Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | 7101 Southwest 67 Avenue | |
Entity Address, City or Town | South Miami | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33143 | |
City Area Code | (305) | |
Local Phone Number | 904-4400 | |
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 | |
Outstanding shares | 10,987,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Current 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 |
Current Liabilities: | ||
Accrued expenses and other current liabilities | 24 | 24 |
Net liabilities of Haven Federal Savings and Loan Association (note 2) | 0 | 0 |
Total liabilities | 24 | 24 |
Shareholders Deficit: | ||
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 and 1,954 shares; 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 | Sep. 30, 2021 | 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 ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income: | ||
Interest income | $ 0 | $ 0 |
Other, net | 0 | 0 |
Total income | 0 | 0 |
Expenses: | ||
Employee Compensation | 0 | 0 |
Other | 0 | 0 |
Total expenses | 0 | 0 |
Loss from discontinued operation (note 2) | 0 | 0 |
Net loss | $ 0 | $ 0 |
Loss per share | $ 0 | $ 0 |
Dividend per share | $ 0 | $ 0 |
Weighted average number of shares outstanding | 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, shares at Jun. 29, 2020 | 10,985,046 | ||
Ending balance, value at Sep. 30, 2020 | $ 11 | $ 681 | $ (716) |
Ending balance, shares at Sep. 30, 2020 | 10,985,046 | ||
Beginning balance, value at Jun. 30, 2020 | $ 11 | 681 | (716) |
Net loss | 0 | ||
Ending balance, value at Sep. 30, 2020 | $ 11 | 681 | (716) |
Ending balance, shares at Sep. 30, 2020 | 10,985,046 | ||
Beginning balance, shares at Jun. 29, 2021 | 10,985,046 | ||
Ending balance, value at Sep. 30, 2021 | $ 11 | 681 | (716) |
Ending balance, shares at Sep. 30, 2021 | 10,985,046 | ||
Beginning balance, value at Jun. 30, 2021 | $ 11 | 681 | (716) |
Net loss | 0 | ||
Ending balance, value at Sep. 30, 2021 | $ 11 | $ 681 | $ (716) |
Ending balance, shares at Sep. 30, 2021 | 10,985,046 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ 0 | $ 0 |
Adjustments to reconcile net income 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 |
Decrease in pre-paid expenses and other assets | 0 | 0 |
Decrease (increase) in net assets of Haven Federal | 0 | 0 |
(Decrease) in accrued expenses and other liabilities | 0 | 0 |
(Decrease) Increase in net liabilities of Haven Federal | 0 | 0 |
Amortization of organization expenses | 0 | 0 |
Net cash provided (used) by operating activities | 0 | 0 |
Net change in cash | 0 | 0 |
Cash and cash equivalents, at beginning of period | 0 | 0 |
Cash and cash equivalents, at end of period | $ 0 | $ 0 |
Basis of Accounting
Basis of Accounting | 3 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | Note 1. Basis of Accounting In the opinion of management, the accompanying consolidated financial statements contain all the adjustments necessary to present fairly the financial statements of Admiral Financial Corp. ('Admiral') and Subsidiary. |
Additional Financial Informatio
Additional Financial Information | 3 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information | Note 2. Additional Financial Information Where applicable, the net assets of Admiral’s principal operating subsidiary, Haven Federal Savings and Loan Association ('Haven'), and net liabilities are presented in the balance sheets in the aggregate; and its loss is shown in the aggregate in the Statements of Operations for the three month periods ended September 30, 2021 and 2020. |