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BASIS OF FINANCIAL STATEMENT PRESENTATION
9 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 BASIS OF FINANCIAL STATEMENT PRESENTATION

 

The accompanying unaudited condensed financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim condensed financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. We believe the disclosures and information presented are adequate to make the information not misleading. These interim condensed financial statements should be read in conjunction with our most recent audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the “2021 Annual Report”). Operating results for the fiscal quarter ended March 31, 2022 are not necessarily indicative of the results that may be expected for the current fiscal year ending June 30, 2022.

 

COVID-19 Update

 

We continue to experience the effects of the COVID-19 pandemic on our supply chain, particularly in Asia where we source many of our metal rims for assemblies. A recent resurgence in COVID cases in China has resulted in higher freight costs and delivery delays. Our domestic supply chain continues to be stressed by residual effects of COVID as many suppliers are having problems meeting demand. We continued to see record demand for our products in the most recent quarter, and we continue to be diligent in minimizing COVID-19 exposure risk in our facility. We have implemented price increases on our tire products where possible to reduce the negative impact of increasing costs.