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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
———————
FORM 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
September 30, 2023
|
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________ to __________ |
Commission file number: 0-14942
PRO-DEX, INC.
(Exact name of registrant as specified in its charter)
———————
colorado |
84-1261240 |
(State or other jurisdiction of |
(I.R.S. Employer |
incorporation or organization) |
Identification No.) |
2361 McGaw Avenue, Irvine, California 92614
(Address of principal executive offices and zip code)
(949) 769-3200
(Registrant's telephone number, including area code)
———————
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, no par value |
PDEX |
NASDAQ Capital Market |
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See
the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
|
Emerging growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding
of each of the registrant’s classes of common stock, as of the latest practicable date: 3,547,330 shares of common stock, no par
value, as of November 2, 2023.
PRO-DEX, INC. AND SUBSIDIARY
QUARTERLY REPORT ON FORM 10-Q
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023
TABLE OF CONTENTS
PART I — FINANCIAL
INFORMATION
| ITEM 1. | FINANCIAL STATEMENTS |
PRO-DEX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)
| |
| | | |
| | |
| |
September
30, 2023 | | |
June 30,
2023 | |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,904 | | |
$ | 2,936 | |
Investments | |
| 1,010 | | |
| 1,134 | |
Accounts receivable, net of allowance for credit losses of $0 at September 30, 2023 and at June 30, 2023, respectively | |
| 11,034 | | |
| 9,952 | |
Deferred costs | |
| 591 | | |
| 494 | |
Income taxes receivable | |
| 420 | | |
| — | |
Inventory | |
| 16,264 | | |
| 16,167 | |
Prepaid expenses and other current assets | |
| 201 | | |
| 296 | |
Total current assets | |
| 31,424 | | |
| 30,979 | |
Land and building, net | |
| 6,226 | | |
| 6,249 | |
Equipment and leasehold improvements, net | |
| 4,952 | | |
| 5,079 | |
Right-of-use asset, net | |
| 1,774 | | |
| 1,872 | |
Intangibles, net | |
| 75 | | |
| 81 | |
Investments | |
| 5,092 | | |
| 7,521 | |
Other assets | |
| 42 | | |
| 42 | |
Total assets | |
$ | 49,585 | | |
$ | 51,823 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 2,740 | | |
$ | 2,261 | |
Accrued liabilities | |
| 2,701 | | |
| 3,135 | |
Income taxes payable | |
| — | | |
| 453 | |
Notes payable | |
| 2,840 | | |
| 3,827 | |
Total current liabilities | |
| 8,281 | | |
| 9,676 | |
Lease liability, net of current portion | |
| 1,529 | | |
| 1,638 | |
Deferred income taxes, net | |
| 8 | | |
| 8 | |
Notes payable, net of current portion | |
| 8,572 | | |
| 8,911 | |
Total non-current liabilities | |
| 10,109 | | |
| 10,557 | |
Total liabilities | |
| 18,390 | | |
| 20,233 | |
Shareholders’ Equity: | |
| | | |
| | |
Common stock; no par value; 50,000,000 shares authorized; 3,547,330 and 3,545,309 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively | |
| 6,987 | | |
| 6,767 | |
Retained earnings | |
| 24,208 | | |
| 24,823 | |
Total shareholders’ equity | |
| 31,195 | | |
| 31,590 | |
Total liabilities and shareholders’ equity | |
$ | 49,585 | | |
$ | 51,823 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PRO-DEX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share amounts)
| |
| | | |
| | |
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
(as restated) | |
Net sales | |
$ | 11,938 | | |
$ | 11,087 | |
Cost of sales | |
| 8,280 | | |
| 8,131 | |
Gross profit | |
| 3,658 | | |
| 2,956 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Selling expenses | |
| 25 | | |
| 53 | |
General and administrative expenses | |
| 995 | | |
| 1,024 | |
Research and development costs | |
| 805 | | |
| 929 | |
Total operating expenses | |
| 1,825 | | |
| 2,006 | |
Operating income | |
| 1,833 | | |
| 950 | |
Other income (expense): | |
| | | |
| | |
Interest and dividend income | |
| 24 | | |
| 218 | |
Realized gain on sale of marketable equity investments | |
| — | | |
| 6 | |
Unrealized gain (loss) on investments | |
| (2,553 | ) | |
| 425 | |
Interest expense | |
| (133 | ) | |
| (130 | ) |
Total other income (loss) | |
| (2,662 | ) | |
| 519 | |
| |
| | | |
| | |
Provision for income taxes | |
| (214 | ) | |
| 266 | |
Net income (loss) | |
$ | (615 | ) | |
$ | 1,203 | |
| |
| | | |
| | |
Basic and diluted net income per share: | |
| | | |
| | |
Basic net income (loss) per share | |
$ | (0.17 | ) | |
$ | 0.33 | |
Diluted net income (loss) per share | |
$ | (0.17 | ) | |
$ | 0.33 | |
| |
| | | |
| | |
Weighted-average common shares outstanding: | |
| | | |
| | |
Basic | |
| 3,546,737 | | |
| 3,616,392 | |
Diluted | |
| 3,546,737 | | |
| 3,694,959 | |
Common shares outstanding | |
| 3,547,330 | | |
| 3,606,422 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PRO-DEX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’
EQUITY
(Unaudited)
(In thousands)
| |
| | | |
| | |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
COMMON STOCK: | |
| | | |
| | |
Balance, beginning of period | |
$ | 6,767 | | |
$ | 7,682 | |
Share-based compensation expense | |
| 188 | | |
| 207 | |
Stock option exercise | |
| — | | |
| 8 | |
Share repurchases | |
| — | | |
| (354 | ) |
Shares withheld from common stock issued to employees to pay employee payroll taxes | |
| — | | |
| (223 | ) |
ESPP shares issued | |
| 32 | | |
| 34 | |
Balance, end of period | |
$ | 6,987 | | |
$ | 7,354 | |
| |
| | | |
| | |
RETAINED EARNINGS: | |
| | | |
| | |
Balance, beginning of period | |
$ | 24,823 | | |
$ | 17,749 | |
Net income (loss) | |
| (615 | ) | |
| 1,203 | |
Balance, at end of period | |
$ | 24,208 | | |
$ | 18,952 | |
Balance, beginning of period | |
| 31,590 | | |
| — | |
Net income (loss) | |
| (615 | ) | |
| 1,203 | |
| |
| | | |
| | |
Total shareholders’ equity | |
$ | 31,195 | | |
$ | 26,306 | |
| |
| | | |
| | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PRO-DEX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| |
