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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract] |
SCHEDULE OF ADJUSTMENT FOR CORRECTION TO PREVIOUS PERIODS | SCHEDULE OF ADJUSTMENT FOR CORRECTION TO PREVIOUS PERIODS FLUX POWER HOLDINGS, INC. CONSOLIDATED BALANCE SHEET
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
|  | June 30, 2023 |
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 2,379,000 |  |  | $ | – |  |  |  |  | $ | 2,379,000 |
Accounts receivable (b) |  |  | 8,649,000 |  |  |  | 151,000 |  |  | (b) |  |  | 8,800,000 |
Inventories, net (a)(d) |  |  | 18,996,000 |  |  |  | (2,838,000 | ) |  | (a) (d) |  |  | 16,158,000 |
Other current assets |  |  | 918,000 |  |  |  | - |  |  |  |  |  | 918,000 |
Total current assets |  |  | 30,942,000 |  |  |  | (2,687,000 | ) |  |  |  |  | 28,255,000 |
Right of use asset |  |  | 2,854,000 |  |  |  | – |  |  |  |  |  | 2,854,000 |
Property, plant and equipment, net |  |  | 1,789,000 |  |  |  | – |  |  |  |  |  | 1,789,000 |
Other assets |  |  | 120,000 |  |  |  | – |  |  |  |  |  | 120,000 |
Total assets |  | $ | 35,705,000 |  |  | $ | (2,687,000 | ) |  |  |  | $ | 33,018,000 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable (b)(d) |  | $ | 9,735,000 |  |  | $ | 137,000 |  |  | (d) |  | $ | 9,872,000 |
Accrued expenses |  |  | 3,181,000 |  |  |  | – |  |  |  |  |  | 3,181,000 |
Line of credit |  |  | 9,912,000 |  |  |  | – |  |  |  |  |  | 9,912,000 |
Deferred revenue |  |  | 131,000 |  |  |  | – |  |  |  |  |  | 131,000 |
Customer deposits |  |  | 82,000 |  |  |  | – |  |  |  |  |  | 82,000 |
Finance leases payable, current portion |  |  | 143,000 |  |  |  | – |  |  |  |  |  | 143,000 |
Office leases payable, current portion |  |  | 644,000 |  |  |  | – |  |  |  |  |  | 644,000 |
Accrued interest |  |  | 2,000 |  |  |  | – |  |  |  |  |  | 2,000 |
Total current liabilities |  |  | 23,830,000 |  |  |  | 137,000 |  |  |  |  |  | 23,967,000 |
Long term liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance leases payable, less current portion |  |  | 273,000 |  |  |  | – |  |  |  |  |  | 273,000 |
Office leases payable, less current portion |  |  | 2,055,000 |  |  |  | – |  |  |  |  |  | 2,055,000 |
Total liabilities |  |  | 26,158,000 |  |  |  | 137,000 |  |  |  |  |  | 26,295,000 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding |  |  | - |  |  |  | - |  |  |  |  |  | - |
Common stock, $0.001 par value; 30,000,000 shares authorized; 16,462,215 shares issued and outstanding |  |  | 16,000 |  |  |  | – |  |  |  |  |  | 16,000 |
Additional paid-in capital |  |  | 98,086,000 |  |  |  | – |  |  |  |  |  | 98,086,000 |
Accumulated deficit (a)(b)(d) |  |  | (88,555,000 | ) |  |  | (2,824,000 | ) |  | (a) (b) (d) |  |  | (91,379,000 | )
Total stockholders’ equity |  |  | 9,547,000 |  |  |  | (2,824,000 | ) |  |  |  |  | 6,723,000 |
Total liabilities and stockholders’ equity |  | $ | 35,705,000 |  |  | $ | (2,687,000 | ) |  |  |  | $ | 33,018,000 |
FLUX POWER HOLDINGS, INC. CONSOLIDATED BALANCE SHEET
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
|  | June 30, 2022 |
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 485,000 |  |  | $ | – |  |  |  |  | $ | 485,000 |
Accounts receivable |  |  | 8,609,000 |  |  |  | – |  |  |  |  |  | 8,609,000 |
Inventories, net (a)(d) |  |  | 16,262,000 |  |  |  | (1,822,000 | ) |  | (a) (d) |  |  | 14,440,000 |
Other current assets |  |  | 1,261,000 |  |  |  | – |  |  |  |  |  | 1,261,000 |
Total current assets |  |  | 26,617,000 |  |  |  | (1,822,000 | ) |  |  |  |  | 24,795,000 |
Right of use asset |  |  | 2,597,000 |  |  |  | – |  |  |  |  |  | 2,597,000 |
Property, plant and equipment, net |  |  | 1,578,000 |  |  |  | – |  |  |  |  |  | 1,578,000 |
Other assets |  |  | 89,000 |  |  |  | – |  |  |  |  |  | 89,000 |
