Pro-Dex (PDEX) 10-Q 5 May 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2022	May 05, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--06-30
Entity File Number	0-14942
Entity Registrant Name	PRO-DEX, INC.
Entity Central Index Key	0000788920
Entity Tax Identification Number	84-1261240
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	2361 McGaw Avenue
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92614
City Area Code	(949)
Local Phone Number	769-3200
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	PDEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,618,663

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Current Assets:
Cash and cash equivalents	$ 4,761,000	$ 3,721,000
Investments	1,129,000	1,295,000
Accounts receivable, net of allowance for doubtful accounts of $0 and $2 at March 31, 2022 and at June 30, 2021, respectively	8,680,000	10,933,000
Deferred costs	341,000	193,000
Inventory	11,866,000	8,437,000
Prepaid expenses and other current assets	1,322,000	434,000
Total current assets	28,099,000	25,013,000
Land and building, net	6,366,000	6,437,000
Equipment and leasehold improvements, net	4,635,000	3,845,000
Right of use asset, net	2,339,000	2,605,000
Intangibles, net	162,000	186,000
Deferred income taxes, net	463,000	463,000
Investments	1,778,000	1,704,000
Other assets	42,000	67,000
Total assets	43,884,000	40,320,000
Current Liabilities:
Accounts payable	3,533,000	2,288,000
Accrued expenses	1,652,000	2,198,000
Deferred revenue	896,000	150,000
Note payable	1,642,000	1,236,000
Total current liabilities	7,723,000	5,872,000
Lease liability, net of current portion	2,151,000	2,432,000
Income taxes payable	1,164,000	397,000
Notes payable, net of current portion	10,575,000	11,535,000
Total non-current liabilities	13,890,000	14,364,000
Total liabilities	21,613,000	20,236,000
Shareholders’ equity:
Common shares; no par value; 50,000,000 shares authorized; 3,618,663 and 3,645,660 shares issued and outstanding at March 31, 2022 and June 30, 2021, respectively	7,690,000	7,953,000
Retained earnings	14,581,000	12,131,000
Total shareholders’ equity	22,271,000	20,084,000
Total liabilities and shareholders’ equity	$ 43,884,000	$ 40,320,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ / shares in Thousands, $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts	$ 0	$ 2
Common shares, no par value	$ 0	$ 0
Common shares, authorized	50,000,000	50,000,000
Common shares, issued	3,618,663	3,645,660
Common shares, outstanding	3,618,663	3,645,660

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 9,265	$ 11,739	$ 29,426	$ 28,594
Cost of sales	6,407	7,354	19,737	18,138
Gross profit	2,858	4,385	9,689	10,456
Operating expenses:
Selling expenses	20	136	79	415
General and administrative expenses	1,145	1,280	3,402	2,922
Loss on disposal of equipment	14		14
Research and development costs	658	1,104	2,254	3,184
Total operating expenses	1,837	2,520	5,749	6,521
Operating income	1,021	1,865	3,940	3,935
Interest expense	(112)	(102)	(349)	(231)
Unrealized gain (loss) on marketable equity investments	(275)	136	(427)	1,442
Interest and other income		41	50	102
Gain on sale of investments		783		795
Income before income taxes	634	2,723	3,214	6,043
Income tax expense	(172)	(592)	(764)	(1,004)
Net income	$ 462	$ 2,131	$ 2,450	$ 5,039
Basic net income per share:
Net income	$ 0.13	$ 0.56	$ 0.67	$ 1.31
Diluted net income per share:
Net income	$ 0.12	$ 0.54	$ 0.65	$ 1.26
Weighted average common shares outstanding:
Basic	3,626	3,817	3,645	3,843
Diluted	3,749	3,966	3,774	3,998
Common shares outstanding	3,618	3,701	3,618	3,701

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Total
Balance at beginning at Jun. 30, 2020	$ 12,752	$ 6,310
Share-based compensation expense	508
Share repurchases	(4,039)
Shares withheld from common stock issued to pay employee payroll taxes	(259)
Exercise of stock options	39
ESPP shares issued	58
Net income		5,039	5,039
Balance at end at Mar. 31, 2021	9,059	11,349	20,408
Balance at beginning at Dec. 31, 2020	12,621	9,218
Share-based compensation expense	444
Share repurchases	(4,039)
Shares withheld from common stock issued to pay employee payroll taxes
Exercise of stock options
ESPP shares issued	33
Net income		2,131	2,131
Balance at end at Mar. 31, 2021	9,059	11,349	20,408
Balance at beginning at Jun. 30, 2021	7,953	12,131	20,084
Share-based compensation expense	932
Share repurchases	(1,255)
Shares withheld from common stock issued to pay employee payroll taxes
Exercise of stock options
ESPP shares issued	60
Net income		2,450	2,450
Balance at end at Mar. 31, 2022	7,690	14,581	22,271
Balance at beginning at Dec. 31, 2021	7,886	14,119
Share-based compensation expense	358
Share repurchases	(584)
Shares withheld from common stock issued to pay employee payroll taxes
Exercise of stock options
ESPP shares issued	30
Net income		462	462
Balance at end at Mar. 31, 2022	$ 7,690	$ 14,581	$ 22,271

