STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of grants of options to purchase common stock

During the year ended June 30, 2023, the Company made the following grants of options to purchase shares of common stock and used the following assumptions in measuring the fair value of such grants:

	For the Year Ended
	June 30, 2023
Options granted	$	273,000
Vesting period (years)		5
Expiration period (years)		10
Expected volatility		29.3	%
Expected life (years)		6.5
Expected dividend yield		0	%
Risk free interest rate		3.7	%
Option fair value	$3.17

Stock option activity

A summary of stock option activity for the year ended June 30, 2023 is presented in the table below:

	Stock Option Grants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Balance at July 1, 2022
Granted		273,000	$	8.33		9.95
Exercised		-		-		-
Forfeited		-		-		-
Balance at June 30, 2023		273,000	$	8.33		9.70	$	-
Exercisable at June 30, 2023		-	$	-		-	$	-
Unrecognized compensation cost	$	812,000
Weighted average remaining recognition period (years)		4.70

Restricted stock

The following table presents activity in restricted stock awards under the 2023 Equity Plan for the year ended June 30, 2023:

	Restricted Stock Awards		Weighted Average Grant Price
Restricted stock awards at July 1, 2022
Granted		111,000	$	8.35
Vested		-		-
Forfeited		-		-
Restricted stock awards at June 30, 2023		111,000	$	8.35
Unrecognized compensation cost	$	870,000
Weighted average remaining recognition period (years)		4.70