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Deferred Compensation | 12 Months Ended
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Jun. 30, 2021
Deferred Compensation [Abstract] |
Deferred Compensation | 9. DEFERRED COMPENSATION The Company has deferred compensation agreements with a former and current officer. The related expense is calculated using the net present value of the expected payments and is included in selling, general and administrative expenses in the Consolidated Statements of Operations. The Company's current and non-current deferred compensation obligations are included in accrued liabilities and deferred compensation, respectively, in the Consolidated Balance Sheets. The net present value was calculated for the former officer using a discount factor of 0.92% as of June 30, 2021 and 1.00% as of June 30, 2020. The net present value was calculated for the current officer using a discount factor of 3.29% at June 30, 2021 and 3.10% as of June 30, 2020. The life expectancies used in the calculation of net present value for the former officer were 3.25 and 2.83 years for fiscal years ended June 30, 2021 and 2020, respectively. The Board of Directors entered into an agreement to continue the 1991 base salary of the Company’s former chairman for the remainder of his life. These payments began in the fiscal year ended June 30, 2015, and payments of $150,000 were made under this arrangement for the years ended June 30, 2021 and 2020. The Company has a deferred compensation liability of $472,883 and $416,883 recorded as of June 30, 2021 and 2020, respectively. Deferred compensation expense of $206,000 and $26,504 was recognized under this arrangement in 2021 and 2020, respectively. The Board of Directors has approved a supplemental retirement plan for an officer that calls for annual cash compensation following retirement from the Company in an amount equal to 2% of base salary, as defined in the agreement, multiplied by the number of years of service to the Company. The retirement payments are to be paid monthly to the officer until his death and then to his surviving spouse monthly until her death. The Company has a deferred compensation liability of $2,168,599 and $2,066,599 recorded as of June 30, 2021 and 2020, respectively. Deferred compensation expense of $102,000 and $37,016 was recognized under this arrangement in 2021 and 2020, respectively. The current officer's retirement date is estimated to be no earlier than October 2029.

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6409950&loc=d3e20396-108366 + Details
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