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,450	$ 5,039
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	546	502
Amortization of loan fees	7	46
Share-based compensation	932	508
Unrealized (gain) loss on marketable equity investments	427	(1,442)
Non-cash lease expense	10	21
Gain on sale of investments		(795)
Impairment of long-lived assets	61
Bad debt expense (recovery)	(2)	3
Changes in operating assets and liabilities:
Accounts receivable and other current receivables	2,255	(6,769)
Deferred costs	(148)	(18)
Inventory	(3,429)	(130)
Prepaid expenses and other assets	(863)	(963)
Accounts payable and accrued expenses	673	792
Deferred revenue	746
Income taxes payable	767	403
Net cash provided by (used in) operating activities	4,432	(2,803)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(334)
Purchases of equipment and improvements	(1,270)	(872)
Proceeds from sale of investments		3,008
Purchase of land and building		(6,499)
Increase in intangibles	(32)	(12)
Net cash used in investing activities	(1,636)	(4,375)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common stock	(1,255)	(4,039)
Proceeds from exercise of options and ESPP contributions	60	97
Payment of employee payroll taxes on net issuance of common stock		(259)
Proceeds from Minnesota Bank & Trust long-term debt, net of fees		9,139
Principal payments on notes payable and finance lease	(561)	(307)
Net cash provided by (used in) financing activities	(1,756)	4,631
Net increase (decrease) in cash and cash equivalents	1,040	(2,547)
Cash and cash equivalents, beginning of period	3,721	6,421
Cash and cash equivalents, end of period	4,761	3,874
Supplemental disclosures of cash flow information:
Interest	311	190
Income taxes	1,025	1,382
Non-cash investing and financing activity:
Cashless stock option exercise	$ 45	$ 4

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Pro-Dex, Inc. (“we,” “us,” “our,” “Pro-Dex,” or the “Company”) have been prepared in accordance with principles generally in United States (“U.S. GAAP”) interim financial information and the instructions to Form 10-Q and Regulation S-K. Accordingly, they not include all of the information and footnotes required U.S. GAAP for complete financial statements. These financial statements should be read in conjunction with the financial statements presented in our Annual Report Form 10-K for the fiscal year ended June 30, 2021. In the opinion of management, all adjustments considered necessary for fair presentation have been included. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2021. Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12 Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, to remove certain exceptions related to the approach for intraperiod tax allocation, recognition of deferred tax liabilities for outside basis differences and requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments in this update are effective for us beginning with fiscal year 2022. The adoption of the amendments has not had a material impact on our consolidated financial statements.

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 2. DESCRIPTION OF BUSINESS 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.

REVISION OF PREVIOUSLY ISSUED F

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS FOR CORRECTION OF IMMATERIAL ERRORS	9 Months Ended
	Mar. 31, 2022
Revision Of Previously Issued Financial Statements For Correction Of Immaterial Errors
REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS FOR CORRECTION OF IMMATERIAL ERRORS	NOTE 3. REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS FOR CORRECTION OF IMMATERIAL ERRORS We failed to timely adopt ASU 2016-01 – Accounting for Financial Instruments – Classification and Measurement, which states in part that changes in fair value of equity investments must be recognized in net income. We have completed an evaluation of the quantitative and qualitative impact of this error in our historical financial statements and concluded that our historical financial statements are not materially misstated. We concluded that our historical financial statements are not materially misstated for several reasons, including the fact that the cumulative three-year error had a negative impact to historical net income in the amount of $ 61,000 Accordingly, the prior year financial statements have been revised to reflect the impact of ASU 2016-1. The revised classification and reported values of our unrealized gains (losses) on marketable equity investments as accounted for under ASU 2016-01 are included in the condensed consolidated financial statements herein. The impact to net income for the three months ended March 31, 2021, was an increase of $136,000 with a corresponding decrease in unrealized gain on marketable equity securities of $136,000, previously presented in other comprehensive income (loss). The revision resulted in an increase to both basic and diluted earnings per share for the three months ended March 31, 2021, of $0.04. The impact to net income for the nine months ended March 31, 2021, was an increase of $1.4 million with a corresponding decrease in unrealized gain on marketable equity securities of $1.4 million, previously presented in other comprehensive income (loss). The revision resulted in an increase to basic earnings per share of $0.37 and diluted earnings per share of $0.36 for the nine months ended March 31, 2021. As of June 30, 2021, the revision reclassified the remaining accumulated other comprehensive loss of $215,000 to retained earnings.

NET SALES

NET SALES	9 Months Ended
	Mar. 31, 2022
Equity [Abstract]
NET SALES	NOTE 4. NET SALES The following table presents the disaggregation of net sales by revenue recognition model (in thousands): Schedule of disaggregation of net sales Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net Sales: Over-time revenue recognition $ 549 $ 55 $ 859 $ 185 Point-in-time revenue recognition 8,716 11,684 28,567 28,409 Total net sales $ 9,265 $ 11,739 $ 29,426 $ 28,594 The timing of revenue recognition, billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as deferred costs on our condensed consolidated balance sheets) and customer advances and deposits (presented as deferred revenue on our condensed consolidated balance sheets), where applicable. Amounts are generally billed as work progresses in accordance with agreed upon milestones. Our entire deferred revenue balance of $ 896,000

