BASIS OF PRESENTATION (Tables)

6 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables reflect the restatement adjustments recorded in connection with the Company's restatement of its condensed consolidated financial statements.

Condensed Consolidated Balance Sheet as of December 31, 2021

	As Previously Reported		Restatement Adjustment		As Restated
ASSETS
CURRENT ASSETS
Cash	$	36,001	$	—	$	36,001
Accounts receivable, net	13,047		—		13,047
Inventory	6,821		—		6,821
Contract asset	18		—		18
Prepaid and other current assets	1,857		38		1,895
TOTAL CURRENT ASSETS	57,744		38		57,782
PROPERTY, PLANT AND EQUIPMENT, net	11,155		—		11,155
OPERATING LEASE RIGHT OF USE ASSET	9,073		—		9,073
FINANCING LEASE RIGHT OF USE ASSET, net	980		—		980
INVENTORY, net of current portion	957		—		957
OTHER ASSETS	154		—		154
GOODWILL	7,996		—		7,996
INTANGIBLE ASSETS, net	2,772		—		2,772
DEFERRED TAX ASSET, net	—		403		403
TOTAL ASSETS	$	90,831	$	441	$	91,272
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	3,592	$	—	$	3,592
Accrued liabilities	3,208		1,900		5,108
Operating lease liability	2,457		—		2,457
Financing lease liability	189		—		189
Current maturities of long-term debt	480		—		480
Contract liability	5,062		—		5,062
TOTAL CURRENT LIABILITIES	14,988		1,900		16,888
CONTRACT LIABILITY, net of current portion	408		—		408
OPERATING LEASE LIABILITY, net of current portion	6,752		—		6,752
FINANCING LEASE LIABILITY, net of current portion	804		—		804
OTHER LIABILITIES	23		—		23
DEFERRED TAX LIABILITY, net	53		(53)		—
LONG-TERM DEBT, net of current portion	3,172		—		3,172
TOTAL LIABILITIES	26,200		1,847		28,047
COMMITMENTS AND CONTINGENCIES			—
STOCKHOLDERS' EQUITY
Common Stock, $0.01 par value	197		—		197
Treasury stock, at cost, 295,615 shares repurchased	(1,554)		—		(1,554)
Additional paid-in capital	51,712		—		51,712
Retained earnings	14,276		(1,406)		12,870
TOTAL STOCKHOLDERS' EQUITY	64,631		(1,406)		63,225
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	90,831	$	441	$	91,272

Condensed Consolidated Statements of Operations for Three Months Ended December 31, 2021

	As Previously Reported		Restatement Adjustments		As Restated
REVENUES	$	18,878	$	—	$	18,878
Cost of revenues	12,271		1,178		13,449
GROSS PROFIT	6,607		(1,178)		5,429
Selling, general and administrative	4,388		—		4,388
Depreciation and amortization	236		—		236
OPERATING INCOME (LOSS)	1,983		(1,178)		805
OTHER INCOME (EXPENSE)
Interest income	14		—		14
Interest expense	(58)		—		(58)
Income associated with derivative instrument	27		—		27
TOTAL OTHER EXPENSE	(17)		—		(17)
INCOME (LOSS) BEFORE INCOME TAXES	1,966		(1,178)		788
INCOME TAX EXPENSE (BENEFIT)
Current	63		(38)		25
Deferred	466		(285)		181
TOTAL INCOME TAX EXPENSE (BENEFIT)	529		(323)		206
NET INCOME (LOSS)	$	1,437	$	(855)	$	582
NET INCOME (LOSS) PER COMMON SHARE - Basic and Diluted	$	0.07	$	(0.04)	$	0.03
WEIGHTED AVERAGE SHARES USED IN COMPUTING    NET INCOME PER COMMON SHARE:
Basic	19,245		—		19,245
Diluted	19,400		—		19,400

Condensed Consolidated Statements of Operations for Six Months Ended December 31, 2021

	As Previously Reported		Restatement Adjustments		As Restated
REVENUES	$	32,793	$	—	$	32,793
Cost of revenues	22,765		1,900		24,665
GROSS PROFIT	10,028		(1,900)		8,128
Selling, general and administrative	8,588		—		8,588
Depreciation and amortization	454		—		454
OPERATING INCOME (LOSS)	986		(1,900)		(914)
OTHER INCOME (EXPENSE)
Interest income	14		—		14
Interest expense	(114)		—		(114)
Income associated with derivative instrument	34		—		34
TOTAL OTHER EXPENSE	(66)		—		(66)
INCOME (LOSS) BEFORE INCOME TAXES	920		(1,900)		(980)
INCOME TAX EXPENSE (BENEFIT)
Current	63		(38)		25
Deferred	210		(456)		(246)
TOTAL INCOME TAX EXPENSE (BENEFIT)	273		(494)		(221)
NET INCOME (LOSS)	$	647	$	(1,406)	$	(759)
NET INCOME (LOSS) PER COMMON SHARE - Basic and Diluted	$	0.03	$	(0.07)	$	(0.04)
WEIGHTED AVERAGE SHARES USED IN COMPUTING     NET INCOME (LOSS) PER COMMON SHARE:
Basic	18,562		—		18,562
Diluted	18,656		(94)		18,562

Condensed Consolidated Statement of Cash Flows for the Six Months Ended December 31, 2021

	As Previously Reported		Restatement Adjustments		As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	647	$	(1,406)	$	(759)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,166		—		1,166
Bad debt expense	44		—		44
Inventory write-off	1		—		1
Loss on disposal of property, plant and equipment	—		—		—
Stock-based compensation expense	629		—		629
Income associated with derivative instrument	(34)		—		(34)
Deferred tax expense (benefit)	210		(456)		(246)
Changes in operating assets and liabilities:			—
Accounts receivable	(3,288)		—		(3,288)
Inventory	(676)		—		(676)
Prepaid and other assets	(442)		(38)		(480)
Accounts payable and accrued liabilities	(251)		1,900		1,649
Contract asset and contract liability	(3,017)		—		(3,017)
NET CASH USED IN OPERATING ACTIVITIES	(5,011)		—		(5,011)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(761)		—		(761)
Payments for business acquisition, net of cash acquired	(2,181)		—		(2,181)
Additions to intangible assets	(74)		—		(74)
NET CASH USED IN INVESTING ACTIVITIES	(3,016)		—		(3,016)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options	—		—		—
Proceeds from issuance of common stock, net	16,771		—		16,771
Proceeds from long-term debt	—		—		—
Repayments of long-term debt	(412)		—		(412)
Payments on financing lease liabilities	(98)		—		(98)
NET CASH PROVIDED BY FINANCING ACTIVITIES	16,261		—		16,261
NET INCREASE IN CASH	8,234		—		8,234
CASH, beginning of period	27,767		—		27,767
CASH, end of period	$	36,001	—		$	36,001
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Income taxes paid, net of refunds	$	177	—		$	177
Interest paid on long-term debt	$	116	—		$	116
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property, plant and equipment financed through accounts payable	$	(143)	—		$	(143)