Pro-Dex (PDEX) 10-Q 2 Nov 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2023	Nov. 02, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--06-30
Entity File Number	0-14942
Entity Registrant Name	PRO-DEX, INC.
Entity Central Index Key	0000788920
Entity Tax Identification Number	84-1261240
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	2361 McGaw Avenue
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92614
City Area Code	(949)
Local Phone Number	769-3200
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	PDEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,547,330

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current Assets:
Cash and cash equivalents	$ 1,904	$ 2,936
Investments	1,010	1,134
Accounts receivable, net of allowance for credit losses of $0 at September 30, 2023 and at June 30, 2023, respectively	11,034	9,952
Deferred costs	591	494
Income taxes receivable	420
Inventory	16,264	16,167
Prepaid expenses and other current assets	201	296
Total current assets	31,424	30,979
Land and building, net	6,226	6,249
Equipment and leasehold improvements, net	4,952	5,079
Right-of-use asset, net	1,774	1,872
Intangibles, net	75	81
Investments	5,092	7,521
Other assets	42	42
Total assets	49,585	51,823
Current Liabilities:
Accounts payable	2,740	2,261
Accrued liabilities	2,701	3,135
Income taxes payable		453
Notes payable	2,840	3,827
Total current liabilities	8,281	9,676
Lease liability, net of current portion	1,529	1,638
Deferred income taxes, net	8	8
Notes payable, net of current portion	8,572	8,911
Total non-current liabilities	10,109	10,557
Total liabilities	18,390	20,233
Shareholders’ Equity:
Common stock; no par value; 50,000,000 shares authorized; 3,547,330 and 3,545,309 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively	6,987	6,767
Retained earnings	24,208	24,823
Total shareholders’ equity	31,195	31,590
Total liabilities and shareholders’ equity	$ 49,585	$ 51,823

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Net of allowance for doubtful accounts	$ 0	$ 0
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	3,547,330	3,545,309
Common stock, shares outstanding	3,547,330	3,545,309

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 11,938	$ 11,087
Cost of sales	8,280	8,131
Gross profit	3,658	2,956
Operating expenses:
Selling expenses	25	53
General and administrative expenses	995	1,024
Research and development costs	805	929
Total operating expenses	1,825	2,006
Operating income	1,833	950
Other income (expense):
Interest and dividend income	24	218
Realized gain on sale of marketable equity investments		6
Unrealized gain (loss) on investments	(2,553)	425
Interest expense	(133)	(130)
Total other income (loss)	(2,662)	519
Income (loss) before income taxes	(829)	1,469
Provision for income taxes	(214)	266
Net income (loss)	$ (615)	$ 1,203
Basic and diluted net income per share:
Basic net income (loss) per share	$ (0.17)	$ 0.33
Diluted net income (loss) per share	$ (0.17)	$ 0.33
Weighted-average common shares outstanding:
Basic	3,546,737	3,616,392
Diluted	3,546,737	3,694,959
Common shares outstanding	3,547,330	3,606,422

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Total
Balance at beginning at Jun. 30, 2022	$ 7,682	$ 17,749
Net income (loss)		1,203	1,203
Share-based compensation expense	207
Stock option exercise	8
Share repurchases	(354)
Shares withheld from common stock issued to employees to pay employee payroll taxes	(223)
ESPP shares issued	34
Balance at end at Sep. 30, 2022	7,354	18,952	26,306
Balance at beginning at Jun. 30, 2023	6,767	24,823	31,590
Net income (loss)		(615)	(615)
Share-based compensation expense	188
Stock option exercise
Share repurchases
Shares withheld from common stock issued to employees to pay employee payroll taxes
ESPP shares issued	32
Balance at end at Sep. 30, 2023	$ 6,987	$ 24,208	$ 31,195

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (615)	$ 1,203
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	282	193
Share-based compensation	189	207
Unrealized (gain) loss on marketable equity investments	2,553	(425)
Non-cash lease expense	(2)	2
Amortization of loan fees	4	2
Gain on sale of investments		(6)
Deferred income taxes		80
Credit loss expense		2
Changes in operating assets and liabilities:
Accounts receivable and other receivables	(1,082)	4,337
Deferred costs	(97)	123
Inventory	(97)	(2,986)
Prepaid expenses	95	(138)
Accounts payable and accrued expenses	35	273
Deferred revenue		(162)
Income taxes	(873)	187
Net cash provided by operating activities	392	2,892
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and improvements	(126)	(178)
Proceeds from sale of investments		88
Net cash used in investing activities	(126)	(90)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable	(1,330)	(1,318)
Proceeds from Minnesota Bank & Trust loans, net of origination fees		1,000
Proceeds from stock option exercises and ESPP contributions	32	42
Payments of employee taxes on net issuance of common stock		(223)
Repurchases of common stock		(354)
Net cash used in financing activities	(1,298)	(853)
Net increase (decrease) in cash and cash equivalents	(1,032)	1,949
Cash and cash equivalents, beginning of period	2,936	849
Cash and cash equivalents, end of period	1,904	2,798
Cash paid during the period for:
Interest	140	89
Income taxes, net of refunds	$ 660	$ 241