COMPOSITION OF CERTAIN FINANCIA

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS	9 Months Ended
	Mar. 31, 2022
Composition Of Certain Financial Statement Items
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS	NOTE 5. COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS Inventory Inventory is stated at the lower of cost (first-in, first-out) or net realizable value and consists of the following (in thousands): Schedule of inventory March 31, June 30, Raw materials /purchased components $ 6,184 $ 3,967 Work in process 2,516 2,218 Sub-assemblies/finished components 2,655 1,738 Finished goods 511 514 Total inventory $ 11,866 $ 8,437 Investments Investments are stated at market value and consist of the following (in thousands): Schedule of investments March 31, June 30, Marketable equity securities - short-term $ 1,129 $ 1,295 Marketable equity securities - long-term 1,778 1,704 Total marketable equity securities $ 2,907 $ 2,999 Investments at March 31, 2022 and June 30, 2021, had an aggregate cost basis $ 3,538,000 3,204,000 632,000 646,000 14,000 the investments included net unrealized losses of $ 215,000 386,000 171,000 Of the total marketable equity securities at March 31, 2022 and June 30, 2021, $ 1,058,000 1,244,000 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. Land and building Land and building consist of the following (in thousands): Schedule of Capital Leased Assets March 31, June 30, Land $ 3,684 $ 3,684 Building 2,815 2,815 Total 6,499 6,499 Less: accumulated depreciation (133 ) (62 ) Land and building $ 6,366 $ 6,437 On November 6, 2020, we acquired the Franklin Property for a total purchase price of $ 6.5 1.3 5.2 Intangibles Intangibles consist of the following (in thousands): Schedule of intangibles March 31, 2022 June 30, 2021 Patent-related costs $ 247 $ 260 Less accumulated amortization (85 ) (74 ) $ 162 $ 186 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.

WARRANTY

WARRANTY	9 Months Ended
	Mar. 31, 2022
Guarantees and Product Warranties [Abstract]
WARRANTY	NOTE 6. WARRANTY The warranty accrual is based on historical costs of warranty repairs and expected future identifiable warranty expenses and is included in accrued expenses in the accompanying balance sheets. As of March 31, 2022 and June 30, 2021, the warranty reserve amounted to $ 328,000 221,000 102,000 77,000 170,000 330,000 Information regarding the accrual for warranty costs for the three and nine months ended March 31, 2022 and 2021, are as follows (in thousands): Schedule of Product Warranty Liability As of and for the 2022 2021 Beginning balance $ 255 $ 347 Accruals during the period 52 57 Changes in estimates of prior period warranty accruals 50 20 Warranty amortization and utilization (29 ) (116 ) Ending balance $ 328 $ 308 As of and for the 2022 2021 Beginning balance $ 221 $ 213 Accruals during the period 117 311 Changes in estimates of prior period warranty accruals 53 19 Warranty amortization and utilization (63 ) (235 ) Ending balance $ 328 $ 308

NET INCOME PER SHARE

NET INCOME PER SHARE	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NOTE 7. NET INCOME PER SHARE The Company calculates basic net income per share by dividing net income by the weighted-average number of common shares outstanding during the reporting period. The weighted-average number of common shares outstanding used in the calculation of diluted income per share reflects the effects of potentially dilutive securities, in income generating periods, which consist entirely of outstanding stock options and performance awards. The following table presents reconciliations of the numerators and denominators of the basic and diluted earnings per share computations for net income. In the tables below, income amounts represent the numerator, and share amounts represent the denominator (in thousands, except per share amounts): Schedule of reconciliations of the numerators and denominators of the basic and diluted earnings (loss) per share computations for net income (loss) Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic: Net income $ 462 $ 2,131 $ 2,450 $ 5,039 Weighted average shares outstanding 3,626 3,817 3,645 3,843 Basic income per share $ 0.13 $ 0.56 $ 0.67 $ 1.31 Diluted: Net income $ 462 $ 2,131 $ 2,450 $ 5,039 Weighted average shares outstanding 3,626 3,817 3,645 3,843 Effect of dilutive securities 123 149 129 155 Weighted average shares used in calculation of diluted earnings per share 3,749 3,966 3,774 3,998 Diluted income per share $ 0.12 $ 0.54 $ 0.65 $ 1.26

