Napco Security (NSSC) 10-Q 6 Feb 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2022	Feb. 03, 2023
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	0-10004
Entity Registrant Name	NAPCO SECURITY TECHNOLOGIES, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2277818
Entity Address, Address Line One	333 Bayview Avenue
Entity Address, City or Town	Amityville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11701
City Area Code	631
Local Phone Number	842-9400
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NSSC
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000069633
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		36,745,718

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 32,007	$ 41,730
Investments - other	10,068
Marketable securities	5,028	5,068
Accounts receivable, net of allowance for credit losses of $215 and $243 as of December 31, 2022 and June 30, 2022, respectively	20,985	29,218
Inventories, net	48,661	40,781
Prepaid expenses and other current assets	2,827	2,838
Total Current Assets	119,576	119,635
Inventories - non-current, net	15,531	9,005
Property, plant and equipment, net	7,984	7,939
Intangible assets, net	4,119	4,300
Deferred income taxes	828
Operating lease asset	5,961	7,350
Other assets	364	347
TOTAL ASSETS	154,363	148,576
CURRENT LIABILITIES
Accounts payable	8,110	11,072
Accrued expenses	7,215	9,489
Accrued salaries and wages	2,383	4,064
Accrued income taxes	291	1,868
Total Current Liabilities	17,999	26,493
Deferred income taxes		166
Accrued income taxes	1,082	1,058
Long term operating lease liabilities	5,786	7,068
TOTAL LIABILITIES	24,867	34,785
COMMITMENTS AND CONTINGENCIES (Note 12)
STOCKHOLDERS' EQUITY
Common Stock, par value $0.01 per share; 100,000,000 shares authorized as of December 31, 2022 and June 30, 2022; 39,639,433 and 39,628,197 shares issued; and 36,745,718 and 36,734,482 shares outstanding, respectively	396	396
Additional paid-in capital	20,862	20,005
Retained earnings	127,759	112,911
Less: Treasury Stock, at cost (2,893,715 shares)	(19,521)	(19,521)
TOTAL STOCKHOLDERS' EQUITY	129,496	113,791
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 154,363	$ 148,576

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 215,000	$ 243,000
Common stock, par (per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	39,639,433	39,628,197
Common stock, outstanding (in shares)	36,745,718	36,734,482
Treasury stock, shares	2,893,715	2,893,715

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net sales:
Net sales	$ 42,314,000	$ 33,408,000	$ 81,807,000	$ 64,459,000
Cost of sales:
Cost of sales	22,852,000	21,965,000	44,178,000	39,560,000
Gross Profit	19,462,000	11,443,000	37,629,000	24,899,000
Operating expenses:
Research and development	2,222,000	1,978,000	4,650,000	3,909,000
Selling, general, and administrative expenses	7,804,000	8,195,000	16,294,000	15,541,000
Total Operating Expenses	10,026,000	10,173,000	20,944,000	19,450,000
Operating Income	9,436,000	1,270,000	16,685,000	5,449,000
Other income (expense):
Interest and other income (expense), net	187,000	58,000	84,000	75,000
Gain on extinguishment of debt				3,904,000
Income before Provision for Income Taxes	9,623,000	1,328,000	16,769,000	9,428,000
Provision for Income Taxes	1,177,000	291,000	1,921,000	639,000
Net Income	$ 8,446,000	$ 1,037,000	$ 14,848,000	$ 8,789,000
Income per share:
Basic (in dollars per share)	$ 0.23	$ 0.03	$ 0.40	$ 0.24
Diluted (in dollars per share)	$ 0.23	$ 0.03	$ 0.40	$ 0.24
Weighted average number of shares outstanding:
Basic (in shares)	36,772,000	36,728,000	36,731,000	36,720,000
Diluted (in shares)	36,997,000	36,898,000	36,957,000	36,877,000
Equipment
Net sales:
Net sales	$ 27,434,000	$ 22,380,000	$ 53,121,000	$ 43,207,000
Cost of sales:
Cost of sales	21,187,000	20,571,000	40,852,000	36,743,000
Services
Net sales:
Net sales	14,880,000	11,028,000	28,686,000	21,252,000
Cost of sales:
Cost of sales	$ 1,665,000	$ 1,394,000	$ 3,326,000	$ 2,817,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Total
Balance at Jun. 30, 2021	$ 396	$ 18,201	$ (19,521)	$ 93,312	$ 92,388
Balance (in shares) at Jun. 30, 2021	39,595,883		(2,893,715)
Net income				7,752	7,752
Stock-based compensation expense		89			89
Stock options exercised		16			16
Stock options exercised (in shares)	5,000
Balance at Sep. 30, 2021	$ 396	18,306	$ (19,521)	101,064	100,245
Balance (in shares) at Sep. 30, 2021	39,600,883		(2,893,715)
Balance at Jun. 30, 2021	$ 396	18,201	$ (19,521)	93,312	92,388
Balance (in shares) at Jun. 30, 2021	39,595,883		(2,893,715)
Net income					8,789
Balance at Dec. 31, 2021	$ 396	19,700	$ (19,521)	102,101	102,676
Balance (in shares) at Dec. 31, 2021	39,625,471		(2,893,715)
Balance at Jun. 30, 2021	$ 396	18,201	$ (19,521)	93,312	92,388
Balance (in shares) at Jun. 30, 2021	39,595,883		(2,893,715)
Balance at Jun. 30, 2022	$ 396	20,005	$ (19,521)	112,911	113,791
Balance (in shares) at Jun. 30, 2022	39,628,197		(2,893,715)
Balance at Sep. 30, 2021	$ 396	18,306	$ (19,521)	101,064	100,245
Balance (in shares) at Sep. 30, 2021	39,600,883		(2,893,715)
Net income				1,037	1,037
Stock-based compensation expense		1,255			1,255
Stock options exercised		139			139
Stock options exercised (in shares)	24,588
Balance at Dec. 31, 2021	$ 396	19,700	$ (19,521)	102,101	102,676
Balance (in shares) at Dec. 31, 2021	39,625,471		(2,893,715)
Balance at Jun. 30, 2022	$ 396	20,005	$ (19,521)	112,911	113,791
Balance (in shares) at Jun. 30, 2022	39,628,197		(2,893,715)
Net income				6,402	6,402
Stock-based compensation expense		477			477
Stock options exercised		45			45
Stock options exercised (in shares)	8,480
Balance at Sep. 30, 2022	$ 396	20,527	$ (19,521)	119,313	120,715
Balance (in shares) at Sep. 30, 2022	39,636,677		(2,893,715)
Balance at Jun. 30, 2022	$ 396	20,005	$ (19,521)	112,911	113,791
Balance (in shares) at Jun. 30, 2022	39,628,197		(2,893,715)
Net income					14,848
Balance at Dec. 31, 2022	$ 396	20,862	$ (19,521)	127,759	129,496
Balance (in shares) at Dec. 31, 2022	39,639,433		(2,893,715)
Balance at Sep. 30, 2022	$ 396	20,527	$ (19,521)	119,313	120,715
Balance (in shares) at Sep. 30, 2022	39,636,677		(2,893,715)
Net income				8,446	8,446
Stock-based compensation expense		335			$ 335
Stock options exercised (in shares)	2,756				2,000
Balance at Dec. 31, 2022	$ 396	$ 20,862	$ (19,521)	$ 127,759	$ 129,496
Balance (in shares) at Dec. 31, 2022	39,639,433		(2,893,715)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 14,848,000	$ 8,789,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	928,000	884,000
Gain on disposal of fixed asset	(15,000)
Interest (income) on other investments	(68,000)
Unrealized loss (gain) on marketable securities	118,000	36,000
(Recovery of) provision for credit losses	(28,000)
Change to inventory reserve	350,000
Deferred income taxes	(994,000)	96,000
Stock based compensation expense	812,000	1,344,000
Gain on extinguishment of debt		(3,904,000)
Changes in operating assets and liabilities:
Accounts receivable	8,261,000	4,550,000
Inventories	(14,755,000)	(5,287,000)
Prepaid expenses and other current assets	11,000	(207,000)
Other assets	(17,000)	(130,000)
Accounts payable, accrued expenses, accrued salaries and wages, accrued income taxes	(8,363,000)	1,630,000
Net Cash Provided by (Used in) Operating Activities	1,088,000	7,801,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant, and equipment	(816,000)	(771,000)
Proceeds from disposal of fixed asset	38,000
Purchases of marketable securities and other investments	(10,078,000)	(40,000)
Net Cash Used in Investing Activities	(10,856,000)	(811,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises	45,000	155,000
Net Cash Provided by Financing Activities	45,000	155,000
Net (decrease) increase in Cash and Cash Equivalents	(9,723,000)	7,145,000
CASH AND CASH EQUIVALENTS - Beginning	41,730,000	34,806,000
CASH AND CASH EQUIVALENTS - Ending	32,007,000	41,951,000
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	8,000	8,000
Income taxes paid	$ 4,469,000	$ 2,154,000

