SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION |
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| SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREHOLDERS' EQUITY AND STOCK-BASED COMPENSATION |
Common Stock
The Company is authorized to issue 50,000,000
shares of common stock, no par value. As of March 31, 2025 and June 30, 2024, it had 3,118,273 shares of common stock outstanding for each period. Holders of the Company’s common stock are entitled to one vote for each share held.
Preferred Stock
The Board of Directors is authorized, without further shareholder approval, to issue up to 10,000,000
shares of preferred stock, no par value. The preferred stock may be issued from time to time in one or more series. No shares of preferred stock had been issued as of March 31, 2025.
Reverse
Stock Split
On May 14, 2024, the Company effected a reverse
stock split of its common stock. Unless otherwise indicated, all share amounts, per share data, share prices and conversion rates set forth in these notes and the accompanying consolidated financial statements have, where applicable,
been adjusted retroactively to reflect this reverse stock split.
Repurchases of Common Stock
Pursuant to authority granted by the Company’s Board of Directors on April 29, 2022, the Company could repurchase up to
approximately $5.00 million in shares outstanding of the Company’s common stock over the three-year period ending April 29, 2025. Pursuant to the terms of the repurchase authorization, the common stock share repurchases were generally at the discretion of the
Company’s management. As the Company repurchases its common shares, which have no par value, the Company reported such shares held
as treasury stock in the accompanying condensed consolidated balance sheets with the purchase price recorded within treasury stock. The share repurchase agreement expired April 29, 2025.
During the nine-month periods ended March 31, 2025 and 2024 the Company repurchased no shares of its common stock.
Dividends
The Company has paid no cash dividends during the current fiscal year through March 31, 2025.
Stock-Based Compensation
The following table summarizes the components of the Company’s stock-based compensation included in net income for the periods presented:
No stock-based compensation was capitalized as a cost of inventory
during the three and nine months ended March 31, 2025 or 2024.
Stock Options – The following is a summary of the stock option activity for the nine months ended March 31, 2025:
The weighted average grant date fair value of stock options granted during the nine months ended March 31, 2025 and 2024 was approximately $0.87 and $0.21, respectively. The total fair value of stock options that vested during the nine months ended March 31, 2025 and 2024 was approximately $199,385 and $224,000, respectively. The following table summarizes information about stock options outstanding at March 31, 2025:
As of March 31, 2025, the unrecognized
stock-based compensation expense related to unvested stock options was approximately $23,024, which is expected to be recognized over
a weighted average period of approximately 15 months.
The aggregate intrinsic value of stock options outstanding, exercisable, and vested or expected to vest at March 31, 2025 and 2024 was approximately $0 and
$22,126 respectively. These amounts are before applicable income taxes and represent the closing market price of the Company’s
common stock at March 31, 2025, less the grant price, multiplied by the number of stock
options that had a grant price that is less than the closing market price. These values represent the amount that would have been received by the optionees had these stock options been exercised on that date. There were no stock options exercised during the nine-month periods ended March 31, 2025 and 2024.
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