| | | |
| | |
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| (as restated) | |
Net income (loss) | |
$ | (615 | ) | |
$ | 1,203 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 282 | | |
| 193 | |
Share-based compensation | |
| 189 | | |
| 207 | |
Unrealized (gain) loss on marketable equity investments | |
| 2,553 | | |
| (425 | ) |
Non-cash lease expense | |
| (2 | ) | |
| 2 | |
Amortization of loan fees | |
| 4 | | |
| 2 | |
Gain on sale of investments | |
| — | | |
| (6 | ) |
Deferred income taxes | |
| — | | |
| 80 | |
Credit loss expense | |
| — | | |
| 2 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable and other receivables | |
| (1,082 | ) | |
| 4,337 | |
Deferred costs | |
| (97 | ) | |
| 123 | |
Inventory | |
| (97 | ) | |
| (2,986 | ) |
Prepaid expenses | |
| 95 | | |
| (138 | ) |
Accounts payable and accrued expenses | |
| 35 | | |
| 273 | |
Deferred revenue | |
| — | | |
| (162 | ) |
Income taxes | |
| (873 | ) | |
| 187 | |
Net cash provided by operating activities | |
| 392 | | |
| 2,892 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchases of equipment and improvements | |
| (126 | ) | |
| (178 | ) |
Proceeds from sale of investments | |
| — | | |
| 88 | |
Net cash used in investing activities | |
| (126 | ) | |
| (90 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Principal payments on notes payable | |
| (1,330 | ) | |
| (1,318 | ) |
Proceeds from Minnesota Bank & Trust loans, net of origination fees | |
| — | | |
| 1,000 | |
Proceeds from stock option exercises and ESPP contributions | |
| 32 | | |
| 42 | |
Payments of employee taxes on net issuance of common stock | |
| — | | |
| (223 | ) |
Repurchases of common stock | |
| — | | |
| (354 | ) |
Net cash used in financing activities | |
| (1,298 | ) | |
| (853 | ) |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| (1,032 | ) | |
| 1,949 | |
Cash and cash equivalents, beginning of period | |
| 2,936 | | |
| 849 | |
Cash and cash equivalents, end of period | |
$ | 1,904 | | |
$ | 2,798 | |
| |
| | | |
| | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PRO-DEX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS - CONTINUED
(Unaudited)
(In thousands)
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Supplemental disclosures of cash flow information: | |
| | |
| |
| |
| | |
| |
Cash paid during the period for: | |
| | | |
| | |
Interest | |
$ | 140 | | |
$ | 89 | |
Income taxes, net of refunds | |
$ | 660 | | |
$ | 241 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PRO-DEX INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1. BASIS OF
PRESENTATION
The
accompanying unaudited condensed consolidated financial statements of Pro-Dex, Inc. (“we,” “us,” “our,”
“Pro-Dex,” or the “Company”) have been prepared in accordance with accounting principles
generally accepted in the United States (“U.S.
GAAP”) for interim financial information and with the instructions to Form 10-Q and
Regulation S-K. Accordingly, they do not include all of the information and footnotes required
by U.S. GAAP for complete financial statements. These financial statements should be read
in conjunction with the financial statements presented in our Annual Report on Form 10-K
for the fiscal year ended June 30, 2023. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included. The results of operations for such interim periods are not necessarily indicative of the results that
may be expected for the full year. For further information, refer to the financial statements and footnotes thereto included in our Annual
Report on Form 10-K for the year ended June 30, 2023.
Recently Adopted Accounting Pronouncements
In March 2022, the FASB issued
Accounting Standards Update (“ASU”) No 2022-02 (Topic 326) Financial Instruments – Credit Losses to create a
new model for credit losses that reflects current expected credit losses (“CECL”) over the lifetime of the underlying accounts
receivable. The CECL methodology is applicable to our trade accounts receivable and our deferred costs. We adopted ASU 2022-02 effective
July 1, 2023, and the adoption did not have a material impact on our financial statements for the three months ended September 30, 2023.
Correction of Previously Reported Interim Condensed
Consolidated Financial Statements
As previously
disclosed, the Company restated its 2023 financial statements, which were presented in Note 2 to the audited consolidated financial
statements for Company’s fiscal year 2023 Form 10-K filed with the Securities and Exchange Commission (“SEC”) on
October 13, 2023. The restatement corrected the error related to the understated fair value of the Monogram warrant. The restatement
recorded the investment at its estimated fair value for all restated periods, recorded an unrealized gain on investments and
recorded the deferred income tax expense associated with the corresponding unrealized gain on investments.
Presented below are the
changes to each financial statement line item which changed as a result of the restatement.
First Quarter Fiscal 2023 Unaudited Income Statement – Three months
ended September 30, 2022
Schedule of changes in financial statement | |
| | | |
| | | |
| | |
| |
As Previously
Reported | | |
Restatement | | |
As Restated | |
| |
| | |
| | |
| |
Unrealized gain(loss) on investments | |
$ | 250 | | |
$ | 175 | (a) | |
$ | 425 | |
Total other income (expense) | |
| 344 | | |
| 175 | | |
| 519 | |
Income tax expense | |
| 218 | | |
| 48 | (b) | |
| 266 | |
Net income | |
| 1,076 | | |
| 127 | | |
| 1,203 | |
Basic income per share | |
$ | 0.30 | | |
$ | 0.03 | | |
$ | 0.33 | |
Diluted income per share | |
$ | 0.29 | | |
$ | 0.04 | | |
$ | 0.33 | |
NOTE 2. DESCRIPTION OF BUSINESS
We specialize in the design, development
and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic,
thoracic, and maxocranial facial markets. We have patented adaptive torque-limiting software and proprietary sealing solutions which
appeal to our customers, primarily medical device distributors. We also manufacture and sell rotary air motors to a wide range of industries.
