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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended
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Jun. 30, 2023
Restatement Of Previously Issued Financial Statements |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS |
2. | RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
The Company has restated its consolidated financial statements as of and for the years ended June 30, 2022 and 2021 and as of and for the first three quarters of fiscal 2021, 2022 and 2023. The restatement corrects the error related to the fair value of the Monogram Warrant which had been understated (See Note 5). The restatement records the investment at its estimated fair value for all restated periods, records the unrealized gain on investments for each restated period, and records the deferred income tax expense associated with the corresponding unrealized gain on investments. The restatement does not impact previously reported revenues, operating income, cash or cash flows for any previous periods. Presented below are the changes to each financial statement line item which changed as a result of the restatement. June 30, 2022 Balance Sheet
Schedule of changes to each financial statement line item which changed as a result of restatement |  |  |  |  |  |  |  |  |  |  |  |
|  | As Previously Reported |  | Restatement |  | As Restated
Deferred income taxes, net |  | $ | 797 |  |  | $ | (541 | )(a) |  | $ | 256 |
Investments |  |  | 1,779 |  |  |  | 2,304 | (b) |  |  | 4,083 |
Total assets |  |  | 47,326 |  |  |  | 1,763 |  |  |  | 49,089 |
Retained earnings |  |  | 15,986 |  |  |  | 1,763 |  |  |  | 17,749 |
Total liabilities and shareholders’ equity |  |  | 47,326 |  |  |  | 1,763 |  |  |  | 49,089 |
| (a) | This amount represents the income tax expense associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at June 30, 2022.
Fiscal 2022 Income Statement
|  | As Previously Reported |  | Restatement |  | As Restated
Unrealized gain (loss) on investments |  | $ | (57 | ) |  | $ | 988 | (a) |  | $ | 931 |
Total other income (loss) |  |  | (417 | ) |  |  | 988 |  |  |  | 571 |
Income before income taxes |  |  | 4,706 |  |  |  | 988 |  |  |  | 5,694 |
Income tax expense |  |  | 851 |  |  |  | 271 | (b) |  |  | 1,122 |
Net income |  |  | 3,855 |  |  |  | 717 |  |  |  | 4,572 |
Basic income per share |  | $ | 1.06 |  |  | $ | 0.20 |  |  | $ | 1.26 |
Diluted income per share |  | $ | 1.02 |  |  | $ | 0.19 |  |  | $ | 1.21 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the fiscal year 2022.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the fiscal year 2022.
Fiscal 2021 Income Statement
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain on investments |  | $ | 1,371 |  |  | $ | 619 | (a) |  | $ | 1,990 |
Total other income |  |  | 2,472 |  |  |  | 619 |  |  |  | 3,091 |
Income before income taxes |  |  | 6,997 |  |  |  | 619 |  |  |  | 7,616 |
Income tax expense |  |  | 1,176 |  |  |  | 270 | (b) |  |  | 1,446 |
Net income |  |  | 5,821 |  |  |  | 349 |  |  |  | 6,170 |
Basic income per share |  | $ | 1.53 |  |  | $ | 0.10 |  |  | $ | 1.63 |
Diluted income per share |  | $ | 1.48 |  |  | $ | 0.09 |  |  | $ | 1.57 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the fiscal year 2021.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the fiscal year 2021.
|  | Fiscal 2023 Unaudited Quarterly Periods
|  | September 30, 2022 |  | December 31, 2022 |  | March 31, 2023
Net income, as previously reported |  | $ | 1,076 |  |  | $ | 879 |  |  | $ | 1,313 |
Adjustments to net income: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain on investments(a) |  |  | 175 |  |  |  | 2,582 |  |  |  | 419 |
Income tax expense(b) |  |  | 48 |  |  |  | 709 |  |  |  | 115 |
Net income, as restated |  | $ | 1,203 |  |  | $ | 2,752 |  |  | $ | 1,617 |
Basic & Diluted income per share as previously reported: |  |  |  |  |  |  |  |  |  |  |  |
Basic net income per share |  | $ | 0.30 |  |  | $ | 0.25 |  |  | $ | 0.37 |
Diluted net income per share |  | $ | 0.29 |  |  | $ | 0.24 |  |  | $ | 0.36 |
Basic & Diluted income per share as restated: |  |  |  |  |  |  |  |  |  |  |  |
Basic net income per share |  | $ | 0.33 |  |  | $ | 0.80 |  |  | $ | 0.46 |
Diluted net income per share |  | $ | 0.33 |  |  | $ | 0.79 |  |  | $ | 0.45 |
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 3,616,000 |  |  |  | 3,574,000 |  |  |  | 3,548,000 |
Diluted |  |  | 3,695,000 |  |  |  | 3,652,000 |  |  |  | 3,623,000 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant.
