0001174947-21-000839.txt : 20210913 0001174947-21-000839.hdr.sgml : 20210913 20210913172815 ACCESSION NUMBER: 0001174947-21-000839 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 92 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210913 DATE AS OF CHANGE: 20210913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVI INDUSTRIES, INC. CENTRAL INDEX KEY: 0000065312 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 112014231 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14757 FILM NUMBER: 211250557 BUSINESS ADDRESS: STREET 1: 290 NE 68 STREET CITY: MIAMI STATE: FL ZIP: 33138 BUSINESS PHONE: 3057544551 MAIL ADDRESS: STREET 1: 290 NE 68 STREET CITY: MIAMI STATE: FL ZIP: 33138 FORMER COMPANY: FORMER CONFORMED NAME: EnviroStar, Inc. DATE OF NAME CHANGE: 20100514 FORMER COMPANY: FORMER CONFORMED NAME: DRYCLEAN USA INC DATE OF NAME CHANGE: 20000210 FORMER COMPANY: FORMER CONFORMED NAME: METRO TEL CORP DATE OF NAME CHANGE: 19920703 10-K 1 evi10k0621.htm ANNUAL REPORT EVI INDUSTRIES, INC.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  

For the fiscal year ended June 30, 2021

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  

For the transition period from ______________________ to ______________________

Commission file number

001-14757

EVI Industries, Inc.

(Exact name of registrant as specified in its charter)

Delaware

11-2014231

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

4500 Biscayne Blvd., Suite 340, Miami, Florida

 

33137

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code

305-402-9300

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.025 par value

EVI

NYSE American

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.

Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐

Accelerated filer ☒

Non-accelerated filer ☐

Smaller reporting company ☒

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ☒

The aggregate market value as of December 31, 2020 of the registrant’s common stock, the only class of voting or non-voting common equity of the registrant, held by non-affiliates of the registrant was approximately $115,405,629, based on the closing price of the registrant’s common stock on the NYSE American on that date.

The number of outstanding shares of the registrant’s common stock as of September 1, 2021 was 12,278,431.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s Proxy Statement relating to its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

TABLE OF CONTENTS

Page

 

PART I

Item 1Business  

4

Item 1ARisk Factors  

10

Item 1BUnresolved Staff Comments  

19

Item 2Properties  

19

Item 3Legal Proceedings  

19

Item 4Mine Safety Disclosures  

19

PART II

Item 5Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities  

20

Item 6Selected Financial Data  

20

Item 7Management's Discussion and Analysis of Financial Condition and Results of Operations  

21

Item 7AQuantitative and Qualitative Disclosures About Market Risk  

31

Item 8Financial Statements and Supplementary Data  

33

Item 9Changes in and Disagreements With Accountants on Accounting and Financial Disclosure  

66

Item 9AControls and Procedures  

66

Item 9BOther Information  

70

PART III

Item 10Directors, Executive Officers and Corporate Governance  

70

Item 11Executive Compensation  

70

Item 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters  

70

Item 13Certain Relationships and Related Transactions, and Director Independence  

71

Item 14Principal Accounting Fees and Services  

71

PART IV

Item 15Exhibits, Financial Statement Schedules  

71

Item 16Form 10-K Summary  

74

SIGNATURES

75

TERMS USED IN THIS REPORT

Unless the context otherwise requires, references to the “Company” or “EVI” in this Annual Report on Form 10-K (this “Report”) refer to EVI Industries, Inc., collectively with its subsidiaries. References in this Report to “fiscal 2021” or any period thereof refer to the Company’s fiscal year ended June 30, 2021 or the applicable period thereof, as the case may be. References in this Report to “fiscal 2020” or any period thereof refer to the Company’s fiscal year ended June 30, 2020 or the applicable period thereof, as the case may be.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain statements in this Report are “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this Report, words such as “may,” “should,” “could,” “seek,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “intend,” “strategy” and similar expressions are intended to identify forward looking statements. Forward looking statements may relate to, among other things, events, conditions and trends that may affect the future plans, operations, business, strategies, operating results, financial position and prospects of the Company. Forward looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements of the Company, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed or implied by such forward looking statements. These risks and uncertainties include, among others, those associated with: general economic and business conditions in the United States and other countries where the Company operates or where the Company’s customers and suppliers are located; industry conditions and trends; risks relating to the COVID-19 pandemic and the rapidly changing effects thereof and developments with respect thereto, including the impact of the COVID-19 pandemic on the Company and its business, financial condition, liquidity and results, which in large part will depend on future developments and are highly uncertain and beyond the Company’s control, the length and severity of the COVID-19 pandemic and the pace of recovery following the COVID-19 pandemic, the emergence and spread of the Delta variant, the success of actions taken or which may be taken by the Company in response to the COVID-19 pandemic, volatility in the economy, including in the credit markets, supply chain disruptions, reduced demand for products and services, delays in the fulfillment of orders, business restrictions, worker absenteeism, quarantines and other health-related restrictions, governmental and agency orders, mandates and guidance in response to the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company’s suppliers and customers, including those operating in certain industries (including the hospitality industry), the impact of the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), including its impact on the Company’s income taxes, the potential impairment of goodwill or other intangible assets; and risks related to potential audits of the loans received by the Company and certain of its subsidiaries under the Payroll Protection Program (the “PPP”) established under the CARES Act notwithstanding the forgiveness of the loans during the fourth quarter of fiscal 2021; the Company’s ability to implement its business and growth strategies and plans, including changes thereto; risks and uncertainties associated with the Company’s ”buy-and-build” growth strategy, including, without limitation, that the Company may not be successful in identifying or consummating acquisitions or other strategic opportunities, integration risks, risks related to indebtedness incurred by the Company in connection with the financing of acquisitions, dilution experienced by the Company’s existing stockholders as a result of the issuance of shares of the Company’s common stock in connection with acquisitions, risks related to the business, operations and prospects of acquired businesses, risks that suppliers of the acquired business may not consent to the transaction or otherwise continue its relationship with the acquired business following the transaction and the impact that the loss of any such supplier may have on the results of the Company and the acquired business, risks that the Company’s goals or expectations with respect to acquisitions and other strategic transactions may not be met, and risks related to the accounting for acquisitions, including that preliminary valuations are subject to change and any such change may impact the Company’s results (including in the event of any change which results in an adjustment to the bargain purchase gain recognized by the Company in connection with its acquisition of Baystate Business Ventures (d/b/a Eastern Laundry Systems) during January 2021); risks related to supply chain delays and disruptions and the impact it may have on the Company’s business; risks relating to the impact of pricing concessions and other measures which the Company may take from time to time in connection with its expansion and pursuit of market share growth, including that they may not be successful and may adversely impact the Company’s gross margin and other financial results; technology changes; competition, including the Company’s ability to compete effectively and the impact that competition may have on the Company and its results, including the prices which the Company may charge for its products and services and on the Company’s profit margins, and competition for qualified employees; to the extent applicable, risks relating to the Company’s ability to enter into and compete effectively in new industries, as well as risks and trends related to those industries and the costs and timing of the Company’s efforts with respect thereto; risks relating to the Company’s relationships with its principal suppliers and customers, including the impact of the loss of any such relationship; risks that equipment sales may not result in the ancillary benefits anticipated, including that they may not lead to increases in higher gross margin sales of parts, accessories, supplies, and technical services related to the equipment, and the risk that the benefit of lower gross margin equipment sales under longer-term contracts will not outweigh the possible short-term impact to gross margin; risks related to the Company’s indebtedness; the availability, terms and deployment of debt and equity capital if needed for expansion or otherwise; changes in, or the failure to comply with, government regulation, including environmental regulations; litigation risks, including the costs of defending litigation and the impact of any adverse ruling; the availability and cost of inventory purchased by the Company; the relative value of the United States dollar to currencies in the countries in which the Company’s customers, suppliers and competitors are located; risks relating to the recognition of revenue, including the amount and timing thereof (including potential delays resulting from delays in installation or in receiving required supplies) and that orders in the Company’s backlog may not be fulfilled as or when expected; risks related to the adoption of new accounting standards and the impact it may have on the Company’s financial statements and results; risks that EVI’s decentralized operating model, and that product, end-user and geographic diversity, may not result in the benefits anticipated and may change over time; risks related to organic growth initiatives and market share and other growth strategies, including that they may not result in the benefits anticipated; risks that investments, initiatives and expenses, including, without limitation, investments in acquired businesses and modernization initiatives, expenses associated with the Company’s implementation of its ERP system, and other investments, initiatives and expenses, may not result in the benefits anticipated; ; and other economic, competitive, governmental, technological and other risks and factors discussed elsewhere in this Report, including, without limitation, in the “Risk Factors” section hereof, and in the Company’s other periodic filings with the Securities and Exchange Commission (the “SEC”). Many of these risks and factors are beyond the Company’s control. Further, past performance and perceived trends may not be indicative of future results, including, without limitation, in light of the impact of, and uncertainties associated with, the COVID-19 pandemic. The Company cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. The Company does not undertake to, and specifically disclaims any obligation to, update, revise or supplement any forward-looking statement, whether as a result of changes in circumstances, new information, subsequent events or otherwise, except as may be required by law.

PART I

Item 1. Business.

General

The Company was incorporated under the laws of the State of Delaware on June 13, 1963. On December 21, 2018, the Company changed its name from EnviroStar, Inc. to EVI Industries, Inc.

The Company, through its wholly-owned subsidiaries, is a value-added distributor, and provides advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services.

The Company’s customers include government, institutional, industrial, commercial and retail customers. Product purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems. The Company also provides its customers with the services described above.

Prior to the completion of the Company’s first acquisition pursuant to its “buy-and-build” growth strategy in October 2016, the Company’s operations related to the activities described above consisted solely of the business and operations of Steiner-Atlantic Corp. (“Steiner-Atlantic”), a wholly-owned subsidiary of the Company. Beginning in 2015, the Company implemented a “buy-and-build” growth strategy which includes (i) the consideration and pursuit of acquisitions and other strategic transactions which management believes may complement the Company’s existing business or otherwise offer growth opportunities for, or benefit, the Company and (ii) the implementation of a growth culture at acquired businesses based on the exchange of ideas and business concepts among the management teams of the Company and the acquired businesses as well as through certain additional initiatives, which may include investments in new locations, additional product lines, expanded service capabilities and advanced technologies. See “Buy-and-Build Growth Strategy” below for additional information regarding the Company’s “buy-and-build” growth strategy, including information regarding certain acquisitions consummated by the Company since its implementation of the “buy-and-build” growth strategy in 2015.

The Company seeks to maintain a culture designed to reward performance through a variety of performance-based pay, commission programs, cash incentives, and stock-based equity programs. Stock-based plans include a voluntary employee stock purchase plan and equity compensation plans under which restricted stock and other equity awards may be granted. The Company’s equity compensation plans are designed to promote long-term performance, as well as to create long-term employee retention, continuity of leadership, and align the interests of management and employees with the long-term success of the Company. The Company believes that its restricted stock program promotes this culture and long-term performance because restricted stock grants generally provide for long-term vesting, including in certain cases entirely at the end of the recipient’s career (age 62 or later).

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Part II, Item 7 of this Report for a discussion of the impact of the COVID-19 pandemic on the Company’s business, results, financial condition and liquidity.

The Company reports its results of operations through a single reportable segment.

Available Information

The Company files Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, files or furnishes Current Reports on Form 8-K, files or furnishes amendments to those reports, and files proxy and information statements with the SEC. These reports and statements, as well as beneficial ownership reports filed by the Company’s officers and directors and beneficial owners of 10% or more of the Company’s common stock, may be accessed free of charge on the SEC’s website at http://www.sec.gov and, as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC, on the Company’s website at http://www.evi-ind.com. The information contained on or connected to the Company’s website is not incorporated by reference into, or otherwise a part of, this Report. Further, references to the website URL of the Company in this Report are intended to be inactive textual references only.

Products and Services

The Company sells, rents and leases an extensive line of commercial and industrial laundry and dry cleaning equipment and steam and hot water boilers manufactured by others, as well as related replacement parts and accessories, and provides installation, maintenance and repair services.

The commercial and industrial laundry equipment distributed by the Company includes washroom, finishing, material handling, and mechanical equipment such as washers and dryers, tunnel systems and vended machines, many of which are designed to reduce utility and water consumption. Finishing equipment distributed by the Company includes sheet feeders, flatwork ironers, automatic sheet folders, and stackers. Material handling equipment distributed by the Company includes conveyor and rail systems. Mechanical equipment distributed by the Company includes boilers, hot water/steam systems, power generation products, water purification, reuse and recycling systems and air compressors. Boiler products distributed by the Company include high efficiency, low emission steam boilers, steam systems and hot water systems that are used in the laundry and dry cleaning industry for temperature control, heating, pressing and de-wrinkling, and in the healthcare industry, food and beverage industry, and other industrial markets for sterilization, product sealing and other purposes. The Company also sells replacement parts and accessories for the products it distributes.

The Company seeks to position and price its products to appeal to customers in each of the high-end, mid-range and value-priced markets, as the products are generally offered in a wide range of price points to address the needs of a diverse customer base. The Company believes that its portfolio of products affords the Company’s customers a “one-stop shop” for commercial, industrial and vended laundry and dry cleaning machines, boilers and accessories and that, as a result, the Company is able to attract and support potential customers who can choose from the Company’s broad product line.

In addition to its distribution of products, the Company also provides installation, maintenance and repair services to its customers. The Company believes its services are competitively priced.

Buy-and-Build Growth Strategy

As described above, in addition to its pursuit of organic growth initiatives, the Company implemented a “buy-and-build” growth strategy in 2015. The “buy” component of the strategy includes the consideration and pursuit of acquisitions and other strategic transactions which management believes would complement the Company’s existing business or otherwise offer growth opportunities for, or benefit, the Company. The Company is disciplined and conservative in its consideration of acquisitions and generally seeks to identify opportunities that fit certain financial and strategic criteria. The “build” component of the strategy involves implementing a growth culture at acquired businesses based on the exchange of ideas and business concepts among the management teams of the Company and the acquired businesses as well as through certain additional initiatives, which may include investments in new locations, additional product lines, expanded service capabilities and advanced technologies. The Company generally seeks to structure acquisitions to include both cash and stock consideration. The Company believes the issuance of stock consideration aligns the interests of the sellers of the acquired businesses, who the Company generally seeks to maintain to continue to operate the acquired businesses, with the interests of the Company’s other stockholders. The sellers as well as other key individuals at the acquired businesses may also be provided with the opportunity to own shares of the Company’s common stock through equity-based plans of the Company.

The Company’s acquisitions under its “buy-and-build” growth strategy since its implementation in 2015 include, without limitation, those described below. The acquired companies distribute commercial, industrial, and vended laundry products and provide installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry.

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On October 10, 2016, the Company purchased substantially all of the assets of Western State Design, LLC, a California-based company, for a purchase price consisting of $18.5 million in cash and 2,044,990 shares of the Company’s common stock.  

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On October 31, 2017, the Company purchased substantially all of the assets of Tri-State Technical Services, Inc., a Georgia-based company, for a purchase price consisting of approximately $7.95 million in cash and 338,115 shares of the Company’s common stock.  

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On February 9, 2018, the Company purchased substantially all of the assets of Dallas-based companies, Zuf Acquisitions I LLC (d/b/a/ AAdvantage Laundry Systems) and Sky-Rent LP, for total consideration of approximately $20.4 million, consisting of approximately $8.1 million in cash and 348,360 shares of the Company’s common stock.  

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On September 12, 2018, the Company purchased substantially all of the assets of Scott Equipment, Inc., a Houston-based company, for approximately $6.5 million in cash and 209,678 shares of the Company’s common stock.  

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On February 5, 2019, the Company acquired PAC Industries Inc. (“PAC”), a Pennsylvania-based company, for approximately $6.4 million in cash and 179,847 shares of the Company’s common stock.  

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On November 3, 2020, the Company acquired Yankee Equipment Systems, LLC (“YES”), a New Hampshire-based company, for approximately $4.6 million in cash and 278,385 shares of the Company’s common stock.  

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Part II, Item 7 of this Report and Note 3 to the Consolidated Financial Statements included in Item 8 of this Report for additional information about the acquisitions of PAC and YES as well as other acquisitions consummated by the Company during fiscal 2020 and fiscal 2021.

Each acquisition was effected by the Company through a separate wholly-owned subsidiary formed by the Company for the purpose of effecting the transaction, whether by an asset purchase or merger, and operating the acquired business following the transaction. In connection with each transaction, the Company, indirectly through its applicable wholly-owned subsidiary, also assumed certain of the liabilities of the acquired business. The financial position, including assets and liabilities, and results of operations of the acquired businesses following the respective closing dates of the acquisitions are included in the Company’s consolidated financial statements.

Customers and Markets

The Company’s customer base consists of approximately 60,000 customers in the United States, Canada, the Caribbean, Latin America and Asia. No single customer accounted for more than 10% of the Company’s revenues for fiscal 2021 or fiscal 2020.

The Company’s commercial and industrial laundry equipment and boilers are sold, rented or leased to a wide range of customers, including, but not limited to, vended laundry facilities, industrial laundry facilities, government institutions, correctional facilities, hospitals, hospital combines, nursing homes, veterinary clinics, professional sports franchises, educational institutions, hotels, motels, food and beverage establishments, cruise lines, and specialized users.

Historically, the Company has not noted any significant seasonality.

Sales, Marketing and Customer Support

The Company employs sales personnel to market its products in the United States, Canada, the Caribbean, Latin America and Asia. The Company has exclusive and nonexclusive distribution rights to market its products. Orders for equipment and replacement parts and accessories are generally obtained by telephone, e-mail and fax inquiries originated by the customer or by the Company, from existing customer relationships and from newly formed customer relationships. The Company supports its sales, rental and leasing activities through its websites and by advertising in trade publications, participating in trade shows and engaging in regional promotions and incentive programs.

The Company seeks to establish customer satisfaction by offering:

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an experienced sales and service organization;  

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comprehensive product offerings;  

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competitive pricing;  

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maintenance of comprehensive and well-stocked inventories of equipment, replacement parts and accessories, often with same day or overnight availability;  

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design and layout services;  

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installation, maintenance and repair services;  

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on-site training performed by factory trained technicians; and  

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toll-free support lines and technical websites to resolve customer service problems.  

The Company trains its employees to provide service and customer support. The Company uses in-person classroom training, instructional videos and vendor sponsored seminars to educate employees about product information. In addition, the Company’s technical staff has prepared training manuals, written in English and Spanish, relating to specific training procedures. The Company’s technical personnel are retrained as the Company believes to be necessary, including in connection with the development of new technology.

Foreign Sales

Substantially all of the Company’s revenues from foreign activities relate to the sale of commercial and industrial laundry and dry cleaning equipment and boilers to customers in Canada, the Caribbean, Latin America and Asia.

All of the Company’s foreign sales require the customer to make payment in United States dollars. Foreign sales may be affected by the strength of the United States dollar relative to the currencies of the countries in which the Company’s customers are located, as well as the strength of the economies of the countries in which the Company’s customers are located.

Sources of Supply

The Company purchases commercial and industrial laundry products, dry cleaning machines, boilers and other products for distribution from a number of manufacturers and suppliers. The major manufacturers of the products sold by the Company are American Dryer Corporation, Chicago Dryer Company, Cleaver Brooks Inc., Continental Girbau, Inc., Dexter Laundry, Inc., FMB Group, Fulton Thermal Corp., Kannegiesser ETECH, Maytag Corporation, Pellerin Milnor Corporation, Unipress Corporation and Whirlpool Corporation. Purchases from three manufacturers accounted for a total of approximately 62% and 63% of the Company’s product purchases for fiscal 2021 and fiscal 2020, respectively. No other manufacturers accounted for more than 10% of product purchases during fiscal 2021 or fiscal 2020. The Company has generally not experienced difficulty in purchasing products it distributes and believes that it has good working relationships with its current manufacturers and suppliers. The Company has contracts with several of the manufacturers and suppliers of the products which the Company sells and has established, long-standing relationships with most of its manufacturers and suppliers. The Company believes that such relationships provide the Company with certain competitive advantages, including exclusivity for certain products in certain areas and, in certain cases, favorable prices and terms.

In connection with certain business acquisitions, the business relationship between the acquired business and its principal supplier ceased. As a result, the businesses distributed other brands from one or more of the Company’s other suppliers. The Company does not believe that the brand switch had a material adverse impact on the Company as a whole. However, there is no assurance that the Company or any of its acquired businesses will maintain its relationships with any of its suppliers, and the loss of certain of these relationships, including the loss of a relationship with a principal supplier and any inability to successfully mitigate the effect of the loss of such supplier, could adversely affect the Company’s business and results. See also “The Company’s business and results may be adversely affected if the Company does not maintain its relationships with its significant suppliers or customers” under “Item 1A. Risk Factors” below.

Due to special options and features on most of the larger and more expensive equipment ordered by customers, in most instances, the Company purchases the equipment distributed by it after its receipt of orders from its customers. However, from time to time, including in fiscal 2021 and 2020, the Company purchases inventory in advance to take advantage of favorable pricing at the time or for other purposes, including to support the Company’s sales growth initiatives in new distribution territories and in support of growth initiatives related to the establishment of new manufacturer and supplier distribution relationships. The Company also maintains an inventory of more standardized and smaller-sized equipment that often requires more rapid delivery to meet customer needs.

Competition

The commercial and industrial laundry and boiler distribution business is highly competitive and fragmented, with over 500 full-line or partial-line equipment distributors in the United States. The Company’s management believes that no one competitor has a major share of the market, substantially all competitors are independently owned, and, with the exception of several regional distributors, distributors operate primarily in local markets. In the United States, the Company’s primary competition is from a number of independently owned distributors and certain foreign manufacturers which own distribution businesses operating in North America. In foreign markets, the Company also competes with several independently owned distributors and manufacturer-owned distribution businesses. Competition is based primarily on a distributor’s ability to effectively plan and design optimal commercial and industrial laundry facilities, competitive pricing, representation of reliable and high-quality products, in-house installation, maintenance, and repair services, available and on-time delivery of equipment, parts, and accessories, and the ability to provide continuous support services to the customer. The Company seeks to compete in these areas by employing experienced and successful professionals, by offering a comprehensive product line, by employing a robust network of qualified installation and service technicians, by maintaining optimized inventories of equipment, parts, and accessories at well-located facilities and on service vehicles, by investing in advanced technologies designed to improve the customer experience, and by expansion of its suite of value-added services.

Research and Development

The Company’s research and development efforts and expenses are generally immaterial as most of the Company’s products are distributed for manufacturers that perform their own research and development.

Service Marks and Tradenames

The Company is the owner of certain service marks in the United States. The Company intends to use and protect its service marks, tradenames and other intellectual property, as necessary.

Compliance with Environmental and Other Government Laws and Regulations

Over the past several decades, federal, state, local and foreign governments have enacted environmental protection laws in response to public concerns about the environment. A number of industries, including the commercial and industrial dry cleaning and laundry equipment industries, are subject to these evolving laws and implementing regulations. As a supplier to the industry, the Company serves customers who are primarily responsible for compliance with environmental regulations. Among the United States federal laws that the Company believes are applicable to the industry are the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), which provides for the investigation and remediation of hazardous waste sites, the Resource Conservation and Recovery Act of 1976, as amended (“RCRA”), which regulates the generation and transportation of hazardous waste as well as its treatment, storage and disposal, and the Occupational Safety and Health Act of 1970 (“OSHA”), which regulates exposure to toxic substances and other health and safety hazards in the workplace. In addition, most states and a number of local jurisdictions have environmental protections which are at least as stringent as the federal laws. The Company is also subject to rules and regulations with respect to its contracts and dealings with government facilities.

While there is no assurance that this will be the case, including due to the fact that regulatory requirements or the interpretation or enforcement thereof are subject to change, the Company does not believe that compliance with federal, state, local and foreign environmental and other laws and regulations which have been adopted have had, or will have, a material effect on its capital expenditures, earnings or competitive position.

Human Capital Resources

As of August 1, 2021, the Company had 526 full and part-time employees. All of the Company’s employees are based in the United States. None of the Company’s employees are subject to a collective bargaining agreement. The Company believes that its relations with its employees are satisfactory.

The Company believes that, in order to compete and succeed in the highly competitive and fragmented commercial and industrial laundry and boiler distribution business, it is crucial to continue to attract and retain experienced employees. The Company strives to create a workplace that is diverse, innovative, and safe for its employees. The Company seeks to attract highly qualified and diverse talent and to provide its employees with growth opportunities, competitive compensation and benefits, and a variety of training and development programs.

As described above, the Company seeks to maintain a culture designed to reward performance through a variety of performance-based pay, commission programs, cash incentives, and stock-based equity programs. Stock-based plans include a voluntary employee stock purchase plan and equity compensation plans under which restricted stock and other equity awards may be granted. The Company’s equity compensation plans are designed to promote long-term performance, as well as to create long-term employee retention, continuity of leadership, and align the interests of management and employees with the long-term success of the Company. The Company believes that its restricted stock program promotes this culture and long-term performance because restricted stock grants generally provide for long-term vesting, including in certain cases entirely at the end of the recipient’s career (age 62 or later).

In addition, as previously described, the Company uses in-person classroom training, instructional videos and vendor sponsored seminars to educate and train its sales personnel about product information. In addition, the Company’s technical staff has prepared training manuals, written in English and Spanish, relating to specific training procedures. The Company’s technical personnel are retrained as the Company believes to be necessary, including in connection with the development of new technology.

Item 1A. Risk Factors.

The Company is subject to various risks and uncertainties, including those described below, which could adversely affect the Company’s business, financial condition, results of operations and cash flows, and the value of the Company’s common stock. The risks described below are not the only risks faced by the Company. Additional risks not presently known to the Company or other factors that the Company does not presently perceive to present significant risks to the Company at this time may also impair the Company’s business, financial condition, results of operations or cash flows, or the value of the Company’s common stock. The risks discussed below also include forward looking statements, and actual results and events may differ substantially from those expressed in, or implied by, the forward looking statements. See “Cautionary Note Regarding Forward Looking Statements” preceding Part I, Item 1 of this Report.

Risks Related to the Company’s Business and Operations

The COVID-19 pandemic has had, and may continue to have, negative impacts on the Company’s business, results and financial condition.

The COVID-19 pandemic has been, and continues to be, an unprecedented disruption in the economy and has negatively impacted, and may continue to negatively impact, the Company’s business and results. Specifically, beginning at the end of the quarter ended March 31, 2020, the COVID-19 pandemic and accompanying economic disruption caused delays and declines in the placement of customer orders, the completion of equipment and parts installations, and the fulfillment of parts orders. The COVID-19 pandemic, while showing initial signs of recovery earlier in fiscal 2021 has recently had a resurgence with the increased presence and spread of the Delta variant. Accordingly, the adverse impact of the COVID-19 pandemic is expected to continue in the near-term and possibly longer, including, without limitation, if the pandemic increases in size and scope, its duration is prolonged, or, among other matters related thereto, additional governmental actions, including, without limitation, business restrictions, are imposed. In response to the economic and business disruption caused by the COVID-19 pandemic during 2020, the Company took actions to reduce costs and spending across the organization, including changes to inventory stock levels, renegotiating payment terms with suppliers, and reducing hiring activities. The Company continues to actively monitor the COVID-19 pandemic and may take further actions, including those that may alter business operations, if required by federal, state, local or foreign authorities or otherwise determined to be advisable by management.

As of the date of this Annual Report on Form 10-K, significant uncertainty exists concerning the magnitude of the impact and duration of the COVID-19 pandemic. Factors arising from the COVID-19 pandemic that have impacted, or may negatively impact, the Company’s business and results, including sales and gross margin, in the future include, but are not limited to: potential limitations on the ability of suppliers to manufacture, or the Company’s ability to procure from manufacturers, the products the Company sells, or to meet delivery requirements and commitments; limitations on the ability of the Company’s employees to perform their work due to impacts caused by the pandemic or local, state, federal or foreign orders that may restrict the Company’s operations or the operations of its customers, or require that employees be quarantined; limitations on the ability of carriers to deliver products to the Company’s facilities and customers; adverse impacts of the pandemic on certain industries and customers of the Company which operate in those industries, including the hospitality industry; and potential decreased demand for products and services, including potential limitations on the ability of, or adverse changes in the desire of, the Company’s customers to conduct their business, purchase products and services and pay for purchases on a timely basis or at all.

The situation surrounding the COVID-19 pandemic remains fluid and highly uncertain. The Company is unable to determine or predict the nature, duration, or scope of the overall impact that the COVID-19 pandemic will have on the Company’s business, results of operations, liquidity, or financial condition, as such impact will depend in large part on future developments, including the severity and duration of the pandemic (including the Delta variant and any other future variants) and government and other actions taken in response thereto, all of which are highly uncertain. Further, even after the COVID-19 pandemic subsides, the Company may continue to experience adverse impacts to its business as a result of, among other things, any adverse impact that has occurred or may occur in the future in the economy or markets generally, and changes in customer or supplier behavior.

During May 2020, the Company and certain of its subsidiaries received a total of twelve loans (the “PPP Loans”) totaling approximately $6.9 million in principal amount from Fifth Third Bank, N.A. (the “Lender”) under the Paycheck Protection Program (the “PPP”) established under the CARES Act. The proceeds of the PPP Loans were used primarily for payroll costs. During the fourth quarter of 2021, the Company was notified by the Lender that all twelve of the PPP Loans were fully forgiven. The Company recognized a gain of $7.0 million during fiscal 2021 in connection with the forgiveness of the PPP Loans and the related accrued interest. Notwithstanding the forgiveness of the loans, the Small Business Administration (the “SBA”) reserves the right to audit the PPP Loans. Any such audit may require significant management attention and the incurrence of significant costs, and an adverse determination could have a material adverse impact on the Company’s results and financial condition.

Acquisitions and the Company’s pursuit of acquisitions and other strategic transactions subject the Company to a number of risks.

Acquisitions are an important element of the Company’s growth strategy. Acquisitions and the Company’s efforts with respect thereto involve a number of risks, including, but not limited to:

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the ability to identify and consummate transactions with acquisition targets;  

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the successful operation and integration of acquired companies;  

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diversion of management’s attention from other business functions and operations;  

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strain on managerial and operational resources as management tries to oversee larger operations;  

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difficulty implementing and maintaining effective internal control over financial reporting at the acquired businesses;  

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possible loss of key employees and/or customer or supplier relationships of the acquired business (See “The Company’s business and results may be adversely impacted if the Company does not maintain its relationships with its significant suppliers or customers” below); and  

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exposure to liabilities of the acquired businesses.  

As a result of these or other problems and risks, acquired businesses may not produce the revenues, earnings, cash flows or business synergies anticipated, and the acquired businesses may not perform as expected. As a result, the Company may incur higher costs and realize lower revenues and earnings than anticipated. The Company may not be able to successfully address these problems, integrate any acquired businesses or generate sufficient revenue to offset the associated costs or other negative effects on its business.

In addition, acquisitions may result in dilutive issuances of the Company’s equity securities and the incurrence of debt. See “Risks Related to the Company’s Indebtedness - The Company’s indebtedness may impact its financial condition and results of operations, and the terms of the Company’s indebtedness may place restrictions on the Company” below. Acquisitions may also result in contingent liabilities, or amortization expenses, or impairment of goodwill and/or purchased long-lived assets, and restructuring charges, any of which could adversely impact the Company’s financial condition or results. Further, there are risks related to the accounting for acquisitions, including that preliminary valuations are subject to change and any such change may impact the Company’s results (including in the event of any change which results in an adjustment to the bargain purchase gain recognized by the Company in connection with its acquisition of Baystate Business Ventures (d/b/a Eastern Laundry Systems) during January 2021 as described in further detail elsewhere in this Report).

Rapid growth may place significant demands on management, as well as on the Company’s accounting, financial, information and other systems and on the Company’s business. Further, management may not be able to manage the Company’s growth effectively or successfully, and the Company’s financial, accounting, information and other systems may not be able to successfully accommodate the Company’s growth. In addition, the Company’s accounting and other professional expenses associated with being a public company have increased as a result of the Company’s growth, including the increase in the Company’s market capitalization, and such expenses may continue to increase in the future.

Further, the Company may not be successful in consummating acquisitions or other strategic transactions. Expenses related to the Company’s pursuit of acquisitions and other strategic transactions may be significant and will be incurred by the Company regardless of whether the underlying acquisition or other strategic transaction is ultimately consummated.

Conditions beyond the Company’s control can interrupt the Company’s supplies, increase its product costs and impair its ability to deliver products and services to its customers.

The Company obtains its products from third-party suppliers. Although purchasing volume can provide benefits when dealing with suppliers, suppliers may not be able to provide the products and supplies that the Company needs in the quantities and at the prices requested, including due to conditions outside of the supplier’s control. The Company is also subject to delays caused by interruptions in production and increases in product costs based on conditions outside of the Company’s control. These conditions include shortages of qualified labor for suppliers, work slowdowns, work interruptions, strikes or other job actions by employees of suppliers, weather conditions transportation interruptions, unavailability of fuel or increases in fuel costs, product recalls, competitive demands, civil insurrection or social unrest, terrorist attacks, natural disasters, epidemics, pandemics (such as the COVID-19 pandemic) or other disease outbreaks or other catastrophic events. Many of these conditions outside of the Company’s control and could also impair the Company’s ability to provide its products and services to its customers or increase the cost of doing so. The current operating environment is constantly shifting in response to the COVID-19 pandemic, placing significant pressure on the supply chain. In many instances, customer demand is outpacing available supply, which has resulted in, and may continue to result in, delays in delivering products or services to the Company’s customers. The inability to obtain adequate supplies of products and/or to timely provide products and services and fulfill the Company’s other obligations to its customers, whether as a result of any of the foregoing factors or otherwise, could have an adverse effect on the Company’s business, results of operations and financial condition, including, without limitation, if the Company’s customers turn to other distributors.

The Company’s business and results may be adversely affected if the Company does not maintain its relationships with its significant suppliers or customers.

While the Company purchases the products it distributes from a number of manufacturers and suppliers, purchases from three manufacturers accounted for a total of approximately 62% and 63% of the Company’s product purchases for fiscal 2021 and fiscal 2020, respectively. The Company has not historically experienced difficulty in purchasing products it distributes, and believes it has good working relationships with the manufacturers or suppliers from which the Company purchases its products. However, if such relationships deteriorate or the Company is unable to maintain such relationships, including with any of its or its acquired businesses’ principal manufacturers or suppliers, the Company’s business and results could be materially and adversely impacted. In addition, efforts of the Company and its acquired businesses to mitigate any loss, including brand shifts, may not be successful. Further, the Company does not have contracts with all of its manufacturers, and the contracts the Company does have are generally short term agreements and can be terminated on short notice. In addition, suppliers may not comply with the terms of any agreements or may choose to terminate such agreements, allow such agreements to expire without renewal, or seek to revise the agreements on terms which are less favorable to the Company than the prevailing terms, any of which could materially and adversely impact the Company’s business and results.

In addition, while the Company distributes its products to various users, including, but not limited to, vended laundry facilities, industrial laundry facilities, government institutions, correctional facilities, hospitals, hospital combines, nursing homes, veterinary clinics, professional sports franchises, educational institutions, hotels, motels, food and beverage establishments, cruise lines, and specialized users, the Company’s operating results and financial condition could be materially adversely impacted if the Company loses a significant customer or fails to meet its customers’ expectations.

The products the Company distributes could fail to perform according to specifications or prove to be unreliable, which could damage the Company’s customer relationships and industry reputation and result in lawsuits and loss of sales.

The Company’s customers require demanding specifications for product performance and reliability. Product defects or other failures to perform to specifications or as expected could result in higher service costs and may damage the Company’s customer relationships and industry reputation and/or otherwise negatively impact the Company’s business, operations and results. Further, the Company may be subject to lawsuits if, among other things, any of the products it distributes fails to operate properly or causes property or other physical damage.

The Company faces substantial competition.

The commercial and industrial laundry, dry cleaning equipment and boiler distribution business is highly competitive and fragmented, with over 500 full-line or partial-line equipment distributors in the United States. The Company’s management believes that no single competitor of the Company has a major share of the market, substantially all competitors are independently owned, and, with the exception of several regional distributors, distributors operate primarily in local markets. In the United States, the Company’s primary competition is from a number of independently owned distributors and certain manufacturers which own distribution businesses operating in North America. In foreign markets, the Company also competes with independently owned distributors and manufacturer-owned distribution businesses. Certain of the Company’s competitors may have greater financial and other resources than the Company. In addition, some of the Company’s competitors may have less indebtedness than the Company, and therefore may have more cash and working capital available for business purposes other than debt service. The Company’s results and financial condition would be materially and adversely impacted if the Company is unable to compete effectively. Further, the Company may not be able to adjust efficiently or effectively or otherwise operate profitably if the competitive environment changes.

The Company faces risks associated with environmental and other regulation.

The Company’s business and operations are subject to federal, state, local and foreign environmental and other laws and regulations, including environmental laws governing the discharge of pollutants, the handling, generation, storage and disposal of hazardous materials, substances, and wastes and the cleanup of contaminated sites. As a public company, the Company will also be subject to any rules and regulation of the SEC concerning environmental and other social issues, which may result in increased costs and compliance efforts. The Company is also subject to rules and regulations with respect to its contracts and dealings with government facilities. The Company may not remain in compliance with all applicable laws and regulations and could be required to incur significant costs as a result of violations of, liabilities under, or efforts to comply with, applicable laws and regulations. In addition, violations may have other adverse implications for the Company, including negative public relations and potential litigation. Further, the Company may incur significant compliance costs in the event of changes to applicable laws and regulations.

The Company faces risks related to its foreign sales.

The Company’s revenues from foreign sales relate principally to the Company’s sales of commercial and industrial laundry and dry cleaning equipment and boilers to Canada, the Caribbean, Latin America and Asia. All of the Company’s foreign sales require the customer to make payment in United States dollars. Foreign sales may be affected by the strength of the United States dollar relative to the currencies of the countries in which customers and competitors are located, as well as the strength of the economies of the countries in which the Company’s customers are located.

Further, conducting an international business inherently involves a number of difficulties, risks and uncertainties, such as:

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export and trade restrictions,  

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inconsistent and changing regulatory requirements,  

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tariffs and other trade barriers,  

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cultural issues,  

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problems in collecting accounts receivable,  

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political instability,  

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local economic downturns, and  

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potentially adverse tax consequences.  

Any of the above factors may materially and adversely affect the Company’s business, prospects, operating results or financial condition.

Damages to or disruptions at the Company’s facilities or the facilities of a supplier could adversely impact the Company’s business, operating results and financial condition.

Although the Company has certain limited protection afforded by insurance, the Company’s business, earnings and financial condition could be materially adversely affected if it suffers damages to, or disruptions at, its facilities. Without limiting the generality of the foregoing, the Company’s facilities in Florida, Georgia, Texas and the Northeast United States are subject to hurricane casualty and flood risk and its facilities in California are subject to earthquake casualty risk. In addition, as described above, damages to the facility of a supplier, whether due to, fire, natural disaster or other events, would adversely impact the Company’s ability to obtain products from that supplier when expected or at all and, accordingly, may result in delays in the delivery of the Company’s products or the provision of its services and adversely impact the Company’s business, operating results and financial condition.

The Company’s assets may suffer uninsured losses.

The Company attempts to ensure that its assets, including the equipment and parts that it sells, are adequately insured to cover property and casualty losses as well as any other liabilities to which the Company is reasonably expected to be subject. However, insurance may be expensive or difficult to obtain, and there are certain types of losses, generally catastrophic in nature, such as losses due to wars, acts of terrorism, floods, hurricanes, earthquakes, pollution, fire or environmental disasters or other matters, which are uninsurable or not economically insurable, or may be insured subject to limitations, such as large deductibles or co-payments. In addition, there may in certain cases be questions as to when the risk of loss related to products sold is transferred to the customer. If the equipment suffers a loss and risk of loss is deemed not to have transferred to the customer, the Company may be liable for the loss, which may not be insured. If the Company’s insurance coverage is not adequate, or the Company otherwise incurs uninsured losses, the Company’s operating results and financial condition would be adversely impacted.

The Company’s ability to manage its business and monitor results is highly dependent upon information and communication systems, and a failure of these systems or the Company’s ERP implementation could disrupt its business.

The Company is dependent upon a variety of internal computer and telecommunication systems to operate its business, including its enterprise resource planning (“ERP”) systems. The Company is in the process of implementing across a number of its subsidiaries an ERP software system and related processes to perform various functions and improve on the efficiency of the Company’s business. This is a lengthy and expensive process that will result in a diversion of resources from other operations, and may result in cost overruns, project delays or business interruptions.

Any disruptions, delays or deficiencies in the design and/or implementation of the new ERP system, or in the performance of legacy systems, particularly any disruptions, delays or deficiencies that impact the Company’s operations, could adversely affect the Company’s ability to effectively run and manage its information. Further, as the Company is dependent upon its ability to gather and promptly transmit accurate information to key decision makers, the Company’s business, results of operations and financial condition may be adversely affected if the Company’s information systems do not allow the Company to transmit accurate information, even for a short period of time. Failure to properly or adequately address these issues could impact the Company’s ability to perform necessary business operations, which could adversely affect the Company’s reputation, competitive position, business, results of operations and financial condition.

In addition, the information systems of businesses that the Company may acquire may not be sufficient to meet the Company’s standards or the Company may not be able to successfully convert them to provide acceptable information on a timely and cost-effective basis. Furthermore, the Company must attract and retain qualified people to operate its systems, expand and improve them, integrate new programs effectively with its existing programs, and convert to new systems efficiently when required. Any disruption to the Company’s business due to such issues, or an increase in costs to cover these issues that is greater than anticipated, could have an adverse effect on the Company’s financial results and operations.

Failure to maintain the integrity of internal or customer data could result in faulty business decisions or operational inefficiencies, damage the Company’s reputation and/or subject the Company to costs, fines or lawsuits.

The Company collects and retains internal and customer data, including social security numbers, credit card numbers and other personally identifiable information of customers in various internal information systems. The Company also maintains personally identifiable information about its employees. The integrity and protection of that customer, employee and company data is critical to the Company. The Company could make faulty decisions if that data is inaccurate or incomplete. The Company’s customers and employees also have a high expectation that their personal information will be adequately protected. The regulatory environment as well as the requirements imposed on the Company by the payment card industry surrounding information, security and privacy is also increasingly demanding. The Company’s systems may be unable to satisfy changing regulatory and payment card industry requirements and employee and customer expectations, or may require significant additional investments or time in order to do so.

The Company’s information systems and records may be subject to security breaches, cyber-attacks, system failures, viruses, operator error or inadvertent releases of data. A significant theft, loss, or fraudulent use of customer, employee or company data maintained could adversely impact the Company’s reputation and could result in remedial and other expenses, fines or litigation. A breach in the security of the Company’s information systems could lead to an interruption in the operation of the Company’s systems, resulting in operational inefficiencies and losses. In addition, conversions to new information technology systems require effective change management processes and may result in cost overruns, delays or business interruptions. If the Company’s information technology systems are disrupted, become obsolete or do not adequately support the Company’s strategic, operational or compliance needs, the Company’s business, financial position, results of operations or cash flows may be adversely affected.

Risks Related to the Company’s Indebtedness

The Company’s indebtedness may impact its financial condition and results of operations, and the terms of the Company’s indebtedness may place restrictions on the Company.

The Company’s level of indebtedness may have several important effects on the Company’s operations, including, without limitation, that the Company may be required to use a portion of its cash for the payment of principal and interest due on outstanding indebtedness, that outstanding indebtedness and the Company’s leverage position will increase the impact on the Company of negative changes in general economic and industry conditions, as well as competitive pressures, and that the Company’s ability to obtain additional financing for acquisitions, working capital or other corporate purposes may be impacted.

On November 2, 2018, the Company entered into a syndicated credit agreement (the “2018 Credit Agreement”) for a five-year revolving credit facility in the maximum aggregate principal amount of up to $100 million, with an accordion feature to increase the revolving credit facility by up to $40 million for a total of $140 million. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $5 million and for the issuance of standby letters of credit of up to a sublimit of $10 million. The Company had $12.0 million outstanding under the 2018 Credit Agreement as of June 30, 2021.

Borrowings (other than swingline loans) under the 2018 Credit Agreement bear interest at a rate, at the Company’s election at the time of borrowing, equal to (a) LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. A significant increase in interest rates could materially impact the cost of the Company’s indebtedness under the 2018 Credit Agreement and any other floating rate debt that the Company may incur in the future. Furthermore, regulatory changes, such as the announcement of the United Kingdom’s Financial Conduct Authority to phase out LIBOR by the end of 2021, may adversely affect the Company’s floating-rate debt. If LIBOR ceases to exist, the Company may need to renegotiate the 2018 Credit Agreement and any other credit agreements it may enter into that utilize LIBOR as a factor in determining the interest rate, which could adversely impact the cost of the Company’s debt.

The 2018 Credit Agreement contains covenants applicable to the Company, including financial covenants requiring the Company to comply with maximum leverage ratios and minimum interest coverage ratios, as well as other covenants which may place restrictions on, among other things, liens, investments, indebtedness, fundamental changes, acquisitions, dispositions of property, making specified restricted payments (including cash dividends and stock repurchases that would result in the Company exceeding an agreed to Consolidated Leverage Ratio), and transactions with affiliates.

The Company may incur additional debt financing as determined to be appropriate by management, including in connection with the financing of acquisitions or otherwise, which would increase the Company’s vulnerability to the risk factors described above related to its level of indebtedness and may place restrictions on the Company similar or in addition to those contained in the 2018 Credit Agreement. There is no assurance that the Company will receive any financing which the Company may seek to obtain in the future on acceptable terms or at all, including in the event additional funds are necessary to consummate an acquisition or support the Company’s business operations.

Risks Related to Ownership of the Company’s Common Stock

Henry M. Nahmad may be deemed to control the Company.

Henry M. Nahmad, the Company’s Chairman, Chief Executive Officer and President, may be deemed to control the Company as a result of his voting power over shares representing approximately 53.3% of the issued and outstanding shares of the Company’s common stock as of June 30, 2021. The shares over which Mr. Nahmad has voting power include shares subject to restricted stock awards granted to Mr. Nahmad, shares held by Symmetric Capital LLC and Symmetric Capital II LLC, each of which may be deemed to be controlled by Mr. Nahmad as a result of his serving as Manager of such entity, and shares which Symmetric Capital has the right to vote pursuant to a Stockholders Agreement entered into with WSD, Dennis Mack, a director and Executive Vice President, Corporate Strategy of the Company, and Tom Marks, Executive Vice President, Business Development of the Company. A copy of such Stockholders Agreements is filed as an exhibit to this Report. Under the Company’s Bylaws, the election of directors requires a plurality vote and all other matters put to a vote of the Company’s stockholders require the affirmative vote of a majority of the shares of the Company’s common stock represented at a meeting, in person or by proxy, and entitled to vote on the matter unless a greater percentage is required by applicable law. Consequently, other than in very limited circumstances where a greater vote is required by applicable law, Mr. Nahmad, without the consent or vote of any other stockholders of the Company, has the voting power to elect directors and approve other actions that require stockholder approval. Mr. Nahmad’s interests may conflict with the interests of the Company’s other stockholders. In addition, Mr. Nahmad’s control could have the effect of delaying or preventing a change in control or changes in management and/or adversely impact the market price of the Company’s common stock or the ability of the Company’s other stockholders to receive a premium for their shares in connection with any sale of the Company.