INCOME TAXES

INCOME TAXES	9 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8. INCOME TAXES Deferred income taxes are provided on liability method whereby deferred tax assets and liabilities are recognized for temporary differences. Temporary differences are the differences between the reported amounts assets and liabilities and their tax basis. Deferred assets are reduced by valuation allowance when, in the opinion management, it is more likely than not that some portion or deferred tax assets will not realized. Deferred tax assets and liabilities are adjusted for the effects changes in tax laws and rates the date of enactment. Significant management judgment is required in determining our provision for income taxes and the recoverability our deferred tax assets. Such determination is based primarily on our historical taxable income, with some consideration given our estimates future taxable income by jurisdictions in which we operate and the period over which our deferred tax assets would be recoverable. We recognize accrued interest and penalties related to unrecognized tax benefits when applicable. As of March 31, 2022, we recognized accrued interest of $ 70,000 No We are subject to U.S. federal income tax, as well as income tax of multiple state tax jurisdictions. 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. Our state income tax returns are open to audit under the statute of limitations for the years ended June 30, 2017, and later. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	NOTE 9. SHARE-BASED COMPENSATION Through June 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 1,500,000 200,000 372,000 Former Stock Option Plans No options were granted under the Former Stock Option Plans during the three or nine months ended March 31, 2022 and 2021. As of March 31, 2022, there was no unrecognized compensation cost under the Former Stock Option Plans, outstanding stock options are fully vested. 0.54 96,000 The following is summary of stock option activity for the nine months ended March 31, 2022 and 2021: Share-based Payment Arrangement, Option, Activity Nine Months Ended March 31, 2022 2021 Number of Weighted-Average Number of Weighted-Average Outstanding at July 1, 31,500 $ 1.81 54,000 $ 1.86 Options granted — — — — Options exercised (25,000 ) 1.80 (22,500 ) 1.94 Options forfeited — — — — Outstanding at end of period 6,500 $ 1.82 31,500 $ 1.81 Stock Options Exercisable at March 31, 6,500 $ 1.82 31,500 $ 1.81 Performance Awards In December 2017, the Compensation Committee of our Board of Directors granted 200,000 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. 48,000 16.90 17,500 20.34 81,000 21,000 123,000 63,000 393,000 2.22 On July 1, 2020, it was determined by the Compensation Committee of our Board of Directors that the second of five tranches of 40,000 40,000 25,629 259,000 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 from the date of grant and the achievement of our common stock trading at certain pre-determined prices. 271,000 358,000 799,000 376,000 3.4 In February 2021, the Compensation Committee of our Board of Directors granted 62,000 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 stock options, 4,250 were forfeited and the remaining 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 $59,000 for the three and nine months ended March 31, 2021, related to these options. The weighted fair value of the stock option awards granted was $3.16, calculated using a Monte Carlo simulation. Employee Stock Purchase Plan In September 2014, our Board approved the establishment of an Employee Stock Purchase Plan (the “ESPP”), which was approved by our shareholders at our 2014 Annual Meeting. The ESPP conforms to the provisions of Section 423 of the Internal Revenue Code, has coterminous offering and purchase periods of six months, and bases the pricing to purchase shares of our common stock on a formula so as to result in a per share purchase price that approximates a 15% discount from the market price of a share of our common stock at the end of the purchase period. 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 under those plans, aggregating 704,715 During the three months ended March 31, 2022 and 2021, we recorded ESPP share-based compensation expense in the amount of $ 5,000 6,000 21.11 27.12 11,000 10,000 27,039

MAJOR CUSTOMERS AND SUPPLIERS

MAJOR CUSTOMERS AND SUPPLIERS	9 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
MAJOR CUSTOMERS AND SUPPLIERS	NOTE 10. MAJOR CUSTOMERS AND SUPPLIERS Information with respect to customers accounted for sales in excess of 10% of our total sales either of three-month and the nine-month periods ended March 31, 2022 and 2021, is as follows (in thousands, except percentages): Schedule of sales by major customers Three Months Ended March 31, 2022 2021 Amount Percent of Total Amount Percent of Total Net sales $ 9,265 100 % $ 11,739 100 % Customer concentration: Customer 1 $ 5,007 54 % $ 5,238 45 % Customer 2 2,429 26 % 4,514 38 % Total $ 7,436 80 % $ 9,752 83 % Nine Months Ended March 31, 2022 2021 Amount Percent of Total Amount Percent of Total Net sales $ 29,426 100 % $ 28,594 100 % Customer concentration: Customer 1 $ 18,721 64 % $ 16,217 57 % Customer 2 4,617 16 % 7,906 28 % Total $ 23,338 80 % $ 24,123 85 % Information with respect to accounts receivable from those customers who comprised more than 10% of our gross accounts receivable at either March 31, 2022 or June 30, 2021, is as follows (in thousands, except percentages): Schedule of accounts receivable, inventory purchases and accounts payable of major customers and suppliers March 31, 2022 June 30, 2021 Total gross accounts receivable $ 8,680 100 % $ 10,935 100 % Customer concentration: Customer 1 $ 5,029 58 % $ 6,666 61 % Customer 2 2,761 32 % 3,710 34 % Total $ 7,790 90 % $ 10,376 95 % During the three and nine months ended March 31, 2022, we had three and four suppliers, respectively, accounting for 10 10 10 March 31, 2022 June 30, 2021 Total accounts payable $ 3,533 100 % $ 2,288 100 % Supplier concentration: Supplier 1 $ 464 13 % $ 225 10 % Supplier 2 631 18 % 206 9 % Total $ 1,095 31 % $ 431 19 %

NOTES PAYABLE AND FINANCING TRA

NOTES PAYABLE AND FINANCING TRANSACTIONS	9 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
NOTES PAYABLE AND FINANCING TRANSACTIONS	NOTE 11. 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 an approximate 25,000 square foot industrial building in Tustin, California (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 was paid on December 1, 2020, and both principal and interest in the amount of approximately $ 30,000 November 1, 2030 3.1 Any prepayment of the Property Loan (other than monthly scheduled interest and principal payments), is subject to a prepayment fee equal to 4% of the principal amount prepaid for any prepayment made during the first or second year, 3% of the principal amount prepaid for any prepayment made during the third or fourth year, 2% of the principal amount prepaid for any prepayment made during the fifth or sixth year, and 1% of the principal amount prepaid for any prepayment made during the seventh or eighth year. 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 March 31, 2022, is $4,981,000. On the Closing Date, we also entered into an Amended and Restated Credit Agreement with MBT (the “Amended Credit Agreement”), providing for a $ 7,525,000 1,000,000 2,000,000 3,770,331 3,000,000 The Term Loan A matures on November 1, 2027 3.84 97,000 6,026,000 The Term Loan B matures on November 1, 2027 3.84 15,000 897,000 The Revolving Loan may be borrowed against from time to time through its maturity date of November 5, 2023 2.75 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.

