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BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Sep. 30, 2021

BUSINESS ACTIVITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of disaggregation of Revenue

​

​	​	​	​	​	​	​
​		For the three			For the three
​	​	Months ended		​	Months ended
Disaggregation of Revenue (in 000’s):	​	September 30, 2021		​	September 30, 2020
Equipment upon delivery (point in time)	​	$	3,433	​	$	1,722
Installation (point in time)	​		41	​		35
Total revenues	​	$	3,474	​	$	1,757

Summary of valuation allowance

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deferred

​

​

​

​

Existing valuation allowance

​

​

​

​

Tax Assets

Deferred Tax Liabilities

Prior to business combination

Net Position

MiT Inc.

​

$

—

​

$

—

​

$

—

​

$

—

MiT LLC

​

248

​

(13)

​

(235)

​

—

Total July 1, 2021

​

$

248

​

$

(13)

​

$

(235)

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Deferred tax assets

​

$

408

​

$

—

​

$

—

​

$

408

Deferred tax liabilities

​

—

​

(11)

​

—

​

(11)

Valuation allowance

​

—

​

—

​

(397)

​

(397)

Total MiT Inc. September 30, 2021

​

$

408

​

$

(11)

​

$

(397)

​

$

—

Schedule of deferred tax assets and deferred tax liabilities

​

​	​	​	​
​		Deferred Tax
​	​	Assets (Liabilities)
Inventory reserve	​	$	133
Accumulated depreciation	​		(7)
Accumulated goodwill amortization	​		(6)
Warranty reserve	​		8
Allowance for doubtful accounts	​		100
Deferred rent	​	​	7
Net	​	​	235
Valuation allowance	​		(235)
Total July 1, 2021	​	$	—
​	​	​	​
Inventory reserve	​	$	133
Accumulated depreciation	​		(2)
Accumulated goodwill amortization	​		(9)
Deferred rent	​	​	7
Warranty reserve	​		9
Stock compensation	​		16
Net operating loss carryforward	​		169
Allowance for doubtful accounts	​		74
Net	​	​	397
Valuation allowance	​		(397)
Total September 30, 2021	​	$	—

Summary of warranty liabilities

The changes in the Company’s aggregate warranty liabilities were as follows for the following periods (in thousands):

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​	​	​	​	​	​	​
​		September 30,			June 30,
​	​	2021		​	2021
Product warranty liability, beginning of period	​	$	29	​	$	65
Accruals for warranties issued	​		7	​		29
Change in estimates	​		—	​		(37)
Settlements made	​		(3)	​		(28)
Product warranty liability, end of the period	​	$	33	​	$	29

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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