Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Sep. 07, 2021 | Dec. 31, 2020 | |
Document And Entity Information | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2021 | ||
Entity Registrant Name | PRO DEX INC | ||
Entity Central Index Key | 0000788920 | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity a Voluntary Filer | No | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation State Code | CO | ||
Entity File Number | 000-14942 | ||
Entity Common Stock, Shares Outstanding | 3,645,660 | ||
Entity Public Float | $ 74,600,000 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 3,721 | $ 6,421 |
Investments | 1,295 | 2,560 |
Accounts receivable, net of allowance for doubtful accounts of $2 and $6 at June 30, 2021 and 2020, respectively | 10,933 | 5,155 |
Deferred costs | 193 | 155 |
Inventory | 8,437 | 8,238 |
Prepaid expenses and other current assets | 434 | 145 |
Total current assets | 25,013 | 22,674 |
Land and building, net | 6,437 | |
Equipment and improvements, net | 3,845 | 2,686 |
Right of use asset, net | 2,605 | 2,943 |
Intangibles, net | 186 | 162 |
Deferred income taxes, net | 463 | 259 |
Investments | 1,704 | 2,360 |
Other assets | 67 | 42 |
Total assets | 40,320 | 31,126 |
Current liabilities: | ||
Accounts payable | 2,288 | 1,965 |
Accrued liabilities | 2,198 | 2,411 |
Deferred revenue | 150 | 200 |
Notes payable | 1,236 | 651 |
Total current liabilities | 5,872 | 5,227 |
Non-current liabilities: | ||
Lease liability, net of current portion | 2,432 | 2,750 |
Income taxes payable | 397 | 804 |
Notes payable, net of current portion | 11,535 | 3,283 |
Total non-current liabilities | 14,364 | 6,837 |
Total liabilities | 20,236 | 12,064 |
Commitments and Contingencies: | ||
Shareholders' equity: | ||
Common stock, no par value, 50,000,000 shares authorized; 3,645,660 and 3,811,137 shares issued and outstanding at June 30, 2021 and 2020, respectively | 7,953 | 12,752 |
Accumulated other comprehensive loss | (215) | (1,586) |
Retained earnings | 12,346 | 7,896 |
Total shareholders' equity | 20,084 | 19,062 |
Total liabilities and shareholders' equity | $ 40,320 | $ 31,126 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 2 | $ 6 |
Common shares, par value | $ 0 | $ 0 |
Common shares, authorized | 50,000,000 | 50,000,000 |
Common shares, issued | 3,645,660 | 3,811,137 |
Common shares, outstanding | 3,645,660 | 3,811,137 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Net sales | $ 38,029 | $ 34,834 |
Cost of sales | 24,454 | 21,692 |
Gross profit | 13,575 | 13,142 |
Operating (income) expenses: | ||
Selling expenses | 590 | 577 |
General and administrative expenses | 4,076 | 3,189 |
Gain on disposal of equipment | (5) | |
Research and development costs | 4,384 | 2,315 |
Total operating expenses | 9,050 | 6,076 |
Operating income | 4,525 | 7,066 |
Other income (expense): | ||
Interest and dividend income | 126 | 95 |
Other income | 952 | |
Gain on sale of investments | 1,327 | 25 |
Interest expense | (352) | (236) |
Total other income | 1,101 | 836 |
Income before income taxes | 5,626 | 7,902 |
Income tax expense | 1,176 | 1,790 |
Net income | 4,450 | 6,112 |
Other comprehensive loss, net of tax: | ||
Unrealized gain (loss) from marketable equity investments, net of income taxes | 1,371 | (1,037) |
Comprehensive income | $ 5,821 | $ 5,075 |
Basic & Diluted income per share: | ||
Basic net income per share | $ 1.17 | $ 1.56 |
Diluted net income per share | $ 1.13 | $ 1.5 |
Weighted-average common shares outstanding: | ||
Basic | 3,796,516 | 3,910,940 |
Diluted | 3,936,194 | 4,078,087 |
STATEMENTS OF SHAREHOLDERS' EQU
STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Total |
Balance at beginning at Jun. 30, 2019 | $ 15,815 | $ (549) | $ 1,742 | $ 17,008 |
Balance at beginning (in shares) at Jun. 30, 2019 | 4,039,491 | |||
Net income | 6,112 | 6,112 | ||
Net change in unrealized gain/(loss) from marketable equity investments, net of tax | (1,037) | (1,037) | ||
ESPP shares issued | $ 39 | 39 | ||
ESPP shares issued (in shares) | 2,920 | |||
Cumulative effect of change in accounting principle | 42 | 42 | ||
Share-based compensation | 286 | 286 | ||
Share repurchases | $ (3,388) | $ (3,388) | ||
Share repurchases (in shares) | (231,274) | |||
Exercise of stock options (in shares) | ||||
Balance at end at Jun. 30, 2020 | $ 12,752 | (1,586) | 7,896 | $ 19,062 |
Balance at end (in shares) at Jun. 30, 2020 | 3,811,137 | |||
Net income | 4,450 | 4,450 | ||
Net change in unrealized gain/(loss) from marketable equity investments, net of tax | 1,371 | 1,371 | ||
ESPP shares issued | $ 57 | 57 | ||
ESPP shares issued (in shares) | 2,677 | |||
Share-based compensation | $ 901 | 901 | ||
Share repurchases | $ (5,537) | (5,537) | ||
Share repurchases (in shares) | (216,171) | |||
Shares issued in connection with performance award vesting | ||||
Shares issued in connection with performance award vesting (in shares) | 40,000 | |||
Shares withheld from common stock issued to pay employee payroll taxes | $ (259) | (259) | ||
Shares withheld from common stock issued to pay employee payroll taxes (in shares) | (14,371) | |||
Exercise of stock options | $ 39 | $ 39 | ||
Exercise of stock options (in shares) | 22,388 | |||
Balance at end at Jun. 30, 2021 | $ 7,953 | $ (215) | $ 12,346 | $ 20,084 |
Balance at end (in shares) at Jun. 30, 2021 | 3,645,660 |
STATEMENTS OF SHAREHOLDERS' E_2
STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Unrealized gain/(loss) from marketable equity investments, tax | $ 23 | $ (23) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 4,450 | $ 6,112 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 686 | 573 |
Gain on collection of note receivable | (952) | |
Gain on sale of investments | (1,327) | (25) |
Non-cash lease expense | 26 | 41 |
Gain on sale or disposal of equipment | (5) | |
Amortization of loan fees | 49 | 9 |
Share-based compensation | 901 | 286 |
Deferred income taxes | (181) | (22) |
Bad debt expense | 5 | 6 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,783) | (1,061) |
Deferred costs | (38) | 275 |
Inventory | (199) | (1,999) |
Prepaid expenses and other assets | (314) | 476 |
Accounts payable, accrued expenses and deferred rent | 105 | 604 |
Deferred revenue | (50) | (15) |
Income taxes payable | (408) | 642 |
Net cash provided by (used in) operating activities | (2,078) | 4,945 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of equipment and leasehold improvements | (1,769) | (519) |
Purchase of land and building | (6,499) | |
Proceeds from dividend reclassified as return of principal | 15 | |
Proceeds from sale of equipment | 5 | |
Proceeds from collection of notes receivable | 952 | |
Proceeds from sale of investments | 4,596 | 128 |
Increase in intangibles | (38) | (46) |
Purchase of investments | (2,822) | |
Net cash used in investing activities | (3,710) | (2,287) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments note payable | (351) | (630) |
Borrowing from Minnesota Bank & Trust, net of loan origination fees | 9,139 | |
Repurchases of common stock | (5,537) | (3,388) |
Payments of employee taxes on net issuance of common stock | (259) | |
Proceeds from exercise of stock options and ESPP contributions | 96 | 39 |
Net cash provided by (used in) financing activities | 3,088 | (3,979) |
Net decrease in cash and cash equivalents | (2,700) | (1,321) |
Cash and cash equivalents, beginning of year | 6,421 | 7,742 |
Cash and cash equivalents, end of year | 3,721 | 6,421 |
Noncash investing and financing activities: | ||
Cashless stock option exercise | 4 | |
Cash paid during the period for: | ||
Income taxes, net of refunds | 1,767 | 683 |
Interest | $ 330 | $ 218 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | 1. 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 craniomaxillofacial markets. We have patented adaptive torque-limiting technology 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 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition Revenue from product sales is recognized as promulgated by the Financial Accounting Standards Board (“FASB”) in Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Revenue from services, typically non-recurring engineering services related to the design or customization of a medical device, is typically recognized over time. Returns of our product for credit are minimal; accordingly, we do not establish a reserve for product returns at the time of sale. Estimated Losses on Product Development Services Cost and revenue estimates related to the product development service portions of development and supply contracts are reviewed and updated quarterly. An expected loss on development service contracts is recognized immediately in cost of sales. Losses recorded in fiscal 2021 and 2020 related to these services totaled $71,000 and $370,000, respectively. Owing to the complexity of many of the contracts we have undertaken, the cost estimation process requires significant judgment. It is based upon the knowledge and experience of our project managers, engineers, and finance professionals. Factors that are considered in estimating the cost of work to be completed and ultimate profitability of the fixed price product development portion of development and supply contracts include the nature and complexity of the work to be performed, availability and productivity of labor, the effect of change orders, the availability of materials, performance of subcontractors, and expected costs for specific regulatory approvals. Warranties Certain of our products are sold with a warranty that provides for repairs or replacement of any defective parts for a period, generally one to two years, after the sale. At the time of the sale, we accrue an estimate of the cost of providing the warranty based on prior experience with such factors as return rates and repair costs, which factors are reviewed quarterly. 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 balance sheets. Warranty expenses are included in cost of sales in the accompanying statements of operations. Changes in estimates to previously established warranty accruals result from current period updates to assumptions regarding repair costs and warranty return rates and are included in current period warranty expense. