Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2: Summary of Significant Accounting Policies

There have been no material changes or updates to the Company’s significant accounting policies from those described in Note 1 to the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

Earnings per Share

Basic Earnings Per Share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average shares outstanding during the period. Diluted EPS takes into account the potential dilution that could occur if securities or other contracts to issue shares, such as stock options, warrants, and unvested restricted stock units, were exercised and converted into common shares and the impact would not be antidilutive. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average shares outstanding during the period, increased by the number of additional shares that would have been outstanding if the potential shares had been issued and were dilutive. Contingently issuable shares are included in basic net income per share only when there is no circumstance under which those shares would not be issued.

As a result of the Merger (see Note 15), the Company has retroactively adjusted the weighted average shares outstanding prior to February 10, 2023, to give effect to the Exchange Ratio used to determine the number of shares of Class A Common Stock into which they were converted.

The following table sets forth the computation of basic and diluted net earnings per share of Class A Common Stock for the three and six months ended December 31, 2024, and 2023:

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Net Income (in thousands)	$	7,071	$	8,914	$	7,468	$	5,452
Basic and diluted shares
Weighted-average Class A Common Stock outstanding - Basic		50,957,370		50,930,770		50,957,370		50,716,470
Weighted-Average Class A Common Stock Outstanding - Diluted		50,965,970		51,394,570		50,965,970		51,180,270
Income per share for Class A Common Stock
— Basic and Diluted	$	0.14	$	0.18	$	0.15	$	0.11

For the three and six months ended December 31, 2024, and 2023 there are 60,000,000 shares of contingently issuable Class A Common Stock that were not included in the computation of basic or diluted earnings per share since the contingencies for the issuance of these shares have not been met and 9,920,090 warrants outstanding shares have been excluded from diluted earnings per share because they are anti-dilutive. For the three and six months ending December 31, 2024, 260,000 restricted shares were excluded from diluted earnings per share because they were anti-dilutive.