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Balance Sheets - USD ($)
Sep. 30, 2019
Jun. 30, 2019
ASSETS:    
Cash and cash equivalents $ 4,655,736 $ 1,462,761
Investment securities 5,571,744 5,684,240
Trade accounts receivable, net of allowance of $3,000 6,648,986 10,995,783
Income tax receivable 93,981
Inventories:    
Raw materials 1,893,356 1,747,449
Work-in-process 643,664 408,130
Costs related to contracts in process 12,301,017 11,069,558
Total inventories 14,838,037 13,225,137
Prepaid expenses and other current assets 263,921 494,181
Total current assets 32,072,405 31,862,102
Property, plant and equipment, net 3,776,683 3,825,411
Total assets 35,849,088 35,687,513
LIABILITIES AND STOCKHOLDERS' EQUITY:    
Accounts payable 2,076,454 2,160,433
Accrued expenses:    
Salaries and wages 432,524 329,890
Vacation 675,854 786,870
ESOP payable 84,291
Other 84,510 109,755
Payroll and other taxes withheld 60,800 61,451
Contract liabilities 666,834 6,054
Income taxes payable 30,481
Total current liabilities 4,081,267 3,484,934
Deferred tax liabilities 268,439 277,075
Total liabilities 4,349,706 3,762,009
Commitments and contingencies (see Note 5)
Common stock, par value $.33-1/3 per share Authorized 10,000,000 shares; Issued 3,029,874 shares as of September 30, 2019 and June 30, 2019. Outstanding 2,402,880 and 2,401,213 as of September 30, 2019 and June 30, 2019, respectively (includes 10,624 and 14,166 Unearned ESOP shares, respectively) 1,009,958 1,009,958
Capital in excess of par value 18,812,931 18,731,975
Accumulated other comprehensive loss (1,102) (1,299)
Retained earnings 19,506,648 20,022,132
Total stockholders equity before ESOP 39,328,435 39,762,766
Less: Unearned ESOP shares (204,706) (204,706)
Cost of 626,994 and 628,661 shares of common stock in treasury as of September 30, 2019 and June 30, 2019, respectively (7,624,347) (7,632,556)
Total stockholders' equity 31,499,382 31,925,504
Total liabilities and stockholders' equity $ 35,849,088 $ 35,687,513