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v3.23.1

Note 1 - Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2022
Notes Tables |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] |
|  | Year Ended |
|  | and as of |
(dollars in thousands, except per share data) |  | June 30, 2022 |
(Overstatement)/Understatement |  |  |  |
Deferred tax asset |  | $ | 448 |
Investments in equity securities at fair value, non-current |  | $ | (2,128 | )
Total Shareholders’ Equity |  | $ | (1,680 | )
Investment Loss |  | $ | 2,128 |
Tax Expense |  | $ | (448 | )
Net Income |  | $ | (1,680 | )
Earnings Per Share |  | $ | (0.12 | )
|  | Year Ended |
|  | and as of |
(dollars in thousands) |  | June 30, 2022 |
(Overstatement)/Understatement |  |  |  |
Deferred tax asset |  | $ | 172 |
Investments in available-for-sale debt securities at fair value |  | $ | (824 | )
Total Shareholders’ Equity |  | $ | (652 | )
Other Comprehensive Loss |  | $ | 652 |
|  | June 30, 2022 |
|  | As |  |  |  |  |  |  |  |  |
|  | Previously |  |  | Restatement |  |  | As |
(dollars in thousands) |  | Reported |  |  | Adjustments |  |  | Restated |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 22,314 |  |  | $ | - |  |  | $ | 22,314 |
Restricted cash |  |  | 1,000 |  |  |  | - |  |  |  | 1,000 |
Investments in securities at fair value |  |  | 12,138 |  |  |  | - |  |  |  | 12,138 |
Accounts and other receivables |  |  | 1,796 |  |  |  | - |  |  |  | 1,796 |
Tax receivable |  |  | 384 |  |  |  | - |  |  |  | 384 |
Prepaid expenses |  |  | 400 |  |  |  | - |  |  |  | 400 |
Total Current Assets |  |  | 38,032 |  |  |  | - |  |  |  | 38,032 |
Net Property and Equipment |  |  | 1,370 |  |  |  | - |  |  |  | 1,370 |
Other Assets |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax asset |  |  | 252 |  |  |  | 620 |  |  |  | 872 |
Investments in equity securities at fair value, non-current |  |  | 4,290 |  |  |  | (2,128 | ) |  |  | 2,162 |
Investments in available-for-sale debt securities at fair value |  |  | 11,449 |  |  |  | (824 | ) |  |  | 10,625 |
Investments in held-to-maturity debt securities |  |  | 1,000 |  |  |  | - |  |  |  | 1,000 |
Other investments |  |  | 3,992 |  |  |  | - |  |  |  | 3,992 |
Equity method investments |  |  | - |  |  |  | - |  |  |  | - |
Operating lease, right of use assets |  |  | - |  |  |  | - |  |  |  | - |
Financing lease, right of use assets |  |  | 93 |  |  |  | - |  |  |  | 93 |
Other assets, non-current |  |  | 216 |  |  |  | - |  |  |  | 216 |
Total Other Assets |  |  | 21,292 |  |  |  | (2,332 | ) |  |  | 18,960 |
Total Assets |  | $ | 60,694 |  |  | $ | (2,332 | ) |  | $ | 58,362 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  | $ | 73 |  |  | $ | - |  |  | $ | 73 |
Accrued compensation and related costs |  |  | 1,864 |  |  |  | - |  |  |  | 1,864 |
Dividends payable |  |  | 337 |  |  |  | - |  |  |  | 337 |
Operating lease liability, short-term |  |  | - |  |  |  | - |  |  |  | - |
Financing lease liability, short-term |  |  | 27 |  |  |  | - |  |  |  | 27 |
Other accrued expenses |  |  | 1,831 |  |  |  | - |  |  |  | 1,831 |
Taxes payable |  |  | - |  |  |  | - |  |  |  | - |
Total Current Liabilities |  |  | 4,132 |  |  |  | - |  |  |  | 4,132 |
Long-Term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liability |  |  | - |  |  |  | - |  |  |  | - |
Financing lease liability, long-term |  |  | 66 |  |  |  | - |  |  |  | 66 |
Total Long-Term Liabilities |  |  | 66 |  |  |  | - |  |  |  | 66 |
Total Liabilities |  |  | 4,198 |  |  |  | - |  |  |  | 4,198 |
Commitments and Contingencies (Note 18) |  |  |  |  |  |  |  |  |  |  |  |
Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Common stock (class A) - $0.025 par value; nonvoting; 28,000,000 shares authorized; 13,866,999 and 13,866,913 shares issued at June 30, 2022, and June 30, 2021, respectively; 12,888,950 and 12,967,960 shares outstanding at June 30, 2022, and June 30, 2021, respectively |  |  | 347 |  |  |  | - |  |  |  | 347 |
