net Book Period Cost Amortization Value Customer relations 11 years $ 970 $ 647 $ 323 Patents 20 years 70 16 54 Trademark 20 years 78 18 60 $ 1,118 $ 681 $ 437 Amortization Gross Asset Accumulated Net Book Period Cost Amortization Value Customer relations 11 years $ 970 $ 609 $ 361 Patents 20 years 70 14 56 Trademark 20 years 78 15 63 $ 1,118 $ 638 $ 480
Summary of estimated amortization expense related to intangible assets	2024 $ 15 2025 59 2026 59 2027 59 Thereafter 245 Total $ 437

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
ACCRUED EXPENSES (Tables)	Mar. 31, 2024
ACCRUED EXPENSES
Schedule of accrued expenses	Accrued expenses consist of the following (in thousands): March 31, June 30, 2024 2023 Employee compensation $ 231 $ 180 Accrued warranty 65 53 Customer refund 370 139 Legal fees - 56 Freight 10 29 Sales tax 11 27 Others 60 134 Total $ 747 $ 618

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Mar. 31, 2024
STOCKHOLDERS' EQUITY
Summary of weighted average assumptions were used for option grants	Director Officer Options Options Risk-free interest rate 3.92 % 3.86 % Expected volatility 82.0 % 82.0 % Dividend yield — % — % Expected option term in years 5 7
Summary of stock repurchase program	$ in Thousands, except shares and dollar per share amounts Total Number of Approximate Shares Dollar Value of Purchased as Shares that May Total Number of Part of Publicly Yet Be Purchased Shares Average Price Announced Plans Under the Plans Period Purchased Paid per Share or Programs or Programs March 23, 2023 – March 31, 2023 47,467 $ 1.042 47,467 $ 951,000 May 18, 2023 - June 30, 2023 225,153 1.130 225,153 696,000 Nov 1, 2023 - Dec 31, 2023 109,135 0.905 109,135 597,000 Jan 1, 2024 - Mar 31, 2024 309,610 0.732 309,610 363,000 Total 691,365 $ 0.922 691,365 $ 363,000
Summary of outstanding stock options	Range of Number Number Wtd. Avg. Exercise Price Outstanding Exercisable Wtd. Avg, Life Exercise Price $1.10 250,000 175,000 9.0 years $1.10
Stock option
STOCKHOLDERS' EQUITY
Summary of stock options	A summary of the status of the Company’s stock options as of March 31, 2024 and changes during the nine months ended March 31, 2024 are presented below. Wtd. Avg. Exercise Options Price Balance, July 1, 2023 250,000 $ 1.10 Granted during the period — — Exercised during the period — — Cancelled during the period — — Balance, March 31, 2024 250,000 $ 1.10 A summary of the status of the Company’s stock options as of March 31, 2023 and changes during the nine months ended March 31, 2023 are presented below. Wtd. Avg. Exercise Options Price Balance, July 1, 2022 — $ — Granted during the period 150,000 3.00 Exercised during the period — — Terminated/Expired during the period — — Balance, March 31, 2023 150,000 $ 3.00

LEASE COMMITMENTS AND CONTING_2

LEASE COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
LEASE COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2024
LEASE COMMITMENTS AND CONTINGENCIES
Summary of future minimum lease payments	(in thousands) Total Operating leases Payments 2024 $ 77 2025 154 Total undiscounted operating lease payments $ 231 Less imputed interest (at 8% ) (7) Present value of operating lease payments $ 224
Schedule of ROU assets and operating lease liabilities	The following table sets forth the ROU assets and operating lease liabilities as of March 31, 2024: Assets (in thousands) ROU assets-net $ 214 Liabilities Current operating lease liabilities $ 224 Long-term operating lease liabilities — Total ROU liabilities $ 224

