STOCK BASED COMPENSATION PLANS

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

STOCK BASED COMPENSATION PLANS

NOTE 9 – STOCK BASED COMPENSATION PLANS

The Company follows Accounting Standard Codification (ASC) Topic 718 “Compensation – Stock Compensation”, which addresses accounting for equity-based compensation arrangements, including employee stock options and restricted stock units.

Please refer to Note 15 – Stock Based Compensation Plans in the Company’s Form 10-K for the year ended June 30, 2022 for more detailed information on the Company’s stock-based compensation plans.

During the six months ended December 31, 2022 the Company did not record any stock option compensation cost and recorded stock option compensation cost of $4,000 during the six months ended December 31, 2021 related to stock options that were previously issued. As of December 31, 2022 all compensation related to stock options has been fully amortized.

The following table summarizes the stock options activity from July 1, 2021 to December 31, 2022:

		Number of			Weighted Average		Weighted Average		Aggregate
		Shares			Exercise Price		Remaining Life		Intrinsic Value
Oustanding at	July 1, 2021		341,195		$	16.95		2.83 years	$	8,890,000
Granted			-			-		-		-
Exercised			(90,000	)		19.77		-		-
Forfeited			-			-		-		-
Exchanged			-			-		-		-
Outstanding at	June 30, 2022		251,195		$	15.95		2.60 years	$	6,628,000
Exercisable at	June 30, 2022		251,195		$	15.95		2.60 years	$	6,628,000
Vested at	June 30, 2022		251,195		$	15.95		2.60 years	$	6,628,000
Oustanding at	July 1, 2022		251,195		$	15.95		2.60 years	$	6,628,000
Granted			-			-		-		-
Exercised			-			-		-		-
Forfeited			-			-		-		-
Exchanged			-			-		-		-
Outstanding at	December 31, 2022		251,195		$	15.95		2.10 years	$	7,801,000
Exercisable at	December 31, 2022		251,195		$	15.95		2.10 years	$	7,801,000
Vested at	December 31, 2022		251,195		$	15.95		2.10 years	$	7,801,000