Note 6 - New Accounting Standards

3 Months Ended

Sep. 27, 2020

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

5.

     New Accounting Standards

In

February 2016,

the FASB issued guidance on leases which requires entities to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases, including operating leases, with terms of more than

12

months. The new guidance also requires additional disclosures on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. This amendment is effective for

the Company's fiscal year ending

June 2020

with early adoption permitted. The Company adopted this standard effective

July 1, 2019.

The result was the recognition of a right to use asset of

$1,977,523

and a corresponding lease liability for the same amount.

In

August 2018,

the FASB issued ASU

No.

2018

-

13,

Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

. As part of the FASB's disclosure framework project, it has eliminated, amended and added disclosure requirements for fair value measurements. Entities will

no

longer be required to disclose the amount of, and reasons for, transfers between Level

1

and Level

2

of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level

3

fair value measurements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level

3

fair value measurements. This ASU is effective for public entities for annual and interim periods beginning after

December 15, 2019.

Early adoption is permitted as of the beginning of any interim or annual reporting period.  The Company adopted this standard for its

March 2020

fiscal quarter. The impact of adopting the standard was

not

material.