Nature of Business and Summary

Nature of Business and Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2022
Nature of Business and Summary of Significant Accounting Policies
Nature of Business and Summary of Significant Accounting Policies	NOTE 1 - Nature of Business and Summary of Significant Accounting Policies Nature of Business : Napco Security Technologies, Inc (“NAPCO”, “the Company”, “we”) is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold worldwide principally to independent distributors, dealers and installers of security equipment. We have experienced significant growth in recent years, primarily driven by fast growing recurring service revenues generated from wireless communication services for intrusion and fire alarm systems, as well as our school security products that are designed to meet the increasing needs to enhance school security as a result of on-campus shooting and violence in the U.S. The Company's fiscal year begins on July 1 and ends on June 30. Historically, the end users of the Company’s hardware products want to install these products prior to the summer; therefore, sales of these products historically peak in the period April 1 through June 30, the Company's fiscal fourth quarter, and are reduced in the period July 1 through September 30, the Company's fiscal first quarter. In addition, demand for all of our products may be affected by the housing and construction markets. Deterioration of the current economic conditions may also affect this trend. The monthly recurring service revenue, which is less susceptable to these fluctuations, allows us to generate a more consistent and predictable stream of income and mitigates the risk of fluctuation in market demand for our equipment products. Significant Accounting Policies : Principles of Consolidation The consolidated financial statements include the accounts of Napco Security Technologies, Inc. and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. Stock Split In December 2021, the Company's Board of Directors approved a two-for-one stock split in the form of a 100% stock dividend of the Company's common stock, payable to stockholders of record on December 20, 2021. The additional shares were distributed on January 4, 2022. All share and per share amounts (except par value) have been retroactively adjusted to reflect the stock split. There was no net effect on stockholders’ equity as a result of the stock split. Upon distribution of the dividend, the total number of shares outstanding increased from 18,365,878 to 36,731,756. Accounting Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates include management’s judgments associated with reserves for sales returns and allowances, allowance for credit losses, overhead expenses applied to inventory, inventory reserves, valuation of Fair Value of Financial Instruments The methods and assumptions used to estimate the fair value of the following classes of financial instruments were: Current Assets and Current Liabilities - The carrying amount of cash and cash equivalents, certificates of deposits, current receivables and payables and certain other short-term financial instruments approximate their fair value as of December 31, 2022 and 2021 due to their short-term maturities. Cash and Cash Equivalents and Investments – other Cash and cash equivalents include approximately $20,112,000 and $63,000 of short-term time deposits, consisting of several certificates of deposit totaling $20,049,000 and $0, at December 31, 2022 and June 30, 2022, respectively, and $63,000 in a money market fund as of both December 31, 2022 and June 30, 2022. The Company classifies these highly liquid investments with original maturities of three months or less as cash equivalents. Certificates of Deposit with an original maturity greater than three months are classified as Investments-other. Cash and cash equivalents consists of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 ​ ​ ​ Cash ​ $ 11,895 ​ $ 41,667 Money Market Fund ​ 63 ​ 63 Certificates of Deposit ​ ​ 20,049 ​ ​ — ​ ​ $ 32,007 ​ $ 41,730 ​ Investments-other consists of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 ​ ​ ​ Certificates of Deposit ​ $ 10,068 ​ $ — ​ ​ $ 10,068 ​ $ — ​ Certificates of deposit are recorded at the original cost plus accrued interest. The Company’s Certificates of Deposit consist of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Classification Interest Rate Maturity Date Cost Carrying Value Cash and Cash Equivalents ​ ​ 4.25% - 4.40% ​ ​ 2/23/2023 - 3/21/2023 ​ $ 20,000 ​ $ 20,049 Investments - other ​ ​ 2.25% - 2.50% ​ ​ 1/23/2023 - 2/21/2023 ​ ​ 10,000 ​ ​ 10,068 ​ The Company has cash balances in banks in excess of the maximum amount insured by the FDIC and other international agencies as of December 31, 2022 and June 30, 2022. The Company has not historically experienced any credit losses with balances in excess of FDIC limits. Marketable Securities The Company’s marketable securities include investments in mutual funds, which invest primarily in various government and corporate obligations, stocks and money market funds. The Company’s marketable securities are reported at fair value with the related unrealized and realized gains and losses included in other expense (income). Realized gains or losses on mutual funds are determined on a specific identification basis. The Company would record an impairment charge if the cost of the available-for-sale securities exceeds the estimated fair value of the securities and the decline in value is determined to be other-than-temporary. During the six months ended December 31, 2022, the Company did not record an impairment charge regarding its investment in marketable securities because management believes, based on its evaluation of the circumstances, that the decline in fair value below the cost of certain of the Company’s marketable securities is temporary. Accounts Receivable Accounts receivable is stated net of the reserves for credit losses of $215,000 and $243,000 as of December 31, 2022 and June 30, 2022, respectively. Our reserves for credit losses are subjective critical estimates that have a direct impact on reported net earnings. These reserves are based upon the evaluation of our accounts receivable aging, specific exposures, sales levels and historical trends. Inventories Inventories are valued at the lower of cost or net realizable value, with cost being determined on the first-in, first-out (FIFO) method. The reported net value of inventory includes finished saleable products, work-in-process and raw materials that will be sold or used in future periods. Inventory costs include raw materials, direct labor and overhead. The Company’s overhead expenses are applied based, in part, upon estimates of the proportion of those expenses that are related to procuring and storing raw materials as compared to the manufacture and assembly of finished products. These proportions, the method of their application, and the resulting overhead included in ending inventory, are based in part on subjective estimates and actual results could differ from those estimates. In addition, the Company records an inventory obsolescence reserve, which represents any excess of the cost of the inventory over its estimated realizable value. This reserve is calculated using an estimated obsolescence percentage applied to the inventory based on age, historical trends, product life cycle, requirements to support forecasted sales, and the ability to find alternate applications of its raw materials and to convert finished product into alternate versions of the same product to better match customer demand. In addition, and as necessary, the Company may establish specific reserves for future known or anticipated events. There is inherent professional judgment and subjectivity made by both production and engineering members of management in determining the estimated obsolescence percentage. The Company also regularly reviews the period over which its inventories will be converted to sales. Any inventories expected to convert to sales beyond 12 months from the balance sheet date are classified as non-current. Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred; costs of major renewals and improvements are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and accumulated depreciation accounts and the profit or loss on such disposition is reflected in income. Depreciation is recorded over the estimated service lives of the related assets using primarily the straight-line method. Amortization of leasehold improvements is calculated by using the straight-line method over the estimated useful life of the asset or lease term, whichever is shorter. Long-Lived and Intangible Assets Long-lived assets are amortized over their useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets in question may not be recoverable. Impairment would be recorded in circumstances where undiscounted cash flows expected to be generated by an asset are less than the carrying value of that asset. Intangible assets determined to have indefinite lives were not amortized but were tested for impairment at least annually. Changes in intangible assets are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ June 30, 2022 ​ Carrying Accumulated Net book Carrying Accumulated Net book ​ ​ value ​ amortization ​ value ​ value ​ amortization ​ value Customer relationships ​ $ 9,800 ​ ​ (9,223) ​ $ 577 ​ $ 9,800 ​ ​ (9,143) ​ $ 657 Trade name ​ ​ 4,048 ​ (506) ​ 3,542 ​ 4,048 ​ (405) ​ 3,643 ​ ​ $ 13,848 ​ $ (9,729) ​ $ 4,119 ​ $ 13,848 ​ $ (9,548) ​ $ 4,300 ​ Amortization expense for intangible assets subject to amortization was approximately $90,000 and $98,000 for the three months ended December 31, 2022 and 2021, respectively. Amortization expense for intangible assets subject to amortization was approximately $181,000 and $196,000 for the six months ended December 31, 2022 and 2021, respectively. Amortization expense for each of the next five fiscal years is estimated to be as follows: 2023 - $361,000; 2024 - $336,000; 2025 - $315,000; 2026 - $297,000; and 2027 - $283,000. The weighted average remaining amortization period for intangible assets was 15.8 years and 16.2 years at December 31, 2022 and June 30, 2022, respectively. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. For product sales, the Company typically transfers control at a point in time upon shipment or delivery of the product. For monthly communication services the Company satisfies its performance obligation as the services are rendered and therefore recognizes revenue over the monthly period. Typically timing of revenue recognition coincides with the timing of invoicing to the customers, at which time the Company has an unconditional right to consideration. As such, the Company typically records a receivable when revenue is recognized. The contract with the customer states the final terms of the sale, including the description, quantity, and price of each product purchased. Payment for product sales is typically due within 30 and 180 days of the delivery date. Payment for monthly communication services is billed on a monthly basis and is typically due at the beginning of the month of service or in 30 days for customers with an open account. The Company provides limited standard warranty for defective products, usually for a period of 24 to 36 months. The Company accepts returns for such defective products as well as for other limited circumstances. The Company also provides rebates to customers for meeting specified purchasing targets and other coupons or credits in limited circumstances. The Company establishes reserves for the estimated returns, rebates and credits and measures such variable consideration based on the expected value method using an analysis of historical data. Changes to the estimated variable consideration in subsequent periods are not material. The Company analyzes sales returns and is able to make reasonable and reliable estimates of product returns based on the Company’s past history. Estimates for sales returns are based on several factors including actual returns and based on expected return data communicated to it by its customers. Accordingly, the Company believes that its historical returns analysis is an accurate basis for its allowance for sales returns. Actual results could differ from those estimates. Advertising and Promotional Costs Advertising and promotional costs are included in "Selling, General and Administrative" expenses in the consolidated statements of income and are expensed as incurred. Advertising expense for the three months ended December 31, 2022 and 2021 was $505,000 and $512,000, respectively. Advertising expense for the six months ended December 31, 2022 and 2021 was $1,259,000 and $1,598,000, respectively. Research and Development Costs Research and development (“R&D”) costs incurred by the Company are charged to expense as incurred and are included in operating expenses in the consolidated statements of income. Company-sponsored R&D expense for the three months ended December 31, 2022 and 2021 was $2,222,000 and $1,978,000, respectively. Company-sponsored R&D expense for the six months ended December 31, 2022 and 2021 was $4,650,000 and $3,909,000, respectively. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company measures and recognizes the tax implications of positions taken or expected to be taken in its tax returns on an ongoing basis. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Net Income per Share Basic net income per common share (Basic EPS) is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per common share (Diluted EPS) is computed by dividing net income by the weighted average number of common shares and dilutive common share equivalents and convertible securities then outstanding. The following provides a reconciliation of information used in calculating the per share amounts for the three months ended December 31, 2022 and 2021 (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ Weighted Average Shares ​ Net Income per Share ​ 2022 2021 2022 ​ 2021 ​ 2022 2021 Basic EPS ​ $ 8,446 ​ $ 1,037 ​ 36,772 ​ 36,728 ​ $ 0.23 ​ $ 0.03 Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ — ​ ​ — ​ 225 170 ​ — ​ — Diluted EPS ​ $ 8,446 ​ $ 1,037 ​ 36,997 36,898 ​ $ 0.23 ​ $ 0.03 ​ ​ Options to purchase 0 and 80,435 shares of common stock were excluded for the three months ended December 31, 2022 and 2021, respectively, and were not included in the computation of Diluted EPS because their inclusion would be anti-dilutive. These options were still outstanding at the end of the period. The following provides a reconciliation of information used in calculating the per share amounts for the six months ended December 31, 2022 and 2021 (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Net Income per ​ ​ Net Income ​ Shares ​ Share ​ ​ 2022 2021 2022 2021 2022 2021 Basic EPS ​ $ 14,848 ​ $ 8,789 ​ 36,731 ​ 36,720 ​ $ 0.40 ​ $ 0.24 Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ Stock Options ​ ​ — ​ — 226 157 ​ — ​ — Diluted EPS ​ $ 14,848 ​ $ 8,789 36,957 36,877 ​ $ 0.40 ​ $ 0.24 ​ Options to purchase 12,568 and 40,217 shares of common stock were excluded for the six months ended December 31, 2022 and 2021, respectively, and were not included in the computation of Diluted EPS because their inclusion would be anti-dilutive. These options were still outstanding at the end of the period. Stock-Based Compensation The Company has established four share incentive programs as discussed in Note 9. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. Stock-based compensation costs of $335,000 and $1,255,000 were recognized for the three months ended December 31, 2022 and 2021, respectively. Stock-based compensation costs of $812,000 and $1,344,000 were recognized for the six months ended December 31, 2022 and 2021, respectively. Foreign Currency The Company has determined the functional currency of all foreign subsidiaries is the U.S. Dollar. All foreign operations are considered a direct and integral part or extension of the Company’s operations. The day-to-day operations of all foreign subsidiaries are dependent on the economic environment of the U.S. Dollar. Therefore, no realized and unrealized gains and losses associated with foreign currency translation are recorded for the three or six months ended December 31, 2022 or 2021. Comprehensive Income For the three and six months ended December 31, 2022 and 2021, the Company’s operations did not give rise to material items includable in comprehensive income, which were not already included in net income. Accordingly, the Company’s comprehensive income approximates its net income for all periods presented. Segment Reporting The Company’s reportable operating segments are determined based on the Company’s management approach. The management approach is based on the way that the chief operating decision maker organizes the segments within an enterprise for making operating decisions and assessing performance. The Company’s results of operations are reviewed by the chief operating decision maker on a consolidated basis and the Company operates in only one segment. The Company has presented required geographical data in Note 13. Shipping and Handling Sales and Costs The Company records the amount billed to customers for shipping and handling in net sales ($128,000 and $106,000 in the three months ended December 31, 2022 and 2021, respectively, and $240,000 and $212,000 in the six months ended December 31, 2022 and 2021, respectively); and classifies the costs associated with these sales in cost of sales ($454,000 and $361,000 in the three months ended December 31, 2022 and 2021, respectively, and $848,000 and $694,000 in the six months ended December 31, 2022 and 2021, respectively). Leases The Company records lease assets and corresponding lease liabilities for the operating lease on our Consolidated Balance Sheets, excluding short-term leases (leases with terms of 12 months or less) as described under ASU No. 2016-02, Leases (Topic 842) Recently Issued Accounting Standards Reference Rate Reform (ASC Topic 848) In March 2020, the FASB issued authoritative guidance to provide optional relief for companies preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”), which is expected to be phased out for new arrangements at the end of calendar 2021, and applies to lease contracts, hedging instruments, held-to-maturity debt securities and debt arrangements that have LIBOR as the benchmark rate. In January 2021, the FASB issued authoritative guidance that makes amendments to the new rules on accounting for reference rate reform. The amendments clarify that for all derivative instruments affected by the changes to interest rates used for discounting, margining or contract price alignment, regardless of whether they reference LIBOR or another rate expected to be discontinued as a result of reference rate reform, an entity may apply certain practical expedients in ASC Topic 848. Effective for the Company – This guidance can be applied for a limited time through December 31, 2022. The guidance will no longer be available to apply after December 31, 2022. Impact on consolidated financial statements – The Company’s bank has notified the Company that its LIBOR option will continue to be available to it through June 30, 2023, at which time the option will shift to the Benchmark Replacement as defined in the agreement with the bank (see Note 8). The Company does not believe that this transition will have a material impact on its financial condition.

Revenue Recognition and Contrac

Revenue Recognition and Contracts with Customers	6 Months Ended
	Dec. 31, 2022
Revenue Recognition and Contracts with Customers
Revenue Recognition and Contracts with Customers	NOTE 2 – Revenue Recognition and Contracts with Customers The Company is engaged in one major line of business: the development, manufacture, and distribution of security products, encompassing access control systems, door security products, intrusion and fire alarm systems, alarm communication services, and video surveillance products for commercial and residential use. The Company also provides wireless communication service for intrusion and fire alarm systems on a monthly basis. All of these products and services are used for commercial, residential, institutional, industrial and governmental applications, and are sold primarily to independent distributors, dealers and installers of security equipment. Sales to unaffiliated customers are primarily shipped from the United States. As of December 31, 2022 and June 30, 2022, the Company included refund liabilities of approximately $4,096,000 and $5,863,000, respectively, in current liabilities. As of December 31, 2022 and June 30, 2022, the Company included return-related assets of approximately $909,000 and $974,000, respectively, in other current assets. As a percentage of gross sales, returns, rebates and allowances were 5% and 13% for the three months ended December 31, 2022 and 2021, respectively. As a percentage of gross sales, returns, rebates and allowances were 5% and 11% for the six months ended December 31, 2022 and 2021, respectively. The Company disaggregates revenue from contracts with customers into major product lines. The Company determines that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. As noted in the accounting policy footnote, the Company’s business consists of one operating segment. Following is the disaggregation of revenues based on major product lines (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Six months ended December 31, ​ ​ 2022 2021 2022 2021 ​ Major Product Lines: ​ ​ ​ ​ ​ ​ ​ Intrusion and access alarm products ​ $ 11,342 ​ $ 10,767 ​ $ 24,874 ​ $ 20,563 ​ Door locking devices ​ 16,092 ​ 11,613 ​ 28,247 ​ 22,644 ​ Services ​ 14,880 ​ 11,028 ​ 28,686 ​ 21,252 ​ Total Revenues ​ $ 42,314 ​ $ 33,408 ​ $ 81,807 ​ $ 64,459 ​ ​

Business and Credit Concentrati

Business and Credit Concentrations	6 Months Ended
	Dec. 31, 2022
Business and Credit Concentrations
Business and Credit Concentrations	NOTE 3 – Business and Credit Concentrations An entity is more vulnerable to concentrations of credit risk if it is exposed to risk of loss greater than it would have had if it mitigated its risk through diversification of customers. Such risks of loss manifest themselves differently, depending on the nature of the concentration, and vary in significance. The Company had one customer with an accounts receivable balance that comprised of 13% and 16% as of December 31, 2022 and June 30, 2022. Sales to this customer did not exceed 10% of net sales during the three or six months ended December 31, 2022 and 2021. The Company had another customer with an accounts receivable balance of 14% and 22% as of December 31, 2022 and June 30, 2022. Sales to this customer was 10% for the six months ended December 31, 2021. Sales for the three and six months ended December 31, 2022 and the three months ended December 31, 2021 did not exceed 10% of net sales. The Company had another customer with an accounts receivable balance that comprised of 11% as of December 31, 2022. As of June 30, 2022, the accounts receivable balance with this respective customer did not exceed 10%. Sales for the three and six months ended December 31, 2022 and 2021 did not exceed 10% either.

Marketable Securities

Marketable Securities	6 Months Ended
	Dec. 31, 2022
Marketable Securities
Marketable Securities	NOTE 4 – Marketable Securities The Company’s marketable securities include investments in fixed income mutual funds, which invest primarily in various government and corporate obligations, stocks and money market funds, and are reported at their fair values. The disaggregated net gains and losses on the marketable securities recognized within the accompanying condensed consolidated statements of income for the three and six months ended December 31, 2022 and 2021, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Six months ended December 31, ​ ​ 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains recognized during the period on marketable securities ​ $ — ​ $ 21 ​ $ — ​ $ 40 Less: Net gains recognized during the period on marketable securities sold during the period ​ — ​ — ​ — ​ — Unrealized (losses) recognized during the reporting period on marketable securities still held at the reporting date ​ 35 ​ (39) ​ (118) ​ (36) ​ ​ $ 35 ​ $ (18) ​ $ (118) ​ $ 4 The fair values of the Company’s marketable securities are determined as being the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the three-tier value hierarchy, as prescribed by US GAAP, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. ​ The Company’s marketable securities, which are considered available-for-sale securities, are re-measured to fair value on a recurring basis and are valued using Level 1 inputs using quoted prices (unadjusted) for identical assets in active markets. The following tables summarize the Company’s investments at December 31, 2022 and June 30, 2022, respectively (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ June 30, 2022 ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Cost Fair Value Gain (Loss) Cost Fair Value Gain (Loss) Mutual Funds - Level 1 $ 5,582 ​ ​ 5,028 ​ $ (554) ​ $ 5,504 ​ $ 5,068 ​ $ (436) ​ Investment income is recognized when earned and consists principally of interest income from fixed income mutual funds. Realized gains and losses on sales of investments are determined on a specific identification basis.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2022
Inventories
Inventories	NOTE 5 - Inventories Inventories, net of reserves are valued at lower of cost (first-in, first-out method) or net realizable value. Inventories, net of reserves consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, June 30, ​ ​ 2022 ​ 2022 Component parts ​ $ 42,931 ​ $ 32,656 Work-in-process ​ 10,551 ​ 10,085 Finished product ​ 10,710 ​ 7,045 ​ ​ $ 64,192 ​ $ 49,786 ​ ​ ​ ​ ​ ​ ​ Classification of inventories, net of reserves: ​ ​ Current ​ $ 48,661 ​ $ 40,781 Non-current ​ 15,531 ​ 9,005 ​ ​ $ 64,192 ​ $ 49,786 ​