Further, as a result of Mr. Nahmad’s controlling voting position with respect to the Company’s common stock, the Company is a “controlled company” within the meaning of the listing standards of the NYSE American, on which the Company’s common stock is listed. As a “controlled company,” the Company is not required under the listing standards of the NYSE American to comply with certain corporate governance requirements set forth therein, including:

•

the requirement that a majority of the Company’s Board of Directors consists of independent directors;  

•

the requirement that nominating and corporate governance matters be decided solely by a nominating/corporate governance committee consisting of independent directors; and  

•

the requirement that executive compensation matters be decided by a compensation committee consisting of independent directors.  

While executive compensation matters are determined by a compensation committee comprised solely of independent directors and the Company’s Board of Directors is currently comprised of a majority of independent directors, the Company does not have a standing nominating/corporate governance committee and the Company has in the past from time to time maintained a Board of Directors not comprised of a majority of independent directors. In addition, in the discretion of the Company’s Board of Directors, the Company may choose to utilize or continue to utilize any or all of the exceptions in the future. As a result, the Company’s stockholders may not have certain of the same protections as a stockholder of other publicly-traded companies and the market price of the Company’s common stock may be adversely affected.

The concentration of ownership with respect to the Company’s common stock also results in there being a limited trading volume, which may make it more difficult for stockholders to sell their shares and increase the price volatility of the Company’s common stock.

As a “smaller reporting company,” the Company may avail itself of reduced disclosure requirements, which may make the Company’s common stock less attractive to investors.

Under applicable SEC rules and regulations, the Company is a “smaller reporting company” and will continue to be a “smaller reporting company” for so long as the market value of the Company’s common stock held by non-affiliates as of the end of its most recently completed second fiscal quarter is less than $250 million. As a “smaller reporting company,” the Company has relied on exemptions from certain disclosure requirements that are applicable to other public companies. The Company may continue to rely on such exemptions for so long as the Company remains a “smaller reporting company.” These exemptions include reduced financial disclosure and reduced disclosure obligations regarding executive compensation. The Company’s reliance on these exemptions may result in the public finding the Company’s common stock to be less attractive and adversely impact the market price of, or trading market for, the Company’s common stock.

The issuance of preferred stock and common stock, and the authority of the Company’s Board of Directors to approve issuances of preferred stock and common stock, could adversely affect the rights of the Company’s stockholders and have an anti-takeover effect.

As permitted by Delaware law, the Company’s Board of Directors is authorized under the Company’s Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to approve the issuance by the Company of up to 200,000 shares of preferred stock, and to designate the relative rights, preferences and limitations of any preferred stock so issued, in each case, without any further action on the part of the Company’s stockholders. Currently, no shares of preferred stock are outstanding. In the event that the Company issues preferred stock in the future that has preference over the Company’s common stock with respect to the payment of dividends or upon liquidation, dissolution or winding up of the Company, the rights of holders of shares of the Company’s common stock may be adversely affected. In addition, the Company is authorized under its Certificate of Incorporation to issue up to 20,000,000 shares of common stock. There are currently approximately 12.3 million shares of common stock outstanding. Subject to applicable law and the rules and regulations of the NYSE American, the Company’s Board of Directors (or a committee thereof, in the case of shares issued under the Company’s equity-based compensation plan) has the power to approve the issuance of any authorized but unissued shares of the Company’s common stock, and any such issuances, including, without limitation, those under the Company’s equity-based compensation plan or pursuant to any acquisitions consummated by the Company or in connection with the financing thereof, would result in dilution to the Company’s stockholders. These provisions of the Certificate of Incorporation could also delay, defer or prevent a change in control of the Company or its management, and could limit the price that investors are willing to pay in the future for shares of the Company’s common stock.

General Risks

The Company is subject to risks relating to evaluations of internal control over financial reporting required by Section 404 of the Sarbanes-Oxley Act of 2002.

The Company has incurred, and expects to continue to incur, a substantial amount of management time and resources to comply with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002. In this Report, the Company’s management has provided an assessment as to the effectiveness of the Company’s internal control over financial reporting. In addition, pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, management’s assessment of the effectiveness of the Company’s internal control over financial reporting is subject to attestation by the Company’s independent registered public accounting firm. This Report includes such attestation. However, there is no assurance that the Company will continue to timely comply with such requirements nor can there be assurance that significant deficiencies and/or material weaknesses will not be identified by management or the Company’s independent registered public accounting firm (or, if identified, remedied in a timely fashion or at all), any of which may adversely affect the market price of the Company’s common stock. In addition, the Company’s compliance efforts will continue to require significant expenditures and devotion of management time, and may divert management’s attention from the Company’s operations. In addition, while businesses acquired during the fiscal year covered by the applicable Annual Report on Form 10-K are permitted to be excluded from the scope of management’s report on internal control over financial reporting and the related auditor attestation for such Annual Report on Form 10-K (as is the case with the exclusion of the businesses acquired by the Company in fiscal 2021 from the scope of management’s report on internal control over financial reporting and the related auditor attestation for this Report), the Company will face challenges and be required to incur expenses in connection with, and devote significant management time to, the internal control over financial reporting of acquired businesses. There is no assurance that any issues, deficiencies or weaknesses identified at acquired businesses will be remedied in a timely or cost-efficient manner or at all.

The Company’s success depends on key personnel, the loss of whom could harm the Company’s business, operating results and financial condition.

The Company’s business is dependent on the active participation of its executive officers, including Henry M. Nahmad and Tom Marks. The loss of the services of any of these individuals could adversely affect the Company’s business and prospects. In addition, the Company’s success is dependent on its ability to retain and attract additional qualified management and other personnel. Competition for such talent is intense, and the Company may not be successful in attracting and retaining such personnel.

Litigation and legal proceedings, the costs of defending the same and the impact of any finding of liability or damages could adversely impact the Company and its financial condition and operating results.

The Company may from time to time become subject to litigation and other legal proceedings. Litigation and other legal proceedings may require the Company to incur significant expenses, including those relating to legal and other professional fees. In addition, litigation and other legal proceedings are inherently uncertain, and adverse outcomes in litigation or other legal proceedings could adversely affect the Company’s financial condition, cash flows, and operating results.

Item 1B. Unresolved Staff Comments.

None.

Item 2. Properties.

The Company’s principal executive offices are located in Miami, Florida. The Company’s principal properties include warehousing and distribution facilities and administrative office space, all of which are leased (generally for terms of three to five years).

At June 30, 2021, the Company had 27 warehousing and distribution facilities and administrative facilities located across 17 U.S. states. Senior management and support staff are located at the Company’s principal executive offices or other administrative offices mostly adjacent to the Company’s warehousing and distribution facilities. The facilities have an aggregate of approximately 330,000 square feet of space. The Company believes that its facilities are sufficient to meet the Company’s present operating needs.

Item 3. Legal Proceedings.

In the ordinary course of business, the Company may from time to time be involved in, or subject to, legal and regulatory claims, proceedings, demands or actions. Litigation is inherently uncertain and the outcome of litigation cannot be predicted or determined in advance. In addition, the Company’s costs of defending against litigation and other proceedings, demands and actions could be material and would generally be payable by the Company regardless of the merits of the claim. As of the date of filing of this Report, the Company is not aware of any pending legal proceedings to which the Company, including any of its subsidiaries, is a party which is expected to be material to the Company.

Item 4. Mine Safety Disclosures.

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

The Company’s common stock is traded on the NYSE American under the symbol “EVI.”

As of September 1, 2021, there were approximately 228 holders of record of the Company’s common stock.

The Company did not pay any dividends on its common stock during the fiscal years ended June 30, 2021 or 2020. The declaration and payment of cash dividends with respect to the Company’s common stock is determined by the Company’s Board of Directors based on the Company’s financial condition and liquidity needs and other factors deemed relevant by the Company’s Board of Directors, and may be subject to restrictions contained in the Company’s debt instruments. As described elsewhere in this Report, including under “Liquidity and Capital Resources” in Item 7 of this Report, the Company’s 2018 Credit Agreement contains certain covenants which may, among other things, restrict the Company’s ability to pay dividends, and any future facilities may contain similar or more stringent requirements. The Company’s management does not believe that the covenants contained in the 2018 Credit Agreement currently materially limits the Company’s ability to pay dividends or are reasonably likely to materially limit the Company’s ability to pay dividends in the future. There is no assurance that the Company will pay dividends on its common stock in the future.

See Part III, Item 12 of this Report for information regarding securities authorized for issuance under the Company’s equity-based compensation plans.

The Company does not have in place any formal share repurchase plans or programs. Upon request by a recipient of awards granted under the Company’s equity incentive plan, the Company may issue shares upon vesting of restricted stock awards or upon issuance of stock awards, net of the statutory withholding requirements that the Company pays on behalf of its employees. For financial statement purposes, the shares withheld are treated as being repurchased by the Company and are reflected as repurchases in the Company’s condensed consolidated statements of cash flows and shareholders’ equity as they reduce the number of shares that would have been issued upon vesting. The following table provides information concerning shares of the Company’s common stock treated as repurchased during the quarter ended June 30, 2021 in connection with the issuance of shares upon vesting of restricted stock awards net of statutory withholding requirements:

Period

Total Number

of Shares

Purchased

Average

Price Per

Share

Total Number of

Shares Purchased as

a Part of Publicly

Announced Programs

Maximum Number

of Shares That May

Yet Be Purchased

Under the Program

April 1 – April 30, 2021

-

-

-

-

May 1 – May 31, 2021

-

-

-

-

June 1 – June 30, 2021

7,464

$

29.96

-

-

Total

7,464

$

29.96

-

-

During the quarter ended June 30, 2021, the Company did not repurchase any shares other than shares treated as repurchased upon the vesting of restricted stock awards as described and set forth above.

Item 6. Selected Financial Data.

Not required.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

The following discussion should be read in conjunction with the Company’s Consolidated Financial Statements and notes thereto contained in Item 8 of this Report. See also “Cautionary Note Regarding Forward Looking Statements” preceding Part I, Item 1 of this Report.

Overview

The Company, through its wholly-owned subsidiaries, is a value-added distributor, and provides advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services.

The Company’s customers include government, institutional, industrial, commercial and retail customers. Product purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems. The Company also provides its customers with the services described above.

Prior to the completion of the Company’s first acquisition pursuant to its “buy-and-build” growth strategy in October 2016, the Company’s operations related to the activities described above consisted solely of the business and operations of Steiner-Atlantic Corp. (“Steiner-Atlantic”), a wholly-owned subsidiary of the Company. Beginning in 2015, the Company implemented a “buy-and-build” growth strategy which includes (i) the consideration and pursuit of acquisitions and other strategic transactions which management believes may complement the Company’s existing business or otherwise offer growth opportunities for, or benefit, the Company and (ii) the implementation of a growth culture at acquired businesses based on the exchange of ideas and business concepts among the management teams of the Company and the acquired businesses as well as through certain additional initiatives, which may include investments in new locations, additional product lines, expanded service capabilities and advanced technologies. See “Buy-and-Build Growth Strategy” below and in Part I, Item 1 of this Report for additional information regarding the Company’s “buy-and-build” growth strategy, including information regarding certain acquisitions consummated by the Company since its implementation of the “buy-and-build” growth strategy in 2015.

The Company reports its results of operations through a single reportable segment.

Total revenues for the fiscal year ended June 30, 2021 (“fiscal 2021”) increased by 3% compared to the fiscal year ended June 30, 2020 (“fiscal 2020”). The increase in revenues during fiscal 2021 are attributable to a combination of increases in revenues at certain of the Company’s legacy businesses and the revenues generated by the businesses acquired by the Company during fiscal 2021, primarily Yankee Equipment Systems, LLC (“YES”), which was acquired during November 2020. The increase in revenues was also attributable to the revenues of businesses acquired by the Company during fiscal 2020 whose results were consolidated in the Company’s financial statements for all of fiscal 2021 as compared to just the period of fiscal 2020 from the respective closing date of the acquisition through the end of fiscal 2020, including primarily Large Equipment, Inc. (d/b/a Laundry Systems of Tennessee) and TN Ozone, Inc. (d/b/a Premier Laundry Solutions and Premier Equipment Rental), which were acquired during January 2020. These increases in revenues were largely offset by a decline in revenues from certain legacy businesses related to the adverse impact of the COVID-19 pandemic (as further described below).

Net income for fiscal 2021 increased by 982% from fiscal 2020. The increase in net income is primarily attributable to the approximately $7.0 million gain recognized on the forgiveness of the loans (the “PPP Loans”) previously obtained by the Company and certain of its subsidiaries under the Paycheck Protection Program (the “PPP”) (as described in further detail below under “Impact of COVID-19 on the Company’s Business), the increase in the Company’s gross margin and a decrease in interest expense, partially offset by an increase in operating expenses in connection with investments in the Company’s growth strategy.

The Company’s operating expenses consist primarily of (a) selling, general and administrative expenses, primarily salaries, and commissions and marketing expenses that are variable and correlate to changes in sales, (b) expenses related to the operation of warehouse facilities, including a fleet of installation and service vehicles, and facility rent, which are payable mostly under non-cancelable operating leases, and (c) operating expenses at the parent company, including compensation expenses, fees for professional services, expenses associated with being a public company, including increased expenses attributable to the Company’s growth, and expenses in furtherance of the Company’s “buy-and-build” growth strategy.

Impact of COVID-19 on the Company’s Business

The COVID-19 pandemic has been, and continues to be, an unprecedented disruption in the economy and has negatively impacted, and may continue to negatively impact, the Company’s business and results. Specifically, beginning at the end of the quarter ended March 31, 2020, the COVID-19 pandemic and accompanying economic disruption caused delays and declines in the placement of customer orders, the completion of equipment and parts installations, and the fulfillment of parts orders. The COVID-19 pandemic, while showing initial signs of recovery earlier in fiscal 2021 has recently had a resurgence with the increased presence and spread of the Delta variant. Accordingly, the adverse impact of the COVID-19 pandemic is expected to continue in the near-term and possibly longer, including, without limitation, if the pandemic increases in size and scope, its duration is prolonged, or, among other matters related thereto, additional governmental actions, including, without limitation, business restrictions, are imposed. In response to the economic and business disruption during 2020, the Company took actions to reduce costs and spending across the organization, including changes to inventory stock levels, renegotiating payment terms with suppliers, and reducing hiring activities. The Company continues to actively monitor the COVID-19 pandemic and may take further actions, including those that may alter business operations, if required by federal, state, local or foreign authorities or otherwise determined to be advisable by management.

As a precautionary measure in order to increase its cash position and preserve financial flexibility in light of the uncertainties resulting from the COVID-19 pandemic, during May 2020, the Company and certain of its subsidiaries received a total of twelve PPP Loans in the aggregate principal amount of approximately $6.9 million. During the fourth quarter of fiscal 2021, the Company was notified by Fifth Third Bank, N.A., the lender with respect to the PPP Loans, that all twelve of the PPP Loans were fully forgiven. The Company recognized a gain of $7.0 million during fiscal 2021 in connection with the forgiveness of the PPP Loans and the related accrued interest. Additionally, in connection with its acquisition of YES during November 2020, the Company, indirectly through its wholly-owned subsidiary, assumed the approximately $916,000 loan previously received by YES under the PPP. During the quarter ended March 31, 2021, the loan to YES under the PPP was forgiven. The Company did not recognize any gain on extinguishment of this debt, as the seller of YES had agreed to indemnify the Company with respect to any portion of this loan which was not forgiven.

As of the date of this Annual Report on Form 10-K, significant uncertainty exists concerning the magnitude of the impact and duration of the COVID-19 pandemic. Factors arising from the COVID-19 pandemic that have impacted, or may negatively impact, the Company’s business and results, including sales and gross margin, in the future include, but are not limited to: potential limitations on the ability of suppliers to manufacture, or the Company’s ability to procure from manufacturers, the products the Company sells, or to meet delivery requirements and commitments; limitations on the ability of the Company’s employees to perform their work due to impacts caused by the pandemic or local, state, federal or foreign orders that may restrict the Company’s operations or the operations of its customers, or require that employees be quarantined; limitations on the ability of carriers to deliver products to the Company’s facilities and customers; adverse impacts of the pandemic on certain industries and customers of the Company which operate in those industries, including the hospitality industry; and potential decreased demand for products and services, including potential limitations on the ability of, or adverse changes in the desire of, the Company’s customers to conduct their business, purchase products and services and pay for purchases on a timely basis or at all.

The situation surrounding the COVID-19 pandemic remains fluid and highly uncertain. The Company is unable to determine or predict the nature, duration, or scope of the overall impact that the COVID-19 pandemic will have on the Company’s business, results of operations, liquidity, or financial condition, as such impact will depend in large part on future developments, including the severity and duration of the pandemic (including the Delta variant and any other future variants) and government and other actions taken in response thereto, all of which are highly uncertain. Further, even after the COVID-19 pandemic subsides, the Company may continue to experience adverse impacts to its business as a result of, among other things, any adverse impact that has occurred or may occur in the future in the economy or markets generally, and changes in customer or supplier behavior.

Buy-and Build Growth Strategy

The Company’s acquisitions under its “buy-and-build” growth strategy described above since its implementation in 2015 include, without limitation, those set forth below. The acquired companies distribute commercial, industrial, and vended laundry products and provide installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry.

•

On October 10, 2016, the Company purchased substantially all of the assets of Western State Design, LLC, a California-based company, for a purchase price consisting of $18.5 million in cash and 2,044,990 shares of the Company’s common stock.  

•

On October 31, 2017, the Company purchased substantially all of the assets of Tri-State Technical Services, Inc., a Georgia-based company, for a purchase price consisting of approximately $7.95 million in cash and 338,115 shares of the Company’s common stock.  

•

On February 9, 2018, the Company purchased substantially all of the assets of Dallas-based companies, Zuf Acquisitions I LLC (d/b/a/ AAdvantage Laundry Systems) and Sky-Rent LP, for total consideration of approximately $20.4 million, consisting of approximately $8.1 million in cash and 348,360 shares of the Company’s common stock.  

•

On September 12, 2018, the Company purchased substantially all of the assets of Scott Equipment, Inc., a Houston-based company, for approximately $6.5 million in cash and 209,678 shares of the Company’s common stock.  

•

On February 5, 2019, the Company acquired PAC Industries Inc. (“PAC”), a Pennsylvania-based company, for approximately $6.4 million in cash and 179,847 shares of the Company’s common stock.  

•

On November 3, 2020, the Company acquired (the “YES Acquisition”) Yankee Equipment Systems, LLC (“YES”), a New Hampshire-based company, for approximately $5.3 million in cash and 278,385 shares of the Company’s common stock.  

During fiscal 2020, the Company acquired four businesses: Professional Laundry Systems, LLC (“PLS”), which was acquired on August 1, 2019; Large Equipment, Inc. (d/b/a Laundry Systems of Tennessee) and TN Ozone, Inc. (d/b/a Premier Laundry Solutions and Premier Equipment Rental) (collectively “LST”), which were acquired on January 31, 2020; and Commercial Laundry Equipment Company, Inc. (“CLE”), which was acquired on February 28, 2020. The total consideration for the acquisitions completed during fiscal 2020 consisted of $1.6 million in cash (subject to certain working capital and other adjustments), net of $192,000 of cash acquired, the assumption of $129,000 of long-term debt, and the issuance of 132,726 shares of the Company’s common stock.

In addition to the YES Acquisition, during fiscal 2021, the Company acquired (the “ELS Acquisition”) Baystate Business Ventures d/b/a Eastern Laundry Systems (“ELS”), a Massachusetts-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. The acquisition was completed by the Company, indirectly through a wholly-owned subsidiary, which purchased substantially all of the assets and assumed certain of the liabilities of ELS. The total consideration for the transaction consisted of $400,000 in cash, net of $57,000 of cash acquired, and the issuance of 10,726 shares of the Company’s common stock. Based on the Company’s preliminary analysis of working capital and valuation-related items, the Company recognized a bargain purchase gain of $314,000 in connection with the ELS Acquisition during fiscal 2021. The purchase price allocations are considered preliminary, as the Company is still assessing certain working capital and valuation-related items. Any change to the preliminary estimate of working capital and valuation-related items and the related deferred tax liability, if any, will be recognized as an adjustment to the bargain purchase gain.

See Note 3 to the Consolidated Financial Statements included in Item 8 of this Report for additional information about the acquisitions completed during fiscal 2021 and fiscal 2020.

Each acquisition was effected by the Company through a separate wholly-owned subsidiary formed by the Company for the purpose of effecting the transaction, whether by an asset purchase or merger, and operating the acquired business following the transaction. In connection with each transaction, the Company, indirectly through its applicable wholly-owned subsidiary, also assumed certain of the liabilities of the acquired business. The financial position, including assets and liabilities, and results of operations of the acquired businesses following the respective closing dates of the acquisitions are included in the Company’s consolidated financial statements.

Consolidated Financial Condition

The Company’s total assets increased from $160.7 million at June 30, 2020 to $177.9 million at June 30, 2021. The increase in total assets was primarily attributable to the assets of the businesses acquired by the Company during fiscal 2021 as described above and increased accounts receivable, partially offset by decreases in cash and contract assets. The decrease in contract assets is due in large part to timing on progress billings on large complex laundry projects for divisions of the federal government. The Company’s total liabilities decreased from $72.9 million at June 30, 2020 to $71.1 million at June 30, 2021, primarily due to decreases in long-term debt and the current portion of long-term debt, partially offset by increases in accounts payable and accrued expenses, increases in accrued employee expenses, increases in contract liabilities, and increases in operating lease liabilities.

Liquidity and Capital Resources

The Company had cash of approximately $6.1 million at June 30, 2021 compared to $9.8 million at June 30, 2020. The decrease in cash was primarily due to cash used for optional debt repayments under the Company’s 2018 Credit Agreement (as defined below), capital expenditures, and cash used to fund the cash consideration paid in connection with the Company’s business acquisitions during fiscal 2021, partially offset by earnings from operations and proceeds from changes in operating assets and liabilities.

The following table summarizes the Company’s Consolidated Statements of Cash Flows (in thousands):

Fiscal Years Ended June 30,

Net cash provided (used) by:

2021

2020

Operating activities

$

13,694

$

23,066

Investing activities

$

(7,642

)

$

(4,754

)

Financing activities

$

(9,784

)

$

(13,561

)

For fiscal 2021, operating activities provided cash of approximately $13.7 million compared to approximately $23.1 million in fiscal 2020. The $9.4 million decrease in cash provided by operating activities was primarily attributable to changes in working capital balances such as accounts receivable, inventory and accounts payable and accrued expenses, partially offset by an increase in earnings from operations.

Investing activities used cash of approximately $7.6 million during fiscal 2021 compared to approximately $4.8 million in fiscal 2020. The $2.9 million increase in cash used by investing activities is due primarily to an increase in cash consideration paid in connection with acquisitions, partially offset by a decrease in capital expenditures primarily due to the Company’s rollout of its fleet lease program where most new vehicles obtained by the Company are procured through a lease arrangement in lieu of purchasing such assets.

Financing activities used cash of approximately $9.8 million in fiscal 2021 compared to approximately $13.6 million in fiscal 2020. The cash used by financing activities during fiscal 2021 related to total repayments of debt under the Company’s 2018 Credit Agreement and $853,000 in share repurchases to settle employee tax withholding obligations upon the vesting of restricted shares or in connection with the grant of stock awards of unrestricted shares.

On November 2, 2018, the Company entered into a syndicated credit agreement (the “2018 Credit Agreement”) for a five-year revolving credit facility in the maximum aggregate principal amount of up to $100 million, with an accordion feature to increase the revolving credit facility by up to $40 million for a total of $140 million. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $5 million and for the issuance of standby letters of credit of up to a sublimit of $10 million.

Borrowings (other than swingline loans) under the 2018 Credit Agreement bear interest at a rate, at the Company’s election at the time of borrowing, equal to (a) LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. The 2018 Credit Agreement has a term of five years and matures on November 2, 2023.

The 2018 Credit Agreement contains certain covenants, including financial covenants requiring the Company to comply with maximum leverage ratios and minimum interest coverage ratios. The 2018 Credit Agreement also contains other provisions which may restrict the Company’s ability to, among other things, dispose of or acquire assets or businesses, incur additional indebtedness, make certain investments and capital expenditures, pay dividends, repurchase shares and enter into transactions with affiliates. At June 30, 2021, the Company was in compliance with its covenants under the 2018 Credit Agreement and $30.4 million was available to borrow under the revolving credit facility.

The obligations of the Company under the 2018 Credit Agreement are secured by substantially all of the assets of the Company and certain of its subsidiaries, and are guaranteed, jointly and severally, by certain of the Company’s subsidiaries.

On May 21, 2020, the Company and certain of its subsidiaries received a total of twelve PPP Loans totaling approximately $6.9 million in principal amount from Fifth Third Bank, N.A. (the “Lender”). The proceeds of the PPP Loans were used primarily for payroll costs. As described above, during the fourth quarter of 2021, the Company was notified by the Lender that all twelve of the PPP Loans were fully forgiven. The Company recognized a gain of $7.0 million during fiscal 2021 in connection with the forgiveness of the PPP Loans and the related accrued interest. Notwithstanding the forgiveness of the PPP Loans, the SBA reserves the right to audit any PPP loan. The Company has not accrued any liability associated with any potential adverse determination of the forgiveness of the PPP Loans which may result from any audit of the PPP Loans if the SBA disagrees with any position taken by management with respect to the loan or forgiveness processes.

As previously described, in addition to the PPP Loans obtained by the Company and certain of its subsidiaries during May 2020, in connection with the YES Acquisition during November 2020, the Company, indirectly through its wholly-owned subsidiary, also assumed the approximately $916,000 loan previously obtained by YES under the PPP. The terms and conditions of such PPP loan were substantially similar to those of the PPP Loans obtained by the Company and its other subsidiaries. Under the merger agreement related to the YES Acquisition, the Company was entitled to indemnification for any required repayment of the loan to YES under the PPP. During the quarter ended March 31, 2021, the loan to YES under the PPP was forgiven by the SBA. The Company determined that the fair value of its right to indemnification was equal to the amount forgiven by the SBA. Accordingly, the Company did not recognize any gain on the extinguishment of this debt.

The Company believes that its existing cash, anticipated cash from operations and funds available under the Company’s 2018 Credit Agreement will be sufficient to fund its operations and anticipated capital expenditures for at least the next twelve months. The Company may also seek to raise funds through the issuance of equity and/or debt securities or the incurrence of additional secured or unsecured indebtedness, including in connection with acquisitions or other transactions consummated by the Company as part of its “buy-and-build” growth strategy.

Off-Balance Sheet Financing

As of June 30, 2021, the Company had no off-balance sheet financing arrangements within the meaning of Item 303(a)(4) of Regulation S-K.

Results of Operations

Revenues

Revenues for fiscal 2021 increased by approximately $6.2 million (3%) from fiscal 2020. The increase in revenues during fiscal 2021 are attributable to a combination of increases in revenues at certain of the Company’s legacy businesses and the revenues generated by the businesses acquired by the Company during fiscal 2021, primarily YES, which was acquired during November 2020. The increase in revenues was also attributable to the revenues of businesses acquired by the Company during fiscal 2020 whose results were consolidated in the Company’s financial statements for all of fiscal 2021 as compared to just the period of fiscal 2020 from the respective closing date of the acquisition through the end of fiscal 2020, including primarily LST, the businesses of which were acquired during January 2020. These increases in revenues were largely offset by a decline in revenues from certain legacy businesses related to the adverse impact of the COVID-19 pandemic (as described above).

From time to time the Company enters into longer-term contracts to fulfill large complex laundry projects for divisions of the federal government where the nature of, and competition for, such contracts may result in a lower gross margin as compared to other equipment sales. During fiscal 2021, the Company entered into a number of such lower-margin equipment sales. The Company believes that the increase in equipment sales provides a strong foundation for the Company to further strengthen its customer relationships, including that they may in the future result in higher gross margin opportunities from the sale of parts, accessories, supplies, and technical services related to the equipment. Despite the lower gross margin from such longer-term contracts, the Company believes that the long-term benefit from the increase in its installed equipment base will outweigh the possible short-term impact to gross margin.

Cost of Sales and Operating Expenses

Fiscal Year Ended

June 30,

2021

2020

As a percentage of revenues:

Cost of sales, net

75.3

%

76.6

%

As a percentage of revenues:

Selling, general and administrative expenses

23.4

%

22.2

%

Cost of sales, expressed as a percentage of revenues, decreased to 75.3% in fiscal 2021 from 76.6% in fiscal 2020, representing gross margins of 24.7% in fiscal 2021 and 23.4% in fiscal 2020. The decrease in cost of sales, as a percentage of revenues, and increase in gross margin were primarily attributable to favorable changes in product and customer mix.

Further, as described above, from time to time the Company enters into longer-term contracts, including to fulfill large complex laundry projects for divisions of the federal government. These contracts generally have a lower gross margin compared to other equipment sales and, as a result, adversely impact the Company’s gross margin for periods in which a significant number of these contracts are entered into. However, the Company believes that these contracts will result in higher margin opportunities over the long-term. During fiscal 2021 and fiscal 2020, the Company entered into a number of longer-term federal government contracts, which adversely impacted the Company’s gross margin for each such period. These longer-term federal government contracts, lowered gross margins by 120 basis points during fiscal 2021.

Selling, general and administrative expenses increased by approximately $4.2 million (8%) in fiscal 2021 compared to fiscal 2020. As a percentage of revenues, selling, general and administrative expenses increased to 23.4% in fiscal 2021 from 22.2% in fiscal 2020. The increase is primarily attributable to (a) operating expenses of acquired businesses, including additional operating expenses at the acquired businesses in pursuit of future growth and in connection with the Company’s optimization initiatives, (b) increases in operating expenses and investments at the parent company level in connection with the Company’s optimization initiatives, including expenses related to the consolidation of the Company’s operations, the modernization of the Company’s operations through the implementation of advanced technologies, including a new ERP software system, customer relations management system, and a completely digital sales and service operating platform, (c) increased operating expenses in support of the Company’s “buy-and-build” growth strategy, (d) increases in operating expenses at the parent company level in connection with the Company’s growth, including greater accounting fees and expenses, legal fees, and insurance costs, and (e) an increase in non-cash amortization expense related to the intangible assets acquired in connection with acquisitions, an increase in depreciation expense and an increase in non-cash share-based compensation.

Interest and other expense, net decreased by approximately $1.1 million (78%) in fiscal 2021 compared to fiscal 2020. The decrease is due to a decrease in interest expense of $797,000, resulting from a decrease in average outstanding debt and a decrease in interest rates under the 2018 Credit Agreement, and the $314,000 bargain purchase gain recognized in connection with the Company’s acquisition of ELS during January 2021.

The Company’s effective income tax rate was 15.2% for fiscal 2021 compared to 42.5% in fiscal 2020. The decrease in the effective income tax rate in fiscal 2021 reflects the net impact of permanent book-tax differences resulting primarily from the gain recognized on the forgiveness of the PPP loans during the fourth quarter of fiscal 2021 and nondeductible compensation.

Inflation

Inflation did not have a significant effect on the Company’s operations during either of fiscal 2021 or 2020.

Transactions with Related Parties

Certain of the Company’s subsidiaries lease warehouse and office space from one or more of the principals (or former principals) of the Company or its subsidiaries. These leases include the following:

The Company’s wholly-owned subsidiary, Steiner-Atlantic, leased 28,000 square feet of warehouse and office space from an affiliate of Michael S. Steiner, President of Steiner-Atlantic and a former director and officer of the Company, pursuant to a lease agreement dated November 1, 2014, as amended. The lease term was extended during January 2020 to run through October 31, 2020, on which date the lease expired. Monthly base rental payments under the lease were $12,000. In addition to base rent, Steiner-Atlantic was responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Payments under this lease totaled approximately $25,000 and $148,000 during fiscal 2021 and 2020, respectively.

On October 10, 2016, the Company’s wholly-owned subsidiary, Western State Design, entered into a lease agreement pursuant to which it leases 17,600 square feet of warehouse and office space from an affiliate of Dennis Mack, a director and Executive Vice President, Corporate Strategy of the Company, and Tom Marks, Executive Vice President, Business Development of the Company. Monthly base rental payments are $12,000 during the initial term of the lease. In addition to base rent, Western State Design is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under this lease totaled approximately $144,000 during each of fiscal 2021 and 2020. On September 10, 2021, the Audit Committee of the Company’s Board of Directors approved the exercise of the Company’s option to renew the lease for the first three-year renewal term. Base rent for the first renewal term will be $19,000 per month.

On October 31, 2017, the Company’s wholly-owned subsidiary, Tri-State Technical Services, entered into lease agreements pursuant to which it leases a total of 81,000 square feet of warehouse and office space from an affiliate of Matt Stephenson, President of Tri-State. Monthly base rental payments total $21,000 during the initial terms of the leases. In addition to base rent, Tri-State is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $252,000 during each of fiscal 2021 and 2020.

On February 9, 2018, the Company’s wholly-owned subsidiary, AAdvantage Laundry Systems, entered into a lease agreement pursuant to which it leases a total of 5,000 square feet of warehouse and office space from an affiliate of Mike Zuffinetti, former Chief Executive Officer of AAdvantage. Monthly base rental payments are $3,950 during the initial term of the lease. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. During February 2018, AAdvantage entered into a month-to-month lease agreement with an affiliate of Mike Zuffinetti for a total of 17,000 square feet of warehouse and office space. Monthly base rental payments under this lease were $13,500. This month-to-month lease was terminated on October 31, 2018. In addition, on November 1, 2018, AAdvantage entered into a lease agreement pursuant to which it leases warehouse and office space from an affiliate of Mike Zuffinetti. Monthly base rental payments were $26,000 initially. Pursuant to the lease agreement, on January 1, 2019, the lease expanded to cover additional warehouse space and, in connection therewith, monthly base rental payments increased to $36,000. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under the leases described in this paragraph totaled approximately $481,000 during each of fiscal 2021and 2020.

On September 12, 2018, the Company’s wholly-owned subsidiary, Scott Equipment, entered into lease agreements pursuant to which it leases a total of 18,000 square feet of warehouse and office space from an affiliate of Scott Martin, President of Scott Equipment. Monthly base rental payments total $11,000 during the initial terms of the leases. In addition to base rent, Scott Equipment is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $137,000 during each of fiscal 2021and 2020.

On February 5, 2019, the Company’s wholly-owned subsidiary, PAC Industries, entered into two lease agreements pursuant to which it leases a total of 29,500 square feet of warehouse and office space from an affiliate of Frank Costabile, former President of PAC Industries, and Rocco Costabile, former Director of Finance of PAC Industries. Monthly base rental payments total $14,600 during the initial terms of the leases. In addition to base rent, PAC Industries is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of four years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $180,000 and $176,000 during fiscal 2021 and 2020, respectively.

On November 3, 2020, the Company’s wholly-owned subsidiary, YES, entered into a lease agreement pursuant to which it leases a total of 12,500 square feet of warehouse and office space from an affiliate of Peter Limoncelli, President of YES. Monthly base rental payments total $11,000 during the initial term of the lease. In addition to base rent, YES is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of three years and provides for three successive three-year renewal terms at the option of the Company. Payments under this lease totaled approximately $92,000 during fiscal 2021.

 

Critical Accounting Policies

Use of Estimates

In connection with the preparation of its financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company makes estimates and assumptions, including those that affect the reported amounts of assets and liabilities, contingent assets and liabilities, and the reported amounts of revenues and expenses during the reported periods. Estimates and assumptions made may not prove to be correct, and actual results may differ from the estimates. The accounting policies that the Company has identified as critical to its business operations and to an understanding of the Company’s financial statements are set forth below. The critical accounting policies discussed below are not intended to be a comprehensive list of all of the Company’s accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP, with no need for management’s judgment in their application. There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.

Revenue Recognition

Performance Obligations and Revenue Over Time

Revenue primarily consists of revenues from the sale or leasing of commercial and industrial laundry and dry cleaning equipment and steam and hot water boilers manufactured by others; the sale of related replacement parts and accessories; and the provision of installation and maintenance services. The Company generates revenue primarily from the sale of equipment and parts to customers. Therefore, the majority of the Company’s contracts are short-term in nature and have a single performance obligation (to deliver products), and the Company’s performance obligation is satisfied when control of the product is transferred to the customer. Other contracts contain a combination of equipment sales and services expected to be performed in the near-term, which services are distinct and accounted for as separate performance obligations. Significant judgment may be required by management to identify the distinct performance obligations within each contract. Revenue is recognized on these contracts when control transfers to the Company’s customers via shipment of products or provision of services and the Company has the right to receive consideration for these products and services. Additionally, from time to time, the Company enters into longer-termed contracts which provide for the sale of equipment by the Company and the provision by the Company of related installation and construction services. The installation on these types of contracts is usually completed within six to twelve months. The Company recognizes a portion of its revenue over time using the cost-to-cost measure of progress, which measures a contract’s progress toward completion based on the ratio of actual contract costs incurred to date to the Company’s estimated costs at completion. Significant judgment may be required by management in the cost estimation process for these contracts, which is based on the knowledge and experience of the Company’s project managers, subcontractors and financial professionals. Changes in job performance and job conditions are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s revenue recognition. The determination of the total estimated cost and progress toward completion requires management to make significant estimates and assumptions. Total estimated costs to complete projects include various costs such as direct labor, material and subcontract costs. Changes in these estimates can have a significant impact on the revenue recognized each period. From time to time, the Company also enters into maintenance and service contracts. These longer-term contracts, maintenance and service contracts have a single performance obligation where revenue is recognized over time using the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer.

The Company measures revenue, including shipping and handling fees charged to customers, as the amount of consideration it expects to be entitled to receive in exchange for its products or services, net of any taxes collected from customers and subsequently remitted to governmental authorities. Costs associated with shipping and handling activities performed after the customer obtains control are accounted for as fulfillment costs.

Revenue from products transferred to customers at a point in time is recognized when obligations under the terms of the contract with the Company’s customer are satisfied, which generally occurs with the transfer of control upon shipment.

Revenues that are recognized over time include (i) longer-termed contracts that include an equipment purchase with installation and construction services, (ii) maintenance contracts, and (iii) service contracts.

Contract Assets and Liabilities

Contract assets and liabilities are presented in the Company’s condensed consolidated balance sheets. Contract assets consist of unbilled amounts resulting from sales under longer-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. As noted above, the cost estimation process for these contracts may require significant judgment by management. The Company typically receives progress payments on sales under longer-term contracts as work progresses, although for some contracts the Company may be entitled to receive an advance payment. Contract assets also include retainage. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount (generally, from 5% to 20% of contract billings) until final contract settlement. Retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Contract liabilities consist of advanced payments, billings in excess of costs incurred and deferred revenue.

Goodwill

The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit's carrying value is compared to its fair value. If the fair value is determined to be less than the carrying value, a second step is performed to measure the amount of impairment loss. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit and involves uncertainty because management must use judgment in determining appropriate assumptions to be used in the measurement of fair value. The Company performed its annual impairment test on April 1 and determined there was no impairment.

Customer Relationships, Tradenames and Other Intangible Assets

Customer relationships, tradenames, and other intangible assets are stated at cost less accumulated amortization. These assets, except for tradenames, are amortized on a straight-line basis over the estimated future periods to be benefited (5-10 years). The estimates of fair value of the Company’s indefinite-lived intangibles and long-lived assets are based on information available as of the date of the assessment and take into account management’s assumptions about expected future cash flows and other valuation techniques. The Company reviews the recoverability of intangible assets that are amortized based primarily upon an analysis of undiscounted cash flows from the intangible assets. In the event the expected future net cash flows become less than the carrying amount of the assets, an impairment loss would be recorded in the period the determination is made based on the fair value of the related assets.

Income Taxes

The Company follows Financial Accounting Standards Board (“FASB”) ASC Topic 740, “Income Taxes” (“ASC 740”). Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is determined that it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.

Significant judgment is required in developing the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowances that might be required against the deferred tax assets. Management evaluates the Company’s ability to realize its deferred tax assets on a quarterly basis and adjusts its valuation allowance when it believes that it is more likely than not that the asset will not be realized.

See Note 13 to the Consolidated Financial Statements included in Item 8 of this Report for additional information regarding income taxes.

Recently Issued Accounting Guidance

See Note 2 to the Consolidated Financial Statements included in Item 8 of this Report for a description of Recently Issued Accounting Guidance.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Market risk is defined as the risk of loss arising from adverse changes in market valuations resulting from interest rate risk, foreign currency exchange rate risk, commodity price risk and equity price risk. The Company’s primary market risk is interest rate risk.

The Company’s indebtedness subjects the Company to interest rate risk. Interest rates are subject to the influence of economic conditions generally, both domestic and foreign, and also to the monetary and fiscal policies of the United States and its agencies, particularly the Federal Reserve. The nature and timing of any changes in such policies or general economic conditions and the effect they may have on the Company are unpredictable. The Company’s indebtedness may also have other important impacts on the Company, including that the Company will be required to utilize cash flow to service the debt, indebtedness may make the Company more vulnerable to economic downturns, and the Company’s indebtedness subjects the Company to covenants, which may place restrictions on its operations and activities, including its ability to pay dividends and take certain other actions. Interest on borrowings under the Company’s 2018 Credit Agreement accrue at a rate, at the Company’s election at the time of borrowing, equal to (a) LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one-month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. As of June 30, 2021, the Company had approximately $12.0 million of outstanding borrowings under the 2018 Credit Agreement. Interest on such borrowings accrued at a weighted average rate of 1.33%. Based on the amounts outstanding at June 30, 2021, a hypothetical 1% increase in daily interest rates would increase the Company’s annual interest expense by approximately $120,000.

All of the Company’s export sales require the customer to make payment in United States dollars. Accordingly, foreign sales may be affected by the strength of the United States dollar relative to the currencies of the countries in which the Company’s customers are located, as well as the strength of the economies of the countries in which the Company’s customers are located. The Company has, at times in the past, paid certain suppliers in Euros. The Company had no foreign exchange contracts outstanding at June 30, 2021 or 2020.

The Company’s cash is maintained in bank accounts which bear interest at prevailing interest rates. At June 30, 2021, bank deposits exceeded Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Item 8. Financial Statements and Supplementary Data.

 

EVI Industries, Inc. and Subsidiaries

Index to Consolidated Financial Statements

 

Page

 

Report of Independent Registered Public Accounting Firm

34

 

Consolidated Balance Sheets at June 30, 2021 and 2020

36

 

Consolidated Statements of Operations for the years ended June 30, 2021 and 2020

38

 

Consolidated Statements of Shareholders’ Equity for the years ended June 30, 2021 and 2020

39

 

Consolidated Statements of Cash Flows for the years ended June 30, 2021 and 2020

40

 

Notes to Consolidated Financial Statements

41

Report of Independent Registered Public Accounting Firm

 

Shareholders and Board of Directors

EVI Industries, Inc.

Miami, Florida

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of EVI Industries, Inc., formerly EnviroStar, Inc. (the “Company”) as of June 30, 2021 and 2020, the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the two years in the period ended June 30, 2021, and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at June 30, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended June 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company's internal control over financial reporting as of June 30, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and our report dated September 13, 2021 expressed an unqualified opinion thereon.

Change in Accounting Principle

As discussed in Notes 2 and 9 to the consolidated financial statements, the Company has changed its method of accounting for leases as of July 1, 2019 due to the adoption of Accounting Standards Codification Topic 842, Leases.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

Revenue Recognition – Estimated Costs to Complete

As described in Note 2 to the consolidated financial statements, the Company recognizes a portion of its revenue over time using the cost-to-cost measure of progress, which measures a contract’s progress toward completion based on the ratio of actual contract costs incurred to date to the Company’s estimated costs at completion. The cost estimation process for these contracts is based on the knowledge and experience of the Company’s project managers, subcontractors and financial professionals. Changes in job performance and job conditions are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s revenue recognition.

We identified the determination of the total estimated cost and progress toward completion of revenue contracts as a critical audit matter. These elements require management to make significant estimates and assumptions. Total estimated costs to complete projects include various costs such as direct labor, material and subcontract costs. Changes in these estimates can have a significant impact on the revenue recognized each period. Auditing these elements involved auditor judgment in evaluating the reasonableness of management’s assumptions and estimates over the duration of these contracts.

The primary procedures we performed to address this critical audit matter included:

•

Testing the design, implementation and operating effectiveness of certain controls related to estimated costs to complete, including controls over: (i) development of project estimates and review of key cost inputs, (ii) ongoing assessment and revisions to project estimates, and (iii) ongoing review of project status including nature of activities to complete open projects.   

•

Evaluating the reasonableness of a sample of project estimates for projects completed during the year through a retrospective review against actual performance at project completion.   

•

Assessing the reasonableness of the estimated costs to complete for a sample of open projects through: (i) evaluating the reasonableness of project budgets and the nature of costs required to complete open projects, (ii) assessing the status of completion of respective projects through testing of a sample of project costs incurred to date, (iii) evaluating the reasonableness of project status by performing inquiries of project managers, confirming with subcontractors and assessing the nature of activities required to complete open projects, and (iv) performing retrospective review for open projects and investigating budget to actual variances (if any).   

•

Assessing the reasonableness of changes in estimated costs to complete for a sample of contracts during the year and investigating reasons for changes in expected costs and project margins.  

/s/ BDO USA, LLP

 

 

 

 

We have served as the Company's auditor since 2018.

 

Certified Public Accountants

 

 

Miami, Florida

 

 

 

 

September 13, 2021

 

 

EVI Industries, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

ASSETS

 

 

 

 

 

 

June 30, 2021

 

June 30, 2020

Current assets

 

 

 

 

 

 

 

 

Cash

 

$

6,057

 

 

$

9,789

 

Accounts receivable, net of allowance for doubtful accounts

 

 

28,904

 

 

 

23,042

 

Inventories, net

 

 

25,129

 

 

 

24,063

 

Vendor deposits

 

 

367

 

 

 

1,276

 

Contract assets

 

 

347

 

 

 

3,443

 

Other current assets

 

 

4,419

 

 

 

3,041

 

Total current assets

 

 

65,223

 

 

 

64,654

 

 

 

 

 

 

 

 

 

 

Equipment and improvements, net

 

 

10,594

 

 

 

7,992

 

Operating lease assets

 

 

7,060

 

 

 

5,311

 

Intangible assets, net

 

 

23,677

 

 

 

21,754

 

Goodwill

 

 

63,881

 

 

 

56,678

 

Other assets

 

 

7,415

 

 

 

4,329

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

177,850

 

 

$

160,718

 

The accompanying notes are an integral part of these consolidated financial statements.

