Cover
Cover - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Sep. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 0-17214 | |
Entity Registrant Name | ADMIRAL FINANCIAL CORP. | |
Entity Central Index Key | 0000828530 | |
Entity Tax Identification Number | 59-2806414 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | South Miami | |
Entity Address, City or Town | 7101 Southwest 67 Avenue | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33143 | |
City Area Code | 305 | |
Local Phone Number | 904-4400 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
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 | true | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 10,985,046 | |
Auditor Firm ID | 1 | |
Auditor Location | None | |
Auditor Name | None |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Assets | ||
Cash | $ 0 | $ 0 |
Prepaid expenses and other assets | 0 | 0 |
Net assets of Haven Federal Savings and Loan Association (note 2) | 0 | 0 |
Total assets | 0 | 0 |
Liabilities and Stockholders' (Deficit) Equity | ||
Accrued expenses and other liabilities | 24 | 24 |
Net liabilities of Haven Federal Savings and Loan Association (note 2) | 0 | 0 |
Total liabilities | 24 | 24 |
Preferred stock, $0.01 par value. Authorized 6,000,000 shares, none outstanding | 0 | 0 |
Common stock, $0.001 par value, 50,000,000 shares authorized 10,987,000 shares issued | 11 | 11 |
Treasury stock, 1,954 at June 30, 2022 and 1,954 shares at June 30, 2021, at cost | 0 | 0 |
Additional paid-in capital | 681 | 681 |
Deficit | (716) | (716) |
Total stockholders' (deficit) equity | (24) | (24) |
Total liabilities and stockholders' (deficit) equity | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 6,000,000 | 6,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares, Issued | 10,987,000 | 10,987,000 |
Common Stock, Shares, Outstanding | 10,987,000 | 10,987,000 |
Treasury Stock, Shares | 1,954 | 1,954 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES: | |||
Interest Income | $ 0 | $ 0 | $ 0 |
Other income | 0 | 0 | 0 |
Total income | 0 | 0 | 0 |
EXPENSES: | |||
Employee Compensation | 0 | 0 | 0 |
Other Expense | 0 | 0 | 0 |
Total expense | 0 | 0 | 0 |
Loss from discontinued operation (note 2) | 0 | 0 | 0 |
Net loss | $ 0 | $ 0 | $ 0 |
Loss per share | $ 0 | $ 0 | $ 0 |
Dividend per share | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding | 10,985,046 | 10,985,046 | 10,985,046 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' (Deficit) Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning balance, value at Jun. 30, 1999 | $ 11 | $ 681 | $ (716) |
Beginning balance, shares at Jun. 30, 1999 | 10,985,046 | ||
Net loss for the year | $ 0 | 0 | 0 |
Ending balance, value at Jun. 30, 2020 | $ 11 | 681 | (716) |
Ending balance, shares at Jun. 30, 2020 | 10,985,046 | ||
Net loss for the year | $ 0 | 0 | 0 |
Ending balance, value at Jun. 30, 2021 | $ 11 | 681 | (716) |
Ending balance, shares at Jun. 30, 2021 | 10,985,046 | ||
Net loss for the year | $ 0 | 0 | 0 |
Ending balance, value at Jun. 30, 2022 | $ 11 | $ 681 | $ (716) |
Ending balance, shares at Jun. 30, 2022 | 10,985,046 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | 252 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ 0 | $ 0 | $ 0 |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Decrease in deficit arising from confiscation of Haven Federal after retroactive disallowance of agreed supervisory goodwill and regulatory capital | 0 | 0 | 0 |
Decrease in prepaid expenses and other assets | 0 | 0 | 0 |
Decrease (increase) in net assets of Haven Federal | 0 | 0 | 0 |
(Decrease) in accrued expenses and other liabilities | 0 | 0 | 0 |
(Decrease) Increase in net liabilities of Haven Federal | 0 | 0 | 0 |
Amortization of organization expenses | 0 | 0 | 0 |
Net cash provided (used) by operating activities | 0 | 0 | 0 |
Net change in cash | 0 | 0 | 0 |
Cash and cash equivalents, beginning of year | 0 | 0 | 0 |
Cash and cash equivalents, end of year | $ 0 | $ 0 | $ 0 |
Organization and Regulatory Mat