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
	Dec. 31, 2022
Property, Plant, and Equipment
Property, Plant, and Equipment	NOTE 6 – Property, Plant, and Equipment Property, plant and equipment consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 Useful Life in Years ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 904 ​ $ 904 ​ N/A Buildings ​ 8,911 ​ 8,911 ​ 30 to 40 Molds and dies ​ 7,502 ​ 7,480 ​ 3 to 5 Furniture and fixtures ​ 3,137 ​ 3,030 ​ 5 to 10 Machinery and equipment ​ 27,029 ​ 26,696 ​ 3 to 10 Building improvements ​ 2,742 ​ 2,464 ​ Shorter of the lease term or life of asset ​ ​ 50,225 ​ 49,485 ​ Less: accumulated depreciation and amortization ​ (42,241) ​ (41,546) ​ ​ ​ $ 7,984 ​ $ 7,939 ​ ​ Depreciation and amortization expense on property, plant, and equipment was approximately $379,000 and $348,000 for the three months ended December 31, 2022 and 2021, respectively. Depreciation and amortization expense on property, plant, and equipment was approximately $747,000 and $690,000 for the six months ended December 31, 2022 and 2021, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	NOTE 7 - Income Taxes The provision for income taxes represents Federal, foreign, and state and local income taxes. The effective rate differs from statutory rates due to the effect of state and local income taxes, tax rates in foreign jurisdictions, global intangible low-taxed income (“GILTI”), tax benefit of R&D credits, and certain nondeductible expenses. Our effective tax rate will change from quarter to quarter based on recurring and non-recurring factors including, but not limited to, the geographical mix of earnings, enacted tax legislation, and state and local income taxes. In addition, changes in judgment from the evaluation of new information resulting in the recognition de-recognition or re-measurement of a tax position taken in a prior annual period is recognized separately in the quarter of the change. For the six months ended December 31, 2022 and December 31,2021, the Company recognized net income tax expense of $1,921,000 and $639,000, respectively. During the six months ended December 31, 2022, the Company’s reserve for uncertain income tax positions increased by $24,000. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense and accrued income taxes. As of December 31, 2022, the Company had accrued interest totaling $112,000, as well as $678,000 of unrecognized net tax benefits that, if recognized, would favorably affect the Company’s effective income tax rate in any future period. For the six months ended December 31, 2022, additional interest expense was accrued for in the amount of $24,000. The Company does not expect that our unrecognized tax benefits will change within the next twelve months due to statute of limitation lapses. We file a consolidated U.S. income tax return and tax returns in certain state and local and foreign jurisdictions. As of December 31, 2022, we remain subject to examination in all tax jurisdictions for all relevant jurisdictional statutes for fiscal years 2018 and thereafter. In December 2022, the Company received a letter from the IRS (“IRS”) notifying it that the IRS has closed it's examination of the Company’s income tax return for fiscal year ended June 30, 2020. There has been no changes proposed in relation to this examination.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Dec. 31, 2022
Long-Term Debt
Long-Term Debt	NOTE 8 - Long-Term Debt As of December 31, 2022 and June 30, 2022, the Company had a revolving line of credit of $11,000,000 (“Revolver Agreement”) which expires in June 2024. Outstanding balances and interest rates as of December 31, 2022 and June 30, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ June 30, 2022 ​ Outstanding Interest Rate ​ Outstanding Interest Rate Revolving line of credit: ​ ​ ​ ​ ​ ​ ​ Current maturities ​ $ — ​ n/a ​ $ — ​ n/a ​ Long-term debt ​ — ​ n/a ​ — ​ n/a ​ ​ ​ $ — ​ ​ ​ $ — ​ ​ ​ ​ The Revolver Agreement also provides for a LIBOR-based interest rate option of LIBOR plus 1.15% to 2.00%, depending on the ratio of outstanding debt to EBITDA, which is to be measured and adjusted quarterly, a prime rate-based option of the prime rate plus 0.25% and other terms and conditions as more fully described in the Revolver Agreement. The Company’s obligations under the Revolver Agreement continue to be secured by substantially all of its domestic assets, including but not limited to, deposit accounts, accounts receivable, inventory, equipment and fixtures and intangible assets. In addition, the Company’s wholly owned subsidiaries, with the exception of the Company’s foreign subsidiaries, have issued guarantees and pledges of all of their assets to secure the Company’s obligations under the Revolver Agreement. All of the outstanding common stock of the Company’s domestic subsidiaries and 65% of the common stock of the Company’s foreign subsidiaries has been pledged to secure the Company’s obligations under the Revolver Agreement. The Revolver Agreement contains various restrictions and covenants including, among others, restrictions on payment of dividends, restrictions on borrowings and compliance with certain financial ratios, as defined in the Revolver Agreement. In September 2020, the Company and its lender amended the Revolver Agreement, which had an expiration date of June 2021, to expire in June 2024. The amended Revolver Agreement also removed certain requirements and restrictions on the Company as well as removing the mortgage on the Company’s Amityville facility. During the fourth quarter of fiscal 2020, the Company received the proceeds of promissory notes dated between April 17, 2020 and May 7, 2020 (the "PPP Loan Agreement"), entered into between the Company and HSBC Bank USA N.A., as lender (the "Lender). Lender made the loans pursuant to the Paycheck Protection Program (the "PPP"), created by Section 1102 of the CARES Act and governed by the CARES Act, Section 7(a)(36) of the Small Business Act, any rules or guidance that has been issued by the Small Business Association (“SBA”) implementing the PPP and acting as guarantor, or any other applicable loan program requirements, as defined in 13 CFR § 120.10, as amended from time to time. Pursuant to the PPP Loan Agreement, the Lender made loans to the Company with an aggregate principal amount of $3,904,000 (the "PPP Loan"). The PPP Loan and related extinguishement was accounted for in accordance with ASC 470 “Debt”. Pursuant to the CARES Act, the loans may be forgiven by the SBA. During the year ended June 30, 2022, the PPP Loans were forgiven, in their entirety, in accordance with guidelines set forth in the PPP loan documents. The Company recognized a gain on the extinguishment of debt during the quarter ended September 30, 2021 in the amount of $3,904,000 within the other (expense) income section in the accompanying condensed consolidated statements of income. The SBA reserves the right to audit PPP forgiveness applications for a period of six years from the date of forgiveness. It has indicated that it will audit all of those that are in excess of $2 million.

Stock Option

Stock Option	6 Months Ended
	Dec. 31, 2022
Stock Option
Stock Option	NOTE 9 - Stock Option The Company follows ASC 718 (“Share-Based Payment”), which requires that all share-based payments to employees, including stock options, be recognized as compensation expense in the consolidated financial statements based on their fair values and over the requisite service period. For the three months ended December 31, 2022 and 2021, the Company recorded non-cash compensation expense of $335,000 ($0.01 per basic and diluted share) and $1,255,000 ($0.03 per basic and diluted share), respectively, relating to stock-based compensation. For the six months ended December 31, 2022 and 2021, the Company recorded non-cash compensation expense of $812,000 ($0.02 per basic and diluted share) and $1,344,000 ($0.04 per basic and diluted share), respectively, relating to stock-based compensation. 2022 Employee Stock Option Plan The Company’s Board of Directors approved a new Employee Stock Option Plan (the 2022 Employee Plan) in August 2022. The 2022 Employee Plan was approved by the Company’s shareholders at the Company’s annual shareholder’s meeting in December 2022. The plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 950,000 shares of the Company’s common stock to be acquired by the holders of such awards. The terms of the 2022 Plan are substantially the same as those of the 2012 Employee Stock Option Plan. The 2022 Plan is intended to replace the 2012 Employee Stock Option Plan, which expired in 2022. As of December 31, 2022, no options have been granted under the 2022 Employee Plan. 2012 Employee Stock Option Plan In December 2012, the stockholders approved the 2012 Employee Stock Option Plan (the 2012 Employee Plan). The 2012 Employee Plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 1,900,000 shares of the Company’s common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options, which are intended to qualify as incentive stock options (“ISOs”) or non-incentive stock options, to valued employees. Any plan participant who is granted ISOs and possesses more than 10% of the voting rights of the Company’s outstanding common stock must be granted an option with a price of at least 110% of the fair market value on the date of grant. Under the 2012 Employee Plan, stock options may be granted to valued employees with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable, in whole or in part, at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. At December 31, 2022, 553,380 stock options were outstanding, 262,252 stock options were exercisable and no further stock options were available for grant under this plan. 0 and 37,500 Options were granted during the three and six months ended December 31, 2022. 338,000 Options were granted during the three and six months ended December 31, 2021. No options may be granted under this plan after December 2022. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Risk-free interest rates ​ 3.03 % 1.64 % Expected lives ​ 7.27 Years ​ 10 Years ​ Expected volatility ​ 43 % 43 % Expected dividend yields ​ 0 % 0 % ​ The following table reflects activity under the 2012 Employee Plan for the six months ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ Weighted average ​ ​ Options exercise price Options exercise price Outstanding, beginning of year ​ ​ 523,080 ​ $ 18.59 ​ ​ 214,080 ​ $ 9.59 ​ Granted ​ ​ 37,500 ​ $ 26.94 ​ ​ 338,000 ​ $ 23.17 ​ Forfeited/Lapsed ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Exercised ​ ​ (7,200) $ 7.07 ​ (28,000) $ 5.54 ​ Outstanding, end of period ​ ​ 553,380 ​ $ 18.90 ​ 524,080 ​ $ 18.56 ​ Exercisable, end of period ​ ​ 262,252 ​ $ 16.88 ​ 160,576 ​ $ 15.06 ​ Weighted average fair value at grant date of options granted ​ $ 13.36 ​ ​ ​ $ 12.16 ​ ​ ​ Total intrinsic value of options exercised ​ $ 159,000 ​ ​ ​ ​ $ 485,000 ​ ​ ​ Total intrinsic value of options outstanding ​ $ 4,746,000 ​ ​ ​ ​ $ 3,367,000 ​ ​ ​ Total intrinsic value of options exercisable ​ $ 2,779,000 ​ ​ ​ ​ $ 1,595,000 ​ ​ ​ ​ 2,000 and 7,200 stock options were exercised during the three and six months ended December 31, 2022, respectively. The 2,000 options that were exercised during the three months ended December 31, 2022, were settled by exchanging 207 shares of the Company’s common stock which were retired and returned to unissued status upon receipt. $0 and $45,000 cash was received from the option exercises during the three and six months ended December 31, 2022, respectively. The actual tax benefit realized for the tax deductions from option exercises during the three and six months ended December 31, 2022 was $0 and $0, respectively. 23,000 and 28,000 stock options were exercised during the three and six months ended December 31, 2021, respectively. $139,000 and $155,000 cash was received from the option exercises during the three and six months ended December 31, 2021, respectively. The actual tax benefit realized for the tax deductions from option exercises during the three and six months ended December 31, 2021 was $0 for both periods. The following table summarizes information about stock options outstanding under the 2012 Employee Plan at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ Weighted average ​ ​ ​ ​ ​ ​ ​ Number ​ remaining ​ Weighted average ​ Number ​ Weighted average Range of exercise prices ​ outstanding ​ contractual life ​ exercise price ​ exercisable ​ exercise price $3.14 ‑ $26.94 ​ 553,380 ​ 8.07 ​ $ 18.90 ​ 262,252 ​ $ 16.88 ​ ​ 553,380 ​ 8.07 ​ $ 18.90 ​ 262,252 ​ $ 16.88 ​ As of December 301, 2022, there was $2,445,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2012 Employee Plan. 0 and 37,500 Options were granted during the three and six months ended December 31, 2022. 80,400 and 92,700 options vested during the three and six months ended December 31, 2022, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2022 under this plan was $754,000 and $883,000, respectively. 338,000 Options were granted during the three and six months ended December 31, 2021. 85,600 and 90,400 options vested during the three and six months ended December 31, 2021, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2021 under this plan was $913,000 and $942,000, respectively. 2012 Non-Employee Stock Option Plan In December 2012, the stockholders approved the 2012 Non-Employee Stock Option Plan (the 2012 Non-Employee Plan). This plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 100,000 shares of the Company’s common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options to non-employee directors and consultants to the Company and its subsidiaries. Under the 2012 Non-Employee Plan, stock options may be granted with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable in whole or in part at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. At December 31, 2022, 20,400 stock options were outstanding, 13,200 stock options were exercisable and no further stock options were available for grant under this plan. There were no options granted during the three and six months ended December 31, 2022. 9,600 Options were granted during the three and six months ended December 31, 2021. No options may be granted under this plan after December 2022. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Risk-free interest rates n/a ​ 1.68 % Expected lives n/a ​ 10 Years ​ Expected volatility n/a ​ 43 % Expected dividend yields n/a ​ 0 % ​ The following table reflects activity under the 2012 Non-Employee Plan for the six months ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted average ​ ​ Weighted average ​ ​ Options ​ exercise price ​ Options ​ exercise price ​ Outstanding, beginning of year ​ ​ 20,400 ​ $ 14.39 ​ ​ 12,000 ​ $ 6.55 ​ Granted ​ ​ — ​ ​ — ​ ​ 9,600 ​ $ 22.93 ​ Forfeited/Lapsed ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Exercised ​ ​ — ​ ​ — ​ — ​ — ​ Outstanding, end of period ​ ​ 20,400 ​ $ 14.39 ​ 21,600 ​ $ 13.83 ​ Exercisable, end of period ​ ​ 13,200 ​ $ 10.95 ​ 11,760 ​ $ 8.28 ​ Weighted average fair value at grant date of options granted ​ ​ n/a ​ ​ ​ ​ $ 12.58 ​ ​ Total intrinsic value of options exercised ​ ​ n/a ​ ​ ​ ​ $ n/a ​ ​ Total intrinsic value of options outstanding ​ $ 267,000 ​ ​ ​ ​ $ 241,000 ​ ​ Total intrinsic value of options exercisable ​ $ 218,000 ​ ​ ​ ​ $ 197,000 ​ ​ ​ No stock options were exercised during the three and six months ended December 31, 2022 and 2021, respectively. No cash was received from option exercises during the three and six months ended December 31, 2022 and 2021, respectively, and the actual tax benefit realized for the tax deductions from option exercises was $0 for both periods. The following table summarizes information about stock options outstanding under the 2012 Non-Employee Plan at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ ​ ​ Weighted average ​ Weighted ​ ​ ​ Weighted ​ ​ Number ​ remaining ​ average exercise ​ Number ​ average exercise Range of exercise prices ​ outstanding contractual life ​ price exercisable ​ price $4.35 - $22.93 ​ 20,400 ​ 7.15 ​ $ 14.39 ​ 13,200 ​ $ 10.95 ​ ​ 20,400 ​ 7.15 ​ $ 14.39 ​ 13,200 ​ $ 10.95 ​ As of December 31, 2022, there was $58,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2012 Non-Employee Plan. No options were granted during the three and six months ended December 31, 2022, respectively. 1,920 options vested during the three and six months ended December 31, 2022, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2022 under this plan was $19,000 for both periods. 9,600 Options were granted during the three and six months ended December 31, 2021. 5,520 options vested during the three and six months ended December 31, 2021 for both periods. The total grant date fair value of the options vesting during the three and six months ended December 31, 2021 under this plan was $34,000 for both periods. 2018 Non-Employee Stock Option Plan In December 2018, the stockholders approved the 2018 Non-Employee Stock Option Plan (the “2018 Non-Employee Plan”). This plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 100,000 shares of the Company's common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options to non-employee directors and consultants to the Company and its subsidiaries. Under the 2018 Non-Employee Plan, stock options may be granted with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable in whole or in part at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. At December 31, 2022, 79,100 stock options were outstanding, 49,440 stock options were exercisable and no further stock options were available for grant under this plan. There were no options granted during the three and six months ended December 31, 2022. 23,500 Options were granted during the three and six monthse ended December 31, 2021. No options may be granted under this plan after December 2028. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Risk-free interest rates ​ n/a ​ 1.68 % Expected lives ​ n/a ​ 10 Years ​ Expected volatility ​ n/a ​ 43 % Expected dividend yields ​ n/a ​ 0 % ​ The following table reflects activity under the 2018 Non-Employee Plan for the six months ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted average ​ ​ Weighted average ​ ​ Options exercise price ​ Options exercise price ​ Outstanding, beginning of year ​ ​ 89,000 ​ $ 14.91 ​ ​ 70,100 ​ $ 11.93 ​ Granted ​ ​ — ​ — ​ 23,500 $ 22.93 ​ Forfeited/Lapsed ​ ​ — ​ — ​ — ​ — ​ Exercised ​ ​ (9,900) $ 16.27 ​ (3,000) $ 11.68 ​ Outstanding, end of period ​ ​ 79,100 ​ $ 14.74 ​ 90,600 ​ $ 14.79 ​ Exercisable, end of period ​ ​ 49,440 ​ $ 13.02 ​ 41,260 ​ $ 12.96 ​ Weighted average fair value at grant date of options granted ​ ​ n/a ​ ​ ​ ​ $ 12.58 ​ ​ ​ ​ Total intrinsic value of options exercised ​ $ 124,000 ​ ​ ​ ​ $ 39,000 ​ ​ ​ ​ Total intrinsic value of options outstanding ​ $ 1,008,000 ​ ​ ​ ​ $ 924,000 ​ ​ ​ ​ Total intrinsic value of options exercisable ​ $ 715,000 ​ ​ ​ ​ $ 496,000 ​ ​ ​ ​ ​ 3,600 and 9,900 options were exercised during the three and six months ended December 31, 2022, respectively. The 3,600 options that were exercised during the three months ended December 31, 2022, were settled by exchanging 2,637 shares of the Company’s common stock which were retired and returned to unissued status upon receipt. The 9,900 options that were exercised during the six months ended December 31, 2022 were settled by exchanging 5,657 shares of the Company’s common stock which were retired and returned to unissued status upon receipt. No cash was received from option exercises during the three and six months ended December 31, 2022. and the actual tax benefit realized for the tax deductions from option exercises was $5,000 and $26,000, respectively. 3,000 options were exercised during the three and six months ended December 31, 2021, respectively. The 3,000 options that were exercised during the three months ended December 31, 2021, were settled by exchanging 1,412 shares of the Company’s common stock which were retired and returned to unissued status upon receipt. For the three and six months ended December 31, 2021 the actual tax benefit realized for the tax deductions from option exercises was $8,000 each period. The following table summarizes information about stock options outstanding under the 2018 Non-Employee Plan at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ Weighted average Weighted ​ Weighted ​ ​ Number ​ remaining ​ average exercise ​ Number ​ average exercise Range of exercise prices ​ outstanding ​ contractual life ​ price ​ exercisable ​ price $8.10 - $22.93 ​ 79,100 7.25 ​ $ 14.74 49,440 ​ $ 13.02 ​ ​ 79,100 7.25 ​ $ 14.74 49,440 ​ $ 13.02 ​ As of December 31, 2022, there was $197,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2018 Non-Employee Plan. No options were granted during the three and six months ended December 31, 2022, respectively. 14,300 options vested during the three and six months ended December 31, 2022, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2022 under this plan was $114,000 for both periods. 23,500 options were granted during the three and six months ended December 31, 2021. 14,300 options vested during the three and six months ended December 31, 2021. The total grant date fair value of the options vesting during the three and six months ended December 31, 2021 under this plan was $125,000 for both periods 2020 Non-Employee Stock Option Plan In May 2020, the stockholders approved the 2020 Non-Employee Stock Option Plan (the “2020 Non-Employee Plan”). This plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 100,000 shares of the Company's common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options to non-employee directors and consultants to the Company and its subsidiaries. Under the 2020 Non-Employee Plan, stock options may be granted with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable in whole or in part at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. At December 31, 2022, 51,900 stock options were outstanding, 17,760 stock options were exercisable and 48,100 stock options were available for grant under this plan. 0 and 25,000 Options were granted during the three and six months ended December 31, 2022. 16,900 Options were granted during the three and six months ended December 31, 2021. No options may be granted under this plan after May 2030. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Risk-free interest rates 3.03 % 1.68 % Expected lives 7.27 Years ​ 10 Years ​ Expected volatility 43 % 43 % Expected dividend yields 0 % 0 % ​ The following table reflects activity under the 2020 Non-Employee Plan for the six months ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ Weighted average ​ ​ Options exercise price ​ Options exercise price ​ Outstanding, beginning of year ​ 26,900 $ 18.64 ​ ​ 10,000 $ 11.40 ​ Granted ​ 25,000 ​ $ 26.94 ​ ​ 16,900 ​ $ 22.93 ​ Forfeited/Lapsed ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Exercised ​ — ​ — ​ ​ — ​ — ​ Outstanding, end of period ​ 51,900 ​ $ 22.64 ​ ​ 26,900 ​ $ 18.64 ​ Exercisable, end of period ​ 17,760 ​ $ 20.16 ​ ​ 7,380 ​ $ 16.68 ​ Weighted average fair value at grant date of options granted ​ $ 13.36 ​ ​ $ 12.58 ​ ​ ​ Total intrinsic value of options exercised ​ n/a ​ ​ n/a ​ ​ ​ Total intrinsic value of options outstanding ​ $ 251,000 ​ ​ $ 171,000 ​ ​ ​ Total intrinsic value of options exercisable ​ $ 130,000 ​ ​ $ 61,000 ​ ​ ​ ​ No stock options were exercised during the three and six months ended December 31, 2022 and 2021. No cash was received from option exercises during either of the three and six months ended December 31, 2022 or 2021 and the actual tax benefit realized for the tax deductions from option exercises was $0 for both periods. The following table summarizes information about stock options outstanding under the 2020 Non-Employee Plan at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ remaining ​ Weighted average ​ Number ​ Weighted average Range of exercise prices outstanding contractual life exercise price exercisable exercise price $11.40 - $26.94 51,900 8.99 ​ $ 22.64 17,760 ​ $ 20.16 ​ 51,900 8.99 ​ $ 22.64 17,760 ​ $ 20.16 ​ As of December 31, 2022, there was $346,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2020 Non-Employee Plan. 0 and 25,000 options were granted during the three and six months ended December 31, 2022, respectively. 3,380 and 10,380 options vested during the three and six months ended December 31, 2022. 3,380 and 5,380 options vested during the three and six months ended December 31, 2021. The total grant date fair value of the options vesting during the three and six months ended December 31, 2022 under this plan was $34,000 and $113,000. The total grant date fair value of the options vesting during the three and six months ended December 31, 2021 under this plan was $34,000 and $46,000.