EVI Industries, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

June 30, 2021

 

June 30, 2020

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

26,227

 

 

$

24,292

 

Accrued employee expenses

 

 

7,528

 

 

 

4,764

 

Customer deposits

 

 

10,344

 

 

 

8,511

 

Contract liabilities

 

 

3,232

 

 

 

558

 

Current portion of long-term debt

 

 

-

 

 

 

2,680

 

Current portion of operating lease liabilities

 

 

2,131

 

 

 

1,672

 

Total current liabilities

 

 

49,462

 

 

 

42,477

 

 

 

 

 

 

 

 

Deferred income taxes, net

 

 

4,208

 

 

 

1,728

 

Long-term operating lease liabilities

 

 

5,567

 

 

 

3,657

 

Long-term debt, net

 

 

11,873

 

 

 

25,030

 

 

 

 

 

 

 

 

Total liabilities

 

 

71,110

 

 

 

72,892

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 17)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

Preferred stock, $1.00 par value; authorized shares – 200,000; none issued and outstanding

 

 

-

 

 

 

-

 

Common stock, $.025 par value; authorized shares – 20,000,000; 12,399,137 shares issued at June 30, 2021 and 12,029,910 shares issued at June 30, 2020, including shares held in treasury

 

 

310

 

 

 

301

 

Additional paid-in capital

 

 

90,501

 

 

 

79,127

 

Retained earnings

 

 

18,794

 

 

 

10,410

 

Treasury stock, 120,706 shares, at cost, at June 30, 2021 and 95,396 shares, at cost, at June 30, 2020

 

 

(2,865

)

 

 

(2,012

)

Total shareholders’ equity

 

 

106,740

 

 

 

87,826

 

Total liabilities and shareholders’ equity

 

$

177,850

 

 

$

160,718

 

The accompanying notes are an integral part of these consolidated financial statements.

EVI Industries, Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

For the year ended June 30,

 

 

2021

 

2020

Revenues

 

$

242,005

 

 

$

235,802

 

Cost of sales

 

 

182,165

 

 

 

180,595

 

Gross profit

 

 

59,840

 

 

 

55,207

 

Selling, general and administrative expenses

 

 

56,594

 

 

 

52,427

 

Operating income

 

 

3,246

 

 

 

2,780

 

Debt forgiveness

6,963

-

Interest and other (expense), net

 

 

(321

)

 

 

(1,432

)

Income before provision for income taxes

 

 

9,888

 

 

 

1,348

 

Provision for income taxes

 

 

1,504

 

 

 

573

 

 

 

 

 

 

 

 

 

 

Net income

 

$

8,384

 

 

$

775

 

 

 

 

 

 

 

 

 

 

Net earnings per share – basic

 

$

0.63

 

 

$

0.06

 

 

 

 

 

 

 

 

 

 

Net earnings per share – diluted

 

$

0.61

 

 

$

0.06

 

The accompanying notes are an integral part of these consolidated financial statements.

EVI Industries, Inc. and Subsidiaries

Consolidated Statements of Shareholders’ Equity

(In thousands, except share data)

Common

Stock

Additional

Related to

 

 

Common Stock

 

Paid-in

 

Treasury Stock

 

Retained

 

Acquiree’s

 

 

 

 

Shares

Amount

Capital

Shares

Cost

Earnings

ESOP

Total

Balance at June 30, 2019

 

 

11,825,615

 

 

$

296

 

 

$

73,010

 

 

 

72,934

 

 

$

(1,439

)

 

$

9,635

 

 

$

(4,240

)

 

$

77,262

 

 

Share repurchases

 

 

-

 

 

 

-

 

 

 

-

 

 

22,462

 

 

 

(573

)

 

 

-

 

 

 

-

 

 

 

(573

)

 

Vesting of restricted shares

 

 

55,803

 

 

 

1

 

 

 

(1

)

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

Issuances of shares under employee stock purchase plan

 

 

2,216

 

 

 

-

 

 

 

50

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

50

 

 

Issuances of shares in connection with acquisitions

 

 

132,726

 

 

 

4

 

 

 

3,766

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,240

 

 

8,010

 

 

Stock compensation

 

 

13,550

 

 

 

-

 

 

 

2,302

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,302

 

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

775

 

 

 

-

 

 

 

775

 

Balance at June 30, 2020

 

 

12,029,910

 

 

301

 

 

79,127

 

 

 

95,396

 

 

(2,012

)

 

10,410

 

 

-

 

87,826

 

 

Share repurchases

 

 

-

 

 

 

-

 

 

 

-

 

 

25,310

 

 

 

(853

)

 

 

-

 

 

 

-

 

 

 

(853

)

 

Vesting of restricted shares

 

 

77,624

 

 

 

2

 

 

 

(2

)

 

 

-

 

 

 

-

 

 

-

 

 

 

-

 

 

 

-

 

Issuances of shares under employee stock purchase plan

 

 

2,492

 

 

 

-

 

 

 

69

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

69

 

 

Issuances of shares in connection with acquisitions

 

 

289,111

 

 

 

7

 

 

 

8,870

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

8,877

 

 

Stock compensation

 

 

-

 

 

 

-

 

 

 

2,437

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,437

 

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8,384

 

 

 

-

 

 

 

8,384

 

Balance at June 30, 2021

 

 

12,399,137

 

 

$

310

 

 

$

90,501

 

 

 

120,706

 

 

$

(2,865

)

 

$

18,794

 

 

$

-

 

$

106,740

 

The accompanying notes are an integral part of these consolidated financial statements.

EVI Industries, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

Years ended June 30,

 

2021

 

2020

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

8,384

 

 

$

775

 

Adjustments to reconcile net income to net cash provided (used) by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,596

 

 

 

3,696

 

Amortization of debt discount

 

 

55

 

 

 

55

 

Provision for bad debt expense

 

 

326

 

 

 

497

 

Non-cash lease expense

 

 

55

 

 

 

18

 

Share-based compensation

 

 

2,437

 

 

 

2,302

 

Inventory reserve

 

 

116

 

 

 

49

 

Provision (benefit) for deferred income taxes

 

 

1,593

 

 

(178

)

Debt forgiveness

(6,963

)

-

Other

 

 

(230

)

 

 

(109

)

(Increase) decrease in operating assets:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(4,481

)

 

 

8,121

Inventories

 

 

665

 

 

3,969

Vendor deposits

 

 

909

 

 

(873

)

Contract assets

 

 

3,096

 

 

(956

)

Other assets

 

 

(2,191

)

 

 

(356

)

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 

(798

)

 

 

5,568

 

Accrued employee expenses

 

 

2,200

 

 

(474

)

Customer deposits

 

 

1,251

 

 

1,258

Contract liabilities

 

 

2,674

 

 

(296

)

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

 

13,694

 

 

23,066

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(2,824

)

 

 

(3,375

)

Cash paid for acquisitions, net of cash acquired

 

 

(4,818

)

 

 

(1,379

)

 

 

 

 

 

 

 

 

 

Net cash used by investing activities

 

 

(7,642

)

 

 

(4,754

)

Financing activities:

 

 

 

 

 

 

 

 

Proceeds from borrowings

 

 

53,500

 

 

 

24,892

 

Debt repayments

 

 

(62,500

)

 

 

(37,930

)

Repurchases of common stock in satisfaction of employee tax withholding obligations

 

 

(853

)

 

 

(573

)

Issuances of common stock under employee stock purchase plan

 

 

69

 

 

 

50

 

 

 

 

 

 

 

 

 

 

Net cash used by financing activities

 

 

(9,784

)

 

 

(13,561

)

Net (decrease) increase in cash

 

 

(3,732

)

 

 

4,751

 

Cash at beginning of year

 

 

9,789

 

 

 

5,038

 

 

 

 

 

 

 

 

 

 

Cash at end of year

 

$

6,057

 

 

$

9,789

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

511

 

 

$

1,475

 

Cash paid for income taxes

 

$

505

 

 

$

345

 

Supplemental disclosure of non-cash financing activities

 

 

 

 

 

 

 

 

Common stock issued for acquisitions

 

$

8,877

 

 

$

3,770

 

Forgiveness of PPP Loans

$

6,963

$

-

Forgiveness of PPP Loan in connection with the YES acquisition

 

$

916

 

 

$

-

 

The accompanying notes are an integral part of these consolidated financial statements.

EVI Industries, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

1. General

Nature of Business

EVI Industries, Inc., formerly EnviroStar, Inc., indirectly through its subsidiaries (EVI Industries, Inc. and its subsidiaries, collectively, the “Company”), is a value-added distributor, and provides advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services.

The Company’s customers include government, institutional, industrial, commercial and retail customers. Product purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems. The Company also provides its customers with the services described above.

The Company reports its results of operations through a single operating and reportable segment.

“Buy-and-Build” Growth Strategy

Beginning in 2015, the Company implemented a “buy-and-build” growth strategy. The Company’s acquisitions under its “buy-and-build” growth strategy since its implementation in 2015 include, without limitation, those described below.

•

On October 10, 2016, the Company purchased substantially all of the assets of Western State Design, LLC, a California-based company, for a purchase price consisting of $18.5 million in cash and 2,044,990 shares of the Company’s common stock.  

•

On October 31, 2017, the Company purchased substantially all of the assets of Tri-State Technical Services, Inc., a Georgia-based company, for a purchase price consisting of approximately $7.95 million in cash and 338,115 shares of the Company’s common stock.  

•

On February 9, 2018, the Company purchased substantially all of the assets of Dallas-based companies, Zuf Acquisitions I LLC (d/b/a/ AAdvantage Laundry Systems) and Sky-Rent LP, for total consideration of approximately $20.4 million, consisting of approximately $8.1 million in cash and 348,360 shares of the Company’s common stock.  

•

On September 12, 2018, the Company purchased substantially all of the assets of Scott Equipment, Inc., a Houston-based company, for approximately $6.5 million in cash and 209,678 shares of the Company’s common stock.  

•

On February 5, 2019, the Company acquired PAC Industries Inc. (“PAC”), a Pennsylvania-based company, for approximately $6.4 million in cash and 179,847 shares of the Company’s common stock.  

•

On November 3, 2020, the Company acquired Yankee Equipment Systems, LLC (“YES”), a New Hampshire-based company, for approximately $5.3 million in cash and 278,385 shares of the Company’s common stock.  

The acquired companies distribute commercial, industrial, and vended laundry products and provide installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. Each acquisition was effected by the Company through a separate wholly-owned subsidiary formed by the Company for the purpose of effecting the transaction, whether by an asset purchase or merger, and operating the acquired business following the transaction. In connection with each transaction, the Company, indirectly through its applicable wholly-owned subsidiary, also assumed certain of the liabilities of the acquired business.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The financial position, including assets and liabilities, and results of operations of the acquired businesses following the respective closing dates of the acquisitions are included in the Company’s consolidated financial statements.

See Note 3 for additional information about the acquisitions of YES and PAC and the other acquisitions consummated by the Company during fiscal 2020 and fiscal 2021.

Impact of COVID-19 Pandemic

The COVID-19 pandemic has been, and continues to be, an unprecedented disruption in the economy and has negatively impacted, and may continue to negatively impact, the Company’s business and results. Specifically, beginning at the end of the quarter ended March 31, 2020, the COVID-19 pandemic and accompanying economic disruption caused delays and declines in the placement of customer orders, the completion of equipment and parts installations, and the fulfillment of parts orders. The COVID-19 pandemic, while showing initial signs of recovery earlier in fiscal 2021 has recently had a resurgence with the increased presence and spread of the Delta variant. Accordingly, the adverse impact of the COVID-19 pandemic is expected to continue in the near-term and possibly longer, including, without limitation, if the pandemic increases in size and scope, its duration is prolonged, or, among other matters related thereto, additional governmental actions, including, without limitation, business restrictions, are imposed. In response to the economic and business disruption caused by the COVID-19 pandemic during 2020, the Company took actions to reduce costs and spending across the organization, including changes to inventory stock levels, renegotiating payment terms with suppliers, and reducing hiring activities. The Company continues to actively monitor the COVID-19 pandemic and may take further actions, including those that may alter business operations, if required by federal, state, local or foreign authorities or otherwise determined to be advisable by management.

As of the date of this Annual Report on Form 10-K, significant uncertainty exists concerning the magnitude of the impact and duration of the COVID-19 pandemic. Factors arising from the COVID-19 pandemic that have impacted, or may negatively impact, the Company’s business and results, including sales and gross margin, in the future include, but are not limited to: potential limitations on the ability of suppliers to manufacture, or the Company’s ability to procure from manufacturers, the products the Company sells, or to meet delivery requirements and commitments; limitations on the ability of the Company’s employees to perform their work due to impacts caused by the pandemic or local, state, federal or foreign orders that may restrict the Company’s operations or the operations of its customers, or require that employees be quarantined; limitations on the ability of carriers to deliver products to the Company’s facilities and customers; adverse impacts of the pandemic on certain industries and customers of the Company which operate in those industries, including the hospitality industry; and potential decreased demand for products and services, including potential limitations on the ability of, or adverse changes in the desire of, the Company’s customers to conduct their business, purchase products and services and pay for purchases on a timely basis or at all.

The situation surrounding the COVID-19 pandemic remains fluid and highly uncertain. The Company is unable to determine or predict the nature, duration, or scope of the overall impact that the COVID-19 pandemic will have on the Company’s business, results of operations, liquidity, or financial condition, as such impact will depend in large part on future developments, including the severity and duration of the pandemic (including the Delta variant and any other future variants) and government and other actions taken in response thereto, all of which are highly uncertain. Further, even after the COVID-19 pandemic subsides, the Company may continue to experience adverse impacts to its business as a result of, among other things, any adverse impact that has occurred or may occur in the future in the economy or markets generally, and changes in customer or supplier behavior.

As a precautionary measure in order to increase its cash position and preserve financial flexibility in light of the uncertainties resulting from the COVID-19 pandemic, during May 2020, the Company and certain of its subsidiaries received a total of twelve PPP Loans in the aggregate principal amount of approximately $6.9 million. During the fourth quarter of fiscal 2021, the Company was notified by Fifth Third Bank, N.A., the lender with respect to the PPP Loans, that all twelve of the PPP Loans were fully forgiven. See Note 14, “Debt,” for further discussion regarding the PPP Loans.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of EVI Industries, Inc. and its subsidiaries, all of which are wholly-owned. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company recognizes revenue when a sales arrangement with a customer exists (sales contract, purchase or sales order, or other indication of an arrangement), the transaction price is fixed and determinable, and the Company has satisfied the performance obligation(s) per the sales arrangement.

Performance Obligations and Revenue Over Time

Revenue primarily consists of revenues from the sale or leasing of commercial and industrial laundry and dry cleaning equipment and steam and hot water boilers manufactured by others; the sale of related replacement parts and accessories; and the provision of installation and maintenance services. The Company generates revenue primarily from the sale of equipment and parts to customers. Therefore, the majority of the Company’s contracts are short-term in nature and have a single performance obligation (to deliver products), which is satisfied when control of the product is transferred to the customer. Other contracts contain a combination of equipment sales with a service such as connection of the equipment, which is expected to be performed in the near-term. Such services are distinct and accounted for as separate performance obligations. Significant judgment may be required by management to identify the distinct performance obligations within each contract. Revenue is recognized on these contracts when control transfers to the Company’s customers via shipment of products or provision of services and the Company has the right to receive consideration for these products and services. Additionally, from time to time, the Company enters into longer-termed contracts which provide for the sale of equipment by the Company and the provision by the Company of related installation and construction services. The installation on these types of contracts is usually completed within six to twelve months. The Company recognizes a portion of its revenue over time using the cost-to-cost measure of progress, which measures a contract’s progress toward completion based on the ratio of actual contract costs incurred to date to the Company’s estimated costs at completion. Significant judgment may be required by management in the cost estimation process for these contracts, which is based on the knowledge and experience of the Company’s project managers, subcontractors and financial professionals. Changes in job performance and job conditions are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s revenue recognition. The determination of the total estimated cost and progress toward completion requires management to make significant estimates and assumptions. Total estimated costs to complete projects include various costs such as direct labor, material and subcontract costs. Changes in these estimates can have a significant impact on the revenue recognized each period. From time to time, the Company also enters into maintenance contracts and ad hoc maintenance and installation service contracts. These longer-term contracts, and maintenance and service contracts have a single performance obligation where revenue is recognized over time using the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer.

The Company measures revenue, including shipping and handling fees charged to customers, as the amount of consideration it expects to be entitled to receive in exchange for its goods or services, net of any taxes collected from customers and subsequently remitted to governmental authorities. Costs associated with shipping and handling activities performed after the customer obtains control are accounted for as fulfillment costs and are not promised services that have to be further evaluated under revenue recognition standards.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Revenue from products transferred to customers at a point in time include commercial and vended laundry parts and equipment sales and accounted for approximately 82% of the Company’s revenue for the fiscal year ended June 30, 2021 and 87% of the Company’s revenue for the fiscal year ended June 30, 2020. Revenue from products transferred to customers at a point in time is recognized when obligations under the terms of the contract with the Company’s customer are satisfied, which generally occurs with the transfer of control upon shipment.

The Company’s products are typically sold with a manufacturer’s warranty. Accordingly, warranty expense and product returns have not been significant.

Revenues that are recognized over time include (i) longer-termed contracts that include equipment purchase with installation and construction services, (ii) maintenance contracts, and (iii) service contracts. Revenue from products and services that are recognized over time accounted for approximately 18% of the Company’s revenue for the fiscal year ended June 30, 2021 and 13% of the Company’s revenue for the fiscal year ended June 30, 2020.

Contract Assets and Liabilities

Contract assets and liabilities are presented in the Company’s consolidated balance sheets. Contract assets consist of unbilled amounts resulting from sales under longer-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. As noted above, the cost estimation process for these contracts may require significant judgment by management. The Company typically receives progress payments on sales under longer-term contracts as work progresses, although for certain contracts, the Company may be entitled to receive an advance payment. Contract assets also include retainage. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount (generally, from 5% to 20% of contract billings) until final contract settlement. Retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Contract liabilities consist of advanced payments, billings in excess of costs incurred and deferred revenue.

Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

2021

2020

 

Costs incurred on uncompleted contracts

$

26,833

$

17,019

Estimated earnings

3,697

1,580

Less: billings to date

(33,615

)

(16,637

)

Retainage

200

923

Ending balance

$

(2,885

)

$

2,885

These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands):

June 30,

2021

2020

Contract assets

$

347

$

3,443

Contract liabilities

(3,232

)

(558

)

Ending balance

$

(2,885

)

$

2,885

Contract liabilities are generally associated with contracts with durations of less than one year. Accordingly, such amounts are expected to be realized during the subsequent year.

The Company does not account for significant financing components if the period between the time when the transfer of the product or service to the customer occurs and when the customer pays for that service or product will be one year or less. The Company does not disclose the value of remaining performance obligations for contracts with an original expected period of one year or less or performance obligations for which the Company recognizes revenue at the amount that it has the right to invoice for services performed.

Goodwill

Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net assets acquired in a business combination. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit's carrying value is compared to its fair value. If the fair value is determined to be less than the carrying value, a second step is performed to measure the amount of impairment loss. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit and involves uncertainty because management must use judgment in determining appropriate assumptions to be used in the measurement of fair value. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Accounts Receivable

Accounts receivable are customer obligations due under what management believes to be customary trade terms. Invoices are typically due upon receipt, however, the Company may grant extended payment terms, typically 30 days, for certain customers. The Company sells its products primarily to hospitals, nursing homes, government institutions, laundry plants, hotels, motels, vended laundry facilities and distributors and dry cleaning stores and chains. The Company performs continuing credit evaluations of its customers’ financial condition and depending on the terms of credit, the amount of the credit granted and management’s history with a customer, the Company may require the customer to grant a security interest in the purchased equipment as collateral for the receivable. Management reviews accounts receivable on a regular basis to determine whether it is probable that any amounts are impaired. The Company includes any balances that are deemed probable to be impaired in its overall allowance for doubtful accounts. The provision for doubtful accounts is recorded in selling, general and administrative expenses in the consolidated statements of operations. If customary attempts to collect a receivable are not successful, the receivable is then written off against the allowance for doubtful accounts. The Company’s allowance for doubtful accounts was $1.0 million at June 30, 2021 and $820,000 at June 30, 2020. Actual write-offs may vary from the recorded allowance.

Cash

The Company has not experienced any losses in its cash accounts and believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Inventories

Inventories consist principally of equipment inventories and spare part inventories. Equipment inventories are valued at the lower of cost, determined on the specific identification method, or net realizable value. Spare part inventories are valued at the lower of average cost or net realizable value. Lower of cost or net realizable value adjustments are recorded in cost of goods sold in the consolidated statement of operations.

Equipment, Improvements and Depreciation

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on straight-line methods over useful lives of five to seven years for furniture and equipment and the shorter of ten years or the remaining lease term (including renewal periods that are deemed reasonably assured) for leasehold improvements. Depreciation and amortization of property and equipment is included in selling, general and administrative expenses in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred.

Software Capitalization

The Company capitalizes certain costs related to the acquisition and development of internal use software, including implementation costs incurred in a cloud computing arrangement, during the application development stages of projects. The Company amortizes these costs using the straight-line method over the estimated useful life of the software, typically seven years. Costs incurred during the preliminary project or the post-implementation/operation stages of the project are expensed as incurred. Capitalized computer software, included as a component of equipment and improvements, net in the accompanying consolidated balance sheets, net of accumulated amortization, was $343,000 and $152,000 at June 30, 2021, and 2020, respectively. Computer software amortization expense was $29,000 in fiscal 2021. There was no related amortization expense in fiscal 2020. Amortization of capitalized software is included in selling, general and administrative expenses in the consolidated statements of operations.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Customer-Related Intangibles, Tradenames and Other Intangible Assets

Finite-lived intangibles are amortized over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized. Customer-related intangibles, non-compete, and other finite-lived intangible assets are stated at cost less accumulated amortization, and are amortized on a straight-line basis over the estimated future periods to be benefited (5-10 years). The estimates of fair value of the Company’s indefinite-lived intangibles and long-lived assets are based on information available as of the date of the assessment and takes into account management’s assumptions about expected future cash flows and other valuation techniques. Amortization of finite-lived intangibles is included in selling, general and administrative expenses in the consolidated statements of operations. The Company also evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment.

Asset Impairments

The Company periodically reviews the carrying amounts of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If an asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of their carrying amount or fair value less estimated costs to sell. The Company has concluded that there was no impairment of long-lived assets in the fiscal year ended June 30, 2021 or the fiscal year ended June 30, 2020.

Estimates

The preparation of consolidated financial statements in conformity with GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates on an ongoing basis. Estimates which may be particularly significant to the Company’s consolidated financial statements include those relating to the determination of impairment of assets (including goodwill and intangible assets), the useful life of property and equipment, net realizable value of inventory, the residual value of leased equipment, the recoverability of deferred income tax assets, allowances for doubtful accounts, intangible assets, estimates to complete on contracts where revenue is recognized over time, the carrying value of inventories and long-lived assets, the timing of revenue recognition, and sales returns and allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the recognition of revenues and expenses and the carrying value of assets and liabilities that are not readily apparent from other sources. Assumptions and estimates may, however, prove to have been incorrect, and actual results may differ from these estimates.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Earnings Per Share

The Company computes earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of the Company’s common stock subject to unvested restricted stock awards are considered participating securities because these awards contain a non-forfeitable right to dividends paid prior to forfeiture of the restricted stock, if any, irrespective of whether the awards ultimately vest. During fiscal 2021 and fiscal 2020, the Company granted restricted stock awards of 8,624 and 187,169 shares, respectively, and 204,014 and 28,110 restricted stock units, respectively, under the EVI Industries, Inc. 2015 Equity Incentive Plan, as amended (see Note 20). During fiscal 2020, the Company also granted stock awards (not subject to forfeiture) of 13,550 shares of the Company’s common stock (5,262 of which shares were withheld to satisfy tax withholding obligations). Shares of restricted stock are deemed to constitute a second class of stock for accounting purposes. Basic and diluted earnings per share for fiscal 2021 and fiscal 2020 are computed as follows (in thousands, except per share data):

 

 

For the years

ended June 30,

 

 

2021

 

2020

 

 

 

 

 

Net income

 

$

8,384

 

 

$

775

 

Less: distributed and undistributed income allocated to non-vested restricted common stock

 

 

731

 

 

 

62

 

Net income allocated to EVI Industries, Inc. shareholders

 

$

7,653

 

 

$

713

 

Weighted average shares outstanding used in basic earnings per share

 

 

12,142

 

 

 

11,841

 

 

 

 

 

 

 

 

 

 

Dilutive common share equivalents

 

 

436

 

 

 

330

 

Weighted average shares outstanding used in dilutive earnings per share

 

 

12,578

 

 

 

12,171

 

Basic earnings per share

 

$

0.63

 

 

$

0.06

 

Diluted earnings per share

 

$

0.61

 

 

$

0.06

 

At June 30, 2021, other than 866,970 unvested shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 306,202 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive. At June 30, 2020, other than 735,040 shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 307,790 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive.

Supplier Concentration

The Company purchases laundry, dry cleaning equipment, boilers and other products from a number of manufacturers and suppliers. Purchases from three manufacturers accounted for a total of approximately 62% of the Company’s purchases for fiscal 2021 and 63% of the Company’s purchases for fiscal 2020.

Advertising Costs

The Company expenses the cost of advertising as of the first date an advertisement is run. The Company incurred approximately $435,000 and $377,000 of advertising costs for fiscal 2021 and fiscal 2020, respectively, which are included in selling, general and administrative expenses in the consolidated statements of operations.

Shipping and Handling

Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in selling, general and administrative expenses.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Fair Value of Certain Current Assets and Current Liabilities

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs used to measure fair value are as follows:

•

Level 1 - Quoted prices in active markets for identical assets and liabilities.  

•

Level 2 - Observable inputs other than quoted prices included in Level 1. This includes dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.  

•

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes discounted cash flow methodologies and similar techniques that use significant unobservable inputs.  

The Company has no assets or liabilities that are adjusted to fair value on a recurring basis. The Company did not have any assets or liabilities measured at fair value on a nonrecurring basis during fiscal 2021 or fiscal 2020, except for certain assets acquired and liabilities assumed in a business combination (as described in Note 3).

The Company’s cash, accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximated estimated fair value, using Level 1 inputs. Cash is maintained with various high-quality financial institutions and have original maturities of three months or less. Accounts receivable and accounts payable approximate their fair value due to the short term nature of such accounts. The fair value of the Company’s indebtedness was estimated using Level 2 inputs based on quoted prices for those or similar debt instruments using applicable interest rates as of June 30, 2021 and approximated the carrying value of such debt because it accrues interest at variable rates that are repriced frequently. This approximates fair value based on the variable interest rate.

Customer Deposits

Customer deposits represent advances paid by customers when placing orders for equipment with the Company.

Net Investment in Sales Type Leases

The Company derives a portion of its revenue from leasing arrangements. Such arrangements provide for monthly payments covering the equipment sales, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, the equipment sale is recognized upon delivery of the system and acceptance by the customer. Upon the recognition of revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term.

Income Taxes

The Company recognizes income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is determined that it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Judgment is required in developing the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowances that might be required against the deferred tax assets. Management evaluates the Company’s ability to realize its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it believes that it is more likely than not that the asset will not be realized. There were no valuation allowance adjustments during fiscal 2021 or fiscal 2020.

The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately reflect actual outcomes. The Company does not believe that there are any material unrecognized tax benefits as of June 30, 2021 or 2020 related to tax positions taken on its income tax returns. The Company’s policy is to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and general and administrative expense, respectively, in the consolidated statements of operations.

The CARES Act, among its other provisions, includes tax provisions relating to refundable payroll tax credits, deferral of employer’s social security payments, net operating loss (“NOL”) utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property (QIP), and financing options. With the exception of the forgiveness of debt from the PPP Loans initiated under the CARES Act, the Company’s income tax provision for fiscal 2021 and fiscal 2020 was not materially impacted by the provisions of the CARES Act.

Leases

Adoption of New Lease Standard

On July 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases (Topic 842) (“ASC 842”), which, among other things, requires lessees to recognize substantially all leases on their balance sheets and disclose certain additional key information about leasing arrangements. The new standard establishes a right of use (“ROU”) model that requires a lessee to recognize a ROU asset and liability on the balance sheet for all leases with a term longer than 12 months. Leases are required to be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The Company adopted this standard using the modified retrospective transition approach, which requires a cumulative-effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption without restatement of prior periods. Therefore, the accompanying consolidated financial statements for fiscal 2021 and fiscal 2020 are presented under the new standard. There was no cumulative-effect adjustment recorded on July 1, 2019.

The Company elected the package of transition practical expedients for expired or existing contracts, which does not require reassessment of: (1) whether any of the Company's contracts are or contain leases, (2) lease classification and (3) initial direct costs.

The primary impact for the Company was the balance sheet recognition of ROU assets (operating lease assets) and lease liabilities for operating leases as a lessee. The adoption of ASC 842 did not have a material impact on the results of operations or cash flows of the Company. See Note 9, “Leases,” for further discussion regarding the Company’s adoption of the new lease accounting standard.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Recently Issued Accounting Guidance

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other specified instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method. ASU 2016-13 is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years (the fiscal year ending June 30, 2022 for the Company), with early adoption permitted. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. The provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which will eliminate certain exceptions to the existing guidance for income taxes related to the approach for intra-period tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This ASU also simplifies the accounting for income taxes by clarifying and amending existing guidance related to the effects of enacted changes in tax laws or rates in the effective tax rate computation, the recognition of franchise tax and the evaluation of a step-up in the tax basis of goodwill, among other clarifications. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and for interim periods within those fiscal years. The Company is currently evaluating the potential effects of this ASU; however, the Company does not expect that its adoption will have a material effect on its consolidated financial statements.

Management does not believe that other issued accounting standards and updates which are not yet effective will have a material impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption.

3. Acquisitions

YES Acquisition

On November 3, 2020, the Company acquired Yankee Equipment Systems, Inc. (“YES”), pursuant to a merger whereby YES merged with and into, and became, a wholly-owned subsidiary of the Company (the “YES Acquisition”). YES is a New Hampshire-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. This acquisition expanded the Company’s footprint in the Northeast region of the United States. The consideration paid by the Company in connection with the merger consisted of $5.3 million in cash and 278,385 shares of the Company’s common stock. The Company funded the cash consideration with borrowings under its credit facility. Fees and expenses related to the YES Acquisition, consisting primarily of legal and other professional fees, totaled approximately $144,000 and are classified as selling, general and administrative expenses in the Company’s consolidated statement of operations for the year ended June 30, 2021. The total purchase price for accounting purposes was $13.8 million, which included cash acquired of $792,000.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The YES Acquisition was treated for accounting purposes as a purchase of YES using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration in the YES Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The computation of the purchase price consideration and the preliminary allocation of the consideration to the net assets acquired are presented in the following tables (in thousands):

Purchase price consideration:

Cash consideration, net of cash acquired(a)

$

4,475

Stock consideration(b)

8,521

Total purchase price consideration, net of cash acquired

$

12,996

(a) Includes $5.3 million paid net of $792,000 of cash acquired.

(b) Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date.

Allocation of purchase price consideration:

Accounts receivable

$

1,482

Inventory

1,591

Other assets

1,812

Equipment and improvements

1,844

Intangible assets

3,800

Accounts payable and accrued expenses

(1,901

)

Accrued employee expenses

(534

)

Customer deposits

(525

)

Deferred tax liabilities

(887

)

Assumption of debt

(916

)

Total identifiable net assets

5,766

Goodwill

7,230

Total

$

12,996

The Company’s purchase price allocation set forth above is preliminary, as the Company is still evaluating certain working capital items in accordance with the purchase agreement.

Intangible assets consist of $1.6 million allocated to the Yankee Equipment Systems trade name and $2.2 million allocated to customer-related intangible assets. The Yankee Equipment Systems trade name is indefinite-lived and therefore not subject to amortization. The Yankee Equipment Systems trade name will be evaluated for impairment annually or more frequently if an event occurs or circumstances change that indicate it may be impaired, by comparing its fair value to its carrying amount to determine if a write-down to fair value is required. Customer-related intangible assets will be amortized over 10 years.

Goodwill is attributable primarily to the assembled workforce acquired, as well as benefits from the increased scale of the Company as a result of the YES Acquisition. The goodwill from the YES Acquisition is not deductible for income tax purposes.

ELS Acquisition

On January 15, 2021, the Company acquired Baystate Business Ventures d/b/a Eastern Laundry Systems (“ELS”), a Massachusetts-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. The acquisition was effected by the Company, indirectly through a wholly-owned subsidiary, which purchased substantially all of the assets and assumed certain of the liabilities of ELS. The total consideration for the transaction consisted of $400,000 in cash, net of $57,000 of cash acquired, and the issuance of 10,726 shares of the Company’s common stock. The Company funded the cash consideration for the acquisition with credit facility borrowings. The acquisition was treated for accounting purposes as a purchase of the acquired business using the acquisition method of accounting in accordance with ASC 805, Business Combinations, pursuant to which the consideration paid by the Company was allocated to the acquired assets and assumed liabilities, based on their respective fair values as of the closing date. Under ASC 805, if the fair value of the acquired net assets exceeds the purchase price, then a bargain purchase gain in the amount of such excess is recognized in the applicable condensed consolidated statement of operations. Based on the Company’s preliminary analysis of working capital and valuation-related items, the Company recognized a bargain purchase gain of $314,000 in connection with the acquisition of ELS, which is included as interest and other (expense), net in the consolidated statement of operations for the year ended June 30, 2021. The purchase price allocations are considered preliminary, as the Company is still assessing certain working capital and valuation-related items. Any change to the preliminary estimate of working capital and valuation-related items and the related deferred tax liability, if any, will be recognized as an adjustment to the bargain purchase gain.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Acquisitions During Fiscal 2020

During the fiscal year ended June 30, 2020, the Company completed the acquisitions of Professional Laundry Systems, LLC, which was acquired on August 1, 2019; Large Equipment, Inc. (d/b/a Laundry Systems of Tennessee) and TN Ozone, Inc. (d/b/a Premier Laundry Solutions and Premier Equipment Rental), which were acquired on January 31, 2020; and Commercial Laundry Equipment Company, Inc., which was acquired on February 28, 2020. The total consideration for these four transactions consisted of $1.6 million in cash, net of $192,000 of cash acquired, the assumption of $129,000 of long-term debt and the issuance of 132,726 shares of the Company’s common stock, with an aggregate grant date fair value of $3.8 million. The Company funded the cash consideration for each acquisition with credit facility borrowings. Each acquisition was treated for accounting purposes as a purchase of the acquired business using the acquisition method of accounting in accordance with ASC 805, Business Combinations, pursuant to which the consideration paid by the Company was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The Company has allocated a total of $2.1 million to goodwill, $680,000 to customer-related intangibles, and $410,000 to the respective trade names. Goodwill totaling $988,000 from certain of these acquisitions is expected to be amortized and deductible for tax purposes over 15 years. Goodwill is attributable primarily to the assembled workforces, as well as benefits from the increased scale of the Company as a result of these acquisitions.

PAC Acquisition

On February 5, 2019, the Company acquired PAC Industries Inc. (“PAC”) for approximately $6.4 million in cash and 179,847 shares of the Company’s common stock. As a portion of the stock consideration issued in connection with the acquisition, the Company transferred 114,634 shares to PAC’s ESOP. These shares were not permitted to be traded during the six-month period commencing on the closing date. Further, if a distribution event had occurred during such six-month period, then each participant would have had the option to require the Company to purchase such participant’s shares at fair market value. Due to the Company’s obligation under this put option, the distributed shares subject to the put option and the shares held by the ESOP were classified as temporary equity in the mezzanine section of the consolidated balance sheet as of the acquisition date. There were no distribution events during the six-month restriction period, which expired in August 2019. As a result, such shares are classified as permanent equity in the consolidated balance sheets as of June 30, 2020 and 2021.

Supplemental Pro Forma Results of Operations

The following unaudited supplemental pro forma information presents the results of operations of the Company, after giving effect to the acquisitions of YES and ELS as described above, as if the Company had completed each such transaction on July 1, 2019, using the estimated fair values of the assets acquired and liabilities assumed. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been if the transactions had occurred on the date assumed, nor are they indicative of future results of operations.

 

For the year ended June 30,

(in thousands)

 

2021

(Unaudited)

 

2020

(Unaudited)

Revenues

 

$

254,359

 

 

$

271,298

 

Net income

 

 

8,796

 

 

 

1,939

 

The Company’s consolidated results of operations for fiscal 2021 include total revenue of approximately $33.0 million and total net income of approximately $1.7 million attributable to businesses acquired during fiscal 2021 and 2020, based on the consolidated effective tax rate. The Company’s consolidated results of operations for fiscal 2020 include total revenue of approximately $8.1 million and total net income of approximately $94,000 attributable to businesses acquired during fiscal 2020, based on the consolidated effective tax rate. These results of acquired businesses do not include the effects of acquisition costs or interest expense associated with consideration paid for the related acquisitions.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

4. Interest and other (expense), net

Interest and other (expense), net for fiscal 2021 and 2020 are as follows (in thousands):

 

Fiscal 2021

 

Fiscal 2020

 

 

 

 

 

Bargain purchase gain

 

$

314

 

 

$

-

 

Interest (expense), net

 

 

(635

)

 

 

(1,432

)

Interest and other (expense), net

 

$

(321

)

 

$

(1,432

)

5. Accounts Receivable

Accounts receivable as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

 

2021

 

2020

 

 

 

 

 

Accounts receivable - trade

 

$

29,731

 

 

$

18,500

 

Contract receivables

 

 

200

 

 

 

5,362

 

 

 

 

29,931

 

 

 

23,862

 

Allowance for doubtful accounts

 

 

(1,027

)

 

 

(820

)

 

 

$

28,904

 

 

$

23,042

 

6. Inventories

Inventories as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Equipment and parts

$

25,601

$

24,402

Reserve

(472

)

(339

)

$

25,129

$

24,063

The Company established reserves of approximately $472,000 and $339,000 as of June 30, 2021 and 2020, respectively, against slow moving inventory.

7. Vendor Deposits

Vendor deposits represent advances made to the Company’s vendors for specialized inventory on order.

8. Other Current Assets

Other current assets as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Other receivables

$

564

$

209

Prepaid insurance

301

277

Net investments in sales type leases - current

884

762

Other current assets

2,670

1,793

$

4,419

$

3,041

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

9. Leases

Company as Lessee

The Company leases warehouse and distribution facilities and administrative office space, generally for terms of three to five years.

As described in Note 2, “Summary of Significant Accounting Policies” above, the Company adopted ASC Topic 842, Leases (“ASC 842” or “Topic 842”), utilizing the modified retrospective adoption method with an effective date of July 1, 2019. The Company made the election to not apply the recognition requirements in Topic 842 to short-term leases (i.e., leases of 12 months or less). Instead, as permitted by Topic 842, the Company recognizes the lease payments under its short-term leases in profit or loss on a straight-line basis over the lease term. The Company elected this accounting policy for all classes of underlying assets. In addition, in accordance with Topic 842, variable lease payments in the period in which the obligation for those payments is incurred are not included in the recognition of a lease liability or right-of-use asset.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, certain of the Company’s leases do not provide a readily determinable implicit rate. For such leases, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The Company uses instruments with similar characteristics when calculating its incremental borrowing rates.

The Company has options to extend certain of its operating leases for additional periods of time and the right to terminate several of its operating leases prior to their contractual expirations, in each case, subject to the terms and conditions of the lease. The lease term consists of the non-cancellable period of the lease and the periods covered by Company options to extend the lease when management considers it reasonably certain that the Company will exercise such options. The Company's lease agreements do not contain residual value guarantees. The Company has elected to not separate non-lease components from the associated lease component for all underlying classes of assets with lease and non-lease components.

As of June 30, 2021, the Company had 27 facilities, consisting of warehouse facilities and administrative offices, financed under operating leases with lease term expirations between 2021 and 2030. Rent expense consists of monthly rental payments under the terms of the Company’s lease agreements recognized on a straight-line basis.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The following table sets forth the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of June 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

Fiscal years ending

Maturity of

Operating Lease

Liabilities

(in thousands)

 

2022

$

2,326

2023

1,931

2024

1,052

2025

735

2026

585

Thereafter

1,692

Total lease payments

$

8,321

Less: amounts representing interest

623

Present value of lease liabilities

$

7,698

Less: current portion

2,131

Long-term portion

$

5,567

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The table below presents additional information related to the Company’s operating leases (in thousands):

Operating lease cost

Twelve months

ended June 30,

2021

Twelve months

ended June 30,

2020

 

Operating lease cost (1)

$

2,109

$

1,935

Short-term lease cost (1)

12

190

Variable lease cost (1)

351

177

Total lease cost

$

2,472

$

2,302

(1) Expenses are classified within selling, general and administrative expenses in the Company’s consolidated statement of operations for the years ended June 30, 2021 and 2020.

The table below presents lease-related terms and discount rates as of June 30, 2021 and 2020:

June 30, 2021

June 30, 2020

Weighted average remaining lease terms

Operating leases

5.4 years

4.0 years

Weighted average discount rate

Operating leases

2.9

%

3.5

%

The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the years ended June 30, 2021 and 2020 (in thousands):

Twelve months

ended

June 30, 2021

Twelve months

ended

June 30, 2020

Cash paid for amounts included in the measurement of lease liabilities:

$

2,109

$

1,935

Operating lease right-of-use assets obtained in exchange for operating lease liabilities:

$

3,649

$

1,366

Company as Lessor

The Company derives a portion of its revenue from equipment leasing arrangements. Such arrangements provide for monthly payments covering the equipment provided, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, revenue related to the provision of the equipment is recognized upon delivery of the equipment and its acceptance by the customer. Upon the recognition of such revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The future minimum lease payments receivable for sales type leases are as follows (in thousands):

Fiscal years ending June 30,

Total Minimum

Lease Payments

to be Received

Amortization of

Unearned

Income

Net Investment

in

Sales Type

Leases

 

2022

$

3,059

$

1,711

$

1,348

2023

2,407

1,316

1,091

2024

1,769

926

843

2025

1,135

573

562

2026

626

294

332

Thereafter

562

257

305

$

4,481

*

* Excludes non-guaranteed residual values of $2.2 million.

The total net investments in sales type leases, including stated residual values, as of June 30, 2021 and June 30, 2020 was $6.7 million and $3.9 million, respectively. The current portion of $0.9 million and $0.7 million is included in other current assets in the consolidated balance sheets as of June 30, 2021 and June 30, 2020, respectively, and the long term portion of $5.8 million and $3.2 million is included in other assets in the consolidated balance sheets as of June 30, 2021 and June 30, 2020, respectively.

10. Equipment and Improvements

Major classes of equipment and improvements as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

2021

2020

 

Furniture and equipment

$

9,023

$

5,099

Leasehold improvements

2,809

2,137

Vehicles

4,846

5,326

16,678

 

12,562

Accumulated depreciation and amortization

(6,084

)

(4,570

)

$

10,594

$

7,992

Depreciation and amortization of equipment and improvements amounted to approximately $2.7 million in fiscal 2021 and $2.0 million in fiscal 2020.

11. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows (in thousands):

Balance at June 30, 2019

54,501

Goodwill from fiscal 2020 acquisitions (as described in Note 3)

2,094

Other

83

Balance at June 30, 2020

$

56,678

Goodwill from YES Acquisition (as described in Note 3)

7,230

Working capital adjustments (1)

(27

)

Balance at June 30, 2021

63,881

(1) Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2020

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

 

Customer-related intangibles, tradenames and other intangible assets as of June 30, 2021 and 2020 consisted of the following (dollars in thousands):

June 30,

Estimated

Useful Lives

(in years)

2021

2020

 

Customer-related intangibles

8-10

$

18,237

$

16,037

Tradenames

Indefinite

11,155

9,555

Covenants not to compete

5

566

566

License agreements

10

529

529

Trademarks and patents

10-15

176

176

30,663

26,863

Accumulated amortization

(6,986

)

(5,109

)

$

23,677

$

21,754

Amortization expense was approximately $1.9 million in fiscal 2021 and $1.7 million in fiscal 2020, and is included in selling, general and administrative expenses in the consolidated statements of operations. Weighted average remaining estimated useful lives for customer-related intangibles, covenants not to compete, license agreements, and trademarks and patents were 7.0 years, 0.6 years, 0 years and 0 years, respectively.

Based on the carrying amount of intangible assets as of June 30, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization at the end of each fiscal year in the five-year period ending June 30, 2026 and thereafter is as follows (in thousands):

Fiscal years ending June 30,

 

 

2022

$

1,884

2023

1,841

2024

1,841

2025

1,837

2026

1,836

Thereafter

3,283

Total

$

12,522

12. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Accounts payable

$

20,665

$

18,888

Accrued expenses

4,376

4,572

Sales tax accruals

1,186

832

$

26,227

$

24,292

13. Income Taxes

The following are the components of income taxes (benefit) (in thousands):

Fiscal years ended June 30,

2021

2020

 

Current

Federal

$

(186

)

$

489

State

97

262

(89

)

751

 

Deferred

Federal

1,402

(37

)

State

191

(141

)

1,593

(178

)

$

1,504

$

573

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

 

The reconciliation of income tax expense computed at the federal statutory tax rate of 21% for the fiscal years ended June 30, 2021 and 2020 to the provision for income taxes is as follows (in thousands):

Fiscal years ended June 30,

2021

2020

 

Tax at the statutory rate

$

2,076

$

283

State income taxes, net of federal benefit

265

67

Nondeductible compensation

348

340

PPP Loan forgiveness

(1,462

)

-

Other

277

(117

)

$

1,504

$

573

 

Effective tax rate

15.2

%

42.5

%

Deferred income taxes reflect the net tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and the basis used for income tax purposes. Significant components of the Company’s current and noncurrent deferred tax assets and liabilities as of June 30, 2021 and 2020 were as follows (in thousands):

Fiscal years ended June 30,

2021

2020

 

Deferred tax assets:

Allowance for doubtful accounts

$

182

$

106

Inventory capitalization

353

385

Stock compensation

557

705

Accrued liabilities

605

221

Other

69

554

1,766

1,971

 

Deferred tax liabilities:

Goodwill

(2,974

)

(2,120

)

Depreciation

(1,533

)

(412

)

Intangible assets

(1,268

)

(1,167

)

Other

(199

)

-

(5,974

)

(3,699

)

Net deferred income tax (liabilities) assets

$

(4,208

)

$

(1,728

)

As of June 30, 2021, the Company was subject to potential federal and state tax examinations for the tax years including and subsequent to 2016.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

14. Debt

The Company’s long-term debt as of June 30, 2021 and 2020 was as follows (in thousands):

June 30,

2021

June 30,

2020

Revolving Line of Credit

$

12,000

$

21,000

PPP Loans

-

6,892

Less: unamortized discount and deferred financing costs

(127

)

(182

)

Total debt, net

11,873

27,710

Less: current maturities of long-term debt

-

(2,680

)

Total long-term debt

$

11,873

$

25,030

On November 2, 2018, the Company entered into a syndicated credit agreement (the “2018 Credit Agreement”) for a five-year revolving credit facility in the maximum aggregate principal amount of up to $100 million, with an accordion feature to increase the revolving credit facility by up to $40 million for a total of $140 million. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $5 million and for the issuance of standby letters of credit of up to a sublimit of $10 million.

Borrowings (other than swingline loans) under the 2018 Credit Agreement bear interest at a rate, at the Company’s election at the time of borrowing, equal to (a) LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. The 2018 Credit Agreement has a term of five years and matures on November 2, 2023.