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of ninety days or less to be cash equivalents. At June 30, 2021 and 2020, cash equivalents consisted of investments in money market funds. Accounts Receivable Trade receivables are stated at their original invoice amounts, less an allowance for doubtful portions of such accounts. Management determines the allowance for doubtful accounts based on facts and circumstances related to specific accounts and the age of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously reserved are offset against the allowance when received. Deferred Costs Deferred costs reflect costs incurred related to non-recurring engineering services under the terms of the related development and/or supply contracts. These costs get recorded to cost of sales in the period that the revenue is recognized. Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Reductions to estimated market value are recorded and charged to cost of sales, when indicated based on a formula that compares on-hand quantities to both historical usage and estimated demand over the ensuing 12 months from the measurement date. On an ongoing basis, we evaluate inventory for obsolescence and slow-moving items. This evaluation includes analysis of historical sales and usage, existing demand, as well as specific factors known to management. As of June 30, 2021 and 2020, there was approximately $128,000 and $303,000, respectively, of inventory in-transit. Investments Investments at June 30, 2021 and 2020, consist of marketable equity securities of publicly held companies. The investments were made to realize a reasonable return, although there is no assurance that positive returns will be realized. Investments are marked to market at each measurement date, with unrealized gains and losses, net of income taxes, presented as adjustments to accumulated other comprehensive income or loss. Our long-term investments consist of common stocks of public companies that are thinly traded. These investments were subject to an independent valuation as of June 30, 2021 and 2020. Long-lived Assets We review the recoverability of long-lived assets, consisting of the land and building that we own, equipment, and improvements, including leasehold improvements, when events or changes in circumstances occur that indicate carrying values may not be recoverable. Our building, equipment and improvements are recorded at historical cost and depreciation is provided using the straight-line method over the following periods: Building Thirty years Equipment Three to ten years Improvements Shorter of the remaining life of the underlying building, lease term, or the asset’s estimated useful life Intangibles Intangibles consist legal fees incurred connection with patent applications. Certain of our patent costs are being amortized over a period of seven years, the estimated life of the product that is currently utilizing the patented technology. The remaining patent costs will be amortized over the estimated life of the product(s) that will be utilizing the technology or expensed immediately in the event the patent office denies the issuance of the patent. The expense associated with the amortization of the patent costs is recognized in research and development costs. Income Taxes We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities along with net operating losses and tax credit carryovers. Deferred tax assets at both June 30, 2021 and 2020 consisted primarily of basis differences related to unrealized gain/loss related to investments, stock-based compensation, fixed assets, accrued expenses, and inventories. Significant management judgment is required in determining the provision for income taxes and the recoverability of deferred tax assets. Such determination is based on historical taxable income, with consideration given to estimates of future taxable income and the periods over which deferred tax assets will be recoverable. We record a valuation allowance against deferred tax assets to reduce the net carrying value to an amount that we believe is more likely than not to be realized. When we establish or reduce the valuation allowance against deferred tax assets, the provision for income taxes will increase or decrease, respectively, in the period such determination is made. Uncertain Tax Positions We record uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740 on the basis of a two-step process whereby (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. Shipping and Handling Payments from customers for shipping and handling are included in net sales . Concentration of Credit Risk Financial instruments that potentially subject us to credit risk consist principally of cash, cash equivalents, and trade receivables. We place our cash and cash equivalents with major financial institutions. At June 30, 2021 and 2020, and throughout the fiscal years then ended, we had deposits in excess of federally insured limits. Credit sales are made to medical device distributors, original equipment manufacturers, and resellers throughout the world, and sales to such customers account for a substantial portion of our trade receivables. While such receivables are not collateralized, we evaluate their collectability based on several factors including customers’ payment histories. Compensation Plans We recognize compensation expense for the share-based awards that vest subject to market conditions under ASC 718, Compensation-Stock Compensation Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Our operations are affected by numerous factors including market acceptance of our products, changes in technologies, and new laws, effects from the COVID-19 pandemic, government regulations, and policies. We cannot predict what impact, if any, the occurrence of these or other events might have on our operations. Significant estimates and assumptions made by management include, but are not limited to, revenue recognition, share-based compensation, the allowance for doubtful accounts, accrued warranty expense, inventory valuation, the carrying value of long-lived assets, and the recoverability of deferred income tax assets. Basic and Diluted Per Share Information Basic per share amounts are computed on the basis of the weighted-average number of common shares outstanding during each period presented. Diluted per share amounts assume the issuance of all potential common stock equivalents, consisting of outstanding stock options and performance awards as discussed in Note 9, unless the effect of such exercise is to increase income, or decrease loss, per common share. Fair Value Measurements Fair value is measured based on the prices 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. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. Cash and cash equivalents: Investments: Although the methods above may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values, we believe our valuation methods are appropriate. Advertising Advertising costs are charged to selling or general and administrative expense as incurred and amounted to $4,000 and $1,000 for the fiscal years ended June 30, 2021 and 2020, respectively. Recently Adopted Accounting Standards On July 1, 2019, we adopted ASU 2016-02, (Topic 842) “ Leases |
COMPOSITION OF CERTAIN FINANCIA
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS | 3. COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS Investments Investments are stated at market value and consist of the following (in thousands): June 30, June 30, Marketable equity securities – short-term $ 1,295 $ 2,560 Marketable equity securities – long-term 1,704 2,360 Total Marketable equity securities $ 2,999 $ 4,920 Investments at June 30, 2021 and 2020 had an aggregate cost basis $3,204,000 and $6,483,000, Of the total marketable equity securities at June 30, 2021 and 2020, $1,224,000 and $847,000, respectively, represent an investment in either the common stock or both the common and preferred stock of Air T, Inc. Two of our Board members Messrs. Swenson and Cabillot, are also board members of Air T, Inc. and both either individually or through affiliates own an equity interest in Air T, Inc. Mr. Swenson, our Chairman, also serves as the chief executive officer and chairman of Air T, Inc. Another of our Board members is employed by Air T as its Chief of Staff. The shares have been purchased through 10b5-1 Plans that, in accordance with our internal policies regarding the approval of related-party transactions, were approved by our three Board members that are not affiliated with Air T, Inc. We invest surplus cash from time to time through our Investment Committee, which is comprised of one management director, Mr. Van Kirk, and two non-management directors, Mr. Cabillot and Mr. Swenson, who chairs the committee. Both Mr. Cabillot and Mr. Swenson 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 Messrs. Swenson or Cabillot 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): June 30, 2021 2020 Raw materials /purchased components $ 3,967 $ 4,241 Work in process 2,218 2,339 Sub-assemblies /finished components 1,738 1,438 Finished goods 514 220 Total inventory $ 8,437 $ 8,238 Land and Building Land and building consist of the following (in thousands): June 30, June 30, Land $ 3,684 $ — Building 2,815 — Total 6,499 — Less: accumulated depreciation (62 ) — $ 6,437 $ — On November 6, 2020, we acquired the Franklin Property for a total purchase price of $6.5 million, of which we paid $1.3 million in cash and the balance of $5.2 million we financed through Minnesota Bank & Trust (“MBT”) (see Note 6). As of the date of this filing, we are continuing our build-out of the property, which we expect to complete in the first quarter of next fiscal year. The building is being amortized on a straight-line basis over a period of 30 years. Equipment and Improvements Equipment and improvements consist of the following (in thousands): June 30, 2021 2020 Office furnishings and fixtures $ 2,173 $ 2,143 Machinery and equipment 5,895 5,382 Automobiles 21 21 Improvements 3,536 2,359 Total 11,625 9,905 Less: accumulated depreciation and amortization (7,780 ) (7,219 ) $ 3,845 $ 2,686 Depreciation expense for the years ended June 30, 2021 and 2020 amounted to $609,000 and $559,000, respectively. During fiscal 2021, fully depreciated assets in the amount of $49,000 were retired. During fiscal 2020, fully depreciated assets in the amount of $58,000 were retired and an additional $39,000 of fully depreciated assets were sold. Intangibles Intangibles consist of the following (in thousands): June 30, June 30, Patent-related costs $ 260 $ 222 Less accumulated amortization (74 ) (60 ) $ 186 $ 162 Amortization expense for the years ended June 30, 2021 and 2020 amounted to $14,000 each fiscal year. 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. Since we do not know when, or if, our patent applications will be issued, the future amortization expense is not predictable. Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, 2021 2020 Payroll and related items $ 505 $ 689 Accrued inventory in transit 128 303 Accrued legal and professional fees 124 141 Accrued bonuses 300 570 Current portion of lease liability 344 339 Warranty 221 213 Accrued customer rebate 394 — Accrued sales, use and excise taxes 7 7 Other 175 149 $ 2,198 $ 2,411 |