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Pro-Dex, Inc. (“we,” “us,” “our,” “Pro-Dex,” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These financial statements should be read in conjunction with the financial statements presented in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2023. Recently Adopted Accounting Pronouncements In March 2022, the FASB issued Accounting Standards Update (“ASU”) No 2022-02 (Topic 326) Financial Instruments – Credit Losses Correction of Previously Reported Interim Condensed Consolidated Financial Statements As previously disclosed, the Company restated its 2023 financial statements, which were presented in Note 2 to the audited consolidated financial statements for Company’s fiscal year 2023 Form 10-K filed with the Securities and Exchange Commission (“SEC”) on October 13, 2023. The restatement corrected the error related to the understated fair value of the Monogram warrant. The restatement recorded the investment at its estimated fair value for all restated periods, recorded an unrealized gain on investments and recorded the deferred income tax expense associated with the corresponding unrealized gain on investments. Presented below are the changes to each financial statement line item which changed as a result of the restatement. First Quarter Fiscal 2023 Unaudited Income Statement – Three months ended September 30, 2022 Schedule of changes in financial statement As Previously Reported Restatement As Restated Unrealized gain(loss) on investments $ 250 $ 175 (a) $ 425 Total other income (expense) 344 175 519 Income before income taxes 1,294 175 1,469 Income tax expense 218 48 (b) 266 Net income 1,076 127 1,203 Basic income per share $ 0.30 $ 0.03 $ 0.33 Diluted income per share $ 0.29 $ 0.04 $ 0.33 (a) This amount represents the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022. (b) This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022.

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 2. DESCRIPTION OF BUSINESS We specialize in the design, development and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic, thoracic, and maxocranial facial markets. We have patented adaptive torque-limiting software and proprietary sealing solutions which appeal to our customers, primarily medical device distributors. We also manufacture and sell rotary air motors to a wide range of industries. In August 2020, we formed a wholly owned subsidiary, PDEX Franklin, LLC (“PDEX Franklin”), to hold title for an approximate 25,000 square foot industrial building in Tustin, California (the “Franklin Property”) that we acquired on November 6, 2020, in order to allow for the continued growth of our business. The condensed consolidated financial statements include the accounts of the Company and PDEX Franklin and all significant inter-company accounts and transactions have been eliminated. This subsidiary has no separate operations.

NET SALES

NET SALES	3 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
NET SALES	NOTE 3. NET SALES The following table presents the disaggregation of net sales by revenue recognition model (in thousands): Schedule of disaggregation of net sales Three months ended September 30, 2023 2022 Net Sales: Over-time revenue recognition $ 190 $ 907 Point-in-time revenue recognition 11,748 10,180 Total net sales $ 11,938 $ 11,087 The timing of revenue recognition, billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as deferred costs on our condensed consolidated balance sheets) and customer advances and deposits (presented as deferred revenue on our condensed consolidated balance sheets), where applicable. Amounts are generally billed as work progresses in accordance with agreed upon milestones. The over-time revenue recognition model consists of non-recurring engineering (“NRE”) and prototype services and typically relates to NRE services related to the evaluation, design or customization of a medical device and is typically recognized over time utilizing an input measure of progress based on costs incurred compared to the estimated total costs upon completion. During the three months ended September 30, 2023 and 2022, we recorded $ 0 551,000 The following tables summarize our contract assets and liability balances (in thousands): Schedule of contract assets and liability As of and for the 2023 2022 Contract assets beginning balance $ 494 $ 710 Expenses incurred during the year 219 333 Amounts reclassified to cost of sales (105 ) (448 ) Amounts allocated to discounts for standalone selling price (17 ) (8 ) Contract assets ending balance $ 591 $ 587 As of and for the 2023 2022 Contract liabilities beginning balance $ — $ 1,013 Payments received from customers 43 389 Amounts reclassified to revenue (43 ) (551 ) Contract liabilities ending balance $ — $ 851

COMPOSITION OF CERTAIN FINANCIA

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS	3 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS	NOTE 4. COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS Investments Investments are stated at fair market value and consist of the following (in thousands): Schedule of investments September 30, 2023 June 30, Current: Marketable equity securities – short-term $ 1,010 $ 1,134 Long-term: Warrant 3,670 6,160 Marketable equity securities – long-term 1,422 1,361 Total Investments $ 6,102 $ 8,655 Investments at September 30, 2023 and June 30, 2023 had an aggregate cost basis $ 2,714,000 200,000 (gross unrealized gains of $ 362,000 162,000 (219,000 286,000 67,000 Of the total marketable equity securities at September 30, 2023 and June 30, 2023, $ 1,010,000 1,134,000 The Monogram Warrant represents our right to purchase up to 5% of the outstanding stock of Monogram Orthopaedics Inc. (“Monogram”) which we were granted on December 18, 2018. On October 6, 2023, in conjunction with the execution of a supply agreement with Monogram, we exercised our Monogram Warrant in full in cash totaling $ 1,250,000 1,828,551 2.67 At September 30, 2023 and June 30, 2023, the Monogram Warrant was exercisable into a total of 1,825,405 1,823,058 3,670,000 6,160,000 Schedule of assumptions used September 30, June 30, 2023 Stock Price (common) $ 2.60 $ 3.98 Strike Price (common) $ .68 $ .69 Time until expiration (years) 2.22 2.48 Volatility 60.0 60.0 Risk-free interest rate 5.03 4.68 We invest surplus cash from time to time through our Investment Committee, which is comprised of one management director, Richard (“Rick”) Van Kirk, and two non-management directors, Raymond (“Ray”) Cabillot and Nicholas (“Nick”) Swenson, who chairs the committee. Both Nick and Ray are active investors with extensive portfolio management expertise. We leverage the experience of these committee members to make investment decisions for the investment of our surplus operating capital or borrowed funds. Additionally, many of our securities holdings include stocks of public companies that either Nick or Ray or both may own from time to time either individually or through the investment funds that they manage, or other companies whose boards they sit on, such as Air T, Inc. Inventory Inventory is stated at the lower of cost (first-in, first-out) or net realizable value and consists of the following (in thousands): Schedule of inventory September 30, June 30, Raw materials/purchased components $ 7,964 $ 8,824 Work in process 4,516 3,686 Sub-assemblies/finished components 2,146 2,387 Finished goods 1,638 1,270 Total inventory $ 16,264 $ 16,167 Intangibles Intangibles consist of the following (in thousands): Schedule of intangibles September 30, June 30, Patent-related costs $ 208 $ 208 Less accumulated amortization (133 ) (127 ) $ 75 $ 81 Patent-related costs consist of legal fees incurred in connection with both patent applications and a patent issuance, and will be amortized over the estimated life of the product(s) that is or will be utilizing the technology, or expensed immediately in the event the patent office denies the issuance of the patent. Future amortization expense is estimated to be $ 27,000

