0001553350-24-000013.txt : 20240509 0001553350-24-000013.hdr.sgml : 20240509 20240508212324 ACCESSION NUMBER: 0001553350-24-000013 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 25 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240509 DATE AS OF CHANGE: 20240508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADMIRAL FINANCIAL CORP CENTRAL INDEX KEY: 0000828530 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] ORGANIZATION NAME: 02 Finance IRS NUMBER: 592806414 STATE OF INCORPORATION: FL FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17214 FILM NUMBER: 24928211 BUSINESS ADDRESS: STREET 1: 7101 SOUTHWEST 67TH AVENUE CITY: SOUTH MIAMI STATE: FL ZIP: 33143 BUSINESS PHONE: (305) 669-6117 MAIL ADDRESS: STREET 1: 7101 SOUTHWEST 67TH AVENUE CITY: SOUTH MIAMI STATE: FL ZIP: 33143 10-Q 1 adfk_10q.htm QUARTERLY REPORT
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UNITED STATES

securities and exchange commission

Washington D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

 

or

 

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: 0-17214

______________________

 

ADMIRAL FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

______________________

 

florida 59-2806414

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

7101 Southwest 67 Avenue, South Miami, Florida 33143

(Address of principal executive offices, including zip code)

 

(305) 904-4400

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

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

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
     

 

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 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, 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 checkmark 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 is a shell company (defined in Rule 12b-2 of the Exchange Act). Yes No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

Common Stock $.001 Par Value

Outstanding Shares at March 31, 2024: 10,987,000

 

 
 

PART I - FINANCIAL INFORMATION

 

 

Item 1.Financial Statements

 

ADMIRAL FINANCIAL CORP. AND SUBSIDIARY

 

Consolidated Balance Sheets

($ Thousands)

 

 

   March 31,   June 30, 
   2024   2023 
   (Unaudited)   (Unaudited) 
Assets          
Current assets:          
Cash  $0   $0 
Prepaid expenses and other assets   0    0 
Net assets of Haven Federal Savings and Loan Association (note 2)   0    0 
Total assets  $0   $0 
           
Liabilities and Stockholders (Deficit) Equity          
Current Liabilities:          
Accrued expenses and other current liabilities   24    24 
Net liabilities of Haven Federal Savings and Loan Association (note 2)   0    0 
Total liabilities   24    24 
           
Shareholders Deficit:          
Preferred stock, $0.01 par value, Authorized 6,000,000 shares; none outstanding   0    0 
Common stock, $0.001 par value, 50,000,000 shares authorized; 10,987,000 shares issued   11    11 
Treasury stock, 1,954 and 1,954 shares; at cost   0    0 
Additional paid-in capital   681    681 
Deficit   (716)   (716)
Total stockholders' (deficit) equity   (24)   (24)
Total liabilities and stockholders' (deficit) equity  $0   $0 

 

 

See accompanying notes to consolidated financial statements.

 

1 
 

ADMIRAL FINANCIAL CORP. AND SUBSIDIARY

 

Consolidated Statements of Operations

($ Thousands)

(Unaudited)

 

                                   
      Three Months Ended     Nine Months Ended  
      March 31,     March 31,  
      2024     2023     2024     2023  
                           
Interest income     $ 0     $ 0     $ 0     $ 0  
Other, net       0       0       0       0  
Total income       0       0       0       0  
                                   
Expenses:                                  
Employee Compensation       0       0       0       0  
Other       0       0       0       0  
Total expenses       0       0       0       0  
                                   
Loss from discontinued operation (note 2)       0       0       0       0  
Net loss     $ 0     $ 0     $ 0     $ 0  
                                   
Loss per share - basic     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
Loss per share - diluted       0.00       0.00       0.00       0.00  
Dividend per share     $ 0     $ 0     $ 0     $ 0  
                                   

Weighted average number of shares outstanding:

                                 
Basic       10,985,046       10,985,046       10,985,046       10,985,046  
Diluted       10,985,046       10,985,046       10,985,046       10,985,046  

 

 

 

See accompanying notes to consolidated financial statements

 

2 
 

 

ADMIRAL FINANCIAL CORP. AND SUBSIDIARY

 

Consolidated Statement of Stockholders' (Deficit) Equity

For the Nine Months ended March 31, 2024 and 2023

($ Thousands)

(Unaudited)

 

                     
   Common Stock   Additional   Retained 
   Issued and Outstanding   Paid-In   Earning 
   Shares   Amount   Capital   Deficiency 
                 
Balance at June 30, 2023   10,985,046   $11   $681   $(716)
                     
Net loss               0 
                     
Balance at March 31, 2024   10,985,046    11    681    (716)

