ALLIED HEALTHCARE PRODUCTS INC

CIK:0000874710|SEC Filings

STATEMENT OF OPERATIONS - USD ($)	12 Months Ended
STATEMENT OF OPERATIONS - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
STATEMENT OF OPERATIONS
Net sales	$ 27,046,587	$ 36,279,476	$ 31,894,262
Cost of sales	24,519,174	29,169,980	26,323,646
Gross profit	2,527,413	7,109,496	5,570,616
Selling, general and administrative expenses	7,107,388	7,636,318	8,632,795
Loss from operations	(4,579,975)	(526,822)	(3,062,179)
Other (income) expenses:
Interest expense	191,450	115,975	64,682
Interest income	(176)	(233)	(654)
Payroll Protection Program loan forgiveness	0	(2,402,236)	0
Other, net	(9,493)		18,252
Other (income) expenses	181,781	(2,286,494)	82,280
Income (loss) before provision for (benefit from) income taxes	(4,761,756)	1,759,672	(3,144,459)
Provision for (benefit from) income taxes	599,672	72,484	(130,359)
Net income (loss)	$ (5,361,428)	$ 1,687,188	$ (3,014,100)
Basic income (loss) per share:	$ (1.34)	$ 0.42	$ (0.75)
Diluted income (loss) per share:	$ (1.34)	$ 0.42	$ (0.75)
Weighted average shares outstanding - Basic	4,013,537	4,013,537	4,013,537
Weighted average shares outstanding - Diluted	4,013,537	4,026,446	4,013,537

STATEMENT OF CASH FLOWS - USD ($)	12 Months Ended
STATEMENT OF CASH FLOWS - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ (5,361,428)	$ 1,687,188	$ (3,014,100)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	451,265	579,472	619,801
Stock based compensation	15,647	14,006	2,415
Provision for doubtful accounts and sales returns and allowances	4,472	19,001	21,750
PPP loan forgiveness	0	(2,402,236)	0
Deferred tax provision	577,088	63,679	(138,876)
Changes in operating assets and liabilities:
Accounts receivable	555,323	155,067	39,720
Inventories	979,204	(522,043)	(1,595,593)
Income tax receivable	9,800	2,378	0
Customer deposits	336,702	(2,256,440)	2,269,465
Other current assets	(154,864)	(38,331)	15,103
Accounts payable	(687,919)	(1,041,259)	1,330,172
Other accrued liabilities	(821,646)	(44,619)	1,097,724
Net cash provided by (used in) operating activities	(4,096,356)	(3,784,137)	647,581
Cash flows from investing activities:
Capital expenditures	(75,036)	(167,163)	(617,811)
Net cash used in investing activities	(75,036)	(167,163)	(617,811)
Cash flows from financing activities:
Borrowings under revolving credit agreement	28,536,287	36,717,068	32,856,428
Payments under revolving credit agreement	(28,147,367)	(34,639,628)	(32,856,428)
Proceeds from sale-leaseback transaction	8,102,896	0	0
Proceeds from Payroll Protection Program loan	0	0	2,374,859
Net cash provided by financing activities	8,491,816	2,077,440	2,374,859
Net increase (decrease) in cash, cash equivalents and restricted cash	4,320,424	(1,873,860)	2,404,629
Cash, cash equivalents and restricted cash at beginning of year	726,223	2,600,083	195,454
Cash, cash equivalents and restricted cash at end of year	5,046,647	726,223	2,600,083
Supplemental disclosures of cash flow information:
Income taxes	9,363	6,428	8,517
Interest	191,450	115,975	64,682
Non-cash investing and financing activities
Lease liability and right of use asset arising from operating leases	0	0	17,326
Capital expenditures included in accounts payable at year end	$ 0	$ 0	$ 140,602

BALANCE SHEET - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 3,317,047	$ 726,223
Restricted cash	1,500,000	0
Accounts receivable, net of allowances of $170,000	2,369,956	2,929,751
Inventories, net	8,471,527	9,450,731
Income tax receivable	0	9,800
Other current assets	423,000	268,136
Total current assets	16,081,530	13,384,641
Property, plant and equipment, net	3,351,155	3,727,384
Restricted cash	229,600	0
Operating lease assets	8,301	13,078
Deferred income taxes	0	577,088
Total assets	19,670,586	17,702,191
Current liabilities:
Revolving credit facility	2,466,360	2,077,440
Current portion of financial liability	131,519	0
Current portion of operating lease liability	5,370	4,777
Accounts payable	1,210,828	1,898,747
Customer deposits	912,632	575,930
Other accrued liabilities	1,255,490	2,557,135
Total current liabilities	5,982,199	7,114,029
Long-term operating lease liability	2,931	8,301
Long-term portion of financial liability	7,971,376	0
Long-term environmental liability	480,000	0
Commitments and contingencies (Notes 6 and 11)
Stockholders' equity:
Preferred stock	0	0
Common stock; $0.01 par value; 30,000,000 shares authorized; 5,213,902 shares issued at June 30, 2022 and June 30, 2021; 4,013,537 shares outstanding at June 30, 2022 and June 30, 2021	52,139	52,139
Additional paid-in capital	48,523,385	48,507,738
Accumulated deficit	(22,360,656)	(16,999,228)
Less: treasury stock, at cost; 1,200,365 shares at June 30, 2022 and 2021	(20,980,788)	(20,980,788)
Total stockholders' equity	5,234,080	10,579,861
Total liabilities and stockholders' equity	19,670,586	17,702,191
Series A preferred stock
Stockholders' equity:
Preferred stock	$ 0	$ 0