WARRANTY

WARRANTY	3 Months Ended
	Sep. 30, 2023
Guarantees and Product Warranties [Abstract]
WARRANTY	NOTE 5. WARRANTY The warranty accrual is based on historical costs of warranty repairs and expected future identifiable warranty expenses and is included in accrued expenses in the accompanying condensed consolidated balance sheets. As of September 30, 2023 and June 30, 2023, the warranty reserve amounted to $ 189,000 200,000 Information regarding the accrual for warranty costs for the three months ended September 30, 2023 and 2022 are as follows (in thousands): Schedule of accrual warranty costs As of and for the 2023 2022 Beginning balance $ 200 $ 340 Accruals during the period 24 54 Changes in estimates of prior period warranty accruals (2 ) 14 Warranty amortization/utilization (33 ) (42 ) Ending balance $ 189 $ 366

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NOTE 6. NET INCOME (LOSS) PER SHARE We calculate basic net income per share by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted income per share reflects the effects of potentially dilutive securities, which consist entirely of outstanding stock options and performance awards. The following table presents reconciliations of the numerators and denominators of the basic and diluted income per share computations. For the three months ended September 30, 2023, 64,800 Schedule of net income (loss) per share Three Months Ended September 30, 2023 2022 Basic: (as restated) Net income (loss) $ (615 ) $ 1,203 Weighted-average shares outstanding 3,547 3,616 Basic earnings (loss) per share $ (0.17 ) $ 0.33 Diluted: Net income (loss) $ (615 ) $ 1,203 Weighted-average shares outstanding 3,547 3,616 Effect of dilutive securities — 79 Weighted-average shares used in calculation of diluted earnings per share 3,547 3,695 Diluted earnings (loss) per share $ (0.17 ) $ 0.33

INCOME TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7. INCOME TAXES Deferred income taxes are provided on liability method whereby deferred tax assets and liabilities are recognized for temporary differences. Temporary differences are the differences between the reported amounts assets and liabilities and their tax bases. Deferred assets are reduced by valuation allowance when, in the opinion management, it is more likely than not that some portion or deferred tax assets will not realized. Deferred tax assets and liabilities are adjusted for the effects changes in tax laws and rates the date of enactment. Significant management judgment is required in determining our provision for income taxes and the recoverability our deferred tax assets. Such determination is based primarily on our historical taxable income or loss, with some consideration given our estimates future taxable income loss by jurisdictions in which we operate and the period over which our deferred tax assets would be recoverable. We recognize accrued interest and penalties related to unrecognized tax benefits when applicable. As of September 30, 2023 and 2022, we recognized accrued interest of $ 7,000 48,000 Our effective tax rate for the three months ended September 30, 2023 and 2022, is 26 18 We are subject to U.S. federal income tax, well income tax multiple state tax jurisdictions. We are currently open audit under the statute of limitations by the Internal Revenue Service for the years ended June 30, 2020 and later. Our state income tax returns are open audit under the statute of limitations for the years ended June 30, 2019 and later. However, because of our prior net operating losses and research credit carryovers, our tax years from June 30, 2007 are open to audit. We do not anticipate significant change the total amount unrecognized tax benefits within the next months.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	NOTE 8. SHARE-BASED COMPENSATION Through 2014, we had two equity compensation plans, the Second Amended and Restated 2004 Stock Option Plan (the “Employee Stock Option Plan”) and the Amended and Restated 2004 Directors’ Stock Option Plan (the “Directors’ Stock Option Plan”) (collectively, the “Former Stock Option Plans”). The Employee Stock Option Plan and Directors’ Stock Option Plan were terminated in June 2014 and December 2014, respectively and there are no remaining options outstanding under either of these Former Stock Option Plans. In September 2016, our Board approved the establishment of the 2016 Equity Incentive Plan, which was approved by our shareholders at our 2016 Annual Meeting. The 2016 Equity Incentive Plan provides for the award of up to 1,500,000 200,000 372,000 Performance Awards In December 2017, the Compensation Committee of our Board of Directors granted 200,000 completion of service periods that range from 7 months to 9.5 years at inception and the achievement of our common stock trading at certain pre-determined prices. 4.46 48,000 16.90 17,500 20.34 15,000 30,000 83,000 1.74 On July 1, 2022, it was determined by the Compensation Committee of our Board of Directors that the vesting of performance awards for 37,500 23,641 223,000 Non-Qualified Stock Options In December 2020, the Compensation Committee of our Board of Directors granted 310,000 completion of service periods that range from 18 months to 10.5 years at inception and the achievement of our common stock trading at certain pre-determined prices. 168,000 171,000 16.72 2.2 In February 2021, the Compensation Committee of our Board of Directors granted 62,000 completion of service periods that range from 4 months to 1.3 years at inception and the achievement of our common stock trading at certain pre-determined prices. 57,750 3.16 Employee Stock Purchase Plan In September 2014, our Board approved the establishment of an Employee Stock Purchase Plan (the “ESPP”). The ESPP conforms to the provisions of Section 423 of the Internal Revenue Code, has coterminous offering and purchase periods of six months, and bases the pricing to purchase shares of our common stock on a formula so as to result in a per-share purchase price that approximates a 15% discount from the market price of a share of our common stock at the end of the purchase period. 704,715 During the first quarters ended September 30, 2023 and 2022, 2,021 2,503 15.82 13.52 34,519 6,000