In
August 2020, we formed a wholly owned subsidiary, PDEX Franklin, LLC (“PDEX Franklin”), to hold title for an approximate 25,000
square foot industrial building in Tustin, California (the “Franklin Property”) that we acquired on November 6, 2020, in order
to allow for the continued growth of our business. The condensed consolidated financial statements include the accounts of the Company
and PDEX Franklin and all significant inter-company accounts and transactions have been eliminated. This subsidiary has no separate operations.
NOTE 3. NET SALES
The following table presents the
disaggregation of net sales by revenue recognition model (in thousands):
Schedule of disaggregation of net sales | |
| | | |
| | |
| |
Three
months ended September 30, | |
| |
2023 | | |
2022 | |
Net Sales: | |
| | | |
| | |
Over-time revenue recognition | |
$ | 190 | | |
$ | 907 | |
Point-in-time revenue recognition | |
| 11,748 | | |
| 10,180 | |
Total net sales | |
$ | 11,938 | | |
$ | 11,087 | |
The timing of revenue recognition,
billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as deferred costs on our condensed
consolidated balance sheets) and customer advances and deposits (presented as deferred revenue on our condensed consolidated balance sheets),
where applicable. Amounts are generally billed as work progresses in accordance with agreed upon milestones. The over-time revenue recognition
model consists of non-recurring engineering (“NRE”) and prototype services and typically relates to NRE services related to
the evaluation, design or customization of a medical device and is typically recognized over time utilizing an input measure of progress
based on costs incurred compared to the estimated total costs upon completion. During the three months ended September 30, 2023 and 2022,
we recorded $0 and $551,000, respectively, of revenue that had been included in deferred revenue in the prior year. The revenue recognized
from the contract liabilities consisted of satisfying our performance obligations during the normal course of business.
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
The following tables summarize
our contract assets and liability balances (in thousands):
Schedule of contract assets and liability | |
| | | |
| | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Contract assets beginning balance | |
$ | 494 | | |
$ | 710 | |
Expenses incurred during the year | |
| 219 | | |
| 333 | |
Amounts reclassified to cost of sales | |
| (105 | ) | |
| (448 | ) |
Amounts allocated to discounts for standalone selling price | |
| (17 | ) | |
| (8 | ) |
Contract assets ending balance | |
$ | 591 | | |
$ | 587 | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Contract liabilities beginning balance | |
$ | — | | |
$ | 1,013 | |
Payments received from customers | |
| 43 | | |
| 389 | |
Amounts reclassified to revenue | |
| (43 | ) | |
| (551 | ) |
Contract liabilities ending balance | |
$ | — | | |
$ | 851 | |
NOTE 4. COMPOSITION OF CERTAIN FINANCIAL
STATEMENT ITEMS
Investments
Investments
are stated at fair market value and consist of the following (in thousands):
Schedule of investments | |
| | | |
| | |
| |
September
30, 2023 | | |
June 30,
2023 | |
Current: | |
| | | |
| | |
Marketable equity securities – short-term | |
$ | 1,010 | | |
$ | 1,134 | |
Long-term: | |
| | | |
| | |
Warrant | |
| 3,670 | | |
| 6,160 | |
Marketable equity securities – long-term | |
| 1,422 | | |
| 1,361 | |
Total Investments | |
$ | 6,102 | | |
$ | 8,655 | |
Investments
at September 30, 2023 and June 30, 2023 had an aggregate cost basis of $2,714,000.
We classified certain investments as long-term in nature because if we decide to sell these securities, we may not be able to sell
our position within one year. At September 30, 2023, the investments, excluding the warrant (“Monogram Warrant”),
included unrealized gains of $200,000 (gross
unrealized gains of $362,000
offset by gross unrealized losses of $162,000).
At June 30, 2023, the investments, excluding the Monogram Warrant, included net unrealized losses of $219,000 (219,000
(gross unrealized losses of $286,000
offset by gross unrealized gains of $67,000).
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Of
the total marketable equity securities at September 30, 2023 and June 30, 2023, $1,010,000 and $1,134,000, respectively, represent an
investment in the common stock of Air T, Inc. Two of our Board members are also board members of Air T, Inc. and both either individually
or through affiliates own an equity interest in Air T, Inc. Our Chairman, one of the two Board members aforementioned, also serves as
the Chief Executive Officer and Chairman of Air T, Inc. Another of our Board members is employed by Air T, Inc. as its Chief of Staff.
The shares were purchased through 10b5-1 Plans, that, in accordance with our internal policies regarding the approval of related-party
transactions, were approved by our then three Board members that are not affiliated with Air T, Inc.
The Monogram
Warrant represents our right to purchase up to 5% of the outstanding stock of Monogram Orthopaedics Inc. (“Monogram”) which
we were granted on December 18, 2018. On October 6, 2023, in conjunction with the execution of a supply agreement with Monogram, we exercised
our Monogram Warrant in full in cash totaling $1,250,000 and have received 1,828,551 shares of Monogram common stock (NasdaqCM: MGRM).
The closing price of Monogram stock on October 6, 2023, was $2.67 per share.
At September
30, 2023 and June 30, 2023, the Monogram Warrant was exercisable into a total of 1,825,405 and 1,823,058 shares of Monogram’s outstanding
stock, respectively. The estimated fair value of the warrant at September 30, 2023 and June 30, 2023 was $3,670,000 and $6,160,000, respectively,
using a Black-Scholes valuation model with the following assumptions:
Schedule of assumptions used | |
| | |
| |
| |
September 30, 2023 | | |
June 30, 2023 | |
Stock Price (common) | |
$ | 2.60 | | |
$ | 3.98 | |
Strike Price (common) | |
$ | .68 | | |
$ | .69 | |
Time until expiration (years) | |
| 2.22 | | |
| 2.48 | |
Volatility | |
| 60.0% | | |
| 60.0% | |
Risk-free interest rate | |
| 5.03% | | |
| 4.68% | |
We invest
surplus cash from time to time through our Investment Committee, which is comprised of one management director, Richard (“Rick”)
Van Kirk, and two non-management directors, Raymond (“Ray”) Cabillot and Nicholas (“Nick”) Swenson, who chairs
the committee. Both Nick and Ray are active investors with extensive portfolio management expertise. We leverage the experience of these
committee members to make investment decisions for the investment of our surplus operating capital or borrowed funds. Additionally, many
of our securities holdings include stocks of public companies that either Nick or Ray or both may own from time to time either individually
or through the investment funds that they manage, or other companies whose boards they sit on, such as Air T, Inc.
