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Note 1 - Revision of Previously Issued Consolidated Financial Statements

12 Months Ended

Jun. 30, 2023

NOTE 1. REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

In connection with the preparation of its Consolidated Financial Statements for the fiscal year ended June 30, 2023, the Company determined that its previously issued Consolidated Financial Statements as of and for the fiscal year ended June 30, 2022, contained an error as summarized below. Based on management’s evaluation of the accounting error under the SEC Staff’s Accounting Bulletins Nos. 99 (“SAB 99”) and 108 (“SAB 108”) and interpretations thereof, the Company concluded the error is not material, on an individual or aggregate basis, to the Company’s previously reported financial statements. The Company has corrected this accounting error in the accompanying Consolidated Financial Statements as of and for the fiscal year ended June 30, 2022, as a revision to those financial statements.

The Company did not record certain liabilities as required by FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (codified under ASC 740-10) (“FIN 48”) for fiscal years 2022 and 2021. The error for both fiscal year 2021 and 2022 were corrected in the Company’s Consolidated Financial Statements as of and for the year ended June 30, 2022.

The following tables set forth the impact of correcting this error in the Company’s previously issued Consolidated Financial Statements, as of and for the year ended June 30, 2022.

CONSOLIDATED BALANCE SHEET

	*June 30, 2022*
	As
	*Previously*		*Immaterial*			As
(dollars in thousands)	*Reported*		*Revisions*			*Revised*
Long-Term Liabilities
Reserve for uncertain tax positions	$	-	$	379		$	379
Total Long-Term Liabilities	$	66	$	379		$	445
Total Liabilities	$	4,198	$	379		$	4,577

Shareholders’ Equity
Retained earnings	$	36,302	$	(379	)	$	35,923
Total Shareholders’ Equity	$	54,164	$	(379	)	$	53,785

CONSOLIDATED STATEMENT OF OPERATIONS

	*Year Ended June 30, 2022*
	As
	*Previously*		*Immaterial*			As
(dollars in thousands, except per share data)	*Reported*		*Revisions*			*Revised*
Provision for Income Taxes
Tax expense	$	1,149	$	379		$	1,528
Net Income	$	3,819	$	(379	)	$	3,440

Earnings Per Share
Basic Net Income per Share	$	0.25	$	(0.02	)	$	0.23
Diluted Net Income per Share	$	0.25	$	(0.02	)	$	0.23

In addition to the changes listed above, the Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders' Equity, Consolidated Statements of Cash Flows, and impacted footnote disclosures have also been revised to reflect the error correction.