MAJOR CUSTOMERS & SUPPLIERS

MAJOR CUSTOMERS & SUPPLIERS	3 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
MAJOR CUSTOMERS & SUPPLIERS	NOTE 9. MAJOR CUSTOMERS & SUPPLIERS Information with respect to customers accounted for sales in excess of 10% of our total sales either of three-month periods ended September 30, 2023 and 2022 is as follows (in thousands, except percentages): Schedule of sales by major customers Three Months Ended September 30, 2023 2022 Amount Percent of Total Amount Percent of Total Total revenue $ 11,938 100 % $ 11,087 100 % Customer concentration: Customer 1 $ 8,375 70 % $ 7,481 68 % Customer 2 1,209 10 % 2,156 19 % Customer 3 1,165 10 % 120 1 % Total $ 10,749 90 % $ 9,757 88 % Information with respect to accounts receivable from those customers that comprised more than 10% of our gross Schedule of accounts receivable September 30, 2023 June 30, 2023 Total gross accounts receivable $ 11,034 100 % $ 9,952 100 % Customer concentration: Customer 1. $ 7,900 72 % $ 7,231 73 % Customer 2. 2,347 21 % 1,951 19 % Total. $ 10,247 93 % $ 9,182 92 % During the three months ended September 30, 2023 and 2022, we had three suppliers that each accounted for more than 10 1.1 million 181,000 137,000 621,000 158,000 41,000

NOTES PAYABLE AND FINANCING TRA

NOTES PAYABLE AND FINANCING TRANSACTIONS	3 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE AND FINANCING TRANSACTIONS	NOTE 10. NOTES PAYABLE AND FINANCING TRANSACTIONS Minnesota Bank & Trust (“MBT”) On November 6, 2020 (the “Closing Date”), PDEX Franklin, a newly created wholly owned subsidiary of the Company, purchased the Franklin Property. A portion of the purchase price was financed by a loan from MBT to PDEX Franklin in the principal amount of approximately $ 5.2 26,037 The Property Loan bears interest at a fixed rate of 3.55 30,000 November 1, 2030 3.1 Any prepayment of the Property Loan (other than monthly scheduled interest and principal payments), is subject to a prepayment fee equal to 4% of the principal amount prepaid for any prepayment made during the first or second year, 3% of the principal amount prepaid for any prepayment made during the third or fourth year, 2% of the principal amount prepaid for any prepayment made during the fifth or sixth year, and 1% of the principal amount prepaid for any prepayment made during the seventh or eighth year. 4,698,000 On the Closing Date, we also entered into an Amended and Restated Credit Agreement with MBT (the “Amended Credit Agreement”), providing for a $ 7,525,000 1,000,000 2,000,000 3,770,331 3,000,000 1,000,000 The Term Loan A matures on November 1, 2027 3.84 97,000 4,586,000 The Term Loan B matures on November 1, 2027 3.84 15,000 683,000 On December 29, 2022 (the “Amendment Date”), we entered into Amendment No. 2 to Amended and Restated Credit Agreement (the “Amendment”) with MBT, which amends the Amended Credit Agreement and provides for a supplemental line of credit in the amount of $3,000,000 (the “Supplemental Loan”). The Supplemental Loan is evidenced by a Supplemental Revolving Credit Note (the “Supplemental Note”) made by us in favor of MBT. The purpose of the Supplemental Loan is for financing acquisitions and repurchasing shares of our common stock. The Supplemental Loan may be borrowed against from time to time through its maturity date of December 29, 2024, on the terms set forth in the Amended Credit Agreement. As of September 30, 2023, no amounts have been drawn against the Supplemental Loan. The Revolving Loan was also amended (the “Amended Revolving Loan”) in connection with the Amendment to extend the maturity date from November 5, 2023 to December 29, 2024 2,000,000 7,000,000 1,500,000 16,000 The Amended Revolving Loan and Supplemental Loan bear interest at an annual rate equal to the greater of (a) 5.0% or (b) SOFR for a one-month period from the website of the CME Group Benchmark Administration Limited plus 2.5% (the “Adjusted Term SOFR Rate”). Commencing on the first day of each month after we initially borrow against the Amended Revolving Loan and/or the Supplemental Loan and each month thereafter until maturity, we are required to pay all accrued and unpaid interest on the Amended Revolving Loan and Supplemental Loan through the date of payment. Any principal on the Amended Revolving Loan and/or Supplemental Loan that is not previously prepaid shall be due and payable in full on the maturity date (or earlier termination of the Amended Revolving Loan and/or Supplemental Loan). Any payment on the Term Loan A, the Term Loan B, the Amended Revolving Loan or the Supplemental Loan (collectively, the “Loans”) not made within seven days after the due date is subject to a late payment fee equal to 5% of the overdue amount. Upon the occurrence and during the continuance of an event of default, the interest rate of all Loans will be increased by 3% and MBT may, at its option, declare all of the Loans immediately due and payable in full. The Amended Credit Agreement, Amended Security Agreement, Term Note A, Term Note B, Amended Revolving Note and Supplemental Note contain representations and warranties, affirmative, negative and financial covenants, and events of default that are customary for loans of this type. In October 2023, we obtained a waiver from MBT extending the deadline to provide our audited financial statements for the fiscal year ended June 30, 2023 to November 15, 2023. We provided our audited financial statements to MBT on October 13, 2023. We believe that we are in compliance with all of our debt covenants as of September 30, 2023, except for the aforementioned covenant for which we obtained and complied with a waiver, but there can be no assurance that we will remain in compliance for the duration of the term of these loans.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Sep. 30, 2023
Equity [Abstract]
COMMON STOCK	NOTE 11. COMMON STOCK Share Repurchase Program In December 2019, our Board approved a new share repurchase program authorizing us to repurchase up to 1 million shares of our common stock, as the prior repurchase plan authorized by our Board in 2013 was nearing completion. In accordance with, and as part of, these share repurchase programs, our Board has approved the adoption of several prearranged share repurchase plans intended to qualify for the safe harbor Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“10b5-1 Plan” or “Plan”). During the quarter ended September 30, 2023 we did not repurchase any shares. During the quarter ended September 30, 2022, we repurchased 20,853 354,000 1,197,168 17.2