WARRANTY ACCRUAL
WARRANTY ACCRUAL | 12 Months Ended |
Jun. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
WARRANTY ACCRUAL | 4. WARRANTY ACCRUAL Information relating to the accrual for warranty costs for the years ended June 30, 2021 and 2020, is as follows (in thousands): June 30, 2021 2020 Balance at beginning of year $ 213 $ 136 Accruals during the year 339 204 Change in estimates of prior period accruals (27 ) (27 ) Warranty amortization/utilization (304 ) (100 ) Balance at end of year $ 221 $ 213 Warranty expense relating to new product sales and changes to estimates was $312,000 and $177,000, respectively, for the fiscal years ended June 30, 2021 and 2020. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 5. INCOME TAXES On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property (“QIP”). Under ASC 740, the effects of new legislation are recognized upon enactment. The provisions of the CARES Act did materially impact our business or our tax provision. Years Ended June 30, 2021 2020 Current: Federal $ 1,040 $ 1,542 State 340 270 Deferred: Federal (186 ) (243 ) State (18 ) 221 Income tax expense $ 1,176 $ 1,790 The effective income tax rate from income from continuing operations differs from the United States statutory income tax rates for the reasons set forth in the table below (in thousands, except percentages). Years Ended June 30, 2021 2020 Amount Percent Pretax Income Amount Percent Pretax Income Income before income taxes $ 5,626 100 % $ 7,902 100 % Computed “expected” income tax expense on income before income taxes $ 1,181 21 % $ 1,659 21 % State tax, net of federal benefit 279 5 % 440 6 % Tax incentives (169 ) (3 %) (85 ) (1 %) Change in valuation allowance — — (227 ) (3 %) Stock based compensation (93 ) (2 %) — — Other (22 ) — 3 — Income tax expense $ 1,176 21 % $ 1,790 23 % Deferred income taxes reflect the net effects of loss and credit carryforwards and temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities for federal and state income taxes are as follows (in thousands): June 30, 2021 2020 Deferred tax assets: Federal and state NOL carryforward $ 20 $ 21 Research and other credits 65 65 Reserves and accruals 461 438 Stock based compensation 268 110 Unrealized losses 61 455 Inventory 371 334 Total gross deferred tax assets $ 1,246 $ 1,423 Less: valuation allowance (158 ) (543 ) Total deferred tax assets 1,088 880 Deferred tax liabilities: Property and equipment, principally due to differing depreciation methods $ (523 ) $ (577 ) Deferred state tax (38 ) (33 ) Other (64 ) (11 ) Total gross deferred tax liabilities (625 ) (621 ) Net deferred tax assets $ 463 $ 259 Realization of our deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. As of June 30, 2021, our deferred tax asset valuation allowance primarily consists of unrealized capital loss for investments held and the state net operating loss carryforwards for states in which we have filed a final return. For the fiscal year ended June 30, 2021, we recorded a net decrease to our valuation allowance of $385,000 on the basis of management’s reassessment of the amount of our deferred tax assets that are more likely than not to be realized. As of June 30, 2021, we did not have any net operating losses for federal and state income tax purposes for state jurisdictions in which we currently operate. We have no federal or state research and development and alternative minimum tax credit carry forwards at June 30, 2021. As of June 30, 2021, we have accrued $550,000 of unrecognized tax benefits related to federal and state income tax matters that would reduce our income tax expense if recognized. If we are eventually able to recognize our uncertain tax positions, our effective tax rate would be reduced. Any adjustment to our uncertain tax positions would result in an adjustment of our tax credit carryforwards rather than resulting in a cash outlay. Information with respect to our accrual for unrecognized tax benefits is as follows (in thousands): June 30, 2021 2020 Unrecognized tax benefits: Beginning balance $ 524 $ 490 Additions based on federal tax positions related to the current year 30 15 Additions based on state tax positions related to the current year 20 13 Additions for tax positions of prior years 6 55 Reductions due to lapses in statutes of limitation (30 ) (49 ) Ending balance $ 550 $ 524 Although it is reasonably possible that certain unrecognized tax benefits may increase or decrease within the next twelve months due to tax examinations, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, we do not anticipate any significant changes to unrecognized tax benefits over the next twelve months. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense when applicable. As of June 30, 2021, no interest or penalties applicable to our unrecognized tax benefits have been accrued since we have sufficient tax attributes available to fully offset any potential assessment of additional tax. We are subject to U.S. federal income tax, as well as income tax of California, Colorado, Maryland, and Massachusetts. We are currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended June 30, 2018, and later. However, because of our prior net operating losses and research credit carryovers, substantially all of our tax years are open to audit. |
NOTES PAYABLE AND FINANCING TRA
NOTES PAYABLE AND FINANCING TRANSACTIONS | 12 Months Ended |
Jun. 30, 2021 | |
Notes Payable [Abstract] | |
NOTES PAYABLE AND FINANCING TRANSACTIONS | 6. NOTES PAYABLE AND FINANCING TRANSACTIONS Minnesota Bank & Trust 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 million (the “Property Loan”) pursuant to a Loan Agreement, dated as of the Closing Date, between PDEX Franklin and MBT (the “Property Loan Agreement”) and corresponding Term Note (the “Property Note”) issued by PDEX Franklin in favor of MBT on the Closing Date. The Property Loan is secured by the Franklin Property pursuant to a Deed of Trust with Assignment of Leases and Rents, Security Agreement and Fixture Filing in favor of MBT (the “Deed”) and by an Assignment of Leases and Rents by PDEX Franklin in favor of MBT (the “Rents Assignment”). We paid loan origination fees to MBT on the Closing Date in the amount of $26,037. The Property Loan bears interest at a fixed rate of 3.55% per annum, which is subject to a 3% increase upon an event of default. Accrued interest is payable monthly beginning on December 1, 2020, and both principal and interest in the amount of approximately $30,000 are due and payable on the first day of each subsequent month until the maturity date of November 1, 2030 (the “Maturity Date”), at which time a balloon payment in the amount of $3.1 million is due. 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. The Property Loan Agreement, Property Note, Deed, and Rents Assignment each contain representations, warranties, covenants, and events of default that are customary for a loan of this type. The balance owed on the Property Loan at June 30, 2021 is $5,118,000. 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 amended and restated term loan (the “Term Loan A”), a $1,000,000 term loan (the “Term Loan B”), and a $2,000,000 amended and restated revolving loan (the “Revolving Loan” and, together with the Term Loan A and the Term Loan B, collectively, the “Loans”), evidenced by an Amended and Restated Term Note A (“Term Note A”), a Term Note B, and an Amended and Restated Revolving Credit Note (the “Revolving Note”) made by us in favor of MBT. The Loans are secured by substantially all of the Company’s assets pursuant to a Security Agreement entered into on September 6, 2018 between the Company and MBT. The Term Note A had an outstanding principal balance of $3,770,331 as of the Closing Date and could be borrowed against through May 30, 2021 (the “Commitment Period”). During the third quarter ended March 31, 2021, we borrowed an additional $3,000,000 against Term Note A for the purpose of repurchasing our common stock as described in Note 12. The Term Note B had a zero balance as of the Closing Date and we borrowed the full $1,000,000 during the third quarter ended March 31, 2021, for the purpose of making improvements to the Franklin property described in Note 3. The Term Loan A matures on November 1, 2027 and bears interest at a fixed rate of 3.84% per annum. Initial payments on the Term Loan A of interest only are due on December 1, 2020 through June 1, 2021. Commencing July 1, 2021 and continuing on the first day of each month thereafter until the maturity date, The Term Loan B matures on November 1, 2027 and bears interest at a fixed rate of 3.84% per annum. Initial payments on the Term Loan B of interest only are due on December 1, 2020 through June 1, 2021. Commencing July 1, 2021 and continuing on the first day of each month thereafter until the maturity date, we are required to make payments of principal and interest on Term Loan B of approximately $15,000, plus any additional accrued and unpaid interest through the date of payment. As of March 31, 2021, we had drawn fully against Term Note B and the balance outstanding on Term Note B was $1,000,000 on June 30, 2021. The Revolving Loan may be borrowed against from time to time through its maturity date of November 5, 2021, unless earlier terminated pursuant to its terms, and bears interest at an annual rate equal to the greater of (a) 3.25% or (b) the prime rate as published in the Money Rates section of the Wall Street Journal. Commencing on the first day of each month after we initially borrow against the Revolving Loan and each month thereafter until maturity, we are required to pay all accrued and unpaid interest on the Revolving Loan through the date of payment. Any principal on the Revolving Loan that is not previously prepaid shall be due and payable in full on the maturity date (or earlier termination of the Revolving Loan). No amounts have been drawn against the Revolving Loan. Any payment on 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 the Loans immediately due and payable in full. The Amended Credit Agreement, Security Agreement, Term Note A, Term Note B, and Revolving Note contain representations and warranties, affirmative, negative and financial covenants, and events of default that are customary for loans of this type. Scheduled principal maturities of our loans, exclusive of unamortized loan origination fees, for future fiscal years ending June 30 are as follows (in thousands): Term Loan Fiscal Year: 2022 $ 1,260 2023 1,293 2024 1,344 2025 1,396 2026 1,451 Thereafter 6,091 Total principal payments $ 12,835 |