The 2018 Credit Agreement contains certain covenants, including financial covenants requiring the Company to comply with maximum leverage ratios and minimum interest coverage ratios. The 2018 Credit Agreement also contains other provisions which may restrict the Company’s ability to, among other things, dispose of or acquire assets or businesses, incur additional indebtedness, make certain investments and capital expenditures, pay dividends, repurchase shares and enter into transactions with affiliates. At June 30, 2021, the Company was in compliance with its covenants under the 2018 Credit Agreement and $30.4 million was available to borrow under the revolving credit facility.

The obligations of the Company under the 2018 Credit Agreement are secured by substantially all of the assets of the Company and certain of its subsidiaries, and are guaranteed, jointly and severally, by certain of the Company’s subsidiaries.

On May 21, 2020, the Company and certain of its subsidiaries received a total of twelve loans (the “PPP Loans”) totaling approximately $6.9 million in principal amount from Fifth Third Bank, N.A. (the “Lender”) under the Paycheck Protection Program (the “PPP”). The proceeds of the PPP Loans were used primarily for payroll costs. During the fourth quarter of 2021, the Company was notified by the Lender that all twelve of the PPP Loans were fully forgiven. In accordance with ASC 405-20, Liabilities – Extinguishment of Liabilities, the Company recognized a gain of $7.0 million during fiscal 2021 in connection with the forgiveness of the PPP Loans and the related accrued interest.

The SBA reserves the right to audit any PPP loan, regardless of size. These audits may occur after the forgiveness has been granted. In accordance with the CARES Act, all borrowers are required to maintain their PPP loan documentation for six years after the loan was forgiven or repaid in full and to provide that documentation to the SBA upon request. The Company has not accrued any liability associated with any potential adverse determination of the forgiveness of the PPP Loans which may result from any audit the PPP Loans if the SBA disagrees with any position taken by management with respect to the loan or forgiveness processes.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

In addition to the PPP Loans obtained by the Company and certain of its subsidiaries during May 2020, in connection with the YES Acquisition during November 2020, the Company, indirectly through its wholly-owned subsidiary, also assumed the approximately $916,000 loan previously obtained by YES under the PPP. The terms and conditions of such PPP loan were substantially similar to those of the PPP Loans obtained by the Company and its other subsidiaries. Under the merger agreement related to the YES Acquisition, the Company was entitled to indemnification for any required repayment of the loan to YES under the PPP. During the quarter ended March 31, 2021, the loan to YES under the PPP was forgiven in full. The Company determined that the fair value of its right to indemnification was equal to the amount forgiven. Accordingly, the Company did not recognize any gain on the extinguishment of this debt.

15. Related Party Transactions

Certain of the Company’s subsidiaries lease warehouse and office space from one or more of the principals or former principals of the Company or its subsidiaries. These leases include the following:

The Company’s wholly-owned subsidiary, Steiner-Atlantic, leased 28,000 square feet of warehouse and office space from an affiliate of Michael S. Steiner, President of Steiner-Atlantic and a former director and officer of the Company, pursuant to a lease agreement dated November 1, 2014, as amended. The lease term was extended during January 2020 to run through October 31, 2020, on which date the lease expired. Monthly base rental payments under the lease were $12,000. In addition to base rent, Steiner-Atlantic was responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Payments under this lease totaled approximately $25,000 and $148,000 during fiscal 2021 and 2020, respectively.

On October 10, 2016, the Company’s wholly-owned subsidiary, Western State Design, entered into a lease agreement pursuant to which it leases 17,600 square feet of warehouse and office space from an affiliate of Dennis Mack, a director and Executive Vice President, Corporate Strategy of the Company, and Tom Marks, Executive Vice President, Business Development of the Company. Monthly base rental payments are $12,000 during the initial term of the lease. In addition to base rent, Western State Design is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under this lease totaled approximately $144,000 during each of fiscal 2021 and 2020. On September 10, 2021, the Audit Committee of the Company’s Board of Directors approved the exercise of the Company’s option to renew the lease for the first three-year renewal term. Base rent for the first renewal term will be $19,000 per month.

On October 31, 2017, the Company’s wholly-owned subsidiary, Tri-State Technical Services, entered into lease agreements pursuant to which it leases a total of 81,000 square feet of warehouse and office space from an affiliate of Matt Stephenson, President of Tri-State. Monthly base rental payments total $21,000 during the initial terms of the leases. In addition to base rent, Tri-State is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $252,000 during each of fiscal 2021 and 2020.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

On February 9, 2018, the Company’s wholly-owned subsidiary, AAdvantage Laundry Systems, entered into a lease agreement pursuant to which it leases a total of 5,000 square feet of warehouse and office space from an affiliate of Mike Zuffinetti, former Chief Executive Officer of AAdvantage. Monthly base rental payments are $3,950 during the initial term of the lease. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. During February 2018, AAdvantage entered into a month-to-month lease agreement with an affiliate of Mike Zuffinetti for a total of 17,000 square feet of warehouse and office space. Monthly base rental payments under this lease were $13,500. This month-to-month lease was terminated on October 31, 2018. In addition, on November 1, 2018, AAdvantage entered into a lease agreement pursuant to which it leases warehouse and office space from an affiliate of Mike Zuffinetti. Monthly base rental payments were $26,000 initially. Pursuant to the lease agreement, on January 1, 2019, the lease expanded to cover additional warehouse space and, in connection therewith, monthly base rental payments increased to $36,000. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under the leases described in this paragraph totaled approximately $481,000 during each of fiscal 2021 and 2020.

On September 12, 2018, the Company’s wholly-owned subsidiary, Scott Equipment, entered into lease agreements pursuant to which it leases a total of 18,000 square feet of warehouse and office space from an affiliate of Scott Martin, President of Scott Equipment. Monthly base rental payments total $11,000 during the initial terms of the leases. In addition to base rent, Scott Equipment is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $137,000 during each of fiscal 2021 and 2020.

On February 5, 2019, the Company’s wholly-owned subsidiary, PAC Industries, entered into two lease agreements pursuant to which it leases a total of 29,500 square feet of warehouse and office space from an affiliate of Frank Costabile, former President of PAC Industries, and Rocco Costabile, former Director of Finance of PAC Industries. Monthly base rental payments total $14,600 during the initial terms of the leases. In addition to base rent, PAC Industries is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of four years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $180,000 and $176,000 during fiscal 2021 and 2020, respectively.

On November 3, 2020, the Company’s wholly-owned subsidiary, Yankee Equipment Systems, entered into a lease agreement pursuant to which it leases a total of 12,500 square feet of warehouse and office space from an affiliate of Peter Limoncelli, President of Yankee Equipment Systems. Monthly base rental payments total $11,000 during the initial term of the lease. In addition to base rent, Yankee Equipment Systems is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of three years and provides for three successive three-year renewal terms at the option of the Company. Payments under this lease totaled approximately $92,000 during fiscal 2021.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

16. Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts and trade receivables. The Company maintains its cash at large financial institutions. At June 30, 2021, bank deposits exceeded Federal Deposit Insurance Corporation insured limits. The Company believes that concentrations of credit risk with respect to trade receivables are limited due to the Company’s large customer base. Also, based on the Company’s credit evaluation, trade receivables are often collateralized by the equipment sold. Sales to a federal government agency accounted for approximately 9% and 5% of the Company’s revenues for fiscal 2021 and 2020, respectively. Additionally, no single contract for a federal government facility or other contract accounted for more than 10% of the Company’s revenues for fiscal 2021 or 2020. As of June 30, 2021, there were no accounts receivable due from any individual entity which accounted for greater than 10% of the Company’s accounts receivable at June 30, 2021.

17. Commitments and Contingencies

From time to time in the ordinary course of business, certain of the Company’s contracts require the Company to provide performance and payment bonds related to projects in process. These bonds are intended to provide assurance to the customer that the Company will perform under the terms of the contract and that the Company will pay subcontractors and vendors. If the Company fails to perform under the contract or pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company is required to reimburse the surety for expenses or outlays it incurs. There were no outstanding performance and payment bonds at June 30, 2021 or 2020.

The Company may from time to time become subject to litigation and other legal proceedings. Litigation and other legal proceedings may require the Company to incur significant expenses, including those relating to legal and other professional fees. In addition, litigation and other legal proceedings are inherently uncertain, and adverse outcomes in litigation or other legal proceedings could adversely affect the Company’s financial condition, cash flows, and operating results.

18. Retirement Plan

The Company has participatory deferred compensation plans under which it matches half of employee contributions up to 6% of an eligible employee’s yearly compensation on a discretionary basis. In response to the ongoing COVID-19 pandemic, the Company reduced its match in fiscal 2021 to one quarter of employee contributions up to 6% of an eligible employee’s yearly compensation, with a limit of a match of 1% of an eligible employee’s yearly compensation. Employees are eligible to participate in the plans after one year of service. The Company contributed approximately $171,000 and $491,000 to the plans during fiscal 2021 and fiscal 2020, respectively. The plans are qualified plans under Section 401(k) of the Internal Revenue Code.

19. Shareholders’ Equity

No dividends were declared or paid during the years ended June 30, 2021 or 2020.

20. Equity Plan

Equity Incentive Plan

During 2015, the Company’s board of directors and stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). During December 2020, the Company’s stockholders approved an amendment to the Plan to increase the number of shares of the Company’s common stock authorized for issuance pursuant to awards granted under the Plan to 3,000,000 shares. The fair value of awards granted under the Plan is expensed on straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. Non-cash share-based compensation expense under the Plan totaled $2.4 million and $2.3 million for fiscal 2021 and fiscal 2020, respectively.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

During fiscal 2021, restricted stock awards and restricted stock units of a total of 8,624 shares and 204,014 shares, respectively, were granted under the Plan. A portion of the restricted stock awards is scheduled to vest ratably over four years and the remainder is scheduled to cliff vest on or about the five-year anniversary of the applicable grant date, subject, in the case of certain restricted shares, to accelerated vesting upon the achievement of certain specified performance goals. The total grant date fair value, determined by using the stock price on the date of grant, of such restricted stock awards was $264,000. A portion of the restricted stock units is scheduled to vest ratably over four years and the remainder is scheduled to vest in 4 to 41 years. The total grant date fair value of such restricted stock units was $6.3 million.

During fiscal 2020, restricted stock awards, restricted stock units and stock awards of a total of 187,169 shares, 28,110 shares and 13,550 shares, respectively, were granted under the Plan. A portion of the restricted stock awards is scheduled to vest ratably over four years and the remainder is scheduled to vest in 10 to 21 years, subject, in the case of certain restricted shares, to accelerated vesting upon the achievement of certain specified performance goals. The total grant date fair value, determined by using the stock price on the date of grant, of such restricted stock awards was $4.2 million. A portion of the restricted stock units is scheduled to vest ratably over four years and the remainder is scheduled to vest in 4 to 37 years. The total grant date fair value of such restricted stock units was $689,000. Stock awards relate to shares of the Company’s common stock issued under the Plan which are held by the recipient upon grant without any future risk of forfeiture. The total grant date fair value of such stock awards was $300,000.

During fiscal 2021, 77,624 shares of restricted stock vested and 25,310 shares of common stock with an aggregate fair market value of $853,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock. During fiscal 2020, 55,803 shares of restricted stock vested and 17,200 shares of common stock with an aggregate fair market value of $457,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock. As described above, during fiscal 2020, the Company also granted stock awards (not subject to forfeiture) of 13,550 shares of the Company’s common stock. 5,262 of such shares of common stock, which had an aggregate fair market value of $116,000 as of the grant date, were withheld in lieu of cash to satisfy tax withholding obligations in connection with the grant of the stock awards. As of June 30, 2021, the Company had $14.9 million and $7.1 million of total unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock awards and restricted stock units, respectively, which is expected to be recognized over the weighted-average period of 17.5 years and 11.2 years, respectively.

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The following is a summary of non-vested restricted stock activity as of, and for the fiscal year ended, June 30, 2021:

Restricted Stock Awards

Restricted Stock Units

Shares

Weighted-

Average Grant

Date Fair Value

Shares

Weighted-

Average Grant

Date Fair Value

Non-vested restricted stock outstanding at June 30, 2020

987,220

$

19.40

55,610

$

30.31

Granted

8,624

30.61

204,014

31.03

Vested

(75,093

)

18.05

(2,531

)

26.40

Forfeited

(1,492

)

33.53

(3,180

)

30.76

Non-vested restricted stock outstanding at June 30, 2021

919,259

$

19.59

253,913

$

30.92

Employee Stock Purchase Plan

During 2017, the Company’s board of directors and stockholders approved the Company’s 2017 Employee Stock Purchase Plan, which, subject to the terms of the plan, allows eligible employees the opportunity to purchase shares of the Company’s common stock at a 5% discount. The employee stock purchase plan provides for six-month offering periods ending on December 31 and June 30 of each year. During fiscal 2021, 2,492 shares of common stock were purchased under the Company’s employee stock purchase plan for which the Company received net proceeds of $69,000. During fiscal 2020, 2,216 shares of common stock were purchased under the Company’s employee stock purchase plan for which the Company received net proceeds of $50,000.

 

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Report, management of the Company, with the participation of the Company’s principal executive officer and principal financial officer, evaluated the effectiveness of the Company’s “disclosure controls and procedures” (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, the Company’s principal executive officer and principal financial officer concluded that, as of June 30, 2021, the Company’s disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and is accumulated and communicated to the Company’s management, including the Company’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

The Company’s management, including the Company’s principal executive officer and principal financial officer, does not expect that the Company’s disclosure controls and procedures and internal control over financial reporting will prevent all errors and improper conduct. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports or that the objectives of the control system will otherwise be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of improper conduct, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons or by the collusion of two or more people. Further, the design of any control system is based in part upon assumptions about the likelihood of future events, and there can be no assurance that any such design will succeed in achieving its stated goals under all potential future conditions.

Management’s Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate “internal control over financial reporting” (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act). “Internal control over financial reporting” means a process designed by, or under the supervision of, a company’s principal executive and principal financial officers, and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of the company’s management and directors, and (iii) provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the company’s financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, the projection of any evaluation of effectiveness to future periods is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

The Company’s management, with the participation of the Company’s principal executive officer and principal financial officer, evaluated the effectiveness of the Company’s internal control over financial reporting as of June 30, 2021. This evaluation was conducted using the criteria set forth by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission in the 2013 Internal Control – Integrated Framework. Based on its evaluation, the Company’s management concluded that the Company’s internal control over financial reporting was effective as of June 30, 2021.

Management has excluded Yankee Equipment Systems, LLC from its assessment of internal control over financial reporting as of June 30, 2021. This business was acquired by the Company during fiscal 2021, and management has not conducted an assessment of the internal control over financial reporting of this business. Total assets and revenues of YES represented 10% and 7%, respectively, of the related consolidated financial statement amounts of the Company as of, or for the fiscal year ended, June 30, 2021.

BDO USA, LLP (“BDO”), the Company’s independent registered public accounting firm, has audited the Company’s internal control over financial reporting as of June 30, 2021 and its report thereon is included herein.

Changes in Internal Control over Financial Reporting

During the quarter ended June 30, 2021, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Report of Independent Registered Public Accounting Firm

Shareholders and Board of Directors

EVI Industries, Inc.

Miami, Florida

Opinion on Internal Control over Financial Reporting

We have audited EVI Industries, Inc.’s, formerly EnviroStar, Inc. and Subsidiaries (the “Company’s”) internal control over financial reporting as of June 30, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2021, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of June 30, 2021, and 2020, the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the two years in the period ended June 30, 2021, and the related notes, and our report dated September 13, 2021 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Item 9A, Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of internal control over financial reporting in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

As indicated in the accompanying 9A, Management’s Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Yankee Equipment Systems, LLC (“YES”) which was acquired on November 3, 2020, and which is included in the consolidated balance sheets of the Company as of June 30, 2021, and the related consolidated statements of operations, shareholders’ equity, and cash flows for the year then ended. YES constituted 10% of total assets as of June 30, 2021, and 7% and 2% of revenues and net income, respectively, for the year then ended. Management did not assess the effectiveness of internal control over financial reporting of YES, because of the timing of its acquisitions. Accordingly, our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of these subsidiaries.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

/s/ BDO USA, LLP

 

 

 

 

 

Miami, Florida

 

Certified Public Accountants

 

 

 

September 13, 2021

 

 

Item 9B. Other Information.

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The information required by Item 10 of Form 10-K will be provided by incorporating the information required under such item by reference to the Company’s Definitive Proxy Statement with respect to the Company’s 2021 Annual Meeting of Stockholders, if filed with the SEC within 120 days after the end of the fiscal year covered by this Report, or, alternatively, by amendment to this Report filed with the SEC under cover of Form 10-K/A no later than the end of such 120-day period.

Item 11. Executive Compensation.

The information required by Item 11 of Form 10-K will be provided by incorporating the information required under such item by reference to the Company’s Definitive Proxy Statement with respect to the Company’s 2021 Annual Meeting of Stockholders, if filed with the SEC within 120 days after the end of the fiscal year covered by this Report, or, alternatively, by amendment to this Report filed with the SEC under cover of Form 10-K/A no later than the end of such 120-day period.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Equity Compensation Plan Information

The following table sets forth information, as of June 30, 2021, with respect to compensation plans under which shares of the Company’s common stock are authorized for issuance.

Plan category

Number of securities to be issued upon exercise of outstanding options, warrants and rights

Weighted-average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))

(a)

(b)

(c)

Equity compensation plans approved by security holders

0

$-

1,666,009 (1)

Equity compensation plans not approved by security holders

0

$-

0

 

Total

0

$-

1,666,009(1)

(1)

Includes 1,572,058 shares of the Company’s common stock available for issuance under the Company’s 2015 Equity Incentive Plan, as amended, and 93,951 shares of the Company’s common stock available for issuance under the Company’s 2017 Employee Stock Purchase Plan.

Other Information

The remaining information required by Item 12 of Form 10-K will be provided by incorporating such information by reference to the Company’s Definitive Proxy Statement with respect to the Company’s 2021 Annual Meeting of Stockholders, if filed with the SEC within 120 days after the end of the fiscal year covered by this Report, or, alternatively, by amendment to this Report filed with the SEC under cover of Form 10-K/A no later than the end of such 120-day period.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by Item 13 of Form 10-K will be provided by incorporating the information required under such item by reference to the Company’s Definitive Proxy Statement with respect to the Company’s 2021 Annual Meeting of Stockholders, if filed with the SEC within 120 days after the end of the fiscal year covered by this Report, or, alternatively, by amendment to this Report filed with the SEC under cover of Form 10-K/A no later than the end of such 120-day period.

Item 14. Principal Accounting Fees and Services.

The information required by Item 14 of Form 10-K will be provided by incorporating the information required under such item by reference to the Company’s Definitive Proxy Statement with respect to the Company’s 2021 Annual Meeting of Stockholders, if filed with the SEC within 120 days after the end of the fiscal year covered by this Report, or, alternatively, by amendment to this Report filed with the SEC under cover of Form 10-K/A no later than the end of such 120-day period.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) Documents filed as part of this Report:

(1) Financial Statements. The following consolidated financial statements of the Company and its subsidiaries are included in Part II, Item 8 of this Report.

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets at June 30, 2021 and 2020

Consolidated Statements of Operations for the years ended June 30, 2021 and 2020

Consolidated Statements of Shareholders’ Equity for the years ended June 30, 2021 and 2020

Consolidated Statements of Cash Flows for the years ended June 30, 2021 and 2020

Notes to Consolidated Financial Statements

(2) Financial Statement Schedules. All financial statement schedules have been omitted because the information is either not applicable or not required or because the information is included in the Company’s consolidated financial statements or the related notes to consolidated financial statements.

(3) Exhibits. The following exhibits are either filed as a part of or furnished with this Report, or are incorporated into this Report by reference to documents previously filed by the Company with the SEC, as indicated below:

 

3(a)(3)

Certificate of Amendment to the Certificate of Incorporation of the Company, as filed with the Secretary of State of the State of Delaware on November 4, 1983 (Incorporated by reference to Exhibit 3.1(c) to the Company’s Current Report on Form 8-K filed with the SEC on November 13, 2009)

 

3(a)(4)

Certificate of Amendment to the Certificate of Incorporation of the Company, as filed with the Secretary of State of the State of Delaware on November 5, 1986 (Incorporated by reference to Exhibit 3.1(d) to the Company’s Current Report on Form 8-K filed with the SEC on November 13, 2009)

 

3(a)(5)

Certificate of Change of Location of Registered Office and of Agent, as filed with the Secretary of State of the State of Delaware on December 31, 1986 (Incorporated by reference to Exhibit 3.1(e) to the Company’s Current Report on Form 8-K filed with the SEC on November 13, 2009)

 

3(a)(6)

Certificate of Amendment to the Company’s Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on October 30, 1998 (Incorporated by reference to Exhibit 3.1(f) to the Company’s Current Report on Form 8-K filed with the SEC on November 13, 2009)

 

3(a)(7)

Certificate of Amendment to the Company’s Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on November 5, 1999 (Incorporated by reference to Exhibit 3.1(g) to the Company’s Current Report on Form 8-K filed with the SEC on November 13, 2009)

 

3(a)(8)

Certificate of Amendment to the Company’s Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on November 13, 2009 (Incorporated by reference to Exhibit 3.1(h) to the Company’s Current Report on Form 8-K filed with the SEC on November 13, 2009)

 

3(a)(9)

Certificate of Amendment to the Company’s Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on November 30, 2016 (Incorporated by reference to Appendix A of the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on October 28, 2016)

 

3(a)(10)

Certificate of Amendment to the Company’s Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on December 21, 2018 (Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on December 21, 2018)

 

4(a)

Specimen Common Stock Certificate (Incorporated by reference to Exhibit 4 to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016 filed with the SEC on September 20, 2016)

 

4(b)

Stockholders Agreement, dated as of October 10, 2016, among the Company, Symmetric Capital LLC, Symmetric Capital II LLC, Henry M. Nahmad, Western State Design, LLC, Dennis Mack and Tom Marks (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 14, 2016)

 

4(c)

Stockholders Agreement, dated as of June 19, 2017, by and among the Company, Symmetric Capital LLC, Symmetric Capital II LLC, Henry M. Nahmad, William Mann, Jim Hohnstein and Timm Mullen (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 23, 2017)

 

4(d)

Stockholders Agreement, dated as of October 31, 2017, by and among the Company, Symmetric Capital LLC, Symmetric Capital II LLC, Henry M. Nahmad and Vernon Matthew Stephenson (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 3, 2017)

 

4(e)

Stockholders Agreement, dated as of February 9, 2018, by and among the Company, Zuf Acquisitions I LLC, d/b/a/ AAdvantage Laundry Systems, Zuf Management LLC, Michael Zuffinetti, Ryan C. Smith, Sky-Rent LP, Sky-Rent Management LLC, and Teri Zuffinetti (Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 12, 2018)

 

4(f)

Description of the Company’s Securities (Incorporated by reference to Exhibit 4(g) to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020 filed with the SEC on September 13, 2019)

 

10(a)

Credit Agreement, dated as of November 2, 2018, by and among the Company, as Borrower, certain subsidiaries of the Company party thereto, as Guarantors, Bank of America, N.A, as Administrative Agent, Swingline Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated and U.S. Bank National Association, as Joint Lead Arrangers, Merrill Lynch Pierce, Fenner & Smith Incorporated, as Sole Bookrunner, and other lender parties thereto (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 7, 2018)

 

10(b)(1)*

EVI Industries, Inc. 2015 Equity Incentive Plan, as amended (Incorporated by reference to Appendix A of the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on November 25, 2020)

 

10(b)(2)*

Form of Notice of Grant and Restricted Stock Agreement (Incorporated by reference to Exhibit 10(e)(2) to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 filed with the SEC on September 28, 2017)

 

10(b)(3)*

Form of Notice of Grant and Stock Option Agreement (Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on November 17, 2015)

 

21

Subsidiaries of the Company (Filed herewith)

 

23

Consent of BDO USA, LLP (Filed herewith)

 

31(a)

Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)

 

31(b)

Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Filed herewith)

 

32(a)

Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)

 

32(b)

Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Furnished herewith)

 

101.INS

XBRL Instance Document

 

101.SCH

XBRL Taxonomy Extension Schema Document

 

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

 

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

 

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

 

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

* Indicates management contract or compensatory plan or arrangement.

Item 16. Form 10-K Summary.

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EVI Industries, Inc.

 

Dated: September 13, 2021

By:

/s/ Henry M. Nahmad

Henry M. Nahmad

Chairman, Chief Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature

Capacity

Date

 

/s/ Henry M. Nahmad

Chairman, Chief Executive Officer

September 13, 2021

Henry M. Nahmad 

(Principal Executive Officer) and President

 

 

/s/ Dennis Mack

Executive Vice President

September 13, 2021

Dennis Mack

and Director

 

/s/ Robert H. Lazar

Chief Financial Officer

September 13, 2021

Robert H. Lazar

(Principal Financial and Accounting Officer)

 

/s/ David Blyer

Director

September 13, 2021

David Blyer

 

/s/ Alan M. Grunspan

Director

September 13, 2021

Alan M. Grunspan

 

/s/ Timothy P. LaMacchia

Director

September 13, 2021

Timothy P. LaMacchia

 

 

 

/s/ Hal M. Lucas

Director

September 13, 2021

Hal M. Lucas

 

/s/ Glen Kruger

Director

September 13, 2021

Glen Kruger

75

 EX-21 2 evi10kex21.htm SUBSIDIARIES OF THE COMPANY EDGAR HTML

EXHIBIT 21

Subsidiaries of EVI Industries, Inc.

Name of Subsidiary

State of Incorporation or Organization

Steiner Atlantic, LLC

Florida

Dryclean USA License, LLC

Florida

Dryclean USA Development, LLC

Florida

Biz Brokers International, LLC

Florida

Western State Design, Inc.

Delaware

Martin-Ray Laundry Systems, LLC

Delaware

Tri-State Technical Services, LLC

Delaware

AAdvantage Laundry Systems, LLC

Delaware

Industrial Laundry Services Equipment, LLC

Florida

Scott Equipment, LLC

Delaware

Washington Automated, LLC

Washington

WA Acquisition, LLC

Delaware

Skyline Equipment, LLC

Delaware

Worldwide Laundry, LLC

Delaware

PAC Industries, LLC

Pennsylvania

Professional Laundry Systems, LLC

Delaware

Large Equipment, LLC

Tennessee

TN Ozone, LLC

Tennessee

Commercial Laundry Equipment Company, LLC Delaware

Yankee Equipment Systems, LLC

Delaware

EX-23 3 evi10kex23.htm CONSENT OF BDO USA, LLP EDGAR HTML

EXHIBIT 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

EVI Industries, Inc.

Miami, Florida

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-208082, 333-222242 and 333-251640) of EVI Industries, Inc. of our reports dated September 13, 2021, relating to the consolidated financial statements, and the effectiveness of EVI Industries, Inc.’s internal control over financial reporting, which appear in this Form 10-K.

/s/ BDO USA, LLP

BDO USA, LLP Certified Public Accountants
Miami, FL

September 13, 2021

 EX-31.(A) 4 evi10kex31a.htm CERTIFICATION EDGAR HTML

EXHIBIT 31(a)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Henry M. Nahmad, certify that:

1.I have reviewed this annual report on Form 10-K of EVI Industries, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 13, 2021

/s/ Henry M. Nahmad

Henry M. Nahmad

Principal Executive Officer

EX-31.(B) 5 evi10kex31b.htm CERTIFICATION EDGAR HTML

EXHIBIT 31(b)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert H. Lazar, certify that:

1.I have reviewed this annual report on Form 10-K of EVI Industries, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 13, 2021

/s/ Robert H. Lazar

Robert H. Lazar

Principal Financial Officer

EX-32.(A) 6 evi10kex32a.htm CERTIFICATION EDGAR HTML

EXHIBIT 32(a)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of EVI Industries, Inc. (the “Company”) for the fiscal year ended June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Henry M. Nahmad, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

September 13, 2021

/s/ Henry M. Nahmad

Henry M. Nahmad

Principal Executive Officer

EX-32.(B) 7 evi10kex32b.htm CERTIFICATION EDGAR HTML

EXHIBIT 32(b)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of EVI Industries, Inc. (the “Company”) for the fiscal year ended June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert H. Lazar, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

