Espey Mfg. & Electronics (ESP) 10-Q 10 Nov 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2022	Nov. 10, 2022
Cover [Abstract]
Entity Central Index Key	0000033533
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Entity File Number	1-4383
Document Transition Report	false
Entity Registrant Name	ESPEY MFG. & ELECTRONICS CORP.
Entity Incorportion, State or Country Code	NY
Trading Symbol	ESP
Entity Tax Identification Number	14-1387171
Entity Address, Address Line One	233 Ballston Avenue
Entity Address, City or Town	Saratoga Springs
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12866
City Area Code	518
Local Phone Number	245-4400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, $.33-1/3 par value
Entity Common Stock, Shares Outstanding		2,702,633

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
ASSETS
Cash and cash equivalents	$ 7,320,001	$ 8,104,060
Investment securities	5,414,175	3,708,779
Trade accounts receivable, net of allowance of $3,000	5,734,062	5,733,174
Inventories:
Raw materials	2,051,063	2,037,483
Work-in-process	192,460	315,547
Costs related to contracts in process	16,394,681	16,207,419
Total inventories	18,638,204	18,560,449
Prepaid expenses and other current assets	1,225,940	992,774
Total current assets	38,332,382	37,099,236
Property, plant and equipment, net	2,727,525	2,797,993
Total assets	41,059,907	39,897,229
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	2,910,993	2,079,177
Accrued expenses:
Salaries and wages	692,618	627,187
Vacation	636,853	666,380
ESOP payable	78,927
Other	809,576	752,554
Payroll and other taxes withheld	59,785	55,292
Contract liabilities	2,644,238	3,384,474
Income taxes payable	123,039	54,722
Total current liabilities	7,956,029	7,619,786
Deferred tax liabilities	176,502	177,829
Total liabilities	8,132,531	7,797,615
Commitments and contingencies (See Note 5)
Common stock, par value $.33-1/3 per share Authorized 10,000,000 shares; Issued 3,129,874 shares as of September 30, 2022 and June 30, 2022. Outstanding 2,702,633 shares as of September 30, 2022 and June 30, 2022 (includes 250,671 and 256,293 Unearned ESOP shares, respectively)	1,043,291	1,043,291
Capital in excess of par value	23,165,952	23,104,693
Accumulated other comprehensive loss	(3,695)	(1,932)
Retained earnings	19,448,123	18,679,857
Total stockholders equity before ESOP	43,653,671	42,825,909
Less: Unearned ESOP shares	(4,687,604)	(4,687,604)
Cost of 427,241 shares of common stock in treasury as of September 30, 2022 and June 30, 2022	(6,038,691)	(6,038,691)
Total stockholders' equity	32,927,376	32,099,614
Total liabilities and stockholders' equity	$ 41,059,907	$ 39,897,229

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance	$ 3,000	$ 3,000
Common stock, par value	$ 0.3333	$ 0.3333
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	3,129,874	3,129,874
Common stock, shares outstanding	2,702,633	2,702,633
Unearned ESOP, shares	250,671	256,293
Treasury stock, shares	427,241	427,241

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 8,635,795	$ 7,545,432
Cost of sales	6,823,653	6,192,334
Gross profit	1,812,142	1,353,098
Selling, general and administrative expenses	839,030	994,822
Operating income	973,112	358,276
Other income
Interest income	8,807	1,596
Other	3,767	17,971
Total other income	12,574	19,567
Income before provision for income taxes	985,686	377,843
Provision for income taxes	217,420	71,782
Net income	768,266	306,061
Other comprehensive income, net of tax
Unrealized loss on investment securities	(1,763)
Total comprehensive income	$ 766,503	$ 306,061
Net income per share:
Basic	$ 0.31	$ 0.13
Diluted	$ 0.31	$ 0.13
Weighted average number of shares outstanding:
Basic	2,446,402	2,423,267
Diluted	2,447,519	2,423,267

