Thank you, Kevin, and good afternoon everyone. Fiscal year 2021 was a very good year for iPower highlighted by a strong revenue growth of more than 35% and gross margin expansion due to a growing mix of in-house product sale. The growing demand for our in-house products, which made up around 70% of the sales in fiscal year 2021 compared to 55% in fiscal year 2020. That is a testament to our superior product research, design and merchandising expertise.
Although I'm incredibly pleased with our progress as a company, we are still in the early days of capitalizing our unique model in the hydroponics industry.
Moving on to the balance sheet. Cash and cash equivalents were $6.5 million at the end of June 2021, compared to $1 million at the end of June in 2020. The increase attributed to the proceeds raised from our IPO earlier this year. Net inventories were just over $13 million versus $5.7 million and total debt was $0.7 million compared to $1.8 million in the prior year period.
Michael Baker
Okay. Hi. Thanks, guys. A number of questions here we could ask. Let's start with this ones. Can you talk about the -- your in-stock levels, your inventory is obviously up, but it's been hard for a lot of companies, even big companies to get products in from Asia. Did that impact your quarter at all? In other words, were there areas that you would have liked even more inventory. And so that's the June quarter. Has it impacted the September quarter at all as well? You're about 95% through this quarter, so you should have some [technical difficulty]? Thanks.
Kevin Vassily
Right. Lawrence, maybe you should take a shot at kind of how we're dealing with kind of supply right now?
Chenlong Tan
Sure. Let me repeat the question because it was a little bit broken up. The question was that the [technical difficulty] logistics and supply chain, does it had an impact on our quarter four last 2021 and the September quarter that we currently ending. Is it right?
Kevin Vassily
Okay. Yes, you’re breaking up a little bit, Mike. I think that’s right, Lawrence. I think that’s the question.
Chenlong Tan
Okay, great. Okay. So, for June quarter its -- one of the interruption we saw is that our Amazon partner, they had to pull back or as far as I remember, probably is that they had a very little direct import purchase orders in April, May, June month compared to other times of the year and also historically. We believe it's due to their logistic problem. But then we saw recovering in the July, August, September quarter. So I believe the problem has been resolved by them. So we did see interruptions in Q4 of 2021. But I believe that problem has been resolved, either resolved or mostly recovered.
So the -- in terms of our own logistics supply -- supply chain and logistics, we had like I mentioned before that we have an extensive manufacturer network in Southeast Asia, mostly in China. Those manufacturer has been working with us for years. We have really good relationship, and we have a pretty good planning. So we tends to help -- work with our partners to further extend our cooperation into -- deeper into their supply chain to mitigate and forecast the inventory need and mitigate the risk of interruptions. So we did all that work.
We don't see our supply chain has any capacity issue to supply the products. We have been able to secure enough transportation power to get the products for ourselves. The -- but it does have -- we also -- we are facing the difficulties of longer than before or longer than usual transportation time as well as higher transportation costs from overseas.
Although I'm incredibly pleased with our progress as a company, we are still in the early days of capitalizing our unique model in the hydroponics industry.
Moving on to the balance sheet. Cash and cash equivalents were $6.5 million at the end of June 2021, compared to $1 million at the end of June in 2020. The increase attributed to the proceeds raised from our IPO earlier this year. Net inventories were just over $13 million versus $5.7 million and total debt was $0.7 million compared to $1.8 million in the prior year period.
Michael Baker
Okay. Hi. Thanks, guys. A number of questions here we could ask. Let's start with this ones. Can you talk about the -- your in-stock levels, your inventory is obviously up, but it's been hard for a lot of companies, even big companies to get products in from Asia. Did that impact your quarter at all? In other words, were there areas that you would have liked even more inventory. And so that's the June quarter. Has it impacted the September quarter at all as well? You're about 95% through this quarter, so you should have some [technical difficulty]? Thanks.
Kevin Vassily
Right. Lawrence, maybe you should take a shot at kind of how we're dealing with kind of supply right now?
Chenlong Tan
Sure. Let me repeat the question because it was a little bit broken up. The question was that the [technical difficulty] logistics and supply chain, does it had an impact on our quarter four last 2021 and the September quarter that we currently ending. Is it right?
Kevin Vassily
Okay. Yes, you’re breaking up a little bit, Mike. I think that’s right, Lawrence. I think that’s the question.
Chenlong Tan
Okay, great. Okay. So, for June quarter its -- one of the interruption we saw is that our Amazon partner, they had to pull back or as far as I remember, probably is that they had a very little direct import purchase orders in April, May, June month compared to other times of the year and also historically. We believe it's due to their logistic problem. But then we saw recovering in the July, August, September quarter. So I believe the problem has been resolved by them. So we did see interruptions in Q4 of 2021. But I believe that problem has been resolved, either resolved or mostly recovered.
So the -- in terms of our own logistics supply -- supply chain and logistics, we had like I mentioned before that we have an extensive manufacturer network in Southeast Asia, mostly in China. Those manufacturer has been working with us for years. We have really good relationship, and we have a pretty good planning. So we tends to help -- work with our partners to further extend our cooperation into -- deeper into their supply chain to mitigate and forecast the inventory need and mitigate the risk of interruptions. So we did all that work.
We don't see our supply chain has any capacity issue to supply the products. We have been able to secure enough transportation power to get the products for ourselves. The -- but it does have -- we also -- we are facing the difficulties of longer than before or longer than usual transportation time as well as higher transportation costs from overseas.