Common stock (class B) - $0.025 par value; nonvoting; 4,500,000 shares authorized; no shares issued |  |  | - |  |  |  | - |  |  |  | - |
Convertible common stock (class C) - $0.025 par value; voting; 3,500,000 shares authorized; 2,068,549 and 2,068,635 shares issued and outstanding at June 30, 2022, and June 30, 2021, respectively |  |  | 52 |  |  |  | - |  |  |  | 52 |
Additional paid-in-capital |  |  | 16,438 |  |  |  | - |  |  |  | 16,438 |
Treasury stock, class A shares at cost; 978,049 shares and 898,953 shares at June 30, 2022, and June 30, 2021, respectively |  |  | (2,599 | ) |  |  | - |  |  |  | (2,599 | )
Accumulated other comprehensive income, net of tax |  |  | 4,276 |  |  |  | (652 | ) |  |  | 3,624 |
Retained earnings |  |  | 37,982 |  |  |  | (1,680 | ) |  |  | 36,302 |
Total Shareholders’ Equity |  |  | 56,496 |  |  |  | (2,332 | ) |  |  | 54,164 |
Total Liabilities and Shareholders’ Equity |  | $ | 60,694 |  |  | $ | (2,332 | ) |  | $ | 58,362 |
|  | Year Ended June 30, 2022 |
|  | As |  |  |  |  |  |  |  |  |
|  | Previously |  |  | Restatement |  |  | As |
(dollars in thousands, except per share data) |  | Reported |  |  | Adjustments |  |  | Restated |
Operating Revenues |  |  |  |  |  |  |  |  |  |  |  |
Advisory fees |  | $ | 24,525 |  |  | $ | - |  |  | $ | 24,525 |
Administrative services fees |  |  | 189 |  |  |  | - |  |  |  | 189 |
|  |  | 24,714 |  |  |  | - |  |  |  | 24,714 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 6,059 |  |  |  | - |  |  |  | 6,059 |
General and administrative |  |  | 6,911 |  |  |  | - |  |  |  | 6,911 |
Advertising |  |  | 405 |  |  |  | - |  |  |  | 405 |
Depreciation and amortization |  |  | 226 |  |  |  | - |  |  |  | 226 |
|  |  | 13,601 |  |  |  | - |  |  |  | 13,601 |
Operating Income |  |  | 11,113 |  |  |  | - |  |  |  | 11,113 |
Other Income (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Investment income (loss) |  |  | (4,046 | ) |  |  | (2,128 | ) |  |  | (6,174 | )
Income (loss) from equity method investments |  |  | (206 | ) |  |  | - |  |  |  | (206 | )
Other income |  |  | 235 |  |  |  | - |  |  |  | 235 |
|  |  | (4,017 | ) |  |  | (2,128 | ) |  |  | (6,145 | )
Income Before Income Taxes |  |  | 7,096 |  |  |  | (2,128 | ) |  |  | 4,968 |
Provision for Income Taxes |  |  |  |  |  |  |  |  |  |  |  |
Tax expense |  |  | 1,597 |  |  |  | (448 | ) |  |  | 1,149 |
Net Income |  |  | 5,499 |  |  |  | (1,680 | ) |  |  | 3,819 |
Earnings Per Share |  |  |  |  |  |  |  |  |  |  |  |
Basic Net Income per Share |  | $ | 0.37 |  |  | $ | (0.12 | ) |  | $ | 0.25 |
Diluted Net Income per Share |  | $ | 0.37 |  |  | $ | (0.12 | ) |  | $ | 0.25 |
Basic weighted average number of common shares outstanding |  |  | 15,010,138 |  |  |  |  |  |  |  | 15,010,138 |
Diluted weighted average number of common shares outstanding |  |  | 15,011,128 |  |  |  |  |  |  |  | 15,011,128 |
|  | Year Ended June 30, 2022 |
|  | As |  |  |  |  |  |  |  |  |
|  | Previously |  |  | Restatement |  |  | As |
(dollars in thousands) |  | Reported |  |  | Adjustments |  |  | Restated |
Net Income |  | $ | 5,499 |  |  | $ | (1,680 | ) |  | $ | 3,819 |
Other Comprehensive Income (Loss), Net of Tax: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on available-for-sale securities arising during period |  |  | (557 | ) |  |  | (652 | ) |  |  | (1,209 | )
Less: reclassification adjustment for gains included in net income (Note 4) |  |  | (1,731 | ) |  |  | - |  |  |  | (1,731 | )
Net change from available-for-sale securities, net of tax |  |  | (2,288 | ) |  |  | (652 | ) |  |  | (2,940 | )
Foreign currency translation adjustment |  |  | (13 | ) |  |  | - |  |  |  | (13 | )
Less: reclassification adjustment for foreign currency gains included in net income |  |  | (10 | ) |  |  | - |  |  |  | (10 | )
Net change from foreign currency translations |  |  | (23 | ) |  |  | - |  |  |  | (23 | )