|  | Fiscal 2022 Unaudited Quarterly Periods
|  | September 30, 2021 |  | December 31, 2021 |  | March 31, 2022 |  | June 30, 2022
Net income as previously reported |  | $ | 1,064 |  |  | $ | 925 |  |  | $ | 462 |  |  | $ | 1,405 |
Adjustments to net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain on investments(a) |  |  | 22 |  |  |  | 216 |  |  |  | 155 |  |  |  | 595 |
Income tax expense(b) |  |  | 6 |  |  |  | 59 |  |  |  | 43 |  |  |  | 163 |
Net income as restated |  | $ | 1,080 |  |  |  | 1,082 |  |  | $ | 574 |  |  |  | 1,837 |
Basic & Diluted income per share as previously reported |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic net income per share |  | $ | 0.29 |  |  | $ | 0.25 |  |  | $ | 0.13 |  |  | $ | 0.39 |
Diluted net income per share |  | $ | 0.28 |  |  | $ | 0.25 |  |  | $ | 0.12 |  |  | $ | 0.38 |
Basic & Diluted income per share as restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic net income per share |  | $ | 0.30 |  |  | $ | 0.30 |  |  | $ | 0.16 |  |  | $ | 0.51 |
Diluted net income per share |  | $ | 0.29 |  |  | $ | 0.29 |  |  | $ | 0.15 |  |  | $ | 0.49 |
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 3,651,000 |  |  |  | 3,657,000 |  |  |  | 3,626,000 |  |  |  | 3,609,000 |
Diluted |  |  | 3,777,000 |  |  |  | 3,767,000 |  |  |  | 3,749,000 |  |  |  | 3,731,000 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant.
|  | Fiscal 2021 Unaudited Quarterly Periods
|  | September 30, 2020 |  | December 31, 2020 |  | March 31, 2021 |  | June 30, 2021
Net income as previously reported |  | $ | 1,158 |  |  | $ | 1,750 |  |  | $ | 2,131 |  |  | $ | 782 |
Adjustments to net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized loss on investments(a) |  |  | (59 | ) |  |  | 51 |  |  |  | 42 |  |  |  | 585 |
Income tax (benefit) expense(b) |  |  | (16 | ) |  |  | 14 |  |  |  | 12 |  |  |  | 260 |
Net income as restated |  | $ | 1,115 |  |  |  | 1,787 |  |  | $ | 2,161 |  |  |  | 1,107 |
Basic & Diluted income per share as previously reported |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic net income per share |  | $ | 0.30 |  |  | $ | 0.45 |  |  | $ | 0.56 |  |  | $ | 0.23 |
Diluted net income per share |  | $ | 0.29 |  |  | $ | 0.44 |  |  | $ | 0.54 |  |  | $ | 0.22 |
Basic & Diluted income per share as restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic net income per share |  | $ | 0.29 |  |  | $ | 0.46 |  |  | $ | 0.57 |  |  | $ | 0.29 |
Diluted net income per share |  | $ | 0.28 |  |  | $ | 0.45 |  |  | $ | 0.54 |  |  | $ | 0.28 |
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 3,851,000 |  |  |  | 3,861,000 |  |  |  | 3,817,000 |  |  |  | 3,656,000 |
Diluted |  |  | 3,975,000 |  |  |  | 4,012,000 |  |  |  | 3,966,000 |  |  |  | 3,796,000 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant.
September 30, 2020 Unaudited Balance Sheet (First Quarter Fiscal 2021)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 259 |  |  | $ | 16 | (a) |  | $ | 275 |
Investments |  |  | 2,309 |  |  |  | 638 | (b) |  |  | 2,947 |
Total assets |  |  | 30,797 |  |  |  | 654 |  |  |  | 31,451 |
Retained earnings |  |  | 7,468 |  |  |  | 654 |  |  |  | 8,122 |
Total liabilities and shareholders’ equity |  |  | 30,797 |  |  |  | 654 |  |  |  | 31,451 |
| (a) | This amount represents the income tax benefit associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at September 30, 2020.