LEASES
LEASES | 12 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
LEASES | 7. LEASES Effective July 1, 2019, we adopted the new lease accounting standard using the modified retrospective method of applying the new standard at the adoption date. In addition, we elected the practical expedient which allowed us to carry forward the historical lease classification of our sole operating lease for our corporate office, which includes our manufacturing and research and development facilities. Adoption of this standard resulted in the recording of net operating lease right-of-use (“ROU”) asset and corresponding operating lease liability each in the amount of $3.3 million. Our operating lease ROU asset and long-term liability are presented separately on our balance sheet. The current portion of our operating lease liability, exclusive of imputed interest, as of June 30, 2021, in the amount of $344,000, is presented within accrued expenses on the balance sheet. As of June 30, 2021, the maturity of our lease liability is as follows: Operating Lease Fiscal Year: 2022 $ 489 2023 504 2024 519 2025 535 2026 551 Thereafter 710 Total lease payments 3,308 Less imputed interest: (531 ) Total $ 2,777 As of June 30, 2021, our operating lease has a remaining lease term of six years and three months and an imputed interest rate of 5.3%. Cash paid for amounts included in the lease liability for the fiscal years ended June 30, 2021 and 2020 was $475,000 and $461,000, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Leases We lease our office, production, and warehouse facility in Irvine, California (our “corporate office”) under an agreement that expires in September 2027. Our corporate office lease requires us to pay insurance, taxes, and other expenses related to the leased space. Rent expense in fiscal 2021 and 2020 was $558,000 and $561,000, respectively. Compensation Arrangements Retirement Savings 401(k) Plan The Pro-Dex, Inc. Retirement Savings 401(k) Plan (the “401(k) Plan”) is a defined contribution plan we administer that covers substantially all our employees and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. Employees are eligible to participate in the 401(k) Plan when they have attained 19 years of age and then can enter into the 401(k) Plan on the first day of each calendar quarter. Participants are eligible to receive non-discretionary matching contributions by the Company equal to 25% of their contributions up to 5% of eligible compensation. For the fiscal years ended June 30, 2021 and 2020, we recognized compensation expense amounting to $81,000 and $67,000, respectively, in connection with the 401(k) Plan. During our fiscal years ended June 30, 2021 and 2020, we used approximately $17,000 and $7,000, respectively, of forfeited match contributions to reduce our match expense. Legal Matters On August 24, 2021, one of our customers, through its counsel, sent notice that it is seeking indemnification from Pro-Dex regarding a pending complaint filed by a third-party claiming patent infringement on one of the products which we manufacture for this customer. As of the date of this filing, we have not accrued any losses relating to this matter nor have we completed our assessment of the claims made against our customer. In addition to the above matter, we may be involved 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. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | 9. SHARE-BASED COMPENSATION Stock Option Plans 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 Director’s Stock Option Plan were terminated in June 2014 and December 2014, respectively. 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 shares of our common stock in the form of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted shares, restricted stock units, performance awards, and other stock-based awards. Former Stock Option Plans No options were granted under the Former Stock Option Plans during the fiscal years ended June 30, 2021 and 2020. As of June 30, 2021, there was no unrecognized compensation cost under the Former Stock Option Plans outstanding stock options are fully vested. The intrinsic value of stock options outstanding and exercisable at June 30, 2021, was approximately $906,000 with a weighted-average remaining contractual term of 0.43 years at June 30, 2021. The following is a summary of stock option activity under the Former Stock Option Plans for the fiscal years ended June 30, 2021 and 2020: 2021 2020 Number of Shares Weighted-Average Number of Shares Weighted-Average Outstanding at July 1, 54,000 $ 1.86 54,000 $ 1.86 Options granted — — — — Options exercised (22,500 ) 1.94 — — Options forfeited — — — — Outstanding at end of period 31,500 $ 1.81 54,000 $ 1.86 Stock Options Exercisable at June 30, 31,500 $ 1.81 54,000 $ 1.86 Performance Awards In December 2017, the Compensation Committee of our Board of Directors granted 200,000 performance awards to our employees, which upon vesting will generally be paid in shares of our common stock. Whether any performance awards vest, and the amount that does vest, is tied to the 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. The weighted-average fair value of the performance awards granted was $4.46, calculated using the weighted-average fair market value for each award, using a Monte Carlo simulation. In February 2020, the Compensation Committee reallocated 48,000 previously forfeited awards, having the same remaining terms and conditions, to certain current employees. The weighted average fair value of the performance awards granted in fiscal 2020 was $16.90, calculated using the weighted-average fair market value for each award, using a Monte Carlo simulation. We recorded share-based compensation expense of $84,000 and $279,000 for the fiscal years ended June 30, 2021 and 2020, respectively, related to these performance awards. On June 30, 2021, there was approximately $160,000 of unrecognized compensation cost related to these non-vested performance awards expected to be expensed over the weighted-average period of 2.98 years. On July 1, 2020, it was determined by the Compensation Committee that the second of five tranches of the performance awards had been achieved and participants were awarded 40,000 shares of common stock. Each participant elected a net issuance to cover their individual withholding taxes in the amount of $259,000 and therefore we issued 25,629 shares with an effective date of July 16, 2020, coinciding with the pay date that included July 1, 2020. Non-Qualified Stock Options In December 2020, the Compensation Committee of our Board of Directors granted 310,000 non-qualified stock options to our directors and certain employees under the 2016 Equity Incentive Plan. Whether any stock options vest, and the amount that does vest, is tied to the 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. We recorded compensation expense of $624,000 for the fiscal year ended June 30, 2021, related to these options. The weighted average fair value of the stock option awards granted was $16.72, calculated using a Monte Carlo simulation. As of June 30, 2021 there was approximately $4.2 million of unrecognized compensation cost related to these non-vested non-qualified stock options. In February 2021, the Compensation Committee of our Board of Directors granted 62,000 non-qualified stock options to our directors and certain employees under the 2016 Equity Incentive Plan. Whether any stock options vest, and the amount that does vest, is tied to the 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. Of these 62,000 stock options, 57,750 vested on July 1, 2021, as our common stock met the pre-determined prices set forth in the underlying agreements. We recorded compensation expense of $182,000 for the fiscal year ended June 30, 2021 related to these options. The weighted average fair value of the stock option awards granted was $3.16, calculated using a Monte Carlo simulation. The following is a summary of non-qualified stock option activity under the 2016 Equity Incentive Plan for the fiscal year ended June 30, 2021: 2021 Number of Shares Weighted-Average Outstanding at July 1, — $ — Options granted 372,000 41.83 Options exercised — — Options forfeited (25,500 ) 41.83 Outstanding at end of period 346,500 $ 41.83 Stock Options Exercisable at June 30, — $ — 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 at which participant’s 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. Our Board of Directors also approved the provision that shares formerly reserved for issuance under the Former Stock Option Plans in excess of shares issuable pursuant to outstanding options, aggregating 704,715 shares, be reserved for issuance pursuant to the ESPP. The ESPP was approved by our shareholders at our 2014 Annual Meeting. On February 2, 2015, the Company filed a Registration Statement on Form S-8 registering the 704,715 shares issuable under the ESPP under the Securities Act of 1933. During the fiscal years ended June 30, 2021 and 2020, shares totaling 2,677 and 2,920, respectively, were purchased pursuant to the ESPP and allocated to participating employees based upon their contributions at weighted- average prices of $21.47 and $13.25, respectively. On a cumulative basis, since the inception of the ESPP, employees have purchased a total of 24,463 shares. During the fiscal years ended June 30, 2021 and 2020, we recorded stock compensation expense in the amount of $10,000 and $7,000, respectively, relating to the ESPP. |
MAJOR CUSTOMERS & SUPPLIERS
MAJOR CUSTOMERS & SUPPLIERS | 12 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