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Capital in Excess of Par Value [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Unearned ESOP Shares [Member]	Total
Balance, beginning at Jun. 30, 2021	$ 1,043,291	$ 23,026,096	$ (2,361)	$ 17,414,730	$ (6,038,691)	$ (5,110,770)	$ 30,332,295
Balance, beginning, shares at Jun. 30, 2021	2,702,633				427,241
Comprehensive   income:
Net income				306,061			306,061
Other comprehensive income (loss), net of tax
Total comprehensive income							306,061
Stock-based compensation		52,776					52,776
Balance, ending at Sep. 30, 2021	$ 1,043,291	23,078,872	(2,361)	17,720,791	$ (6,038,691)	(5,110,770)	30,691,132
Balance, ending, common shares at Sep. 30, 2021	2,702,633				427,241
Balance, beginning at Jun. 30, 2022	$ 1,043,291	23,104,693	(1,932)	18,679,857	$ (6,038,691)	(4,687,604)	$ 32,099,614
Balance, beginning, shares at Jun. 30, 2022	2,702,633				427,241		2,702,633
Comprehensive   income:
Net income				768,266			$ 768,266
Other comprehensive income (loss), net of tax			(1,763)				(1,763)
Total comprehensive income							766,503
Stock-based compensation		61,259					61,259
Balance, ending at Sep. 30, 2022	$ 1,043,291	$ 23,165,952	$ (3,695)	$ 19,448,123	$ (6,038,691)	$ (4,687,604)	$ 32,927,376
Balance, ending, common shares at Sep. 30, 2022	2,702,633				427,241		2,702,633

Statements of Changes in Stoc_2

Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock Transactions, Parenthetical Disclosure [Abstract]
Other comprehensive loss, net of tax	$ 370

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 768,266	$ 306,061
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	61,259	52,776
Depreciation	120,950	121,237
ESOP compensation expense	78,927	84,506
Deferred income tax benefit	(1,697)	(17,885)
Changes in assets and liabilities:
(Increase) decrease in trade accounts receivable	(888)	1,072,116
Increase) in income taxes receivable		89,667
(Increase) decrease in inventories	(77,755)	7,338
(Increase) decrease in prepaid expenses and other current assets	(233,166)	218,306
Increase (decrease) in accounts payable	831,816	(553,919)
Increase in accrued salaries and wages	65,431	73,348
Decrease in vacation accrual	(29,527)	(20,677)
Increase in other accrued expenses	57,022	80,892
Increase in payroll and other taxes withheld	4,493	56,547
(Decrease) increase in contract liabilities	(740,236)	17,380
Increase in income taxes payable	68,317
Net cash provided by operating activities	973,212	1,587,693
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(50,482)	(45,691)
Purchase of investment securities	(2,826,789)	(534,000)
Proceeds from sale/maturity of investment securities	1,120,000	488,000
Net cash used in by investing activities	(1,757,271)	(91,691)
(Decrease) increase in cash and cash equivalents	(784,059)	1,496,002
Cash and cash equivalents, beginning of period	8,104,060	6,802,712
Cash and cash equivalents, end of period	7,320,001	8,298,714
Supplemental Schedule of Cash Flow Information:
Income taxes paid	$ 150,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2022
Basis of Presentation [Abstract]
Basis of Presentation	Note 1. Basis of Presentation In the opinion of management the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for such periods. The results for any interim period are not necessarily indicative of the results to be expected for the full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, inventories, income taxes, and stock-based compensation. Specific to inventories, including work-in-process and contracts in process, management evaluates, quarterly, those estimates used in determining the cost to complete for each contract on Espey Mfg. & Electronics Corp. (the “Company”) sales backlog. The change in estimates may affect the reported amount of inventories and gross profit in the current or a future period. Management bases its estimates on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. These financial statements should be read in conjunction with the Company's most recent audited financial statements included in its report on Form 10-K for the year ended June 30, 2022. Certain reclassifications may have been made to the prior year financial statements to conform to the current year presentation.