First Quarter Fiscal 2021 Unaudited Income Statement – Three months ended September 30, 2020
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain (loss) on investments |  | $ | (107 | ) |  | $ | (59 | )(a) |  | $ | (166 | )
Total other income (expense) |  |  | (108 | ) |  |  | (59 | ) |  |  | (167 | )
Income before income taxes |  |  | 1,441 |  |  |  | (59 | ) |  |  | 1,382 |
Income tax expense |  |  | 283 |  |  |  | (16 | )(b) |  |  | 267 |
Net income |  |  | 1,158 |  |  |  | (43 | ) |  |  | 1,115 |
Basic income per share |  | $ | 0.30 |  |  | $ | (0.01 | ) |  | $ | 0.29 |
Diluted income per share |  | $ | 0.29 |  |  | $ | (0.01 | ) |  | $ | 0.28 |
| (a) | This amount represents the unrealized loss on the Monogram Warrant for the three months ended September 30, 2020.
| (b) | This amount represents the income tax benefit related to the unrealized loss on the Monogram Warrant for the three months ended September 30, 2020.
December 31, 2020 Unaudited Balance Sheet (Second Quarter Fiscal 2021)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 259 |  |  | $ | 2 | (a) |  | $ | 261 |
Investments |  |  | 3,238 |  |  |  | 689 | (b) |  |  | 3,927 |
Total assets |  |  | 38,372 |  |  |  | 691 |  |  |  | 39,063 |
Retained earnings |  |  | 9,218 |  |  |  | 691 |  |  |  | 9,909 |
Total liabilities and shareholders’ equity |  |  | 38,372 |  |  |  | 691 |  |  |  | 39,063 |
| (a) | This amount represents the income tax benefit associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at December 31, 2020.
Three months ended December 31, 2020 Unaudited Income Statement (Second Quarter Fiscal 2021)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain (loss) on investments |  | $ | 1,413 |  |  | $ | 51 | (a) |  | $ | 1,464 |
Total other income (expense) |  |  | 1,358 |  |  |  | 51 |  |  |  | 1,409 |
Income before income taxes |  |  | 1,879 |  |  |  | 51 |  |  |  | 1,930 |
Income tax expense |  |  | 129 |  |  |  | 14 | (b) |  |  | 143 |
Net income |  |  | 1,750 |  |  |  | 37 |  |  |  | 1,787 |
Basic income per share |  | $ | 0.45 |  |  | $ | 0.01 |  |  | $ | 0.46 |
Diluted income per share |  | $ | 0.44 |  |  | $ | 0.01 |  |  | $ | 0.45 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended December 31, 2020.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended December 31, 2020.
March 31, 2021 Unaudited Balance Sheet (Third Quarter Fiscal 2021)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 259 |  |  | $ | (9 | )(a) |  | $ | 250 |
Investments |  |  | 3,026 |  |  |  | 731 | (b) |  |  | 3,757 |
Total assets |  |  | 42,315 |  |  |  | 722 |  |  |  | 43,037 |
Retained earnings |  |  | 11,349 |  |  |  | 722 |  |  |  | 12,071 |
Total liabilities and shareholders’ equity |  |  | 42,315 |  |  |  | 722 |  |  |  | 43,037 |
| (a) | This amount represents the income tax expense associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at March 31, 2021.
Three months ended March 31, 2021 Unaudited Income Statement (Third Quarter Fiscal 2021)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain (loss) on investments |  | $ | 136 |  |  | $ | 42 | (a) |  | $ | 178 |
Total other income (expense) |  |  | 858 |  |  |  | 42 |  |  |  | 900 |
Income before income taxes |  |  | 2,723 |  |  |  | 42 |  |  |  | 2,765 |
Income tax expense |  |  | 592 |  |  |  | 12 | (b) |  |  | 604 |
Net income |  |  | 2,131 |  |  |  | 30 |  |  |  | 2,161 |
Basic income per share |  | $ | 0.56 |  |  | $ | 0.01 |  |  | $ | 0.57 |
Diluted income per share |  | $ | 0.54 |  |  | $ | 0.01 |  |  | $ | 0.54 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended March 31, 2021.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended March 31, 2021.
September 30, 2021 Unaudited Balance Sheet (First Quarter Fiscal 2022)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 463 |  |  | $ | (276 | )(a) |  | $ | 187 |
Investments |  |  | 1,656 |  |  |  | 1,338 | (b) |  |  | 2,994 |
Total assets |  |  | 41,865 |  |  |  | 1,062 |  |  |  | 42,927 |
Retained earnings |  |  | 13,195 |  |  |  | 1,062 |  |  |  | 14,257 |
Total liabilities and shareholders’ equity |  |  | 41,865 |  |  |  | 1,062 |  |  |  | 42,927 |
| (a) | This amount represents the income tax expense associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at September 30, 2021.