BUSINESS ACTIVITY AND SUMMARY_4

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 12, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Subsidiary or Equity Method Investee [Line Items]
Net proceeds				$ 13,000
Inventory reserve		$ 1,017,000		$ 1,017,000		$ 584,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		0		0		0
Allowance for credit losses		$ 75,000		$ 75,000		$ 127,000
Impairment on goodwill						287,000
Impairment on intangible assets		0	$ 0	0	$ 0	363,000
Impairment of long-term assets		0				$ 304,000
Selling and marketing expenses
Subsidiary or Equity Method Investee [Line Items]
Advertising Expense		$ 13,600	$ 8,600	$ 23,200	$ 19,000
Maximum [Member]
Subsidiary or Equity Method Investee [Line Items]
Amortization period		20 years		20 years
Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Amortization period		11 years		11 years
IPO [Member]
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
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	139,611

BUSINESS ACTIVITY AND SUMMARY_5

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Contract liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Contract Liabilities
Revenue recognized included in opening balance	$ 999
Customer deposits	3,895	$ 3,169
Unearned warranty revenue	52	26
Customer refunds	370	139
Total contract liabilities	$ 4,317	$ 3,334

BUSINESS ACTIVITY AND SUMMARY_6

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenues	$ 3,890	$ 3,741	$ 13,790	$ 14,435
Equipment upon delivery
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenues	3,767	3,669	13,484	14,100
Installation
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenues	107	60	255	293
Software and services
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Total revenues	$ 16	$ 12	$ 51	$ 42

BUSINESS ACTIVITY AND SUMMARY_7

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Inventory reserve	$ 285	$ 163
Accumulated depreciation	(7)	(5)
Accumulated goodwill amortization	65	(13)
Accumulated intangible amortization	126	130
Unrealized loss on investments		68
Deferred rent	3	4
Warranty reserve	14	7
Stock compensation	68	68
Net operating loss carryforward	1,197	1,097
Allowance for doubtful accounts	42	36
Net	1,793	1,555
Valuation allowance	$ (1,793)	$ (1,555)

BUSINESS ACTIVITY AND SUMMARY_8

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) - USD ($)	Mar. 31, 2024	Jul. 01, 2023	Jun. 30, 2023
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Right-of-use asset	$ 214,000		$ 415,000
Lease liabilities	224,000
Operating Lease, Liability, Current	$ 224,000		$ 280,000
ASU 842 \| Adjustment
BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Right-of-use asset		$ 665,000
Lease liabilities		$ 681,000

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, 2024	Jun. 30, 2023
Product Warranty Liability [Line Items]
Period of right to return defective products	3 years
Product warranty liability, beginning of period	$ 53,000	$ 55,000
Accruals for warranties issued	178,000	162,000
Settlements made	(166,000)	(164,000)
Product warranty liability, end of the period	$ 65,000	$ 53,000
Maximum [Member]
Product Warranty Liability [Line Items]
Warranty Period	3 years
Minimum [Member]
Product Warranty Liability [Line Items]
Warranty Period	1 year

BUSINESS ACTIVITY AND SUMMAR_10

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Pronouncements (Details) - ASU 2016-13	Mar. 31, 2024
Percentage of contract value received up-front	90%
Percentage of contract value not received up-front	10%

LOSS PER SHARE (Details)

LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income/(loss)	$ (601)	$ (424)	$ (956)	$ (472)
Denominator:
Weighted average common shares outstanding, basic	10,436,519	10,956,413	10,593,229	10,947,790
Weighted average common shares outstanding, diluted	10,436,519	10,956,413	10,593,229	10,947,790
Profit/(loss) per share, basic	$ (0.06)	$ (0.04)	$ (0.09)	$ (0.04)
Profit/(loss) per share, diluted	$ (0.06)	$ (0.04)	$ (0.09)	$ (0.04)