 

   Common Stock   Additional   Retained 
   Issued and Outstanding   Paid-In   Earning 
   Shares   Amount   Capital   Deficiency 
                 
Balance at June 30, 2022   10,985,046   $11   $681   $(716)
                     
Net loss               0 
                     
Balance at March 31, 2023   10,985,046    11    681    (716)

 

See accompanying notes to consolidated financial statements

 

3 
 

ADMIRAL FINANCIAL CORP. AND SUBSIDIARY

 

Consolidated Statements of Cash Flows

($ Thousands)

(Unaudited)

 

           
   Nine Months Ended 
   March 31, 
   2024   2023 
         
Cash flows from operating activities:          
Net loss  $0   $0 
Adjustments to reconcile net income to net cash provided by operating activities:          
Decrease in deficit arising from confiscation of Haven Federal after retroactive disallowance of agreed supervisory goodwill and regulatory capital   0    0 
Decrease in pre-paid expenses and other assets   0    0 
Decrease (increase) in net assets of Haven Federal   0    0 
(Decrease) in accrued expenses and other liabilities   0    0 
(Decrease) Increase in net liabilities of Haven Federal   0    0 
Amortization of organization expenses   0    0 
Net cash provided (used) by operating activities   0    0 
Net change in cash   0    0 
Cash and cash equivalents, at beginning of period   0    0 
           
Cash and cash equivalents, at end of period  $0   $0 

 

 

 

 

See accompanying notes to consolidated financial statements

 

4 
 

ADMIRAL FINANCIAL CORP. AND SUBSIDIARY

 

Notes to Consolidated Financial Statements

 

 

Note 1. Basis of Accounting

 

In the opinion of management, the accompanying consolidated financial statements contain all the adjustments necessary to present fairly the financial statements of Admiral Financial Corp. ('Admiral') and Subsidiary.

 

Note 2. Additional Financial Information

 

Where applicable, the net assets of Admiral’s principal operating subsidiary, Haven Federal Savings and Loan Association ('Haven'), and net liabilities are presented in the balance sheets in the aggregate; and its loss is shown in the aggregate in the Statements of Operations for the three and nine month periods ended March 31, 2024 and 2023.

 

 

5 
 
ITEM 2Management's Discussion and Analysis of Consolidated Financial Condition and Results of Operations

 

General

 

ADMIRAL FINANCIAL CORP. ("ADMIRAL"), an inactive corporation, is currently seeking to recapitalize the Company in order to resume its prior activities with respect to the acquisition and investment in interest-earning assets and specialty real estate, as well as other new lines of business, as yet unidentified.

 

Admiral is presently inactive, other than its efforts to seek a merger, exchange of capital stock, asset acquisition, recapitalization, or other similar business combination (a "Recapitalization") with an operating or development stage business which Admiral management considers having growth potential. Admiral currently receives no cash flow. Admiral anticipates no capital infusions prior to effectuating a Recapitalization. Until such time as Admiral effectuates a Recapitalization, Admiral currently expects that it will incur minimal future operating costs.

 

No officer or director of Admiral is paid any type of compensation by Admiral and presently, there are no arrangements or anticipated arrangements to pay any type of compensation to any officer or director in the near future. Admiral expects that it will meet its cash requirements until such time as a Recapitalization occurs. However, in the event Admiral depletes its present cash reserves, or in the event that Admiral Management ceases to perform its duties on a non-compensatory basis, Admiral may cease operations and a Recapitalization may not occur. There are no agreements or understandings with respect to any loans from officers or directors of Admiral on the Company’s behalf.

 

This discussion may contain statements regarding future financial performance and results. The realization of outcomes consistent with these forward-looking statements is subject to numerous risks and uncertainties to the Company including, but not limited to, the availability of equity capital and financing sources, the availability of attractive acquisition opportunities once such new equity capital and financing is secured (if at all), the successful integration and profitable management of acquired businesses, improvement of operating efficiencies, the availability of working capital and financing for future acquisitions, the Company’s ability to grow internally through expansion of services and customer bases without significant increases in overhead, seasonality, cyclicality, and other risk factors.

 

Liquidity and Capital Resources

 

Admiral is currently inactive. Admiral management intends to seek a new line of business. as yet unidentified. In connection therewith, Admiral's management believes that a restructuring of Admiral may be necessary in order to raise capital for new operations, and any such restructuring may have a substantial dilutive effect upon Admiral's existing shareholders. Admiral has no known ongoing commitments or obligations.

 

Comparison of Three Months Ended March 31. 2024 and 2023

 

Admiral was inactive and recorded no revenues or expenses during the period.