COMMON STOCK

COMMON STOCK	9 Months Ended
	Mar. 31, 2022
Equity [Abstract]
COMMON STOCK	NOTE 12. COMMON STOCK Share Repurchase Program In December 2019, our Board approved a new share repurchase program authorizing us to repurchase up to 1 million shares of our common stock, as the prior repurchase plan authorized by our Board in 2013 was nearing completion. In accordance with, and as part of, these share repurchase programs, our Board 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 three and nine months ended March 31, 2022, we repurchased 24,766 52,718 584,000 1,255,000 161,291 4,039,000 1,088,214 15.3 At The Market Offering Agreement In December 2020, our Board approved an ATM Agreement with Ascendiant Capital Markets, LLC (“Ascendiant”). The ATM Agreement allows us to sell shares of our common stock in In connection with the ATM Agreement, we

LEASES

LEASES	9 Months Ended
	Mar. 31, 2022
Leases
LEASES	NOTE 13. 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 that 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 Our operating lease ROU asset and long-term liability are presented separately on our condensed consolidated balance sheet. The current portion of our operating lease liability as of March 31, 2022, in the amount of $ 370,000 As of March 31, 2022, the maturity of our lease liability is as follows: Schedule of Maturities of Lease Liabilities Operating Lease Fiscal Year: 2022 $ 123 2023 504 2024 519 2025 535 2026 551 Thereafter 710 Total lease payments 2,942 Less imputed interest: (421 ) Total $ 2,521 As of March 31, 2022, our operating lease has a remaining lease term of five 5 5.53 123,000 366,000 120,000 355,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14. COMMITMENTS AND CONTINGENCIES Legal Matters On August 24, 2021, one of our customers, through its counsel, sent notice that it is seeking indemnification from us regarding a pending complaint filed by a third-party claiming patent infringement on one of the products that we manufacture for this customer. As of the date of this filing, our position is that there is no infringement and/or that the patent at issue is invalid. We have not accrued any amounts related to this claim and we intend to defend the claim, which we believe may take two years or more to resolve. On October 12, 2021, we received a letter from an attorney representing a former employee, alleging, among other things, wrongful termination, failure to accommodate, and intentional infliction of emotional distress. The parties settled this matter upon the conclusion of a mediation hearing held on February 23, 2022. In addition to the above matters, we are from time to time a party to various 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 and adverse.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 15. SUBSEQUENT EVENTS We have evaluated subsequent events through the date of this filing. There were no subsequent events that require disclosure.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12 Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes, to remove certain exceptions related to the approach for intraperiod tax allocation, recognition of deferred tax liabilities for outside basis differences and requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments in this update are effective for us beginning with fiscal year 2022. The adoption of the amendments has not had a material impact on our consolidated financial statements.

NET SALES (Tables)

NET SALES (Tables)	9 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of disaggregation of net sales	Schedule of disaggregation of net sales Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net Sales: Over-time revenue recognition $ 549 $ 55 $ 859 $ 185 Point-in-time revenue recognition 8,716 11,684 28,567 28,409 Total net sales $ 9,265 $ 11,739 $ 29,426 $ 28,594

COMPOSITION OF CERTAIN FINANC_2

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Tables)	9 Months Ended
	Mar. 31, 2022
Composition Of Certain Financial Statement Items
Schedule of inventory	Schedule of inventory March 31, June 30, Raw materials /purchased components $ 6,184 $ 3,967 Work in process 2,516 2,218 Sub-assemblies/finished components 2,655 1,738 Finished goods 511 514 Total inventory $ 11,866 $ 8,437
Schedule of investments	Schedule of investments March 31, June 30, Marketable equity securities - short-term $ 1,129 $ 1,295 Marketable equity securities - long-term 1,778 1,704 Total marketable equity securities $ 2,907 $ 2,999
Schedule of Capital Leased Assets	Schedule of Capital Leased Assets March 31, June 30, Land $ 3,684 $ 3,684 Building 2,815 2,815 Total 6,499 6,499 Less: accumulated depreciation (133 ) (62 ) Land and building $ 6,366 $ 6,437
Schedule of intangibles	Schedule of intangibles March 31, 2022 June 30, 2021 Patent-related costs $ 247 $ 260 Less accumulated amortization (85 ) (74 ) $ 162 $ 186

WARRANTY (Tables)

WARRANTY (Tables)	9 Months Ended
	Mar. 31, 2022
Guarantees and Product Warranties [Abstract]
Schedule of Product Warranty Liability	Schedule of Product Warranty Liability As of and for the 2022 2021 Beginning balance $ 255 $ 347 Accruals during the period 52 57 Changes in estimates of prior period warranty accruals 50 20 Warranty amortization and utilization (29 ) (116 ) Ending balance $ 328 $ 308 As of and for the 2022 2021 Beginning balance $ 221 $ 213 Accruals during the period 117 311 Changes in estimates of prior period warranty accruals 53 19 Warranty amortization and utilization (63 ) (235 ) Ending balance $ 328 $ 308

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	9 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of reconciliations of the numerators and denominators of the basic and diluted earnings (loss) per share computations for net income (loss)	Schedule of reconciliations of the numerators and denominators of the basic and diluted earnings (loss) per share computations for net income (loss) Three Months Ended Nine Months Ended 2022 2021 2022 2021 Basic: Net income $ 462 $ 2,131 $ 2,450 $ 5,039 Weighted average shares outstanding 3,626 3,817 3,645 3,843 Basic income per share $ 0.13 $ 0.56 $ 0.67 $ 1.31 Diluted: Net income $ 462 $ 2,131 $ 2,450 $ 5,039 Weighted average shares outstanding 3,626 3,817 3,645 3,843 Effect of dilutive securities 123 149 129 155 Weighted average shares used in calculation of diluted earnings per share 3,749 3,966 3,774 3,998 Diluted income per share $ 0.12 $ 0.54 $ 0.65 $ 1.26

