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11. Earnings per share
 9 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings per share

Note 11 – Earnings per share

 

The following table sets forth the computation of basic and diluted earnings per share for the periods presented:

 

   For the nine months ended
March 31,		 
   2021   2020 
Numerator:        
Net income  $1,130,649   $797,946 
Denominator:          
Weighted-average shares used in computing basic and diluted earnings per share*   20,204,496    20,056,515 
Earnings per share of ordinary shares: -basic and diluted  $0.056   $0.040 

 

*On November 16, 2020, the Company implemented a 2-for-1 forward split of the issued and outstanding shares of Class A Common Stock of the Company. The computation of basic and diluted EPS was retroactively adjusted for all periods presented.

 

*On October 20, 2020, the Company issued to its founders 14,000,000 shares of Class B Common Stock, which shall be eligible to convert into Class A Common Stock, on a one-for-ten basis, at any time following twelve (12) months after the Company’s completion of its initial public offering of its Class A Common Stock. The computation of basic and diluted EPS did not include the Class B Common Stock as the holders of Class B Common Stock have no dividend or liquidation right until such time as their shares of Class B Common Stock have been converted into Class A Common Stock. See Note 16 for the status of Class B Common Stock.

 

*The computation of basic and diluted EPS did not include the underlying shares of Series A Convertible Preferred Stock, convertible notes, and warrants, as the conversion/exercise of these instruments and participation in dividends with the Company’s Common Stock was contingent on completion of an IPO.