Organization and Regulatory Matters | 12 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Regulatory Matters | (1) Organization and Regulatory Matters Admiral Financial Corp. ("Admiral") is inactive. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying balance sheets as of June 30, 2022 and 2021, include references to the accounts of Admiral and the net assets and net liabilities of its former wholly-owned subsidiary, Haven Federal Savings and Loan Association. All significant intercompany transactions have been eliminated in consolidation. (b) Office Properties and Equipment All office properties and equipment were sold when the offices of the Company were closed during the fiscal year ended June 30, 1990, and the proceeds from such sales are reflected as "other income." (c) Income Taxes Admiral and its wholly-owned subsidiary file a consolidated tax return. Taxes are provided on all income and expense items included in earnings, regardless of the period in which such items are recognized for tax purposes, except for income representing a permanent difference. (d) Real Estate Loss from real estate operations includes rental income, operating expenses, interest expense on the related mortgages payable, gains on sales, net and provision for estimated losses to reflect subsequent declines in the net realizable value below predecessor cost. Provisions for estimated losses on real estate are charged to earnings when, in the opinion of management, such losses are probable. While management uses the best information available to make evaluations, future adjustments to the allowances may be necessary if economic conditions change substantially from the assumptions used in making the evaluations. (e) Excess Cost Over Net Assets Acquired and Other Intangibles The excess cost over net assets acquired was amortized by the interest method over the estimated lives of the long-term, interest-bearing assets acquired. The remaining unamortized excess cost over net assets acquired was written off at June 30, 1989 (see note 1). (g) Cash and Cash Equivalents For the purpose of the statement of cash flows, cash and cash equivalents include the accounts of Admiral. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (3) Income Taxes At June 30, 2022 and 2021, the Company has estimated net operating loss carryforwards of approximately $ 0 0 0 0 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (4) Commitments and Contingencies Admiral has no known Commitments or Contingencies for the period covered by this report. Admiral is not a party to any legal proceedings. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying balance sheets as of June 30, 2022 and 2021, include references to the accounts of Admiral and the net assets and net liabilities of its former wholly-owned subsidiary, Haven Federal Savings and Loan Association. All significant intercompany transactions have been eliminated in consolidation. |
Office Properties and Equipment | (b) Office Properties and Equipment All office properties and equipment were sold when the offices of the Company were closed during the fiscal year ended June 30, 1990, and the proceeds from such sales are reflected as "other income." |
Income Taxes | (c) Income Taxes Admiral and its wholly-owned subsidiary file a consolidated tax return. Taxes are provided on all income and expense items included in earnings, regardless of the period in which such items are recognized for tax purposes, except for income representing a permanent difference. |
Real Estate | (d) Real Estate Loss from real estate operations includes rental income, operating expenses, interest expense on the related mortgages payable, gains on sales, net and provision for estimated losses to reflect subsequent declines in the net realizable value below predecessor cost. Provisions for estimated losses on real estate are charged to earnings when, in the opinion of management, such losses are probable. While management uses the best information available to make evaluations, future adjustments to the allowances may be necessary if economic conditions change substantially from the assumptions used in making the evaluations. |
Excess Cost Over Net Assets Acquired and Other Intangibles | (e) Excess Cost Over Net Assets Acquired and Other Intangibles The excess cost over net assets acquired was amortized by the interest method over the estimated lives of the long-term, interest-bearing assets acquired. The remaining unamortized excess cost over net assets acquired was written off at June 30, 1989 (see note 1). |
Cash and Cash Equivalents | (g) Cash and Cash Equivalents For the purpose of the statement of cash flows, cash and cash equivalents include the accounts of Admiral. |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Income Tax Disclosure [Abstract] | ||
Operating loss carryforwards (Federal) | $ 0 | $ 0 |
Operating loss carryforwards (State) | $ 0 | $ 0 |