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Option, Activity	Share-based Payment Arrangement, Option, Activity Nine Months Ended March 31, 2022 2021 Number of Weighted-Average Number of Weighted-Average Outstanding at July 1, 31,500 $ 1.81 54,000 $ 1.86 Options granted — — — — Options exercised (25,000 ) 1.80 (22,500 ) 1.94 Options forfeited — — — — Outstanding at end of period 6,500 $ 1.82 31,500 $ 1.81 Stock Options Exercisable at March 31, 6,500 $ 1.82 31,500 $ 1.81

MAJOR CUSTOMERS AND SUPPLIERS (

MAJOR CUSTOMERS AND SUPPLIERS (Tables)	9 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Schedule of sales by major customers	Schedule of sales by major customers Three Months Ended March 31, 2022 2021 Amount Percent of Total Amount Percent of Total Net sales $ 9,265 100 % $ 11,739 100 % Customer concentration: Customer 1 $ 5,007 54 % $ 5,238 45 % Customer 2 2,429 26 % 4,514 38 % Total $ 7,436 80 % $ 9,752 83 % Nine Months Ended March 31, 2022 2021 Amount Percent of Total Amount Percent of Total Net sales $ 29,426 100 % $ 28,594 100 % Customer concentration: Customer 1 $ 18,721 64 % $ 16,217 57 % Customer 2 4,617 16 % 7,906 28 % Total $ 23,338 80 % $ 24,123 85 %
Schedule of accounts receivable, inventory purchases and accounts payable of major customers and suppliers	Schedule of accounts receivable, inventory purchases and accounts payable of major customers and suppliers March 31, 2022 June 30, 2021 Total gross accounts receivable $ 8,680 100 % $ 10,935 100 % Customer concentration: Customer 1 $ 5,029 58 % $ 6,666 61 % Customer 2 2,761 32 % 3,710 34 % Total $ 7,790 90 % $ 10,376 95 % During the three and nine months ended March 31, 2022, we had three and four suppliers, respectively, accounting for 10 10 10 March 31, 2022 June 30, 2021 Total accounts payable $ 3,533 100 % $ 2,288 100 % Supplier concentration: Supplier 1 $ 464 13 % $ 225 10 % Supplier 2 631 18 % 206 9 % Total $ 1,095 31 % $ 431 19 %

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Mar. 31, 2022
Leases
Schedule of Maturities of Lease Liabilities	Schedule of Maturities of Lease Liabilities Operating Lease Fiscal Year: 2022 $ 123 2023 504 2024 519 2025 535 2026 551 Thereafter 710 Total lease payments 2,942 Less imputed interest: (421 ) Total $ 2,521

REVISION OF PREVIOUSLY ISSUED_2

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS FOR CORRECTION OF IMMATERIAL ERRORS (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revision Of Previously Issued Financial Statements For Correction Of Immaterial Errors
Net income loss	$ 61,000
Immaterial Error Correction		Accordingly, the prior year financial statements have been revised to reflect the impact of ASU 2016-1. The revised classification and reported values of our unrealized gains (losses) on marketable equity investments as accounted for under ASU 2016-01 are included in the condensed consolidated financial statements herein. The impact to net income for the three months ended March 31, 2021, was an increase of $136,000 with a corresponding decrease in unrealized gain on marketable equity securities of $136,000, previously presented in other comprehensive income (loss). The revision resulted in an increase to both basic and diluted earnings per share for the three months ended March 31, 2021, of $0.04. The impact to net income for the nine months ended March 31, 2021, was an increase of $1.4 million with a corresponding decrease in unrealized gain on marketable equity securities of $1.4 million, previously presented in other comprehensive income (loss). The revision resulted in an increase to basic earnings per share of $0.37 and diluted earnings per share of $0.36 for the nine months ended March 31, 2021. As of June 30, 2021, the revision reclassified the remaining accumulated other comprehensive loss of $215,000 to retained earnings.

NET SALES (Details)

NET SALES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Net Sales:
Over-time revenue recognition	$ 549	$ 55	$ 859	$ 185
Point-in-time revenue recognition	8,716	11,684	28,567	28,409
Total net sales	$ 9,265	$ 11,739	$ 29,426	$ 28,594

NET SALES (Details Narrative)

NET SALES (Details Narrative) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Equity [Abstract]
Deferred revenue	$ 896,000	$ 150,000

COMPOSITION OF CERTAIN FINANC_3

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Composition Of Certain Financial Statement Items
Raw materials /purchased components	$ 6,184	$ 3,967
Work in process	2,516	2,218
Sub-assemblies/finished components	2,655	1,738
Finished goods	511	514
Total inventory	$ 11,866	$ 8,437

COMPOSITION OF CERTAIN FINANC_4

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Marketable Equity Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Composition Of Certain Financial Statement Items
Marketable equity securities - short-term	$ 1,129	$ 1,295
Marketable equity securities - long-term	1,778	1,704
Total marketable equity securities	$ 2,907	$ 2,999

