Subsequent Events

6 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 9.  Subsequent Events

The Company has evaluated subsequent events through the filing of this Form 10-Q, and has determined that there have been no events that have occurred that would require adjustments to our disclosures in the financial statements except for the following:

The Company was awarded $7.4 million in funding in support of facility and capital equipment upgrades for testing and qualification for the United States Navy.  The funding is part of the Navy’s investment to improve and sustain the Surface Combatant Industrial Base.  The work will be conducted on Espey’s property in Saratoga Springs, NY, with completion slated for 2024.  The Company expects to be paid within 30 days after the submission of invoices, but will not be paid for expenses incurred in excess of the specified milestone payment limits.  The Company expects to have a cash outlay to satisfy income tax obligations arising from the value of the award.