September 13, 2021

/s/ Robert H. Lazar

Robert H. Lazar

Principal Financial Officer

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DE 11-2014231 4500 Biscayne Blvd Suite 340 Miami FL 33137 305 402-9300 Common Stock, $0.025 par value EVI NYSE No No Yes Yes Accelerated Filer true false true false 115405629 12278431 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> Portions of the registrant’s Proxy Statement relating to its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. </p> 6057000 9789000 28904000 23042000 25129000 24063000 367000 1276000 347000 3443000 4419000 3041000 65223000 64654000 10594000 7992000 7060000 5311000 23677000 21754000 63881000 56678000 7415000 4329000 177850000 160718000 26227000 24292000 7528000 4764000 10344000 8511000 3232000 558000 2680000 2131000 1672000 49462000 42477000 4208000 1728000 5567000 3657000 11873000 25030000 71110000 72892000 1.00 1.00 200000 200000 0 0 0 0 0.25 0.25 20000000 20000000 12399137 12029910 310000 301000 90501000 79127000 18794000 10410000 120706 95396 2865000 2012000 106740000 87826000 177850000 160718000 242005000 235802000 182165000 180595000 59840000 55207000 56594000 52427000 3246000 2780000 6963000 -321000 -1432000 9888000 1348000 1504000 573000 8384000 775000 0.63 0.06 0.61 0.06 11825615 296000 73010000 72934 -1439000 9635000 -4240000 77262000 22462 573000 573000 55803 1000 -1000 2216 50000 50000 132726 4000 3766000 4240000 8010000 13550 2302000 2302000 775000 775000 12029910 301000 79127000 95396 -2012000 10410000 87826000 25310 853000 853000 77624 2000 -2000 2492 69000 69000 289111 7000 8870000 8877000 2437000 2437000 8384000 8384000 12399137 310000 90501000 120706 -2865000 18794000 106740000 8384000 775000 4596000 3696000 55000 55000 326000 497000 55000 18000 2437000 2302000 116000 49000 1593000 -178000 6963000 230000 109000 4481000 -8121000 -665000 -3969000 -909000 873000 -3096000 956000 2191000 356000 -798000 5568000 2200000 -474000 1251000 1258000 2674000 -296000 13694000 23066000 2824000 3375000 4818000 1379000 -7642000 -4754000 53500000 24892000 62500000 37930000 853000 573000 69000 50000 -9784000 -13561000 -3732000 4751000 9789000 5038000 6057000 9789000 511000 1475000 505000 345000 8877 3770 6963000 916000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">1. General</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Nature of Business</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">EVI Industries, Inc., formerly EnviroStar, Inc., indirectly through its subsidiaries (EVI Industries, Inc. and its subsidiaries, collectively, the “Company”), is a value-added distributor, and provides advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company’s customers include government, institutional, industrial, commercial and retail customers. Product purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems. The Company also provides its customers with the services described above.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; ">The Company reports its results of operations through a single operating and reportable segment.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "><span style="font-weight:bold; ">“Buy-and-Build” Growth Strategy</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Beginning in 2015, the Company implemented a “buy-and-build” growth strategy. The Company’s acquisitions under its “buy-and-build” growth strategy since its implementation in 2015 include, without limitation, those described below.</p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">On October 10, 2016, the Company purchased substantially all of the assets of Western State Design, LLC, a California-based company, for a purchase price consisting of $18.5 million in cash and 2,044,990 shares of the Company’s common stock.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">On October 31, 2017, the Company purchased substantially all of the assets of Tri-State Technical Services, Inc., a Georgia-based company, for a purchase price consisting of approximately $7.95 million in cash and 338,115 shares of the Company’s common stock.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">On February 9, 2018, the Company purchased substantially all of the assets of Dallas-based companies, Zuf Acquisitions I LLC (d/b/a/ AAdvantage Laundry Systems) and Sky-Rent LP, for total consideration of approximately $20.4 million, consisting of approximately $8.1 million in cash and 348,360 shares of the Company’s common stock.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">On September 12, 2018, the Company purchased substantially all of the assets of Scott Equipment, Inc., a Houston-based company, for approximately $6.5 million in cash and 209,678 shares of the Company’s common stock.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">On February 5, 2019, the Company acquired PAC Industries Inc. (“PAC”), a Pennsylvania-based company, for approximately $6.4 million in cash and 179,847 shares of the Company’s common stock.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">•</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">On November 3, 2020, the Company acquired Yankee Equipment Systems, LLC (“YES”), a New Hampshire-based company, for approximately $5.3 million in cash and 278,385 shares of the Company’s common stock.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The acquired companies distribute commercial, industrial, and vended laundry products and provide installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. Each acquisition was effected by the Company through a separate wholly-owned subsidiary formed by the Company for the purpose of effecting the transaction, whether by an asset purchase or merger, and operating the acquired business following the transaction. In connection with each transaction, the Company, indirectly through its applicable wholly-owned subsidiary, also assumed certain of the liabilities of the acquired business.</p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">41</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; ">The financial position, including assets and liabilities, and results of operations of the acquired businesses following the respective closing dates of the acquisitions are included in the Company’s consolidated financial statements.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">See Note 3 for additional information about the acquisitions of YES and PAC and the other acquisitions consummated by the Company during fiscal 2020 and fiscal 2021.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Impact of COVID-19 Pandemic</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The COVID-19 pandemic has been, and continues to be, an unprecedented disruption in the economy and has negatively impacted, and may continue to negatively impact, the Company’s business and results. Specifically, beginning at the end of the quarter ended March 31, 2020, the COVID-19 pandemic and accompanying economic disruption caused delays and declines in the placement of customer orders, the completion of equipment and parts installations, and the fulfillment of parts orders. The COVID-19 pandemic, while showing initial signs of recovery earlier in fiscal 2021 has recently had a resurgence with the increased presence and spread of the Delta variant. Accordingly, the adverse impact of the COVID-19 pandemic is expected to continue in the near-term and possibly longer, including, without limitation, if the pandemic increases in size and scope, its duration is prolonged, or, among other matters related thereto, additional governmental actions, including, without limitation, business restrictions, are imposed. In response to the economic and business disruption caused by the COVID-19 pandemic during 2020, the Company took actions to reduce costs and spending across the organization, including changes to inventory stock levels, renegotiating payment terms with suppliers, and reducing hiring activities. The Company continues to actively monitor the COVID-19 pandemic and may take further actions, including those that may alter business operations, if required by federal, state, local or foreign authorities or otherwise determined to be advisable by management.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">As of the date of this Annual Report on Form 10-K, significant uncertainty exists concerning the magnitude of the impact and duration of the COVID-19 pandemic. Factors arising from the COVID-19 pandemic that have impacted, or may negatively impact, the Company’s business and results, including sales and gross margin, in the future include, but are not limited to: potential limitations on the ability of suppliers to manufacture, or the Company’s ability to procure from manufacturers, the products the Company sells, or to meet delivery requirements and commitments; limitations on the ability of the Company’s employees to perform their work due to impacts caused by the pandemic or local, state, federal or foreign orders that may restrict the Company’s operations or the operations of its customers, or require that employees be quarantined; limitations on the ability of carriers to deliver products to the Company’s facilities and customers; adverse impacts of the pandemic on certain industries and customers of the Company which operate in those industries, including the hospitality industry; and potential decreased demand for products and services, including potential limitations on the ability of, or adverse changes in the desire of, the Company’s customers to conduct their business, purchase products and services and pay for purchases on a timely basis or at all.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The situation surrounding the COVID-19 pandemic remains fluid and highly uncertain. The Company is unable to determine or predict the nature, duration, or scope of the overall impact that the COVID-19 pandemic will have on the Company’s business, results of operations, liquidity, or financial condition, as such impact will depend in large part on future developments, including the severity and duration of the pandemic (including the Delta variant and any other future variants) and government and other actions taken in response thereto, all of which are highly uncertain. Further, even after the COVID-19 pandemic subsides, the Company may continue to experience adverse impacts to its business as a result of, among other things, any adverse impact that has occurred or may occur in the future in the economy or markets generally, and changes in customer or supplier behavior. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">As a precautionary measure in order to increase its cash position and preserve financial flexibility in light of the uncertainties resulting from the COVID-19 pandemic, during May 2020, the Company and certain of its subsidiaries received a total of twelve PPP Loans in the aggregate principal amount of approximately $6.9 million. During the fourth quarter of fiscal 2021, the Company was notified by Fifth Third Bank, N.A., the lender with respect to the PPP Loans, that all twelve of the PPP Loans were fully forgiven. See Note 14, “Debt,” for further discussion regarding the PPP Loans. </p> 18500000 2044990 7950000 338115 20400000 8100000 348360 6500000 209678 6400000 179847 5300000 278385 6900000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">2. Summary of Significant Accounting Policies</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Principles of Consolidation</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The accompanying consolidated financial statements include the accounts of EVI Industries, Inc. and its subsidiaries, all of which are wholly-owned. All significant intercompany transactions and balances have been eliminated in consolidation. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Revenue Recognition</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company recognizes revenue when a sales arrangement with a customer exists (sales contract, purchase or sales order, or other indication of an arrangement), the transaction price is fixed and determinable, and the Company has satisfied the performance obligation(s) per the sales arrangement.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">Performance Obligations and Revenue Over Time</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Revenue primarily consists of revenues from the sale or leasing of commercial and industrial laundry and dry cleaning equipment and steam and hot water boilers manufactured by others; the sale of related replacement parts and accessories; and the provision of installation and maintenance services. The Company generates revenue primarily from the sale of equipment and parts to customers. Therefore, the majority of the Company’s contracts are short-term in nature and have a single performance obligation (to deliver products), which is satisfied when control of the product is transferred to the customer. Other contracts contain a combination of equipment sales with a service such as connection of the equipment, which is expected to be performed in the near-term. Such services are distinct and accounted for as separate performance obligations. Significant judgment may be required by management to identify the distinct performance obligations within each contract. Revenue is recognized on these contracts when control transfers to the Company’s customers via shipment of products or provision of services and the Company has the right to receive consideration for these products and services. Additionally, from time to time, the Company enters into longer-termed contracts which provide for the sale of equipment by the Company and the provision by the Company of related installation and construction services. The installation on these types of contracts is usually completed within six to twelve months. The Company recognizes a portion of its revenue over time using the cost-to-cost measure of progress, which measures a contract’s progress toward completion based on the ratio of actual contract costs incurred to date to the Company’s estimated costs at completion. Significant judgment may be required by management in the cost estimation process for these contracts, which is based on the knowledge and experience of the Company’s project managers, subcontractors and financial professionals. Changes in job performance and job conditions are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s revenue recognition. The determination of the total estimated cost and progress toward completion requires management to make significant estimates and assumptions. Total estimated costs to complete projects include various costs such as direct labor, material and subcontract costs. Changes in these estimates can have a significant impact on the revenue recognized each period. From time to time, the Company also enters into maintenance contracts and ad hoc maintenance and installation service contracts. These longer-term contracts, and maintenance and service contracts have a single performance obligation where revenue is recognized over time using the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company measures revenue, including shipping and handling fees charged to customers, as the amount of consideration it expects to be entitled to receive in exchange for its goods or services, net of any taxes collected from customers and subsequently remitted to governmental authorities. Costs associated with shipping and handling activities performed after the customer obtains control are accounted for as fulfillment costs and are not promised services that have to be further evaluated under revenue recognition standards. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">43</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; ">Revenue from products transferred to customers at a point in time include commercial and vended laundry parts and equipment sales and accounted for approximately 82% of the Company’s revenue for the fiscal year ended June 30, 2021 and 87% of the Company’s revenue for the fiscal year ended June 30, 2020. Revenue from products transferred to customers at a point in time is recognized when obligations under the terms of the contract with the Company’s customer are satisfied, which generally occurs with the transfer of control upon shipment.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company’s products are typically sold with a manufacturer’s warranty. Accordingly, warranty expense and product returns have not been significant.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Revenues that are recognized over time include (i) longer-termed contracts that include equipment purchase with installation and construction services, (ii) maintenance contracts, and (iii) service contracts. Revenue from products and services that are recognized over time accounted for approximately 18% of the Company’s revenue for the fiscal year ended June 30, 2021 and 13% of the Company’s revenue for the fiscal year ended June 30, 2020.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">Contract Assets and Liabilities</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Contract assets and liabilities are presented in the Company’s consolidated balance sheets. Contract assets consist of unbilled amounts resulting from sales under longer-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. As noted above, the cost estimation process for these contracts may require significant judgment by management. The Company typically receives progress payments on sales under longer-term contracts as work progresses, although for certain contracts, the Company may be entitled to receive an advance payment. Contract assets also include retainage. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount (generally, from 5% to 20% of contract billings) until final contract settlement. Retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Contract liabilities consist of advanced payments, billings in excess of costs incurred and deferred revenue.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2021 and 2020 consisted of the following (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:73%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Costs incurred on uncompleted contracts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26,833 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">17,019 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Estimated earnings<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,697 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,580 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: billings to date<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(33,615 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(16,637 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Retainage<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">200 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">923 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Ending balance<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "> These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:73%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Contract assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">347 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,443 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Contract liabilities<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(3,232 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(558 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Ending balance<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">Contract liabilities are generally associated with contracts with durations of less than one year. Accordingly, such amounts are expected to be realized during the subsequent year.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company does not account for significant financing components if the period between the time when the transfer of the product or service to the customer occurs and when the customer pays for that service or product will be one year or less. The Company does not disclose the value of remaining performance obligations for contracts with an original expected period of one year or less or performance obligations for which the Company recognizes revenue at the amount that it has the right to invoice for services performed. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Goodwill</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net assets acquired in a business combination. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit's carrying value is compared to its fair value. If the fair value is determined to be less than the carrying value, a second step is performed to measure the amount of impairment loss. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit and involves uncertainty because management must use judgment in determining appropriate assumptions to be used in the measurement of fair value. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">44</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Accounts Receivable</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Accounts receivable are customer obligations due under what management believes to be customary trade terms. Invoices are typically due upon receipt, however, the Company may grant extended payment terms, typically 30 days, for certain customers. The Company sells its products primarily to hospitals, nursing homes, government institutions, laundry plants, hotels, motels, vended laundry facilities and distributors and dry cleaning stores and chains. The Company performs continuing credit evaluations of its customers’ financial condition and depending on the terms of credit, the amount of the credit granted and management’s history with a customer, the Company may require the customer to grant a security interest in the purchased equipment as collateral for the receivable. Management reviews accounts receivable on a regular basis to determine whether it is probable that any amounts are impaired. The Company includes any balances that are deemed probable to be impaired in its overall allowance for doubtful accounts. The provision for doubtful accounts is recorded in selling, general and administrative expenses in the consolidated statements of operations. If customary attempts to collect a receivable are not successful, the receivable is then written off against the allowance for doubtful accounts. The Company’s allowance for doubtful accounts was $1.0 million at June 30, 2021 and $820,000 at June 30, 2020. Actual write-offs may vary from the recorded allowance. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Cash</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company has not experienced any losses in its cash accounts and believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Inventories</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Inventories consist principally of equipment inventories and spare part inventories. Equipment inventories are valued at the lower of cost, determined on the specific identification method, or net realizable value. Spare part inventories are valued at the lower of average cost or net realizable value. Lower of cost or net realizable value adjustments are recorded in cost of goods sold in the consolidated statement of operations. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Equipment, Improvements and Depreciation</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on straight-line methods over useful lives of <span style="-sec-ix-hidden:Fact_314">five</span> to seven years for furniture and equipment and the shorter of ten years or the remaining lease term (including renewal periods that are deemed reasonably assured) for leasehold improvements. Depreciation and amortization of property and equipment is included in selling, general and administrative expenses in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Software Capitalization</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company capitalizes certain costs related to the acquisition and development of internal use software, including implementation costs incurred in a cloud computing arrangement, during the application development stages of projects. The Company amortizes these costs using the straight-line method over the estimated useful life of the software, typically seven years. Costs incurred during the preliminary project or the post-implementation/operation stages of the project are expensed as incurred. Capitalized computer software, included as a component of equipment and improvements, net in the accompanying consolidated balance sheets, net of accumulated amortization, was $343,000 and $152,000 at June 30, 2021, and 2020, respectively. Computer software amortization expense was $29,000 in fiscal 2021. There was no related amortization expense in fiscal 2020. Amortization of capitalized software is included in selling, general and administrative expenses in the consolidated statements of operations. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">45</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Customer-Related Intangibles, Tradenames and Other Intangible Assets</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Finite-lived intangibles are amortized over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized. Customer-related intangibles, non-compete, and other finite-lived intangible assets are stated at cost less accumulated amortization, and are amortized on a straight-line basis over the estimated future periods to be benefited (5-10 years). The estimates of fair value of the Company’s indefinite-lived intangibles and long-lived assets are based on information available as of the date of the assessment and takes into account management’s assumptions about expected future cash flows and other valuation techniques. Amortization of finite-lived intangibles is included in selling, general and administrative expenses in the consolidated statements of operations. The Company also evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Asset Impairments</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company periodically reviews the carrying amounts of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If an asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of their carrying amount or fair value less estimated costs to sell. The Company has concluded that there was no impairment of long-lived assets in the fiscal year ended June 30, 2021 or the fiscal year ended June 30, 2020. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Estimates</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The preparation of consolidated financial statements in conformity with GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates on an ongoing basis. Estimates which may be particularly significant to the Company’s consolidated financial statements include those relating to the determination of impairment of assets (including goodwill and intangible assets), the useful life of property and equipment, net realizable value of inventory, the residual value of leased equipment, the recoverability of deferred income tax assets, allowances for doubtful accounts, intangible assets, estimates to complete on contracts where revenue is recognized over time, the carrying value of inventories and long-lived assets, the timing of revenue recognition, and sales returns and allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the recognition of revenues and expenses and the carrying value of assets and liabilities that are not readily apparent from other sources. Assumptions and estimates may, however, prove to have been incorrect, and actual results may differ from these estimates. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">46</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Earnings Per Share</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company computes earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of the Company’s common stock subject to unvested restricted stock awards are considered participating securities because these awards contain a non-forfeitable right to dividends paid prior to forfeiture of the restricted stock, if any, irrespective of whether the awards ultimately vest. During fiscal 2021 and fiscal 2020, the Company granted restricted stock awards of 8,624 and 187,169 shares, respectively, and 204,014 and 28,110 restricted stock units, respectively, under the EVI Industries, Inc. 2015 Equity Incentive Plan, as amended (see Note 20). During fiscal 2020, the Company also granted stock awards (not subject to forfeiture) of 13,550 shares of the Company’s common stock (5,262 of which shares were withheld to satisfy tax withholding obligations). Shares of restricted stock are deemed to constitute a second class of stock for accounting purposes. Basic and diluted earnings per share for fiscal 2021 and fiscal 2020 are computed as follows (in thousands, except per share data):</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">For the years </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended June 30, </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net income<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,384 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">775 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: distributed and undistributed income allocated to non-vested restricted common stock<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">731 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">62 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net income allocated to EVI Industries, Inc. shareholders<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,653 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">713 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Weighted average shares outstanding used in basic earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,142 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,841 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Dilutive common share equivalents<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">436 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">330 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Weighted average shares outstanding used in dilutive earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,578 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,171 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Basic earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.63 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.06 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Diluted earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.61 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.06 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">At June 30, 2021, other than 866,970 unvested shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 306,202 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive. At June 30, 2020, other than 735,040 shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 307,790 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Supplier Concentration</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company purchases laundry, dry cleaning equipment, boilers and other products from a number of manufacturers and suppliers. Purchases from three manufacturers accounted for a total of approximately 62% of the Company’s purchases for fiscal 2021 and 63% of the Company’s purchases for fiscal 2020. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Advertising Costs</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company expenses the cost of advertising as of the first date an advertisement is run. The Company incurred approximately $435,000 and $377,000 of advertising costs for fiscal 2021 and fiscal 2020, respectively, which are included in selling, general and administrative expenses in the consolidated statements of operations. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Shipping and Handling</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in selling, general and administrative expenses. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">47</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Fair Value of Certain Current Assets and Current Liabilities</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs used to measure fair value are as follows:</p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">Level 1 - Quoted prices in active markets for identical assets and liabilities.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">Level 2 - Observable inputs other than quoted prices included in Level 1. This includes dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes discounted cash flow methodologies and similar techniques that use significant unobservable inputs.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company has no assets or liabilities that are adjusted to fair value on a recurring basis. The Company did not have any assets or liabilities measured at fair value on a nonrecurring basis during fiscal 2021 or fiscal 2020, except for certain assets acquired and liabilities assumed in a business combination (as described in Note 3). </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company’s cash, accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximated estimated fair value, using Level 1 inputs. Cash is maintained with various high-quality financial institutions and have original maturities of three months or less. Accounts receivable and accounts payable approximate their fair value due to the short term nature of such accounts. The fair value of the Company’s indebtedness was estimated using Level 2 inputs based on quoted prices for those or similar debt instruments using applicable interest rates as of June 30, 2021 and approximated the carrying value of such debt because it accrues interest at variable rates that are repriced frequently. This approximates fair value based on the variable interest rate. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Customer Deposits</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; ">Customer deposits represent advances paid by customers when placing orders for equipment with the Company. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Net Investment in Sales Type Leases</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company derives a portion of its revenue from leasing arrangements. Such arrangements provide for monthly payments covering the equipment sales, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, the equipment sale is recognized upon delivery of the system and acceptance by the customer. Upon the recognition of revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Income Taxes</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company recognizes income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is determined that it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">48</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; ">Judgment is required in developing the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowances that might be required against the deferred tax assets. Management evaluates the Company’s ability to realize its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it believes that it is more likely than not that the asset will not be realized. There were no valuation allowance adjustments during fiscal 2021 or fiscal 2020.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately reflect actual outcomes. The Company does not believe that there are any material unrecognized tax benefits as of June 30, 2021 or 2020 related to tax positions taken on its income tax returns. The Company’s policy is to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and general and administrative expense, respectively, in the consolidated statements of operations. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The CARES Act, among its other provisions, includes tax provisions relating to refundable payroll tax credits, deferral of employer’s social security payments, net operating loss (“NOL”) utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property (QIP), and financing options. With the exception of the forgiveness of debt from the PPP Loans initiated under the CARES Act, the Company’s income tax provision for fiscal 2021 and fiscal 2020 was not materially impacted by the provisions of the CARES Act. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Leases</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Adoption of New Lease Standard</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On July 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases (Topic 842) (“ASC 842”), which, among other things, requires lessees to recognize substantially all leases on their balance sheets and disclose certain additional key information about leasing arrangements. The new standard establishes a right of use (“ROU”) model that requires a lessee to recognize a ROU asset and liability on the balance sheet for all leases with a term longer than 12 months. Leases are required to be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The Company adopted this standard using the modified retrospective transition approach, which requires a cumulative-effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption without restatement of prior periods. Therefore, the accompanying consolidated financial statements for fiscal 2021 and fiscal 2020 are presented under the new standard. There was no cumulative-effect adjustment recorded on July 1, 2019.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company elected the package of transition practical expedients for expired or existing contracts, which does not require reassessment of: (1) whether any of the Company's contracts are or contain leases, (2) lease classification and (3) initial direct costs.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The primary impact for the Company was the balance sheet recognition of ROU assets (operating lease assets) and lease liabilities for operating leases as a lessee. The adoption of ASC 842 did not have a material impact on the results of operations or cash flows of the Company. See Note 9, “Leases,” for further discussion regarding the Company’s adoption of the new lease accounting standard. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">49</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Recently Issued Accounting Guidance</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other specified instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method. ASU 2016-13 is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years (the fiscal year ending June 30, 2022 for the Company), with early adoption permitted. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. The provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which will eliminate certain exceptions to the existing guidance for income taxes related to the approach for intra-period tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This ASU also simplifies the accounting for income taxes by clarifying and amending existing guidance related to the effects of enacted changes in tax laws or rates in the effective tax rate computation, the recognition of franchise tax and the evaluation of a step-up in the tax basis of goodwill, among other clarifications. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and for interim periods within those fiscal years. The Company is currently evaluating the potential effects of this ASU; however, the Company does not expect that its adoption will have a material effect on its consolidated financial statements.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Management does not believe that other issued accounting standards and updates which are not yet effective will have a material impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Principles of Consolidation</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The accompanying consolidated financial statements include the accounts of EVI Industries, Inc. and its subsidiaries, all of which are wholly-owned. All significant intercompany transactions and balances have been eliminated in consolidation. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Revenue Recognition</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company recognizes revenue when a sales arrangement with a customer exists (sales contract, purchase or sales order, or other indication of an arrangement), the transaction price is fixed and determinable, and the Company has satisfied the performance obligation(s) per the sales arrangement.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">Performance Obligations and Revenue Over Time</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Revenue primarily consists of revenues from the sale or leasing of commercial and industrial laundry and dry cleaning equipment and steam and hot water boilers manufactured by others; the sale of related replacement parts and accessories; and the provision of installation and maintenance services. The Company generates revenue primarily from the sale of equipment and parts to customers. Therefore, the majority of the Company’s contracts are short-term in nature and have a single performance obligation (to deliver products), which is satisfied when control of the product is transferred to the customer. Other contracts contain a combination of equipment sales with a service such as connection of the equipment, which is expected to be performed in the near-term. Such services are distinct and accounted for as separate performance obligations. Significant judgment may be required by management to identify the distinct performance obligations within each contract. Revenue is recognized on these contracts when control transfers to the Company’s customers via shipment of products or provision of services and the Company has the right to receive consideration for these products and services. Additionally, from time to time, the Company enters into longer-termed contracts which provide for the sale of equipment by the Company and the provision by the Company of related installation and construction services. The installation on these types of contracts is usually completed within six to twelve months. The Company recognizes a portion of its revenue over time using the cost-to-cost measure of progress, which measures a contract’s progress toward completion based on the ratio of actual contract costs incurred to date to the Company’s estimated costs at completion. Significant judgment may be required by management in the cost estimation process for these contracts, which is based on the knowledge and experience of the Company’s project managers, subcontractors and financial professionals. Changes in job performance and job conditions are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s revenue recognition. The determination of the total estimated cost and progress toward completion requires management to make significant estimates and assumptions. Total estimated costs to complete projects include various costs such as direct labor, material and subcontract costs. Changes in these estimates can have a significant impact on the revenue recognized each period. From time to time, the Company also enters into maintenance contracts and ad hoc maintenance and installation service contracts. These longer-term contracts, and maintenance and service contracts have a single performance obligation where revenue is recognized over time using the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company measures revenue, including shipping and handling fees charged to customers, as the amount of consideration it expects to be entitled to receive in exchange for its goods or services, net of any taxes collected from customers and subsequently remitted to governmental authorities. Costs associated with shipping and handling activities performed after the customer obtains control are accounted for as fulfillment costs and are not promised services that have to be further evaluated under revenue recognition standards. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">43</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; ">Revenue from products transferred to customers at a point in time include commercial and vended laundry parts and equipment sales and accounted for approximately 82% of the Company’s revenue for the fiscal year ended June 30, 2021 and 87% of the Company’s revenue for the fiscal year ended June 30, 2020. Revenue from products transferred to customers at a point in time is recognized when obligations under the terms of the contract with the Company’s customer are satisfied, which generally occurs with the transfer of control upon shipment.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company’s products are typically sold with a manufacturer’s warranty. Accordingly, warranty expense and product returns have not been significant.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Revenues that are recognized over time include (i) longer-termed contracts that include equipment purchase with installation and construction services, (ii) maintenance contracts, and (iii) service contracts. Revenue from products and services that are recognized over time accounted for approximately 18% of the Company’s revenue for the fiscal year ended June 30, 2021 and 13% of the Company’s revenue for the fiscal year ended June 30, 2020.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">Contract Assets and Liabilities</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Contract assets and liabilities are presented in the Company’s consolidated balance sheets. Contract assets consist of unbilled amounts resulting from sales under longer-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. As noted above, the cost estimation process for these contracts may require significant judgment by management. The Company typically receives progress payments on sales under longer-term contracts as work progresses, although for certain contracts, the Company may be entitled to receive an advance payment. Contract assets also include retainage. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount (generally, from 5% to 20% of contract billings) until final contract settlement. Retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Contract liabilities consist of advanced payments, billings in excess of costs incurred and deferred revenue.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2021 and 2020 consisted of the following (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:73%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Costs incurred on uncompleted contracts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26,833 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">17,019 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Estimated earnings<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,697 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,580 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: billings to date<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(33,615 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(16,637 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Retainage<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">200 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">923 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Ending balance<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "> These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:73%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Contract assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">347 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,443 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Contract liabilities<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(3,232 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(558 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Ending balance<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">Contract liabilities are generally associated with contracts with durations of less than one year. Accordingly, such amounts are expected to be realized during the subsequent year.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company does not account for significant financing components if the period between the time when the transfer of the product or service to the customer occurs and when the customer pays for that service or product will be one year or less. The Company does not disclose the value of remaining performance obligations for contracts with an original expected period of one year or less or performance obligations for which the Company recognizes revenue at the amount that it has the right to invoice for services performed. </p> 0.82 0.87 0.18 0.13 0.05 0.20 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2021 and 2020 consisted of the following (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:73%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Costs incurred on uncompleted contracts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26,833 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">17,019 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Estimated earnings<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,697 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,580 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: billings to date<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(33,615 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(16,637 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Retainage<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">200 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">923 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Ending balance<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 26833000 17019000 3697000 1580000 -33615000 -16637000 200000 923000 -2885000 2885000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "> These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:73%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Contract assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">347 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,443 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:73%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Contract liabilities<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(3,232 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(558 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:73%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Ending balance<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,885 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 347000 3443000 3232000 558000 -2885000 2885000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Goodwill</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net assets acquired in a business combination. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit's carrying value is compared to its fair value. If the fair value is determined to be less than the carrying value, a second step is performed to measure the amount of impairment loss. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit and involves uncertainty because management must use judgment in determining appropriate assumptions to be used in the measurement of fair value. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Accounts Receivable</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Accounts receivable are customer obligations due under what management believes to be customary trade terms. Invoices are typically due upon receipt, however, the Company may grant extended payment terms, typically 30 days, for certain customers. The Company sells its products primarily to hospitals, nursing homes, government institutions, laundry plants, hotels, motels, vended laundry facilities and distributors and dry cleaning stores and chains. The Company performs continuing credit evaluations of its customers’ financial condition and depending on the terms of credit, the amount of the credit granted and management’s history with a customer, the Company may require the customer to grant a security interest in the purchased equipment as collateral for the receivable. Management reviews accounts receivable on a regular basis to determine whether it is probable that any amounts are impaired. The Company includes any balances that are deemed probable to be impaired in its overall allowance for doubtful accounts. The provision for doubtful accounts is recorded in selling, general and administrative expenses in the consolidated statements of operations. If customary attempts to collect a receivable are not successful, the receivable is then written off against the allowance for doubtful accounts. The Company’s allowance for doubtful accounts was $1.0 million at June 30, 2021 and $820,000 at June 30, 2020. Actual write-offs may vary from the recorded allowance. </p> 1000000.0 820000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Cash</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company has not experienced any losses in its cash accounts and believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Inventories</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Inventories consist principally of equipment inventories and spare part inventories. Equipment inventories are valued at the lower of cost, determined on the specific identification method, or net realizable value. Spare part inventories are valued at the lower of average cost or net realizable value. Lower of cost or net realizable value adjustments are recorded in cost of goods sold in the consolidated statement of operations. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Equipment, Improvements and Depreciation</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on straight-line methods over useful lives of <span style="-sec-ix-hidden:Fact_314">five</span> to seven years for furniture and equipment and the shorter of ten years or the remaining lease term (including renewal periods that are deemed reasonably assured) for leasehold improvements. Depreciation and amortization of property and equipment is included in selling, general and administrative expenses in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred. </p> P7Y shorter of ten years or the remaining lease term P10Y <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Software Capitalization</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company capitalizes certain costs related to the acquisition and development of internal use software, including implementation costs incurred in a cloud computing arrangement, during the application development stages of projects. The Company amortizes these costs using the straight-line method over the estimated useful life of the software, typically seven years. Costs incurred during the preliminary project or the post-implementation/operation stages of the project are expensed as incurred. Capitalized computer software, included as a component of equipment and improvements, net in the accompanying consolidated balance sheets, net of accumulated amortization, was $343,000 and $152,000 at June 30, 2021, and 2020, respectively. Computer software amortization expense was $29,000 in fiscal 2021. There was no related amortization expense in fiscal 2020. Amortization of capitalized software is included in selling, general and administrative expenses in the consolidated statements of operations. </p> 343000 152000 29000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Customer-Related Intangibles, Tradenames and Other Intangible Assets</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Finite-lived intangibles are amortized over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized. Customer-related intangibles, non-compete, and other finite-lived intangible assets are stated at cost less accumulated amortization, and are amortized on a straight-line basis over the estimated future periods to be benefited (5-10 years). The estimates of fair value of the Company’s indefinite-lived intangibles and long-lived assets are based on information available as of the date of the assessment and takes into account management’s assumptions about expected future cash flows and other valuation techniques. Amortization of finite-lived intangibles is included in selling, general and administrative expenses in the consolidated statements of operations. The Company also evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment. </p> P5Y P10Y <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Asset Impairments</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company periodically reviews the carrying amounts of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If an asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of their carrying amount or fair value less estimated costs to sell. The Company has concluded that there was no impairment of long-lived assets in the fiscal year ended June 30, 2021 or the fiscal year ended June 30, 2020. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Estimates</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The preparation of consolidated financial statements in conformity with GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates on an ongoing basis. Estimates which may be particularly significant to the Company’s consolidated financial statements include those relating to the determination of impairment of assets (including goodwill and intangible assets), the useful life of property and equipment, net realizable value of inventory, the residual value of leased equipment, the recoverability of deferred income tax assets, allowances for doubtful accounts, intangible assets, estimates to complete on contracts where revenue is recognized over time, the carrying value of inventories and long-lived assets, the timing of revenue recognition, and sales returns and allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the recognition of revenues and expenses and the carrying value of assets and liabilities that are not readily apparent from other sources. Assumptions and estimates may, however, prove to have been incorrect, and actual results may differ from these estimates. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Earnings Per Share</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company computes earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of the Company’s common stock subject to unvested restricted stock awards are considered participating securities because these awards contain a non-forfeitable right to dividends paid prior to forfeiture of the restricted stock, if any, irrespective of whether the awards ultimately vest. During fiscal 2021 and fiscal 2020, the Company granted restricted stock awards of 8,624 and 187,169 shares, respectively, and 204,014 and 28,110 restricted stock units, respectively, under the EVI Industries, Inc. 2015 Equity Incentive Plan, as amended (see Note 20). During fiscal 2020, the Company also granted stock awards (not subject to forfeiture) of 13,550 shares of the Company’s common stock (5,262 of which shares were withheld to satisfy tax withholding obligations). Shares of restricted stock are deemed to constitute a second class of stock for accounting purposes. Basic and diluted earnings per share for fiscal 2021 and fiscal 2020 are computed as follows (in thousands, except per share data):</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">For the years </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended June 30, </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net income<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,384 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">775 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: distributed and undistributed income allocated to non-vested restricted common stock<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">731 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">62 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net income allocated to EVI Industries, Inc. shareholders<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,653 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">713 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Weighted average shares outstanding used in basic earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,142 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,841 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Dilutive common share equivalents<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">436 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">330 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Weighted average shares outstanding used in dilutive earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,578 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,171 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Basic earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.63 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.06 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Diluted earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.61 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.06 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">At June 30, 2021, other than 866,970 unvested shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 306,202 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive. At June 30, 2020, other than 735,040 shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 307,790 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive. </p> 8624 187169 204014 204014 28110 13550 5262 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="7" style="width:25%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">For the years </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended June 30, </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net income<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,384 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">775 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: distributed and undistributed income allocated to non-vested restricted common stock<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">731 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">62 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net income allocated to EVI Industries, Inc. shareholders<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,653 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">713 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Weighted average shares outstanding used in basic earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,142 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,841 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Dilutive common share equivalents<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">436 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">330 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Weighted average shares outstanding used in dilutive earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,578 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,171 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Basic earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.63 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.06 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Diluted earnings per share<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.61 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">0.06 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p></td></tr></tbody></table></div> 8384000 775000 731000 62000 7653000 713000 12142000 11841000 436000 330000 12578000 12171000 0.63 0.06 0.61 0.06 866970 306202 735040 307790 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Supplier Concentration</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company purchases laundry, dry cleaning equipment, boilers and other products from a number of manufacturers and suppliers. Purchases from three manufacturers accounted for a total of approximately 62% of the Company’s purchases for fiscal 2021 and 63% of the Company’s purchases for fiscal 2020. </p> 0.62 0.63 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Advertising Costs</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company expenses the cost of advertising as of the first date an advertisement is run. The Company incurred approximately $435,000 and $377,000 of advertising costs for fiscal 2021 and fiscal 2020, respectively, which are included in selling, general and administrative expenses in the consolidated statements of operations. </p> 435000 377000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Shipping and Handling</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in selling, general and administrative expenses. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Fair Value of Certain Current Assets and Current Liabilities</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs used to measure fair value are as follows:</p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">Level 1 - Quoted prices in active markets for identical assets and liabilities.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">Level 2 - Observable inputs other than quoted prices included in Level 1. This includes dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:11pt; text-indent:18pt; margin-bottom:0pt; ">• </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:-12pt; padding-left:36pt; margin-bottom:0pt; ">Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes discounted cash flow methodologies and similar techniques that use significant unobservable inputs.   </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company has no assets or liabilities that are adjusted to fair value on a recurring basis. The Company did not have any assets or liabilities measured at fair value on a nonrecurring basis during fiscal 2021 or fiscal 2020, except for certain assets acquired and liabilities assumed in a business combination (as described in Note 3). </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company’s cash, accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximated estimated fair value, using Level 1 inputs. Cash is maintained with various high-quality financial institutions and have original maturities of three months or less. Accounts receivable and accounts payable approximate their fair value due to the short term nature of such accounts. The fair value of the Company’s indebtedness was estimated using Level 2 inputs based on quoted prices for those or similar debt instruments using applicable interest rates as of June 30, 2021 and approximated the carrying value of such debt because it accrues interest at variable rates that are repriced frequently. This approximates fair value based on the variable interest rate. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Customer Deposits</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; ">Customer deposits represent advances paid by customers when placing orders for equipment with the Company. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Net Investment in Sales Type Leases</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company derives a portion of its revenue from leasing arrangements. Such arrangements provide for monthly payments covering the equipment sales, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, the equipment sale is recognized upon delivery of the system and acceptance by the customer. Upon the recognition of revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Income Taxes</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company recognizes income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is determined that it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">48</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; ">Judgment is required in developing the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowances that might be required against the deferred tax assets. Management evaluates the Company’s ability to realize its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it believes that it is more likely than not that the asset will not be realized. There were no valuation allowance adjustments during fiscal 2021 or fiscal 2020.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately reflect actual outcomes. The Company does not believe that there are any material unrecognized tax benefits as of June 30, 2021 or 2020 related to tax positions taken on its income tax returns. The Company’s policy is to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and general and administrative expense, respectively, in the consolidated statements of operations. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The CARES Act, among its other provisions, includes tax provisions relating to refundable payroll tax credits, deferral of employer’s social security payments, net operating loss (“NOL”) utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property (QIP), and financing options. With the exception of the forgiveness of debt from the PPP Loans initiated under the CARES Act, the Company’s income tax provision for fiscal 2021 and fiscal 2020 was not materially impacted by the provisions of the CARES Act. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Leases</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Adoption of New Lease Standard</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On July 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases (Topic 842) (“ASC 842”), which, among other things, requires lessees to recognize substantially all leases on their balance sheets and disclose certain additional key information about leasing arrangements. The new standard establishes a right of use (“ROU”) model that requires a lessee to recognize a ROU asset and liability on the balance sheet for all leases with a term longer than 12 months. Leases are required to be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The Company adopted this standard using the modified retrospective transition approach, which requires a cumulative-effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption without restatement of prior periods. Therefore, the accompanying consolidated financial statements for fiscal 2021 and fiscal 2020 are presented under the new standard. There was no cumulative-effect adjustment recorded on July 1, 2019.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company elected the package of transition practical expedients for expired or existing contracts, which does not require reassessment of: (1) whether any of the Company's contracts are or contain leases, (2) lease classification and (3) initial direct costs.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The primary impact for the Company was the balance sheet recognition of ROU assets (operating lease assets) and lease liabilities for operating leases as a lessee. The adoption of ASC 842 did not have a material impact on the results of operations or cash flows of the Company. See Note 9, “Leases,” for further discussion regarding the Company’s adoption of the new lease accounting standard. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Recently Issued Accounting Guidance</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other specified instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method. ASU 2016-13 is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years (the fiscal year ending June 30, 2022 for the Company), with early adoption permitted. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. The provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which will eliminate certain exceptions to the existing guidance for income taxes related to the approach for intra-period tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This ASU also simplifies the accounting for income taxes by clarifying and amending existing guidance related to the effects of enacted changes in tax laws or rates in the effective tax rate computation, the recognition of franchise tax and the evaluation of a step-up in the tax basis of goodwill, among other clarifications. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and for interim periods within those fiscal years. The Company is currently evaluating the potential effects of this ASU; however, the Company does not expect that its adoption will have a material effect on its consolidated financial statements.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Management does not believe that other issued accounting standards and updates which are not yet effective will have a material impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">3. Acquisitions</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">YES Acquisition</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On November 3, 2020, the Company acquired Yankee Equipment Systems, Inc. (“YES”), pursuant to a merger whereby YES merged with and into, and became, a wholly-owned subsidiary of the Company (the “YES Acquisition”). YES is a New Hampshire-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. This acquisition expanded the Company’s footprint in the Northeast region of the United States. The consideration paid by the Company in connection with the merger consisted of $5.3 million in cash and 278,385 shares of the Company’s common stock. The Company funded the cash consideration with borrowings under its credit facility. Fees and expenses related to the YES Acquisition, consisting primarily of legal and other professional fees, totaled approximately $144,000 and are classified as selling, general and administrative expenses in the Company’s consolidated statement of operations for the year ended June 30, 2021. The total purchase price for accounting purposes was $13.8 million, which included cash acquired of $792,000.</p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">50</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; "> The YES Acquisition was treated for accounting purposes as a purchase of YES using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration in the YES Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The computation of the purchase price consideration and the preliminary allocation of the consideration to the net assets acquired are presented in the following tables (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Purchase price consideration: </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Cash consideration, net of cash acquired<sup>(a)</sup><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,475 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Stock consideration<sup>(b)</sup><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,521 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total purchase price consideration, net of cash acquired<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,996 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; text-indent:126pt; margin-bottom:0pt; ">(a) Includes $5.3 million paid net of $792,000 of cash acquired.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; padding-left:126pt; margin-bottom:0pt; ">(b) Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Allocation of purchase price consideration: </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Accounts receivable<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,482 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Inventory<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,591 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Other assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,812 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Equipment and improvements<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,844 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Intangible assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,800 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Accounts payable and accrued expenses<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,901 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Accrued employee expenses<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(534 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Customer deposits<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(525 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Deferred tax liabilities<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(887 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Assumption of debt<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(916 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total identifiable net assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,766 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Goodwill<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,230 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,996 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">The Company’s purchase price allocation set forth above is preliminary, as the Company is still evaluating certain working capital items in accordance with the purchase agreement.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Intangible assets consist of $1.6 million allocated to the Yankee Equipment Systems trade name and $2.2 million allocated to customer-related intangible assets. The Yankee Equipment Systems trade name is indefinite-lived and therefore not subject to amortization. The Yankee Equipment Systems trade name will be evaluated for impairment annually or more frequently if an event occurs or circumstances change that indicate it may be impaired, by comparing its fair value to its carrying amount to determine if a write-down to fair value is required. Customer-related intangible assets will be amortized over 10 years.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Goodwill is attributable primarily to the assembled workforce acquired, as well as benefits from the increased scale of the Company as a result of the YES Acquisition. The goodwill from the YES Acquisition is not deductible for income tax purposes.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">ELS Acquisition</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On January 15, 2021, the Company acquired Baystate Business Ventures d/b/a Eastern Laundry Systems (“ELS”), a Massachusetts-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. The acquisition was effected by the Company, indirectly through a wholly-owned subsidiary, which purchased substantially all of the assets and assumed certain of the liabilities of ELS. The total consideration for the transaction consisted of $400,000 in cash, net of $57,000 of cash acquired, and the issuance of 10,726 shares of the Company’s common stock. The Company funded the cash consideration for the acquisition with credit facility borrowings. The acquisition was treated for accounting purposes as a purchase of the acquired business using the acquisition method of accounting in accordance with ASC 805, Business Combinations, pursuant to which the consideration paid by the Company was allocated to the acquired assets and assumed liabilities, based on their respective fair values as of the closing date. Under ASC 805, if the fair value of the acquired net assets exceeds the purchase price, then a bargain purchase gain in the amount of such excess is recognized in the applicable condensed consolidated statement of operations. Based on the Company’s preliminary analysis of working capital and valuation-related items, the Company recognized a bargain purchase gain of $314,000 in connection with the acquisition of ELS, which is included as interest and other (expense), net in the consolidated statement of operations for the year ended June 30, 2021. The purchase price allocations are considered preliminary, as the Company is still assessing certain working capital and valuation-related items. Any change to the preliminary estimate of working capital and valuation-related items and the related deferred tax liability, if any, will be recognized as an adjustment to the bargain purchase gain.</p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">51</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Acquisitions During Fiscal 2020</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">During the fiscal year ended June 30, 2020, the Company completed the acquisitions of Professional Laundry Systems, LLC, which was acquired on August 1, 2019; Large Equipment, Inc. (d/b/a Laundry Systems of Tennessee) and TN Ozone, Inc. (d/b/a Premier Laundry Solutions and Premier Equipment Rental), which were acquired on January 31, 2020; and Commercial Laundry Equipment Company, Inc., which was acquired on February 28, 2020. The total consideration for these four transactions consisted of $1.6 million in cash, net of $192,000 of cash acquired, the assumption of $129,000 of long-term debt and the issuance of 132,726 shares of the Company’s common stock, with an aggregate grant date fair value of $3.8 million. The Company funded the cash consideration for each acquisition with credit facility borrowings. Each acquisition was treated for accounting purposes as a purchase of the acquired business using the acquisition method of accounting in accordance with ASC 805, <span style="font-style:italic; ">Business Combinations</span>, pursuant to which the consideration paid by the Company was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The Company has allocated a total of $2.1 million to goodwill, $680,000 to customer-related intangibles, and $410,000 to the respective trade names. Goodwill totaling $988,000 from certain of these acquisitions is expected to be amortized and deductible for tax purposes over 15 years. Goodwill is attributable primarily to the assembled workforces, as well as benefits from the increased scale of the Company as a result of these acquisitions. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">PAC Acquisition</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On February 5, 2019, the Company acquired PAC Industries Inc. (“PAC”) for approximately $6.4 million in cash and 179,847 shares of the Company’s common stock. As a portion of the stock consideration issued in connection with the acquisition, the Company transferred 114,634 shares to PAC’s ESOP. These shares were not permitted to be traded during the six-month period commencing on the closing date. Further, if a distribution event had occurred during such six-month period, then each participant would have had the option to require the Company to purchase such participant’s shares at fair market value. Due to the Company’s obligation under this put option, the distributed shares subject to the put option and the shares held by the ESOP were classified as temporary equity in the mezzanine section of the consolidated balance sheet as of the acquisition date. There were no distribution events during the six-month restriction period, which expired in August 2019. As a result, such shares are classified as permanent equity in the consolidated balance sheets as of June 30, 2020 and 2021.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">Supplemental Pro Forma Results of Operations</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> The following unaudited supplemental pro forma information presents the results of operations of the Company, after giving effect to the acquisitions of YES and ELS as described above, as if the Company had completed each such transaction on July 1, 2019, using the estimated fair values of the assets acquired and liabilities assumed. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been if the transactions had occurred on the date assumed, nor are they indicative of future results of operations. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; border-bottom:0.7pt solid #000000; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:72%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="7" style="width:27%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">For the year ended June 30, </p> </td> </tr> <tr class="even" style=""> <td style="width:72%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">(in thousands) </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">(Unaudited) </p> </td> <td style="width:3%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">(Unaudited) </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:72%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Revenues<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">254,359 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">271,298 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net income<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,796 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,939 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">The Company’s consolidated results of operations for fiscal 2021 include total revenue of approximately $33.0 million and total net income of approximately $1.7 million attributable to businesses acquired during fiscal 2021 and 2020, based on the consolidated effective tax rate. The Company’s consolidated results of operations for fiscal 2020 include total revenue of approximately $8.1 million and total net income of approximately $94,000 attributable to businesses acquired during fiscal 2020, based on the consolidated effective tax rate. These results of acquired businesses do not include the effects of acquisition costs or interest expense associated with consideration paid for the related acquisitions. </p> 5300000 278385 144000 13800000 792000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; "> The YES Acquisition was treated for accounting purposes as a purchase of YES using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration in the YES Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The computation of the purchase price consideration and the preliminary allocation of the consideration to the net assets acquired are presented in the following tables (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Purchase price consideration: </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Cash consideration, net of cash acquired<sup>(a)</sup><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,475 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Stock consideration<sup>(b)</sup><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,521 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total purchase price consideration, net of cash acquired<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,996 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; text-indent:126pt; margin-bottom:0pt; ">(a) Includes $5.3 million paid net of $792,000 of cash acquired.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; padding-left:126pt; margin-bottom:0pt; ">(b) Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date. </p> 4475000 8521000 12996000 792000 30.61 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Allocation of purchase price consideration: </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Accounts receivable<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,482 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Inventory<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,591 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Other assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,812 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Equipment and improvements<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,844 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Intangible assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,800 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Accounts payable and accrued expenses<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,901 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Accrued employee expenses<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(534 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Customer deposits<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(525 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Deferred tax liabilities<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(887 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Assumption of debt<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(916 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total identifiable net assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,766 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Goodwill<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,230 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,996 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 1482000 1591000 1812000 1844000 3800000 1901000 534000 525000 887000 916000 5766000 7230000 12996000 1600000 2200000 P10Y 400000 57000 10726 314000 1600000 192000 129000 132726 3800000 2100000 680000 410000 988000 P15Y 6400000 179847 114634 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> The following unaudited supplemental pro forma information presents the results of operations of the Company, after giving effect to the acquisitions of YES and ELS as described above, as if the Company had completed each such transaction on July 1, 2019, using the estimated fair values of the assets acquired and liabilities assumed. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been if the transactions had occurred on the date assumed, nor are they indicative of future results of operations. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; border-bottom:0.7pt solid #000000; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:72%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="7" style="width:27%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">For the year ended June 30, </p> </td> </tr> <tr class="even" style=""> <td style="width:72%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">(in thousands) </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">(Unaudited) </p> </td> <td style="width:3%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">(Unaudited) </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:72%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Revenues<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">254,359 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">271,298 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> </tr> <tr class="even" style=""> <td style="width:72%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net income<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,796 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,939 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p></td></tr></tbody></table></div> 254359000 271298000 8796000 1939000 33000000.0 1700000 8100000 94000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">4. Interest and other (expense), net</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Interest and other (expense), net for fiscal 2021 and 2020 are as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Fiscal 2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Fiscal 2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Bargain purchase gain<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">314 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Interest (expense), net<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(635 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,432 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Interest and other (expense), net<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(321 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,432 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Interest and other (expense), net for fiscal 2021 and 2020 are as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Fiscal 2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Fiscal 2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Bargain purchase gain<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">314 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Interest (expense), net<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(635 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,432 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Interest and other (expense), net<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(321 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,432 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p></td></tr></tbody></table></div> 314000 635000 1432000 -321000 -1432000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">5. Accounts Receivable</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Accounts receivable as of June 30, 2021 and 2020 consisted of the following (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accounts receivable - trade<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">29,731 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">18,500 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Contract receivables<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">200 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,362 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">29,931 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">23,862 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Allowance for doubtful accounts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,027 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(820 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">28,904 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">23,042 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Accounts receivable as of June 30, 2021 and 2020 consisted of the following (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accounts receivable - trade<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">29,731 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">18,500 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Contract receivables<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">200 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,362 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">29,931 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">23,862 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Allowance for doubtful accounts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,027 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(820 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">28,904 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; "> </span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">23,042 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p></td></tr></tbody></table></div> 29731000 18500000 200000 5362000 29931000 23862000 1027000 820000 28904000 23042000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">6. Inventories</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Inventories as of June 30, 2021 and 2020 were comprised of (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Equipment and parts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">25,601 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">24,402 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Reserve<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(472 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(339 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">25,129 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">24,063 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">The Company established reserves of approximately $472,000 and $339,000 as of June 30, 2021 and 2020, respectively, against slow moving inventory. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Inventories as of June 30, 2021 and 2020 were comprised of (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Equipment and parts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">25,601 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">24,402 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Reserve<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(472 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(339 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">25,129 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">24,063 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 25601000 24402000 472000 339000 25129000 24063000 472000 339000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">7. Vendor Deposits</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; ">Vendor deposits represent advances made to the Company’s vendors for specialized inventory on order. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">8. Other Current Assets</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Other current assets as of June 30, 2021 and 2020 were comprised of (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Other receivables<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">564 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">209 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Prepaid insurance<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">301 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">277 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net investments in sales type leases - current<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">884 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">762 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Other current assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,670 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,793 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,419 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,041 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Other current assets as of June 30, 2021 and 2020 were comprised of (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Other receivables<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">564 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">209 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Prepaid insurance<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">301 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">277 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net investments in sales type leases - current<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">884 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">762 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Other current assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,670 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,793 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,419 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,041 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 564000 209000 301000 277000 884000 762000 2670000 1793000 4419000 3041000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">9. Leases</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">Company as Lessee</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; ">The Company leases warehouse and distribution facilities and administrative office space, generally for terms of <span style="-sec-ix-hidden:Fact_469">three</span> to five years.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">As described in Note 2, “Summary of Significant Accounting Policies” above, the Company adopted ASC Topic 842, Leases (“ASC 842” or “Topic 842”), utilizing the modified retrospective adoption method with an effective date of July 1, 2019. The Company made the election to not apply the recognition requirements in Topic 842 to short-term leases (i.e., leases of 12 months or less). Instead, as permitted by Topic 842, the Company recognizes the lease payments under its short-term leases in profit or loss on a straight-line basis over the lease term. The Company elected this accounting policy for all classes of underlying assets. In addition, in accordance with Topic 842, variable lease payments in the period in which the obligation for those payments is incurred are not included in the recognition of a lease liability or right-of-use asset.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, certain of the Company’s leases do not provide a readily determinable implicit rate. For such leases, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The Company uses instruments with similar characteristics when calculating its incremental borrowing rates.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company has options to extend certain of its operating leases for additional periods of time and the right to terminate several of its operating leases prior to their contractual expirations, in each case, subject to the terms and conditions of the lease. The lease term consists of the non-cancellable period of the lease and the periods covered by Company options to extend the lease when management considers it reasonably certain that the Company will exercise such options. The Company's lease agreements do not contain residual value guarantees. The Company has elected to not separate non-lease components from the associated lease component for all underlying classes of assets with lease and non-lease components.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">As of June 30, 2021, the Company had 27 facilities, consisting of warehouse facilities and administrative offices, financed under operating leases with lease term expirations between 2021 and 2030. Rent expense consists of monthly rental payments under the terms of the Company’s lease agreements recognized on a straight-line basis.</p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">54</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; "> The following table sets forth the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of June 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:82%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Fiscal years ending </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Maturity of </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Operating Lease </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Liabilities </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">(in thousands)</span> </p> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2022<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,326 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2023<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,931 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2024<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,052 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2025<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">735 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2026<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">585 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Thereafter<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,692 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Total lease payments</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,321 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: amounts representing interest<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">623 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Present value of lease liabilities</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,698 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: current portion<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,131 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Long-term portion</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,567 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">55</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> The table below presents additional information related to the Company’s operating leases (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:64%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating lease cost </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Twelve months</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended June 30,</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Twelve months </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended June 30, </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating lease cost (1)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,109 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">$</span> </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,935 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Short-term lease cost (1)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">190 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:64%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Variable lease cost (1)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">351 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">177 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Total lease cost</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,472 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">$</span> </p> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,302 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">(1) Expenses are classified within selling, general and administrative expenses in the Company’s consolidated statement of operations for the years ended June 30, 2021 and 2020.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; ">The table below presents lease-related terms and discount rates as of June 30, 2021 and 2020:</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:59%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:2%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:19%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, 2021 </p> </td> <td style="width:2%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, 2020 </p> </td> <td style="width:2%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:59%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Weighted average remaining lease terms</span> </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:19%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:59%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating leases<span style="padding-left:2pt; "/></p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5.4 years </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4.0 years </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:59%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Weighted average discount rate</span><span style="padding-left:2pt; "/></p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:59%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating leases<span style="padding-left:2pt; "/></p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2.9 </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">% </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3.5 </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">%</span> </p></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; "> The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the years ended June 30, 2021 and 2020 (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:64%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Twelve months</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, 2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Twelve months </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, 2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Cash paid for amounts included in the measurement of lease liabilities:<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,109 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">$</span> </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,935 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating lease right-of-use assets obtained in exchange for operating lease liabilities:<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,649 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">$</span> </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,366 </p> </td> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "><span style="font-weight:bold; font-style:italic; ">Company as Lessor</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company derives a portion of its revenue from equipment leasing arrangements. Such arrangements provide for monthly payments covering the equipment provided, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, revenue related to the provision of the equipment is recognized upon delivery of the equipment and its acceptance by the customer. Upon the recognition of such revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term.</p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">56</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">The future minimum lease payments receivable for sales type leases are as follows (in thousands):</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:41%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ending June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Total Minimum </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Lease Payments </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">to be Received </p> </td> <td style="width:3%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Amortization of </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Unearned </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Income </p> </td> <td style="width:3%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:18%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Net Investment </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">in </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Sales Type </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Leases </p> </td> </tr> <tr class="even" style=""> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:18%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2022<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,059 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,711 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,348 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2023<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,407 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,316 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,091 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2024<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,769 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">926 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">843 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2025<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,135 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">573 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">562 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2026<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">626 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">294 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">332 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:41%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Thereafter<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">562 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">257 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">305 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:41%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:16%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,481 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">* </p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; text-indent:108pt; margin-bottom:0pt; ">* Excludes non-guaranteed residual values of $2.2 million. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The total net investments in sales type leases, including stated residual values, as of June 30, 2021 and June 30, 2020 was $6.7 million and $3.9 million, respectively. The current portion of $0.9 million and $0.7 million is included in other current assets in the consolidated balance sheets as of June 30, 2021 and June 30, 2020, respectively, and the long term portion of $5.8 million and $3.2 million is included in other assets in the consolidated balance sheets as of June 30, 2021 and June 30, 2020, respectively. </p> P5Y 27 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; "> The following table sets forth the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of June 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:82%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Fiscal years ending </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Maturity of </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Operating Lease </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Liabilities </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">(in thousands)</span> </p> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2022<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,326 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2023<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,931 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2024<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,052 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2025<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">735 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2026<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">585 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Thereafter<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,692 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Total lease payments</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,321 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: amounts representing interest<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">623 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Present value of lease liabilities</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,698 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:82%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: current portion<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,131 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:82%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Long-term portion</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,567 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 2326000 1931000 1052000 735000 585000 1692000 8321000 623000 7698000 2131000 5567000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> The table below presents additional information related to the Company’s operating leases (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:64%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating lease cost </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Twelve months</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended June 30,</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Twelve months </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended June 30, </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating lease cost (1)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,109 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">$</span> </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,935 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Short-term lease cost (1)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">190 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:64%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Variable lease cost (1)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">351 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">177 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Total lease cost</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,472 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">$</span> </p> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,302 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">(1) Expenses are classified within selling, general and administrative expenses in the Company’s consolidated statement of operations for the years ended June 30, 2021 and 2020.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; ">The table below presents lease-related terms and discount rates as of June 30, 2021 and 2020:</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:59%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:2%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:19%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, 2021 </p> </td> <td style="width:2%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, 2020 </p> </td> <td style="width:2%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:59%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Weighted average remaining lease terms</span> </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:19%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:59%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating leases<span style="padding-left:2pt; "/></p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5.4 years </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4.0 years </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:59%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Weighted average discount rate</span><span style="padding-left:2pt; "/></p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:59%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating leases<span style="padding-left:2pt; "/></p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2.9 </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">% </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3.5 </p> </td> <td style="width:2%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">%</span> </p></td></tr></tbody></table></div> 2109000 1935000 12000 190000 351000 177000 2472000 2302000 P5Y4M24D P4Y 0.029 0.035 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; "> The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the years ended June 30, 2021 and 2020 (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:64%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Twelve months</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, 2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Twelve months </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">ended</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, 2020 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Cash paid for amounts included in the measurement of lease liabilities:<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,109 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">$</span> </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,935 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Operating lease right-of-use assets obtained in exchange for operating lease liabilities:<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,649 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">$</span> </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,366 </p> </td> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 2109000 1935000 3649000 1366000 <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">56</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">The future minimum lease payments receivable for sales type leases are as follows (in thousands):</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:41%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ending June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Total Minimum </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Lease Payments </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">to be Received </p> </td> <td style="width:3%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Amortization of </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Unearned </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Income </p> </td> <td style="width:3%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:18%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Net Investment </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">in </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Sales Type </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Leases </p> </td> </tr> <tr class="even" style=""> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:17%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:18%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2022<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,059 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,711 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,348 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2023<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,407 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,316 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,091 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2024<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,769 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">926 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">843 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2025<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,135 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">573 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">562 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:41%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2026<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">626 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">294 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">332 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:41%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Thereafter<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">562 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">257 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:16%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">305 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:41%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:3%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:16%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,481 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">* </p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; text-indent:108pt; margin-bottom:0pt; ">* Excludes non-guaranteed residual values of $2.2 million. </p> 3059000 1711000 1348000 2407000 1316000 1091000 1769000 926000 843000 1135000 573000 562000 626000 294000 332000 562000 257000 305000 4481000 2200000 6700000 3900000 900000 700000 5800000 3200000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">10. Equipment and Improvements</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Major classes of equipment and improvements as of June 30, 2021 and 2020 consisted of the following (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Furniture and equipment<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">9,023 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,099 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Leasehold improvements<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,809 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,137 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Vehicles<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,846 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,326 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">16,678 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,562 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accumulated depreciation and amortization<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(6,084 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(4,570 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">10,594 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,992 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">Depreciation and amortization of equipment and improvements amounted to approximately $2.7 million in fiscal 2021 and $2.0 million in fiscal 2020. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Major classes of equipment and improvements as of June 30, 2021 and 2020 consisted of the following (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Furniture and equipment<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">9,023 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,099 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Leasehold improvements<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,809 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,137 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Vehicles<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,846 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">5,326 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">16,678 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,562 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accumulated depreciation and amortization<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(6,084 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(4,570 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">10,594 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,992 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 9023000 5099000 2809000 2137000 4846000 5326000 16678000 12562000 6084000 4570000 10594000 7992000 2700000 2000000.0 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">11. Goodwill and Intangible Assets</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> The changes in the carrying amount of goodwill are as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; border-bottom:0.7pt solid #000000; " width="100%"> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Balance at June 30, 2019<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">54,501 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Goodwill from fiscal 2020 acquisitions (as described in Note 3)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,094 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Other<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">83 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Balance at June 30, 2020<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">56,678 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Goodwill from YES Acquisition (as described in Note 3)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,230 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Working capital adjustments (1)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(27 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">)</span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Balance at June 30, 2021<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">63,881 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:-10pt !important; padding-left:10pt !important; margin-bottom:0pt; ">(1) Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2020<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">57</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Customer-related intangibles, tradenames and other intangible assets as of June 30, 2021 and 2020 consisted of the following (dollars in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:58%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Estimated</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Useful Lives</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">(in years)</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Customer-related intangibles<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">8-10 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">18,237 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">16,037 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Tradenames<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Indefinite </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,155 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">9,555 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Covenants not to compete<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">5 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">566 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">566 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">License agreements<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">10 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">529 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">529 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:58%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Trademarks and patents<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">10-15 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">176 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">176 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30,663 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26,863 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:58%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accumulated amortization<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(6,986 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(5,109 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">$</span> </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">23,677 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">$</span> </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">21,754 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">Amortization expense was approximately $1.9 million in fiscal 2021 and $1.7 million in fiscal 2020, and is included in selling, general and administrative expenses in the consolidated statements of operations. Weighted average remaining estimated useful lives for customer-related intangibles, covenants not to compete, license agreements, and trademarks and patents were 7.0 years, 0.6 years, 0 years and 0 years, respectively. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> Based on the carrying amount of intangible assets as of June 30, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization at the end of each fiscal year in the five-year period ending June 30, 2026 and thereafter is as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:85%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ending June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2022<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,884 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2023<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,841 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2024<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,841 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2025<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,837 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2026<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,836 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Thereafter<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,283 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Total<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,522 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> The changes in the carrying amount of goodwill are as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; border-bottom:0.7pt solid #000000; " width="100%"> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Balance at June 30, 2019<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">54,501 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Goodwill from fiscal 2020 acquisitions (as described in Note 3)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,094 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Other<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">83 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Balance at June 30, 2020<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">56,678 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Goodwill from YES Acquisition (as described in Note 3)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">7,230 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Working capital adjustments (1)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(27 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">)</span> </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Balance at June 30, 2021<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">63,881 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:-10pt !important; padding-left:10pt !important; margin-bottom:0pt; ">(1) Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2020<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 54501000 2094000 83000 56678000 7230000 -27000 63881000 <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">57</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Customer-related intangibles, tradenames and other intangible assets as of June 30, 2021 and 2020 consisted of the following (dollars in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:58%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:15%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Estimated</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Useful Lives</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">(in years)</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Customer-related intangibles<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">8-10 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">18,237 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">16,037 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Tradenames<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Indefinite </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,155 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">9,555 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Covenants not to compete<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">5 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">566 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">566 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">License agreements<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">10 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">529 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">529 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:58%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Trademarks and patents<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">10-15 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">176 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">176 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30,663 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26,863 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:58%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accumulated amortization<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(6,986 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(5,109 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:58%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:13%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">$</span> </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">23,677 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">$</span> </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">21,754 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> P8Y P10Y 18237000 16037000 Indefinite 11155000 9555000 P5Y 566000 566000 P10Y 529000 529000 P10Y P15Y 176000 176000 30663000 26863000 6986000 5109000 23677000 21754000 1900000 1700000 P7Y P0Y7M6D P0Y P0Y <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> Based on the carrying amount of intangible assets as of June 30, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization at the end of each fiscal year in the five-year period ending June 30, 2026 and thereafter is as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:85%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ending June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:14%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2022<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,884 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2023<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,841 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2024<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,841 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2025<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,837 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">2026<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,836 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:85%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Thereafter<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,283 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:85%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Total<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:12%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,522 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 1884000 1841000 1841000 1837000 1836000 3283000 12522000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">12. Accounts Payable and Accrued Expenses</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Accounts payable and accrued expenses as of June 30, 2021 and 2020 were comprised of (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">2021</span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">2020</span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accounts payable<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">20,665 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">18,888 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accrued expenses<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,376 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,572 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Sales tax accruals<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,186 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">832 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26,227 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">24,292 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> Accounts payable and accrued expenses as of June 30, 2021 and 2020 were comprised of (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">June 30,</span><span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">2021</span> </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="padding-left:0pt; ">2020</span> </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accounts payable<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">20,665 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">18,888 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Accrued expenses<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,376 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,572 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Sales tax accruals<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,186 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">832 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26,227 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">24,292 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 20665000 18888000 4376000 4572000 1186000 832000 26227000 24292000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">13. Income Taxes</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> The following are the components of income taxes (benefit) (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ended June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Current<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Federal<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(186 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">489 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">State<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">97 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">262 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(89 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">751 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Deferred<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Federal<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,402 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(37 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">State<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">191 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(141 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,593 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(178 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,504 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">573 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">58</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> The reconciliation of income tax expense computed at the federal statutory tax rate of 21% for the fiscal years ended June 30, 2021 and 2020 to the provision for income taxes is as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ended June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Tax at the statutory rate<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,076 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">283 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">State income taxes, net of federal benefit<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">265 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">67 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Nondeductible compensation<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">348 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">340 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">PPP Loan forgiveness<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,462 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Other<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">277 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(117 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,504 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">573 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Effective tax rate<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">15.2 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">% </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">42.5 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">% </p></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; "> Deferred income taxes reflect the net tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and the basis used for income tax purposes. Significant components of the Company’s current and noncurrent deferred tax assets and liabilities as of June 30, 2021 and 2020 were as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ended June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Deferred tax assets:<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Allowance for doubtful accounts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">182 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">106 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Inventory capitalization<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">353 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">385 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Stock compensation<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">557 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">705 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Accrued liabilities<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">605 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">221 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Other<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">69 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">554 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,766 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,971 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Deferred tax liabilities:<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Goodwill<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,974 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,120 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Depreciation<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,533 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(412 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Intangible assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,268 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,167 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Other<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(199 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(5,974 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(3,699 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net deferred income tax (liabilities) assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(4,208 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,728 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">As of June 30, 2021, the Company was subject to potential federal and state tax examinations for the tax years including and subsequent to 2016. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> The following are the components of income taxes (benefit) (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ended June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Current<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Federal<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(186 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">489 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">State<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">97 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">262 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(89 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">751 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Deferred<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Federal<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,402 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(37 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">State<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">191 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(141 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,593 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(178 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,504 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">573 </p> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> -186000 489000 97000 262000 -89000 751000 1402000 -37000 191000 -141000 1593000 -178000 1504000 573000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> The reconciliation of income tax expense computed at the federal statutory tax rate of 21% for the fiscal years ended June 30, 2021 and 2020 to the provision for income taxes is as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ended June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Tax at the statutory rate<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">2,076 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">283 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">State income taxes, net of federal benefit<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">265 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">67 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Nondeductible compensation<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">348 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">340 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">PPP Loan forgiveness<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,462 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Other<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">277 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(117 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,504 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">573 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Effective tax rate<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">15.2 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">% </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">42.5 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">% </p></td></tr></tbody></table></div> 0.21 0.21 2076000 283000 265000 67000 348000 340000 1462000 277000 -117000 1504000 573000 0.152 0.425 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; "> Deferred income taxes reflect the net tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and the basis used for income tax purposes. Significant components of the Company’s current and noncurrent deferred tax assets and liabilities as of June 30, 2021 and 2020 were as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-style:italic; ">Fiscal years ended June 30,</span> </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Deferred tax assets:<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Allowance for doubtful accounts<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">182 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">106 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Inventory capitalization<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">353 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">385 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Stock compensation<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">557 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">705 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Accrued liabilities<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">605 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">221 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Other<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">69 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">554 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,766 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">1,971 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Deferred tax liabilities:<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Goodwill<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,974 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,120 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Depreciation<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,533 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(412 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Intangible assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,268 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,167 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; text-indent:10pt; margin-bottom:0pt; ">Other<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(199 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(5,974 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(3,699 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Net deferred income tax (liabilities) assets<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(4,208 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,728 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p></td></tr></tbody></table></div> 182000 106000 353000 385000 557000 705000 605000 221000 69000 554000 1766000 1971000 2974000 2120000 1533000 412000 1268000 1167000 199000 5974000 3699000 -4208000 -1728000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">14. Debt</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> The Company’s long-term debt as of June 30, 2021 and 2020 was as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; border-bottom:0.7pt solid #000000; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30,</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30,</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Revolving Line of Credit<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,000 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">21,000 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">PPP Loans<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">6,892 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: unamortized discount and deferred financing costs<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(127 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(182 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total debt, net<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,873 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">27,710 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: current maturities of long-term debt<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,680 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total long-term debt<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,873 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">25,030 </p> </td> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:16pt; margin-bottom:0pt; ">On November 2, 2018, the Company entered into a syndicated credit agreement (the “2018 Credit Agreement”) for a five-year revolving credit facility in the maximum aggregate principal amount of up to $100 million, with an accordion feature to increase the revolving credit facility by up to $40 million for a total of $140 million. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $5 million and for the issuance of standby letters of credit of up to a sublimit of $10 million. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Borrowings (other than swingline loans) under the 2018 Credit Agreement bear interest at a rate, at the Company’s election at the time of borrowing, equal to (a) LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. The 2018 Credit Agreement has a term of five years and matures on November 2, 2023. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The 2018 Credit Agreement contains certain covenants, including financial covenants requiring the Company to comply with maximum leverage ratios and minimum interest coverage ratios. The 2018 Credit Agreement also contains other provisions which may restrict the Company’s ability to, among other things, dispose of or acquire assets or businesses, incur additional indebtedness, make certain investments and capital expenditures, pay dividends, repurchase shares and enter into transactions with affiliates. At June 30, 2021, the Company was in compliance with its covenants under the 2018 Credit Agreement and $30.4 million was available to borrow under the revolving credit facility. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The obligations of the Company under the 2018 Credit Agreement are secured by substantially all of the assets of the Company and certain of its subsidiaries, and are guaranteed, jointly and severally, by certain of the Company’s subsidiaries. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On May 21, 2020, the Company and certain of its subsidiaries received a total of twelve loans (the “PPP Loans”) totaling approximately $6.9 million in principal amount from Fifth Third Bank, N.A. (the “Lender”) under the Paycheck Protection Program (the “PPP”). The proceeds of the PPP Loans were used primarily for payroll costs. During the fourth quarter of 2021, the Company was notified by the Lender that all twelve of the PPP Loans were fully forgiven. In accordance with ASC 405-20, Liabilities – Extinguishment of Liabilities, the Company recognized a gain of $7.0 million during fiscal 2021 in connection with the forgiveness of the PPP Loans and the related accrued interest. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The SBA reserves the right to audit any PPP loan, regardless of size. These audits may occur after the forgiveness has been granted. In accordance with the CARES Act, all borrowers are required to maintain their PPP loan documentation for six years after the loan was forgiven or repaid in full and to provide that documentation to the SBA upon request. The Company has not accrued any liability associated with any potential adverse determination of the forgiveness of the PPP Loans which may result from any audit the PPP Loans if the SBA disagrees with any position taken by management with respect to the loan or forgiveness processes. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">60</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; ">In addition to the PPP Loans obtained by the Company and certain of its subsidiaries during May 2020, in connection with the YES Acquisition during November 2020, the Company, indirectly through its wholly-owned subsidiary, also assumed the approximately $916,000 loan previously obtained by YES under the PPP. The terms and conditions of such PPP loan were substantially similar to those of the PPP Loans obtained by the Company and its other subsidiaries. Under the merger agreement related to the YES Acquisition, the Company was entitled to indemnification for any required repayment of the loan to YES under the PPP. During the quarter ended March 31, 2021, the loan to YES under the PPP was forgiven in full. The Company determined that the fair value of its right to indemnification was equal to the amount forgiven. Accordingly, the Company did not recognize any gain on the extinguishment of this debt. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> The Company’s long-term debt as of June 30, 2021 and 2020 was as follows (in thousands): </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; border-bottom:0.7pt solid #000000; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:74%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30,</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:12%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30,</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Revolving Line of Credit<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">12,000 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">21,000 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">PPP Loans<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">6,892 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: unamortized discount and deferred financing costs<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(127 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(182 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total debt, net<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,873 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">27,710 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:74%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Less: current maturities of long-term debt<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">- </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:10%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,680 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> </tr> <tr class="even" style=""> <td style="width:74%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Total long-term debt<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">11,873 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:10%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">25,030 </p> </td> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 12000000 21000000 6892000 127000 182000 11873000 27710000 2680000 11873000 25030000 P5Y 100000000 40000000 140000000 5000000 10000000 LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. P5Y 2023-11-02 30400000 6900000 7000000.0 916000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">15. Related Party Transactions</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Certain of the Company’s subsidiaries lease warehouse and office space from one or more of the principals or former principals of the Company or its subsidiaries. These leases include the following:</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company’s wholly-owned subsidiary, Steiner-Atlantic, leased 28,000 square feet of warehouse and office space from an affiliate of Michael S. Steiner, President of Steiner-Atlantic and a former director and officer of the Company, pursuant to a lease agreement dated November 1, 2014, as amended. The lease term was extended during January 2020 to run through October 31, 2020, on which date the lease expired. Monthly base rental payments under the lease were $12,000. In addition to base rent, Steiner-Atlantic was responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Payments under this lease totaled approximately $25,000 and $148,000 during fiscal 2021 and 2020, respectively.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On October 10, 2016, the Company’s wholly-owned subsidiary, Western State Design, entered into a lease agreement pursuant to which it leases 17,600 square feet of warehouse and office space from an affiliate of Dennis Mack, a director and Executive Vice President, Corporate Strategy of the Company, and Tom Marks, Executive Vice President, Business Development of the Company. Monthly base rental payments are $12,000 during the initial term of the lease. In addition to base rent, Western State Design is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under this lease totaled approximately $144,000 during each of fiscal 2021 and 2020. On September 10, 2021, the Audit Committee of the Company’s Board of Directors approved the exercise of the Company’s option to renew the lease for the first three-year renewal term. Base rent for the first renewal term will be $19,000 per month.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On October 31, 2017, the Company’s wholly-owned subsidiary, Tri-State Technical Services, entered into lease agreements pursuant to which it leases a total of 81,000 square feet of warehouse and office space from an affiliate of Matt Stephenson, President of Tri-State. Monthly base rental payments total $21,000 during the initial terms of the leases. In addition to base rent, Tri-State is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $252,000 during each of fiscal 2021 and 2020. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">61</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; ">On February 9, 2018, the Company’s wholly-owned subsidiary, AAdvantage Laundry Systems, entered into a lease agreement pursuant to which it leases a total of 5,000 square feet of warehouse and office space from an affiliate of Mike Zuffinetti, former Chief Executive Officer of AAdvantage. Monthly base rental payments are $3,950 during the initial term of the lease. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. During February 2018, AAdvantage entered into a month-to-month lease agreement with an affiliate of Mike Zuffinetti for a total of 17,000 square feet of warehouse and office space. Monthly base rental payments under this lease were $13,500. This month-to-month lease was terminated on October 31, 2018. In addition, on November 1, 2018, AAdvantage entered into a lease agreement pursuant to which it leases warehouse and office space from an affiliate of Mike Zuffinetti. Monthly base rental payments were $26,000 initially. Pursuant to the lease agreement, on January 1, 2019, the lease expanded to cover additional warehouse space and, in connection therewith, monthly base rental payments increased to $36,000. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under the leases described in this paragraph totaled approximately $481,000 during each of fiscal 2021 and 2020. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On September 12, 2018, the Company’s wholly-owned subsidiary, Scott Equipment, entered into lease agreements pursuant to which it leases a total of 18,000 square feet of warehouse and office space from an affiliate of Scott Martin, President of Scott Equipment. Monthly base rental payments total $11,000 during the initial terms of the leases. In addition to base rent, Scott Equipment is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $137,000 during each of fiscal 2021 and 2020.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On February 5, 2019, the Company’s wholly-owned subsidiary, PAC Industries, entered into two lease agreements pursuant to which it leases a total of 29,500 square feet of warehouse and office space from an affiliate of Frank Costabile, former President of PAC Industries, and Rocco Costabile, former Director of Finance of PAC Industries. Monthly base rental payments total $14,600 during the initial terms of the leases. In addition to base rent, PAC Industries is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of four years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $180,000 and $176,000 during fiscal 2021 and 2020, respectively. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">On November 3, 2020, the Company’s wholly-owned subsidiary, Yankee Equipment Systems, entered into a lease agreement pursuant to which it leases a total of 12,500 square feet of warehouse and office space from an affiliate of Peter Limoncelli, President of Yankee Equipment Systems. Monthly base rental payments total $11,000 during the initial term of the lease. In addition to base rent, Yankee Equipment Systems is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of three years and provides for three successive three-year renewal terms at the option of the Company. Payments under this lease totaled approximately $92,000 during fiscal 2021. </p> 28000 2014-11-01 12000 25000 148000 2016-10-10 17600 12000 P5Y P3Y 144000 144000 19000 2017-10-31 81000 21000 P5Y 252000 252000 2018-02-09 5000 3950 P5Y 17000 13500 2018-10-31 26000 36000 P5Y 481000 481000 2018-09-12 18000 11000 P5Y 137000 137000 2019-02-05 29500 14600 P4Y 180000 176000 2020-11-03 12500 11000 92000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">16. Concentrations of Credit Risk</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts and trade receivables. The Company maintains its cash at large financial institutions. At June 30, 2021, bank deposits exceeded Federal Deposit Insurance Corporation insured limits. The Company believes that concentrations of credit risk with respect to trade receivables are limited due to the Company’s large customer base. Also, based on the Company’s credit evaluation, trade receivables are often collateralized by the equipment sold. Sales to a federal government agency accounted for approximately 9% and 5% of the Company’s revenues for fiscal 2021 and 2020, respectively. Additionally, no single contract for a federal government facility or other contract accounted for more than 10% of the Company’s revenues for fiscal 2021 or 2020. As of June 30, 2021, there were no accounts receivable due from any individual entity which accounted for greater than 10% of the Company’s accounts receivable at June 30, 2021. </p> 0.09 0.05 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">17. Commitments and Contingencies</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">From time to time in the ordinary course of business, certain of the Company’s contracts require the Company to provide performance and payment bonds related to projects in process. These bonds are intended to provide assurance to the customer that the Company will perform under the terms of the contract and that the Company will pay subcontractors and vendors. If the Company fails to perform under the contract or pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company is required to reimburse the surety for expenses or outlays it incurs. There were no outstanding performance and payment bonds at June 30, 2021 or 2020.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company may from time to time become subject to litigation and other legal proceedings. Litigation and other legal proceedings may require the Company to incur significant expenses, including those relating to legal and other professional fees. In addition, litigation and other legal proceedings are inherently uncertain, and adverse outcomes in litigation or other legal proceedings could adversely affect the Company’s financial condition, cash flows, and operating results. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">18. Retirement Plan</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company has participatory deferred compensation plans under which it matches half of employee contributions up to 6% of an eligible employee’s yearly compensation on a discretionary basis. In response to the ongoing COVID-19 pandemic, the Company reduced its match in fiscal 2021 to one quarter of employee contributions up to 6% of an eligible employee’s yearly compensation, with a limit of a match of 1% of an eligible employee’s yearly compensation. Employees are eligible to participate in the plans after one year of service. The Company contributed approximately $171,000 and $491,000 to the plans during fiscal 2021 and fiscal 2020, respectively. The plans are qualified plans under Section 401(k) of the Internal Revenue Code. </p> 0.06 P1Y 171000 491000 <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">19. Shareholders’ Equity</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; ">No dividends were declared or paid during the years ended June 30, 2021 or 2020. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">20. Equity Plan</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:11pt; margin-bottom:0pt; "><span style="font-style:italic; ">Equity Incentive Plan</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">During 2015, the Company’s board of directors and stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). During December 2020, the Company’s stockholders approved an amendment to the Plan to increase the number of shares of the Company’s common stock authorized for issuance pursuant to awards granted under the Plan to 3,000,000 shares. The fair value of awards granted under the Plan is expensed on straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. Non-cash share-based compensation expense under the Plan totaled $2.4 million and $2.3 million for fiscal 2021 and fiscal 2020, respectively. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">63</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:0pt; margin-bottom:0pt; ">During fiscal 2021, restricted stock awards and restricted stock units of a total of 8,624 shares and 204,014 shares, respectively, were granted under the Plan. A portion of the restricted stock awards is scheduled to vest ratably over four years and the remainder is scheduled to cliff vest on or about the five-year anniversary of the applicable grant date, subject, in the case of certain restricted shares, to accelerated vesting upon the achievement of certain specified performance goals. The total grant date fair value, determined by using the stock price on the date of grant, of such restricted stock awards was $264,000. A portion of the restricted stock units is scheduled to vest ratably over four years and the remainder is scheduled to vest in 4 to 41 years. The total grant date fair value of such restricted stock units was $6.3 million. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">During fiscal 2020, restricted stock awards, restricted stock units and stock awards of a total of 187,169 shares, 28,110 shares and 13,550 shares, respectively, were granted under the Plan. A portion of the restricted stock awards is scheduled to vest ratably over four years and the remainder is scheduled to vest in 10 to 21 years, subject, in the case of certain restricted shares, to accelerated vesting upon the achievement of certain specified performance goals. The total grant date fair value, determined by using the stock price on the date of grant, of such restricted stock awards was $4.2 million. A portion of the restricted stock units is scheduled to vest ratably over four years and the remainder is scheduled to vest in 4 to 37 years. The total grant date fair value of such restricted stock units was $689,000. Stock awards relate to shares of the Company’s common stock issued under the Plan which are held by the recipient upon grant without any future risk of forfeiture. The total grant date fair value of such stock awards was $300,000. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">During fiscal 2021, 77,624 shares of restricted stock vested and 25,310 shares of common stock with an aggregate fair market value of $853,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock. During fiscal 2020, 55,803 shares of restricted stock vested and 17,200 shares of common stock with an aggregate fair market value of $457,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock. As described above, during fiscal 2020, the Company also granted stock awards (not subject to forfeiture) of 13,550 shares of the Company’s common stock. 5,262 of such shares of common stock, which had an aggregate fair market value of $116,000 as of the grant date, were withheld in lieu of cash to satisfy tax withholding obligations in connection with the grant of the stock awards. As of June 30, 2021, the Company had $14.9 million and $7.1 million of total unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock awards and restricted stock units, respectively, which is expected to be recognized over the weighted-average period of 17.5 years and 11.2 years, respectively. </p> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">64</p> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-style:italic; font-size:10pt; margin-top:-3pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" style="border-spacing:0; " width="100%"> <tbody> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">EVI Industries, Inc. and Subsidiaries </span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Notes to Consolidated Financial Statements</span></p> </td> </tr> <tr class="even" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "><span style="font-weight:bold; "> </span></p> </td> </tr> </tbody> </table> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> The following is a summary of non-vested restricted stock activity as of, and for the fiscal year ended, June 30, 2021: </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:49%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="7" style="width:24%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Restricted Stock Awards </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="7" style="width:24%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Restricted Stock Units </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:49%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:10%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Shares </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:13%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Weighted-</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Average Grant</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Date Fair Value </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:10%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Shares </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:13%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Weighted-</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Average Grant</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Date Fair Value </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:49%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Non-vested restricted stock outstanding at June 30, 2020<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">987,220 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">19.40 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">55,610 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30.31 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:49%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Granted<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,624 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30.61 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">204,014 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">31.03 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:49%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Vested<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(75,093 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">18.05 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,531 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26.40 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:49%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Forfeited<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,492 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">33.53 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(3,180 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30.76 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:49%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Non-vested restricted stock outstanding at June 30, 2021<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">919,259 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:11%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">19.59 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">253,913 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:11%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30.92 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:16pt; margin-bottom:0pt; "><span style="font-style:italic; ">Employee Stock Purchase Plan</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">During 2017, the Company’s board of directors and stockholders approved the Company’s 2017 Employee Stock Purchase Plan, which, subject to the terms of the plan, allows eligible employees the opportunity to purchase shares of the Company’s common stock at a 5% discount. The employee stock purchase plan provides for six-month offering periods ending on December 31 and June 30 of each year. During fiscal 2021, 2,492 shares of common stock were purchased under the Company’s employee stock purchase plan for which the Company received net proceeds of $69,000. During fiscal 2020, 2,216 shares of common stock were purchased under the Company’s employee stock purchase plan for which the Company received net proceeds of $50,000. </p> 3000000 8624 204014 204014 264000 P4Y P4Y P41Y 6300000 187169 28110 13550 P4Y P10Y P21Y 4200000 P4Y P37Y 689000 300000 77624 25310 853000 55803 17200 457000 5262 116000 14900000 7100000 P17Y6M P11Y2M12D <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "> The following is a summary of non-vested restricted stock activity as of, and for the fiscal year ended, June 30, 2021: </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div style="margin-left:108pt; "> <table cellpadding="0" class="fin" style="border-spacing:0; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:49%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="7" style="width:24%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Restricted Stock Awards </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="7" style="width:24%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Restricted Stock Units </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:49%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:10%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Shares </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:13%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Weighted-</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Average Grant</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Date Fair Value </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:10%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Shares </p> </td> <td style="width:1%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="3" style="width:13%; border-bottom:0.7pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Weighted-</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Average Grant</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">Date Fair Value </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#cceeff; "> <td style="width:49%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Non-vested restricted stock outstanding at June 30, 2020<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">987,220 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">19.40 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">55,610 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30.31 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:49%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Granted<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">8,624 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30.61 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">204,014 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">31.03 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:49%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Vested<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(75,093 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">18.05 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(2,531 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">26.40 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:49%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Forfeited<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,492 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">33.53 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(3,180 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">) </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:11%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30.76 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:0.7pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style="background-color:#cceeff; "> <td style="width:49%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Non-vested restricted stock outstanding at June 30, 2021<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">919,259 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:11%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">19.59 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:8%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">253,913 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:11%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">30.92 </p> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:100%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:12pt; text-align:center; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div> 987220 19.40 55610 30.31 8624 30.61 204014 31.03 75093 18.05 2531 26.40 1492 33.53 3180 30.76 919259 19.59 253913 30.92 0.05 2492 69000 2216 50000 Includes $5.3 million paid net of $792,000 of cash acquired. Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date. Expenses are classified within selling, general and administrative expenses in the Company’s consolidated statement of operations for the years ended June 30, 2021 and 2020. Excludes non-guaranteed residual values of $2.2 million. Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2020 XML 14 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Document and Entity Information - USD ($)
 12 Months Ended
Jun. 30, 2021
Sep. 01, 2021
Dec. 31, 2020
Document And Entity Information      
Entity Central Index Key 0000065312    
Current Fiscal Year End Date --06-30    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Type 10-K    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Jun. 30, 2021    
Entity File Number 001-14757    
Entity Registrant Name EVI Industries, Inc.    
Entity Incorporation State Code DE    
Entity Tax Identification Number 11-2014231    
Entity Address, Address Line One 4500 Biscayne Blvd    
Entity Address, Address Line Two Suite 340    
Entity Address, City or Town Miami    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33137    
City Area Code 305    
Local Phone Number 402-9300    
Security 12b Title Common Stock, $0.025 par value    
Trading Symbol EVI    
Name of Exchange on which Security is Registered NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 115,405,629
Entity Common Stock, Shares Outstanding   12,278,431  
Documents Incorporated By Reference Text Block