Stockholders' Equity Transactio

Stockholders' Equity Transactions	6 Months Ended
	Dec. 31, 2022
Stockholders' Equity Transactions
Stockholders' Equity Transactions	NOTE 10 – Stockholders’ Equity Transactions On September 16, 2014, the Company’s board of directors authorized the repurchase of up to 2 million of the approximately 38.8 million shares of the Company’s common stock then outstanding. Such repurchases may be made from time to time in the open market or in privately negotiated transactions subject to market conditions and the market price of the common stock. Relative to the loan agreement described in Note 8, the Company’s lender gave its consent to this stock repurchase plan. During the three and six months ended December 31, 2022 and the fiscal year ended June 30, 2022, the Company did not repurchase any shares of its outstanding common stock. Pursuant to the PPP described in Note 8, the Company may not repurchase any of its shares of common stock until 12 months after the termination of the term loans described therein which occurred between August, 2021 and September, 2021. On December 6, 2021, the Stockholders of the Company approved an amendment of the Company’s Certificate of Incorporation increasing the number of authorized shares the Company may issue to 100,000,000 shares of common stock at $.01 par value per share. In December 2021, the Company's Board of Directors approved a two-for-one stock split in the form of a 100% stock dividend of the Company’s common stock payable to stockholders of record on December 20, 2021. The additional shares were distributed on January 4, 2022. All share and per share amounts (except par value) have been retroactively adjusted to reflect the stock split. There was no net effect on total stockholders' equity as a result of the stock split. During the three months ended December 31, 2022, certain employees and Directors exercised stock options under the Company's 2012 Employee and 2018 Non-Employee Stock Option Plan totaling 5,600 shares. All 5,600 of these exercises were completed as cashless exercises as allowed for under the Plan, where the exercise shares are issued by the Company in exchange for shares of the Company’s common stock that are owned by the optionees. The number of shares surrendered by the optionees was 2,844 and was based upon the per share price on the effective date of the option exercise. During the six months ended December 31, 2022, certain employees and Directors exercised stock options under the Company's 2012 Employee and 2018 Non-Employee Stock Option Plan totaling 17,100 shares. 11,900 of these exercises were completed as cashless exercises as allowed for under the Plan, where the exercise shares are issued by the Company in exchange for shares of the Company’s common stock that are owned by the optionees. The number of shares surrendered by the optionees was 5,864 and was based upon the per share price on the effective date of the option exercise. $45,000 cash was received from the other 5,200 shares exercised. During fiscal 2022, certain employees and Directors exercised stock options under the Company's 2012 Employee and Non-Employee and 2018 Non-employee Stock Option Plans totaling 34,800 shares. 6,800 of these exercises were completed as cashless exercises as allowed for under the Plans, where the exercise shares are issued by the Company in exchange for shares of the Company's common stock that are owned by the optionees. The number of shares surrendered by the optionees was 2,486 and was based upon the per share price on the effective date of the option exercise.

401(k) Plan

401(k) Plan	6 Months Ended
	Dec. 31, 2022
401(k) Plan
401(k) Plan	NOTE 11 - 401(k) Plan The Company maintains a 401(k) plan (“the Plan”) that covers all U.S. non-union employees with and is qualified under Sections 401(a) and 401(k) of the Internal Revenue Code. Company contributions to this plan are discretionary and totaled $61,000 and $123,000 for the three and six months ended December 31, 2022. Company contributions to this plan are discretionary and totaled $37,000 and $73,000 for the six months ended December 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	NOTE 12 - Commitments and Contingencies Leases Our lease obligation consists of a 99-year lease, entered into by one of the Company’s foreign subsidiaries, for approximately four acres of land in the Dominican Republic on which the Company’s principal production facility is located. The lease, which commenced on April 26, 1993 and expires in 2092, initially had an annual base rent of approximately $235,000 plus $53,000 in annual service charges. On September 14, 2022, a lease modification was executed which provides for an annual base rent of $235,000 plus $105,000 in annual service charges. The service charges increase 2% annually over the remaining life of the lease. The modification resulted in a remeasurement of the operating lease asset and liability and the effect was a reduction to the asset and liability of $1.3 million. Operating leases are included in operating lease right-of-use assets, accrued expenses and operating lease liabilities, non-current on our condensed consolidated balance sheets. For the three months December 31, 2022 and 2021 cash payments against operating lease liabilities totaled $92,000 and $72,000 for each period. For the six months December 31, 2022 and 2021, cash payments against operating lease liabilities totaled $164,000 and $144,000 for each period. Supplemental balance sheet information related to operating leases was as follows: ​ ​ ​ ​ ​ Weighted-average remaining lease term 69 Years ​ Weighted-average discount rate ​ 6.25 % ​ The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2022 (in thousands): ​ ​ ​ ​ ​ Year Ending June 30, Amount 2023 ​ $ 164 2024 ​ 316 2025 ​ 299 2026 ​ 282 2027 ​ 267 Thereafter ​ ​ 4,633 Total ​ $ 5,961 ​ Operating lease expense totaled approximately $131,000 and $79,000 for the three months ended December 31, 2022 and 2021, respectively. Operating lease expense totaled approximately $211,000 and $160,000 for the six months ended December 31, 2022 and 2021, respectively. Litigation In the normal course of business, the Company is a party to claims and/or litigation. Management believes that the settlement of such claims and/or litigation, considered in the aggregate, will not have a material adverse effect on the Company’s financial position and results of operations. Employment Agreements As of December 31, 2022, the Company was obligated under two employment agreements and one severance agreement. The employment agreements are with the Company’s CEO, CFO and the Senior Vice President of Engineering (“the SVP of Engineering”). The employment agreement with the CEO provides for an annual salary of $872,000, as adjusted for inflation; incentive compensation as may be approved by the Board of Directors from time to time and a termination payment in an amount up to 299% of the average of the prior five calendar year’s compensation, subject to certain limitations, as defined in the agreement. The employment agreement renews annually in August unless either party gives the other notice of non-renewal at least six months prior to the end of the applicable term. The employment agreement with the SVP of Engineering expires in August 2024 and provides for an annual salary of $361,000, and, if terminated by the Company without cause, severance of nine month’s salary and continued company-sponsored health insurance for six months from the date of termination. The severance agreement is with the Executive Vice President of Operations and Chief Financial Officer and provides for, if terminated by the Company without cause or within three months of a change in corporate control of the Company, severance of nine month’s salary, continued company-sponsored health insurance for six months from the date of termination and certain non-compete and other restrictive provisions.

Geographical Data

Geographical Data	6 Months Ended
	Dec. 31, 2022
Geographical Data
Geographical Data	NOTE 13 – Geographical Data The Company is engaged in one major line of business: the development, manufacture, and distribution of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products for commercial and residential use. The Company also provides wireless communication service for intrusion and fire alarm systems. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold worldwide principally to independent distributors, dealers and installers of security equipment. Sales to unaffiliated customers are primarily shipped from the United States. The Company has customers worldwide with major concentrations in North America. Financial Information Relating to Domestic and Foreign Operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Six months ended December 31, ​ ​ 2022 2021 2022 2021 ​ Sales to external customers (1): ​ ​ ​ ​ ​ ​ ​ Domestic ​ $ 41,886 ​ $ 33,023 ​ $ 81,145 ​ $ 63,806 ​ Foreign ​ 428 ​ 385 ​ 662 ​ 653 ​ Total Net Sales ​ $ 42,314 ​ $ 33,408 ​ $ 81,807 ​ $ 64,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 Identifiable assets: ​ ​ ​ ​ United States ​ $ 97,384 ​ $ 98,791 ​ Dominican Republic (2) ​ 56,979 ​ 49,785 ​ Total Identifiable Assets ​ $ 154,363 ​ $ 148,576 ​ (1) All of the Company’s sales originate in the United States and are shipped primarily from the Company’s facilities in the United States. There were no sales into any one foreign country in excess of 10% of total Net Sales. (2) Consists primarily of inventories (December 31, 2022 = $47,383 ; June 30, 2022 = $38,755 ), operating lease assets (December 31, 2022 = $5,961 ; June 30, 2022 = $7,350 ) and fixed assets (December 31, 2022 = $3,098 ; June 30, 2022 = $3,253 ) located at the Company’s principal manufacturing facility in the Dominican Republic.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	NOTE 14 - Subsequent Events The Company has evaluated subsequent events occurring after the date of the condensed consolidated financial statements for events requiring recording or disclosure in the condensed consolidated financial statements.