First Quarter Fiscal 2022 Unaudited Income Statement – Three months ended September 30, 2021
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain(loss) on investments |  | $ | 149 |  |  | $ | 22 | (a) |  | $ | 171 |
Total other income (expense) |  |  | 53 |  |  |  | 22 |  |  |  | 75 |
Income before income taxes |  |  | 1,371 |  |  |  | 22 |  |  |  | 1,393 |
Income tax expense |  |  | 307 |  |  |  | 6 | (b) |  |  | 313 |
Net income |  |  | 1,064 |  |  |  | 16 |  |  |  | 1,080 |
Basic income per share |  | $ | 0.29 |  |  | $ | 0.01 |  |  | $ | 0.30 |
Diluted income per share |  | $ | 0.28 |  |  | $ | 0.01 |  |  | $ | 0.29 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended September 30, 2021.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended September 30, 2021.
December 31, 2021 Unaudited Balance Sheet (Second Quarter Fiscal 2022)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 463 |  |  | $ | (335 | )(a) |  | $ | 128 |
Investments |  |  | 1,940 |  |  |  | 1,554 | (b) |  |  | 3,494 |
Total assets |  |  | 42,114 |  |  |  | 1,219 |  |  |  | 43,333 |
Retained earnings |  |  | 14,119 |  |  |  | 1,219 |  |  |  | 15,338 |
Total liabilities and shareholders’ equity |  |  | 42,114 |  |  |  | 1,219 |  |  |  | 43,333 |
| (a) | This amount represents the income tax expense associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at December 31, 2021.
Three months ended December 31, 2021 Unaudited Income Statement (Second Quarter Fiscal 2022)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain(loss) on investments |  | $ | (300 | ) |  | $ | 216 | (a) |  | $ | (84 | )
Total other income (expense) |  |  | (392 | ) |  |  | 216 |  |  |  | (176 | )
Income before income taxes |  |  | 1,210 |  |  |  | 216 |  |  |  | 1,426 |
Income tax expense |  |  | 285 |  |  |  | 59 | (b) |  |  | 344 |
Net income |  |  | 925 |  |  |  | 157 |  |  |  | 1,082 |
Basic income per share |  | $ | 0.25 |  |  | $ | 0.05 |  |  | $ | 0.30 |
Diluted income per share |  | $ | 0.25 |  |  | $ | 0.04 |  |  | $ | 0.29 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended December 31, 2021.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended December 31, 2021.
March 31, 2022 Unaudited Balance Sheet (Third Quarter Fiscal 2022)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 463 |  |  | $ | (378 | )(a) |  | $ | 85 |
Investments |  |  | 1,778 |  |  |  | 1,709 | (b) |  |  | 3,487 |
Total assets |  |  | 43,884 |  |  |  | 1,331 |  |  |  | 45,215 |
Retained earnings |  |  | 14,581 |  |  |  | 1,331 |  |  |  | 15,912 |
Total liabilities and shareholders’ equity |  |  | 43,884 |  |  |  | 1,331 |  |  |  | 45,215 |
| (a) | This amount represents the income tax expense associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at March 31, 2022.
Three months ended March 31, 2022 Unaudited Income Statement (Third Quarter Fiscal 2022)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain(loss) on investments |  | $ | (275 | ) |  | $ | 155 | (a) |  | $ | (120 | )
Total other income (expense) |  |  | (387 | ) |  |  | 155 |  |  |  | (232 | )
Income before income taxes |  |  | 634 |  |  |  | 155 |  |  |  | 789 |
Income tax expense |  |  | 172 |  |  |  | 43 | (b) |  |  | 215 |
Net income |  |  | 462 |  |  |  | 112 |  |  |  | 574 |
Basic income per share |  | $ | 0.13 |  |  | $ | 0.03 |  |  | $ | 0.16 |
Diluted income per share |  | $ | 0.12 |  |  | $ | 0.03 |  |  | $ | 0.15 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended March, 31, 2022.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended March 31, 2022.
September 30, 2022 Unaudited Balance Sheet (First Quarter Fiscal 2023)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 764 |  |  | $ | (589 | )(a) |  | $ | 175 |
Investments |  |  | 1,889 |  |  |  | 2,479 | (b) |  |  | 4,368 |
Total assets |  |  | 47,965 |  |  |  | 1,890 |  |  |  | 49,855 |
Retained earnings |  |  | 17,062 |  |  |  | 1,890 |  |  |  | 18,952 |
Total liabilities and shareholders’ equity |  |  | 47,965 |  |  |  | 1,890 |  |  |  | 49,855 |
| (a) | This amount represents the income tax expense associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at September 30, 2022.