Inventory
Inventory
is stated at the lower of cost (first-in, first-out) or net realizable value and consists of the following (in thousands):
Schedule of inventory | |
| | |
| |
| |
September
30, 2023 | | |
June 30,
2023 | |
Raw materials/purchased components | |
$ | 7,964 | | |
$ | 8,824 | |
Work in process | |
| 4,516 | | |
| 3,686 | |
Sub-assemblies/finished components | |
| 2,146 | | |
| 2,387 | |
Finished goods | |
| 1,638 | | |
| 1,270 | |
Total inventory | |
$ | 16,264 | | |
$ | 16,167 | |
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Intangibles
Intangibles
consist of the following (in thousands):
Schedule of intangibles | |
| | |
| |
| |
September
30, 2023 | | |
June 30,
2023 | |
Patent-related costs | |
$ | 208 | | |
$ | 208 | |
Less accumulated amortization | |
| (133 | ) | |
| (127 | ) |
| |
$ | 75 | | |
$ | 81 | |
Patent-related
costs consist of legal fees incurred in connection with both patent applications and a patent issuance, and will be amortized over the
estimated life of the product(s) that is or will be utilizing the technology, or expensed immediately in the event the patent office denies
the issuance of the patent. Future amortization expense is estimated to be $27,000 for fiscal 2024 and annually through fiscal 2026. All
remaining costs are expected to be fully amortized by June 30, 2026.
NOTE 5. WARRANTY
The
warranty accrual is based on historical costs of warranty repairs and expected future identifiable warranty expenses and is included in
accrued expenses in the accompanying condensed consolidated balance sheets. As of September 30, 2023 and June 30, 2023, the warranty reserve
amounted to $189,000 and $200,000, respectively. Warranty expenses are included in cost of sales in the accompanying condensed consolidated
statements of operations. Changes in estimates to previously established warranty accruals result from current period updates to assumptions
regarding repair costs and warranty return rates and are included in current period warranty expense.
Information regarding the
accrual for warranty costs for the three months ended September 30, 2023 and 2022 are as follows (in thousands):
Schedule of accrual warranty costs | |
| | | |
| | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Beginning balance | |
$ | 200 | | |
$ | 340 | |
Accruals during the period | |
| 24 | | |
| 54 | |
Changes in estimates of prior period warranty accruals | |
| (2 | ) | |
| 14 | |
Warranty amortization/utilization | |
| (33 | ) | |
| (42 | ) |
Ending balance | |
$ | 189 | | |
$ | 366 | |
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
NOTE 6. NET INCOME (LOSS) PER SHARE
We calculate basic net
income per share by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted
income per share reflects the effects of potentially dilutive securities, which consist entirely of outstanding stock options and performance
awards.
The following table presents
reconciliations of the numerators and denominators of the basic and diluted income per share computations. For the three months ended
September 30, 2023, 64,800 dilutive securities, consisting exclusively of performance awards, were excluded from the diluted loss per
share because the impact would be anti-dilutive. In the tables below, income amounts represent the numerator, and share amounts represent
the denominator (in thousands, except per share amounts):
Schedule of net income (loss) per share
| |
| | | |
| | |
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Basic: | |
| | |
(as restated) | |
Net income (loss) | |
$ | (615 | ) | |
$ | 1,203 | |
Weighted-average shares outstanding | |
| 3,547 | | |
| 3,616 | |
Basic earnings (loss) per share | |
$ | (0.17 | ) | |
$ | 0.33 | |
Diluted: | |
| | | |
| | |
Net income (loss) | |
$ | (615 | ) | |
$ | 1,203 | |
Weighted-average shares outstanding | |
| 3,547 | | |
| 3,616 | |
Effect of dilutive securities | |
| — | | |
| 79 | |
Weighted-average shares used in calculation of diluted earnings per share | |
| 3,547 | | |
| 3,695 | |
Diluted earnings (loss) per share | |
$ | (0.17 | ) | |
$ | 0.33 | |
NOTE 7. INCOME TAXES
Deferred
income taxes are provided on a liability method whereby deferred tax assets and liabilities
are recognized for temporary differences. Temporary
differences are the differences between the reported amounts of assets and liabilities and
their tax bases. Deferred tax assets are reduced by a valuation
allowance when, in the opinion of management, it is more-likely-than-not
that some portion or all of the deferred tax assets will not be realized.
Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and
rates on the date of enactment.
Significant
management judgment is required in determining our provision for income taxes and the recoverability of our
deferred tax assets. Such determination is based primarily on our historical taxable income or loss, with some consideration given to
our estimates of future taxable income or loss
by jurisdictions in which we operate and the period over which our deferred tax assets would be recoverable.
We
recognize accrued interest and penalties related to unrecognized tax benefits when applicable.
As of September 30, 2023 and 2022, we recognized accrued interest of $7,000 and $48,000, respectively, related to unrecognized tax benefits.
Our effective tax rate for the three months ended September 30, 2023 and 2022, is 26% and
18%, respectively. The prior year effective tax rate is less than the current year rate due primarily to a tax benefit recognized as
a result of the common stock awarded to our employees under previously granted performance awards (see Note 8).
We
are subject to U.S. federal income tax, as well as income
tax of multiple state tax jurisdictions. We are currently open to audit
under the statute of limitations by the Internal Revenue Service for the years ended June 30, 2020 and later. Our state income tax returns
are open to audit under the statute of limitations for the years ended June 30, 2019 and
later. However, because of our prior net operating losses and research credit carryovers, our tax years from June 30, 2007 are open to
audit. We do not anticipate a significant change to the
total amount of unrecognized tax benefits within the next 12 months.