Nature of Business and Summar_2

Nature of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2022
Nature of Business and Summary of Significant Accounting Policies
Nature of Business	Nature of Business : Napco Security Technologies, Inc (“NAPCO”, “the Company”, “we”) is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold worldwide principally to independent distributors, dealers and installers of security equipment. We have experienced significant growth in recent years, primarily driven by fast growing recurring service revenues generated from wireless communication services for intrusion and fire alarm systems, as well as our school security products that are designed to meet the increasing needs to enhance school security as a result of on-campus shooting and violence in the U.S. The Company's fiscal year begins on July 1 and ends on June 30. Historically, the end users of the Company’s hardware products want to install these products prior to the summer; therefore, sales of these products historically peak in the period April 1 through June 30, the Company's fiscal fourth quarter, and are reduced in the period July 1 through September 30, the Company's fiscal first quarter. In addition, demand for all of our products may be affected by the housing and construction markets. Deterioration of the current economic conditions may also affect this trend. The monthly recurring service revenue, which is less susceptable to these fluctuations, allows us to generate a more consistent and predictable stream of income and mitigates the risk of fluctuation in market demand for our equipment products.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Napco Security Technologies, Inc. and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.
Stock Split	Stock Split In December 2021, the Company's Board of Directors approved a two-for-one stock split in the form of a 100% stock dividend of the Company's common stock, payable to stockholders of record on December 20, 2021. The additional shares were distributed on January 4, 2022. All share and per share amounts (except par value) have been retroactively adjusted to reflect the stock split. There was no net effect on stockholders’ equity as a result of the stock split. Upon distribution of the dividend, the total number of shares outstanding increased from 18,365,878 to 36,731,756.
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates include management’s judgments associated with reserves for sales returns and allowances, allowance for credit losses, overhead expenses applied to inventory, inventory reserves, valuation of
Fair Value of Financial Instruments	Fair Value of Financial Instruments The methods and assumptions used to estimate the fair value of the following classes of financial instruments were: Current Assets and Current Liabilities - The carrying amount of cash and cash equivalents, certificates of deposits, current receivables and payables and certain other short-term financial instruments approximate their fair value as of December 31, 2022 and 2021 due to their short-term maturities.
Cash and Cash Equivalents	Cash and Cash Equivalents and Investments – other Cash and cash equivalents include approximately $20,112,000 and $63,000 of short-term time deposits, consisting of several certificates of deposit totaling $20,049,000 and $0, at December 31, 2022 and June 30, 2022, respectively, and $63,000 in a money market fund as of both December 31, 2022 and June 30, 2022. The Company classifies these highly liquid investments with original maturities of three months or less as cash equivalents. Certificates of Deposit with an original maturity greater than three months are classified as Investments-other. Cash and cash equivalents consists of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 ​ ​ ​ Cash ​ $ 11,895 ​ $ 41,667 Money Market Fund ​ 63 ​ 63 Certificates of Deposit ​ ​ 20,049 ​ ​ — ​ ​ $ 32,007 ​ $ 41,730 ​ Investments-other consists of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 ​ ​ ​ Certificates of Deposit ​ $ 10,068 ​ $ — ​ ​ $ 10,068 ​ $ — ​ Certificates of deposit are recorded at the original cost plus accrued interest. The Company’s Certificates of Deposit consist of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Classification Interest Rate Maturity Date Cost Carrying Value Cash and Cash Equivalents ​ ​ 4.25% - 4.40% ​ ​ 2/23/2023 - 3/21/2023 ​ $ 20,000 ​ $ 20,049 Investments - other ​ ​ 2.25% - 2.50% ​ ​ 1/23/2023 - 2/21/2023 ​ ​ 10,000 ​ ​ 10,068 ​ The Company has cash balances in banks in excess of the maximum amount insured by the FDIC and other international agencies as of December 31, 2022 and June 30, 2022. The Company has not historically experienced any credit losses with balances in excess of FDIC limits.
Marketable Securities.	Marketable Securities The Company’s marketable securities include investments in mutual funds, which invest primarily in various government and corporate obligations, stocks and money market funds. The Company’s marketable securities are reported at fair value with the related unrealized and realized gains and losses included in other expense (income). Realized gains or losses on mutual funds are determined on a specific identification basis. The Company would record an impairment charge if the cost of the available-for-sale securities exceeds the estimated fair value of the securities and the decline in value is determined to be other-than-temporary. During the six months ended December 31, 2022, the Company did not record an impairment charge regarding its investment in marketable securities because management believes, based on its evaluation of the circumstances, that the decline in fair value below the cost of certain of the Company’s marketable securities is temporary.
Accounts Receivable	Accounts Receivable Accounts receivable is stated net of the reserves for credit losses of $215,000 and $243,000 as of December 31, 2022 and June 30, 2022, respectively. Our reserves for credit losses are subjective critical estimates that have a direct impact on reported net earnings. These reserves are based upon the evaluation of our accounts receivable aging, specific exposures, sales levels and historical trends.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value, with cost being determined on the first-in, first-out (FIFO) method. The reported net value of inventory includes finished saleable products, work-in-process and raw materials that will be sold or used in future periods. Inventory costs include raw materials, direct labor and overhead. The Company’s overhead expenses are applied based, in part, upon estimates of the proportion of those expenses that are related to procuring and storing raw materials as compared to the manufacture and assembly of finished products. These proportions, the method of their application, and the resulting overhead included in ending inventory, are based in part on subjective estimates and actual results could differ from those estimates. In addition, the Company records an inventory obsolescence reserve, which represents any excess of the cost of the inventory over its estimated realizable value. This reserve is calculated using an estimated obsolescence percentage applied to the inventory based on age, historical trends, product life cycle, requirements to support forecasted sales, and the ability to find alternate applications of its raw materials and to convert finished product into alternate versions of the same product to better match customer demand. In addition, and as necessary, the Company may establish specific reserves for future known or anticipated events. There is inherent professional judgment and subjectivity made by both production and engineering members of management in determining the estimated obsolescence percentage. The Company also regularly reviews the period over which its inventories will be converted to sales. Any inventories expected to convert to sales beyond 12 months from the balance sheet date are classified as non-current.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred; costs of major renewals and improvements are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and accumulated depreciation accounts and the profit or loss on such disposition is reflected in income. Depreciation is recorded over the estimated service lives of the related assets using primarily the straight-line method. Amortization of leasehold improvements is calculated by using the straight-line method over the estimated useful life of the asset or lease term, whichever is shorter.
Long-Lived and Intangible Assets	Long-Lived and Intangible Assets Long-lived assets are amortized over their useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets in question may not be recoverable. Impairment would be recorded in circumstances where undiscounted cash flows expected to be generated by an asset are less than the carrying value of that asset. Intangible assets determined to have indefinite lives were not amortized but were tested for impairment at least annually. Changes in intangible assets are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ June 30, 2022 ​ Carrying Accumulated Net book Carrying Accumulated Net book ​ ​ value ​ amortization ​ value ​ value ​ amortization ​ value Customer relationships ​ $ 9,800 ​ ​ (9,223) ​ $ 577 ​ $ 9,800 ​ ​ (9,143) ​ $ 657 Trade name ​ ​ 4,048 ​ (506) ​ 3,542 ​ 4,048 ​ (405) ​ 3,643 ​ ​ $ 13,848 ​ $ (9,729) ​ $ 4,119 ​ $ 13,848 ​ $ (9,548) ​ $ 4,300 ​ Amortization expense for intangible assets subject to amortization was approximately $90,000 and $98,000 for the three months ended December 31, 2022 and 2021, respectively. Amortization expense for intangible assets subject to amortization was approximately $181,000 and $196,000 for the six months ended December 31, 2022 and 2021, respectively. Amortization expense for each of the next five fiscal years is estimated to be as follows: 2023 - $361,000; 2024 - $336,000; 2025 - $315,000; 2026 - $297,000; and 2027 - $283,000. The weighted average remaining amortization period for intangible assets was 15.8 years and 16.2 years at December 31, 2022 and June 30, 2022, respectively.
Revenue Recognition	Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. For product sales, the Company typically transfers control at a point in time upon shipment or delivery of the product. For monthly communication services the Company satisfies its performance obligation as the services are rendered and therefore recognizes revenue over the monthly period. Typically timing of revenue recognition coincides with the timing of invoicing to the customers, at which time the Company has an unconditional right to consideration. As such, the Company typically records a receivable when revenue is recognized. The contract with the customer states the final terms of the sale, including the description, quantity, and price of each product purchased. Payment for product sales is typically due within 30 and 180 days of the delivery date. Payment for monthly communication services is billed on a monthly basis and is typically due at the beginning of the month of service or in 30 days for customers with an open account. The Company provides limited standard warranty for defective products, usually for a period of 24 to 36 months. The Company accepts returns for such defective products as well as for other limited circumstances. The Company also provides rebates to customers for meeting specified purchasing targets and other coupons or credits in limited circumstances. The Company establishes reserves for the estimated returns, rebates and credits and measures such variable consideration based on the expected value method using an analysis of historical data. Changes to the estimated variable consideration in subsequent periods are not material. The Company analyzes sales returns and is able to make reasonable and reliable estimates of product returns based on the Company’s past history. Estimates for sales returns are based on several factors including actual returns and based on expected return data communicated to it by its customers. Accordingly, the Company believes that its historical returns analysis is an accurate basis for its allowance for sales returns. Actual results could differ from those estimates.
Advertising and Promotional Costs	Advertising and Promotional Costs Advertising and promotional costs are included in "Selling, General and Administrative" expenses in the consolidated statements of income and are expensed as incurred. Advertising expense for the three months ended December 31, 2022 and 2021 was $505,000 and $512,000, respectively. Advertising expense for the six months ended December 31, 2022 and 2021 was $1,259,000 and $1,598,000, respectively.
Research and Development Costs	Research and Development Costs Research and development (“R&D”) costs incurred by the Company are charged to expense as incurred and are included in operating expenses in the consolidated statements of income. Company-sponsored R&D expense for the three months ended December 31, 2022 and 2021 was $2,222,000 and $1,978,000, respectively. Company-sponsored R&D expense for the six months ended December 31, 2022 and 2021 was $4,650,000 and $3,909,000, respectively.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company measures and recognizes the tax implications of positions taken or expected to be taken in its tax returns on an ongoing basis. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
Net Income per Share	Net Income per Share Basic net income per common share (Basic EPS) is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per common share (Diluted EPS) is computed by dividing net income by the weighted average number of common shares and dilutive common share equivalents and convertible securities then outstanding. The following provides a reconciliation of information used in calculating the per share amounts for the three months ended December 31, 2022 and 2021 (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ Weighted Average Shares ​ Net Income per Share ​ 2022 2021 2022 ​ 2021 ​ 2022 2021 Basic EPS ​ $ 8,446 ​ $ 1,037 ​ 36,772 ​ 36,728 ​ $ 0.23 ​ $ 0.03 Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ — ​ ​ — ​ 225 170 ​ — ​ — Diluted EPS ​ $ 8,446 ​ $ 1,037 ​ 36,997 36,898 ​ $ 0.23 ​ $ 0.03 ​ ​ Options to purchase 0 and 80,435 shares of common stock were excluded for the three months ended December 31, 2022 and 2021, respectively, and were not included in the computation of Diluted EPS because their inclusion would be anti-dilutive. These options were still outstanding at the end of the period. The following provides a reconciliation of information used in calculating the per share amounts for the six months ended December 31, 2022 and 2021 (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Net Income per ​ ​ Net Income ​ Shares ​ Share ​ ​ 2022 2021 2022 2021 2022 2021 Basic EPS ​ $ 14,848 ​ $ 8,789 ​ 36,731 ​ 36,720 ​ $ 0.40 ​ $ 0.24 Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ Stock Options ​ ​ — ​ — 226 157 ​ — ​ — Diluted EPS ​ $ 14,848 ​ $ 8,789 36,957 36,877 ​ $ 0.40 ​ $ 0.24 ​ Options to purchase 12,568 and 40,217 shares of common stock were excluded for the six months ended December 31, 2022 and 2021, respectively, and were not included in the computation of Diluted EPS because their inclusion would be anti-dilutive. These options were still outstanding at the end of the period.
Stock-Based Compensation	Stock-Based Compensation The Company has established four share incentive programs as discussed in Note 9. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. Stock-based compensation costs of $335,000 and $1,255,000 were recognized for the three months ended December 31, 2022 and 2021, respectively. Stock-based compensation costs of $812,000 and $1,344,000 were recognized for the six months ended December 31, 2022 and 2021, respectively.
Foreign Currency	Foreign Currency The Company has determined the functional currency of all foreign subsidiaries is the U.S. Dollar. All foreign operations are considered a direct and integral part or extension of the Company’s operations. The day-to-day operations of all foreign subsidiaries are dependent on the economic environment of the U.S. Dollar. Therefore, no realized and unrealized gains and losses associated with foreign currency translation are recorded for the three or six months ended December 31, 2022 or 2021.
Comprehensive Income	Comprehensive Income For the three and six months ended December 31, 2022 and 2021, the Company’s operations did not give rise to material items includable in comprehensive income, which were not already included in net income. Accordingly, the Company’s comprehensive income approximates its net income for all periods presented.
Segment Reporting	Segment Reporting The Company’s reportable operating segments are determined based on the Company’s management approach. The management approach is based on the way that the chief operating decision maker organizes the segments within an enterprise for making operating decisions and assessing performance. The Company’s results of operations are reviewed by the chief operating decision maker on a consolidated basis and the Company operates in only one segment. The Company has presented required geographical data in Note 13.
Shipping and Handling Sales and Costs	Shipping and Handling Sales and Costs The Company records the amount billed to customers for shipping and handling in net sales ($128,000 and $106,000 in the three months ended December 31, 2022 and 2021, respectively, and $240,000 and $212,000 in the six months ended December 31, 2022 and 2021, respectively); and classifies the costs associated with these sales in cost of sales ($454,000 and $361,000 in the three months ended December 31, 2022 and 2021, respectively, and $848,000 and $694,000 in the six months ended December 31, 2022 and 2021, respectively).
Leases	Leases The Company records lease assets and corresponding lease liabilities for the operating lease on our Consolidated Balance Sheets, excluding short-term leases (leases with terms of 12 months or less) as described under ASU No. 2016-02, Leases (Topic 842)
Recently Issued Accounting Standards	Recently Issued Accounting Standards Reference Rate Reform (ASC Topic 848) In March 2020, the FASB issued authoritative guidance to provide optional relief for companies preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”), which is expected to be phased out for new arrangements at the end of calendar 2021, and applies to lease contracts, hedging instruments, held-to-maturity debt securities and debt arrangements that have LIBOR as the benchmark rate. In January 2021, the FASB issued authoritative guidance that makes amendments to the new rules on accounting for reference rate reform. The amendments clarify that for all derivative instruments affected by the changes to interest rates used for discounting, margining or contract price alignment, regardless of whether they reference LIBOR or another rate expected to be discontinued as a result of reference rate reform, an entity may apply certain practical expedients in ASC Topic 848. Effective for the Company – This guidance can be applied for a limited time through December 31, 2022. The guidance will no longer be available to apply after December 31, 2022. Impact on consolidated financial statements – The Company’s bank has notified the Company that its LIBOR option will continue to be available to it through June 30, 2023, at which time the option will shift to the Benchmark Replacement as defined in the agreement with the bank (see Note 8). The Company does not believe that this transition will have a material impact on its financial condition.