LOSS PER SHARE - Antidilutive s

LOSS PER SHARE - Antidilutive shares (Details) - shares	3 Months Ended	9 Months Ended
LOSS PER SHARE - Antidilutive shares (Details) - shares	Mar. 31, 2023	Mar. 31, 2023
LOSS PER SHARE
Total potentially dilutive shares	150,000	150,000
Options
LOSS PER SHARE
Total potentially dilutive shares	150,000	150,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
PROPERTY AND EQUIPMENT
Property, plant and equipment, gross	$ 758	$ 746
Accumulated depreciation	(727)	(718)
Net property and equipment	31	28
Production equipment
PROPERTY AND EQUIPMENT
Property, plant and equipment, gross	308	308
Leasehold improvements
PROPERTY AND EQUIPMENT
Property, plant and equipment, gross	213	213
Furniture and fixtures
PROPERTY AND EQUIPMENT
Property, plant and equipment, gross	45	45
Computer equipment
PROPERTY AND EQUIPMENT
Property, plant and equipment, gross	72	60
Other equipment
PROPERTY AND EQUIPMENT
Property, plant and equipment, gross	$ 120	$ 120

PROPERTY AND EQUIPMENT - Deprec

PROPERTY AND EQUIPMENT - Depreciation expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
PROPERTY AND EQUIPMENT
Depreciation	$ 3,500	$ 2,000	$ 9,000	$ 6,000
Cost of goods sold
PROPERTY AND EQUIPMENT
Depreciation	0	0
General and administrative expense
PROPERTY AND EQUIPMENT
Depreciation	$ 3,500	$ 2,000	$ 9,000	$ 3,000

PROPERTY AND EQUIPMENT - Useful

PROPERTY AND EQUIPMENT - Useful lives (Details)	Mar. 31, 2024
Leasehold improvements
PROPERTY AND EQUIPMENT
Estimated useful life	5 years
Furniture and fixtures
PROPERTY AND EQUIPMENT
Estimated useful life	5 years
Production equipment \| Minimum
PROPERTY AND EQUIPMENT
Estimated useful life	3 years
Production equipment \| Maximum
PROPERTY AND EQUIPMENT
Estimated useful life	7 years
Computer equipment
PROPERTY AND EQUIPMENT
Estimated useful life	3 years
Other equipment \| Minimum
PROPERTY AND EQUIPMENT
Estimated useful life	3 years
Other equipment \| Maximum
PROPERTY AND EQUIPMENT
Estimated useful life	7 years

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Intangible assets
Gross Asset Cost	$ 1,118	$ 1,118
Accumulated Amortization	681	638
Total	$ 437	$ 480
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	11 years	11 years
Intangible assets
Gross Asset Cost	$ 970	$ 970
Accumulated Amortization	647	609
Total	$ 323	$ 361
Patents
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years	20 years
Intangible assets
Gross Asset Cost	$ 70	$ 70
Accumulated Amortization	16	14
Total	$ 54	$ 56
Trademark
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years	20 years
Intangible assets
Gross Asset Cost	$ 78	$ 78
Accumulated Amortization	18	15
Total	$ 60	$ 63

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense			$ 43,000	$ 72,000
General and administrative expense
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 15,000	$ 24,000	$ 43,000	$ 72,000

INTANGIBLE ASSETS - Estimated a

INTANGIBLE ASSETS - Estimated amortization expense related to intangible assets subject to amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 15
2025	59
2026	59
2027	59
Thereafter	245
Total	$ 437	$ 480

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2022
ACCRUED EXPENSES
Employee compensation	$ 231,000	$ 180,000
Accrued warranty	65,000	53,000	$ 55,000
Customer refund	370,000	139,000
Legal fees		56,000
Freight	10,000	29,000
Sales tax	11,000	27,000
Others	60,000	134,000
Total	$ 747,000	$ 618,000