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
NOTE 8. SHARE-BASED COMPENSATION
Through 2014,
we had two equity compensation plans, the Second Amended and Restated 2004 Stock Option Plan (the
“Employee Stock Option Plan”) and the Amended and Restated 2004 Directors’ Stock Option Plan (the “Directors’
Stock Option Plan”) (collectively, the “Former Stock Option Plans”). The Employee Stock Option Plan and Directors’
Stock Option Plan were terminated in June 2014 and December 2014, respectively and there are no remaining options outstanding under either
of these Former Stock Option Plans.
In September 2016, our Board
approved the establishment of the 2016 Equity Incentive Plan, which was approved by our shareholders at our 2016 Annual Meeting. The 2016
Equity Incentive Plan provides for the award of up to 1,500,000 shares of our common stock in the form of incentive stock options, nonstatutory
stock options, stock appreciation rights, restricted shares, restricted stock units, performance awards, and other stock-based awards.
As of September 30, 2023, 200,000 performance awards and 372,000 non-qualified stock options have been granted under the 2016 Equity Incentive
Plan.
Performance Awards
In December 2017, the Compensation
Committee of our Board of Directors granted 200,000 performance awards to our employees under our 2016 Equity Incentive Plan, which will
generally be paid in shares of our common stock. Whether any performance awards vest, and the amount that does vest, is tied to the completion
of service periods that range from 7 months to 9.5 years at inception and the achievement of our common stock trading at certain pre-determined
prices. The weighted-average fair value of the performance awards granted was $4.46, calculated using the weighted-average fair market
value for each award, using a Monte Carlo simulation. In February 2020, the Compensation Committee reallocated 48,000 previously forfeited
awards, having the same remaining terms and conditions, to certain employees. The weighted-average fair value of the performance awards
reallocated in 2020 was $16.90, calculated using the weighted-average fair market value for each award, using a Monte Carlo simulation.
In December 2021, the Compensation Committee reallocated an additional 17,500 previously forfeited awards, having the same remaining terms
and conditions, to other employees. The weighted average fair value of the performance awards reallocated in 2021 was $20.34, calculated
using the weighted average fair market value for each award, using a Monte Carlo simulation. We recorded share-based compensation expense
of $15,000 and $30,000 for the three months ended September 30, 2023 and 2022, respectively, related to these performance awards. On September
30, 2023, there was approximately $83,000 of unrecognized compensation cost related to these non-vested performance awards, which is expected
to be expensed over the weighted-average period of 1.74 years.
On July 1, 2022, it was
determined by the Compensation Committee of our Board of Directors that the vesting of performance awards for 37,500 shares of common
stock had been achieved. Each participant elected a net issuance to cover their individual withholding taxes and therefore we issued 23,641
shares and paid $223,000 of participant-related payroll tax liabilities.
Non-Qualified Stock Options
In December 2020, the Compensation
Committee of our Board of Directors granted 310,000 non-qualified stock options to our directors and certain employees under the 2016
Equity Incentive Plan. The vesting of these stock options is tied to the completion of service periods that range from 18 months to 10.5
years at inception and the achievement of our common stock trading at certain pre-determined prices. We recorded compensation expense
of $168,000 and $171,000 for the three months ended September 30, 2023 and 2022, respectively, related to these options. The weighted-average
fair value of the stock option awards granted was $16.72, calculated using a Monte Carlo simulation. As of September 30, 2023, none of
these stock options had vested and there was approximately $2.2 million of unrecognized compensation cost related to these non-vested
non-qualified stock options.
In February 2021, the Compensation
Committee of our Board of Directors granted 62,000 non-qualified stock options to our directors and certain employees under the 2016 Equity
Incentive Plan. The vesting of these stock options is tied to the completion of service periods that range from 4 months to 1.3 years
at inception and the achievement of our common stock trading at certain pre-determined prices. Of these 62,000 stock options, 57,750 vested
on July 1, 2021, as our common stock met the pre-determined prices set forth in the underlying agreements and the required service periods
were already satisfied. The weighted-average fair value of the stock option awards granted was $3.16, calculated using a Monte Carlo simulation.
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Employee Stock Purchase Plan
In September 2014, our Board
approved the establishment of an Employee Stock Purchase Plan (the “ESPP”). The ESPP conforms to the provisions of Section
423 of the Internal Revenue Code, has coterminous offering and purchase periods of six months, and bases the pricing to purchase shares
of our common stock on a formula so as to result in a per-share purchase price that approximates a 15% discount from the market price
of a share of our common stock at the end of the purchase period. The Board of Directors also approved the provision that shares formerly
reserved for issuance under the Former Stock Option Plans in excess of shares issuable pursuant to outstanding options, aggregating 704,715
shares, be reserved for issuance pursuant to the ESPP. The ESPP was approved by our shareholders at our 2014 Annual Meeting.
During the first quarters
ended September 30, 2023 and 2022, 2,021 and 2,503 shares were purchased, respectively, under the ESPP and allocated to employees based
upon their contributions at discount prices of $15.82 and $13.52, respectively, per share. As of September 30, 2023, on a cumulative basis,
since the inception of the ESPP plan, employees have purchased a total of 34,519 shares. During each of the three months ended September
30, 2023 and 2022, we recorded stock compensation expense in the amount of $6,000 relating to the ESPP.