COMPOSITION OF CERTAIN FINANC_5

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Land And Building ) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Composition Of Certain Financial Statement Items
Land	$ 3,684	$ 3,684
Building	2,815	2,815
Total	6,499	6,499
Less: accumulated depreciation	(133)	(62)
Land and building	$ 6,366	$ 6,437

COMPOSITION OF CERTAIN FINANC_6

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Less accumulated amortization	$ (85)	$ (74)
Intangible assets,net	162	186
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Total intangibles	$ 247	$ 260

COMPOSITION OF CERTAIN FINANC_7

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Details Narrative) - USD ($)	Nov. 06, 2020	Jun. 30, 2021	Mar. 31, 2022
Composition Of Certain Financial Statement Items
Aggregate cost		$ 3,204,000	$ 3,538,000
Net unrealized losses		215,000	632,000
Gross unrealized losses		386,000	646,000
Gross unrealized gains		171,000	14,000
Marketable equity securities		$ 1,244,000	$ 1,058,000
Payment to acquired property plant equipment	$ 6,500,000
Payment of property plant equipment	1,300,000
Bank financed	$ 5,200,000

WARRANTY (Details)

WARRANTY (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Guarantees and Product Warranties [Abstract]
Beginning balance	$ 255	$ 347	$ 221	$ 213
Accruals during the period	52	57	117	311
Changes in estimates of prior period warranty accruals	50	20	53	19
Warranty amortization and utilization	(29)	(116)	(63)	(235)
Ending balance	$ 328	$ 308	$ 328	$ 308

WARRANTY (Details Narrative)

WARRANTY (Details Narrative) - USD ($)	3 Months Ended			9 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Change in Accounting Estimate [Line Items]
Warranty expenses	$ 102,000		$ 77,000	$ 170,000	$ 330,000
SEC Schedule, 12-09, Reserve, Warranty [Member]
Change in Accounting Estimate [Line Items]
Warranty expenses		$ 221,000		$ 328,000

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Basic:
Net income	$ 462	$ 2,131	$ 2,450	$ 5,039
Weighted average shares outstanding	3,626	3,817	3,645	3,843
Basic income per share	$ 0.13	$ 0.56	$ 0.67	$ 1.31
Diluted:
Net income	$ 462	$ 2,131	$ 2,450	$ 5,039
Weighted average shares outstanding	3,626	3,817	3,645	3,843
Effect of dilutive securities	123	149	129	155
Weighted average shares used in calculation of diluted earnings per share	3,749	3,966	3,774	3,998
Diluted income per share	$ 0.12	$ 0.54	$ 0.65	$ 1.26

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 70,000	$ 0

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - $ / shares	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of Shares, Outstanding at beginning	31,500	54,000
Weighted-Average Exercise Price, Outstanding at beginning	$ 1.81	$ 1.86
Number of Shares, Options granted
Weighted-Average Exercise Price, Options granted
Number of Shares, Options exercised	(25,000)	(22,500)
Weighted-Average Exercise Price, Options exercised	$ 1.80	$ 1.94
Number of Shares, Options forfeited
Weighted-Average Exercise Price, Options forfeited
Number of Shares, Outstanding at ending	6,500	31,500
Weighted-Average Exercise Price, Outstanding at ending	$ 1.82	$ 1.81
Number of Shares, Stock Options Exercisable	6,500	31,500
Weighted-Average Exercise Price, Stock Options Exercisable	$ 1.82	$ 1.81

SHARE-BASED COMPENSATION (Det_2

SHARE-BASED COMPENSATION (Details Narrative) - USD ($)	Jul. 02, 2020	Mar. 31, 2021	Feb. 28, 2021	Feb. 28, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2016	Dec. 31, 2014
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted during period	40,000
Weighted-average remaining contractual life							6 months 14 days
Intrinsic value					$ 96,000		$ 96,000
Compensation descrption							the Compensation Committee of our Board of Directors granted 62,000 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 stock options, 4,250 were forfeited and the remaining 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 $59,000 for the three and nine months ended March 31, 2021, related to these options. The weighted fair value of the stock option awards granted was $3.16, calculated using a Monte Carlo simulation.
Contributions price per share							$ 21.11	$ 27.12
Purchase of shares							27,039
Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of forfeited awards shares during period				48,000			17,500
Weighted average fair value			$ 20.34	$ 16.90
Non Qualified Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted during period							372,000
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of awards granted during period	40,000
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award							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.
Share-based compensation expense					81,000	$ 21,000	$ 123,000	$ 63,000
Unrecognized compensation cost					393,000		$ 393,000
Weighted-average period							2 years 2 months 19 days
Number of shares issued	25,629
Participant-related payroll tax liabilities	$ 259,000
E S P P [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense					5,000	6,000	$ 11,000	10,000
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
Number of awards granted during period							200,000		200,000
Equity Incentive Plan [Member] | Directors And Certain Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award		the completion of service periods that range from 18 months to 10.5 years from the date of grant and the achievement of our common stock trading at certain pre-determined prices.
Share-based compensation expense					271,000	$ 358,000	$ 799,000	$ 376,000
Unrecognized compensation cost					$ 3,400,000		$ 3,400,000
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reserved for future issuance											704,715