 

Comparison of Nine Months Ended March 31. 2023 and 2022

 

Admiral was inactive and recorded no revenues or expenses during either period.

 

 

6 
 

 

PART II - OTHER INFORMATION

 

Item 1.Legal Proceedings

 

Admiral did not become involved in any new material legal proceedings during the period covered by this report.

  

Item 1A.Risk Factors

 

Not applicable.

 

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

 

Not applicable.

 

Item 3.Defaults Upon Senior Securities

 

Not applicable.

 

Item 4.Mine Safety Disclosures

 

Not applicable.

 

Item 5.Other Information

 

Not applicable.

 

Item 6.Exhibits

 

No.   Description
31.1   Certification (Section 302)
31.2   Certification (Section 302)
32   Certification (Section 906)
101 INS   Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101 SCH   Inline XBRL Taxonomy Extension Schema Document
101 CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document
101 LAB   Inline XBRL Taxonomy Extension Definition Linkbase Document
101 PRE   Inline XBRL Taxonomy Extension Label Linkbase Document
101 DEF   Inline XBRL Taxonomy Extension Presentation Linkbase Document
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

7 
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused the report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  ADMIRAL FINANCIAL CORP. (Registrant)
   
Date:  May 8, 2024 By:    /s/Wm. Lee Popham
      Wm. Lee Popham, President

 

  ADMIRAL FINANCIAL CORP. (Registrant)
   
Date:  May 8, 2024 By:    /s/Wm. Lee Popham
      Wm. Lee Popham, Principal Accounting Officer

 

 

EX-31.1 2 adfk_ex31z1.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION

 

Certification of President

 

I, Wm. Lee Popham, President, certify that:

 

1.       I have reviewed this quarterly report on Form 10-Q of Admiral Financial Corp.;

 

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(s) 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(s) 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.

 

Dated: May 8, 2024

 

/s/ Wm. Lee Popham

Wm. Lee Popham

President

 

 

EX-31.2 3 adfk_ex31z2.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION

 

Certification of Principal Accounting Officer

 

I, Wm. Lee Popham, Principal Accounting Officer, certify that:

 

1.       I have reviewed this quarterly report on Form 10-Q of Admiral Financial Corp.;

 

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(s) 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(s) 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.

 

Dated: May 8, 2024

 

/s/ Wm. Lee Popham

Wm. Lee Popham

Principal Accounting Officer

 

 

EX-32 4 adfk_ex32.htm CERTIFICATION

 

Exhibit 32

 

CERTIFICATION 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 Quarterly Report of Admiral Financial Corp., Inc. (the "Company") on Form 10-Q for the period ending March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Wm. Lee Popham, President and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. 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.

 

Dated: May 8, 2024

 

 

/s/ Wm. Lee Popham

Wm. Lee Popham

President

Admiral Financial Corp.

 

 

/s/ Wm. Lee Popham

Wm. Lee Popham

Principal Accounting Officer

Admiral Financial Corp.

 

 

 

 

 