Investment Securities

Investment Securities	3 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Note 2. Investment Securities Accounting Standards Codification (“ASC”) 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ▪ Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ▪ Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. ▪ Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The carrying amounts of financial instruments, including cash and cash equivalents, short term investments, accounts receivable, accounts payable and accrued expenses, approximated fair value as of September 30, 2022 and June 30, 2022 because of the immediate or short-term maturity of these financial instruments. Investment securities at September 30, 2022 consists of certificates of deposit, municipal bonds and U.S. treasury bills and at June 30, 2022 consisted of certificates of deposit and municipal bonds. The Company classifies investment securities as available-for-sale which have been determined to be level 1 assets. The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale debt securities by major security type at September 30, 2022 and June 30, 2022 are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2022 Certificates of deposit $ 5,050,000 $ — $ — $ 5,050,000 Municipal bonds $ 72,225 $ — $ ( 4,385 ) $ 67,840 U.S. Treasury Bills $ 296,440 $ — $ ( 105 ) $ 296,335 Total investment securities $ 5,418,665 $ — $ ( 4,490 ) $ 5,414,175 June 30, 2022 Certificates of deposit $ 3,639,000 $ — $ — $ 3,639,000 Municipal bonds $ 72,225 $ — $ ( 2,446 ) $ 69,779 Total investment securities $ 3,711,225 $ — $ ( 2,446 ) $ 3,708,779 The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At September 30, 2022, the Company did not have any investments in individual securities that have been in a continuous loss position considered to be other than temporary. 6 Index As of September 30, 2022 and June 30, 2022, the remaining contractual maturities of available-for-sale debt securities were as follows: Years to Maturity Less than One to One Year Five Years Total September 30, 2022 Available-for-sale $ 4,626,334 $ 787,841 $ 5,414,175 June 30, 2022 Available-for-sale $ 3,639,000 $ 69,779 $ 3,708,779

Net Income per Share

Net Income per Share	3 Months Ended
	Sep. 30, 2022
Net Income (Loss) per Share [Abstract]
Net Income per Share	Note 3. Net Income per Share Basic net income per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income of the Company. The computation of diluted net income per share, excluded options to purchase 241,773 344,512

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Note 4. Stock Based Compensation The Company follows ASC 718 in establishing standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, as well as transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements based on the fair value of the share-based payment. ASC 718 establishes fair value as the measurement objective in accounting for share-based payment transactions with employees, except for equity instruments held by employee share ownership plans. Total stock-based compensation expense recognized in the statements of comprehensive income for the three-month periods ended September 30, 2022 and 2021 was $ 61,259 52,776 9,604 7,366 2,017 1,547 As of September 30, 2022, there was approximately $ 308,188 2 254,793 53,395 11,213 The Company has one employee stock option plan under which options or stock awards may be granted, the 2017 Stock Option and Restricted Stock Plan (the "2017 Plan"). The Board of Directors may grant options to acquire shares of common stock to employees and non-employee directors of the Company at the fair market value of the common stock on the date of grant. The maximum aggregate number of shares of Common Stock subject to options or awards to non-employee directors is 133,000 13,300 33 15,000 two years 400,000 379,104 262,223 116,881 137,777 50,750 7 Index ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option valuation model, which incorporates various assumptions including those for dividend yield, volatility, expected life and interest rates. The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the three months ended September 30, 2022 and 2021. September 30, 2022 September 30, 2021 Company’s expected volatility 27.10 % 25.50 % Risk-free interest rate 2.66 % 0.89 % Expected term 5.4 yrs 5.4 yrs Weighted average fair value per share of options granted during the period $ 4.11 $ 3.73 Expected stock price volatility is based on the historical volatility of the Company’s stock. The risk-free interest rate is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options. The expected option term (in years) represents the estimated period of time until exercise and is based on actual historical experience. The following table summarizes stock option activity during the three months ended September 30, 2022: Employee Stock Options Plan Weighted Number of Weighted Average Shares Average Remaining Aggregate Subject Exercise Contractual Intrinsic to Option Price Term Value Balance at July 1, 2022 246,273 $ 20.89 6.73 Granted 71,200 $ 13.61 9.84 Exercised — — — Forfeited or expired ( 4,500 $ 18.20 — Outstanding at September 30, 2022 312,973 $ 19.27 7.22 $ 12,816 Vested or expected to vest at September 30, 2022 282,623 $ 19.74 7.02 $ 10,483 Exercisable at September 30, 2022 141,598 $ 24.49 4.94 $ 0 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the closing sale price of the Company’s common stock as reported on the NYSE American on September 30, 2022 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders if all option holders had exercised their options on September 30, 2022. This amount changes based on the fair market value of the Company’s common stock. The intrinsic value of options exercised during the three months ended September 30, 2022 and 2021 was $ 0 8 Index The following table summarizes changes in non-vested stock options during the three months ended September 30, 2022: Weighted Number Average of Shares Subject to Option Grant Date Fair Value (per Option) Non-vested at July 1, 2022 104,175 $ 2.92 Granted 71,200 $ 4.11 Vested — — Forfeited or expired ( 4,000 $ 1.91 Non-vested at September 30, 2022 171,375 $ 3.44