Total assets |  | $ | 30,881,000 |  |  | $ | (1,822,000 | ) |  |  |  | $ | 29,059,000 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 6,645,000 |  |  | $ | – |  |  |  |  | $ | 6,645,000 |
Accrued expenses |  |  | 2,209,000 |  |  |  | – |  |  |  |  |  | 2,209,000 |
Line of credit |  |  | 4,889,000 |  |  |  | – |  |  |  |  |  | 4,889,000 |
Deferred revenue |  |  | 163,000 |  |  |  | – |  |  |  |  |  | 163,000 |
Customer deposits |  |  | 175,000 |  |  |  | – |  |  |  |  |  | 175,000 |
Office leases payable, current portion |  |  | 504,000 |  |  |  | – |  |  |  |  |  | 504,000 |
Accrued interest |  |  | 1,000 |  |  |  | – |  |  |  |  |  | 1,000 |
Total current liabilities |  |  | 14,586,000 |  |  |  | – |  |  |  |  |  | 14,586,000 |
Long term liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Office leases payable, less current portion |  |  | 2,361,000 |  |  |  | – |  |  |  |  |  | 2,361,000 |
Total liabilities |  |  | 16,947,000 |  |  |  | – |  |  |  |  |  | 16,947,000 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding |  |  | - |  |  |  | - |  |  |  |  |  | - |
Preferred stock value |  |  | - |  |  |  | - |  |  |  |  |  | - |
Common stock, $0.001 par value; 30,000,000 shares authorized; 15,996,658 shares issued and outstanding |  |  | 16,000 |  |  |  | – |  |  |  |  |  | 16,000 |
Common stock value |  |  | 16,000 |  |  |  | – |  |  |  |  |  | 16,000 |
Additional paid-in capital |  |  | 95,732,000 |  |  |  |  |  |  |  |  |  | 95,732,000 |
Accumulated deficit (a)(d) |  |  | (81,814,000 | ) |  |  | (1,822,000 | ) |  | (a) (d) |  |  | (83,636,000 | )
Total stockholders’ equity |  |  | 13,934,000 |  |  |  | (1,822,000 | ) |  |  |  |  | 12,112,000 |
Total liabilities and stockholders’ equity |  | $ | 30,881,000 |  |  | $ | (1,822,000 | ) |  |  |  | $ | 29,059,000 |
FLUX POWER HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
|  | Year ended June 30, 2023 |
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
Revenues (b) |  | $ | 66,337,000 |  |  | $ | 151,000 |  |  | (b) |  | $ | 66,488,000 |
Cost of sales (a)(c)(d) |  |  | 49,237,000 |  |  |  | 1,361,000 |  |  | (a) (c) (d) |  |  | 50,598,000 |
Gross profit |  |  | 17,100,000 |  |  |  | (1,210,000 | ) |  |  |  |  | 15,890,000 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and administrative |  |  | 17,620,000 |  |  |  | – |  |  |  |  |  | 17,620,000 |
Research and development (c) |  |  | 4,890,000 |  |  |  | (208,000 | ) |  | (c) |  |  | 4,682,000 |
Total operating expenses |  |  | 22,510,000 |  |  |  | (208,000 | ) |  |  |  |  | 22,302,000 |
Operating loss |  |  | (5,410,000 | ) |  |  | (1,002,000 | ) |  |  |  |  | (6,412,000 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income |  |  | 8,000 |  |  |  | – |  |  |  |  |  | 8,000 |
Interest income (expense), net |  |  | (1,339,000 | ) |  |  | – |  |  |  |  |  | (1,339,000 | )
Net loss |  | $ | (6,741,000 | ) |  | $ | (1,002,000 | ) |  |  |  | $ | (7,743,000 | )
Net loss per share - basic and diluted |  | $ | (0.42 | ) |  | $ | (0.06 | ) |  |  |  | $ | (0.48 | )
Weighted average number of common shares outstanding - basic and diluted |  |  | 16,055,256 |  |  |  | 16,055,256 |  |  |  |  |  | 16,055,256 |
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
|  | Year ended June 30, 2022 |
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
Revenues |  | $ | 42,333,000 |  |  | $ | – |  |  |  |  | $ | 42,333,000 |
Cost of sales (a)(c)(d) |  |  | 35,034,000 |  |  |  | 1,692,000 |  |  | (a) (c) (d) |  |  | 36,726,000 |
Gross profit |  |  | 7,299,000 |  |  |  | (1,692,000 | ) |  |  |  |  | 5,607,000 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling and administrative |  |  | 15,515,000 |  |  |  | – |  |  |  |  |  | 15,515,000 |
