Note 13 - Severance Costs

3 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

NOTE

1

3

– SEVERANCE COSTS

The activity in the Company’s Accrued Severance Liability is as follows for the periods indicated:

	Three			Three			Fiscal
	Months Ended			Months Ended			Year Ended
(In thousands)	September 30,			September 30,			June 30,
	2018			2017			2018
Balance at beginning of the period	$	1,772		$	235		$	235
Accrual of expense		--			--			1,900
Payments		(197	)		(159	)		(363	)
Adjustments		--			--			—
Balance at end of the period	$	1,575		$	76		$	1,772

On

April 23, 2018,

the Company’s Board of Directors announced the appointment of an interim Chief Executive Officer (CEO) and Chief Operating Officer in connection with the departure of Dennis Wells, the Company’s former CEO. The

$1,772,000

severance liability reported as of

June 30, 2018

represents the severance benefits Mr. Wells is entitled to receive under his employment agreement. Of the total

$1,575,000

reported as of

September 30, 2018,

$590,000

has been classified as a current liability and will be paid out over the next

twelve

months. The remaining

$985,000

has been classified as a long-term liability.