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5. Commitments and Contingencies The Company from time to time, enters into standby letters of credit agreements with financial institutions primarily relating to the guarantee of future performance on certain contracts. Contingent liabilities on outstanding standby letters of credit agreements aggregated to zero We are party to various litigation matters and claims arising from time to time in the ordinary course of business. There are no such pending matters which we believe will have a material adverse effect on our business, financial condition, results of operations or cash flows.

Revenue

Revenue	3 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Note 6. Revenue The Company follows ASC 606 “Revenue from Contracts with Customers” to determine the recognition of revenue. This standard requires entities to assess the products or services promised in contracts with customers at contract inception to determine the appropriate unit at which to record revenues. Revenue is recognized when control of the promised products or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those products or services. Significant judgment is required in determining the satisfaction of performance obligations. Revenues from our performance obligations are satisfied over time using the output method which considers the appraisal of results achieved and milestones reached or units delivered based on contractual shipment terms, typically shipping point. Revenue is recognized when, or as, the customer takes control of the product or services. The output method best depicts the transfer of control to the customer as the output method represents work completed. Control is typically transferred to the customer at the shipping point as the Company has a present right to payment, the customer has legal title to the asset, the customer has the significant risks and rewards of ownership of the asset, and in most instances the customer has accepted the asset. Total revenue recognized for the three months ended September 30, 2022 based on units delivered was $ 6,959,789 6,492,236 1,676,006 1,053,196 9 Index The Company offers a standard one-year product warranty. Product warranties offered by the Company are classified as assurance-type warranties, which means, the warranty only guarantees that the good or service functions as promised. Based on this, the provided warranty is not considered to be a distinct performance obligation. The impact of variable consideration has been considered but none identified which would be required to be allocated to the transaction price as of September 30, 2022. Our payment terms are generally 30-60 days. Contract liabilities were $ 2,644,238 3,384,474 1,171,430 The Company’s backlog at September 30, 2022 totaling approximately $ 81.2 32% in 2023; 47% in 2024; 17% in 2025, and 4% thereafter.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Sep. 30, 2022
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 7. Recently Issued Accounting Standards Recent Accounting Pronouncements Adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU 2019-12 amends ASC 740 to simplify the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations, and adding guidance to reduce complexity in the accounting standard under the FASB’s simplification initiative. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020. Upon adoption, the amendments in ASU 2019-12 should be applied on a prospective basis to all periods presented. The Company adopted the new guidance under ASU 2019-12 in the first quarter of fiscal year 2022 and removed the exception for intraperiod allocations from its interim period tax provision calculation, accordingly. The removal of the exception for intraperiod allocations did not have a material impact on the Company. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected, with further clarifications made more recently. For trade receivables, loans and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. Credit losses relating to available-for-sale debt securities are required to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. ASU 2016-13 is effective for public entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Upon adoption, the amendments in ASU 2016-13 should be applied on a prospective basis to all periods presented relating to available-for-sale debt securities. For all other financial instruments the Company upon adoption will apply the amendments on a modified-retrospective approach. The Company is expected to adopt the new guidance under ASU 2016-13 in the first quarter of fiscal year 2024, beginning July 1, 2023, and is currently evaluating the impact of the adoption on its financial statements.