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	May 26, 2023	Jul. 12, 2022	Jul. 31, 2021	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2023
STOCKHOLDERS' EQUITY
Maximum stock based awards available for issuance				1,500,000	1,500,000
Share based payment award option outstanding				1,220,000	1,220,000
Options granted	150,000		150,000	0	0
Exercise price, granted	$ 1.10		$ 3
Vesting period			1 year
Option expiration period			10 years
Aggregate grant date fair value			$ 244,200
Options cancelled	150,000
Weighted average exercise price, options cancelled	$ 3
Grant-date fair value						$ 1.10
Total unrecognized compensation				$ 0	$ 0
Compensation expense				5,000	$ 15,000	$ 113,000
Grant of options to officer				$ 13,000
Warrants exercised for number of shares				0	0	0
Employees
STOCKHOLDERS' EQUITY
Number of shares issued		130,000
Grant of options to officer		$ 153,000
John C. Stiska \| Related Party
STOCKHOLDERS' EQUITY
Options granted	50,000
Options cancelled	50,000
Katherine Crothall \| Related Party
STOCKHOLDERS' EQUITY
Options granted	50,000
Options cancelled	50,000
Scott Anderson \| Related Party
STOCKHOLDERS' EQUITY
Options granted	50,000
Options cancelled	50,000
William Greene \| Related Party
STOCKHOLDERS' EQUITY
Options granted	100,000
Exercise price, granted	$ 1.10
William Greene \| First vesting period \| Related Party
STOCKHOLDERS' EQUITY
Vesting right percentage	25%
William Greene \| Second vesting period \| Related Party
STOCKHOLDERS' EQUITY
Vesting right percentage	25%
William Greene \| Third vesting period \| Related Party
STOCKHOLDERS' EQUITY
Vesting right percentage	25%
William Greene \| Fourth vesting period \| Related Party
STOCKHOLDERS' EQUITY
Vesting right percentage	25%
MiT LLC \| MiT Inc
STOCKHOLDERS' EQUITY
Shares of common stock issued for acquiring members unit			2,350,000
Percentage of outstanding member unit exchanged			41.40%

STOCKHOLDERS' EQUITY - Weighted

STOCKHOLDERS' EQUITY - Weighted average assumptions (Details)	9 Months Ended
	Mar. 31, 2024
Director Options
STOCKHOLDERS' EQUITY
Risk-free interest rate	3.92%
Expected volatility	82%
Expected option term in years	5 years
Officer Options
STOCKHOLDERS' EQUITY
Risk-free interest rate	3.86%
Expected volatility	82%
Expected option term in years	7 years

STOCKHOLDERS' EQUITY - Share re

STOCKHOLDERS' EQUITY - Share repurchase program (Details) - USD ($)			3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 25, 2024	Feb. 28, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 23, 2023
Share repurchase program
Amount authorized under stock repurchase program								$ 1,000,000
Shares of common stock outstanding			10,285,971		10,285,971	10,285,971	10,685,778
Number of shares repurchased					418,745	691,365
Average Price Paid per Share					$ 0.78	$ 0.922
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			691,365		691,365	691,365
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 363,000,000		$ 363,000,000	$ 363,000,000
Total				$ 49,000
Executive Vice President
Share repurchase program
Average Price Paid per Share		$ 0.667
Agreed to sell shares of common stock		49,586
Total		$ 33,000	$ 33,000
Outstanding Obligation		25,000
Federal or state income taxes		$ 8,000
Director Options
Share repurchase program
Number of shares issued	18,938
March 23, 2023 - March 31, 2023
Share repurchase program
Number of shares repurchased						47,467
Average Price Paid per Share						$ 1.042
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			47,467		47,467	47,467
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 951,000,000		$ 951,000,000	$ 951,000,000
May 18, 2023 - June 30, 2023
Share repurchase program
Number of shares repurchased						225,153
Average Price Paid per Share						$ 1.130
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			225,153		225,153	225,153
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 696,000,000		$ 696,000,000	$ 696,000,000
Nov 1, 2023 - Dec 31, 2023
Share repurchase program
Number of shares repurchased						109,135
Average Price Paid per Share						$ 0.905
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			109,135		109,135	109,135
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 597,000,000		$ 597,000,000	$ 597,000,000
Jan 1, 2024 - Mar 31, 2024
Share repurchase program
Number of shares repurchased						309,610
Average Price Paid per Share						$ 0.732
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			309,610		309,610	309,610
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs			$ 363,000,000		$ 363,000,000	$ 363,000,000

