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

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