MAJOR CUSTOMERS AND SUPPLIERS_2

MAJOR CUSTOMERS AND SUPPLIERS (Sales) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk [Line Items]
Net sales	$ 9,265	$ 11,739	$ 29,426	$ 28,594
Sales [Member]
Concentration Risk [Line Items]
Net sales	$ 9,265	$ 11,739	$ 29,426	$ 28,594
Percentage of concentrations risk	100.00%	100.00%	100.00%	100.00%
Sales [Member] | Customer Concentration Risk 1 [Member]
Concentration Risk [Line Items]
Net sales	$ 5,007	$ 5,238	$ 18,721	$ 16,217
Percentage of concentrations risk	54.00%	45.00%	64.00%	57.00%
Sales [Member] | Customer Concentration Risk 2 [Member]
Concentration Risk [Line Items]
Net sales	$ 2,429	$ 4,514	$ 4,617	$ 7,906
Percentage of concentrations risk	26.00%	38.00%	16.00%	28.00%
Sales [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Net sales	$ 7,436	$ 9,752	$ 23,338	$ 24,123
Percentage of concentrations risk	80.00%	83.00%	80.00%	85.00%

MAJOR CUSTOMERS AND SUPPLIERS_3

MAJOR CUSTOMERS AND SUPPLIERS (AccountsReceivablePayable) (Details1) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Concentration Risk [Line Items]
Total accounts payable	$ 3,533	$ 2,288
Accounts Receivable [Member]
Concentration Risk [Line Items]
Total gross accounts receivable	$ 8,680	$ 10,935
Percentage of concentrations risk	100.00%	100.00%
Accounts Receivable [Member] | Customer Concentration Risk 1 [Member]
Concentration Risk [Line Items]
Total gross accounts receivable	$ 5,029	$ 6,666
Percentage of concentrations risk	58.00%	61.00%
Accounts Receivable [Member] | Customer Concentration Risk 2 [Member]
Concentration Risk [Line Items]
Total gross accounts receivable	$ 2,761	$ 3,710
Percentage of concentrations risk	32.00%	34.00%
Accounts Receivable [Member] | Customer Concentration Total [Member]
Concentration Risk [Line Items]
Total gross accounts receivable	$ 7,790	$ 10,376
Percentage of concentrations risk	90.00%	95.00%
Accounts Payable [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	100.00%	100.00%
Total accounts payable	$ 3,533	$ 2,288
Accounts Payable [Member] | Customer Concentration Risk 1 [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	13.00%	10.00%
Total accounts payable	$ 464	$ 225
Accounts Payable [Member] | Customer Concentration Risk 2 [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	18.00%	9.00%
Total accounts payable	$ 631	$ 206
Accounts Payable [Member] | Supplier Concentration Risk Total [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	31.00%	19.00%
Total accounts payable	$ 1,095	$ 431

MAJOR CUSTOMERS AND SUPPLIERS_4

MAJOR CUSTOMERS AND SUPPLIERS (Details Narrative)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Concentration Risk [Line Items]
Accounts payable interest	10.00%		10.00%		10.00%
Three And Four Suppliers [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk	10.00%		10.00%
Two Suppliers [Member]
Concentration Risk [Line Items]
Percentage of concentrations risk		10.00%		10.00%

NOTES PAYABLE AND FINANCING T_2

NOTES PAYABLE AND FINANCING TRANSACTIONS (Details Narrative) - Minnesota Bank And Trust [Member] - USD ($)	Nov. 06, 2020	Mar. 31, 2021	Mar. 31, 2022
Property Loan [Member]
Short-Term Debt [Line Items]
Periodic payment of principal and interest	$ 30,000
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. 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 March 31, 2022, is $4,981,000.
Interest rate	2.75%
Term Loan One [Member]
Short-Term Debt [Line Items]
Periodic payment of principal and interest	$ 97,000
Debt instrument, maturity date	Nov. 1, 2027
Debt instrument, face amount	$ 7,525,000
Debt outstanding	$ 3,770,331		$ 6,026,000
Additional amount borrowed		$ 3,000,000
Interest rate	3.84%
Term Loan Two [Member]
Short-Term Debt [Line Items]
Periodic payment of principal and interest	$ 15,000
Debt instrument, maturity date	Nov. 1, 2027
Debt instrument, face amount	$ 1,000,000
Debt outstanding			$ 897,000
Interest rate	3.84%
Revolving Loan [Member]
Short-Term Debt [Line Items]
Debt instrument, maturity date	Nov. 5, 2023
Debt instrument, face amount	$ 2,000,000

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - Share Repurchase Program [Member] - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Cumulative Basis [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased during the year, number of shares	1,088,214
Shares repurchased during year, value			$ 15,300,000
10b5-1 Plan [Member]
Equity, Class of Treasury Stock [Line Items]
Shares repurchased during the year, number of shares	24,766	161,291	52,718	161,291
Shares repurchased during year, value	$ 584,000	$ 4,039,000	$ 1,255,000	$ 4,039,000

LEASES (Schedule of Future Mini

LEASES (Schedule of Future Minimum Base Rental Payment) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases
2022	$ 123
2023	504
2024	519
2025	535
2026	551
Thereafter	710
Total lease payments	2,942
Less imputed interest:	(421)
Total	$ 2,521

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	Jul. 01, 2019
Leases
Operating lease right-of-use	$ 2,339,000		$ 2,339,000		$ 2,605,000	$ 3,300,000
Operating lease liability current portion	$ 370,000		$ 370,000
Remaining lease term	5 years		5 years
Interest rate	5.53%		5.53%
Cash paid lease liability	$ 123,000	$ 120,000	$ 366,000	$ 355,000