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 September 30, 2024 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 September 30, 2024.
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 repurchased its common shares, which had 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.
The Company repurchased no
shares of its common stock during the three-month periods ended September 30, 2024 and 2023.
Dividends
The Company has paid no cash dividends during the current fiscal year through September 30, 2024.
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 months ended September 30, 2024 or 2023.
Stock Options – The following is a summary of the stock option activity for the three months ended September 30,
2024:
No stock options were granted during the three months ended September 30, 2023. The weighted average grant date fair value of stock options granted during the three months ended September 30, 2024 was approximately $0.87. The total fair value of stock options that vested during the three months ended September 30, 2024 and 2023 was approximately $53,000 and $36,000, respectively. The following table summarizes information about stock options outstanding at September 30, 2024:
As of September 30, 2024, the unrecognized stock-based compensation expense related to unvested stock options was approximately $65,000, which is expected to be recognized over a weighted average period of approximately 14
months.
The aggregate intrinsic value of stock options outstanding, exercisable, and vested or expected to vest at September 30, 2024 and 2023 was $0. These amounts are before applicable income taxes and represents the closing market price of the Company’s common stock at September 30, 2024 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 three-month-periods ended September 30, 2024 and 2023.
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