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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Sep. 30, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 10 — COMMITMENTS AND CONTINGENCIES

Operating Leases: The Company occupies an executive office and warehouse space in Fountain Valley, CA, pursuant to separate lease agreements. Rent expense was $70,000 for both of the three months ended September 30, 2021 and 2020.

Future minimum lease payments at September 30, 2021 under these arrangements are as follows:

​

​	​	​	​
​		(in thousands)
​	​	Total
Operating leases	​	Payments
2022	​	$	214
2023	​		293
2024	​		302
2025	​		174
Total future minimum lease payments	​	$	983

​

Legal Matters: From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no pending significant legal proceedings to which the Company is a party for which management believes the ultimate outcome would have a material adverse effect on the Company’s financial position.

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