LEASES

LEASES	3 Months Ended
	Sep. 30, 2023
Leases
LEASES	NOTE 12. LEASES Our operating lease right-of-use asset and long-term liability are presented separately on our condensed consolidated balance sheet. The current portion of our operating lease liability as of September 30, 2023, in the amount of $ 425,000 As of September 30, 2023, our operating lease has a remaining lease term of four years and an imputed interest rate of 5.53 127,000 12,000 As of September 30, 2023, the maturity of our lease liability is as follows (in thousands): Schedule of maturities of lease liability Operating Lease Fiscal Year: 2024 $ 392 2025 535 2026 551 2027 567 2028 143 Total lease payments 2,188 Less imputed interest (233 ) Total $ 1,955

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 13. COMMITMENTS AND CONTINGENCIES Legal Matters We may be involved from time to time in legal proceedings arising either in the ordinary course of our business or incidental to our business. There can be no certainty, however, that we may not ultimately incur liability or that such liability will not be material or adverse.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of changes in financial statement	Schedule of changes in financial statement As Previously Reported Restatement As Restated Unrealized gain(loss) on investments $ 250 $ 175 (a) $ 425 Total other income (expense) 344 175 519 Income before income taxes 1,294 175 1,469 Income tax expense 218 48 (b) 266 Net income 1,076 127 1,203 Basic income per share $ 0.30 $ 0.03 $ 0.33 Diluted income per share $ 0.29 $ 0.04 $ 0.33 (a) This amount represents the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022. (b) This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022.

NET SALES (Tables)

NET SALES (Tables)	3 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of net sales	Schedule of disaggregation of net sales Three months ended September 30, 2023 2022 Net Sales: Over-time revenue recognition $ 190 $ 907 Point-in-time revenue recognition 11,748 10,180 Total net sales $ 11,938 $ 11,087
Schedule of contract assets and liability	Schedule of contract assets and liability As of and for the 2023 2022 Contract assets beginning balance $ 494 $ 710 Expenses incurred during the year 219 333 Amounts reclassified to cost of sales (105 ) (448 ) Amounts allocated to discounts for standalone selling price (17 ) (8 ) Contract assets ending balance $ 591 $ 587 As of and for the 2023 2022 Contract liabilities beginning balance $ — $ 1,013 Payments received from customers 43 389 Amounts reclassified to revenue (43 ) (551 ) Contract liabilities ending balance $ — $ 851

COMPOSITION OF CERTAIN FINANC_2

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Tables)	3 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of investments	Schedule of investments September 30, 2023 June 30, Current: Marketable equity securities – short-term $ 1,010 $ 1,134 Long-term: Warrant 3,670 6,160 Marketable equity securities – long-term 1,422 1,361 Total Investments $ 6,102 $ 8,655
Schedule of assumptions used	Schedule of assumptions used September 30, June 30, 2023 Stock Price (common) $ 2.60 $ 3.98 Strike Price (common) $ .68 $ .69 Time until expiration (years) 2.22 2.48 Volatility 60.0 60.0 Risk-free interest rate 5.03 4.68
Schedule of inventory	Schedule of inventory September 30, June 30, Raw materials/purchased components $ 7,964 $ 8,824 Work in process 4,516 3,686 Sub-assemblies/finished components 2,146 2,387 Finished goods 1,638 1,270 Total inventory $ 16,264 $ 16,167
Schedule of intangibles	Schedule of intangibles September 30, June 30, Patent-related costs $ 208 $ 208 Less accumulated amortization (133 ) (127 ) $ 75 $ 81

