Nature of Business and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Dec. 31, 2022

Nature of Business and Summary of Significant Accounting Policies

Schedule of cash and cash equivalents

Cash and cash equivalents consists of the following as of (in thousands):

	December 31, 2022		June 30, 2022
Cash	$	11,895	$	41,667
Money Market Fund		63		63
Certificates of Deposit		20,049		—
	$	32,007	$	41,730

Schedule of investments - other

Investments-other consists of the following as of (in thousands):

	December 31, 2022		June 30, 2022
Certificates of Deposit	$	10,068	$	—
	$	10,068	$	—

Schedule of Certificates of Deposit

Certificates of deposit are recorded at the original cost plus accrued interest. The Company’s Certificates of Deposit consist of the following as of (in thousands):

December 31, 2022
Balance Sheet Classification	Interest Rate		Maturity Date		Cost		Carrying Value
Cash and Cash Equivalents		4.25% - 4.40%		2/23/2023 - 3/21/2023	$	20,000	$	20,049
Investments - other		2.25% - 2.50%		1/23/2023 - 2/21/2023		10,000		10,068

Schedule of changes in intangible assets

Changes in intangible assets are as follows (in thousands):

	December 31, 2022						June 30, 2022
	Carrying		Accumulated		Net book		Carrying		Accumulated		Net book
	value		amortization		value		value		amortization		value
Customer relationships	$	9,800		(9,223)	$	577	$	9,800		(9,143)	$	657
Trade name		4,048		(506)		3,542		4,048		(405)		3,643
	$	13,848	$	(9,729)	$	4,119	$	13,848	$	(9,548)	$	4,300

Schedule of reconciliation of earnings per share

The following provides a reconciliation of information used in calculating the per share amounts for the three months ended December 31, 2022 and 2021 (in thousands, except share and per share data):

	Net Income				Weighted Average Shares		Net Income per Share
	2022		2021		2022	2021	2022		2021
Basic EPS	$	3,929	$	1,037	36,772	36,728	$	0.11	$	0.03
Effect of Dilutive Securities:
Stock Options		—		—	225	170		—		—
Diluted EPS	$	3,929	$	1,037	36,997	36,898	$	0.11	$	0.03

The following provides a reconciliation of information used in calculating the per share amounts for the six months ended December 31, 2022 and 2021 (in thousands, except share and per share data):

					Weighted Average		Net Income per
	Net Income				Shares		Share
	2022		2021		2022	2021	2022		2021
Basic EPS	$	7,013	$	8,789	36,731	36,720	$	0.19	$	0.24
Effect of Dilutive Securities:
Stock Options		—		—	226	157		—		—
Diluted EPS	$	7,013	$	8,789	36,957	36,877	$	0.19	$	0.24

Schedule of consolidated statements reported and the restated balances

The table below sets forth the consolidated balance sheets information, including the balances originally reported and the restated balances as of December 31, 2022 (in thousands):

	As of December 31, 2022
	As
	previously		As
	reported		Restated
Inventory - Current	$	48,661	$	41,182
Income Tax Receivable		—		583
Inventory - Non-Current		15,531		14,301
Accrued Income Taxes		291		—
Retained earnings		127,759		119,924

The table below sets forth the consolidated statements of income information, including the balances originally reported and the restated balances for the three months ended December 31, 2022:

	Three Months ended December 31, 2022
	(in thousands, except for per share data)
	As
	previously
	reported		As Restated
Equipment-related expenses	$	21,187	$	26,295
Cost of sales		22,852		27,960
Gross profit		19,462		14,354
Operating income		9,436		4,328
Income before provision for income taxes		9,623		4,515
Provision for income taxes		1,177		586
Net income		8,446		3,929
Income per share:
Basic	$	0.24	$	0.11
Diluted	$	0.24	$	0.11

The table below sets forth the consolidated statements of income information, including the balances originally reported and the restated balances for the six months ended December 31, 2022:

	Six Months ended December 31, 2022
	(in thousands, except for per share data)
	As
	previously
	reported		As Restated
Equipment-related expenses	$	40,852	$	49,561
Cost of sales		44,178		52,887
Gross profit		37,629		28,920
Operating income		16,685		7,976
Income before provision for income taxes		16,769		8,060
Provision for income taxes		1,921		1,047
Net income		14,848		7,013
Income per share:
Basic	$	0.40	$	0.19
Diluted	$	0.40	$	0.19

The table below sets forth the consolidated statements of cash flows information, including the balances originally reported and the restated balances for the six months ended December 31, 2022:

	Six Months ended December 31, 2022
	(in thousands)
	As
	previously
	reported		As Restated
Net income	$	14,848	$	7,013
Change to inventory obsolescence reserve		350		(560)
Inventories		(14,755)		(5,136)
Income tax receivable		—		(583)
Accounts payable, accrued expenses, accrued salaries and wages, accrued income taxes		(8,363)		(8,654)
Net Cash Provided by Operating Activities		1,088		1,088