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Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Small Business true
Entity Emerging Growth Company false
Entity Shell Company true
Outstanding shares 10,987,000
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Jun. 30, 2023
Current assets:    
Cash $ 0 $ 0
Prepaid expenses and other assets 0 0
Net assets of Haven Federal Savings and Loan Association (note 2) 0 0
Total assets 0 0
Current Liabilities:    
Accrued expenses and other current liabilities 24 24
Net liabilities of Haven Federal Savings and Loan Association (note 2) 0 0
Total liabilities 24 24
Shareholders Deficit:    
Preferred stock, $0.01 par value, Authorized 6,000,000 shares; none outstanding 0 0
Common stock, $0.001 par value, 50,000,000 shares authorized; 10,987,000 shares issued 11 11
Treasury stock, 1,954 and 1,954 shares; at cost 0 0
Additional paid-in capital 681 681
Deficit (716) (716)
Total stockholders' (deficit) equity (24) (24)
Total liabilities and stockholders' (deficit) equity $ 0 $ 0
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2024
Jun. 30, 2023
Statement of Financial Position [Abstract]    
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 6,000,000 6,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common Stock, Par or Stated Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares, Issued 10,987,000 10,987,000
Common Stock, Shares, Outstanding 10,987,000 10,987,000
Treasury Stock, Common, Shares 1,954 1,954
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ / shares in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]        
Interest income $ 0 $ 0 $ 0 $ 0
Other, net 0 0 0 0
Total income 0 0 0 0
Expenses:        
Employee Compensation 0 0 0 0
Other 0 0 0 0
Total expenses 0 0 0 0
Loss from discontinued operation (note 2) 0 0 0 0
Net loss $ 0 $ 0 $ 0 $ 0
Loss per share - basic $ 0 $ 0 $ 0 $ 0
Loss per share - diluted $ 0 $ 0 $ 0 $ 0
Dividend per share $ 0 $ 0 $ 0 $ 0
Weighted average number of shares outstanding:        
Basic 10,985,046 10,985,046 10,985,046 10,985,046
Diluted 10,985,046 10,985,046 10,985,046 10,985,046
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statement of Stockholders' (Deficit) Equity - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Beginning balance, value at Jun. 30, 2022 $ 11 $ 681 $ (716)
Beginning balance, shares at Jun. 30, 2022 10,985,046    
Net loss 0
Ending balance, value at Mar. 31, 2023 $ 11 681 (716)
Ending balance, shares at Mar. 31, 2023 10,985,046    
Beginning balance, value at Jun. 30, 2023 $ 11 681 (716)
Beginning balance, shares at Jun. 30, 2023 10,985,046    
Net loss 0
Ending balance, value at Mar. 31, 2024 $ 11 $ 681 $ (716)
Ending balance, shares at Mar. 31, 2024 10,985,046    
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:        
Net loss $ 0 $ 0 $ 0 $ 0
Adjustments to reconcile net income to net cash provided by operating activities:        
Decrease in deficit arising from confiscation of Haven Federal after retroactive disallowance of agreed supervisory goodwill and regulatory capital     0 0
Decrease in pre-paid expenses and other assets     0 0
Decrease (increase) in net assets of Haven Federal     0 0
(Decrease) in accrued expenses and other liabilities     0 0
(Decrease) Increase in net liabilities of Haven Federal     0 0
Amortization of organization expenses     0 0
Net cash provided (used) by operating activities     0 0
Net change in cash     0 0
Cash and cash equivalents, at beginning of period     0 0
Cash and cash equivalents, at end of period $ 0 $ 0 $ 0 $ 0
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Basis of Accounting
9 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting

Note 1. Basis of Accounting

 

In the opinion of management, the accompanying consolidated financial statements contain all the adjustments necessary to present fairly the financial statements of Admiral Financial Corp. ('Admiral') and Subsidiary.

 

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Additional Financial Information
9 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Financial Information

Note 2. Additional Financial Information

 

Where applicable, the net assets of Admiral’s principal operating subsidiary, Haven Federal Savings and Loan Association ('Haven'), and net liabilities are presented in the balance sheets in the aggregate; and its loss is shown in the aggregate in the Statements of Operations for the three and nine month periods ended March 31, 2024 and 2023.

 

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FL 59-2806414 7101 Southwest 67 Avenue South Miami FL 33143 (305) 904-4400 Yes Yes Non-accelerated Filer true false true 10987000 0 0 0 0 0 0 0 0 24000 24000 0 0 24000 24000 0.01 0.01 6000000 6000000 0 0 0 0 0 0 0.001 0.001 50000000 50000000 10987000 10987000 10987000 10987000 11000 11000 1954 1954 0 0 681000 681000 -716000 -716000 -24000 -24000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0 0 10985046000 10985046000 10985046000 10985046000 10985046000 10985046000 10985046000 10985046000 10985046 11000 681000 -716000 0 10985046 11000 681000 -716000 10985046 11000 681000 -716000 0 10985046 11000 681000 -716000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 <p id="xdx_807_eus-gaap--BasisOfAccounting_ziF6maNxFgF3" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pc; text-align: justify; text-indent: -6pc"><span style="font-size: 10pt">Note 1. <span id="xdx_82E_zLYe3ykIqP6e"><b style="display: none">Basis of Accounting</b></span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pc; text-align: justify; text-indent: -6pc"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">In the opinion of management, the accompanying consolidated financial statements contain all the adjustments necessary to present fairly the financial statements of Admiral Financial Corp. ('Admiral') and Subsidiary.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"> </span></p> <p id="xdx_80E_eus-gaap--AdditionalFinancialInformationDisclosureTextBlock_zPJQfpIqeUSe" style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pc; text-indent: -6pc"><span style="font-size: 10pt">Note 2. <span><b style="display: none"><span><span id="xdx_821_zAbdBaFGeoy">Additional Financial Information</span></span></b></span></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 6pc; text-indent: -6pc"><span style="font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">Where applicable, the net assets of Admiral’s principal operating subsidiary, Haven Federal Savings and Loan Association ('Haven'), and net liabilities are presented in the balance sheets in the aggregate; and its loss is shown in the aggregate in the Statements of Operations for the three and nine month periods ended March 31, 2024 and 2023.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><span style="font-size: 10pt"> </span></p>