Nature of Business and Summar_3

Nature of Business and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2022
Nature of Business and Summary of Significant Accounting Policies
Schedule of cash and cash equivalents	Cash and cash equivalents consists of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 ​ ​ ​ Cash ​ $ 11,895 ​ $ 41,667 Money Market Fund ​ 63 ​ 63 Certificates of Deposit ​ ​ 20,049 ​ ​ — ​ ​ $ 32,007 ​ $ 41,730
Schedule of investments - other	Investments-other consists of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 ​ ​ ​ Certificates of Deposit ​ $ 10,068 ​ $ — ​ ​ $ 10,068 ​ $ —
Schedule of Certificates of Deposit	Certificates of deposit are recorded at the original cost plus accrued interest. The Company’s Certificates of Deposit consist of the following as of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Classification Interest Rate Maturity Date Cost Carrying Value Cash and Cash Equivalents ​ ​ 4.25% - 4.40% ​ ​ 2/23/2023 - 3/21/2023 ​ $ 20,000 ​ $ 20,049 Investments - other ​ ​ 2.25% - 2.50% ​ ​ 1/23/2023 - 2/21/2023 ​ ​ 10,000 ​ ​ 10,068
Schedule of changes in intangible assets	Changes in intangible assets are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ June 30, 2022 ​ Carrying Accumulated Net book Carrying Accumulated Net book ​ ​ value ​ amortization ​ value ​ value ​ amortization ​ value Customer relationships ​ $ 9,800 ​ ​ (9,223) ​ $ 577 ​ $ 9,800 ​ ​ (9,143) ​ $ 657 Trade name ​ ​ 4,048 ​ (506) ​ 3,542 ​ 4,048 ​ (405) ​ 3,643 ​ ​ $ 13,848 ​ $ (9,729) ​ $ 4,119 ​ $ 13,848 ​ $ (9,548) ​ $ 4,300 ​
Schedule of reconciliation of earnings per share	The following provides a reconciliation of information used in calculating the per share amounts for the three months ended December 31, 2022 and 2021 (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income ​ Weighted Average Shares ​ Net Income per Share ​ 2022 2021 2022 ​ 2021 ​ 2022 2021 Basic EPS ​ $ 8,446 ​ $ 1,037 ​ 36,772 ​ 36,728 ​ $ 0.23 ​ $ 0.03 Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Options ​ — ​ ​ — ​ 225 170 ​ — ​ — Diluted EPS ​ $ 8,446 ​ $ 1,037 ​ 36,997 36,898 ​ $ 0.23 ​ $ 0.03 ​ The following provides a reconciliation of information used in calculating the per share amounts for the six months ended December 31, 2022 and 2021 (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Net Income per ​ ​ Net Income ​ Shares ​ Share ​ ​ 2022 2021 2022 2021 2022 2021 Basic EPS ​ $ 14,848 ​ $ 8,789 ​ 36,731 ​ 36,720 ​ $ 0.40 ​ $ 0.24 Effect of Dilutive Securities: ​ ​ ​ ​ ​ ​ ​ Stock Options ​ ​ — ​ — 226 157 ​ — ​ — Diluted EPS ​ $ 14,848 ​ $ 8,789 36,957 36,877 ​ $ 0.40 ​ $ 0.24

Revenue Recognition and Contr_2

Revenue Recognition and Contracts with Customers (Tables)	6 Months Ended
	Dec. 31, 2022
Revenue Recognition and Contracts with Customers
Schedule of disaggregation of revenues	Following is the disaggregation of revenues based on major product lines (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Six months ended December 31, ​ ​ 2022 2021 2022 2021 ​ Major Product Lines: ​ ​ ​ ​ ​ ​ ​ Intrusion and access alarm products ​ $ 11,342 ​ $ 10,767 ​ $ 24,874 ​ $ 20,563 ​ Door locking devices ​ 16,092 ​ 11,613 ​ 28,247 ​ 22,644 ​ Services ​ 14,880 ​ 11,028 ​ 28,686 ​ 21,252 ​ Total Revenues ​ $ 42,314 ​ $ 33,408 ​ $ 81,807 ​ $ 64,459 ​

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Dec. 31, 2022
Marketable Securities
Schedule of net gains and losses of marketable securities	on the marketable securities recognized within the accompanying condensed consolidated statements of income for the three and six months ended December 31, 2022 and 2021, are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Six months ended December 31, ​ ​ 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gains recognized during the period on marketable securities ​ $ — ​ $ 21 ​ $ — ​ $ 40 Less: Net gains recognized during the period on marketable securities sold during the period ​ — ​ — ​ — ​ — Unrealized (losses) recognized during the reporting period on marketable securities still held at the reporting date ​ 35 ​ (39) ​ (118) ​ (36) ​ ​ $ 35 ​ $ (18) ​ $ (118) ​ $ 4
Schedule of fair value of marketable securities	The following tables summarize the Company’s investments at December 31, 2022 and June 30, 2022, respectively (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ June 30, 2022 ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ ​ ​ Unrealized ​ Cost Fair Value Gain (Loss) Cost Fair Value Gain (Loss) Mutual Funds - Level 1 $ 5,582 ​ ​ 5,028 ​ $ (554) ​ $ 5,504 ​ $ 5,068 ​ $ (436)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2022
Inventories
Schedule of inventory	Inventories, net of reserves are valued at lower of cost (first-in, first-out method) or net realizable value. Inventories, net of reserves consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, June 30, ​ ​ 2022 ​ 2022 Component parts ​ $ 42,931 ​ $ 32,656 Work-in-process ​ 10,551 ​ 10,085 Finished product ​ 10,710 ​ 7,045 ​ ​ $ 64,192 ​ $ 49,786 ​ ​ ​ ​ ​ ​ ​ Classification of inventories, net of reserves: ​ ​ Current ​ $ 48,661 ​ $ 40,781 Non-current ​ 15,531 ​ 9,005 ​ ​ $ 64,192 ​ $ 49,786

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	6 Months Ended
	Dec. 31, 2022
Property, Plant, and Equipment
Schedule of property, plant and equipment	Property, plant and equipment consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 June 30, 2022 Useful Life in Years ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 904 ​ $ 904 ​ N/A Buildings ​ 8,911 ​ 8,911 ​ 30 to 40 Molds and dies ​ 7,502 ​ 7,480 ​ 3 to 5 Furniture and fixtures ​ 3,137 ​ 3,030 ​ 5 to 10 Machinery and equipment ​ 27,029 ​ 26,696 ​ 3 to 10 Building improvements ​ 2,742 ​ 2,464 ​ Shorter of the lease term or life of asset ​ ​ 50,225 ​ 49,485 ​ Less: accumulated depreciation and amortization ​ (42,241) ​ (41,546) ​ ​ ​ $ 7,984 ​ $ 7,939 ​ ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Dec. 31, 2022
Long-Term Debt
Schedule of long-term debt outstanding balances and interest rates	Outstanding balances and interest rates as of December 31, 2022 and June 30, 2022 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ June 30, 2022 ​ Outstanding Interest Rate ​ Outstanding Interest Rate Revolving line of credit: ​ ​ ​ ​ ​ ​ ​ Current maturities ​ $ — ​ n/a ​ $ — ​ n/a ​ Long-term debt ​ — ​ n/a ​ — ​ n/a ​ ​ ​ $ — ​ ​ ​ $ — ​ ​ ​

Stock Option (Tables)

Stock Option (Tables)	6 Months Ended
	Dec. 31, 2022
2012 Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Risk-free interest rates ​ 3.03 % 1.64 % Expected lives ​ 7.27 Years ​ 10 Years ​ Expected volatility ​ 43 % 43 % Expected dividend yields ​ 0 % 0 %
Schedule of plan activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ Weighted average ​ ​ Options exercise price Options exercise price Outstanding, beginning of year ​ ​ 523,080 ​ $ 18.59 ​ ​ 214,080 ​ $ 9.59 ​ Granted ​ ​ 37,500 ​ $ 26.94 ​ ​ 338,000 ​ $ 23.17 ​ Forfeited/Lapsed ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Exercised ​ ​ (7,200) $ 7.07 ​ (28,000) $ 5.54 ​ Outstanding, end of period ​ ​ 553,380 ​ $ 18.90 ​ 524,080 ​ $ 18.56 ​ Exercisable, end of period ​ ​ 262,252 ​ $ 16.88 ​ 160,576 ​ $ 15.06 ​ Weighted average fair value at grant date of options granted ​ $ 13.36 ​ ​ ​ $ 12.16 ​ ​ ​ Total intrinsic value of options exercised ​ $ 159,000 ​ ​ ​ ​ $ 485,000 ​ ​ ​ Total intrinsic value of options outstanding ​ $ 4,746,000 ​ ​ ​ ​ $ 3,367,000 ​ ​ ​ Total intrinsic value of options exercisable ​ $ 2,779,000 ​ ​ ​ ​ $ 1,595,000 ​ ​ ​
Schedule of options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ Weighted average ​ ​ ​ ​ ​ ​ ​ Number ​ remaining ​ Weighted average ​ Number ​ Weighted average Range of exercise prices ​ outstanding ​ contractual life ​ exercise price ​ exercisable ​ exercise price $3.14 ‑ $26.94 ​ 553,380 ​ 8.07 ​ $ 18.90 ​ 262,252 ​ $ 16.88 ​ ​ 553,380 ​ 8.07 ​ $ 18.90 ​ 262,252 ​ $ 16.88
2012 Non-Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Risk-free interest rates n/a ​ 1.68 % Expected lives n/a ​ 10 Years ​ Expected volatility n/a ​ 43 % Expected dividend yields n/a ​ 0 %
Schedule of plan activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted average ​ ​ Weighted average ​ ​ Options ​ exercise price ​ Options ​ exercise price ​ Outstanding, beginning of year ​ ​ 20,400 ​ $ 14.39 ​ ​ 12,000 ​ $ 6.55 ​ Granted ​ ​ — ​ ​ — ​ ​ 9,600 ​ $ 22.93 ​ Forfeited/Lapsed ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Exercised ​ ​ — ​ ​ — ​ — ​ — ​ Outstanding, end of period ​ ​ 20,400 ​ $ 14.39 ​ 21,600 ​ $ 13.83 ​ Exercisable, end of period ​ ​ 13,200 ​ $ 10.95 ​ 11,760 ​ $ 8.28 ​ Weighted average fair value at grant date of options granted ​ ​ n/a ​ ​ ​ ​ $ 12.58 ​ ​ Total intrinsic value of options exercised ​ ​ n/a ​ ​ ​ ​ $ n/a ​ ​ Total intrinsic value of options outstanding ​ $ 267,000 ​ ​ ​ ​ $ 241,000 ​ ​ Total intrinsic value of options exercisable ​ $ 218,000 ​ ​ ​ ​ $ 197,000 ​ ​
Schedule of options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ ​ ​ Weighted average ​ Weighted ​ ​ ​ Weighted ​ ​ Number ​ remaining ​ average exercise ​ Number ​ average exercise Range of exercise prices ​ outstanding contractual life ​ price exercisable ​ price $4.35 - $22.93 ​ 20,400 ​ 7.15 ​ $ 14.39 ​ 13,200 ​ $ 10.95 ​ ​ 20,400 ​ 7.15 ​ $ 14.39 ​ 13,200 ​ $ 10.95
2018 Non-Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ Risk-free interest rates ​ n/a ​ 1.68 % Expected lives ​ n/a ​ 10 Years ​ Expected volatility ​ n/a ​ 43 % Expected dividend yields ​ n/a ​ 0 %
Schedule of plan activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted average ​ ​ Weighted average ​ ​ Options exercise price ​ Options exercise price ​ Outstanding, beginning of year ​ ​ 89,000 ​ $ 14.91 ​ ​ 70,100 ​ $ 11.93 ​ Granted ​ ​ — ​ — ​ 23,500 $ 22.93 ​ Forfeited/Lapsed ​ ​ — ​ — ​ — ​ — ​ Exercised ​ ​ (9,900) $ 16.27 ​ (3,000) $ 11.68 ​ Outstanding, end of period ​ ​ 79,100 ​ $ 14.74 ​ 90,600 ​ $ 14.79 ​ Exercisable, end of period ​ ​ 49,440 ​ $ 13.02 ​ 41,260 ​ $ 12.96 ​ Weighted average fair value at grant date of options granted ​ ​ n/a ​ ​ ​ ​ $ 12.58 ​ ​ ​ ​ Total intrinsic value of options exercised ​ $ 124,000 ​ ​ ​ ​ $ 39,000 ​ ​ ​ ​ Total intrinsic value of options outstanding ​ $ 1,008,000 ​ ​ ​ ​ $ 924,000 ​ ​ ​ ​ Total intrinsic value of options exercisable ​ $ 715,000 ​ ​ ​ ​ $ 496,000 ​ ​ ​ ​
Schedule of options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ Weighted average Weighted ​ Weighted ​ ​ Number ​ remaining ​ average exercise ​ Number ​ average exercise Range of exercise prices ​ outstanding ​ contractual life ​ price ​ exercisable ​ price $8.10 - $22.93 ​ 79,100 7.25 ​ $ 14.74 49,440 ​ $ 13.02 ​ ​ 79,100 7.25 ​ $ 14.74 49,440 ​ $ 13.02
2020 Non-Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Risk-free interest rates 3.03 % 1.68 % Expected lives 7.27 Years ​ 10 Years ​ Expected volatility 43 % 43 % Expected dividend yields 0 % 0 %
Schedule of plan activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ Weighted average ​ ​ Options exercise price ​ Options exercise price ​ Outstanding, beginning of year ​ 26,900 $ 18.64 ​ ​ 10,000 $ 11.40 ​ Granted ​ 25,000 ​ $ 26.94 ​ ​ 16,900 ​ $ 22.93 ​ Forfeited/Lapsed ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Exercised ​ — ​ — ​ ​ — ​ — ​ Outstanding, end of period ​ 51,900 ​ $ 22.64 ​ ​ 26,900 ​ $ 18.64 ​ Exercisable, end of period ​ 17,760 ​ $ 20.16 ​ ​ 7,380 ​ $ 16.68 ​ Weighted average fair value at grant date of options granted ​ $ 13.36 ​ ​ $ 12.58 ​ ​ ​ Total intrinsic value of options exercised ​ n/a ​ ​ n/a ​ ​ ​ Total intrinsic value of options outstanding ​ $ 251,000 ​ ​ $ 171,000 ​ ​ ​ Total intrinsic value of options exercisable ​ $ 130,000 ​ ​ $ 61,000 ​ ​ ​
Schedule of options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options outstanding ​ Options exercisable ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ remaining ​ Weighted average ​ Number ​ Weighted average Range of exercise prices outstanding contractual life exercise price exercisable exercise price $11.40 - $26.94 51,900 8.99 ​ $ 22.64 17,760 ​ $ 20.16 ​ 51,900 8.99 ​ $ 22.64 17,760 ​ $ 20.16