Other Comprehensive Income (Loss) |  |  | (2,311 | ) |  |  | (652 | ) |  |  | (2,963 | )
Comprehensive Income |  | $ | 3,188 |  |  | $ | (2,332 | ) |  | $ | 856 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |  |  |  |  |
|  | Common |  |  |  |  |  |  | Common |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Other |  |  |  |  |  |  |  |  |
|  | Stock |  |  | Common |  |  | Stock |  |  | Common |  |  | Additional |  |  | Treasury |  |  |  |  |  |  | Comprehensive |  |  |  |  |  |  |  |  |
|  | (class A) |  |  | Stock |  |  | (class C) |  |  | Stock |  |  | Paid-in |  |  | Stock |  |  | Treasury |  |  | Income |  |  | Retained |  |  |  |  |
|  | Shares |  |  | (class A) |  |  | Shares |  |  | (class C) |  |  | Capital |  |  | Shares |  |  | Stock |  |  | (Loss) |  |  | Earnings |  |  | Total |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As Previously Reported: |
Balance at June 30, 2021 |  |  | 13,866,913 |  |  | $ | 347 |  |  |  | 2,068,635 |  |  | $ | 52 |  |  | $ | 15,677 |  |  |  | 898,953 |  |  | $ | (2,172 | ) |  | $ | 6,587 |  |  | $ | 33,833 |  |  | $ | 54,324 |
Purchases of shares of Common Stock (class A) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 89,287 |  |  |  | (452 | ) |  |  | - |  |  |  | - |  |  |  | (452 | )
Issuance of stock under ESPP of shares of Common Stock (class A) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | (10,191 | ) |  |  | 25 |  |  |  | - |  |  |  | - |  |  |  | 53 |
Conversion of shares of class C common stock for class A common stock |  |  | 86 |  |  |  | - |  |  |  | (86 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Share-based compensation, net of tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 733 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 733 |
Dividends declared |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,350 | ) |  |  | (1,350 | )
Other comprehensive loss, net of tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,311 | ) |  |  | - |  |  |  | (2,311 | )
Net income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,499 |  |  |  | 5,499 |
Balance at June 30, 2022 |  |  | 13,866,999 |  |  | $ | 347 |  |  |  | 2,068,549 |  |  | $ | 52 |  |  | $ | 16,438 |  |  |  | 978,049 |  |  | $ | (2,599 | ) |  | $ | 4,276 |  |  | $ | 37,982 |  |  | $ | 56,496 |
|  | Restatement Adjustments: |
Other comprehensive loss, net of tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (652 | ) |  |  | - |  |  |  | (652 | )
Net income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,680 | ) |  |  | (1,680 | )
|  | As Restated: |
Balance at June 30, 2021 |  |  | 13,866,913 |  |  | $ | 347 |  |  |  | 2,068,635 |  |  | $ | 52 |  |  | $ | 15,677 |  |  |  | 898,953 |  |  | $ | (2,172 | ) |  | $ | 6,587 |  |  | $ | 33,833 |  |  | $ | 54,324 |
Purchases of shares of Common Stock (class A) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 89,287 |  |  |  | (452 | ) |  |  | - |  |  |  | - |  |  |  | (452 | )
Issuance of stock under ESPP of shares of Common Stock (class A) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | (10,191 | ) |  |  | 25 |  |  |  | - |  |  |  | - |  |  |  | 53 |
Conversion of shares of class C common stock for class A common stock |  |  | 86 |  |  |  | - |  |  |  | (86 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Share-based compensation, net of tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 733 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 733 |
Dividends declared |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,350 | ) |  |  | (1,350 | )
Other comprehensive loss, net of tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,963 | ) |  |  | - |  |  |  | (2,963 | )
Net income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,819 |  |  |  | 3,819 |
Balance at June 30, 2022 |  |  | 13,866,999 |  |  | $ | 347 |  |  |  | 2,068,549 |  |  | $ | 52 |  |  | $ | 16,438 |  |  |  | 978,049 |  |  | $ | (2,599 | ) |  | $ | 3,624 |  |  | $ | 36,302 |  |  | $ | 54,164 |