Portions of the registrant’s Proxy Statement relating to its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

   
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Current assets    
Cash $ 6,057 $ 9,789
Accounts receivable, net of allowance for doubtful accounts 28,904 23,042
Inventories, net 25,129 24,063
Vendor deposits 367 1,276
Contract assets 347 3,443
Other current assets 4,419 3,041
Total current assets 65,223 64,654
Equipment and improvements, net 10,594 7,992
Operating lease assets 7,060 5,311
Intangible assets, net 23,677 21,754
Goodwill 63,881 56,678
Other assets 7,415 4,329
Total assets 177,850 160,718
Current liabilities    
Accounts payable and accrued expenses 26,227 24,292
Accrued employee expenses 7,528 4,764
Customer deposits 10,344 8,511
Contract liabilities 3,232 558
Current portion of long-term debt 2,680
Current portion of operating lease liabilities 2,131 1,672
Total current liabilities 49,462 42,477
Deferred income taxes, net 4,208 1,728
Long-term operating lease liabilities 5,567 3,657
Long-term debt, net 11,873 25,030
Total liabilities 71,110 72,892
Commitments and contingencies (Note 17)
Shareholders' equity    
Preferred stock, $1.00 par value; authorized shares - 200,000; none issued and outstanding
Common stock, $.025 par value; authorized shares - 20,000,000; 12,399,137 shares issued at June 30, 2021 and 12,029,910 shares issued at June 30, 2020, including shares held in treasury 310 301
Additional paid-in capital 90,501 79,127
Retained earnings 18,794 10,410
Treasury stock, 120,706 shares, at cost, at June 30, 2021 and 95,396 shares, at cost, at June 30, 2020 (2,865) (2,012)
Total shareholders' equity 106,740 87,826
Total liabilities and shareholders' equity $ 177,850 $ 160,718
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2021
Jun. 30, 2020
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 1.00 $ 1.00
Preferred stock, shares authorized 200,000 200,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.25 $ 0.25
Common stock, shares authorized 20,000,000 20,000,000
Common stock, shares issued 12,399,137 12,029,910
Treasury stock, shares 120,706 95,396
XML 17 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]    
Revenues $ 242,005 $ 235,802
Cost of sales 182,165 180,595
Gross profit 59,840 55,207
Selling, general and administrative expenses 56,594 52,427
Operating income 3,246 2,780
Debt forgiveness 6,963
Interest and other (expense), net (321) (1,432)
Income before provision for income taxes 9,888 1,348
Provision for income taxes 1,504 573
Net income $ 8,384 $ 775
Net earnings per share - basic $ 0.63 $ 0.06
Net earnings per share - diluted $ 0.61 $ 0.06
XML 18 R5.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Common Stock Related to Acquiree's ESOP [Member]
Total
Balance, beginning at Jun. 30, 2019 $ 296 $ 73,010 $ (1,439) $ 9,635 $ (4,240) $ 77,262
Balance, shares, beginning at Jun. 30, 2019 11,825,615   72,934      
Share repurchases     $ (573)     (573)
Share repurchases, shares     22,462      
Vesting of restricted shares $ 1 (1)        
Vesting of restricted shares, shares 55,803          
Issuances of shares under employee stock purchase plan   50       50
Issuances of shares under employee stock purchase plan, shares 2,216          
Issuances of shares in connection with acquisitions $ 4 3,766     4,240 8,010
Issuances of shares in connection with acquisitions, shares 132,726          
Stock compensation   2,302       2,302
Stock compensation, shares 13,550          
Net income       775   775
Balance, ending at Jun. 30, 2020 $ 301 79,127 $ (2,012) 10,410 87,826
Balance, shares, ending at Jun. 30, 2020 12,029,910   95,396      
Share repurchases     $ (853)     (853)
Share repurchases, shares     25,310      
Vesting of restricted shares $ 2 (2)        
Vesting of restricted shares, shares 77,624          
Issuances of shares under employee stock purchase plan   69       69
Issuances of shares under employee stock purchase plan, shares 2,492          
Issuances of shares in connection with acquisitions $ 7 8,870       8,877
Issuances of shares in connection with acquisitions, shares 289,111          
Stock compensation   2,437       2,437
Net income       8,384   8,384
Balance, ending at Jun. 30, 2021 $ 310 $ 90,501 $ (2,865) $ 18,794 $ 106,740
Balance, shares, ending at Jun. 30, 2021 12,399,137   120,706      
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net income $ 8,384 $ 775
Adjustments to reconcile net income to net cash provided (used) by operating activities:    
Depreciation and amortization 4,596 3,696
Amortization of debt discount 55 55
Provision for bad debt expense 326 497
Non-cash lease expense 55 18
Share-based compensation 2,437 2,302
Inventory reserve 116 49
Provision (benefit) for deferred income taxes 1,593 (178)
Debt forgiveness (6,963)
Other (230) (109)
(Increase) decrease in operating assets:    
Accounts receivable (4,481) 8,121
Inventories 665 3,969
Vendor deposits 909 (873)
Contract assets 3,096 (956)
Other assets (2,191) (356)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (798) 5,568
Accrued employee expenses 2,200 (474)
Customer deposits 1,251 1,258
Contract liabilities 2,674 (296)
Net cash provided by operating activities 13,694 23,066
Investing activities:    
Capital expenditures (2,824) (3,375)
Cash paid for acquisitions, net of cash acquired (4,818) (1,379)
Net cash used by investing activities (7,642) (4,754)
Financing activities:    
Proceeds from borrowings 53,500 24,892
Debt repayments (62,500) (37,930)
Repurchases of common stock in satisfaction of employee tax withholding obligations (853) (573)
Issuances of common stock under employee stock purchase plan 69 50
Net cash used by financing activities (9,784) (13,561)
Net (decrease) increase in cash (3,732) 4,751
Cash at beginning of year 9,789 5,038
Cash at end of year 6,057 9,789
Supplemental information:    
Cash paid for interest 511 1,475
Cash paid for income taxes $ 505 $ 345
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisitions 8,877 3,770
Forgiveness of PPP Loans $ 6,963
Forgiveness of PPP Loan in connection with the YES acquisition $ 916
XML 20 R7.htm IDEA: XBRL DOCUMENT v3.21.2
General
 12 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
General

1. General

Nature of Business

EVI Industries, Inc., formerly EnviroStar, Inc., indirectly through its subsidiaries (EVI Industries, Inc. and its subsidiaries, collectively, the “Company”), is a value-added distributor, and provides advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services.

The Company’s customers include government, institutional, industrial, commercial and retail customers. Product purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems. The Company also provides its customers with the services described above.

The Company reports its results of operations through a single operating and reportable segment.

“Buy-and-Build” Growth Strategy

Beginning in 2015, the Company implemented a “buy-and-build” growth strategy. The Company’s acquisitions under its “buy-and-build” growth strategy since its implementation in 2015 include, without limitation, those described below.

•

On October 10, 2016, the Company purchased substantially all of the assets of Western State Design, LLC, a California-based company, for a purchase price consisting of $18.5 million in cash and 2,044,990 shares of the Company’s common stock.  

•

On October 31, 2017, the Company purchased substantially all of the assets of Tri-State Technical Services, Inc., a Georgia-based company, for a purchase price consisting of approximately $7.95 million in cash and 338,115 shares of the Company’s common stock.  

•

On February 9, 2018, the Company purchased substantially all of the assets of Dallas-based companies, Zuf Acquisitions I LLC (d/b/a/ AAdvantage Laundry Systems) and Sky-Rent LP, for total consideration of approximately $20.4 million, consisting of approximately $8.1 million in cash and 348,360 shares of the Company’s common stock.  

•

On September 12, 2018, the Company purchased substantially all of the assets of Scott Equipment, Inc., a Houston-based company, for approximately $6.5 million in cash and 209,678 shares of the Company’s common stock.  

•

On February 5, 2019, the Company acquired PAC Industries Inc. (“PAC”), a Pennsylvania-based company, for approximately $6.4 million in cash and 179,847 shares of the Company’s common stock.  

•

On November 3, 2020, the Company acquired Yankee Equipment Systems, LLC (“YES”), a New Hampshire-based company, for approximately $5.3 million in cash and 278,385 shares of the Company’s common stock.  

The acquired companies distribute commercial, industrial, and vended laundry products and provide installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. Each acquisition was effected by the Company through a separate wholly-owned subsidiary formed by the Company for the purpose of effecting the transaction, whether by an asset purchase or merger, and operating the acquired business following the transaction. In connection with each transaction, the Company, indirectly through its applicable wholly-owned subsidiary, also assumed certain of the liabilities of the acquired business.

41

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The financial position, including assets and liabilities, and results of operations of the acquired businesses following the respective closing dates of the acquisitions are included in the Company’s consolidated financial statements.

See Note 3 for additional information about the acquisitions of YES and PAC and the other acquisitions consummated by the Company during fiscal 2020 and fiscal 2021.

Impact of COVID-19 Pandemic

The COVID-19 pandemic has been, and continues to be, an unprecedented disruption in the economy and has negatively impacted, and may continue to negatively impact, the Company’s business and results. Specifically, beginning at the end of the quarter ended March 31, 2020, the COVID-19 pandemic and accompanying economic disruption caused delays and declines in the placement of customer orders, the completion of equipment and parts installations, and the fulfillment of parts orders. The COVID-19 pandemic, while showing initial signs of recovery earlier in fiscal 2021 has recently had a resurgence with the increased presence and spread of the Delta variant. Accordingly, the adverse impact of the COVID-19 pandemic is expected to continue in the near-term and possibly longer, including, without limitation, if the pandemic increases in size and scope, its duration is prolonged, or, among other matters related thereto, additional governmental actions, including, without limitation, business restrictions, are imposed. In response to the economic and business disruption caused by the COVID-19 pandemic during 2020, the Company took actions to reduce costs and spending across the organization, including changes to inventory stock levels, renegotiating payment terms with suppliers, and reducing hiring activities. The Company continues to actively monitor the COVID-19 pandemic and may take further actions, including those that may alter business operations, if required by federal, state, local or foreign authorities or otherwise determined to be advisable by management.

As of the date of this Annual Report on Form 10-K, significant uncertainty exists concerning the magnitude of the impact and duration of the COVID-19 pandemic. Factors arising from the COVID-19 pandemic that have impacted, or may negatively impact, the Company’s business and results, including sales and gross margin, in the future include, but are not limited to: potential limitations on the ability of suppliers to manufacture, or the Company’s ability to procure from manufacturers, the products the Company sells, or to meet delivery requirements and commitments; limitations on the ability of the Company’s employees to perform their work due to impacts caused by the pandemic or local, state, federal or foreign orders that may restrict the Company’s operations or the operations of its customers, or require that employees be quarantined; limitations on the ability of carriers to deliver products to the Company’s facilities and customers; adverse impacts of the pandemic on certain industries and customers of the Company which operate in those industries, including the hospitality industry; and potential decreased demand for products and services, including potential limitations on the ability of, or adverse changes in the desire of, the Company’s customers to conduct their business, purchase products and services and pay for purchases on a timely basis or at all.

The situation surrounding the COVID-19 pandemic remains fluid and highly uncertain. The Company is unable to determine or predict the nature, duration, or scope of the overall impact that the COVID-19 pandemic will have on the Company’s business, results of operations, liquidity, or financial condition, as such impact will depend in large part on future developments, including the severity and duration of the pandemic (including the Delta variant and any other future variants) and government and other actions taken in response thereto, all of which are highly uncertain. Further, even after the COVID-19 pandemic subsides, the Company may continue to experience adverse impacts to its business as a result of, among other things, any adverse impact that has occurred or may occur in the future in the economy or markets generally, and changes in customer or supplier behavior.

As a precautionary measure in order to increase its cash position and preserve financial flexibility in light of the uncertainties resulting from the COVID-19 pandemic, during May 2020, the Company and certain of its subsidiaries received a total of twelve PPP Loans in the aggregate principal amount of approximately $6.9 million. During the fourth quarter of fiscal 2021, the Company was notified by Fifth Third Bank, N.A., the lender with respect to the PPP Loans, that all twelve of the PPP Loans were fully forgiven. See Note 14, “Debt,” for further discussion regarding the PPP Loans.

XML 21 R8.htm IDEA: XBRL DOCUMENT v3.21.2
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

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of EVI Industries, Inc. and its subsidiaries, all of which are wholly-owned. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company recognizes revenue when a sales arrangement with a customer exists (sales contract, purchase or sales order, or other indication of an arrangement), the transaction price is fixed and determinable, and the Company has satisfied the performance obligation(s) per the sales arrangement.

Performance Obligations and Revenue Over Time

Revenue primarily consists of revenues from the sale or leasing of commercial and industrial laundry and dry cleaning equipment and steam and hot water boilers manufactured by others; the sale of related replacement parts and accessories; and the provision of installation and maintenance services. The Company generates revenue primarily from the sale of equipment and parts to customers. Therefore, the majority of the Company’s contracts are short-term in nature and have a single performance obligation (to deliver products), which is satisfied when control of the product is transferred to the customer. Other contracts contain a combination of equipment sales with a service such as connection of the equipment, which is expected to be performed in the near-term. Such services are distinct and accounted for as separate performance obligations. Significant judgment may be required by management to identify the distinct performance obligations within each contract. Revenue is recognized on these contracts when control transfers to the Company’s customers via shipment of products or provision of services and the Company has the right to receive consideration for these products and services. Additionally, from time to time, the Company enters into longer-termed contracts which provide for the sale of equipment by the Company and the provision by the Company of related installation and construction services. The installation on these types of contracts is usually completed within six to twelve months. The Company recognizes a portion of its revenue over time using the cost-to-cost measure of progress, which measures a contract’s progress toward completion based on the ratio of actual contract costs incurred to date to the Company’s estimated costs at completion. Significant judgment may be required by management in the cost estimation process for these contracts, which is based on the knowledge and experience of the Company’s project managers, subcontractors and financial professionals. Changes in job performance and job conditions are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s revenue recognition. The determination of the total estimated cost and progress toward completion requires management to make significant estimates and assumptions. Total estimated costs to complete projects include various costs such as direct labor, material and subcontract costs. Changes in these estimates can have a significant impact on the revenue recognized each period. From time to time, the Company also enters into maintenance contracts and ad hoc maintenance and installation service contracts. These longer-term contracts, and maintenance and service contracts have a single performance obligation where revenue is recognized over time using the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer.

The Company measures revenue, including shipping and handling fees charged to customers, as the amount of consideration it expects to be entitled to receive in exchange for its goods or services, net of any taxes collected from customers and subsequently remitted to governmental authorities. Costs associated with shipping and handling activities performed after the customer obtains control are accounted for as fulfillment costs and are not promised services that have to be further evaluated under revenue recognition standards.

43

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Revenue from products transferred to customers at a point in time include commercial and vended laundry parts and equipment sales and accounted for approximately 82% of the Company’s revenue for the fiscal year ended June 30, 2021 and 87% of the Company’s revenue for the fiscal year ended June 30, 2020. Revenue from products transferred to customers at a point in time is recognized when obligations under the terms of the contract with the Company’s customer are satisfied, which generally occurs with the transfer of control upon shipment.

The Company’s products are typically sold with a manufacturer’s warranty. Accordingly, warranty expense and product returns have not been significant.

Revenues that are recognized over time include (i) longer-termed contracts that include equipment purchase with installation and construction services, (ii) maintenance contracts, and (iii) service contracts. Revenue from products and services that are recognized over time accounted for approximately 18% of the Company’s revenue for the fiscal year ended June 30, 2021 and 13% of the Company’s revenue for the fiscal year ended June 30, 2020.

Contract Assets and Liabilities

Contract assets and liabilities are presented in the Company’s consolidated balance sheets. Contract assets consist of unbilled amounts resulting from sales under longer-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. As noted above, the cost estimation process for these contracts may require significant judgment by management. The Company typically receives progress payments on sales under longer-term contracts as work progresses, although for certain contracts, the Company may be entitled to receive an advance payment. Contract assets also include retainage. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount (generally, from 5% to 20% of contract billings) until final contract settlement. Retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Contract liabilities consist of advanced payments, billings in excess of costs incurred and deferred revenue.

Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

2021

2020

 

Costs incurred on uncompleted contracts

$

26,833

$

17,019

Estimated earnings

3,697

1,580

Less: billings to date

(33,615

)

(16,637

)

Retainage

200

923

Ending balance

$

(2,885

)

$

2,885

These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands):

June 30,

2021

2020

Contract assets

$

347

$

3,443

Contract liabilities

(3,232

)

(558

)

Ending balance

$

(2,885

)

$

2,885

Contract liabilities are generally associated with contracts with durations of less than one year. Accordingly, such amounts are expected to be realized during the subsequent year.

The Company does not account for significant financing components if the period between the time when the transfer of the product or service to the customer occurs and when the customer pays for that service or product will be one year or less. The Company does not disclose the value of remaining performance obligations for contracts with an original expected period of one year or less or performance obligations for which the Company recognizes revenue at the amount that it has the right to invoice for services performed.

Goodwill

Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net assets acquired in a business combination. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit's carrying value is compared to its fair value. If the fair value is determined to be less than the carrying value, a second step is performed to measure the amount of impairment loss. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit and involves uncertainty because management must use judgment in determining appropriate assumptions to be used in the measurement of fair value. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment.

44

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Accounts Receivable

Accounts receivable are customer obligations due under what management believes to be customary trade terms. Invoices are typically due upon receipt, however, the Company may grant extended payment terms, typically 30 days, for certain customers. The Company sells its products primarily to hospitals, nursing homes, government institutions, laundry plants, hotels, motels, vended laundry facilities and distributors and dry cleaning stores and chains. The Company performs continuing credit evaluations of its customers’ financial condition and depending on the terms of credit, the amount of the credit granted and management’s history with a customer, the Company may require the customer to grant a security interest in the purchased equipment as collateral for the receivable. Management reviews accounts receivable on a regular basis to determine whether it is probable that any amounts are impaired. The Company includes any balances that are deemed probable to be impaired in its overall allowance for doubtful accounts. The provision for doubtful accounts is recorded in selling, general and administrative expenses in the consolidated statements of operations. If customary attempts to collect a receivable are not successful, the receivable is then written off against the allowance for doubtful accounts. The Company’s allowance for doubtful accounts was $1.0 million at June 30, 2021 and $820,000 at June 30, 2020. Actual write-offs may vary from the recorded allowance.

Cash

The Company has not experienced any losses in its cash accounts and believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Inventories

Inventories consist principally of equipment inventories and spare part inventories. Equipment inventories are valued at the lower of cost, determined on the specific identification method, or net realizable value. Spare part inventories are valued at the lower of average cost or net realizable value. Lower of cost or net realizable value adjustments are recorded in cost of goods sold in the consolidated statement of operations.

Equipment, Improvements and Depreciation

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on straight-line methods over useful lives of five to seven years for furniture and equipment and the shorter of ten years or the remaining lease term (including renewal periods that are deemed reasonably assured) for leasehold improvements. Depreciation and amortization of property and equipment is included in selling, general and administrative expenses in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred.

Software Capitalization

The Company capitalizes certain costs related to the acquisition and development of internal use software, including implementation costs incurred in a cloud computing arrangement, during the application development stages of projects. The Company amortizes these costs using the straight-line method over the estimated useful life of the software, typically seven years. Costs incurred during the preliminary project or the post-implementation/operation stages of the project are expensed as incurred. Capitalized computer software, included as a component of equipment and improvements, net in the accompanying consolidated balance sheets, net of accumulated amortization, was $343,000 and $152,000 at June 30, 2021, and 2020, respectively. Computer software amortization expense was $29,000 in fiscal 2021. There was no related amortization expense in fiscal 2020. Amortization of capitalized software is included in selling, general and administrative expenses in the consolidated statements of operations.

45

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Customer-Related Intangibles, Tradenames and Other Intangible Assets

Finite-lived intangibles are amortized over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized. Customer-related intangibles, non-compete, and other finite-lived intangible assets are stated at cost less accumulated amortization, and are amortized on a straight-line basis over the estimated future periods to be benefited (5-10 years). The estimates of fair value of the Company’s indefinite-lived intangibles and long-lived assets are based on information available as of the date of the assessment and takes into account management’s assumptions about expected future cash flows and other valuation techniques. Amortization of finite-lived intangibles is included in selling, general and administrative expenses in the consolidated statements of operations. The Company also evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment.

Asset Impairments

The Company periodically reviews the carrying amounts of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If an asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of their carrying amount or fair value less estimated costs to sell. The Company has concluded that there was no impairment of long-lived assets in the fiscal year ended June 30, 2021 or the fiscal year ended June 30, 2020.

Estimates

The preparation of consolidated financial statements in conformity with GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates on an ongoing basis. Estimates which may be particularly significant to the Company’s consolidated financial statements include those relating to the determination of impairment of assets (including goodwill and intangible assets), the useful life of property and equipment, net realizable value of inventory, the residual value of leased equipment, the recoverability of deferred income tax assets, allowances for doubtful accounts, intangible assets, estimates to complete on contracts where revenue is recognized over time, the carrying value of inventories and long-lived assets, the timing of revenue recognition, and sales returns and allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the recognition of revenues and expenses and the carrying value of assets and liabilities that are not readily apparent from other sources. Assumptions and estimates may, however, prove to have been incorrect, and actual results may differ from these estimates.

46

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Earnings Per Share

The Company computes earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of the Company’s common stock subject to unvested restricted stock awards are considered participating securities because these awards contain a non-forfeitable right to dividends paid prior to forfeiture of the restricted stock, if any, irrespective of whether the awards ultimately vest. During fiscal 2021 and fiscal 2020, the Company granted restricted stock awards of 8,624 and 187,169 shares, respectively, and 204,014 and 28,110 restricted stock units, respectively, under the EVI Industries, Inc. 2015 Equity Incentive Plan, as amended (see Note 20). During fiscal 2020, the Company also granted stock awards (not subject to forfeiture) of 13,550 shares of the Company’s common stock (5,262 of which shares were withheld to satisfy tax withholding obligations). Shares of restricted stock are deemed to constitute a second class of stock for accounting purposes. Basic and diluted earnings per share for fiscal 2021 and fiscal 2020 are computed as follows (in thousands, except per share data):

 

 

For the years

ended June 30,

 

 

2021

 

2020

 

 

 

 

 

Net income

 

$

8,384

 

 

$

775

 

Less: distributed and undistributed income allocated to non-vested restricted common stock

 

 

731

 

 

 

62

 

Net income allocated to EVI Industries, Inc. shareholders

 

$

7,653

 

 

$

713

 

Weighted average shares outstanding used in basic earnings per share

 

 

12,142

 

 

 

11,841

 

 

 

 

 

 

 

 

 

 

Dilutive common share equivalents

 

 

436

 

 

 

330

 

Weighted average shares outstanding used in dilutive earnings per share

 

 

12,578

 

 

 

12,171

 

Basic earnings per share

 

$

0.63

 

 

$

0.06

 

Diluted earnings per share

 

$

0.61

 

 

$

0.06

 

At June 30, 2021, other than 866,970 unvested shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 306,202 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive. At June 30, 2020, other than 735,040 shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 307,790 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive.