Employee Stock Ownership Plan

Employee Stock Ownership Plan	3 Months Ended
	Sep. 30, 2022
Employee Stock Ownership Plan [Abstract]
Employee Stock Ownership Plan	Note 8. Employee Stock Ownership Plan The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion employees who work 1,000 78,927 84,506 10 Index The ESOP shares as of September 30, 2022 and 2021 were as follows: September 30, 2022 September 30, 2021 Allocated shares 496,091 483,984 Committed-to-be-released shares 5,622 5,784 Unreleased shares 250,671 273,645 Total shares held by the ESOP 752,384 763,413 Fair value of unreleased shares $ 3,456,753 $ 3,981,535 The Company may at times be required to repurchase shares at the ESOP participants’ request at the shares’ fair market value. During the three months ended September 30, 2022 and 2021, the Company did not repurchase shares previously held by the ESOP. The ESOP allows for eligible participants to take whole share distributions from the Plan on specific dates in accordance with the provisions of the Plan. Share distributions from the ESOP during the three months ended September 30, 2022 and 2021 totaled 0 3,236

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-Sale Securities	Investment securities at September 30, 2022 consists of certificates of deposit, municipal bonds and U.S. treasury bills and at June 30, 2022 consisted of certificates of deposit and municipal bonds. The Company classifies investment securities as available-for-sale which have been determined to be level 1 assets. The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale debt securities by major security type at September 30, 2022 and June 30, 2022 are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2022 Certificates of deposit $ 5,050,000 $ — $ — $ 5,050,000 Municipal bonds $ 72,225 $ — $ ( 4,385 ) $ 67,840 U.S. Treasury Bills $ 296,440 $ — $ ( 105 ) $ 296,335 Total investment securities $ 5,418,665 $ — $ ( 4,490 ) $ 5,414,175 June 30, 2022 Certificates of deposit $ 3,639,000 $ — $ — $ 3,639,000 Municipal bonds $ 72,225 $ — $ ( 2,446 ) $ 69,779 Total investment securities $ 3,711,225 $ — $ ( 2,446 ) $ 3,708,779
Schedule of Contractual Maturities	As of September 30, 2022 and June 30, 2022, the remaining contractual maturities of available-for-sale debt securities were as follows: Years to Maturity Less than One to One Year Five Years Total September 30, 2022 Available-for-sale $ 4,626,334 $ 787,841 $ 5,414,175 June 30, 2022 Available-for-sale $ 3,639,000 $ 69,779 $ 3,708,779

