New and recently Adopted Accounting Pronouncements	6 Months Ended
Dec. 31, 2023
New and recently Adopted Accounting Pronouncements
New and recently adopted accounting pronouncements	(4) NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which requires an entity to measure and recognize expected credit losses for certain financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This update to the standard requires immediate recognition of credit losses expected to occur over the remaining life of many financial instruments. The Company adopted ASU 2016-13 as of July 1, 2023. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements for the six months ended December 31, 2023.

New and recently Adopted Accounting Pronouncements

6 Months Ended

Dec. 31, 2023

New and recently Adopted Accounting Pronouncements

New and recently adopted accounting pronouncements

(4) NEW AND RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which requires an entity to measure and recognize expected credit losses for certain financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This update to the standard requires immediate recognition of credit losses expected to occur over the remaining life of many financial instruments. The Company adopted ASU 2016-13 as of July 1, 2023. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements for the six months ended December 31, 2023.