NOTE 9. MAJOR CUSTOMERS & SUPPLIERS
Information
with respect to customers that accounted for sales in excess of 10% of our total sales in
either of the three-month periods ended September 30,
2023 and 2022 is as follows (in thousands, except percentages):
Schedule of sales by major customers | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
Amount | | |
Percent of Total | | |
Amount | | |
Percent of Total | |
| |
| |
Total revenue | |
$ | 11,938 | | |
| 100 | % | |
$ | 11,087 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | |
Customer concentration: | |
| | | |
| | | |
| | | |
| | |
Customer 1 | |
$ | 8,375 | | |
| 70 | % | |
$ | 7,481 | | |
| 68 | % |
Customer 2 | |
| 1,209 | | |
| 10 | % | |
| 2,156 | | |
| 19 | % |
Customer 3 | |
| 1,165 | | |
| 10 | % | |
| 120 | | |
| 1 | % |
Total | |
$ | 10,749 | | |
| 90 | % | |
$ | 9,757 | | |
| 88 | % |
| |
| | | |
| | | |
| | | |
| | |
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Information
with respect to accounts receivable from those customers that comprised more than 10% of our gross accounts receivable at either
September 30, 2023 and June 30, 2023 is as follows (in thousands, except percentages):
Schedule of accounts receivable | |
| | | |
| | | |
| | | |
| | |
| |
September
30, 2023 | | |
June 30,
2023 | |
Total gross accounts receivable | |
$ | 11,034 | | |
| 100 | % | |
$ | 9,952 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | |
Customer concentration: | |
| | | |
| | | |
| | | |
| | |
Customer 1. | |
$ | 7,900 | | |
| 72 | % | |
$ | 7,231 | | |
| 73 | % |
Customer 2. | |
| 2,347 | | |
| 21 | % | |
| 1,951 | | |
| 19 | % |
Total. | |
$ | 10,247 | | |
| 93 | % | |
$ | 9,182 | | |
| 92 | % |
During the three months ended
September 30, 2023 and 2022, we had three suppliers that each accounted for more than 10% of total inventory purchases. Amounts owed to
the fiscal 2023 significant suppliers at September 30, 2023 totaled $1.1 million, $181,000 and $137,000, respectively, and at June 30,
2023 totaled $621,000, $158,000 and $41,000, respectively.
NOTE 10. NOTES PAYABLE AND FINANCING TRANSACTIONS
Minnesota Bank & Trust (“MBT”)
On
November 6, 2020 (the “Closing Date”), PDEX Franklin, a newly created wholly owned subsidiary of the Company, purchased the
Franklin Property. A portion of the purchase price was financed by a loan from MBT to PDEX Franklin in the principal amount of approximately
$5.2 million (the “Property Loan”) pursuant to a Loan Agreement, dated as of the Closing Date, between PDEX Franklin and MBT
(the “Property Loan Agreement”) and corresponding Term Note (the “Property Note”) issued by PDEX Franklin in favor
of MBT on the Closing Date. The Property Loan is secured by the Franklin Property pursuant to a Deed of Trust with Assignment of Leases
and Rents, Security Agreement and Fixture Filing in favor of MBT (the “Deed”) and by an Assignment of Leases and Rents by
PDEX Franklin in favor of MBT (the “Rents Assignment”). We paid loan origination fees to MBT on the Closing Date in the amount
of $26,037.
The
Property Loan bears interest at a fixed rate of 3.55% per annum, which is subject to a 3% increase upon an event of default. Accrued interest
was paid on December 1, 2020, and both principal and interest in the amount of approximately $30,000 are due and payable on the first
day of each subsequent month until the maturity date of November 1, 2030 (the “Maturity Date”), at which time a balloon payment
in the amount of $3.1 million is due. Any prepayment of the Property Loan (other than monthly scheduled interest and principal payments),
is subject to a prepayment fee equal to 4% of the principal amount prepaid for any prepayment made during the first or second year, 3%
of the principal amount prepaid for any prepayment made during the third or fourth year, 2% of the principal amount prepaid for any prepayment
made during the fifth or sixth year, and 1% of the principal amount prepaid for any prepayment made during the seventh or eighth year.
The Property Loan Agreement, Property Note, Deed, and Rents Assignment each contain representations, warranties, covenants, and events
of default that are customary for a loan of this type. The balance owed on the Property Loan at September 30, 2023 is $4,698,000.
On
the Closing Date, we also entered into an Amended and Restated Credit Agreement with MBT (the “Amended Credit Agreement”),
providing for a $7,525,000 amended and restated term loan (the “Term Loan A”), a $1,000,000 term loan (the “Term Loan
B”), and a $2,000,000 amended and restated revolving loan (the “Revolving Loan” and, together with the Term Loan A and
the Term Loan B, collectively, the “Loans”), evidenced by an Amended and Restated Term Note A (“Term Note A”),
a Term Note B, and an Amended and Restated Revolving Credit Note (the “Revolving Note”) made by us in favor of MBT. The Loans
are secured by substantially all of the Company’s assets pursuant to a Security Agreement entered into on September 6, 2018 between
the Company and MBT. The Term Note A had an outstanding principal balance of $3,770,331 as of the Closing Date and could be borrowed against
through May 30, 2021 (the “Commitment Period”). During the third quarter ended March 31, 2021, we borrowed an additional $3,000,000
against Term Note A for the purpose of repurchasing our common stock as described in Note 11. The Term Note B had a zero balance as of
the Closing Date and we borrowed the full $1,000,000 during the third quarter ended March 31, 2021, for the purpose of making improvements
to the Franklin Property.
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
The
Term Loan A matures on November 1, 2027 and bears interest at a fixed rate of 3.84% per annum. Initial payments on the Term Loan A of
interest only were due on December 1, 2020 through June 1, 2021. Commencing July 1, 2021 and continuing on the first day of each month
thereafter until the maturity date, we are required to make payments of principal and interest on Term Loan A of approximately $97,000
plus any additional accrued and unpaid interest through the date of payment. The balance owed on Term Loan A as of September 30, 2023,
is $4,586,000.
The
Term Loan B matures on November 1, 2027 and bears interest at a fixed rate of 3.84% per annum. Initial payments on the Term Loan B of
interest only were due on December 1, 2020 through June 1, 2021. Commencing July 1, 2021 and continuing on the first day of each month
thereafter until the maturity date, we are required to make payments of principal and interest on Term Loan B of approximately $15,000,
plus any additional accrued and unpaid interest through the date of payment. As of March 31, 2021, we had drawn fully against Term Note
B and the balance outstanding on Term Note B was $683,000 on September 30, 2023.