MAJOR CUSTOMERS & SUPPLIERS | 10. MAJOR CUSTOMERS & SUPPLIERS Customers accounted for more than 10% of our total sales either of 2021 or 2020, is as follows (in thousands, except percentages): Years Ended June 30, 2021 2020 Amount Percent of Total Amount Percent of Total Total revenue $ 38,029 100 % $ 34,834 100 % Customer concentration: Customer 1 $ 22,163 58 % $ 22,675 65 % Customer 2 10,122 27 % 5,869 17 % Customer 3 2,158 6 % 3,499 10 % Total $ 34,443 91 % $ 32,043 92 % Information with respect to accounts receivable from those customers who comprised more than 10% of our gross accounts receivable at either June 30, 2021 or June 30, 2020 is as follows (in thousands, except percentages): June 30, 2021 June 30, 2020 Total gross accounts receivable $ 10,935 100 % $ 5,161 100 % Customer concentration: Customer 1 $ 6,666 61 % $ 2,205 42 % Customer 2 3,710 34 % 1,593 31 % Customer 3 — — 972 19 % Total $ 10,376 95 % $ 4,770 92 % During fiscal 2021 and 2020, we had two suppliers that accounted for more than 10% of total inventory purchases, as follows (in thousands, except percentages): June 30, 2021 June 30, 2020 Total inventory purchases $ 13,844 100 % $ 12,829 100 % Supplier concentration: Supplier 1 $ 2,158 16 % $ 2,444 19 % Supplier 2 2,238 16 % 1,971 15 % Total $ 4,396 32 % $ 4,415 34 % Information with respect to accounts payable due to these suppliers at June 30, 2021 and June 30, 2020 is as follows (in thousands, except percentages): June 30, 2021 June 30, 2020 Total accounts payable $ 2,288 100 % $ 1,965 100 % Supplier concentration: Supplier 1 $ 225 10 % $ 245 13 % Supplier 2 206 9 % 161 8 % Total $ 431 19 % $ 406 21 % |
NET INCOME PER SHARE
NET INCOME PER SHARE | 12 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE | 11. NET INCOME PER SHARE Years Ended June 30, 2021 2020 Basic: Net income $ 4,450 $ 6,112 Weighted-average shares outstanding 3,797 3,911 Basic earnings per share $ 1.17 $ 1.56 Diluted: Net income $ 4,450 $ 6,112 Weighted-average shares outstanding 3,797 3,911 Effect of dilutive securities – stock options & performance awards 139 167 Weighted-average shares used in calculation of diluted earnings per share 3,936 4,078 Diluted earnings per share $ 1.13 $ 1.50 |
COMMON STOCK - Share Repurchase
COMMON STOCK - Share Repurchase Program | 12 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK - Share Repurchase Program | 12. COMMON STOCK – Share Repurchase Program In December 2019, our Board approved a new share repurchase program authorizing us to repurchase up to one 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 approved the adoption of several prearranged share repurchase plans intended to qualify for the safe harbor provided by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“10b5-1 Plan” or “Plan”). During the fiscal year ended June 30, 2021, we repurchased 216,171 shares at an aggregate cost, inclusive of fees under the Plan, of $5.5 million. During the fiscal year ended June 30, 2020, we repurchased 231,274 shares at an aggregate cost, inclusive of fees under the Plan, of $3.4 million. On a cumulative basis, we have repurchased a total of 1,035,496 shares under the share repurchase programs at an aggregate cost, inclusive of fess under the Plan, of $14.0 million. All repurchases under the 10b5-1 Plans were administered through an independent broker. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | 13. SUBSEQUENT EVENT On August 24, 2021, one of our customers, through its counsel, sent notice that it is seeking indemnification from Pro-Dex regarding a pending complaint filed by a third-party claiming patent infringement on one of the products which we manufacture for this customer. As of the date of this filing, we have not accrued any losses relating to this matter nor have we completed our assessment of the claims made against our customer. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue from product sales is recognized as promulgated by the Financial Accounting Standards Board (“FASB”) in Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Revenue from services, typically non-recurring engineering services related to the design or customization of a medical device, is typically recognized over time. Returns of our product for credit are minimal; accordingly, we do not establish a reserve for product returns at the time of sale. |
Estimated Losses on Product Development Services | Estimated Losses on Product Development Services Cost and revenue estimates related to the product development service portions of development and supply contracts are reviewed and updated quarterly. An expected loss on development service contracts is recognized immediately in cost of sales. Losses recorded in fiscal 2021 and 2020 related to these services totaled $71,000 and $370,000, respectively. Owing to the complexity of many of the contracts we have undertaken, the cost estimation process requires significant judgment. It is based upon the knowledge and experience of our project managers, engineers, and finance professionals. Factors that are considered in estimating the cost of work to be completed and ultimate profitability of the fixed price product development portion of development and supply contracts include the nature and complexity of the work to be performed, availability and productivity of labor, the effect of change orders, the availability of materials, performance of subcontractors, and expected costs for specific regulatory approvals. |
Warranties | Warranties Certain of our products are sold with a warranty that provides for repairs or replacement of any defective parts for a period, generally one to two years, after the sale. At the time of the sale, we accrue an estimate of the cost of providing the warranty based on prior experience with such factors as return rates and repair costs, which factors are reviewed quarterly. 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 balance sheets. Warranty expenses are included in cost of sales in the accompanying statements of operations. Changes in estimates to previously established warranty accruals result from current period updates to assumptions regarding repair costs and warranty return rates and are included in current period warranty expense. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of ninety days or less to be cash equivalents. At June 30, 2021 and 2020, cash equivalents consisted of investments in money market funds. |
Accounts Receivable | Accounts Receivable Trade receivables are stated at their original invoice amounts, less an allowance for doubtful portions of such accounts. Management determines the allowance for doubtful accounts based on facts and circumstances related to specific accounts and the age of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously reserved are offset against the allowance when received. |
Deferred Costs | Deferred Costs Deferred costs reflect costs incurred related to non-recurring engineering services under the terms of the related development and/or supply contracts. These costs get recorded to cost of sales in the period that the revenue is recognized. |
Inventories | Inventories Inventories are stated at the lower of cost (first-in, first-out method) or net realizable value. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Reductions to estimated market value are recorded and charged to cost of sales, when indicated based on a formula that compares on-hand quantities to both historical usage and estimated demand over the ensuing 12 months from the measurement date. On an ongoing basis, we evaluate inventory for obsolescence and slow-moving items. This evaluation includes analysis of historical sales and usage, existing demand, as well as specific factors known to management. As of June 30, 2021 and 2020, there was approximately $128,000 and $303,000, respectively, of inventory in-transit. |
Investments | Investments Investments at June 30, 2021 and 2020, consist of marketable equity securities of publicly held companies. The investments were made to realize a reasonable return, although there is no assurance that positive returns will be realized. Investments are marked to market at each measurement date, with unrealized gains and losses, net of income taxes, presented as adjustments to accumulated other comprehensive income or loss. Our long-term investments consist of common stocks of public companies that are thinly traded. These investments were subject to an independent valuation as of June 30, 2021 and 2020. |
Long-lived Assets | Long-lived Assets We review the recoverability of long-lived assets, consisting of the land and building that we own, equipment, and improvements, including leasehold improvements, when events or changes in circumstances occur that indicate carrying values may not be recoverable. Our building, equipment and improvements are recorded at historical cost and depreciation is provided using the straight-line method over the following periods: Building Thirty years Equipment Three to ten years Improvements Shorter of the remaining life of the underlying building, lease term, or the asset’s estimated useful life |
Intangibles | Intangibles Intangibles consist legal fees incurred connection with patent applications. Certain of our patent costs are being amortized over a period of seven years, the estimated life of the product that is currently utilizing the patented technology. The remaining patent costs will be amortized over the estimated life of the product(s) that will be utilizing the technology or expensed immediately in the event the patent office denies the issuance of the patent. The expense associated with the amortization of the patent costs is recognized in research and development costs. |
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities along with net operating losses and tax credit carryovers. Deferred tax assets at both June 30, 2021 and 2020 consisted primarily of basis differences related to unrealized gain/loss related to investments, stock-based compensation, fixed assets, accrued expenses, and inventories. Significant management judgment is required in determining the provision for income taxes and the recoverability of deferred tax assets. Such determination is based on historical taxable income, with consideration given to estimates of future taxable income and the periods over which deferred tax assets will be recoverable. We record a valuation allowance against deferred tax assets to reduce the net carrying value to an amount that we believe is more likely than not to be realized. When we establish or reduce the valuation allowance against deferred tax assets, the provision for income taxes will increase or decrease, respectively, in the period such determination is made. |
Uncertain Tax Positions | Uncertain Tax Positions We record uncertain tax positions in accordance with Accounting Standards Codification (“ASC”) 740 on the basis of a two-step process whereby (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. |
