STOCK BASED COMPENSATION PLANS

3 Months Ended

Sep. 30, 2023

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, 2023 for more detailed information on the Company’s stock-based compensation plans.

During the three months ended September 30, 2023 the Company did not record any stock option compensation cost. During the three months ended September 30, 2022, the Company did not record any stock option compensation cost. As of September 30, 2023 all compensation related to stock options has been fully amortized.

Option-pricing models require the input of various subjective assumptions, including the option’s expected life, estimated forfeiture rates and the price volatility of the underlying stock. The expected stock price volatility is based on analysis of the Company’s stock price history. The Company has selected to use the simplified method for estimating the expected term. The risk-free interest rate is based on the U.S. Treasury interest rates whose term is consistent with the expected life of the stock options. No dividend yield is included as the Company has not issued any dividends and does not anticipate issuing any dividends in the future.

The following table summarizes the stock options activity from July 1, 2022 through September 30, 2023:

		Number of		Weighted Average		Weighted Average		Aggregate
		Shares		Exercise Price		Remaining Life		Intrinsic Value
Oustanding at	July 1, 2022		251,195	$	15.95		2.60 years	$	6,628,000
Granted			-		-		-		-
Exercised			-		-		-		-
Forfeited			-		-		-		-
Exchanged			-		-		-		-
Outstanding at	June 30, 2023		251,195	$	15.95		1.60 years	$	4,957,000
Exercisable at	June 30, 2023		251,195	$	15.95		1.60 years	$	4,957,000
Vested at	June 30, 2023		251,195	$	15.95		1.60 years	$	4,957,000
Oustanding at	July 1, 2023		251,195	$	15.95		1.60 years	$	4,957,000
Granted			-		-		-		-
Exercised			-		-		-		-
Forfeited			-		-		-		-
Exchanged			-		-		-		-
Outstanding at	September 30, 2023		251,195	$	15.95		1.35 years	$	3,661,000
Exercisable at	September 30, 2023		251,195	$	15.95		1.35 years	$	3,661,000
Vested at	September 30, 2023		251,195	$	15.95		1.35 years	$	3,661,000