Supplier Concentration

The Company purchases laundry, dry cleaning equipment, boilers and other products from a number of manufacturers and suppliers. Purchases from three manufacturers accounted for a total of approximately 62% of the Company’s purchases for fiscal 2021 and 63% of the Company’s purchases for fiscal 2020.

Advertising Costs

The Company expenses the cost of advertising as of the first date an advertisement is run. The Company incurred approximately $435,000 and $377,000 of advertising costs for fiscal 2021 and fiscal 2020, respectively, which are included in selling, general and administrative expenses in the consolidated statements of operations.

Shipping and Handling

Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in selling, general and administrative expenses.

47

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Fair Value of Certain Current Assets and Current Liabilities

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs used to measure fair value are as follows:

•

Level 1 - Quoted prices in active markets for identical assets and liabilities.  

•

Level 2 - Observable inputs other than quoted prices included in Level 1. This includes dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.  

•

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes discounted cash flow methodologies and similar techniques that use significant unobservable inputs.  

The Company has no assets or liabilities that are adjusted to fair value on a recurring basis. The Company did not have any assets or liabilities measured at fair value on a nonrecurring basis during fiscal 2021 or fiscal 2020, except for certain assets acquired and liabilities assumed in a business combination (as described in Note 3).

The Company’s cash, accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximated estimated fair value, using Level 1 inputs. Cash is maintained with various high-quality financial institutions and have original maturities of three months or less. Accounts receivable and accounts payable approximate their fair value due to the short term nature of such accounts. The fair value of the Company’s indebtedness was estimated using Level 2 inputs based on quoted prices for those or similar debt instruments using applicable interest rates as of June 30, 2021 and approximated the carrying value of such debt because it accrues interest at variable rates that are repriced frequently. This approximates fair value based on the variable interest rate.

Customer Deposits

Customer deposits represent advances paid by customers when placing orders for equipment with the Company.

Net Investment in Sales Type Leases

The Company derives a portion of its revenue from leasing arrangements. Such arrangements provide for monthly payments covering the equipment sales, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, the equipment sale is recognized upon delivery of the system and acceptance by the customer. Upon the recognition of revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term.

Income Taxes

The Company recognizes income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is determined that it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.

48

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Judgment is required in developing the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowances that might be required against the deferred tax assets. Management evaluates the Company’s ability to realize its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it believes that it is more likely than not that the asset will not be realized. There were no valuation allowance adjustments during fiscal 2021 or fiscal 2020.

The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately reflect actual outcomes. The Company does not believe that there are any material unrecognized tax benefits as of June 30, 2021 or 2020 related to tax positions taken on its income tax returns. The Company’s policy is to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and general and administrative expense, respectively, in the consolidated statements of operations.

The CARES Act, among its other provisions, includes tax provisions relating to refundable payroll tax credits, deferral of employer’s social security payments, net operating loss (“NOL”) utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property (QIP), and financing options. With the exception of the forgiveness of debt from the PPP Loans initiated under the CARES Act, the Company’s income tax provision for fiscal 2021 and fiscal 2020 was not materially impacted by the provisions of the CARES Act.

Leases

Adoption of New Lease Standard

On July 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases (Topic 842) (“ASC 842”), which, among other things, requires lessees to recognize substantially all leases on their balance sheets and disclose certain additional key information about leasing arrangements. The new standard establishes a right of use (“ROU”) model that requires a lessee to recognize a ROU asset and liability on the balance sheet for all leases with a term longer than 12 months. Leases are required to be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The Company adopted this standard using the modified retrospective transition approach, which requires a cumulative-effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption without restatement of prior periods. Therefore, the accompanying consolidated financial statements for fiscal 2021 and fiscal 2020 are presented under the new standard. There was no cumulative-effect adjustment recorded on July 1, 2019.

The Company elected the package of transition practical expedients for expired or existing contracts, which does not require reassessment of: (1) whether any of the Company's contracts are or contain leases, (2) lease classification and (3) initial direct costs.

The primary impact for the Company was the balance sheet recognition of ROU assets (operating lease assets) and lease liabilities for operating leases as a lessee. The adoption of ASC 842 did not have a material impact on the results of operations or cash flows of the Company. See Note 9, “Leases,” for further discussion regarding the Company’s adoption of the new lease accounting standard.

49

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Recently Issued Accounting Guidance

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other specified instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method. ASU 2016-13 is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years (the fiscal year ending June 30, 2022 for the Company), with early adoption permitted. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. The provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which will eliminate certain exceptions to the existing guidance for income taxes related to the approach for intra-period tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This ASU also simplifies the accounting for income taxes by clarifying and amending existing guidance related to the effects of enacted changes in tax laws or rates in the effective tax rate computation, the recognition of franchise tax and the evaluation of a step-up in the tax basis of goodwill, among other clarifications. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and for interim periods within those fiscal years. The Company is currently evaluating the potential effects of this ASU; however, the Company does not expect that its adoption will have a material effect on its consolidated financial statements.

Management does not believe that other issued accounting standards and updates which are not yet effective will have a material impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption.

XML 22 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions
 12 Months Ended
Jun. 30, 2021
Business Combinations [Abstract]  
Acquisitions

3. Acquisitions

YES Acquisition

On November 3, 2020, the Company acquired Yankee Equipment Systems, Inc. (“YES”), pursuant to a merger whereby YES merged with and into, and became, a wholly-owned subsidiary of the Company (the “YES Acquisition”). YES is a New Hampshire-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. This acquisition expanded the Company’s footprint in the Northeast region of the United States. The consideration paid by the Company in connection with the merger consisted of $5.3 million in cash and 278,385 shares of the Company’s common stock. The Company funded the cash consideration with borrowings under its credit facility. Fees and expenses related to the YES Acquisition, consisting primarily of legal and other professional fees, totaled approximately $144,000 and are classified as selling, general and administrative expenses in the Company’s consolidated statement of operations for the year ended June 30, 2021. The total purchase price for accounting purposes was $13.8 million, which included cash acquired of $792,000.

50

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The YES Acquisition was treated for accounting purposes as a purchase of YES using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration in the YES Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The computation of the purchase price consideration and the preliminary allocation of the consideration to the net assets acquired are presented in the following tables (in thousands):

Purchase price consideration:

Cash consideration, net of cash acquired(a)

$

4,475

Stock consideration(b)

8,521

Total purchase price consideration, net of cash acquired

$

12,996

(a) Includes $5.3 million paid net of $792,000 of cash acquired.

(b) Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date.

Allocation of purchase price consideration:

Accounts receivable

$

1,482

Inventory

1,591

Other assets

1,812

Equipment and improvements

1,844

Intangible assets

3,800

Accounts payable and accrued expenses

(1,901

)

Accrued employee expenses

(534

)

Customer deposits

(525

)

Deferred tax liabilities

(887

)

Assumption of debt

(916

)

Total identifiable net assets

5,766

Goodwill

7,230

Total

$

12,996

The Company’s purchase price allocation set forth above is preliminary, as the Company is still evaluating certain working capital items in accordance with the purchase agreement.

Intangible assets consist of $1.6 million allocated to the Yankee Equipment Systems trade name and $2.2 million allocated to customer-related intangible assets. The Yankee Equipment Systems trade name is indefinite-lived and therefore not subject to amortization. The Yankee Equipment Systems trade name will be evaluated for impairment annually or more frequently if an event occurs or circumstances change that indicate it may be impaired, by comparing its fair value to its carrying amount to determine if a write-down to fair value is required. Customer-related intangible assets will be amortized over 10 years.

Goodwill is attributable primarily to the assembled workforce acquired, as well as benefits from the increased scale of the Company as a result of the YES Acquisition. The goodwill from the YES Acquisition is not deductible for income tax purposes.

ELS Acquisition

On January 15, 2021, the Company acquired Baystate Business Ventures d/b/a Eastern Laundry Systems (“ELS”), a Massachusetts-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. The acquisition was effected by the Company, indirectly through a wholly-owned subsidiary, which purchased substantially all of the assets and assumed certain of the liabilities of ELS. The total consideration for the transaction consisted of $400,000 in cash, net of $57,000 of cash acquired, and the issuance of 10,726 shares of the Company’s common stock. The Company funded the cash consideration for the acquisition with credit facility borrowings. The acquisition was treated for accounting purposes as a purchase of the acquired business using the acquisition method of accounting in accordance with ASC 805, Business Combinations, pursuant to which the consideration paid by the Company was allocated to the acquired assets and assumed liabilities, based on their respective fair values as of the closing date. Under ASC 805, if the fair value of the acquired net assets exceeds the purchase price, then a bargain purchase gain in the amount of such excess is recognized in the applicable condensed consolidated statement of operations. Based on the Company’s preliminary analysis of working capital and valuation-related items, the Company recognized a bargain purchase gain of $314,000 in connection with the acquisition of ELS, which is included as interest and other (expense), net in the consolidated statement of operations for the year ended June 30, 2021. The purchase price allocations are considered preliminary, as the Company is still assessing certain working capital and valuation-related items. Any change to the preliminary estimate of working capital and valuation-related items and the related deferred tax liability, if any, will be recognized as an adjustment to the bargain purchase gain.

51

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Acquisitions During Fiscal 2020

During the fiscal year ended June 30, 2020, the Company completed the acquisitions of Professional Laundry Systems, LLC, which was acquired on August 1, 2019; Large Equipment, Inc. (d/b/a Laundry Systems of Tennessee) and TN Ozone, Inc. (d/b/a Premier Laundry Solutions and Premier Equipment Rental), which were acquired on January 31, 2020; and Commercial Laundry Equipment Company, Inc., which was acquired on February 28, 2020. The total consideration for these four transactions consisted of $1.6 million in cash, net of $192,000 of cash acquired, the assumption of $129,000 of long-term debt and the issuance of 132,726 shares of the Company’s common stock, with an aggregate grant date fair value of $3.8 million. The Company funded the cash consideration for each acquisition with credit facility borrowings. Each acquisition was treated for accounting purposes as a purchase of the acquired business using the acquisition method of accounting in accordance with ASC 805, Business Combinations, pursuant to which the consideration paid by the Company was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The Company has allocated a total of $2.1 million to goodwill, $680,000 to customer-related intangibles, and $410,000 to the respective trade names. Goodwill totaling $988,000 from certain of these acquisitions is expected to be amortized and deductible for tax purposes over 15 years. Goodwill is attributable primarily to the assembled workforces, as well as benefits from the increased scale of the Company as a result of these acquisitions.

PAC Acquisition

On February 5, 2019, the Company acquired PAC Industries Inc. (“PAC”) for approximately $6.4 million in cash and 179,847 shares of the Company’s common stock. As a portion of the stock consideration issued in connection with the acquisition, the Company transferred 114,634 shares to PAC’s ESOP. These shares were not permitted to be traded during the six-month period commencing on the closing date. Further, if a distribution event had occurred during such six-month period, then each participant would have had the option to require the Company to purchase such participant’s shares at fair market value. Due to the Company’s obligation under this put option, the distributed shares subject to the put option and the shares held by the ESOP were classified as temporary equity in the mezzanine section of the consolidated balance sheet as of the acquisition date. There were no distribution events during the six-month restriction period, which expired in August 2019. As a result, such shares are classified as permanent equity in the consolidated balance sheets as of June 30, 2020 and 2021.

Supplemental Pro Forma Results of Operations

The following unaudited supplemental pro forma information presents the results of operations of the Company, after giving effect to the acquisitions of YES and ELS as described above, as if the Company had completed each such transaction on July 1, 2019, using the estimated fair values of the assets acquired and liabilities assumed. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been if the transactions had occurred on the date assumed, nor are they indicative of future results of operations.

 

For the year ended June 30,

(in thousands)

 

2021

(Unaudited)

 

2020

(Unaudited)

Revenues

 

$

254,359

 

 

$

271,298

 

Net income

 

 

8,796

 

 

 

1,939

 

The Company’s consolidated results of operations for fiscal 2021 include total revenue of approximately $33.0 million and total net income of approximately $1.7 million attributable to businesses acquired during fiscal 2021 and 2020, based on the consolidated effective tax rate. The Company’s consolidated results of operations for fiscal 2020 include total revenue of approximately $8.1 million and total net income of approximately $94,000 attributable to businesses acquired during fiscal 2020, based on the consolidated effective tax rate. These results of acquired businesses do not include the effects of acquisition costs or interest expense associated with consideration paid for the related acquisitions.

XML 23 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Interest and other (expense), net
 12 Months Ended
Jun. 30, 2021
Other Income and Expenses [Abstract]  
Interest and other (expense), net

4. Interest and other (expense), net

Interest and other (expense), net for fiscal 2021 and 2020 are as follows (in thousands):

 

Fiscal 2021

 

Fiscal 2020

 

 

 

 

 

Bargain purchase gain

 

$

314

 

 

$

-

 

Interest (expense), net

 

 

(635

)

 

 

(1,432

)

Interest and other (expense), net

 

$

(321

)

 

$

(1,432

)

XML 24 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Accounts Receivable
 12 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
Accounts Receivable

5. Accounts Receivable

Accounts receivable as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

 

2021

 

2020

 

 

 

 

 

Accounts receivable - trade

 

$

29,731

 

 

$

18,500

 

Contract receivables

 

 

200

 

 

 

5,362

 

 

 

 

29,931

 

 

 

23,862

 

Allowance for doubtful accounts

 

 

(1,027

)

 

 

(820

)

 

 

$

28,904

 

 

$

23,042

 

XML 25 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Inventories
 12 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]  
Inventories

6. Inventories

Inventories as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Equipment and parts

$

25,601

$

24,402

Reserve

(472

)

(339

)

$

25,129

$

24,063

The Company established reserves of approximately $472,000 and $339,000 as of June 30, 2021 and 2020, respectively, against slow moving inventory.

XML 26 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Vendor Deposits
 12 Months Ended
Jun. 30, 2021
Deposit Assets Disclosure [Abstract]  
Vendor Deposits

7. Vendor Deposits

Vendor deposits represent advances made to the Company’s vendors for specialized inventory on order.

XML 27 R14.htm IDEA: XBRL DOCUMENT v3.21.2
Other Current Assets
 12 Months Ended
Jun. 30, 2021
Other Assets [Abstract]  
Other Current Assets

8. Other Current Assets

Other current assets as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Other receivables

$

564

$

209

Prepaid insurance

301

277

Net investments in sales type leases - current

884

762

Other current assets

2,670

1,793

$

4,419

$

3,041

XML 28 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Leases
 12 Months Ended
Jun. 30, 2021
Leases [Abstract]  
Leases

9. Leases

Company as Lessee

The Company leases warehouse and distribution facilities and administrative office space, generally for terms of three to five years.

As described in Note 2, “Summary of Significant Accounting Policies” above, the Company adopted ASC Topic 842, Leases (“ASC 842” or “Topic 842”), utilizing the modified retrospective adoption method with an effective date of July 1, 2019. The Company made the election to not apply the recognition requirements in Topic 842 to short-term leases (i.e., leases of 12 months or less). Instead, as permitted by Topic 842, the Company recognizes the lease payments under its short-term leases in profit or loss on a straight-line basis over the lease term. The Company elected this accounting policy for all classes of underlying assets. In addition, in accordance with Topic 842, variable lease payments in the period in which the obligation for those payments is incurred are not included in the recognition of a lease liability or right-of-use asset.

Right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, certain of the Company’s leases do not provide a readily determinable implicit rate. For such leases, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The Company uses instruments with similar characteristics when calculating its incremental borrowing rates.

The Company has options to extend certain of its operating leases for additional periods of time and the right to terminate several of its operating leases prior to their contractual expirations, in each case, subject to the terms and conditions of the lease. The lease term consists of the non-cancellable period of the lease and the periods covered by Company options to extend the lease when management considers it reasonably certain that the Company will exercise such options. The Company's lease agreements do not contain residual value guarantees. The Company has elected to not separate non-lease components from the associated lease component for all underlying classes of assets with lease and non-lease components.

As of June 30, 2021, the Company had 27 facilities, consisting of warehouse facilities and administrative offices, financed under operating leases with lease term expirations between 2021 and 2030. Rent expense consists of monthly rental payments under the terms of the Company’s lease agreements recognized on a straight-line basis.

54

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The following table sets forth the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of June 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

Fiscal years ending

Maturity of

Operating Lease

Liabilities

(in thousands)

 

2022

$

2,326

2023

1,931

2024

1,052

2025

735

2026

585

Thereafter

1,692

Total lease payments

$

8,321

Less: amounts representing interest

623

Present value of lease liabilities

$

7,698

Less: current portion

2,131

Long-term portion

$

5,567

55

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The table below presents additional information related to the Company’s operating leases (in thousands):

Operating lease cost

Twelve months

ended June 30,

2021

Twelve months

ended June 30,

2020

 

Operating lease cost (1)

$

2,109

$

1,935

Short-term lease cost (1)

12

190

Variable lease cost (1)

351

177

Total lease cost

$

2,472

$

2,302

(1) Expenses are classified within selling, general and administrative expenses in the Company’s consolidated statement of operations for the years ended June 30, 2021 and 2020.

The table below presents lease-related terms and discount rates as of June 30, 2021 and 2020:

June 30, 2021

June 30, 2020

Weighted average remaining lease terms

Operating leases

5.4 years

4.0 years

Weighted average discount rate

Operating leases

2.9

%

3.5

%

The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the years ended June 30, 2021 and 2020 (in thousands):

Twelve months

ended

June 30, 2021

Twelve months

ended

June 30, 2020

Cash paid for amounts included in the measurement of lease liabilities:

$

2,109

$

1,935

Operating lease right-of-use assets obtained in exchange for operating lease liabilities:

$

3,649

$

1,366

Company as Lessor

The Company derives a portion of its revenue from equipment leasing arrangements. Such arrangements provide for monthly payments covering the equipment provided, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, revenue related to the provision of the equipment is recognized upon delivery of the equipment and its acceptance by the customer. Upon the recognition of such revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term.

56

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The future minimum lease payments receivable for sales type leases are as follows (in thousands):

Fiscal years ending June 30,

Total Minimum

Lease Payments

to be Received

Amortization of

Unearned

Income

Net Investment

in

Sales Type

Leases

 

2022

$

3,059

$

1,711

$

1,348

2023

2,407

1,316

1,091

2024

1,769

926

843

2025

1,135

573

562

2026

626

294

332

Thereafter

562

257

305

$

4,481

*

* Excludes non-guaranteed residual values of $2.2 million.

The total net investments in sales type leases, including stated residual values, as of June 30, 2021 and June 30, 2020 was $6.7 million and $3.9 million, respectively. The current portion of $0.9 million and $0.7 million is included in other current assets in the consolidated balance sheets as of June 30, 2021 and June 30, 2020, respectively, and the long term portion of $5.8 million and $3.2 million is included in other assets in the consolidated balance sheets as of June 30, 2021 and June 30, 2020, respectively.

XML 29 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Equipment and Improvements
 12 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Equipment and Improvements

10. Equipment and Improvements

Major classes of equipment and improvements as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

2021

2020

 

Furniture and equipment

$

9,023

$

5,099

Leasehold improvements

2,809

2,137

Vehicles

4,846

5,326

16,678

 

12,562

Accumulated depreciation and amortization

(6,084

)

(4,570

)

$

10,594

$

7,992

Depreciation and amortization of equipment and improvements amounted to approximately $2.7 million in fiscal 2021 and $2.0 million in fiscal 2020.

XML 30 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Goodwill and Intangible Assets
 12 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

11. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows (in thousands):

Balance at June 30, 2019

54,501

Goodwill from fiscal 2020 acquisitions (as described in Note 3)

2,094

Other

83

Balance at June 30, 2020

$

56,678

Goodwill from YES Acquisition (as described in Note 3)

7,230

Working capital adjustments (1)

(27

)

Balance at June 30, 2021

63,881

(1) Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2020

57

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

 

Customer-related intangibles, tradenames and other intangible assets as of June 30, 2021 and 2020 consisted of the following (dollars in thousands):

June 30,

Estimated

Useful Lives

(in years)

2021

2020

 

Customer-related intangibles

8-10

$

18,237

$

16,037

Tradenames

Indefinite

11,155

9,555

Covenants not to compete

5

566

566

License agreements

10

529

529

Trademarks and patents

10-15

176

176

30,663

26,863

Accumulated amortization

(6,986

)

(5,109

)

$

23,677

$

21,754

Amortization expense was approximately $1.9 million in fiscal 2021 and $1.7 million in fiscal 2020, and is included in selling, general and administrative expenses in the consolidated statements of operations. Weighted average remaining estimated useful lives for customer-related intangibles, covenants not to compete, license agreements, and trademarks and patents were 7.0 years, 0.6 years, 0 years and 0 years, respectively.

Based on the carrying amount of intangible assets as of June 30, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization at the end of each fiscal year in the five-year period ending June 30, 2026 and thereafter is as follows (in thousands):

Fiscal years ending June 30,

 

 

2022

$

1,884

2023

1,841

2024

1,841

2025

1,837

2026

1,836

Thereafter

3,283

Total

$

12,522

XML 31 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Accounts Payable and Accrued Expenses
 12 Months Ended
Jun. 30, 2021
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

12. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Accounts payable

$

20,665

$

18,888

Accrued expenses

4,376

4,572

Sales tax accruals

1,186

832

$

26,227

$

24,292

XML 32 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes
 12 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

The following are the components of income taxes (benefit) (in thousands):

Fiscal years ended June 30,

2021

2020

 

Current

Federal

$

(186

)

$

489

State

97

262

(89

)

751

 

Deferred

Federal

1,402

(37

)

State

191

(141

)

1,593

(178

)

$

1,504

$

573

58

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

 

The reconciliation of income tax expense computed at the federal statutory tax rate of 21% for the fiscal years ended June 30, 2021 and 2020 to the provision for income taxes is as follows (in thousands):

Fiscal years ended June 30,

2021

2020

 

Tax at the statutory rate

$

2,076

$

283

State income taxes, net of federal benefit

265

67

Nondeductible compensation

348

340

PPP Loan forgiveness

(1,462

)

-

Other

277

(117

)

$

1,504

$

573

 

Effective tax rate

15.2

%

42.5

%

Deferred income taxes reflect the net tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and the basis used for income tax purposes. Significant components of the Company’s current and noncurrent deferred tax assets and liabilities as of June 30, 2021 and 2020 were as follows (in thousands):

Fiscal years ended June 30,

2021

2020

 

Deferred tax assets:

Allowance for doubtful accounts

$

182

$

106

Inventory capitalization

353

385

Stock compensation

557

705

Accrued liabilities

605

221

Other

69

554

1,766

1,971

 

Deferred tax liabilities:

Goodwill

(2,974

)

(2,120

)

Depreciation

(1,533

)

(412

)

Intangible assets

(1,268

)

(1,167

)

Other

(199

)

-

(5,974

)

(3,699

)

Net deferred income tax (liabilities) assets

$

(4,208

)

$

(1,728

)

As of June 30, 2021, the Company was subject to potential federal and state tax examinations for the tax years including and subsequent to 2016.

XML 33 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Debt
 12 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt

14. Debt

The Company’s long-term debt as of June 30, 2021 and 2020 was as follows (in thousands):

June 30,

2021

June 30,

2020

Revolving Line of Credit

$

12,000

$

21,000

PPP Loans

-

6,892

Less: unamortized discount and deferred financing costs

(127

)

(182

)

Total debt, net

11,873

27,710

Less: current maturities of long-term debt

-

(2,680

)

Total long-term debt

$

11,873

$

25,030

On November 2, 2018, the Company entered into a syndicated credit agreement (the “2018 Credit Agreement”) for a five-year revolving credit facility in the maximum aggregate principal amount of up to $100 million, with an accordion feature to increase the revolving credit facility by up to $40 million for a total of $140 million. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $5 million and for the issuance of standby letters of credit of up to a sublimit of $10 million.

Borrowings (other than swingline loans) under the 2018 Credit Agreement bear interest at a rate, at the Company’s election at the time of borrowing, equal to (a) LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. The 2018 Credit Agreement has a term of five years and matures on November 2, 2023.

The 2018 Credit Agreement contains certain covenants, including financial covenants requiring the Company to comply with maximum leverage ratios and minimum interest coverage ratios. The 2018 Credit Agreement also contains other provisions which may restrict the Company’s ability to, among other things, dispose of or acquire assets or businesses, incur additional indebtedness, make certain investments and capital expenditures, pay dividends, repurchase shares and enter into transactions with affiliates. At June 30, 2021, the Company was in compliance with its covenants under the 2018 Credit Agreement and $30.4 million was available to borrow under the revolving credit facility.

The obligations of the Company under the 2018 Credit Agreement are secured by substantially all of the assets of the Company and certain of its subsidiaries, and are guaranteed, jointly and severally, by certain of the Company’s subsidiaries.

On May 21, 2020, the Company and certain of its subsidiaries received a total of twelve loans (the “PPP Loans”) totaling approximately $6.9 million in principal amount from Fifth Third Bank, N.A. (the “Lender”) under the Paycheck Protection Program (the “PPP”). The proceeds of the PPP Loans were used primarily for payroll costs. During the fourth quarter of 2021, the Company was notified by the Lender that all twelve of the PPP Loans were fully forgiven. In accordance with ASC 405-20, Liabilities – Extinguishment of Liabilities, the Company recognized a gain of $7.0 million during fiscal 2021 in connection with the forgiveness of the PPP Loans and the related accrued interest.

The SBA reserves the right to audit any PPP loan, regardless of size. These audits may occur after the forgiveness has been granted. In accordance with the CARES Act, all borrowers are required to maintain their PPP loan documentation for six years after the loan was forgiven or repaid in full and to provide that documentation to the SBA upon request. The Company has not accrued any liability associated with any potential adverse determination of the forgiveness of the PPP Loans which may result from any audit the PPP Loans if the SBA disagrees with any position taken by management with respect to the loan or forgiveness processes.

60

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

In addition to the PPP Loans obtained by the Company and certain of its subsidiaries during May 2020, in connection with the YES Acquisition during November 2020, the Company, indirectly through its wholly-owned subsidiary, also assumed the approximately $916,000 loan previously obtained by YES under the PPP. The terms and conditions of such PPP loan were substantially similar to those of the PPP Loans obtained by the Company and its other subsidiaries. Under the merger agreement related to the YES Acquisition, the Company was entitled to indemnification for any required repayment of the loan to YES under the PPP. During the quarter ended March 31, 2021, the loan to YES under the PPP was forgiven in full. The Company determined that the fair value of its right to indemnification was equal to the amount forgiven. Accordingly, the Company did not recognize any gain on the extinguishment of this debt.

XML 34 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Related Party Transactions
 12 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions

15. Related Party Transactions

Certain of the Company’s subsidiaries lease warehouse and office space from one or more of the principals or former principals of the Company or its subsidiaries. These leases include the following:

The Company’s wholly-owned subsidiary, Steiner-Atlantic, leased 28,000 square feet of warehouse and office space from an affiliate of Michael S. Steiner, President of Steiner-Atlantic and a former director and officer of the Company, pursuant to a lease agreement dated November 1, 2014, as amended. The lease term was extended during January 2020 to run through October 31, 2020, on which date the lease expired. Monthly base rental payments under the lease were $12,000. In addition to base rent, Steiner-Atlantic was responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Payments under this lease totaled approximately $25,000 and $148,000 during fiscal 2021 and 2020, respectively.

On October 10, 2016, the Company’s wholly-owned subsidiary, Western State Design, entered into a lease agreement pursuant to which it leases 17,600 square feet of warehouse and office space from an affiliate of Dennis Mack, a director and Executive Vice President, Corporate Strategy of the Company, and Tom Marks, Executive Vice President, Business Development of the Company. Monthly base rental payments are $12,000 during the initial term of the lease. In addition to base rent, Western State Design is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under this lease totaled approximately $144,000 during each of fiscal 2021 and 2020. On September 10, 2021, the Audit Committee of the Company’s Board of Directors approved the exercise of the Company’s option to renew the lease for the first three-year renewal term. Base rent for the first renewal term will be $19,000 per month.

On October 31, 2017, the Company’s wholly-owned subsidiary, Tri-State Technical Services, entered into lease agreements pursuant to which it leases a total of 81,000 square feet of warehouse and office space from an affiliate of Matt Stephenson, President of Tri-State. Monthly base rental payments total $21,000 during the initial terms of the leases. In addition to base rent, Tri-State is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $252,000 during each of fiscal 2021 and 2020.

61

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

On February 9, 2018, the Company’s wholly-owned subsidiary, AAdvantage Laundry Systems, entered into a lease agreement pursuant to which it leases a total of 5,000 square feet of warehouse and office space from an affiliate of Mike Zuffinetti, former Chief Executive Officer of AAdvantage. Monthly base rental payments are $3,950 during the initial term of the lease. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. During February 2018, AAdvantage entered into a month-to-month lease agreement with an affiliate of Mike Zuffinetti for a total of 17,000 square feet of warehouse and office space. Monthly base rental payments under this lease were $13,500. This month-to-month lease was terminated on October 31, 2018. In addition, on November 1, 2018, AAdvantage entered into a lease agreement pursuant to which it leases warehouse and office space from an affiliate of Mike Zuffinetti. Monthly base rental payments were $26,000 initially. Pursuant to the lease agreement, on January 1, 2019, the lease expanded to cover additional warehouse space and, in connection therewith, monthly base rental payments increased to $36,000. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under the leases described in this paragraph totaled approximately $481,000 during each of fiscal 2021 and 2020.

On September 12, 2018, the Company’s wholly-owned subsidiary, Scott Equipment, entered into lease agreements pursuant to which it leases a total of 18,000 square feet of warehouse and office space from an affiliate of Scott Martin, President of Scott Equipment. Monthly base rental payments total $11,000 during the initial terms of the leases. In addition to base rent, Scott Equipment is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $137,000 during each of fiscal 2021 and 2020.

On February 5, 2019, the Company’s wholly-owned subsidiary, PAC Industries, entered into two lease agreements pursuant to which it leases a total of 29,500 square feet of warehouse and office space from an affiliate of Frank Costabile, former President of PAC Industries, and Rocco Costabile, former Director of Finance of PAC Industries. Monthly base rental payments total $14,600 during the initial terms of the leases. In addition to base rent, PAC Industries is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Each lease has an initial term of four years and provides for two successive three-year renewal terms at the option of the Company. Payments under these leases totaled approximately $180,000 and $176,000 during fiscal 2021 and 2020, respectively.

On November 3, 2020, the Company’s wholly-owned subsidiary, Yankee Equipment Systems, entered into a lease agreement pursuant to which it leases a total of 12,500 square feet of warehouse and office space from an affiliate of Peter Limoncelli, President of Yankee Equipment Systems. Monthly base rental payments total $11,000 during the initial term of the lease. In addition to base rent, Yankee Equipment Systems is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease has an initial term of three years and provides for three successive three-year renewal terms at the option of the Company. Payments under this lease totaled approximately $92,000 during fiscal 2021.

XML 35 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Concentrations of Credit Risk
 12 Months Ended
Jun. 30, 2021
Risks and Uncertainties [Abstract]  
Concentrations of Credit Risk

16. Concentrations of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and accounts and trade receivables. The Company maintains its cash at large financial institutions. At June 30, 2021, bank deposits exceeded Federal Deposit Insurance Corporation insured limits. The Company believes that concentrations of credit risk with respect to trade receivables are limited due to the Company’s large customer base. Also, based on the Company’s credit evaluation, trade receivables are often collateralized by the equipment sold. Sales to a federal government agency accounted for approximately 9% and 5% of the Company’s revenues for fiscal 2021 and 2020, respectively. Additionally, no single contract for a federal government facility or other contract accounted for more than 10% of the Company’s revenues for fiscal 2021 or 2020. As of June 30, 2021, there were no accounts receivable due from any individual entity which accounted for greater than 10% of the Company’s accounts receivable at June 30, 2021.

XML 36 R23.htm IDEA: XBRL DOCUMENT v3.21.2
Commitments and Contingencies
 12 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

17. Commitments and Contingencies

From time to time in the ordinary course of business, certain of the Company’s contracts require the Company to provide performance and payment bonds related to projects in process. These bonds are intended to provide assurance to the customer that the Company will perform under the terms of the contract and that the Company will pay subcontractors and vendors. If the Company fails to perform under the contract or pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company is required to reimburse the surety for expenses or outlays it incurs. There were no outstanding performance and payment bonds at June 30, 2021 or 2020.

The Company may from time to time become subject to litigation and other legal proceedings. Litigation and other legal proceedings may require the Company to incur significant expenses, including those relating to legal and other professional fees. In addition, litigation and other legal proceedings are inherently uncertain, and adverse outcomes in litigation or other legal proceedings could adversely affect the Company’s financial condition, cash flows, and operating results.

XML 37 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Retirement Plan
 12 Months Ended
Jun. 30, 2021
Retirement Benefits [Abstract]  
Retirement Plan

18. Retirement Plan

The Company has participatory deferred compensation plans under which it matches half of employee contributions up to 6% of an eligible employee’s yearly compensation on a discretionary basis. In response to the ongoing COVID-19 pandemic, the Company reduced its match in fiscal 2021 to one quarter of employee contributions up to 6% of an eligible employee’s yearly compensation, with a limit of a match of 1% of an eligible employee’s yearly compensation. Employees are eligible to participate in the plans after one year of service. The Company contributed approximately $171,000 and $491,000 to the plans during fiscal 2021 and fiscal 2020, respectively. The plans are qualified plans under Section 401(k) of the Internal Revenue Code.

XML 38 R25.htm IDEA: XBRL DOCUMENT v3.21.2
Shareholders' Equity
 12 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
Shareholders' Equity

19. Shareholders’ Equity

No dividends were declared or paid during the years ended June 30, 2021 or 2020.

XML 39 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Equity Plan
 12 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Equity Plan

20. Equity Plan

Equity Incentive Plan

During 2015, the Company’s board of directors and stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). During December 2020, the Company’s stockholders approved an amendment to the Plan to increase the number of shares of the Company’s common stock authorized for issuance pursuant to awards granted under the Plan to 3,000,000 shares. The fair value of awards granted under the Plan is expensed on straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. Non-cash share-based compensation expense under the Plan totaled $2.4 million and $2.3 million for fiscal 2021 and fiscal 2020, respectively.

63

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

During fiscal 2021, restricted stock awards and restricted stock units of a total of 8,624 shares and 204,014 shares, respectively, were granted under the Plan. A portion of the restricted stock awards is scheduled to vest ratably over four years and the remainder is scheduled to cliff vest on or about the five-year anniversary of the applicable grant date, subject, in the case of certain restricted shares, to accelerated vesting upon the achievement of certain specified performance goals. The total grant date fair value, determined by using the stock price on the date of grant, of such restricted stock awards was $264,000. A portion of the restricted stock units is scheduled to vest ratably over four years and the remainder is scheduled to vest in 4 to 41 years. The total grant date fair value of such restricted stock units was $6.3 million.

During fiscal 2020, restricted stock awards, restricted stock units and stock awards of a total of 187,169 shares, 28,110 shares and 13,550 shares, respectively, were granted under the Plan. A portion of the restricted stock awards is scheduled to vest ratably over four years and the remainder is scheduled to vest in 10 to 21 years, subject, in the case of certain restricted shares, to accelerated vesting upon the achievement of certain specified performance goals. The total grant date fair value, determined by using the stock price on the date of grant, of such restricted stock awards was $4.2 million. A portion of the restricted stock units is scheduled to vest ratably over four years and the remainder is scheduled to vest in 4 to 37 years. The total grant date fair value of such restricted stock units was $689,000. Stock awards relate to shares of the Company’s common stock issued under the Plan which are held by the recipient upon grant without any future risk of forfeiture. The total grant date fair value of such stock awards was $300,000.

During fiscal 2021, 77,624 shares of restricted stock vested and 25,310 shares of common stock with an aggregate fair market value of $853,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock. During fiscal 2020, 55,803 shares of restricted stock vested and 17,200 shares of common stock with an aggregate fair market value of $457,000 were withheld as payment in lieu of cash to satisfy tax withholding obligations in connection with the vesting of such restricted stock. As described above, during fiscal 2020, the Company also granted stock awards (not subject to forfeiture) of 13,550 shares of the Company’s common stock. 5,262 of such shares of common stock, which had an aggregate fair market value of $116,000 as of the grant date, were withheld in lieu of cash to satisfy tax withholding obligations in connection with the grant of the stock awards. As of June 30, 2021, the Company had $14.9 million and $7.1 million of total unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock awards and restricted stock units, respectively, which is expected to be recognized over the weighted-average period of 17.5 years and 11.2 years, respectively.

64

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The following is a summary of non-vested restricted stock activity as of, and for the fiscal year ended, June 30, 2021:

Restricted Stock Awards

Restricted Stock Units

Shares

Weighted-

Average Grant

Date Fair Value

Shares

Weighted-

Average Grant

Date Fair Value

Non-vested restricted stock outstanding at June 30, 2020

987,220

$

19.40

55,610

$

30.31

Granted

8,624

30.61

204,014

31.03

Vested

(75,093

)

18.05

(2,531

)

26.40

Forfeited

(1,492

)

33.53

(3,180

)

30.76

Non-vested restricted stock outstanding at June 30, 2021

919,259

$

19.59

253,913

$

30.92

Employee Stock Purchase Plan

During 2017, the Company’s board of directors and stockholders approved the Company’s 2017 Employee Stock Purchase Plan, which, subject to the terms of the plan, allows eligible employees the opportunity to purchase shares of the Company’s common stock at a 5% discount. The employee stock purchase plan provides for six-month offering periods ending on December 31 and June 30 of each year. During fiscal 2021, 2,492 shares of common stock were purchased under the Company’s employee stock purchase plan for which the Company received net proceeds of $69,000. During fiscal 2020, 2,216 shares of common stock were purchased under the Company’s employee stock purchase plan for which the Company received net proceeds of $50,000.

XML 40 R27.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Principles of Consolidation

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of EVI Industries, Inc. and its subsidiaries, all of which are wholly-owned. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue when a sales arrangement with a customer exists (sales contract, purchase or sales order, or other indication of an arrangement), the transaction price is fixed and determinable, and the Company has satisfied the performance obligation(s) per the sales arrangement.

Performance Obligations and Revenue Over Time

Revenue primarily consists of revenues from the sale or leasing of commercial and industrial laundry and dry cleaning equipment and steam and hot water boilers manufactured by others; the sale of related replacement parts and accessories; and the provision of installation and maintenance services. The Company generates revenue primarily from the sale of equipment and parts to customers. Therefore, the majority of the Company’s contracts are short-term in nature and have a single performance obligation (to deliver products), which is satisfied when control of the product is transferred to the customer. Other contracts contain a combination of equipment sales with a service such as connection of the equipment, which is expected to be performed in the near-term. Such services are distinct and accounted for as separate performance obligations. Significant judgment may be required by management to identify the distinct performance obligations within each contract. Revenue is recognized on these contracts when control transfers to the Company’s customers via shipment of products or provision of services and the Company has the right to receive consideration for these products and services. Additionally, from time to time, the Company enters into longer-termed contracts which provide for the sale of equipment by the Company and the provision by the Company of related installation and construction services. The installation on these types of contracts is usually completed within six to twelve months. The Company recognizes a portion of its revenue over time using the cost-to-cost measure of progress, which measures a contract’s progress toward completion based on the ratio of actual contract costs incurred to date to the Company’s estimated costs at completion. Significant judgment may be required by management in the cost estimation process for these contracts, which is based on the knowledge and experience of the Company’s project managers, subcontractors and financial professionals. Changes in job performance and job conditions are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s revenue recognition. The determination of the total estimated cost and progress toward completion requires management to make significant estimates and assumptions. Total estimated costs to complete projects include various costs such as direct labor, material and subcontract costs. Changes in these estimates can have a significant impact on the revenue recognized each period. From time to time, the Company also enters into maintenance contracts and ad hoc maintenance and installation service contracts. These longer-term contracts, and maintenance and service contracts have a single performance obligation where revenue is recognized over time using the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer.

The Company measures revenue, including shipping and handling fees charged to customers, as the amount of consideration it expects to be entitled to receive in exchange for its goods or services, net of any taxes collected from customers and subsequently remitted to governmental authorities. Costs associated with shipping and handling activities performed after the customer obtains control are accounted for as fulfillment costs and are not promised services that have to be further evaluated under revenue recognition standards.

43

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Revenue from products transferred to customers at a point in time include commercial and vended laundry parts and equipment sales and accounted for approximately 82% of the Company’s revenue for the fiscal year ended June 30, 2021 and 87% of the Company’s revenue for the fiscal year ended June 30, 2020. Revenue from products transferred to customers at a point in time is recognized when obligations under the terms of the contract with the Company’s customer are satisfied, which generally occurs with the transfer of control upon shipment.

The Company’s products are typically sold with a manufacturer’s warranty. Accordingly, warranty expense and product returns have not been significant.

Revenues that are recognized over time include (i) longer-termed contracts that include equipment purchase with installation and construction services, (ii) maintenance contracts, and (iii) service contracts. Revenue from products and services that are recognized over time accounted for approximately 18% of the Company’s revenue for the fiscal year ended June 30, 2021 and 13% of the Company’s revenue for the fiscal year ended June 30, 2020.

Contract Assets and Liabilities

Contract assets and liabilities are presented in the Company’s consolidated balance sheets. Contract assets consist of unbilled amounts resulting from sales under longer-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. As noted above, the cost estimation process for these contracts may require significant judgment by management. The Company typically receives progress payments on sales under longer-term contracts as work progresses, although for certain contracts, the Company may be entitled to receive an advance payment. Contract assets also include retainage. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount (generally, from 5% to 20% of contract billings) until final contract settlement. Retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Contract liabilities consist of advanced payments, billings in excess of costs incurred and deferred revenue.

Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

2021

2020

 

Costs incurred on uncompleted contracts

$

26,833

$

17,019

Estimated earnings

3,697

1,580

Less: billings to date

(33,615

)

(16,637

)

Retainage

200

923

Ending balance

$

(2,885

)

$

2,885

These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands):

June 30,

2021

2020

Contract assets

$

347

$

3,443

Contract liabilities

(3,232

)

(558

)

Ending balance

$

(2,885

)

$

2,885

Contract liabilities are generally associated with contracts with durations of less than one year. Accordingly, such amounts are expected to be realized during the subsequent year.

The Company does not account for significant financing components if the period between the time when the transfer of the product or service to the customer occurs and when the customer pays for that service or product will be one year or less. The Company does not disclose the value of remaining performance obligations for contracts with an original expected period of one year or less or performance obligations for which the Company recognizes revenue at the amount that it has the right to invoice for services performed.

Goodwill

Goodwill

Goodwill is recorded when the purchase price paid for an acquisition exceeds the fair value of net assets acquired in a business combination. The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. Goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit's carrying value is compared to its fair value. If the fair value is determined to be less than the carrying value, a second step is performed to measure the amount of impairment loss. This step compares the current implied goodwill in the reporting unit to its carrying amount. If the carrying amount of the goodwill exceeds the implied goodwill, an impairment is recorded for the excess. The identification and measurement of goodwill impairment involves the estimation of the fair value of the reporting unit and involves uncertainty because management must use judgment in determining appropriate assumptions to be used in the measurement of fair value. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment.

Accounts Receivable

Accounts Receivable

Accounts receivable are customer obligations due under what management believes to be customary trade terms. Invoices are typically due upon receipt, however, the Company may grant extended payment terms, typically 30 days, for certain customers. The Company sells its products primarily to hospitals, nursing homes, government institutions, laundry plants, hotels, motels, vended laundry facilities and distributors and dry cleaning stores and chains. The Company performs continuing credit evaluations of its customers’ financial condition and depending on the terms of credit, the amount of the credit granted and management’s history with a customer, the Company may require the customer to grant a security interest in the purchased equipment as collateral for the receivable. Management reviews accounts receivable on a regular basis to determine whether it is probable that any amounts are impaired. The Company includes any balances that are deemed probable to be impaired in its overall allowance for doubtful accounts. The provision for doubtful accounts is recorded in selling, general and administrative expenses in the consolidated statements of operations. If customary attempts to collect a receivable are not successful, the receivable is then written off against the allowance for doubtful accounts. The Company’s allowance for doubtful accounts was $1.0 million at June 30, 2021 and $820,000 at June 30, 2020. Actual write-offs may vary from the recorded allowance.

Cash

Cash

The Company has not experienced any losses in its cash accounts and believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Inventories

Inventories

Inventories consist principally of equipment inventories and spare part inventories. Equipment inventories are valued at the lower of cost, determined on the specific identification method, or net realizable value. Spare part inventories are valued at the lower of average cost or net realizable value. Lower of cost or net realizable value adjustments are recorded in cost of goods sold in the consolidated statement of operations.

Equipment, Improvements and Depreciation

Equipment, Improvements and Depreciation

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated on straight-line methods over useful lives of five to seven years for furniture and equipment and the shorter of ten years or the remaining lease term (including renewal periods that are deemed reasonably assured) for leasehold improvements. Depreciation and amortization of property and equipment is included in selling, general and administrative expenses in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred.

Software Capitalization

Software Capitalization

The Company capitalizes certain costs related to the acquisition and development of internal use software, including implementation costs incurred in a cloud computing arrangement, during the application development stages of projects. The Company amortizes these costs using the straight-line method over the estimated useful life of the software, typically seven years. Costs incurred during the preliminary project or the post-implementation/operation stages of the project are expensed as incurred. Capitalized computer software, included as a component of equipment and improvements, net in the accompanying consolidated balance sheets, net of accumulated amortization, was $343,000 and $152,000 at June 30, 2021, and 2020, respectively. Computer software amortization expense was $29,000 in fiscal 2021. There was no related amortization expense in fiscal 2020. Amortization of capitalized software is included in selling, general and administrative expenses in the consolidated statements of operations.

Customer-Related Intangibles, Tradenames and Other Intangible Assets

Customer-Related Intangibles, Tradenames and Other Intangible Assets

Finite-lived intangibles are amortized over their estimated useful life while indefinite-lived intangibles and goodwill are not amortized. Customer-related intangibles, non-compete, and other finite-lived intangible assets are stated at cost less accumulated amortization, and are amortized on a straight-line basis over the estimated future periods to be benefited (5-10 years). The estimates of fair value of the Company’s indefinite-lived intangibles and long-lived assets are based on information available as of the date of the assessment and takes into account management’s assumptions about expected future cash flows and other valuation techniques. Amortization of finite-lived intangibles is included in selling, general and administrative expenses in the consolidated statements of operations. The Company also evaluates indefinite-lived intangible assets each reporting period to determine whether events and circumstances continue to support an indefinite useful life. The Company performed its annual impairment test on April 1, 2021 and determined there was no impairment.

Asset Impairments

Asset Impairments

The Company periodically reviews the carrying amounts of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If an asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of their carrying amount or fair value less estimated costs to sell. The Company has concluded that there was no impairment of long-lived assets in the fiscal year ended June 30, 2021 or the fiscal year ended June 30, 2020.

