Stockholders' Equity

12 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

Note 15. Stockholders' Equity

Reservation of Shares

The Company has reserved common shares for future issuance as follows as of June 30, 2022:

Stock options outstanding	246,273
Stock options available for issuance	204,477
Number of common shares reserved	450,750

The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the years ended June 30:

	2022			2021
Numerator:
Net income (loss)	$	1,265,127		$	(181,543	)
Denominator:
Basic EPS:
Common shares outstanding, beginning of period		2,702,633			2,402,633
Common shares issued to ESOP during the period		—			300,000
Unearned ESOP shares		(279,429	)		(300,000	)
Weighted average common shares issued during the period		—			—
Weighted average common shares purchased during the period		—			—
Weighted average ESOP shares earned during the period		8,700			3,712
Denominator for basic earnings per common shares –Weighted average common shares		2,431,904			2,406,345
Diluted EPS:
Common shares outstanding, beginning of period		2,702,633			2,402,633
Common shares issued to ESOP during the period		—			300,000
Unearned ESOP shares		(279,429	)		(300,000	)
Weighted average common shares issued during the period		—			—
Weighted average common shares purchased during the period		—			—
Weighted average ESOP shares earned during the period		8,700			3,712
Weighted average dilutive effect of stock options		—			—
Denominator for diluted earnings per common shares –Weighted average common shares		2,431,904			2,406,345

Not included in this computation of earnings per share for the year ended June 30, 2022 and 2021 were options to purchase 246,273 and 304,662 shares, respectively, of the Company’s common stock. These options were excluded because their inclusion would have been anti-dilutive due to the average strike price exceeding the average market price of those shares.

Effective March 9, 2021, the Company suspended the payment of quarterly dividends. The Company paid no cash dividends for the fiscal year ended June 30, 2022 and paid cash dividends on common stock of $0.50 per share for the fiscal year ended June 30, 2021. Our Board of Directors assesses the Company’s dividend policy periodically.