Shipping and Handling | Shipping and Handling Payments from customers for shipping and handling are included in net sales . |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to credit risk consist principally of cash, cash equivalents, and trade receivables. We place our cash and cash equivalents with major financial institutions. At June 30, 2021 and 2020, and throughout the fiscal years then ended, we had deposits in excess of federally insured limits. Credit sales are made to medical device distributors, original equipment manufacturers, and resellers throughout the world, and sales to such customers account for a substantial portion of our trade receivables. While such receivables are not collateralized, we evaluate their collectability based on several factors including customers’ payment histories. |
Compensation Plans | Compensation Plans We recognize compensation expense for the share-based awards that vest subject to market conditions under ASC 718, Compensation-Stock Compensation |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Our operations are affected by numerous factors including market acceptance of our products, changes in technologies, and new laws, effects from the COVID-19 pandemic, government regulations, and policies. We cannot predict what impact, if any, the occurrence of these or other events might have on our operations. Significant estimates and assumptions made by management include, but are not limited to, revenue recognition, share-based compensation, the allowance for doubtful accounts, accrued warranty expense, inventory valuation, the carrying value of long-lived assets, and the recoverability of deferred income tax assets. |
Basic and Diluted Per Share Information | Basic and Diluted Per Share Information Basic per share amounts are computed on the basis of the weighted-average number of common shares outstanding during each period presented. Diluted per share amounts assume the issuance of all potential common stock equivalents, consisting of outstanding stock options and performance awards as discussed in Note 9, unless the effect of such exercise is to increase income, or decrease loss, per common share. |
Fair Value Measurements | Fair Value Measurements Fair value is measured based on the prices 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. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. Cash and cash equivalents: Investments: Although the methods above may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values, we believe our valuation methods are appropriate. |
Advertising | Advertising Advertising costs are charged to selling or general and administrative expense as incurred and amounted to $4,000 and $1,000 for the fiscal years ended June 30, 2021 and 2020, respectively. |
Recently Adopted Accounting Standard | Recently Adopted Accounting Standards On July 1, 2019, we adopted ASU 2016-02, (Topic 842) “ Leases |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of building, equipment and improvements | Our building, equipment and improvements are recorded at historical cost and depreciation is provided using the straight-line method over the following periods: Building Thirty years Equipment Three to ten years Improvements Shorter of the remaining life of the underlying building, lease term, or the asset’s estimated useful life |
COMPOSITION OF CERTAIN FINANC_2
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of investments | Investments are stated at market value and consist of the following (in thousands): June 30, June 30, Marketable equity securities – short-term $ 1,295 $ 2,560 Marketable equity securities – long-term 1,704 2,360 Total Marketable equity securities $ 2,999 $ 4,920 |
Schedule of inventory | Inventory is stated at the lower of cost (first-in, first-out) or net realizable value and consists of the following (in thousands): June 30, 2021 2020 Raw materials /purchased components $ 3,967 $ 4,241 Work in process 2,218 2,339 Sub-assemblies /finished components 1,738 1,438 Finished goods 514 220 Total inventory $ 8,437 $ 8,238 |
Schedule of Land and Building | Land and building consist of the following (in thousands): June 30, June 30, Land $ 3,684 $ — Building 2,815 — Total 6,499 — Less: accumulated depreciation (62 ) — $ 6,437 $ — |
Schedule of equipment and improvements | Equipment and improvements consist of the following (in thousands): June 30, 2021 2020 Office furnishings and fixtures $ 2,173 $ 2,143 Machinery and equipment 5,895 5,382 Automobiles 21 21 Improvements 3,536 2,359 Total 11,625 9,905 Less: accumulated depreciation and amortization (7,780 ) (7,219 ) $ 3,845 $ 2,686 |
Schedule of intangibles | Intangibles consist of the following (in thousands): June 30, June 30, Patent-related costs $ 260 $ 222 Less accumulated amortization (74 ) (60 ) $ 186 $ 162 |
Schedule of accrued liabilities | Accrued liabilities consist of the following (in thousands): June 30, 2021 2020 Payroll and related items $ 505 $ 689 Accrued inventory in transit 128 303 Accrued legal and professional fees 124 141 Accrued bonuses 300 570 Current portion of lease liability 344 339 Warranty 221 213 Accrued customer rebate 394 — Accrued sales, use and excise taxes 7 7 Other 175 149 $ 2,198 $ 2,411 |
WARRANTY ACCRUAL (Tables)
WARRANTY ACCRUAL (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of accrual warranty costs | Information relating to the accrual for warranty costs for the years ended June 30, 2021 and 2020, is as follows (in thousands): June 30, 2021 2020 Balance at beginning of year $ 213 $ 136 Accruals during the year 339 204 Change in estimates of prior period accruals (27 ) (27 ) Warranty amortization/utilization (304 ) (100 ) Balance at end of year $ 221 $ 213 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | The provision for income taxes consists of the following amounts (in thousands): Years Ended June 30, 2021 2020 Current: Federal $ 1,040 $ 1,542 State 340 270 Deferred: Federal (186 ) (243 ) State (18 ) 221 Income tax expense $ 1,176 $ 1,790 |
Schedule of reconciliation federal statutory income tax rates | The effective income tax rate from income from continuing operations differs from the United States statutory income tax rates for the reasons set forth in the table below (in thousands, except percentages). Years Ended June 30, 2021 2020 Amount Percent Pretax Income Amount Percent Pretax Income Income before income taxes $ 5,626 100 % $ 7,902 100 % Computed “expected” income tax expense on income before income taxes $ 1,181 21 % $ 1,659 21 % State tax, net of federal benefit 279 5 % 440 6 % Tax incentives (169 ) (3 %) (85 ) (1 %) Change in valuation allowance — — (227 ) (3 %) Stock based compensation (93 ) (2 %) — — Other (22 ) — 3 — Income tax expense $ 1,176 21 % $ 1,790 23 % |
Schedule of deferred income tax assets and liabilities | Significant components of our deferred tax assets and liabilities for federal and state income taxes are as follows (in thousands): June 30, 2021 2020 Deferred tax assets: Federal and state NOL carryforward $ 20 $ 21 Research and other credits 65 65 Reserves and accruals 461 438 Stock based compensation 268 110 Unrealized losses 61 455 Inventory 371 334 Total gross deferred tax assets $ 1,246 $ 1,423 Less: valuation allowance (158 ) (543 ) Total deferred tax assets 1,088 880 Deferred tax liabilities: Property and equipment, principally due to differing depreciation methods $ (523 ) $ (577 ) Deferred state tax (38 ) (33 ) Other (64 ) (11 ) Total gross deferred tax liabilities (625 ) (621 ) Net deferred tax assets $ 463 $ 259 |
Schedule of accrual unrecognized tax benefits | Information with respect to our accrual for unrecognized tax benefits is as follows (in thousands): June 30, 2021 2020 Unrecognized tax benefits: Beginning balance $ 524 $ 490 Additions based on federal tax positions related to the current year 30 15 Additions based on state tax positions related to the current year 20 13 Additions for tax positions of prior years 6 55 Reductions due to lapses in statutes of limitation (30 ) (49 ) Ending balance $ 550 $ 524 |
NOTES PAYABLE AND FINANCING T_2
NOTES PAYABLE AND FINANCING TRANSACTIONS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Notes Payable [Abstract] | |
Schedule of Maturities of Term Loan for Future Fiscal Years | Scheduled principal maturities of our loans, exclusive of unamortized loan origination fees, for future fiscal years ending June 30 are as follows (in thousands): Term Loan Fiscal Year: 2022 $ 1,260 2023 1,293 2024 1,344 2025 1,396 2026 1,451 Thereafter 6,091 Total principal payments $ 12,835 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Maturities of Lease Liabilities | As of June 30, 2021, the maturity of our lease liability is as follows: Operating Lease Fiscal Year: 2022 $ 489 2023 504 2024 519 2025 535 2026 551 Thereafter 710 Total lease payments 3,308 Less imputed interest: (531 ) Total $ 2,777 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Stock Option [Member] | |
Schedule of summary of stock option activity | The following is a summary of stock option activity under the Former Stock Option Plans for the fiscal years ended June 30, 2021 and 2020: 2021 2020 Number of Shares Weighted-Average Number of Shares Weighted-Average Outstanding at July 1, 54,000 $ 1.86 54,000 $ 1.86 Options granted — — — — Options exercised (22,500 ) 1.94 — — Options forfeited — — — — Outstanding at end of period 31,500 $ 1.81 54,000 $ 1.86 Stock Options Exercisable at June 30, 31,500 $ 1.81 54,000 $ 1.86 |
Non Qualified Stock Option [Member] | |
Schedule of summary of stock option activity | The following is a summary of non-qualified stock option activity under the 2016 Equity Incentive Plan for the fiscal year ended June 30, 2021: 2021 Number of Shares Weighted-Average Outstanding at July 1, — $ — Options granted 372,000 41.83 Options exercised — — Options forfeited (25,500 ) 41.83 Outstanding at end of period 346,500 $ 41.83 Stock Options Exercisable at June 30, — $ — |
MAJOR CUSTOMERS & SUPPLIERS (Ta
MAJOR CUSTOMERS & SUPPLIERS (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of sales by major customers | Customers accounted for more than 10% of our total sales either of 2021 or 2020, is as follows (in thousands, except percentages): Years Ended June 30, 2021 2020 Amount Percent of Total Amount Percent of Total Total revenue $ 38,029 100 % $ 34,834 100 % Customer concentration: Customer 1 $ 22,163 58 % $ 22,675 65 % Customer 2 10,122 27 % 5,869 17 % Customer 3 2,158 6 % 3,499 10 % Total $ 34,443 91 % $ 32,043 92 % |
