RESTATEMENTS

12 Months Ended

Jun. 30, 2021

Restatements

RESTATEMENTS

During the preparation of the Annual Report on Form 10-K for the year ended June 30, 2021, the Company has discovered errors in the accounting treatment of expensing stock option issued to the Company’s directors and employees from fiscal year 2016 to 2020 under FASB ASC Topic 718, Compensation – Stock Compensation, which resulted in misstatements in its previously issued consolidated financial statements for the years ended June 30, 2016 to June 30, 2020. The Company has amended and restated its 2020 consolidated financial statements to accumulated retained earnings by $621 and its additional paid-in-capital by $621 as of June 30, 2020. The Company has also increased its general and administrative expenses by $88 for the year ended June 30, 2020. As a result, the Company has restated its consolidated financial statements in accordance with ASC 250, Accounting Changes and Error Corrections (the “restated consolidated financial statements”). There is no tax impact implications resulted from the restatement.

The impact of the restatement on the consolidated financial statements as previously reported is summarized below:

	For the year ended June 30, 2020 (as previously reported)		For the year ended June 30, 2020 (Restated)
CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES)
Paid-in capital		3,363		3,984
Accumulated retained earnings		8,036		7,415
Total Trio-tech International shareholders' equity		23,966		23,966
TOTAL EQUITY		25,146		25,146

	For the year ended June 30, 2020 (as previously reported)		For the year ended June 30, 2020 (Restated)
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
Accumulated retained earnings	$	8,036	$	7,415
Paid-in capital		3,363		3,984

	For the year ended June 30, 2020 (as previously reported)			For the year ended June 30, 2020 (Restated)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
General and administrative expenses	$	6,976		$	7,054
Total operating expenses		8,125			8,213
Loss from operation		(859	)		(947	)
Income from Continuing Operations before Income Taxes		1,195			1,107
Income from continuing operations before non-controlling interests, net of tax		1,207			1,119
NET INCOME		1,204			1,116
Net Income Attributable to Trio-Tech International Common Shareholders		966			878

Basic Earnings per Share:
Basic earnings per share from continuing operations attributable to Trio-Tech International	0.26	0.24
Diluted Earnings per Share:
Diluted earnings per share from continuing operations attributable to Trio-Tech International	0.26	0.24