First Quarter Fiscal 2023 Unaudited Income Statement – Three months ended September 30, 2022
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain(loss) on investments |  | $ | 250 |  |  | $ | 175 | (a) |  | $ | 425 |
Total other income (expense) |  |  | 344 |  |  |  | 175 |  |  |  | 519 |
Income before income taxes |  |  | 1,294 |  |  |  | 175 |  |  |  | 1,469 |
Income tax expense |  |  | 218 |  |  |  | 48 | (b) |  |  | 266 |
Net income |  |  | 1,076 |  |  |  | 127 |  |  |  | 1,203 |
Basic income per share |  | $ | 0.30 |  |  | $ | 0.03 |  |  | $ | 0.33 |
Diluted income per share |  | $ | 0.29 |  |  | $ | 0.04 |  |  | $ | 0.33 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022.
December 31, 2022 Unaudited Balance Sheet (Second Quarter Fiscal 2023)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 764 |  |  | $ | (764 | )(a) |  | $ | — |
Investments |  |  | 1,726 |  |  |  | 5,061 | (b) |  |  | 6,787 |
Total assets |  |  | 47,579 |  |  |  | 4,297 |  |  |  | 51,876 |
Deferred income taxes |  |  | — |  |  |  | 534 |  |  |  | 534 |
Total liabilities |  |  | 23,105 |  |  |  | 534 |  |  |  | 23,639 |
Retained earnings |  |  | 17,941 |  |  |  | 3,763 |  |  |  | 21,704 |
Total liabilities and shareholders’ equity |  |  | 47,579 |  |  |  | 4,297 |  |  |  | 51,876 |
| (a) | This amount represents the income tax expense associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at December 31, 2022.
Three months ended December 31, 2022 Unaudited Income Statement (Second Quarter Fiscal 2023)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain(loss) on investments |  | $ | 158 |  |  | $ | 2,582 | (a) |  | $ | 2,740 |
Total other income (expense) |  |  | 37 |  |  |  | 2,582 |  |  |  | 2,619 |
Income before income taxes |  |  | 1,174 |  |  |  | 2,582 |  |  |  | 3,756 |
Income tax expense |  |  | 295 |  |  |  | 709 | (b) |  |  | 1,004 |
Net income |  |  | 879 |  |  |  | 1,873 |  |  |  | 2,752 |
Basic income per share |  | $ | 0.25 |  |  | $ | 0.55 |  |  | $ | 0.80 |
Diluted income per share |  | $ | 0.24 |  |  | $ | 0.55 |  |  | $ | 0.79 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended December 31, 2022.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended December 31, 2022.
March 31, 2023 Unaudited Balance Sheet (Third Quarter Fiscal 2023)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Deferred income taxes, net |  | $ | 764 |  |  | $ | (764 | )(a) |  | $ | — |
Investments |  |  | 1,534 |  |  |  | 5,480 | (b) |  |  | 7,014 |
Total assets |  |  | 46,975 |  |  |  | 4,716 |  |  |  | 51,691 |
Deferred income taxes |  |  | — |  |  |  | 649 |  |  |  | 649 |
Total liabilities |  |  | 21,136 |  |  |  | 649 |  |  |  | 21,785 |
Retained earnings |  |  | 19,254 |  |  |  | 4,067 |  |  |  | 23,321 |
Total liabilities and shareholders’ equity |  |  | 46,975 |  |  |  | 4,716 |  |  |  | 51,691 |
| (a) | This amount represents the income tax expense associated with the Monogram Warrant.
| (b) | This amount represents the estimated fair value of the Monogram Warrant at March 31, 2023.
Three months ended March 31, 2023 Unaudited Income Statement (Third Quarter Fiscal 2023)
|  | As Previously Reported |  |  | Restatement |  |  | As Restated |
Unrealized gain(loss) on investments |  | $ | (177 | ) |  | $ | 419 | (a) |  | $ | 242 |
Total other income (expense) |  |  | (297 | ) |  |  | 419 |  |  |  | 122 |
Income before income taxes |  |  | 1,768 |  |  |  | 419 |  |  |  | 2,187 |
Income tax expense |  |  | 455 |  |  |  | 115 | (b) |  |  | 570 |
Net income |  |  | 1,313 |  |  |  | 304 |  |  |  | 1,617 |
Basic income per share |  | $ | 0.37 |  |  | $ | 0.09 |  |  | $ | 0.46 |
Diluted income per share |  | $ | 0.36 |  |  | $ | 0.09 |  |  | $ | 0.45 |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended March 31, 2023.
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended March 31, 2023.

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