Research and development (c) |  |  | 7,141,000 |  |  |  | (828,000 | ) |  | (c) |  |  | 6,313,000 |
Total operating expenses |  |  | 22,656,000 |  |  |  | (828,000 | ) |  |  |  |  | 21,828,000 |
Operating loss |  |  | (15,357,000 | ) |  |  | (864,000 | ) |  |  |  |  | (16,221,000 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income (expense), net |  |  | (252,000 | ) |  |  | – |  |  |  |  |  | (252,000 | )
Net loss |  | $ | (15,609,000 | ) |  | $ | (864,000 | ) |  |  |  | $ | (16,473,000 | )
Net loss per share - basic and diluted |  | $ | (1.01 | ) |  | $ | (0.06 | ) |  |  |  | $ | (1.07 | )
Weighted average number of common shares outstanding - basic and diluted |  |  | 15,439,530 |  |  |  | 15,439,530 |  |  |  |  |  | 15,439,530 |
FLUX POWER HOLDING, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
|  | Reference |  | Shares |  |  | Capital Stock Amount |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total |
|  |  |  | Common Stock |  |  |  |  |  |  |  |  |  |
|  | Reference |  | Shares |  |  | Capital Stock Amount |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total |
As previously reported |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, June 30, 2022 |  |  |  |  | 15,996,658 |  |  | $ | 16,000 |  |  | $ | 95,732,000 |  |  | $ | (81,814,000 | ) |  | $ | 13,934,000 |
Issuance of common stock and warrants - registered direct offering, net of costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock and warrants - registered direct offering, net of costs, shares |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock – public offering, net of costs |  |  |  |  | 355,309 |  |  |  | – |  |  |  | 1,556,000 |  |  |  | – |  |  |  | 1,556,000 |
Issuance of common stock – exercised options and RSU settlement |  |  |  |  | 110,248 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Fair value of warrants issued |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock-based compensation |  |  |  |  | – |  |  |  | – |  |  |  | 798,000 |  |  |  | – |  |  |  | 798,000 |
Net loss |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (6,741,000 | ) |  |  | (6,741,000 | )
Balance, June 30, 2023 |  |  |  |  | 16,462,215 |  |  |  | 16,000 |  |  |  | 98,086,000 |  |  |  | (88,555,000 | ) |  |  | 9,547,000 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, June 30, 2022 (a)(d) |  | (a) (d) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,822,000 | ) |  |  | (1,822,000 | )
Net loss (a) (b) (d) |  | (a) (b) (d) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,002,000 | ) |  |  | (1,002,000 | )
Balance, June 30, 2023 |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2,824,000 | ) |  |  | (2,824,000 | )
As restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, June 30, 2022 |  |  |  |  | 15,996,658 |  |  |  | 16,000 |  |  |  | 95,732,000 |  |  |  | (83,636,000 | ) |  |  | 12,112,000 |
Issuance of common stock – public offering, net of costs |  |  |  |  | 355,309 |  |  |  | – |  |  |  | 1,556,000 |  |  |  | – |  |  |  | 1,556,000 |
Issuance of common stock – exercised options and RSU settlement |  |  |  |  | 110,248 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Stock-based compensation |  |  |  |  | – |  |  |  | – |  |  |  | 798,000 |  |  |  | – |  |  |  | 798,000 |
Net loss |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (7,743,000 | ) |  |  | (7,743,000 | )
Balance, June 30, 2023 |  |  |  |  | 16,462,215 |  |  | $ | 16,000 |  |  | $ | 98,086,000 |  |  | $ | (91,379,000 | ) |  | $ | 6,723,000 |
FLUX POWER HOLDING, INC. CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
|  | Reference |  | Shares |  |  | Capital Stock Amount |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total |
|  |  |  | Common Stock |  |  |  |  |  |  |  |  |  |
|  | Reference |  | Shares |  |  | Capital Stock Amount |  |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total |
