Note 1 - Revision of Previously Issued Consolidated Financial Statements

3 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Error Correction [Text Block]

NOTE 1. REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

In connection with the preparation of its Consolidated Financial Statements for the fiscal year ended June 30, 2023, the Company determined that its previously issued Consolidated Financial Statements as of and for the three months ended September 30, 2022, contained an error. Specifically, the Company did not record certain liabilities as required by FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (codified under ASC 740-10). Based on management’s evaluation of the accounting error under the SEC Staff’s Accounting Bulletins Nos. 99 and 108 and interpretations thereof, the Company concluded the error is not material, on an individual or aggregate basis, to the Company’s previously reported financial statements. The Company has corrected this accounting error in the accompanying Consolidated Financial Statements as of and for the three months ended September 30, 2022, as a revision to those financial statements.

The following table sets forth the impact of correcting this error in the Company’s previously issued Consolidated Financial Statements.

	Three Months Ended September 30, 2022
	As
	Previously		Immaterial			As
(dollars in thousands, except per share data)	Reported		Revisions			Revised
Tax expense	$	79	$	54		$	133
Net Income	$	107	$	(54	)	$	53
Earnings Per Share
Basic Net Income per Share	$	0.01	$	(0.01	)	$	-
Diluted Net Income per Share	$	0.01	$	(0.01	)	$	-

In addition to the changes listed above, the Consolidated Statements of Comprehensive Income, Consolidated Statements of Shareholders' Equity, Consolidated Statements of Cash Flows, and impacted footnote disclosures have also been revised to reflect the error correction.