XML 18 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities:    
Net income $ 2,781,596 $ 988,621
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 164,752 134,266
Depreciation 363,945 373,830
ESOP compensation expense 256,032 245,362
Deferred income tax benefit (31,185) (50,336)
Gain on disposal of assets (2,500) (2,000)
Changes in assets and liabilities:    
Decrease (increase) in trade accounts receivable 1,402,789 (289,088)
Decrease in income taxes receivable 158,439
Increase in inventories (128,088) (152,211)
Increase in prepaid expenses and other current assets (1,482,949) (228,539)
Increase (decrease) in accounts payable 819,675 (619,925)
(Decrease) increase in accrued salaries and wages (85,007) 101,487
Increase in vacation accrual 85,508 79,846
Decrease in ESOP payable (25,629)
(Decrease) increase in other accrued expenses (476,192) 145,789
Increase (decrease) in payroll and other taxes withheld 1,956 (350,924)
Increase in contract liabilities 3,181,714 276,461
Increase in income taxes payable 238,020
Net cash provided by operating activities 7,064,437 811,078
Cash Flows from Investing Activities:    
Additions to property, plant and equipment (178,513) (216,500)
Proceeds from sale of fixed assets 2,500 2,000
Purchase of investment securities (14,335,777) (3,692,458)
Proceeds from sale/maturity of investment securities 4,166,774 3,576,000
Net cash used in investing activities (10,345,016) (330,958)
Cash Flows from Financing Activities:    
Dividends on common stock (244,635)
Net cash used in financing activities (244,635)
(Decrease) increase in cash and cash equivalents (3,525,214) 480,120
Cash and cash equivalents, beginning of period 8,104,060 6,802,712
Cash and cash equivalents, end of period 4,578,846 7,282,832
Supplemental Schedule of Cash Flow Information:    
Income taxes paid $ 561,500 $ 120,000