Statements of Cash Flows - USD ($)
|
12 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
| Cash Flows from Operating Activities: |
|
|
| Net income |
$ 1,163,668
|
$ 2,342,694
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Bad debt expense |
|
69,010
|
| Stock-based compensation |
189,639
|
172,148
|
| Depreciation |
568,528
|
540,978
|
| ESOP compensation expense |
305,006
|
390,369
|
| Loss on disposal of assets |
4,525
|
566
|
| Deferred income tax (benefit) expense |
(43,641)
|
258,040
|
| Changes in assets and liabilities: |
|
|
| Decrease (increase) in trade receivables |
1,982,378
|
(6,687,067)
|
| Decrease in income tax receivable |
|
161,975
|
| Increase in inventories |
(1,562,918)
|
(1,816,211)
|
| Decrease in prepaid expenses and other current assets |
97,295
|
798,394
|
| Increase in accounts payable |
701,263
|
337,836
|
| Increase (decrease) in accrued salaries and wages |
139,311
|
(199,115)
|
| (Decrease) increase in vacation accrual |
(97,036)
|
79,258
|
| Increase in other accrued expenses |
208,567
|
5,092
|
| Increase in payroll and other taxes withheld |
125,519
|
8,016
|
| Increase (decrease) in contract liabilities |
2,169,181
|
(96,870)
|
| Increase in income taxes payable |
17,226
|
30,481
|
| Net cash provided by (used in) operating activities |
5,968,511
|
(3,604,406)
|
| Cash Flows from Investing Activities: |
|
|
| Additions to property, plant and equipment |
(214,421)
|
(608,318)
|
| Purchase of investment securities |
(9,338,100)
|
(6,039,808)
|
| Proceeds from sale/maturity of investment securities |
9,878,531
|
11,882,666
|
| Net cash provided by investing activities |
326,010
|
5,234,540
|
| Cash Flows from Financing Activities: |
|
|
| Dividends paid on common stock |
(2,388,211)
|
(4,736,962)
|
| Purchase of treasury stock |
(47,949)
|
(44,888)
|
| Proceeds from exercise of stock options |
81,000
|
315,681
|
| Net cash used in financing activities |
(2,355,160)
|
(4,466,169)
|
| Increase (decrease) in cash and cash equivalents |
3,939,361
|
(2,836,035)
|
| Cash and cash equivalents, beginning of the year |
1,462,761
|
4,298,796
|
| Cash and cash equivalents, end of the year |
5,402,122
|
1,462,761
|
| Supplemental Schedule of Cash Flow Information: |
|
|
| Income taxes paid |
$ 172,475
|
$ 87,200
|