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Schedule of supplemental balance sheet information	​ ​ ​ ​ ​ Weighted-average remaining lease term 69 Years ​ Weighted-average discount rate ​ 6.25 % ​
Schedule of maturities of lease liabilities	The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2022 (in thousands): ​ ​ ​ ​ ​ Year Ending June 30, Amount 2023 ​ $ 164 2024 ​ 316 2025 ​ 299 2026 ​ 282 2027 ​ 267 Thereafter ​ ​ 4,633 Total ​ $ 5,961 ​

Geographical Data (Tables)

Geographical Data (Tables)	6 Months Ended
	Dec. 31, 2022
Geographical Data
Schedule of sales to external customers	Financial Information Relating to Domestic and Foreign Operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended December 31, ​ Six months ended December 31, ​ ​ 2022 2021 2022 2021 ​ Sales to external customers (1): ​ ​ ​ ​ ​ ​ ​ Domestic ​ $ 41,886 ​ $ 33,023 ​ $ 81,145 ​ $ 63,806 ​ Foreign ​ 428 ​ 385 ​ 662 ​ 653 ​ Total Net Sales ​ $ 42,314 ​ $ 33,408 ​ $ 81,807 ​ $ 64,459 ​ ​ (1) All of the Company’s sales originate in the United States and are shipped primarily from the Company’s facilities in the United States. There were no sales into any one foreign country in excess of 10% of total Net Sales.
Schedule of assets in individual foreign country by country	​ (2) Consists primarily of inventories (December 31, 2022 = $47,383 ; June 30, 2022 = $38,755 ), operating lease assets (December 31, 2022 = $5,961 ; June 30, 2022 = $7,350 ) and fixed assets (December 31, 2022 = $3,098 ; June 30, 2022 = $3,253 ) located at the Company’s principal manufacturing facility in the Dominican Republic.

Nature of Business and Summar_4

Nature of Business and Summary of Significant Accounting Policies (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2021 shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) segment shares	Dec. 31, 2021 USD ($) shares	Sep. 30, 2022 shares	Jun. 30, 2022 USD ($) shares	Jan. 04, 2022 shares	Jan. 03, 2022 shares	Sep. 30, 2021 shares	Jun. 30, 2021 shares	Sep. 16, 2014 shares
Accounting policies
Stock split	2
Percentage of stock dividend	100%
Common stock, outstanding (in shares) | shares		36,745,718		36,745,718			36,734,482					38,800,000
Allowance for credit losses		$ 215,000		$ 215,000			$ 243,000
Warranty term				24 to 36
Stock-Based Compensation
Number of share incentive programs				four
Stock based compensation expense		335,000	$ 1,255,000	$ 812,000	$ 1,344,000
Foreign currency realized/unrealized gains(loss)		0	$ 0	$ 0	$ 0
Segment Reporting
Number of operating segments (in segments) | segment				1
Leases
Operating lease asset		$ 5,961,000		$ 5,961,000			$ 7,350,000
Equipment
Accounting policies
Payment terms				30 and 180
Services
Accounting policies
Payment terms				30 days
Common Stock
Accounting policies
Stock split	2
Percentage of stock dividend	100%
Number of shares outstanding | shares	39,625,471	39,639,433	39,625,471	39,639,433	39,625,471	39,636,677	39,628,197	36,731,756		39,600,883	39,595,883
Common Stock | Previously Reported
Accounting policies
Number of shares outstanding | shares									18,365,878

Nature of Business and Summar_5

Nature of Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Investments (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Accounting policies
Short-term time deposits	$ 20,112,000	$ 63,000
Certificate of deposits, value	20,049,000	0
Money market fund, Value	63,000	63,000
Cash and Cash Equivalents, at Carrying Value, Total	32,007,000	41,730,000
Investments - other	10,068,000
Certificate of Deposits
Accounting policies
Investments - other	10,068,000
Cash
Accounting policies
Cash and Cash Equivalents, at Carrying Value, Total	11,895,000	41,667,000
Money Market Fund
Accounting policies
Cash and Cash Equivalents, at Carrying Value, Total	63,000	$ 63,000
Certificate of Deposits
Accounting policies
Cash and Cash Equivalents, at Carrying Value, Total	20,049,000
Cash and Cash Equivalents
Accounting policies
Cost	$ 20,000,000
Cash and Cash Equivalents | Minimum
Accounting policies
Interest Rate	4.25%
Cash and Cash Equivalents | Maximum
Accounting policies
Interest Rate	4.40%
Cash and Cash Equivalents | Carrying Value
Accounting policies
Carrying Value	$ 20,049,000
Interest-Bearing Deposits [Member]
Accounting policies
Cost	$ 10,000,000
Interest-Bearing Deposits [Member] | Minimum
Accounting policies
Interest Rate	2.25%
Interest-Bearing Deposits [Member] | Maximum
Accounting policies
Interest Rate	2.50%
Interest-Bearing Deposits [Member] | Carrying Value
Accounting policies
Carrying Value	$ 10,068,000

Nature of Business and Summar_6

Nature of Business and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Intangible assets
Amortization expense	$ 90,000	$ 98,000	$ 181,000	$ 196,000
Changes in intangible assets
Carrying value	13,848,000		13,848,000		$ 13,848,000
Accumulated amortization	(9,729,000)		(9,729,000)		(9,548,000)
Net book value	4,119,000		4,119,000		$ 4,300,000
Future amortization expense
2023	361,000		361,000
2024	336,000		336,000
2025	315,000		315,000
2026	297,000		297,000
2027	283,000		$ 283,000
Weighted average remaining period			15 years 9 months 18 days		16 years 2 months 12 days
Customer relationships
Changes in intangible assets
Carrying value	9,800,000		$ 9,800,000		$ 9,800,000
Accumulated amortization	(9,223,000)		(9,223,000)		(9,143,000)
Net book value	577,000		577,000		657,000
Trade name
Changes in intangible assets
Carrying value	4,048,000		4,048,000		4,048,000
Accumulated amortization	(506,000)		(506,000)		(405,000)
Net book value	$ 3,542,000		$ 3,542,000		$ 3,643,000

Nature of Business and Summar_7

Nature of Business and Summary of Significant Accounting Policies - Income Statement location (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Research and development	$ 2,222,000	$ 1,978,000	$ 4,650,000	$ 3,909,000
Net sales	42,314,000	33,408,000	81,807,000	64,459,000
Cost of sales	22,852,000	21,965,000	44,178,000	39,560,000
Selling, General and Administrative Expenses
Advertising and promotion costs	505,000	512,000	1,259,000	1,598,000
Operating Expenses.
Research and development	2,222,000	1,978,000	4,650,000	3,909,000
Cost of sales | Shipping and Handling
Cost of sales	454,000	361,000	848,000	694,000
Sales revenue, net | Shipping and Handling
Net sales	$ 128,000	$ 106,000	$ 240,000	$ 212,000

Nature of Business and Summar_8

Nature of Business and Summary of Significant Accounting Policies - Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Nature of Business and Summary of Significant Accounting Policies
Basic EPS	$ 8,446	$ 1,037		$ 14,848	$ 8,789
Diluted EPS	$ 8,446	$ 1,037		$ 14,848	$ 8,789
Weighted average
Basic (in shares)	36,772,000	36,728,000		36,731,000	36,720,000
Stock Options	225,000	170,000		226,000	157,000
Diluted (in shares)	36,997,000	36,898,000		36,957,000	36,877,000
Effect of Dilutive Securities:
Basic (in dollars per share)	$ 0.23	$ 0.03	$ 0.03	$ 0.40	$ 0.24
Diluted (in dollars per share)	$ 0.23	$ 0.03		$ 0.40	$ 0.24
Excluded from diluted EPS	0	80,435		12,568	40,217

Revenue Recognition and Contr_3

Revenue Recognition and Contracts with Customers (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021	Jun. 30, 2022 USD ($)
Revenue:
Number of operating segments (in segments) | segment			1
Sales returns, rebates and allowances as a percentage of gross sales	5%	13%	5%	11%
Current Liabilities
Revenue:
Refund liabilities	$ 4,096,000		$ 4,096,000		$ 5,863,000
Other current assets
Revenue:
Return-related assets	$ 909,000		$ 909,000		$ 974,000

Revenue Recognition and Contr_4

Revenue Recognition and Contracts with Customers - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Revenues	$ 42,314	$ 33,408	$ 81,807	$ 64,459
Intrusion and access alarm products
Revenue:
Revenues	11,342	10,767	24,874	20,563
Door locking devices
Revenue:
Revenues	16,092	11,613	28,247	22,644
Services
Revenue:
Revenues	$ 14,880	$ 11,028	$ 28,686	$ 21,252

Business and Credit Concentra_2

Business and Credit Concentrations (Details)	6 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Accounts Receivable | Credit Concentration Risk | customer One
Business and Credit Concentrations
Concentration risk (as a percent)	13%		16%
Accounts Receivable | Credit Concentration Risk | customer Two
Business and Credit Concentrations
Concentration risk (as a percent)	14%		22%
Accounts Receivable | Credit Concentration Risk | customer Three
Business and Credit Concentrations
Concentration risk (as a percent)	11%
Sales | Customer Concentration Risk | customer Two
Business and Credit Concentrations
Concentration risk (as a percent)		10%

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities
Net gains recognized during the period on marketable securities		$ 21		$ 40
Unrealized (losses) recognized during the reporting period on marketable securities still held at the reporting date	$ 35	(39)	$ (118)	(36)
Marketable securities	$ 35	$ (18)	$ (118)	$ 4

Marketable Securities - Investm

Marketable Securities - Investments (Details) - Mutual Funds - Level 1 - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Net Investment Income [Line Items]
Cost	$ 5,582	$ 5,504
Fair Value	5,028	5,068
Unrealized Gain (Loss)	$ (554)	$ (436)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Inventories
Component parts	$ 42,931	$ 32,656
Work-in-process	10,551	10,085
Finished product	10,710	7,045
Inventory, net of reserves	64,192	49,786
Current	48,661	40,781
Non-current	15,531	9,005
Total Inventory	$ 64,192	$ 49,786

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Property plant and equipment
Gross	$ 50,225,000		$ 50,225,000		$ 49,485,000
Less: accumulated depreciation and amortization	(42,241,000)		(42,241,000)		(41,546,000)
Net	7,984,000		7,984,000		7,939,000
Depreciation and amortization	379,000	$ 348,000	747,000	$ 690,000
Land
Property plant and equipment
Gross	904,000		904,000		904,000
Buildings [Member]
Property plant and equipment
Gross	8,911,000		$ 8,911,000		8,911,000
Buildings [Member] | Minimum
Property plant and equipment
Useful life			30 years
Buildings [Member] | Maximum
Property plant and equipment
Useful life			40 years
Molds and dies
Property plant and equipment
Gross	7,502,000		$ 7,502,000		7,480,000
Molds and dies | Minimum
Property plant and equipment
Useful life			3 years
Molds and dies | Maximum
Property plant and equipment
Useful life			5 years
Furniture and fixtures
Property plant and equipment
Gross	3,137,000		$ 3,137,000		3,030,000
Furniture and fixtures | Minimum
Property plant and equipment
Useful life			5 years
Furniture and fixtures | Maximum
Property plant and equipment
Useful life			10 years
Machinery and equipment
Property plant and equipment
Gross	27,029,000		$ 27,029,000		26,696,000
Machinery and equipment | Minimum
Property plant and equipment
Useful life			3 years
Machinery and equipment | Maximum
Property plant and equipment
Useful life			10 years
Building improvements
Property plant and equipment
Gross	$ 2,742,000		$ 2,742,000		$ 2,464,000
Useful life (estimated)			Shorter of the lease term or life of asset

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Income Tax expense	$ 1,177,000	$ 291,000	$ 1,921,000	$ 639,000
Uncertain tax positions increase			24,000
Interest expense accrued	112,000		112,000
Unrecognized net tax benefits	$ 678,000		678,000
Examination, interest expense			$ 24,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2021	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2020
Revolver Agreement
Long-term debt disclosure:
Line of credit, maximum borrowing capacity		$ 11,000,000	$ 11,000,000
Stock collateral (as a percent)		65%
Revolver Agreement | LIBOR | Minimum
Long-term debt disclosure:
Basis spread		1.15%
Revolver Agreement | LIBOR | Maximum
Long-term debt disclosure:
Basis spread		2%
Revolver Agreement | Prime rate
Long-term debt disclosure:
Basis spread		0.25%
Paycheck Protection Program
Long-term debt disclosure:
Loan forgiven	$ 3,904,000
Revolving line of credit:
Long-term debt, Net				$ 3,904,000

