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Summary of Significant Accounting Policies and New Accounting Standards

3 Months Ended

Sep. 30, 2023

Summary of Significant Accounting Policies and New Accounting Standards

Summary of Significant Accounting Policies and New Accounting Standards

2.  Summary of Significant Accounting Policies and New Accounting Standards

Our significant accounting policies are described in the notes to the consolidated financial statements included in our Annual Report. As of September 30, 2023, there have been no material changes to any of the significant accounting policies contained therein.

Net (Loss) Income per Share and Weighted Average Shares

Basic net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the reporting period.

Diluted net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding during the reporting period after giving effect to dilutive common share equivalents, resulting from the assumed vesting of restricted stock units. The restricted stock units have been excluded from the computation of diluted earnings per share for the three months ended September 30, 2023, as the effect would have been antidilutive.

​

​	​	​	​	​	​	​	​
​	​	Three Months					​
For the Periods Ended September 30		2023			2022
Net (loss) income	​	$	(8,015)	​	$	3,856	​
​	​	​	​	​	​	​	​
Weighted average number of shares – basic	​		40,504	​		40,504	​
Dilutive effect of restricted stock units	​	​	—	​	​	—	​
Weighted average number of shares - diluted	​	​	40,504	​	​	40,504	​
​	​	​	​	​	​	​	​
Net (loss) income per share	​	​	​	​	​	​	​
basic	​	$	(0.20)	​	$	0.10	​
diluted	​	$	(0.20)	​	$	0.10	​

New Accounting Standards

We do not expect the new accounting standards that are pending adoption by us to have a material effect on our consolidated financial statements.

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- Definition

The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 235
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//235/tableOfContent

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