As previously reported |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, June 30, 2021 |  |  |  |  | 13,652,164 |  |  | $ | 14,000 |  |  | $ | 79,197,000 |  |  | $ | (66,205,000 | ) |  | $ | 13,006,000 |
Issuance of common stock and warrants - registered direct offering, net of costs |  |  |  |  | 2,142,860 |  |  |  | 2,000 |  |  |  | 13,969,000 |  |  |  | – |  |  |  | 13,971,000 |
Issuance of common stock – public offering, net of costs |  |  |  |  | 190,782 |  |  |  | – |  |  |  | 1,602,000 |  |  |  | – |  |  |  | 1,602,000 |
Issuance of common stock - exercised options and RSU settlement |  |  |  |  | 10,852 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Fair value of warrants issued |  |  |  |  | – |  |  |  | – |  |  |  | 253,000 |  |  |  | – |  |  |  | 253,000 |
Stock-based compensation |  |  |  |  | – |  |  |  | – |  |  |  | 711,000 |  |  |  | – |  |  |  | 711,000 |
Net loss |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (15,609,000 | ) |  |  | (15,609,000 | )
Balance, June 30, 2022 |  |  |  |  | 15,996,658 |  |  |  | 16,000 |  |  |  | 95,732,000 |  |  |  | (81,814,000 | ) |  |  | 13,934,000 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, June 30, 2021 (a)(d) |  | (a) (d) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (958,000 | ) |  |  | (958,000 | )
Net loss (a)(d) |  | (a) (d) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (864,000 | ) |  |  | (864,000 | )
Balance, June 30, 2022 |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (1,822,000 | ) |  |  | (1,822,000 | )
As restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, June 30, 2021 |  |  |  |  | 13,652,164 |  |  |  | 14,000 |  |  |  | 79,197,000 |  |  |  | (67,163,000 | ) |  |  | 12,048,000 |
Balance |  |  |  |  | 13,652,164 |  |  |  | 14,000 |  |  |  | 79,197,000 |  |  |  | (67,163,000 | ) |  |  | 12,048,000 |
Issuance of common stock and warrants - registered direct offering, net of costs |  |  |  |  | 2,142,860 |  |  |  | 2,000 |  |  |  | 13,969,000 |  |  |  | – |  |  |  | 13,971,000 |
Issuance of common stock – public offering, net of costs |  |  |  |  | 190,782 |  |  |  | – |  |  |  | 1,602,000 |  |  |  | – |  |  |  | 1,602,000 |
Issuance of common stock - exercised options and RSU settlement |  |  |  |  | 10,852 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Fair value of warrants issued |  |  |  |  | – |  |  |  | – |  |  |  | 253,000 |  |  |  | – |  |  |  | 253,000 |
Stock-based compensation |  |  |  |  | – |  |  |  | – |  |  |  | 711,000 |  |  |  | – |  |  |  | 711,000 |
Net loss |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (16,473,000 | ) |  |  | (16,473,000 | )
Balance, June 30, 2022 |  |  |  |  | 15,996,658 |  |  | $ | 16,000 |  |  | $ | 95,732,000 |  |  | $ | (83,636,000 | ) |  | $ | 12,112,000 |
Balance |  |  |  |  | 15,996,658 |  |  | $ | 16,000 |  |  | $ | 95,732,000 |  |  | $ | (83,636,000 | ) |  | $ | 12,112,000 |
FLUX POWER HOLDING, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
|  | Year ended June 30, 2023 |
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (a)(b)(d) |  | $ | (6,741,000 | ) |  | $ | (1,002,000 | ) |  | (a) (b) (d) |  | $ | (7,743,000 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 899,000 |  |  |  | – |  |  |  |  |  | 899,000 |
Stock-based compensation |  |  | 798,000 |  |  |  | – |  |  |  |  |  | 798,000 |
Fair value of warrants issued as debt discount cost |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of debt issuance costs |  |  | 482,000 |  |  |  | – |  |  |  |  |  | 482,000 |
Non-cash lease expense |  |  | 512,000 |  |  |  | – |  |  |  |  |  | 512,000 |
Inventory write downs (a) |  |  | – |  |  |  | 690,000 |  |  | (a) |  |  | 690,000 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable (b) |  |  | (40,000 | ) |  |  | (151,000 | ) |  | (b) |  |  | (191,000 | )