WARRANTY (Tables)

WARRANTY (Tables)	3 Months Ended
	Sep. 30, 2023
Guarantees and Product Warranties [Abstract]
Schedule of accrual warranty costs	Schedule of accrual warranty costs As of and for the 2023 2022 Beginning balance $ 200 $ 340 Accruals during the period 24 54 Changes in estimates of prior period warranty accruals (2 ) 14 Warranty amortization/utilization (33 ) (42 ) Ending balance $ 189 $ 366

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of net income (loss) per share	Schedule of net income (loss) per share Three Months Ended September 30, 2023 2022 Basic: (as restated) Net income (loss) $ (615 ) $ 1,203 Weighted-average shares outstanding 3,547 3,616 Basic earnings (loss) per share $ (0.17 ) $ 0.33 Diluted: Net income (loss) $ (615 ) $ 1,203 Weighted-average shares outstanding 3,547 3,616 Effect of dilutive securities — 79 Weighted-average shares used in calculation of diluted earnings per share 3,547 3,695 Diluted earnings (loss) per share $ (0.17 ) $ 0.33

MAJOR CUSTOMERS & SUPPLIERS (Ta

MAJOR CUSTOMERS & SUPPLIERS (Tables)	3 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Schedule of sales by major customers	Schedule of sales by major customers Three Months Ended September 30, 2023 2022 Amount Percent of Total Amount Percent of Total Total revenue $ 11,938 100 % $ 11,087 100 % Customer concentration: Customer 1 $ 8,375 70 % $ 7,481 68 % Customer 2 1,209 10 % 2,156 19 % Customer 3 1,165 10 % 120 1 % Total $ 10,749 90 % $ 9,757 88 %
Schedule of accounts receivable	Schedule of accounts receivable September 30, 2023 June 30, 2023 Total gross accounts receivable $ 11,034 100 % $ 9,952 100 % Customer concentration: Customer 1. $ 7,900 72 % $ 7,231 73 % Customer 2. 2,347 21 % 1,951 19 % Total. $ 10,247 93 % $ 9,182 92 %

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Sep. 30, 2023
Leases
Schedule of maturities of lease liability	Schedule of maturities of lease liability Operating Lease Fiscal Year: 2024 $ 392 2025 535 2026 551 2027 567 2028 143 Total lease payments 2,188 Less imputed interest (233 ) Total $ 1,955

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Unrealized gain(loss) on investments		$ (2,553)	$ 425
Total other income (expense)		(2,662)	519
Income before income taxes		(829)	1,469
Income tax expense		(214)	266
Net income		$ (615)	$ 1,203
Basic income per share		$ (0.17)	$ 0.33
Diluted income per share		$ (0.17)	$ 0.33
Previously Reported [Member]
Unrealized gain(loss) on investments			$ 250
Total other income (expense)			344
Income before income taxes			1,294
Income tax expense			218
Net income			$ 1,076
Basic income per share			$ 0.30
Diluted income per share			$ 0.29
Revision of Prior Period, Error Correction, Adjustment [Member]
Unrealized gain(loss) on investments	[1]		$ 175
Total other income (expense)			175
Income before income taxes			175
Income tax expense	[2]		48
Net income			$ 127
Basic income per share			$ 0.03
Diluted income per share			$ 0.04
[1]This amount represents the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022.[2]This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022.

NET SALES (Net sales) (Details)

NET SALES (Net sales) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Net Sales:
Over-time revenue recognition	$ 190	$ 907
Point-in-time revenue recognition	11,748	10,180
Total net sales	$ 11,938	$ 11,087

NET SALES (Contract assets and

NET SALES (Contract assets and liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract assets beginning balance	$ 494	$ 710
Expenses incurred during the year	219	333
Amounts reclassified to cost of sales	(105)	(448)
Amounts allocated to discounts for standalone selling price	(17)	(8)
Contract assets ending balance	591	587
Contract liabilities beginning balance		1,013
Payments received from customers	43	389
Amounts reclassified to revenue	(43)	(551)
Contract liabilities ending balance		$ 851

NET SALES (Details Narrative)

NET SALES (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 0	$ 551,000

COMPOSITION OF CERTAIN FINANC_3

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Schedule of investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current:
Marketable equity securities – short-term	$ 1,010	$ 1,134
Long-term:
Warrant	3,670	6,160
Marketable equity securities – long-term	1,422	1,361
Total Investments	$ 6,102	$ 8,655

COMPOSITION OF CERTAIN FINANC_4

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Assumptions) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock Price (common)	$ 2.60	$ 3.98
Strike Price (common)	$ 0.68	$ 0.69
Time until expiration (years)	2 years 2 months 19 days	2 years 5 months 23 days
Volatility	60%	60%
Risk-free interest rate	5.03%	4.68%