Schedule of accounts receivable, inventory purchases and accounts payable of major customers and suppliers | Information with respect to accounts receivable from those customers who comprised more than 10% of our gross accounts receivable at either June 30, 2021 or June 30, 2020 is as follows (in thousands, except percentages): June 30, 2021 June 30, 2020 Total gross accounts receivable $ 10,935 100 % $ 5,161 100 % Customer concentration: Customer 1 $ 6,666 61 % $ 2,205 42 % Customer 2 3,710 34 % 1,593 31 % Customer 3 — — 972 19 % Total $ 10,376 95 % $ 4,770 92 % During fiscal 2021 and 2020, we had two suppliers that accounted for more than 10% of total inventory purchases, as follows (in thousands, except percentages): June 30, 2021 June 30, 2020 Total inventory purchases $ 13,844 100 % $ 12,829 100 % Supplier concentration: Supplier 1 $ 2,158 16 % $ 2,444 19 % Supplier 2 2,238 16 % 1,971 15 % Total $ 4,396 32 % $ 4,415 34 % Information with respect to accounts payable due to these suppliers at June 30, 2021 and June 30, 2020 is as follows (in thousands, except percentages): June 30, 2021 June 30, 2020 Total accounts payable $ 2,288 100 % $ 1,965 100 % Supplier concentration: Supplier 1 $ 225 10 % $ 245 13 % Supplier 2 206 9 % 161 8 % Total $ 431 19 % $ 406 21 % |
NET INCOME PER SHARE (Tables)
NET INCOME PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average shares outstanding calculation of basic and diluted per share | The summary of the basic and diluted earnings per share calculations for the years ended June 30, 2021 and 2020 is as follows (in thousands, except per share data): Years Ended June 30, 2021 2020 Basic: Net income $ 4,450 $ 6,112 Weighted-average shares outstanding 3,797 3,911 Basic earnings per share $ 1.17 $ 1.56 Diluted: Net income $ 4,450 $ 6,112 Weighted-average shares outstanding 3,797 3,911 Effect of dilutive securities – stock options & performance awards 139 167 Weighted-average shares used in calculation of diluted earnings per share 3,936 4,078 Diluted earnings per share $ 1.13 $ 1.50 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 30 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Description of estimated useful lives | Shorter of the remaining life of the underlying building, lease term, or the asset’s estimated useful life |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jul. 02, 2019 | |
Accrued expenses | $ 394 | ||
Losses | 71 | $ 370 | |
Inventory in-transit | 128 | 303 | |
Advertising expense | 4 | 1 | |
Long-term assets | $ 3,300 | ||
Total liabilities | $ 20,236 | 12,064 | $ 3,300 |
Cumulative effect adjustment to retained earnings | $ 42 | ||
Patent-related costs [Member] | |||
Amortization period of assets | 7 years |
COMPOSITION OF CERTAIN FINANC_3
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Schedule of investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Marketable equity securities - short-term | $ 1,295 | $ 2,560 |
Marketable equity securities - long-term | 1,704 | 2,360 |
Total Marketable equity securities | $ 2,999 | $ 4,920 |
COMPOSITION OF CERTAIN FINANC_4
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials /purchased components | $ 3,967 | $ 4,241 |
Work in process | 2,218 | 2,339 |
Sub-assemblies /finished components | 1,738 | 1,438 |
Finished goods | 514 | 220 |
Total inventory | $ 8,437 | $ 8,238 |
COMPOSITION OF CERTAIN FINANC_5
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Schedule of Land and Building) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Land and building, gross | $ 6,499 | |
Accumulated depreciation | 62 | |
Land and building, net | 6,437 | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land and building, gross | 3,684 | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land and building, gross | $ 2,815 |
COMPOSITION OF CERTAIN FINANC_6
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Schedule of Equipment and improvements ) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Equipment and improvements, gross | $ 11,625 | $ 9,905 |
Less: accumulated depreciation and amortization | (7,780) | (7,219) |
Equipment and improvements, net | 3,845 | 2,686 |
Office Furnishings and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and improvements, gross | 2,173 | 2,143 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and improvements, gross | 5,895 | 5,382 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and improvements, gross | 21 | 21 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and improvements, gross | $ 3,536 | $ 2,359 |
COMPOSITION OF CERTAIN FINANC_7
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Less accumulated amortization | $ (74) | $ (60) |
Intangible assets,net | 186 | 162 |
Patent-related costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $ 260 | $ 222 |
COMPOSITION OF CERTAIN FINANC_8
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Accrued liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Payroll and related items | $ 505 | $ 689 |
Accrued inventory in transit | 128 | 303 |
Accrued legal and professional fees | 124 | 141 |
Accrued bonuses | 300 | 570 |
Warranty | 221 | 213 |
Accrued losses on development contracts | 394 | |
Accrued sales, use and excise taxes | 7 | 7 |
Other | 175 | 149 |
Total accrued expenses | 2,198 | 2,411 |
Accrued Expenses [Member] | ||
Current portion of lease liability | $ 344 | $ 339 |
COMPOSITION OF CERTAIN FINANC_9
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Details Narrative) - USD ($) $ in Thousands | Nov. 06, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Aggregate cost | $ 3,204 | $ 6,483 | |
Net unrealized gain (loss) on investments | 215 | 1,563 | |
Gross unrealized losses | 386 | 1,703 | |
Gross unrealized gains | 171 | 140 | |
Investment in common stock of company affiliated with company board members | 1,224 | 847 | |
Payment to acquired property plant equipment | $ 6,500 | 1,769 | 519 |
Payment of property plant equipment | 1,300 | 6,499 | |
Bank financed | $ 5,200 | ||
Depreciation expenses | 609 | 559 | |
Retired assets | 49 | 58 | |
Fully depreciated assets sold | 39 | ||
Amortization expense | $ 14 | $ 14 |
WARRANTY ACCRUAL (Schedule of a
WARRANTY ACCRUAL (Schedule of accrual warranty costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance at beginning of year | $ 213 | $ 136 |
Accruals during the year | 339 | 204 |
Change in estimates of prior period accruals | (27) | (27) |
Warranty amortization | (304) | (100) |
Balance at end of year | $ 221 | $ 213 |
WARRANTY ACCRUAL (Details Narra
WARRANTY ACCRUAL (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Product Warranties Disclosures [Abstract] | ||
Warranty expenses | $ 312 | $ 177 |
INCOME TAXES (Provision for inc
INCOME TAXES (Provision for income tax expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Current: | ||
Federal | $ 1,040 | $ 1,542 |
State | 340 | 270 |
Deferred: | ||
Federal | (186) | (243) |
State | (18) | 221 |
Income tax expense | $ 1,176 | $ 1,790 |
INCOME TAXES (Effective income
INCOME TAXES (Effective income tax rate on loss from continuing operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Income before income taxes | $ 5,626 | $ 7,902 |
Computed "expected" income tax expense on income before income taxes | 1,181 | 1,659 |
State tax, net of federal benefit | 279 | 440 |
Tax incentives | (169) | (85) |
Change in valuation allowance | (227) | |
Share based compensation | (93) | |
Other | (22) | 3 |
Income tax expense | $ 1,176 | $ 1,790 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Income before income taxes | 100.00% | 100.00% |
Computed "expected" income tax expense on income before income taxes | 21.00% | 21.00% |
State tax, net of federal benefit | 5.00% | 6.00% |
Tax incentives | (3.00%) | (1.00%) |
Change in valuation allowance | (3.00%) | |
Share based compensation | (2.00%) | |
Other | ||
Income tax expense | 21.00% | 23.00% |
INCOME TAXES (Deferred tax asse
INCOME TAXES (Deferred tax assets and liabilities for federal and state income taxes) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Deferred tax assets: | ||
Federal and State NOL carryforward | $ 20 | $ 21 |
Research and other credits | 65 | 65 |
Reserves and accruals | 461 | 438 |
Stock based compensation | 268 | 110 |
Unrealized losses | 61 | 455 |
Inventory | 371 | 334 |
Total gross deferred tax assets | 1,246 | 1,423 |
Less: valuation allowance | (158) | (543) |
Total deferred tax assets | 1,088 | 880 |
Deferred tax liabilities: | ||
Property and equipment, principally due to differing depreciation methods | (523) | (577) |
Deferred state tax | (38) | (33) |
Other | (64) | (11) |
Total gross deferred tax liabilities | (625) | (621) |
Net deferred tax assets | $ 463 | $ 259 |
INCOME TAXES (Accrual for unrec
INCOME TAXES (Accrual for unrecognized tax benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 524 | $ 490 |
Additions based on federal tax positions related to the current year | 30 | 15 |
Additions based on state tax positions related to the current year | 20 | 13 |
Additions for tax positions of prior years | 6 | 55 |
Reductions due to lapses in statutes of limitation | (30) | (49) |
Ending balance | $ 550 | $ 524 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Increase (Decrease) in deferred tax asset valuation allowance | $ 385 | ||
Unrecognized tax benefits | $ 550 | $ 524 | $ 490 |
NOTES PAYABLE AND FINANCING T_3
NOTES PAYABLE AND FINANCING TRANSACTIONS (Schedule of Maturities of Term Loan for Future Fiscal Years) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Fiscal Year: | |
2022 | $ 1,260 |
2023 | 1,293 |
2024 | 1,344 |
2025 | 1,396 |
2026 | 1,451 |
Thereafter | 6,091 |
Total principal payments | $ 12,835 |
NOTES PAYABLE AND FINANCING T_4
NOTES PAYABLE AND FINANCING TRANSACTIONS (Details Narrative) - USD ($) | Nov. 06, 2020 | Oct. 02, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Interest expense | $ 352,000 | $ 236,000 | ||||
Debt outstanding | $ 12,835,000 | |||||
Minnesota Bank And Trust [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest expense | $ 30,000 | |||||
Percentage of late payment fee | 5.00% | |||||
Increased percentage of default late payment | 3.00% | |||||
Minnesota Bank And Trust [Member] | Property Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date | Nov. 1, 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 | $ 5,118,000 | |||||
Minnesota Bank And Trust [Member] | Term Loan One [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 7,525,000 | |||||
Debt instrument, maturity date | Nov. 1, 2027 | |||||
Debt outstanding | $ 3,770,331 | $ 6,716,000 | ||||
Amount borrowed for repurchase of common stock | $ 3,000,000 | |||||
Interest rate | 3.84% | |||||
Periodic payment of principal and interest | $ 97,000 | |||||
Minnesota Bank And Trust [Member] | Term Loan Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000 | |||||
Debt instrument, maturity date | Nov. 1, 2027 | |||||
Debt outstanding | $ 1,000,000 | |||||
Interest rate | 3.84% | |||||
Periodic payment of principal and interest | $ 15,000 | |||||