Inventories (a)(d) |  |  | (2,734,000 | ) |  |  | 326,000 |  |  | (a) (d) |  |  | (2,408,000 | )
Other assets |  |  | (170,000 | ) |  |  | – |  |  |  |  |  | (170,000 | )
Accounts payable (b)(d) |  |  | 3,090,000 |  |  |  | 137,000 |  |  | (d) |  |  | 3,227,000 |
Accrued expenses |  |  | 972,000 |  |  |  | – |  |  |  |  |  | 972,000 |
Accrued interest |  |  | (32,000 | ) |  |  | – |  |  |  |  |  | (32,000 | )
Office leases payable |  |  | 1,000 |  |  |  | – |  |  |  |  |  | 1,000 |
Deferred revenue |  |  | (518,000 | ) |  |  | – |  |  |  |  |  | (518,000 | )
Customer deposits |  |  | (93,000 | ) |  |  | – |  |  |  |  |  | (93,000 | )
Net cash used in operating activities |  |  | (3,574,000 | ) |  |  | – |  |  |  |  |  | (3,574,000 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of equipment |  |  | (1,032,000 | ) |  |  | – |  |  |  |  |  | (1,032,000 | )
Proceeds from sale of fixed assets |  |  | 8,000 |  |  |  | – |  |  |  |  |  | 8,000 |
Net cash used in investing activities |  |  | (1,024,000 | ) |  |  | – |  |  |  |  |  | (1,024,000 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from the issuance of common stock in registered direct offering, net of offering costs |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from the issuance of common stock in public offering, net of offering costs |  |  | 1,556,000 |  |  |  | – |  |  |  |  |  | 1,556,000 |
Proceeds from revolving line of credit |  |  | 63,400,000 |  |  |  | – |  |  |  |  |  | 63,400,000 |
Payment of revolving line of credit |  |  | (58,377,000 | ) |  |  | – |  |  |  |  |  | (58,377,000 | )
Payment of finance leases |  |  | (87,000 | ) |  |  | – |  |  |  |  |  | (87,000 | )
Net cash provided by financing activities |  |  | 6,492,000 |  |  |  | – |  |  |  |  |  | 6,492,000 |
Net change in cash |  |  | 1,894,000 |  |  |  | – |  |  |  |  |  | 1,894,000 |
Cash, beginning of period |  |  | 485,000 |  |  |  | – |  |  |  |  |  | 485,000 |
Cash, end of period |  | $ | 2,379,000 |  |  | $ | – |  |  |  |  | $ | 2,379,000 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial right of use asset recognition |  | $ | 855,000 |  |  | $ | – |  |  |  |  | $ | 855,000 |
Common stock issued for vested RSUs |  | $ | 417,000 |  |  | $ | – |  |  |  |  | $ | 417,000 |
Supplemental cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest paid |  | $ | 1,127,000 |  |  | $ | – |  |  |  |  | $ | 1,127,000 |
FLUX POWER HOLDING, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
|  | Year ended June 30, 2022 |
|  | As previously reported |  |  | Restatement adjustments |  |  | Reference |  | As restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss (a)(d) |  | $ | (15,609,000 | ) |  | $ | (864,000 | ) |  | (a) (d) |  | $ | (16,473,000 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 575,000 |  |  |  | – |  |  |  |  |  | 575,000 |
Stock-based compensation |  |  | 711,000 |  |  |  | – |  |  |  |  |  | 711,000 |
Fair value of warrants issued as debt discount cost |  |  | 253,000 |  |  |  | (253,000 | ) |  | (e) |  |  | – |
Non-cash lease expense |  |  | 438,000 |  |  |  | – |  |  |  |  |  | 438,000 |
Inventory write downs (a) |  |  | 61,000 |  |  |  | 604,000 |  |  | (a) |  |  | 665,000 |
Changes in operating assets and liabilities: (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  | (2,512,000 | ) |  |  | – |  |  |  |  |  | (2,512,000 | )
Inventories (a)(d) |  |  | (5,810,000 | ) |  |  | 260,000 |  |  | (a) (d) |  |  | (5,550,000 | )
Other assets |  |  | (802,000 | ) |  |  | 253,000 |  |  | (e) |  |  | (549,000 | )
Accounts payable |  |  | (530,000 | ) |  |  | – |  |  |  |  |  | (530,000 | )
Accrued expenses |  |  | (374,000 | ) |  |  | – |  |  |  |  |  | (374,000 | )