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of fair value assumptions	The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the three months ended September 30, 2022 and 2021. September 30, 2022 September 30, 2021 Company’s expected volatility 27.10 % 25.50 % Risk-free interest rate 2.66 % 0.89 % Expected term 5.4 yrs 5.4 yrs Weighted average fair value per share of options granted during the period $ 4.11 $ 3.73
Schedule of stock option activity	The following table summarizes stock option activity during the three months ended September 30, 2022: Employee Stock Options Plan Weighted Number of Weighted Average Shares Average Remaining Aggregate Subject Exercise Contractual Intrinsic to Option Price Term Value Balance at July 1, 2022 246,273 $ 20.89 6.73 Granted 71,200 $ 13.61 9.84 Exercised — — — Forfeited or expired ( 4,500 $ 18.20 — Outstanding at September 30, 2022 312,973 $ 19.27 7.22 $ 12,816 Vested or expected to vest at September 30, 2022 282,623 $ 19.74 7.02 $ 10,483 Exercisable at September 30, 2022 141,598 $ 24.49 4.94 $ 0
Schedule of changes in non-vested stock options	The following table summarizes changes in non-vested stock options during the three months ended September 30, 2022: Weighted Number Average of Shares Subject to Option Grant Date Fair Value (per Option) Non-vested at July 1, 2022 104,175 $ 2.92 Granted 71,200 $ 4.11 Vested — — Forfeited or expired ( 4,000 $ 1.91 Non-vested at September 30, 2022 171,375 $ 3.44

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Tables)	3 Months Ended
	Sep. 30, 2022
Employee Stock Ownership Plan [Abstract]
Schedule of ESOP shares	The ESOP shares as of September 30, 2022 and 2021 were as follows: September 30, 2022 September 30, 2021 Allocated shares 496,091 483,984 Committed-to-be-released shares 5,622 5,784 Unreleased shares 250,671 273,645 Total shares held by the ESOP 752,384 763,413 Fair value of unreleased shares $ 3,456,753 $ 3,981,535

Investment Securities (Schedule

Investment Securities (Schedule of Available-for-Sale Securities) (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 5,418,665	$ 3,711,225
Gross Unrealized Gains
Gross Unrealized Losses	(4,490)	(2,446)
Fair Value	5,414,175	3,708,779
Certificates of Deposit [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	5,050,000	3,639,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	5,050,000	3,639,000
Municipal Bonds [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	72,225	72,225
Gross Unrealized Gains
Gross Unrealized Losses	(4,385)	(2,446)
Fair Value	67,840	$ 69,779
U.S. Treasury Bills [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	296,440
Gross Unrealized Gains
Gross Unrealized Losses	(105)
Fair Value	$ 296,335

Investment Securities (Schedu_2

Investment Securities (Schedule of Contractual Maturities) (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Contractual maturities of available-for-sale securities
Less than One Year	$ 4,626,334	$ 3,639,000
One to Five Years	787,841	69,779
Fair Value	$ 5,414,175	$ 3,708,779

Net Income per Share (Details)

Net Income per Share (Details) - shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net Income (Loss) per Share [Abstract]
Computation of diluted net income per share	241,773	344,512

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	$ 61,259	$ 52,776
Deferred tax benefit related to stock based compensation	2,017	1,547
Unrecognized compensation costs	$ 308,188
Period in which compensation cost will be recognized	2 years
Deferred tax benefit related to unrecognized compensation costs	$ 11,213
Granted	71,200
Outstanding	312,973		246,273
Shares cancelled	4,500
Aggregate intrinsic value of options exercised	$ 0	0
2017 Plan [Member] | Non employee directors [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares under plan	133,000
Percentage of total number of shares subject to options or awards, single fiscal year	33%
Number of shares subject to option or award, single fiscal year	13,300
2017 Plan [Member] | Individual Employee [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares subject to option or award, single fiscal year	15,000
Non-qualified stock options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based compensation expense	$ 9,604	$ 7,366
Unrecognized compensation costs	53,395
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation costs	$ 254,793
Stock Options [Member] | 2017 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding	262,223
Shares remain available for grant	137,777
Stock Option Plans [Member] | 2017 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Authorized shares under plan	400,000
Granted	379,104
Shares cancelled	116,881
Restricted Stock Plan [Member] | 2007 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding	50,750