On December 29, 2022 (the “Amendment
Date”), we entered into Amendment No. 2 to Amended and Restated Credit Agreement (the “Amendment”) with MBT, which amends
the Amended Credit Agreement and provides for a supplemental line of credit in the amount of $3,000,000 (the “Supplemental Loan”).
The Supplemental Loan is evidenced by a Supplemental Revolving Credit Note (the “Supplemental Note”) made by us in favor of
MBT. The purpose of the Supplemental Loan is for financing acquisitions and repurchasing shares of our common stock. The Supplemental
Loan may be borrowed against from time to time through its maturity date of December 29, 2024, on the terms set forth in the Amended Credit
Agreement. As of September 30, 2023, no amounts have been drawn against the Supplemental Loan.
The Revolving Loan was also amended
(the “Amended Revolving Loan”) in connection with the Amendment to extend the
maturity date from November 5, 2023 to December 29, 2024, to increase the Revolving Loan facility from $2,000,000
to $7,000,000,
and to increase the interest rate on the Revolving Loan (as described below), evidenced by an Amended and Restated Revolving Credit Note
(the “Amended Revolving Note”) made by us in favor of MBT. The Amended Revolving Loan may be borrowed against from time to
time by us through its maturity date on the terms set forth in the Amended Credit Agreement. As of September 30, 2023, we had drawn $1,500,000
against the Amended Revolving Loan. Loan origination fees in the amount of $16,000 were
paid to MBT in conjunction with the Amended Revolving Loan and the Supplemental Loan.
The Amended Revolving Loan and
Supplemental Loan bear interest at an annual rate equal to the greater of (a) 5.0% or (b) SOFR for a one-month period from the website
of the CME Group Benchmark Administration Limited plus 2.5% (the “Adjusted Term SOFR Rate”). Commencing on the first day of
each month after we initially borrow against the Amended Revolving Loan and/or the Supplemental Loan and each month thereafter until maturity,
we are required to pay all accrued and unpaid interest on the Amended Revolving Loan and Supplemental Loan through the date of payment.
Any principal on the Amended Revolving Loan and/or Supplemental Loan that is not previously prepaid shall be due and payable in full on
the maturity date (or earlier termination of the Amended Revolving Loan and/or Supplemental Loan).
Any
payment on the Term Loan A, the Term Loan B, the Amended Revolving Loan or the Supplemental Loan (collectively, the “Loans”)
not made within seven days after the due date is subject to a late payment fee equal to 5% of the overdue amount. Upon the occurrence
and during the continuance of an event of default, the interest rate of all Loans will be increased by 3% and MBT may, at its option,
declare all of the Loans immediately due and payable in full.
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
The
Amended Credit Agreement, Amended Security Agreement, Term Note A, Term Note B, Amended Revolving Note and Supplemental Note contain representations
and warranties, affirmative, negative and financial covenants, and events of default that are customary for loans of this type. In October
2023, we obtained a waiver from MBT extending the deadline to provide our audited financial statements for the fiscal year ended June
30, 2023 to November 15, 2023. We provided our audited financial statements to MBT on October 13, 2023. We believe that we are in compliance
with all of our debt covenants as of September 30, 2023, except for the aforementioned covenant for which we obtained and complied with
a waiver, but there can be no assurance that we will remain in compliance for the duration of the term of these loans.
NOTE 11. COMMON
STOCK
Share Repurchase Program
In December 2019, our Board
approved a new share repurchase program authorizing us to repurchase up to 1 million shares of our common stock, as the prior repurchase
plan authorized by our Board in 2013 was nearing completion. In accordance with, and as part of, these share repurchase programs, our
Board has approved the adoption of several prearranged share repurchase plans intended to qualify for the safe harbor Rule 10b5-1 under
the Securities Exchange Act of 1934, as amended (“10b5-1 Plan” or “Plan”). During the quarter ended September
30, 2023 we did not repurchase any shares. During the quarter ended September 30, 2022, we repurchased 20,853 shares at an aggregate cost,
inclusive of fees under the plan, of $354,000. On a cumulative basis since 2013, we have repurchased a total of 1,197,168 shares under
the share repurchase programs at an aggregate cost, inclusive of fees, of $17.2 million. All repurchases under the 10b5-1 Plans were administered
through an independent broker.
NOTE 12. LEASES
Our operating lease right-of-use
asset and long-term liability are presented separately on our condensed consolidated balance sheet. The current portion of our operating
lease liability as of September 30, 2023, in the amount of $425,000, is presented within accrued expenses on the condensed consolidated
balance sheet.
As of September 30, 2023,
our operating lease has a remaining lease term of four years and an imputed interest rate of 5.53%. Cash paid for amounts included in
the lease liability was $127,000 for the three months ended September 30, 2023, excluding $12,000 paid for common area maintenance charges.
As of September 30, 2023,
the maturity of our lease liability is as follows (in thousands):
Schedule of maturities of lease liability | | |
| | |
| | |
Operating
Lease | |
Fiscal Year: | | |
| | |
2024 | | |
$ | 392 | |
2025 | | |
| 535 | |
2026 | | |
| 551 | |
2027 | | |
| 567 | |
2028 | | |
| 143 | |
Total lease payments | | |
| 2,188 | |
Less imputed interest | | |
| (233 | ) |
Total | | |
$ | 1,955 | |
PRO-DEX INC. AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
NOTE 13. COMMITMENTS AND CONTINGENCIES
Legal Matters
We may be involved from time to
time in legal proceedings arising either in the ordinary course of our business or incidental to our business. There can be no certainty,
however, that we may not ultimately incur liability or that such liability will not be material or adverse.
| ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
The following discussion and
analysis should be read in conjunction with our unaudited interim condensed consolidated financial statements and the related notes and
other financial information appearing elsewhere in this report.
COMPANY OVERVIEW
The
following discussion and analysis provides information that management believes is relevant to an assessment and understanding of
the results of operations and financial condition of Pro-Dex, Inc. (“Company,” “Pro-Dex,”
“we,” “our,” or “us”) for the three-month periods ended September 30, 2023 and 2022. This discussion
should be read in conjunction with the condensed consolidated financial statements and the notes thereto included elsewhere
in this report. This report contains certain forward-looking statements and information.