Accrued interest |  |  | 139,000 |  |  |  | – |  |  |  |  |  | 139,000 |
Office leases payable |  |  | (1,000 | ) |  |  | – |  |  |  |  |  | (1,000 | )
Deferred revenue |  |  | (436,000 | ) |  |  | – |  |  |  |  |  | (436,000 | )
Customer deposits |  |  | 4,000 |  |  |  | – |  |  |  |  |  | 4,000 |
Net cash used in operating activities |  |  | (23,893,000 | ) |  |  | – |  |  |  |  |  | (23,893,000 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of equipment |  |  | (797,000 | ) |  |  | – |  |  |  |  |  | (797,000 | )
Net cash used in investing activities |  |  | (797,000 | ) |  |  | – |  |  |  |  |  | (797,000 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from the issuance of common stock in registered direct offering, net of offering costs |  |  | 13,971,000 |  |  |  | – |  |  |  |  |  | 13,971,000 |
Proceeds from the issuance of common stock in public offering, net of offering costs |  |  | 1,602,000 |  |  |  | – |  |  |  |  |  | 1,602,000 |
Proceeds from revolving line of credit |  |  | 8,450,000 |  |  |  | – |  |  |  |  |  | 8,450,000 |
Payment of revolving line of credit |  |  | (3,561,000 | ) |  |  | – |  |  |  |  |  | (3,561,000 | )
Net cash provided by financing activities |  |  | 20,462,000 |  |  |  | – |  |  |  |  |  | 20,462,000 |
|  |  | - |  |  |  |  |  |  |  |  |  |  |
Net change in cash |  |  | (4,228,000 | ) |  |  | – |  |  |  |  |  | (4,228,000 | )
Cash, beginning of period |  |  | 4,713,000 |  |  |  | – |  |  |  |  |  | 4,713,000 |
Cash, end of period |  | $ | 485,000 |  |  | $ | – |  |  |  |  | $ | 485,000 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued for vested RSUs |  | $ | 21,000 |  |  | $ | – |  |  |  |  | $ | 21,000 |
Warrants issued in connection with borrowing agreements, recorded as debt issuance cost |  | $ | – |  |  | $ | 253,000 |  |  | (e) |  | $ | 253,000 |
Supplemental cash flow information: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest paid |  | $ | 151,000 |  |  | $ | - |  |  |  |  | $ | 151,000 |
(a) | Inventories. The Company did not properly evaluate its calculation of its excess and obsolescence reserve on its finished goods and raw materials inventories, resulting in an overstatement of inventories and an understatement of cost of sales. In addition, certain inventory components were not properly recorded at the lower of cost or net realizable value, resulting in an overstatement of inventory and an understatement of cost of sales. Further, certain loaner service packs and consigned inventory were not reconciled timely, resulting in an overstatement of inventory and an understatement of cost of sales. Lastly, the Company also corrected the cash flow presentation related to inventory write downs on the statement of cash flows.
(b) | Revenue. The Company did not properly recognize revenue in the periods which the related performance obligations were satisfied for a certain contract with a customer. Additionally, the Company improperly recorded accounts receivable from the same contract with a customer as a reduction to its accounts payable owed to the customer prior to the right of offset conditions under ASC 210-20 being met. As a result, revenues, accounts receivable, and accounts payable were misstated.
(c) | Expense classification. The Company improperly recorded various inventory write downs to research and development expenses although such expenses did not meet the classification criteria for research and development under ASC 730, resulting in an overstatement of research and development expenses and a corresponding understatement of cost of sales.
(d) | Other. The Company had various clearing accounts that were not reconciled in a timely manner, resulting in misstatements of accounts payable, inventories and cost of sales.

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