Stock Based Compensation (Sched

Stock Based Compensation (Schedule of Fair Value Assumptions) (Details) - $ / shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Weighted average assumptions to calculation option fair value
Company's expected volatility	27.10%	25.50%
Risk-free interest rate	2.66%	0.89%
Expected term	5 years 4 months 24 days	5 years 4 months 24 days
Weighted average fair value per share of options granted during the period	$ 4.11	$ 3.73

Stock Based Compensation (Sch_2

Stock Based Compensation (Schedule of Stock Option Activity) (Details)	3 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Number of Shares Subject to Option
Balance at July 1, 2021 | shares	246,273
Granted | shares	71,200
Exercised | shares
Forfeited or expired | shares	(4,500)
Outstanding at September 30, 2022 | shares	312,973
Vested or expected to vest at September 30, 2022 | shares	282,623
Exercisable at September 30, 2022 | shares	141,598
Weighted Average Exercise Price
Balance at July 1, 2021 | $ / shares	$ 20.89
Granted | $ / shares	13.61
Exercised | $ / shares
Forfeited or expired | $ / shares	18.20
Outstanding at September 30, 2022 | $ / shares	19.27
Vested or expected to vest at September 30, 2022 | $ / shares	19.74
Exercisable at September 30, 2022 | $ / shares	$ 24.49
Weighted Average Remaining Contractual Term
Balance at July 1, 2021	6 years 8 months 23 days
Granted	9 years 10 months 2 days
Outstanding at September 30, 2022	7 years 2 months 19 days
Vested or expected to vest at September 30, 2022	7 years 7 days
Exercisable at September 30, 2022	4 years 11 months 8 days
Aggregate Intrinsic Value
Outstanding at September 30, 2022 | $	$ 12,816
Vested or expected to vest at September 30, 2022 | $	10,483
Exercisable at September 30, 2022 | $	$ 0

Stock Based Compensation (Sch_3

Stock Based Compensation (Schedule of Changes in Non-Vested Stock Options) (Details)	3 Months Ended
	Sep. 30, 2022 $ / shares shares
Weighted Number of Shares Subject to Option
Non-vested at July 1, 2022 | shares	104,175
Granted | shares	71,200
Vested | shares
Forfeited or expired | shares	(4,000)
Non-vested at September 30, 2022 | shares	171,375
Average Grant Date Fair Value (per Option)
Non-vested at July 1, 2021 | $ / shares	$ 2.92
Granted | $ / shares	4.11
Vested | $ / shares
Forfeited or expired | $ / shares	1.91
Non-vested at September 30, 2022 | $ / shares	$ 3.44

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Standby Letters of Credit [Member]
Contingent liabilities	$ 0	$ 0

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities	$ 1,171,430
Revenue	8,635,795	$ 7,545,432
ASC 606 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract liabilities	2,644,238		$ 3,384,474
ASC 606 [Member] | Backlog [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets	$ 81,200,000
Percentage of estimated shipments	32% in 2023; 47% in 2024; 17% in 2025, and 4% thereafter.
ASC 606 [Member] | Units Delivered [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	$ 6,959,789	6,492,236
ASC 606 [Member] | Milestones Achieved [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue	$ 1,676,006	$ 1,053,196

Employee Stock Ownership Plan_2

Employee Stock Ownership Plan (Narrative) (Details)	3 Months Ended
	Sep. 30, 2022 USD ($) h shares	Sep. 30, 2021 USD ($) shares
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of shares allocated to employees	496,091	483,984
ESOP compensation expense | $	$ 78,927	$ 84,506
Employee Stock Ownership Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Number of hours worked per year to quality for the plan | h	1,000
Shares distributed	0	3,236

Employee Stock Ownership Plan_3

Employee Stock Ownership Plan (Schedule of ESOP shares) (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Employee Stock Ownership Plan [Abstract]
Allocated shares	496,091	483,984
Committed-to-be-released shares	5,622	5,784
Unreleased shares	250,671	273,645
Total shares held by the ESOP	752,384	763,413
Fair value of unreleased shares	$ 3,456,753	$ 3,981,535