STOCKHOLDERS' EQUITY - Stock op

STOCKHOLDERS' EQUITY - Stock options and stock warrants (Details) - $ / shares		1 Months Ended	3 Months Ended	9 Months Ended
	May 26, 2023	Jul. 31, 2021	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
STOCKHOLDERS' EQUITY
Granted during the year	150,000	150,000	0	0
Cancelled during the year	(150,000)
Weighted Average Exercise Price, Granted during the year	$ 1.10	$ 3
Weighted Average Exercise Price, Cancelled during the year	$ (3)
Stock option
STOCKHOLDERS' EQUITY
Beginning balance				250,000
Granted during the year					150,000
Ending balance			250,000	250,000	150,000
Weighted Average Exercise Price, Beginning balance				$ 1.10
Weighted Average Exercise Price, Granted during the year					$ 3
Weighted Average Exercise Price, Ending balance			$ 1.10	$ 1.10	$ 3

STOCKHOLDERS' EQUITY - Outstand

STOCKHOLDERS' EQUITY - Outstanding and exercisable stock (Details)	9 Months Ended
	Mar. 31, 2024 $ / shares shares
STOCKHOLDERS' EQUITY
Number Outstanding \| shares	250,000
Number Exercisable \| shares	175,000
Wtd. Avg, Life	9 years
Wtd. Avg. Exercise Price \| $ / shares	$ 1.10
Exercise Price $1.10
STOCKHOLDERS' EQUITY
Wtd. Avg. Exercise Price \| $ / shares	$ 1.10

CUSTOMER AND VENDOR CONCENTRA_2

CUSTOMER AND VENDOR CONCENTRATIONS - Customer Concentrations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Concentration Risk [Line Items]
Accounts receivable, net	$ 890,000		$ 890,000		$ 905,000
Revenue \| Customer concentration \| Customer One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10%	12%	12%	12%
Accounts receivable \| Customer concentration
Concentration Risk [Line Items]
Accounts receivable, net	$ 176,000		$ 176,000

CUSTOMER AND VENDOR CONCENTRA_3

CUSTOMER AND VENDOR CONCENTRATIONS - Vendor Concentrations (Details) - Purchases - Supplier concentration	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Vendor One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16%	12%	16%	22%
Vendor Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	10%	11%	15%	13%

LEASE COMMITMENTS AND CONTING_3

LEASE COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended		9 Months Ended
LEASE COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
LEASE COMMITMENTS AND CONTINGENCIES
Operating lease expense	$ 72,000	$ 73,000	$ 218,000	$ 214,000
Weighted average remaining lease term for operating leases (in years)	9 months 18 days		9 months 18 days

LEASE COMMITMENTS AND CONTING_4

LEASE COMMITMENTS AND CONTINGENCIES - Future minimum lease payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating leases
2024	$ 77
2025	154
Total undiscounted operating lease payments	231
Less imputed interest (at 8%)	(7)
Present value of operating lease payments	$ 224
Imputed interest rate percentage	8%

LEASE COMMITMENTS AND CONTING_5

LEASE COMMITMENTS AND CONTINGENCIES - ROU assets and operating lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Jun. 30, 2023
Assets
ROU assets-net	$ 214	$ 415
Liabilities
Current operating lease liabilities	224	280
Long-term operating lease liabilities		$ 151
Total ROU liabilities	$ 224

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)			4 Months Ended	9 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	May 08, 2024	Nov. 01, 2023	Oct. 31, 2023	Mar. 31, 2024	Mar. 31, 2024	Apr. 01, 2024
SUBSEQUENT EVENTS
Share repurchase				691,365	691,365
Number of shares repurchased				418,745	691,365
Remaining amount authorized under stock repurchase program				$ 363,000,000	$ 363,000,000
Phil Rafnson
SUBSEQUENT EVENTS
Officer compensation		$ 250,000	$ 200,000
Subsequent event
SUBSEQUENT EVENTS
Share repurchase						363,000
Subsequent event \| Phil Rafnson
SUBSEQUENT EVENTS
Officer compensation	$ 25,000