COMPOSITION OF CERTAIN FINANC_5

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Inventory) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials/purchased components	$ 7,964	$ 8,824
Work in process	4,516	3,686
Sub-assemblies/finished components	2,146	2,387
Finished goods	1,638	1,270
Total inventory	$ 16,264	$ 16,167

COMPOSITION OF CERTAIN FINANC_6

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Less accumulated amortization	$ (133)	$ (127)
Intangible assets,net	75	81
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangibles	$ 208	$ 208

COMPOSITION OF CERTAIN FINANC_7

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Oct. 06, 2023
Subsequent Event [Line Items]
Available for sale securities amortized costs	$ 2,714,000	$ 2,714,000
Investments included net unrealized gains (losses)	200,000	(219,000)
Gross unrealized gains	362,000	67,000
Gross unrealized losses	162,000	286,000
Marketable equity securities	1,010,000	$ 1,134,000
Future amortization expense	$ 27,000
Monogram Orthopaedics Inc [Member]
Subsequent Event [Line Items]
Exercisable warrants	1,825,405	1,823,058
Estimated fair value of warrant	$ 3,670,000	$ 6,160,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash			$ 1,250,000
Common stock shares			1,828,551
Closing price			$ 2.67

WARRANTY (Schedule of accrual w

WARRANTY (Schedule of accrual warranty costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Guarantees and Product Warranties [Abstract]
Beginning balance	$ 200	$ 340
Accruals during the period	24	54
Changes in estimates of prior period warranty accruals	(2)	14
Warranty amortization/utilization	(33)	(42)
Ending balance	$ 189	$ 366

WARRANTY (Details Narrative)

WARRANTY (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Guarantees and Product Warranties [Abstract]
Warranty reserve	$ 189,000	$ 200,000

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Basic:
Net income (loss)	$ (615)	$ 1,203
Weighted-average shares outstanding	3,547	3,616
Basic earnings (loss) per share	$ (0.17)	$ 0.33
Diluted:
Net income (loss)	$ (615)	$ 1,203
Weighted-average shares outstanding	3,547	3,616
Effect of dilutive securities		79
Weighted-average shares used in calculation of diluted earnings per share	3,547	3,695
Diluted earnings (loss) per share	$ (0.17)	$ 0.33

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details Narrative)	3 Months Ended
	Sep. 30, 2023 shares
Earnings Per Share [Abstract]
Anti dilutive shares	64,800

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 7,000	$ 48,000
Effective tax rate	26%	18%

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details Narrative) - USD ($)			1 Months Ended						3 Months Ended
	Jul. 02, 2022	Jul. 02, 2021	Dec. 31, 2021	Feb. 28, 2021	Dec. 31, 2020	Feb. 28, 2020	Dec. 31, 2017	Sep. 30, 2014	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2016
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average remaining contractual life									1 year 8 months 26 days
Share based compensation									$ 189,000	$ 207,000
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted during period	37,500						200,000
Period for award description							completion of service periods that range from 7 months to 9.5 years at inception and the achievement of our common stock trading at certain pre-determined prices.
Weighted average fair value							$ 4.46
Aggregate share-based compensation expense									15,000	30,000
Unrecognized compensation cost									$ 83,000
Number of shares issued	23,641
Payment, tax withholding	$ 223,000
Previously Forfeited Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted during period			17,500			48,000
Weighted average fair value			$ 20.34			$ 16.90
Equity Incentive Plan 2016 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available to be awarded											1,500,000
Number of awards granted during period									200,000
Equity Incentive Plan 2016 [Member] | Non Qualified Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted during period									372,000
Equity Incentive Plan 2016 [Member] | Non Qualified Stock Options [Member] | Directors And Certain Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted during period				62,000	310,000
Period for award description				completion of service periods that range from 4 months to 1.3 years at inception and the achievement of our common stock trading at certain pre-determined prices.	completion of service periods that range from 18 months to 10.5 years at inception and the achievement of our common stock trading at certain pre-determined prices.
Weighted average fair value				$ 3.16	$ 16.72
Aggregate share-based compensation expense									$ 168,000	$ 171,000
Unrecognized compensation cost									$ 2,200,000
Option options vested		57,750
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Description of plan								offering and purchase periods of six months, and bases the pricing to purchase shares of our common stock on a formula so as to result in a per-share purchase price that approximates a 15% discount from the market price of a share of our common stock at the end of the purchase period.
Number of shares reserved for future issuance								704,715
Shares purchased									2,021	2,503
Contributions price									$ 15.82	$ 13.52
Number of shares options purchased									34,519
Share based compensation									$ 6,000	$ 6,000

MAJOR CUSTOMERS AND SUPPLIERS (

MAJOR CUSTOMERS AND SUPPLIERS (Sales) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Concentration Risk [Line Items]
Total revenue	$ 11,938	$ 11,087
Sales [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration Risk [Line Items]
Total revenue	$ 11,938	$ 11,087
Percentage of concentrations risk	100%	100%
Sales [Member] | Customer Concentration Risk [Member] | Customer 1 [Member]
Concentration Risk [Line Items]
Total revenue	$ 8,375	$ 7,481
Percentage of concentrations risk	70%	68%
Sales [Member] | Customer Concentration Risk [Member] | Customer 2 [Member]
Concentration Risk [Line Items]
Total revenue	$ 1,209	$ 2,156
Percentage of concentrations risk	10%	19%
Sales [Member] | Customer Concentration Risk [Member] | Customer 3 [Member]
Concentration Risk [Line Items]
Total revenue	$ 1,165	$ 120
Percentage of concentrations risk	10%	1%
Sales [Member] | Customer Concentration Risk [Member] | Customer Total [Member]
Concentration Risk [Line Items]
Total revenue	$ 10,749	$ 9,757
Percentage of concentrations risk	90%	88%