Estimates

Estimates

The preparation of consolidated financial statements in conformity with GAAP 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates on an ongoing basis. Estimates which may be particularly significant to the Company’s consolidated financial statements include those relating to the determination of impairment of assets (including goodwill and intangible assets), the useful life of property and equipment, net realizable value of inventory, the residual value of leased equipment, the recoverability of deferred income tax assets, allowances for doubtful accounts, intangible assets, estimates to complete on contracts where revenue is recognized over time, the carrying value of inventories and long-lived assets, the timing of revenue recognition, and sales returns and allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the recognition of revenues and expenses and the carrying value of assets and liabilities that are not readily apparent from other sources. Assumptions and estimates may, however, prove to have been incorrect, and actual results may differ from these estimates.

Earnings Per Share

Earnings Per Share

The Company computes earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Shares of the Company’s common stock subject to unvested restricted stock awards are considered participating securities because these awards contain a non-forfeitable right to dividends paid prior to forfeiture of the restricted stock, if any, irrespective of whether the awards ultimately vest. During fiscal 2021 and fiscal 2020, the Company granted restricted stock awards of 8,624 and 187,169 shares, respectively, and 204,014 and 28,110 restricted stock units, respectively, under the EVI Industries, Inc. 2015 Equity Incentive Plan, as amended (see Note 20). During fiscal 2020, the Company also granted stock awards (not subject to forfeiture) of 13,550 shares of the Company’s common stock (5,262 of which shares were withheld to satisfy tax withholding obligations). Shares of restricted stock are deemed to constitute a second class of stock for accounting purposes. Basic and diluted earnings per share for fiscal 2021 and fiscal 2020 are computed as follows (in thousands, except per share data):

 

 

For the years

ended June 30,

 

 

2021

 

2020

 

 

 

 

 

Net income

 

$

8,384

 

 

$

775

 

Less: distributed and undistributed income allocated to non-vested restricted common stock

 

 

731

 

 

 

62

 

Net income allocated to EVI Industries, Inc. shareholders

 

$

7,653

 

 

$

713

 

Weighted average shares outstanding used in basic earnings per share

 

 

12,142

 

 

 

11,841

 

 

 

 

 

 

 

 

 

 

Dilutive common share equivalents

 

 

436

 

 

 

330

 

Weighted average shares outstanding used in dilutive earnings per share

 

 

12,578

 

 

 

12,171

 

Basic earnings per share

 

$

0.63

 

 

$

0.06

 

Diluted earnings per share

 

$

0.61

 

 

$

0.06

 

At June 30, 2021, other than 866,970 unvested shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 306,202 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive. At June 30, 2020, other than 735,040 shares subject to restricted stock awards, there were no potentially dilutive securities outstanding. The remaining 307,790 shares of restricted common stock were not included in the calculation of diluted earnings per share because their impact was anti-dilutive.

Supplier Concentration

Supplier Concentration

The Company purchases laundry, dry cleaning equipment, boilers and other products from a number of manufacturers and suppliers. Purchases from three manufacturers accounted for a total of approximately 62% of the Company’s purchases for fiscal 2021 and 63% of the Company’s purchases for fiscal 2020.

Advertising Costs

Advertising Costs

The Company expenses the cost of advertising as of the first date an advertisement is run. The Company incurred approximately $435,000 and $377,000 of advertising costs for fiscal 2021 and fiscal 2020, respectively, which are included in selling, general and administrative expenses in the consolidated statements of operations.

Shipping and Handling

Shipping and Handling

Shipping and handling costs associated with inbound freight are capitalized to inventories and relieved through cost of sales as inventories are sold. Shipping and handling costs associated with the delivery of products are included in selling, general and administrative expenses.

Fair Value of Certain Current Assets and Current Liabilities

Fair Value of Certain Current Assets and Current Liabilities

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs used to measure fair value are as follows:

•

Level 1 - Quoted prices in active markets for identical assets and liabilities.  

•

Level 2 - Observable inputs other than quoted prices included in Level 1. This includes dealer and broker quotations, bid prices, quoted prices for similar assets and liabilities in active markets, or other inputs that are observable or can be corroborated by observable market data.  

•

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes discounted cash flow methodologies and similar techniques that use significant unobservable inputs.  

The Company has no assets or liabilities that are adjusted to fair value on a recurring basis. The Company did not have any assets or liabilities measured at fair value on a nonrecurring basis during fiscal 2021 or fiscal 2020, except for certain assets acquired and liabilities assumed in a business combination (as described in Note 3).

The Company’s cash, accounts receivable and accounts payable are reflected in the accompanying consolidated financial statements at cost, which approximated estimated fair value, using Level 1 inputs. Cash is maintained with various high-quality financial institutions and have original maturities of three months or less. Accounts receivable and accounts payable approximate their fair value due to the short term nature of such accounts. The fair value of the Company’s indebtedness was estimated using Level 2 inputs based on quoted prices for those or similar debt instruments using applicable interest rates as of June 30, 2021 and approximated the carrying value of such debt because it accrues interest at variable rates that are repriced frequently. This approximates fair value based on the variable interest rate.

Customer Deposits

Customer Deposits

Customer deposits represent advances paid by customers when placing orders for equipment with the Company.

Net Investment in Sales Type Leases

Net Investment in Sales Type Leases

The Company derives a portion of its revenue from leasing arrangements. Such arrangements provide for monthly payments covering the equipment sales, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, the equipment sale is recognized upon delivery of the system and acceptance by the customer. Upon the recognition of revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term.

Income Taxes

Income Taxes

The Company recognizes income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. If it is determined that it is more likely than not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized.

48

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

Judgment is required in developing the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowances that might be required against the deferred tax assets. Management evaluates the Company’s ability to realize its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it believes that it is more likely than not that the asset will not be realized. There were no valuation allowance adjustments during fiscal 2021 or fiscal 2020.

The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments and which may not accurately reflect actual outcomes. The Company does not believe that there are any material unrecognized tax benefits as of June 30, 2021 or 2020 related to tax positions taken on its income tax returns. The Company’s policy is to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of interest expense and general and administrative expense, respectively, in the consolidated statements of operations.

The CARES Act, among its other provisions, includes tax provisions relating to refundable payroll tax credits, deferral of employer’s social security payments, net operating loss (“NOL”) utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property (QIP), and financing options. With the exception of the forgiveness of debt from the PPP Loans initiated under the CARES Act, the Company’s income tax provision for fiscal 2021 and fiscal 2020 was not materially impacted by the provisions of the CARES Act.

Leases

Leases

Adoption of New Lease Standard

On July 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) 842, Leases (Topic 842) (“ASC 842”), which, among other things, requires lessees to recognize substantially all leases on their balance sheets and disclose certain additional key information about leasing arrangements. The new standard establishes a right of use (“ROU”) model that requires a lessee to recognize a ROU asset and liability on the balance sheet for all leases with a term longer than 12 months. Leases are required to be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The Company adopted this standard using the modified retrospective transition approach, which requires a cumulative-effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption without restatement of prior periods. Therefore, the accompanying consolidated financial statements for fiscal 2021 and fiscal 2020 are presented under the new standard. There was no cumulative-effect adjustment recorded on July 1, 2019.

The Company elected the package of transition practical expedients for expired or existing contracts, which does not require reassessment of: (1) whether any of the Company's contracts are or contain leases, (2) lease classification and (3) initial direct costs.

The primary impact for the Company was the balance sheet recognition of ROU assets (operating lease assets) and lease liabilities for operating leases as a lessee. The adoption of ASC 842 did not have a material impact on the results of operations or cash flows of the Company. See Note 9, “Leases,” for further discussion regarding the Company’s adoption of the new lease accounting standard.

Recently Issued Accounting Guidance

Recently Issued Accounting Guidance

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which changes the way companies evaluate credit losses for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other specified instruments, entities will be required to use a new forward-looking “expected loss” model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard also requires enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method. ASU 2016-13 is effective for fiscal years beginning after December 15, 2020, and for interim periods within those fiscal years (the fiscal year ending June 30, 2022 for the Company), with early adoption permitted. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. The provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which will eliminate certain exceptions to the existing guidance for income taxes related to the approach for intra-period tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This ASU also simplifies the accounting for income taxes by clarifying and amending existing guidance related to the effects of enacted changes in tax laws or rates in the effective tax rate computation, the recognition of franchise tax and the evaluation of a step-up in the tax basis of goodwill, among other clarifications. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and for interim periods within those fiscal years. The Company is currently evaluating the potential effects of this ASU; however, the Company does not expect that its adoption will have a material effect on its consolidated financial statements.

Management does not believe that other issued accounting standards and updates which are not yet effective will have a material impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption.

XML 41 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Schedule of Costs, Estimated Earnings and Billings on Percentage of Completion Contracts

Costs, estimated earnings and billings on longer-term contracts when the cost-to-cost method of revenue recognition is utilized as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

2021

2020

 

Costs incurred on uncompleted contracts

$

26,833

$

17,019

Estimated earnings

3,697

1,580

Less: billings to date

(33,615

)

(16,637

)

Retainage

200

923

Ending balance

$

(2,885

)

$

2,885

Schedule of Amounts Included in Consolidated Balance Sheet

These amounts are included in the Company’s consolidated balance sheets under the following captions (in thousands):

June 30,

2021

2020

Contract assets

$

347

$

3,443

Contract liabilities

(3,232

)

(558

)

Ending balance

$

(2,885

)

$

2,885

Schedule of Basic and Diluted Earnings Per Share

 

 

For the years

ended June 30,

 

 

2021

 

2020

 

 

 

 

 

Net income

 

$

8,384

 

 

$

775

 

Less: distributed and undistributed income allocated to non-vested restricted common stock

 

 

731

 

 

 

62

 

Net income allocated to EVI Industries, Inc. shareholders

 

$

7,653

 

 

$

713

 

Weighted average shares outstanding used in basic earnings per share

 

 

12,142

 

 

 

11,841

 

 

 

 

 

 

 

 

 

 

Dilutive common share equivalents

 

 

436

 

 

 

330

 

Weighted average shares outstanding used in dilutive earnings per share

 

 

12,578

 

 

 

12,171

 

Basic earnings per share

 

$

0.63

 

 

$

0.06

 

Diluted earnings per share

 

$

0.61

 

 

$

0.06

 

XML 42 R29.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions (Tables)
 12 Months Ended
Jun. 30, 2021
Business Acquisition [Line Items]  
Schedule of Supplemental Pro Forma Results of Operations

The following unaudited supplemental pro forma information presents the results of operations of the Company, after giving effect to the acquisitions of YES and ELS as described above, as if the Company had completed each such transaction on July 1, 2019, using the estimated fair values of the assets acquired and liabilities assumed. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been if the transactions had occurred on the date assumed, nor are they indicative of future results of operations.

 

For the year ended June 30,

(in thousands)

 

2021

(Unaudited)

 

2020

(Unaudited)

Revenues

 

$

254,359

 

 

$

271,298

 

Net income

 

 

8,796

 

 

 

1,939

 

Yankee Equipment Systems, Inc [Member]  
Business Acquisition [Line Items]  
Schedule of Purchase Price

The YES Acquisition was treated for accounting purposes as a purchase of YES using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration in the YES Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The computation of the purchase price consideration and the preliminary allocation of the consideration to the net assets acquired are presented in the following tables (in thousands):

Purchase price consideration:

Cash consideration, net of cash acquired(a)

$

4,475

Stock consideration(b)

8,521

Total purchase price consideration, net of cash acquired

$

12,996

(a) Includes $5.3 million paid net of $792,000 of cash acquired.

(b) Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date.

Schedule of Allocation of Purchase Price Consideration

Allocation of purchase price consideration:

Accounts receivable

$

1,482

Inventory

1,591

Other assets

1,812

Equipment and improvements

1,844

Intangible assets

3,800

Accounts payable and accrued expenses

(1,901

)

Accrued employee expenses

(534

)

Customer deposits

(525

)

Deferred tax liabilities

(887

)

Assumption of debt

(916

)

Total identifiable net assets

5,766

Goodwill

7,230

Total

$

12,996

XML 43 R30.htm IDEA: XBRL DOCUMENT v3.21.2
Interest and other (expense), net (Tables)
 12 Months Ended
Jun. 30, 2021
Other Income and Expenses [Abstract]  
Schedule of Interest and Other (Expense), Net

Interest and other (expense), net for fiscal 2021 and 2020 are as follows (in thousands):

 

Fiscal 2021

 

Fiscal 2020

 

 

 

 

 

Bargain purchase gain

 

$

314

 

 

$

-

 

Interest (expense), net

 

 

(635

)

 

 

(1,432

)

Interest and other (expense), net

 

$

(321

)

 

$

(1,432

)

XML 44 R31.htm IDEA: XBRL DOCUMENT v3.21.2
Accounts Receivable (Tables)
 12 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
Schedule of Accounts Receivable

Accounts receivable as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

 

2021

 

2020

 

 

 

 

 

Accounts receivable - trade

 

$

29,731

 

 

$

18,500

 

Contract receivables

 

 

200

 

 

 

5,362

 

 

 

 

29,931

 

 

 

23,862

 

Allowance for doubtful accounts

 

 

(1,027

)

 

 

(820

)

 

 

$

28,904

 

 

$

23,042

 

XML 45 R32.htm IDEA: XBRL DOCUMENT v3.21.2
Inventories (Tables)
 12 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]  
Schedule of Inventories

Inventories as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Equipment and parts

$

25,601

$

24,402

Reserve

(472

)

(339

)

$

25,129

$

24,063

XML 46 R33.htm IDEA: XBRL DOCUMENT v3.21.2
Other Current Assets (Tables)
 12 Months Ended
Jun. 30, 2021
Other Assets [Abstract]  
Schedule of Other Current Assets

Other current assets as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Other receivables

$

564

$

209

Prepaid insurance

301

277

Net investments in sales type leases - current

884

762

Other current assets

2,670

1,793

$

4,419

$

3,041

XML 47 R34.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Tables)
 12 Months Ended
Jun. 30, 2021
Lessee Disclosure [Abstract]  
Schedule of Maturities of Operating Lease Liabilities

The following table sets forth the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of June 30, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

Fiscal years ending

Maturity of

Operating Lease

Liabilities

(in thousands)

 

2022

$

2,326

2023

1,931

2024

1,052

2025

735

2026

585

Thereafter

1,692

Total lease payments

$

8,321

Less: amounts representing interest

623

Present value of lease liabilities

$

7,698

Less: current portion

2,131

Long-term portion

$

5,567

Schedule of Operating Leases

The table below presents additional information related to the Company’s operating leases (in thousands):

Operating lease cost

Twelve months

ended June 30,

2021

Twelve months

ended June 30,

2020

 

Operating lease cost (1)

$

2,109

$

1,935

Short-term lease cost (1)

12

190

Variable lease cost (1)

351

177

Total lease cost

$

2,472

$

2,302

(1) Expenses are classified within selling, general and administrative expenses in the Company’s consolidated statement of operations for the years ended June 30, 2021 and 2020.

The table below presents lease-related terms and discount rates as of June 30, 2021 and 2020:

June 30, 2021

June 30, 2020

Weighted average remaining lease terms

Operating leases

5.4 years

4.0 years

Weighted average discount rate

Operating leases

2.9

%

3.5

%

Schedule of Supplemental Cash Flow Information Related to Company's Long-Term Operating Lease Liabilities

The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the years ended June 30, 2021 and 2020 (in thousands):

Twelve months

ended

June 30, 2021

Twelve months

ended

June 30, 2020

Cash paid for amounts included in the measurement of lease liabilities:

$

2,109

$

1,935

Operating lease right-of-use assets obtained in exchange for operating lease liabilities:

$

3,649

$

1,366

Schedule of Future Minimum Lease Payments Receivable

56

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

The future minimum lease payments receivable for sales type leases are as follows (in thousands):

Fiscal years ending June 30,

Total Minimum

Lease Payments

to be Received

Amortization of

Unearned

Income

Net Investment

in

Sales Type

Leases

 

2022

$

3,059

$

1,711

$

1,348

2023

2,407

1,316

1,091

2024

1,769

926

843

2025

1,135

573

562

2026

626

294

332

Thereafter

562

257

305

$

4,481

*

* Excludes non-guaranteed residual values of $2.2 million.

XML 48 R35.htm IDEA: XBRL DOCUMENT v3.21.2
Equipment and Improvements (Tables)
 12 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Major Classes of Equipment and Improvements

Major classes of equipment and improvements as of June 30, 2021 and 2020 consisted of the following (in thousands):

June 30,

2021

2020

 

Furniture and equipment

$

9,023

$

5,099

Leasehold improvements

2,809

2,137

Vehicles

4,846

5,326

16,678

 

12,562

Accumulated depreciation and amortization

(6,084

)

(4,570

)

$

10,594

$

7,992

XML 49 R36.htm IDEA: XBRL DOCUMENT v3.21.2
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Carrying Amount of Goodwill

The changes in the carrying amount of goodwill are as follows (in thousands):

Balance at June 30, 2019

54,501

Goodwill from fiscal 2020 acquisitions (as described in Note 3)

2,094

Other

83

Balance at June 30, 2020

$

56,678

Goodwill from YES Acquisition (as described in Note 3)

7,230

Working capital adjustments (1)

(27

)

Balance at June 30, 2021

63,881

(1) Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2020

Schedule of License, Trademarks and Other Intangible Assets

57

EVI Industries, Inc. and Subsidiaries

 

Notes to Consolidated Financial Statements

 

 

Customer-related intangibles, tradenames and other intangible assets as of June 30, 2021 and 2020 consisted of the following (dollars in thousands):

June 30,

Estimated

Useful Lives

(in years)

2021

2020

 

Customer-related intangibles

8-10

$

18,237

$

16,037

Tradenames

Indefinite

11,155

9,555

Covenants not to compete

5

566

566

License agreements

10

529

529

Trademarks and patents

10-15

176

176

30,663

26,863

Accumulated amortization

(6,986

)

(5,109

)

$

23,677

$

21,754

Schedule of Estimated Future Amortization

Based on the carrying amount of intangible assets as of June 30, 2021, and assuming no future impairment of the underlying assets, the estimated future amortization at the end of each fiscal year in the five-year period ending June 30, 2026 and thereafter is as follows (in thousands):

Fiscal years ending June 30,

 

 

2022

$

1,884

2023

1,841

2024

1,841

2025

1,837

2026

1,836

Thereafter

3,283

Total

$

12,522

XML 50 R37.htm IDEA: XBRL DOCUMENT v3.21.2
Accounts Payable and Accrued Expenses (Tables)
 12 Months Ended
Jun. 30, 2021
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of June 30, 2021 and 2020 were comprised of (in thousands):

June 30,

2021

2020

 

Accounts payable

$

20,665

$

18,888

Accrued expenses

4,376

4,572

Sales tax accruals

1,186

832

$

26,227

$

24,292

XML 51 R38.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Taxes

The following are the components of income taxes (benefit) (in thousands):

Fiscal years ended June 30,

2021

2020

 

Current

Federal

$

(186

)

$

489

State

97

262

(89

)

751

 

Deferred

Federal

1,402

(37

)

State

191

(141

)

1,593

(178

)

$

1,504

$

573

Schedule of Reconciliation of Income Tax Expense Computed at the Federal Statutory Tax Rate of Provision for Income Taxes

The reconciliation of income tax expense computed at the federal statutory tax rate of 21% for the fiscal years ended June 30, 2021 and 2020 to the provision for income taxes is as follows (in thousands):

Fiscal years ended June 30,

2021

2020

 

Tax at the statutory rate

$

2,076

$

283

State income taxes, net of federal benefit

265

67

Nondeductible compensation

348

340

PPP Loan forgiveness

(1,462

)

-

Other

277

(117

)

$

1,504

$

573

 

Effective tax rate

15.2

%

42.5

%

Schedule of Significant Components of the Company's Current and Noncurrent Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and the basis used for income tax purposes. Significant components of the Company’s current and noncurrent deferred tax assets and liabilities as of June 30, 2021 and 2020 were as follows (in thousands):

Fiscal years ended June 30,

2021

2020

 

Deferred tax assets:

Allowance for doubtful accounts

$

182

$

106

Inventory capitalization

353

385

Stock compensation

557

705

Accrued liabilities

605

221

Other

69

554

1,766

1,971

 

Deferred tax liabilities:

Goodwill

(2,974

)

(2,120

)

Depreciation

(1,533

)

(412

)

Intangible assets

(1,268

)

(1,167

)

Other

(199

)

-

(5,974

)

(3,699

)

Net deferred income tax (liabilities) assets

$

(4,208

)

$

(1,728

)

XML 52 R39.htm IDEA: XBRL DOCUMENT v3.21.2
Debt (Tables)
 12 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term debt

The Company’s long-term debt as of June 30, 2021 and 2020 was as follows (in thousands):

June 30,

2021

June 30,

2020

Revolving Line of Credit

$

12,000

$

21,000

PPP Loans

-

6,892

Less: unamortized discount and deferred financing costs

(127

)

(182

)

Total debt, net

11,873

27,710

Less: current maturities of long-term debt

-

(2,680

)

Total long-term debt

$

11,873

$

25,030

XML 53 R40.htm IDEA: XBRL DOCUMENT v3.21.2
Equity Plan (Tables)
 12 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Non-vested Restricted Stock Activity

The following is a summary of non-vested restricted stock activity as of, and for the fiscal year ended, June 30, 2021:

Restricted Stock Awards

Restricted Stock Units

Shares

Weighted-

Average Grant

Date Fair Value

Shares

Weighted-

Average Grant

Date Fair Value

Non-vested restricted stock outstanding at June 30, 2020

987,220

$

19.40

55,610

$

30.31

Granted

8,624

30.61

204,014

31.03

Vested

(75,093

)

18.05

(2,531

)

26.40

Forfeited

(1,492

)

33.53

(3,180

)

30.76

Non-vested restricted stock outstanding at June 30, 2021

919,259

$

19.59

253,913

$

30.92

XML 54 R41.htm IDEA: XBRL DOCUMENT v3.21.2
General (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 03, 2020
Feb. 05, 2019
Sep. 12, 2018
Feb. 09, 2018
Oct. 10, 2016
Oct. 31, 2017
Jun. 30, 2021
Jun. 30, 2020
May 21, 2020
Business Acquisition [Line Items]                  
Acquisition net of cash acquired             $ 4,818 $ 1,379  
PPP loans             $ 6,892  
Fifth Third Bank, N.A. [Member]                  
Business Acquisition [Line Items]                  
PPP loans                 $ 6,900
Western State Design, LLC [Member]                  
Business Acquisition [Line Items]                  
Purchase price         $ 18,500        
Shares consideration         2,044,990        
Tri-State Technical Services [Member]                  
Business Acquisition [Line Items]                  
Purchase price           $ 7,950      
Shares consideration           338,115      
Zuf Acquisitions I LLC [Member]                  
Business Acquisition [Line Items]                  
Purchase price       $ 20,400          
Shares consideration       348,360          
Acquisition net of cash acquired       $ 8,100          
SEI Acquisition [Member]                  
Business Acquisition [Line Items]                  
Purchase price     $ 6,500            
Shares consideration     209,678            
PAC Acquisition [Member]                  
Business Acquisition [Line Items]                  
Purchase price   $ 6,400              
Shares consideration   179,847              
Yankee Equipment Systems [Member]                  
Business Acquisition [Line Items]                  
Purchase price $ 5,300                
Shares consideration 278,385                
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Details) - USD ($)
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Accounting Policies [Line Items]    
Allowance for doubtful accounts $ 1,000,000.0 $ 820,000
Dilutive securities outstanding 436,000 330,000
Advertising costs $ 435,000 $ 377,000
Accumulated amortization, net $ 343,000 $ 152,000
Leasehold improvements [Member]    
Accounting Policies [Line Items]    
Useful life of property and equipment shorter of ten years or the remaining lease term  
Revenue Benchmark [Member] | Supplier Concentration Risk [Member] | Manufacturers and suppliers [Member]    
Accounting Policies [Line Items]    
Concentration Risk, Percentage 62.00% 63.00%
2015 Equity Incentive Plan [Member]    
Accounting Policies [Line Items]    
Awards granted under 2015 Equity Incentive Plan 204,014 28,110
Computer Software [Member]    
Accounting Policies [Line Items]    
Accumulated amortization, net $ 29,000  
Restricted stock [Member]    
Accounting Policies [Line Items]    
Awards granted under 2015 Equity Incentive Plan 8,624 187,169
Dilutive securities outstanding 866,970 735,040
Stock Awards [Member]    
Accounting Policies [Line Items]    
Awards granted under 2015 Equity Incentive Plan 204,014 13,550
Common Stock [Member]    
Accounting Policies [Line Items]    
Awards granted under 2015 Equity Incentive Plan 5,262  
Restricted Stock Awards [Member]    
Accounting Policies [Line Items]    
Antidilutive securities 306,202 307,790
Minimum [Member] | Furniture and equipment [Member]    
Accounting Policies [Line Items]    
Useful life of property and equipment 5 years  
Minimum [Member] | Restricted stock [Member]    
Accounting Policies [Line Items]    
Percentage of retainage of contract billings 5.00%  
Estimated future period of customer-related intangibles, non-compete, and other finite-lived intangible assets 5 years  
Maximum [Member] | Furniture and equipment [Member]    
Accounting Policies [Line Items]    
Useful life of property and equipment 7 years  
Maximum [Member] | Restricted stock [Member]    
Accounting Policies [Line Items]    
Percentage of retainage of contract billings 20.00%  
Estimated future period of customer-related intangibles, non-compete, and other finite-lived intangible assets 10 years  
At a point in time [Member] | Commercial and vended laundry parts and equipment sales [Member]    
Accounting Policies [Line Items]    
Revenue, Remaining Performance Obligation, Percentage 82.00% 87.00%
Recognized over time [Member] | Service contracts [Member]    
Accounting Policies [Line Items]    
Revenue, Remaining Performance Obligation, Percentage 18.00% 13.00%
XML 56 R43.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Schedule of Costs, Estimated Earnings and Billings) (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Receivables [Abstract]    
Costs incurred on uncompleted contracts $ 26,833 $ 17,019
Estimated earnings 3,697 1,580
Less: billings to date (33,615) (16,637)
Retainage 200 923
Ending balance $ (2,885) $ 2,885
XML 57 R44.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Schedule of Amounts Included in Consolidated Balance Sheets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Receivables [Abstract]    
Contract assets $ 347 $ 3,443
Contract liabilities (3,232) (558)
Ending balance $ (2,885) $ 2,885
XML 58 R45.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of Significant Accounting Policies (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Accounting Policies [Abstract]    
Net income $ 8,384 $ 775
Less: distributed and undistributed income allocated to non-vested restricted common stock 731 62
Net income allocated to EVI Industries, Inc. shareholders $ 7,653 $ 713
Weighted average shares outstanding used in basic earnings per share 12,142 11,841
Dilutive common share equivalents 436 330
Weighted average shares outstanding used in dilutive earnings per share 12,578 12,171
Basic earnings per share $ 0.63 $ 0.06
Diluted earnings per share $ 0.61 $ 0.06
XML 59 R46.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 15, 2021
Nov. 03, 2020
Feb. 05, 2019
Jun. 30, 2021
Jun. 30, 2020
Business Acquisition [Line Items]          
Bargin purchase gain       $ 314
Revenue from acquisitions included in consolidated results of operations       33,000 8,100
Net income from acquisitions included in consolidated results of operations       1,700 94
Yankee Equipment Systems, Inc [Member]          
Business Acquisition [Line Items]          
Cash Consideration   $ 5,300      
Stock Consideration   278,385      
Acquisition legal and other professional fees       144  
Total purchase price for accounting purposes       13,800  
Cash acquired   $ 792   792  
Closing price   $ 30.61      
Yankee Equipment Systems, Inc [Member] | Trade Names [Member]          
Business Acquisition [Line Items]          
Indefinite lived intangible assets acquired   $ 1,600      
Yankee Equipment Systems, Inc [Member] | Customer-related intangible assets [Member]          
Business Acquisition [Line Items]          
Finite lived intangible assets acquired   $ 2,200      
Amortized life   10 years      
Eastern Laundry Systems (ELS) [Member]          
Business Acquisition [Line Items]          
Cash Consideration $ 400        
Stock Consideration 10,726        
Cash acquired $ 57        
Bargin purchase gain       $ 314  
PAC Acquisition [Member]          
Business Acquisition [Line Items]          
Cash Consideration     $ 6,400    
Stock Consideration     179,847    
Number of shares transferred to PAC's ESOP       114,634  
Acquisitions 2020 [Member]          
Business Acquisition [Line Items]          
Cash Consideration         $ 1,600
Stock Consideration         132,726
Cash acquired         $ 192
Fair value of stock vested         3,800
Goodwill amortizable for tax purposes         $ 988
Goodwill for tax purposes, amortizable period         15 years
Long term debt acquired         $ 129
Acquisitions 2020 [Member] | Trade Names [Member]          
Business Acquisition [Line Items]          
Finite lived intangible assets acquired         410
Acquisitions 2020 [Member] | Customer-related intangible assets [Member]          
Business Acquisition [Line Items]          
Finite lived intangible assets acquired         680
Acquisitions 2020 [Member] | Goodwill [Member]          
Business Acquisition [Line Items]          
Finite lived intangible assets acquired         $ 2,100
XML 60 R47.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions (Schedule of Purchase price) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 03, 2020
Jun. 30, 2021
Jun. 30, 2020
Purchase price consideration:      
Cash Consideration, net of cash acquired   $ 4,818 $ 1,379
Yankee Equipment Systems, Inc [Member]      
Purchase price consideration:      
Cash Consideration, net of cash acquired [1] $ 4,475    
Stock Consideration [2] 8,521    
Total purchase price consideration, net of cash acquired $ 12,996    
[1] Includes $5.3 million paid net of $792,000 of cash acquired.
[2] Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date.
XML 61 R48.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions (Schedule of Allocation of purchase price consideration) (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Nov. 03, 2020
Jun. 30, 2020
Jun. 30, 2019
Allocation of purchase price consideration:        
Goodwill $ 63,881   $ 56,678 $ 54,501
Yankee Equipment Systems, Inc [Member]        
Allocation of purchase price consideration:        
Accounts receivable   $ 1,482    
Inventory   1,591    
Other assets   1,812    
Equipment and improvements   1,844    
Intangible assets   3,800    
Accounts payable and accrued expenses   (1,901)    
Accrued employee expenses   (534)    
Customer deposits   (525)    
Deferred tax liabilities   (887)    
Assumption of debt   (916)    
Total identifiable net assets   5,766    
Goodwill   7,230    
Total   $ 12,996    
XML 62 R49.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions (Schedule of Supplemental Pro Forma Results of Operations) (Details) - YES and ELS Acquisition [Member] - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Business Acquisition [Line Items]    
Revenues $ 254,359 $ 271,298
Net income $ 8,796 $ 1,939
XML 63 R50.htm IDEA: XBRL DOCUMENT v3.21.2
Interest and other (expense), net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Other Income and Expenses [Abstract]    
Bargain purchase gain $ 314
Interest (expense), net (635) (1,432)
Interest and other (expense), net $ (321) $ (1,432)
XML 64 R51.htm IDEA: XBRL DOCUMENT v3.21.2
Accounts Receivable (Schedule of Accounts Receivable) (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Receivables [Abstract]    
Accounts receivable - trade $ 29,731 $ 18,500
Contract receivables 200 5,362
Account receivables gross 29,931 23,862
Allowance for doubtful accounts (1,027) (820)
Account receivables net $ 28,904 $ 23,042
XML 65 R52.htm IDEA: XBRL DOCUMENT v3.21.2
Inventories (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Inventory Disclosure [Abstract]    
Equipment and parts $ 25,601 $ 24,402
Reserve (472) (339)
Inventories, net 25,129 24,063
Inventory written-down $ 472 $ 339
XML 66 R53.htm IDEA: XBRL DOCUMENT v3.21.2
Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Other Assets [Abstract]    
Other receivables $ 564 $ 209
Prepaid insurance 301 277
Net investments in sales type leases - current 884 762
Other current assets 2,670 1,793
Total other current assets $ 4,419 $ 3,041
XML 67 R54.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Narrative) (Details)
$ in Millions
Jun. 30, 2021
USD ($)
Facilities
Jun. 30, 2020
USD ($)
Lessee, Lease, Description [Line Items]    
Number of facilities financed under operating leases | Facilities 27  
Residual values $ 2.2  
Total net investment in sales type leases 6.7 $ 3.9
Current portion Sales type leases 0.9 0.7
Long term portion sales type leases $ 5.8 $ 3.2
Minimum [Member]    
Lessee, Lease, Description [Line Items]    
Lease term 3 years  
Maximum [Member]    
Lessee, Lease, Description [Line Items]    
Lease term 5 years  
XML 68 R55.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Schedule of Maturities of Operating Lease Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Operating leases    
2022 $ 2,326  
2023 1,931  
2024 1,052  
2025 735  
2026 585  
Thereafter 1,692  
Total lease payments 8,321  
Less: amounts representing interest 623  
Present value of lease liabilities 7,698  
Less: current portion 2,131 $ 1,672
Long-term portion $ 5,567 $ 3,657
XML 69 R56.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Schedule of Operating Leases) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating lease cost    
Operating lease cost [1] $ 2,109 $ 1,935
Short-term lease cost [1] 12 190
Variable lease cost [1] 351 177
Total lease cost [1] $ 2,472 $ 2,302
Other information    
Weighted average remaining lease terms - Operating leases 5 years 4 months 24 days 4 years
Weighted average discount rate - Operating leases 2.90% 3.50%
[1] Expenses are classified within selling, general and administrative expenses in the Company’s consolidated statement of operations for the years ended June 30, 2021 and 2020.
XML 70 R57.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Schedule of Supplemental Cash Flow Information Related to Company's Long-Term Operating Lease Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Leases [Abstract]    
Cash paid for amounts included in the measurement of lease liabilities: $ 2,109 $ 1,935
Operating lease right-of-use assets obtained in exchange for operating lease liabilities: $ 3,649 $ 1,366
XML 71 R58.htm IDEA: XBRL DOCUMENT v3.21.2
Leases (Schedule of Future Minimum Lease Payments Receivable) (Details)
$ in Thousands
Jun. 30, 2021
USD ($)
Lessee, Lease, Description [Line Items]  
2022 $ 1,348
2023 1,091
2024 843
2025 562
2026 332
Thereafter 305
Future minimum lease payments receivable 4,481 [1]
Total Minimum Lease Payments to be Received [Member]  
Lessee, Lease, Description [Line Items]  
2022 3,059
2023 2,407
2024 1,769
2025 1,135
2026 626
Thereafter 562
Amortization of Unearned Income [Member]  
Lessee, Lease, Description [Line Items]  
2022 1,711
2023 1,316
2024 926
2025 573
2026 294
Thereafter $ 257
[1] Excludes non-guaranteed residual values of $2.2 million.
XML 72 R59.htm IDEA: XBRL DOCUMENT v3.21.2
Equipment and Improvements (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Property, Plant and Equipment [Line Items]    
Equipment and improvements, gross $ 16,678 $ 12,562
Accumulated depreciation and amortization (6,084) (4,570)
Equipment and improvements, net 10,594 7,992
Depreciation and amortization of equipment and improvements 2,700 2,000
Furniture and equipment [Member]    
Property, Plant and Equipment [Line Items]    
Equipment and improvements, gross 9,023 5,099
Leasehold improvements [Member]    
Property, Plant and Equipment [Line Items]    
Equipment and improvements, gross 2,809 2,137
Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Equipment and improvements, gross $ 4,846 $ 5,326
XML 73 R60.htm IDEA: XBRL DOCUMENT v3.21.2
Goodwill and Intangible Assets (Schedule of Carrying Amount of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]    
Balance, beginning $ 56,678 $ 54,501
Goodwill from YES Acquisition 7,230  
Goodwill from other acquisitions (as described in Note 3)   2,094
Working capital adjustments [1] (27)  
Other   83
Balance, ending $ 63,881 $ 56,678
[1] Relates to working capital adjustments from business acquisitions consummated by the Company during fiscal 2020
XML 74 R61.htm IDEA: XBRL DOCUMENT v3.21.2
Goodwill and Intangible Assets (Schedule of Franchise License, Trademarks and Other Intangible Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, gross $ 30,663 $ 26,863
Accumulated amortization (6,986) (5,109)
Intangible assets, net 23,677 21,754
Amortization expense 1,900 1,700
Customer-related intangibles [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, gross $ 18,237 16,037
Weighted average remaining estimated useful lives 7 years  
Customer-related intangibles [Member] | Minimum [Member]    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (in years) 8 years  
Customer-related intangibles [Member] | Maximum [Member]    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (in years) 10 years  
Trade Names [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, gross $ 11,155 9,555
Estimated Useful Lives (in years), Description Indefinite  
Covenants not to compete [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, gross $ 566 566
Estimated Useful Lives (in years) 5 years  
Weighted average remaining estimated useful lives 7 months 6 days  
License agreements [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, gross $ 529 529
Estimated Useful Lives (in years) 10 years  
Weighted average remaining estimated useful lives 0 years  
Trademarks and patents [Member]    
Finite-Lived Intangible Assets [Line Items]    
Intangible Assets, gross $ 176 $ 176
Weighted average remaining estimated useful lives 0 years  
Trademarks and patents [Member] | Minimum [Member]    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (in years) 10 years  
Trademarks and patents [Member] | Maximum [Member]    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (in years) 15 years  
XML 75 R62.htm IDEA: XBRL DOCUMENT v3.21.2
Goodwill and Intangible Assets (Schedule of Estimated Future Amortization) (Details)
$ in Thousands
Jun. 30, 2021
USD ($)
Expected amortization expense for the years ending June 30,  
2022 $ 1,884
2023 1,841
2024 1,841
2025 1,837
2026 1,836
Thereafter 3,283
Intangible assets, net $ 12,522
XML 76 R63.htm IDEA: XBRL DOCUMENT v3.21.2
Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Payables and Accruals [Abstract]    
Accounts payable $ 20,665 $ 18,888
Accrued expenses 4,376 4,572
Sales tax accruals 1,186 832
Accounts payable and accrued expenses $ 26,227 $ 24,292
XML 77 R64.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes (Schedule of Components of Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Current    
Federal $ (186) $ 489
State 97 262
Current (89) 751
Deferred    
Federal 1,402 (37)
State 191 (141)
Deferred 1,593 (178)
Total $ 1,504 $ 573
XML 78 R65.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes (Schedule of Reconciliation of Income Tax Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Income Tax Disclosure [Abstract]    
Federal statutory tax rate 21.00% 21.00%
Reconciliation of income tax expense computed at the Federal statutory tax rate of 21% to the provision for income taxes    
Tax at the statutory rate $ 2,076 $ 283
State income taxes, net of federal benefit 265 67
Nondeductible compensation 348 340
PPP Loan forgiveness (1,462)
Other 277 (117)
Total $ 1,504 $ 573
Effective tax rate 15.20% 42.50%
XML 79 R66.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes (Schedule of Significant Components of Company's Current and Noncurrent Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Deferred tax assets:    
Allowance for doubtful accounts $ 182 $ 106
Inventory capitalization 353 385
Stock compensation 557 705
Accrued liabilities 605 221
Other 69 554
Deferred tax assets 1,766 1,971
Deferred tax liabilities:    
Goodwill (2,974) (2,120)
Depreciation (1,533) (412)
Intangible assets (1,268) (1,167)
Other (199)
Deferred tax liabilities (5,974) (3,699)
Net deferred income tax (liabilities) assets $ (4,208) $ (1,728)
XML 80 R67.htm IDEA: XBRL DOCUMENT v3.21.2
Debt (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 02, 2018
Jun. 30, 2021
Jun. 30, 2020
May 21, 2020
Debt Instrument [Line Items]        
Debt outstanding   $ 11,873 $ 27,710  
Line of credit amount outstanding   12,000 21,000  
PPP loans   6,892  
Recognized gain   6,963  
Paycheck Protection Program [Member]        
Debt Instrument [Line Items]        
Debt instrument face amount   916    
PPP loan [Member]        
Debt Instrument [Line Items]        
Recognized gain   7,000    
Fifth Third Bank, N.A. [Member]        
Debt Instrument [Line Items]        
PPP loans       $ 6,900
Revolving credit facility [Member]        
Debt Instrument [Line Items]        
Revolving line of credit facility amount $ 100,000      
Debt outstanding   $ 5,000    
Basis of variable interest rate   LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio.    
Expiration date   Nov. 02, 2023    
Line of credit amount outstanding $ 40,000      
Credit facility term 5 years 5 years    
Amount available for borrowing under the Revolving Line of Credit   $ 30,400    
Revolving credit facility [Member] | Maximum [Member]        
Debt Instrument [Line Items]        
Revolving line of credit facility amount $ 140,000      
Revolving line of credit [Member]        
Debt Instrument [Line Items]        
Debt outstanding   $ 10,000    
XML 81 R68.htm IDEA: XBRL DOCUMENT v3.21.2
Debt (Schedule of Long-term debt) (Details) - USD ($)
$ in Thousands
Jun. 30, 2021
Jun. 30, 2020
Debt Disclosure [Abstract]    
Revolving Line of Credit $ 12,000 $ 21,000
PPP Loans 6,892
Less: unamortized discount and deferred financing costs (127) (182)
Total debt, net 11,873 27,710
Less: current maturities of long-term debt (2,680)
Total long-term debt $ 11,873 $ 25,030
XML 82 R69.htm IDEA: XBRL DOCUMENT v3.21.2
Related Party Transactions (Details)
 12 Months Ended
Sep. 10, 2021
USD ($)
Jun. 30, 2021
USD ($)
ft²
Jun. 30, 2020
USD ($)
Jan. 02, 2019
USD ($)
Nov. 01, 2018
USD ($)
Michael S. Steiner [Member]          
Related Party Transaction [Line Items]          
Area of lease | ft²   28,000      
Lease start date   Nov. 01, 2014      
Annual rent payment, year one   $ 12,000      
Rental expense   $ 25,000 $ 148,000    
Dennis Mack [Member]          
Related Party Transaction [Line Items]          
Original lease term   5 years      
Area of lease | ft²   17,600      
Lease start date   Oct. 10, 2016      
Annual rent payment, year one   $ 12,000      
Rental expense   $ 144,000 144,000    
Dennis Mack [Member] | Subsequent Event [Member]          
Related Party Transaction [Line Items]          
Base rent, per month $ 19,000        
Matt Stephenson [Member] | Tri-State [Member]          
Related Party Transaction [Line Items]          
Original lease term   5 years      
Area of lease | ft²   81,000      
Lease start date   Oct. 31, 2017      
Annual rent payment, year one   $ 21,000      
Rental expense   $ 252,000 252,000    
Mike Zuffinetti [Member]          
Related Party Transaction [Line Items]          
Original lease term   5 years      
Annual rent payment, year one       $ 36,000 $ 26,000
Rental expense   $ 481,000 481,000    
Mike Zuffinetti [Member] | AA Advantage [Member]          
Related Party Transaction [Line Items]          
Area of lease | ft²   17,000      
Lease start date   Oct. 31, 2018      
Annual rent payment, year one   $ 13,500      
Mike Zuffinetti [Member] | AAdvantage Laundry Systems [Member]          
Related Party Transaction [Line Items]          
Original lease term   5 years      
Area of lease | ft²   5,000      
Lease start date   Feb. 09, 2018      
Annual rent payment, year one   $ 3,950      
Mike Zuffinetti [Member] | Yankee Equipment [Member]          
Related Party Transaction [Line Items]          
Original lease term   3 years      
Area of lease | ft²   12,500      
Lease start date   Nov. 03, 2020      
Annual rent payment, year one   $ 11,000      
Rental expense   $ 92,000      
Scott Martin [Member] | Scott Equipment [Member]          
Related Party Transaction [Line Items]          
Original lease term   5 years      
Area of lease | ft²   18,000      
Lease start date   Sep. 12, 2018      
Annual rent payment, year one   $ 11,000      
Rental expense   $ 137,000 137,000    
Frank Costabile [Member] | PAC Industries Inc. [Member]          
Related Party Transaction [Line Items]          
Original lease term   4 years      
Area of lease | ft²   29,500      
Lease start date   Feb. 05, 2019      
Annual rent payment, year one   $ 14,600      
Rental expense   $ 180,000 $ 176,000    
XML 83 R70.htm IDEA: XBRL DOCUMENT v3.21.2
Concentrations of Credit Risk (Details)
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Federal Government Agency [Member]    
Concentration Risk [Line Items]    
Concentration risk 9.00% 5.00%
XML 84 R71.htm IDEA: XBRL DOCUMENT v3.21.2
Retirement Plan (Details) - USD ($)
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Retirement Benefits [Abstract]    
Employer matching contribution percentage 6.00%  
Period after which employees are eligible to participate in the plan 1 year  
Plan contributions $ 171,000 $ 491,000
XML 85 R72.htm IDEA: XBRL DOCUMENT v3.21.2
Equity Plan (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares authorized under 2015 Equity Incentive Plan 3,000,000  
Vesting period 4 years 4 years
Share-based compensation $ 2,437 $ 2,302
Common Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock issued under employee stock purchase plan 2,492 2,216
Proceeds from issuance $ 69 $ 50
2017 Employee Stock Purchase Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Discount rate on purchase of common stock 5.00%  
Restricted stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted under 2015 Equity Incentive Plan 8,624 187,169
Unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock $ 14,900  
Unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock, Period 17 years 6 months  
Grant date fair value of restricted stock $ 264 $ 4,200
Stock vested 77,624 55,803
Fair value of stock vested $ 853 $ 457
Restricted stock [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Remaining vesting period   10 years
Restricted stock [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Remaining vesting period   21 years
Restricted stock Units [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted under 2015 Equity Incentive Plan 204,014 28,110
Unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock $ 7,100  
Unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock, Period 11 years 2 months 12 days  
Grant date fair value of restricted stock $ 6,300 $ 689
Restricted stock Units [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Remaining vesting period 4 years 4 years
Restricted stock Units [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Remaining vesting period 41 years 37 years
Common Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted under 2015 Equity Incentive Plan 5,262  
Stock vested 25,310 17,200
Stock Awards [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted under 2015 Equity Incentive Plan 204,014 13,550
Grant date fair value of restricted stock   $ 300
Fair value of stock vested $ 116  
XML 86 R73.htm IDEA: XBRL DOCUMENT v3.21.2
Equity Plan (Schedule of Non-vested Restricted Stock Activity) (Details)
 12 Months Ended
Jun. 30, 2021
$ / shares
shares
Restricted Stock Awards [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested restricted stock outstanding , beginning of period | shares 987,220
Granted | shares 8,624
Vested | shares (75,093)
Forfeited | shares (1,492)
Non-vested restricted stock outstanding, end of period | shares 919,259
Weighted-average grant date fair value, beginning of period | $ / shares $ 19.40
Granted | $ / shares 30.61
Vested | $ / shares 18.05
Forfeited | $ / shares 33.53
Weighted-average grant date fair value, end of period | $ / shares $ 19.59
Restricted stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-vested restricted stock outstanding , beginning of period | shares 55,610
Granted | shares 204,014
Vested | shares (2,531)
Forfeited | shares (3,180)
Non-vested restricted stock outstanding, end of period | shares 253,913
Weighted-average grant date fair value, beginning of period | $ / shares $ 30.31
Granted | $ / shares 31.03
Vested | $ / shares 26.40
Forfeited | $ / shares 30.76
Weighted-average grant date fair value, end of period | $ / shares $ 30.92
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