Stock Option - Plan Information

Stock Option - Plan Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	May 31, 2020	Dec. 31, 2018
Stock Option
Stock-based compensation expense, allocated	$ 335,000	$ 1,255,000	$ 812,000	$ 1,344,000
Stock-based compensation costs, effect on EPS	$ 0.01	$ 0.03	$ 0.02	$ 0.04
Exercised	2,000
Proceeds from stock option exercises			$ 45,000	$ 155,000
2022 Employee Stock Option Plan
Stock Option
Shares authorized (in shares)	950,000		950,000
Granted			0
2012 Employee Stock Option Plan
Stock Option
Shares authorized (in shares)	1,900,000		1,900,000
Premium on fair market value (as a percent)			110%
Term			10 years
Vesting rights percentage			20%
Outstanding (in shares)	553,380	524,080	553,380	524,080	523,080	214,080
Exercisable, end of period	262,252	160,576	262,252	160,576
Available for grant (in shares)	0		0
Granted	0	338,000	37,500	338,000
Unearned stock based compensation	$ 2,445,000		$ 2,445,000
Exercised		23,000	7,200	28,000
Shares converted (in shares)	207
Deferred tax benefit		$ 0		$ 0
Vested	80,400	85,600	92,700	90,400
Fair Value	$ 754,000	$ 913,000	$ 883,000	$ 942,000
Proceeds from stock option exercises	$ 0	$ 139,000	$ 45,000	$ 155,000
2012 Employee Stock Option Plan | After December 2022
Stock Option
Granted			0
2012 Non-Employee Stock Option Plan
Stock Option
Shares authorized (in shares)	100,000		100,000
Threshold percentage of voting rights			10%
Term			10 years
Vesting rights percentage			20%
Outstanding (in shares)	20,400	21,600	20,400	21,600	20,400	12,000
Exercisable, end of period	13,200	11,760	13,200	11,760
Available for grant (in shares)	0		0
Granted	0	9,600	0	9,600
Unearned stock based compensation	$ 58,000		$ 58,000
Deferred tax benefit	$ 0	$ 0	$ 0	$ 0
Vested	1,920	5,520	1,920	5,520
Fair Value	$ 19,000	$ 34,000	$ 19,000	$ 34,000
Proceeds from stock option exercises	$ 0	$ 0	$ 0	$ 0
2012 Non-Employee Stock Option Plan | After December 2022
Stock Option
Granted			0
2018 Non-Employee Stock Option Plan
Stock Option
Shares authorized (in shares)								100,000
Term			10 years
Vesting rights percentage			20%
Outstanding (in shares)	79,100	90,600	79,100	90,600	89,000	70,100
Exercisable, end of period	49,440	41,260	49,440	41,260
Available for grant (in shares)	0		0
Granted	0	23,500	0	23,500
Unearned stock based compensation	$ 197,000		$ 197,000
Exercised	3,600	3,000	9,900	3,000
Shares converted (in shares)	2,637	1,412	5,657
Deferred tax benefit	$ 5,000	$ 8,000	$ 26,000	$ 8,000
Vested	14,300	14,300	14,300	14,300
Fair Value	$ 114,000	$ 125,000	$ 114,000	$ 125,000
Proceeds from stock option exercises	$ 0		$ 0
2018 Non-Employee Stock Option Plan | After December 2028
Stock Option
Granted			0
2020 Non-Employee Stock Option Plan
Stock Option
Shares authorized (in shares)							100,000
Term			10 years
Vesting rights percentage			20%
Outstanding (in shares)	51,900	26,900	51,900	26,900	26,900	10,000
Exercisable, end of period	17,760	7,380	17,760	7,380
Available for grant (in shares)	48,100		48,100
Granted	0	16,900	25,000	16,900
Unearned stock based compensation	$ 346,000		$ 346,000
Deferred tax benefit			$ 0	$ 0
Vested	3,380	3,380	10,380	5,380
Fair Value	$ 34,000	$ 34,000	$ 113,000	$ 46,000
Proceeds from stock option exercises	$ 0	$ 0	$ 0	$ 0
2020 Non-Employee Stock Option Plan | After May 2030
Stock Option
Granted			0

Stock Option - Fair Value Assum

Stock Option - Fair Value Assumptions (Details)	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
2012 Employee Stock Option Plan
Stock option
Risk-free interest rates	3.03%	1.64%
Expected lives	7 years 3 months 7 days	10 years
Expected volatility	43%	43%
Expected dividend yields	0%	0%
2012 Non-Employee Stock Option Plan
Stock option
Risk-free interest rates		1.68%
Expected lives		10 years
Expected volatility		43%
Expected dividend yields		0%
2018 Non-Employee Stock Option Plan
Stock option
Risk-free interest rates		1.68%
Expected lives		10 years
Expected volatility		43%
Expected dividend yields		0%
2020 Non-Employee Stock Option Plan
Stock option
Risk-free interest rates	3.03%	1.68%
Expected lives	7 years 3 months 7 days	10 years
Expected volatility	43%	43%
Expected dividend yields	0%	0%

Stock Option - Activity (Detail

Stock Option - Activity (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Options
Exercised	(2,000)
2012 Employee Stock Option Plan
Options
Outstanding, beginning of year			523,080	214,080	214,080
Granted	0	338,000	37,500	338,000
Exercised		(23,000)	(7,200)	(28,000)
Outstanding, end of period	553,380	524,080	553,380	524,080	523,080
Exercisable, end of period	262,252	160,576	262,252	160,576
Weighted average exercise price
Weighted average exercise price, beginning of year			$ 18.59	$ 9.59	$ 9.59
Granted (per share)			26.94	23.17
Exercised (per share)			7.07	5.54
Weighted average exercise price, end of period	$ 18.90	$ 18.56	18.90	18.56	$ 18.59
Exercisable, end of period, weighted average exercise price	$ 16.88	$ 15.06	16.88	15.06
Additional disclosures
Weighted average fair value at grant date of options granted			$ 13.36	$ 12.16
Total intrinsic value of options exercised			$ 159,000	$ 485,000
Total intrinsic value of options outstanding	$ 4,746,000	$ 3,367,000	4,746,000	3,367,000
Total intrinsic value of options exercisable	$ 2,779,000	$ 1,595,000	$ 2,779,000	$ 1,595,000
2012 Non-Employee Stock Option Plan
Options
Outstanding, beginning of year			20,400	12,000	12,000
Granted	0	9,600	0	9,600
Outstanding, end of period	20,400	21,600	20,400	21,600	20,400
Exercisable, end of period	13,200	11,760	13,200	11,760
Weighted average exercise price
Weighted average exercise price, beginning of year			$ 14.39	$ 6.55	$ 6.55
Granted (per share)				22.93
Exercised (per share)			0
Weighted average exercise price, end of period	$ 14.39	$ 13.83	14.39	13.83	$ 14.39
Exercisable, end of period, weighted average exercise price	$ 10.95	$ 8.28	$ 10.95	8.28
Additional disclosures
Weighted average fair value at grant date of options granted				$ 12.58
Total intrinsic value of options outstanding	$ 267,000	$ 241,000	$ 267,000	$ 241,000
Total intrinsic value of options exercisable	$ 218,000	$ 197,000	$ 218,000	$ 197,000
2018 Non-Employee Stock Option Plan
Options
Outstanding, beginning of year			89,000	70,100	70,100
Granted	0	23,500	0	23,500
Exercised	(3,600)	(3,000)	(9,900)	(3,000)
Outstanding, end of period	79,100	90,600	79,100	90,600	89,000
Exercisable, end of period	49,440	41,260	49,440	41,260
Weighted average exercise price
Weighted average exercise price, beginning of year			$ 14.91	$ 11.93	$ 11.93
Granted (per share)				22.93
Exercised (per share)			16.27	11.68
Weighted average exercise price, end of period	$ 14.74	$ 14.79	14.74	14.79	$ 14.91
Exercisable, end of period, weighted average exercise price	$ 13.02	$ 12.96	$ 13.02	12.96
Additional disclosures
Weighted average fair value at grant date of options granted				$ 12.58
Total intrinsic value of options exercised			$ 124,000	$ 39,000
Total intrinsic value of options outstanding	$ 1,008,000	$ 924,000	1,008,000	924,000
Total intrinsic value of options exercisable	$ 715,000	$ 496,000	$ 715,000	$ 496,000
2020 Non-Employee Stock Option Plan
Options
Outstanding, beginning of year			26,900	10,000	10,000
Granted	0	16,900	25,000	16,900
Outstanding, end of period	51,900	26,900	51,900	26,900	26,900
Exercisable, end of period	17,760	7,380	17,760	7,380
Weighted average exercise price
Weighted average exercise price, beginning of year			$ 18.64	$ 11.40	$ 11.40
Granted (per share)			26.94	22.93
Weighted average exercise price, end of period	$ 22.64	$ 18.64	22.64	18.64	$ 18.64
Exercisable, end of period, weighted average exercise price	$ 20.16	$ 16.68	20.16	16.68
Additional disclosures
Weighted average fair value at grant date of options granted			$ 13.36	$ 12.58
Total intrinsic value of options outstanding	$ 251,000	$ 171,000	$ 251,000	$ 171,000
Total intrinsic value of options exercisable	$ 130,000	$ 61,000	$ 130,000	$ 61,000

Stock Option - Exercise Price R

Stock Option - Exercise Price Range (Details)	6 Months Ended
	Dec. 31, 2022 $ / shares shares
2012 Employee Stock Option Plan
Share based compensation, exercise prices
Options outstanding (in shares) | shares	553,380
Weighted average remaining contractual life	8 years 25 days
Weighted average exercise price	$ 18.90
Number exercisable | shares	262,252
Exercisable, Weighted average exercise price	$ 16.88
2012 Employee Stock Option Plan | Exercise price range
Share based compensation, exercise prices
Exercise price upper limit	26.94
Exercise price lower limit	$ 3.14
Options outstanding (in shares) | shares	553,380
Weighted average remaining contractual life	8 years 25 days
Weighted average exercise price	$ 18.90
Number exercisable | shares	262,252
Exercisable, Weighted average exercise price	$ 16.88
2012 Non-Employee Stock Option Plan
Share based compensation, exercise prices
Options outstanding (in shares) | shares	20,400
Weighted average remaining contractual life	7 years 1 month 24 days
Weighted average exercise price	$ 14.39
Number exercisable | shares	13,200
Exercisable, Weighted average exercise price	$ 10.95
2012 Non-Employee Stock Option Plan | Exercise price range
Share based compensation, exercise prices
Exercise price upper limit	22.93
Exercise price lower limit	$ 4.35
Options outstanding (in shares) | shares	20,400
Weighted average remaining contractual life	7 years 1 month 24 days
Weighted average exercise price	$ 14.39
Number exercisable | shares	13,200
Exercisable, Weighted average exercise price	$ 10.95
2018 Non-Employee Stock Option Plan
Share based compensation, exercise prices
Options outstanding (in shares) | shares	79,100
Weighted average remaining contractual life	7 years 3 months
Weighted average exercise price	$ 14.74
Number exercisable | shares	49,440
Exercisable, Weighted average exercise price	$ 13.02
2018 Non-Employee Stock Option Plan | Exercise price range
Share based compensation, exercise prices
Exercise price upper limit	22.93
Exercise price lower limit	$ 8.10
Options outstanding (in shares) | shares	79,100
Weighted average remaining contractual life	7 years 3 months
Weighted average exercise price	$ 14.74
Number exercisable | shares	49,440
Exercisable, Weighted average exercise price	$ 13.02
2020 Non-Employee Stock Option Plan
Share based compensation, exercise prices
Options outstanding (in shares) | shares	51,900
Weighted average remaining contractual life	8 years 11 months 26 days
Weighted average exercise price	$ 22.64
Number exercisable | shares	17,760
Exercisable, Weighted average exercise price	$ 20.16
2020 Non-Employee Stock Option Plan | Exercise price range
Share based compensation, exercise prices
Exercise price upper limit	26.94
Exercise price lower limit	$ 11.40
Options outstanding (in shares) | shares	51,900
Weighted average remaining contractual life	8 years 11 months 26 days
Weighted average exercise price	$ 22.64
Number exercisable | shares	17,760
Exercisable, Weighted average exercise price	$ 20.16

Stockholders' Equity Transact_2

Stockholders' Equity Transactions (Details)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Jun. 30, 2022 $ / shares shares	Dec. 06, 2021 $ / shares shares	Sep. 16, 2014 shares
Equity
Authorized to be repurchased (in shares)							2,000,000
Common Stock Shares Outstanding		36,745,718	36,745,718		36,734,482		38,800,000
Stock repurchased (in shares)		0	0		0
Common stock, authorized (in shares)		100,000,000	100,000,000		100,000,000	100,000,000
Par value per share | $ / shares		$ 0.01	$ 0.01		$ 0.01	$ 0.01
Exercised		2,000
Percentage of stock dividend	100%
Stock split	2
Proceeds from stock option exercises | $			$ 45,000	$ 155,000
Non Employee
Equity
Exercised			17,100
Certain employees and directors
Equity
Exercised		5,600	5,200		34,800
Exercised, cashless		5,600	11,900		6,800
Surrendered (in shares)		2,844	5,864		2,486
Proceeds from stock option exercises | $			$ 45,000

401(k) Plan (Details)

401(k) Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
401(k) Plan
Employer contribution	$ 61,000	$ 37,000	$ 123,000	$ 73,000

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details)			3 Months Ended		6 Months Ended
	Sep. 14, 2022 USD ($)	Sep. 13, 2022 USD ($)	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) a	Dec. 31, 2021 USD ($)
Commitments and Contingencies
Operating lease term			99 years		99 years
Area of Land | a			4		4
Annual minimum rent	$ 235,000	$ 235,000
Annual service charges	$ 105,000	$ 53,000
Percentage of service charges increase	2%
Deduction of operating lease asset and liability, remeasurement	$ 1,300,000
Operating Lease Payments			$ 92,000	$ 72,000	$ 164,000	$ 144,000
Operating lease expense			$ 131,000	$ 79,000	$ 211,000	$ 160,000
Weighted-average remaining lease term			69 years		69 years
Weighted-average discount rate			6.25%		6.25%

Commitments and Contingencies_2

Commitments and Contingencies - Lease maturities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Schedule, by years, of maturities of lease liabilities
2023	$ 164
2024	316
2025	299
2026	282
2027	267
Thereafter	4,633
Total	$ 5,961

Commitments and Contingencies_3

Commitments and Contingencies - Litigation, etc. (Details)	6 Months Ended
	Dec. 31, 2022 USD ($) agreement
Loss Contingencies [Line Items]
Number of Severance Agreement | agreement	1
Employment Contracts
Loss Contingencies [Line Items]
Number of Employment Agreement | agreement	2
Employment Contracts | Chief executive officer
Loss Contingencies [Line Items]
Annual salary commitment | $	$ 872,000
Termination pay commitment rate applied to the average of the prior five calendar years compensation	299%
Employment Contracts | SVP of Engineering
Loss Contingencies [Line Items]
Annual salary commitment | $	$ 361,000

Geographical Data (Details)

Geographical Data (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)
Domestic and Foreign Operations
Number of operating segments (in segments) | segment			1
Net Sales	$ 42,314	$ 33,408	$ 81,807	$ 64,459
Identifiable assets	154,363		154,363		$ 148,576
United States
Domestic and Foreign Operations
Net Sales	41,886	33,023	81,145	63,806
Identifiable assets	97,384		97,384		98,791
Foreign
Domestic and Foreign Operations
Net Sales	428	$ 385	662	$ 653
Dominican Republic
Domestic and Foreign Operations
Identifiable assets	$ 56,979		$ 56,979		$ 49,785

Geographical Data - Additional

Geographical Data - Additional information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jun. 30, 2022
Domestic and Foreign Operations
Inventories, net	$ 48,661	$ 40,781
Operating lease asset	5,961	7,350
Fixed assets	7,984	7,939
Dominican Republic
Domestic and Foreign Operations
Inventories, net	47,383	38,755
Operating lease asset	5,961	7,350
Fixed assets	$ 3,098	$ 3,253