MAJOR CUSTOMERS AND SUPPLIERS_2

MAJOR CUSTOMERS AND SUPPLIERS (Accounts Receivable) (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Customer [Member]
Concentration Risk [Line Items]
Total gross accounts receivable	$ 11,034	$ 9,952
Percentage of concentrations risk	100%	100%
Customer 1 [Member]
Concentration Risk [Line Items]
Total gross accounts receivable	$ 7,900	$ 7,231
Percentage of concentrations risk	72%	73%
Customer 2 [Member]
Concentration Risk [Line Items]
Total gross accounts receivable	$ 2,347	$ 1,951
Percentage of concentrations risk	21%	19%
Customer Total [Member]
Concentration Risk [Line Items]
Total gross accounts receivable	$ 10,247	$ 9,182
Percentage of concentrations risk	93%	92%

MAJOR CUSTOMERS & SUPPLIERS (De

MAJOR CUSTOMERS & SUPPLIERS (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Concentration Risk [Line Items]
Total accounts payable	$ 2,740,000		$ 2,261,000
Purchase [Member] | Supplier Concentration Risk [Member] | Supplier 1 [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	10%	10%
Total accounts payable	$ 1,100,000		621,000
Purchase [Member] | Supplier Concentration Risk [Member] | Supplier 2 [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	10%	10%
Total accounts payable	$ 181,000		158,000
Purchase [Member] | Supplier Concentration Risk [Member] | Supplier 3 [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	10%	10%
Total accounts payable	$ 137,000		$ 41,000

NOTES PAYABLE AND FINANCING T_2

NOTES PAYABLE AND FINANCING TRANSACTIONS (Details Narrative) - USD ($)		3 Months Ended
	Nov. 06, 2020	Sep. 30, 2023	Dec. 29, 2022	Mar. 31, 2021
Term Loan A [Member] | Minnesota Bank and Trust [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 7,525,000
Periodic payment of principal and interest	$ 97,000
Maturity date	Nov. 01, 2027
Debt outstanding		$ 4,586,000
Interest rate	3.84%
Term Loan B [Member] | Minnesota Bank and Trust [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000
Periodic payment of principal and interest	$ 15,000
Maturity date	Nov. 01, 2027
Debt outstanding		683,000
Interest rate	3.84%
Loans [Member] | Minnesota Bank and Trust [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,000,000
Term Note A [Member] | Minnesota Bank and Trust [Member]
Debt Instrument [Line Items]
Debt outstanding	$ 3,770,331
Amount borrowed for repurchase of common stock				$ 3,000,000
Term Note B [Member] | Minnesota Bank and Trust [Member]
Debt Instrument [Line Items]
Amount borrowed for property improvements				$ 1,000,000
Revolving Loan [Member] | Minnesota Bank and Trust [Member]
Debt Instrument [Line Items]
Loan origination fees paid		16,000
Debt instrument, maturity date, description	the maturity date from November 5, 2023 to December 29, 2024
Loans Payable		1,500,000
Revolving Loan [Member] | Minnesota Bank and Trust [Member] | Minimum [Member]
Debt Instrument [Line Items]
Loan facility amount			$ 2,000,000
Revolving Loan [Member] | Minnesota Bank and Trust [Member] | Maximum [Member]
Debt Instrument [Line Items]
Loan facility amount			$ 7,000,000
Minnesota Bank and Trust [Member] | Property Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 5,200,000
Loan origination fees paid	$ 26,037
Interest rate	3.55%
Periodic payment of principal and interest	$ 30,000
Maturity date	Nov. 01, 2030
Balloon payment	$ 3,100,000
Description of prepayment	Any prepayment of the Property Loan (other than monthly scheduled interest and principal payments), is subject to a prepayment fee equal to 4% of the principal amount prepaid for any prepayment made during the first or second year, 3% of the principal amount prepaid for any prepayment made during the third or fourth year, 2% of the principal amount prepaid for any prepayment made during the fifth or sixth year, and 1% of the principal amount prepaid for any prepayment made during the seventh or eighth year.
Debt outstanding		$ 4,698,000

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - 10b5-1 Plan [Member] - Share Repurchase Program [Member] - USD ($)		3 Months Ended
	Dec. 31, 2019	Sep. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased, shares		20,853
Number of shares repurchased, value		$ 354,000
Cumulative Basis [Member]
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased, shares	1,197,168
Number of shares repurchased, value	$ 17,200,000

LEASES (Schedule of Future Mini

LEASES (Schedule of Future Minimum Base Rental Payment) (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases
2024	$ 392
2025	535
2026	551
2027	567
2028	143
Total lease payments	2,188
Less imputed interest	(233)
Total	$ 1,955

LEASES (Details Narrative)

LEASES (Details Narrative)	3 Months Ended
	Sep. 30, 2023 USD ($)
Leases
Operating lease liability current portion	$ 425,000
Imputed interest rate, percentage	5.53%
Lease liability	$ 127,000
Maintenance charges	$ 12,000