Minnesota Bank And Trust [Member] | Revolving Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 2,000,000 | |||||
Debt instrument, maturity date | Nov. 5, 2021 | |||||
Interest rate | 3.25% | |||||
Property Loan [Member] | Minnesota Bank And Trust [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 5,200,000 | |||||
Loan origination fees | $ 26,037,000 | |||||
Loan bears interest rate | 3.55% |
LEASES (Schedule of Future Mini
LEASES (Schedule of Future Minimum Base Rental Payment) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 489 |
2023 | 504 |
2024 | 519 |
2025 | 535 |
2026 | 551 |
Thereafter | 710 |
Total lease payments | 3,308 |
Less imputed interest: | (531) |
Total | $ 2,777 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jul. 02, 2019 | |
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | |||
Operating lease right-of-use | $ 2,605 | $ 2,943 | $ 3,300 |
Interest rate | 5.30% | ||
Cash paid lease liability | $ 475 | 461 | |
Accrued Expenses [Member] | |||
Customer Securities for which Entity has Right to Sell or Repledge (Including Securities Sold or Repledged) [Line Items] | |||
Operating lease liability current portion | $ 344 | $ 339 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Rent expense | $ 558 | $ 561 |
401(k) Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of matching contributions | 25.00% | |
Percentage of maximum employee contributions | 5.00% | |
Compensation expense | $ 81 | 67 |
Forfeited match contributions used to reduce match expense | $ 17 | $ 7 |
SHARE-BASED COMPENSATION (Summa
SHARE-BASED COMPENSATION (Summary of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period | 54,000 | 54,000 |
Options granted | ||
Options exercised | ||
Options forfeited | (22,500) | |
Outstanding at end of period | 31,500 | 54,000 |
Stock Options Exercisable at end of period | 31,500 | 54,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of period (in dollars per share) | $ 1.86 | $ 1.86 |
Options granted (in dollars per share) | ||
Options exercised (in dollars per share) | 1.94 | |
Options forfeited (in dollars per share) | ||
Outstanding at end of period (in dollars per share) | 1.81 | 1.86 |
Stock Options Exercisable at end of period (in dollars per share) | $ 1.81 | $ 1.86 |
SHARE-BASED COMPENSATION (Non-q
SHARE-BASED COMPENSATION (Non-qualified stock option activity) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period | 54,000 | 54,000 |
Options granted | ||
Options exercised | ||
Options forfeited | (22,500) | |
Outstanding at end of period | 31,500 | 54,000 |
Stock Options Exercisable at end of period | 31,500 | 54,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of period (in dollars per share) | $ 1.86 | $ 1.86 |
Options granted (in dollars per share) | ||
Options exercised (in dollars per share) | 1.94 | |
Options forfeited (in dollars per share) | ||
Outstanding at end of period (in dollars per share) | 1.81 | 1.86 |
Stock Options Exercisable at end of period (in dollars per share) | $ 1.81 | $ 1.86 |
Non Qualified Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period | ||
Options granted | 372,000 | |
Options exercised | ||
Options forfeited | (25,500) | |
Outstanding at end of period | 346,500 | |
Stock Options Exercisable at end of period | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning of period (in dollars per share) | ||
Options granted (in dollars per share) | 41.83 | |
Options exercised (in dollars per share) | ||
Options forfeited (in dollars per share) | 41.83 | |
Outstanding at end of period (in dollars per share) | 41.83 | |
Stock Options Exercisable at end of period (in dollars per share) |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 02, 2020 | Feb. 28, 2021 | Dec. 31, 2020 | Feb. 28, 2020 | Dec. 31, 2017 | Sep. 30, 2014 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2016 |
Performance Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate share-based compensation expense | $ 84 | $ 279 | |||||||
Number of awards granted during period | 40,000 | 200,000 | 40,000 | ||||||
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. | ||||||||
Unrecognized compensation cost | $ 160 | ||||||||
Weighted-average period | 2 years 11 months 23 days | ||||||||
Weighted average fair value | $ 4.46 | ||||||||
Number of shares issued | 25,629 | 24,727 | |||||||
Payment, Tax Withholding | $ 259 | ||||||||
Previously forfeited awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of awards granted during period | 48,000 | ||||||||
Weighted average fair value | $ 16.90 | ||||||||
2016 Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares available to be awarded | 1,500,000 | ||||||||
2016 Equity Incentive Plan [Member] | Directors And Certain Employees One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate share-based compensation expense | $ 624 | ||||||||
Number of awards granted during period | 310,000 | ||||||||
Period for award description | 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. | ||||||||
Unrecognized compensation cost | $ 4,200 | ||||||||
Weighted average fair value | $ 16.72 | ||||||||
2016 Equity Incentive Plan [Member] | Directors And Certain Employees Two [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate share-based compensation expense | 182 | ||||||||
Number of awards granted during period | 62,000 | ||||||||
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. | ||||||||
Weighted average fair value | $ 3.16 | ||||||||
Employees Stock Option Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Intrinsic value of stock options outstanding | 906 | ||||||||
Intrinsic value of stock options exercisable | $ 906 | ||||||||
Weighted average remaining contractual life | 5 months 5 days | ||||||||
ESPP [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate share-based compensation expense | $ 10 | $ 7 | |||||||
Description of plan | Offering and purchase periods of six months, and bases the pricing at which participant’s 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 | ||||||||
Number of shares purchased and allocated to employee (in shares) | 2,677 | 2,920 | |||||||
Exercise price (in dollars per share) | $ 21.47 | $ 13.25 | |||||||
Number of shares options purchased (in shares) | 24,463 |
MAJOR CUSTOMERS & SUPPLIERS (Sa
MAJOR CUSTOMERS & SUPPLIERS (Sales, Accounts receivable, Inventory Purchases and Accounts Payable) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Concentration Risk [Line Items] | ||
Total revenue | $ 38,029 | $ 34,834 |
Total accounts payable | 2,288 | 1,965 |
Sales [Member] | ||
Concentration Risk [Line Items] | ||
Total revenue | $ 38,029 | $ 34,834 |
Percentage of concentrations risk | 100.00% | 100.00% |
Sales [Member] | Customer 1 [Member] | ||
Concentration Risk [Line Items] | ||
Total revenue | $ 22,163 | $ 22,675 |
Percentage of concentrations risk | 58.00% | 65.00% |
Sales [Member] | Customer 2 [Member] | ||
Concentration Risk [Line Items] | ||
Total revenue | $ 10,122 | $ 5,869 |
Percentage of concentrations risk | 27.00% | 17.00% |
Sales [Member] | Customer 3 [Member] | ||
Concentration Risk [Line Items] | ||
Total revenue | $ 2,158 | $ 3,499 |
Percentage of concentrations risk | 6.00% | 10.00% |
Sales [Member] | Customer [Member] | ||
Concentration Risk [Line Items] | ||
Total revenue | $ 34,443 | $ 32,043 |
Percentage of concentrations risk | 91.00% | 92.00% |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 100.00% | 100.00% |
Total gross accounts receivable | $ 10,935 | $ 5,161 |
Accounts Receivable [Member] | Customer 1 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 61.00% | 42.00% |
Total gross accounts receivable | $ 6,666 | $ 2,205 |
Accounts Receivable [Member] | Customer 2 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 34.00% | 31.00% |
Total gross accounts receivable | $ 3,710 | $ 1,593 |
Accounts Receivable [Member] | Customer 3 [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 19.00% | |
Total gross accounts receivable | $ 972 | |
Accounts Receivable [Member] | Customer [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 95.00% | 92.00% |
Total gross accounts receivable | $ 10,376 | $ 4,770 |
Inventory Purchases [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 100.00% | 100.00% |
Total inventory purchases | $ 13,844 | $ 12,829 |
Inventory Purchases [Member] | Portescap [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 16.00% | 19.00% |
Total inventory purchases | $ 2,158 | $ 2,444 |
Inventory Purchases [Member] | Fischer Connectors Inc. [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 16.00% | 15.00% |
Total inventory purchases | $ 2,238 | $ 1,971 |
Inventory Purchases [Member] | Supplier [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 32.00% | 34.00% |
Total inventory purchases | $ 4,396 | $ 4,415 |
Accounts Payable [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 100.00% | 100.00% |
Total accounts payable | $ 2,288 | $ 1,965 |
Accounts Payable [Member] | Portescap [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 10.00% | 13.00% |
Total accounts payable | $ 225 | $ 245 |
Accounts Payable [Member] | Fischer Connectors Inc. [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 9.00% | 8.00% |
Total accounts payable | $ 206 | $ 161 |
Accounts Payable [Member] | Supplier [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of concentrations risk | 19.00% | 21.00% |
Total accounts payable | $ 431 | $ 406 |
NET INCOME PER SHARE (Details)
NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Basic: | ||
Net income | $ 4,450 | $ 6,112 |
Weighted-average shares outstanding | 3,796,516 | 3,910,940 |
Basic earnings per share | $ 1.17 | $ 1.56 |
Diluted: | ||
Net income | $ 4,450 | $ 6,112 |
Weighted-average shares outstanding | 3,796,516 | 3,910,940 |
Effect of dilutive securities - stock options & performance awards | 139,000 | 167,000 |
Weighted-average shares used in calculation of diluted earnings per share | 3,936,194 | 4,078,087 |
Diluted earnings per share | $ 1.13 | $ 1.5 |
COMMON STOCK - Share Repurcha_2
COMMON STOCK - Share Repurchase Program (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Class of Stock [Line Items] | ||
Shares repurchased during the year, value | $ 5,537 | $ 3,388 |
Share Repurchase Program [Member] | 10b5-1 Plan [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchased during the year, number of shares | 216,171 | 231,274 |
Shares repurchased during the year, value | $ 5,500 | $ 3,400 |
Share Repurchase Program [Member] | 10b5-1 Plan [Member] | Cumulative basis [Member] | ||
Class of Stock [Line Items] | ||
Shares repurchased during the year, number of shares | 1,035,496 | |
Shares repurchased during the year, value | $ 14,000 |