|  | Year Ended June 30, 2022 |
(dollars in thousands) |  | As |  |  |  |  |  |  |  |  |
|  | Previously |  |  | Restatement |  |  | As |
|  | Reported |  |  | Adjustments |  |  | Restated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 5,499 |  |  | $ | (1,680 | ) |  | $ | 3,819 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, amortization and accretion |  |  | (419 | ) |  |  | - |  |  |  | (419 | )
Net recognized loss on disposal of fixed assets |  |  | - |  |  |  | - |  |  |  | - |
Net realized gains on securities |  |  | (4,039 | ) |  |  | - |  |  |  | (4,039 | )
Unrealized losses (gains) on securities |  |  | 9,786 |  |  |  | 2,128 |  |  |  | 11,914 |
Investment basis adjustment |  |  | 5 |  |  |  | - |  |  |  | 5 |
Net loss (income) from equity method investment |  |  | 206 |  |  |  | - |  |  |  | 206 |
Foreign currency transaction gain |  |  | (10 | ) |  |  | - |  |  |  | (10 | )
Provision for deferred taxes |  |  | (2,443 | ) |  |  | (448 | ) |  |  | (2,891 | )
Stock bonuses |  |  | - |  |  |  | - |  |  |  | - |
Stock-based compensation expense |  |  | 733 |  |  |  | - |  |  |  | 733 |
PPP loan forgiveness |  |  | - |  |  |  | - |  |  |  | - |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts and other receivables |  |  | 2,501 |  |  |  | - |  |  |  | 2,501 |
Prepaid expenses and other assets |  |  | (217 | ) |  |  | - |  |  |  | (217 | )
Accounts payable and accrued expenses |  |  | (1,067 | ) |  |  | - |  |  |  | (1,067 | )
Total adjustments |  |  | 5,036 |  |  |  | 1,680 |  |  |  | 6,716 |
Net cash provided by operating activities |  |  | 10,535 |  |  |  | - |  |  |  | 10,535 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (220 | ) |  |  | - |  |  |  | (220 | )
Purchase of equity securities at fair value, current |  |  | (6,000 | ) |  |  | - |  |  |  | (6,000 | )
Purchase of equity securities at fair value, non-current |  |  | (123 | ) |  |  | - |  |  |  | (123 | )
Purchase of other investments |  |  | (620 | ) |  |  | - |  |  |  | (620 | )
Purchase of held-to-maturity debt securities |  |  | - |  |  |  | - |  |  |  | - |
Purchase of available-for-sale debt securities at fair value |  |  | - |  |  |  | - |  |  |  | - |
Proceeds from sale of equity method investment |  |  | 85 |  |  |  | - |  |  |  | 85 |
Proceeds on sale of equity securities at fair value, non-current |  |  | 2,850 |  |  |  | - |  |  |  | 2,850 |
Proceeds from principal paydowns of available-for-sale debt securities at fair value |  |  | 3,000 |  |  |  | - |  |  |  | 3,000 |
Return of capital on other investments |  |  | 9 |  |  |  | - |  |  |  | 9 |
Net cash provided by (used in) investing activities |  |  | (1,019 | ) |  |  | - |  |  |  | (1,019 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 53 |  |  |  | - |  |  |  | 53 |
Repurchases of common stock |  |  | (452 | ) |  |  | - |  |  |  | (452 | )
Dividends paid |  |  | (1,239 | ) |  |  | - |  |  |  | (1,239 | )
Net cash used in financing activities |  |  | (1,638 | ) |  |  | - |  |  |  | (1,638 | )
Net increase in cash, cash equivalents, and restricted cash |  |  | 7,878 |  |  |  | - |  |  |  | 7,878 |
Beginning cash, cash equivalents, and restricted cash |  |  | 15,436 |  |  |  | - |  |  |  | 15,436 |
Ending cash, cash equivalents, and restricted cash |  | $ | 23,314 |  |  | $ | - |  |  | $ | 23,314 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Dividends declared but not paid |  | $ | 337 |  |  | $ | - |  |  | $ | 337 |
Fair value of assets acquired |  | $ | 228 |  |  | $ | - |  |  | $ | 228 |
Unsettled sales of non-current investments |  | $ | - |  |  | $ | - |  |  | $ | - |
Supplemental Disclosures of Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for income taxes |  | $ | 4,142 |  |  | $ | - |  |  | $ | 4,142 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9 + Details
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