The cautionary statements included herein should be read as being applicable to all related forward-looking statements wherever they may
appear. Our actual future results could differ materially from those discussed herein.
Except
for the historical information contained herein, the matters discussed in this report, including, but not limited to, discussions
of our product development plans, business strategies, strategic opportunities, and market factors
influencing our results, are forward-looking statements
that involve certain risks and uncertainties. Actual results may differ from those anticipated by us as a result
of various factors, both foreseen and unforeseen, including, but not limited to, our ability
to continue to develop new products and increase
sales in markets characterized by
rapid technological evolution, the impact of the COVID-19 pandemic on our suppliers, customers and us, consolidation within our target
marketplace and among our competitors, competition from larger, better capitalized competitors, and our ability to realize returns on
opportunities. Many other economic, competitive, governmental, and
technological factors could impact our ability to achieve our goals. You are urged to review the risks, uncertainties, and other cautionary
language described in this report, as well as in our other public disclosures and reports
filed with the Securities and Exchange Commission (“SEC”) from time to time, including, but not limited to, the risks, uncertainties,
and other cautionary language discussed in our Annual Report on Form 10-K for our fiscal year ended June 30, 2023.
We
specialize in the design, development, and manufacture of powered rotary drive surgical instruments used primarily in the orthopedic,
thoracic, and maxocranial facial (“CMF”) markets.
Our
principal headquarters are located at 2361 McGaw Avenue, Irvine, California 92614 and our
phone number is (949) 769-3200. Our Internet address is www.pro-dex.com.
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, amendments
to those reports, and other SEC filings are available free of charge through our website as soon
as reasonably practicable after such reports are electronically
filed with, or furnished to, the SEC. In addition, our Code of Ethics and other corporate
governance documents may be found on our website at the Internet address set forth above. Our filings with the SEC may also be read and
copied at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.
You may obtain information on the operation of the Public Reference Room by calling the SEC
at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov
and company specific information at www.sec.gov/edgar/searchedgar/companysearch.html.
Basis of Presentation
The condensed consolidated
results of operations presented in this report are not audited and those results are not necessarily indicative of the results to be expected
for the entirety of our fiscal year ending June 30, 2024, or any other interim period during such fiscal year. Our fiscal year ends on
June 30 and our fiscal quarters end on September 30, December 31, and March 31. Unless otherwise stated, all dates refer to our fiscal
year and those fiscal quarters.
Critical Accounting Estimates and Judgments
Our financial
statements are prepared in accordance with U.S. GAAP. The preparation of our financial statements requires management to make estimates
and judgments that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. We base our estimates
on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
An accounting policy is
deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at
the time the estimate is made, and if different estimates that reasonably could have been used or changes in the accounting estimate that
are reasonably likely to occur could materially change the financial statements. Management believes that there have been no significant
changes during the three months ended September 30, 2023, to the items that we disclosed as our critical accounting policies in Management’s
Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for our fiscal year ended June
30, 2023.
Business Strategy and Future Plans
Our business today is almost entirely
driven by sales of our medical devices. Many of our significant customers place purchase orders for specific products that were developed
by us under various development and/or supply agreements. Our customers may request that we design and manufacture a custom surgical device
or they may hire us as a contract manufacturer to manufacture a product of their own design. In either case, we have extensive experience
with autoclavable, battery-powered and electric, multi-function surgical drivers, and shavers. We continue to focus a significant percentage
of our time and resources on providing outstanding products and service to our valued principal customers. During the first quarter of
fiscal 2021, our largest customer executed an amendment to our existing supply agreement such that we shall continue to supply their surgical
handpieces to them through calendar 2025.
Simultaneously, we are working
to build top-line sales through active proposals of new medical device products with new and existing customers. Our patented adaptive
torque-limiting software has been very well received in the CMF and thoracic markets. Additionally, we have other significant engineering
projects under way described more fully below under “Results of Operations.”
In November 2020, we purchased
an approximate 25,000 square foot industrial building in Tustin, California (the “Franklin
Property”). This building is located approximately four miles from our Irvine, California headquarters and was acquired to provide
us additional capacity for our expected continued future growth, including anticipated expanded capacity for the manufacture of batteries
and new products. We began operations in the new facility during the fourth quarter of fiscal 2023 and believe that the additional capacity
will allow for our continued expected growth.
In summary, our current objectives
are focused primarily on maintaining our relationships with our current medical device customers, investing in research and development
activities to design unique medical devices as well as Pro-Dex branded drivers to leverage our torque-limiting software, expansion of
our manufacturing capacity through the commencement of operations at the Franklin Property, and promoting active product development proposals
to new and existing customers for both orthopedic shavers and screw drivers for a multitude of surgical applications, while monitoring
closely the progress of all these individual endeavors. While we expect revenue growth in the future, it may not be a consistent trajectory
but rather periods of incremental growth that current expenditures are helping to create. However, there can be no assurance that we will
be successful in any of these objectives.
Results of Operations
The following tables set
forth results from continuing operations for the three months ended September 30, 2023, and 2022 (in thousands, except percentages):
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022
(as restated) | |
| |
Dollars in thousands | |
| |
| | |
% of Net Sales | | |
| | |
% of Net Sales | |
Net sales | |
$ | 11,938 | | |
| 100 | % | |
$ | 11,087 | | |
| 100 | % |
Cost of sales | |
| 8,280 | | |
| 69 | % | |
| 8,131 | | |
| 73 | % |
Gross profit | |
| 3,658 | | |
| 31 | % | |
| 2,956 | | |
| 27 | % |
Selling expenses | |
| 25 | | |
| — | | |
| 53 | | |
| — | |
General and administrative expenses | |
| 995 | | |
| 8 | % | |
| 1,024 | | |
| 9 | % |
Research and development costs | |
| 805 | | |
| 7 | % | |
| 929 | | |
| 8 | % |
| |
| 1,825 | | |
| 15 | % | |
| 2,006 | | |
| 18 | % |
Operating income | |
| 1,833 | | |
| 15 | % | |
| 950 | | |
| 9 | % |
Other income (loss), net | |
| (2,662 | ) | |
| (22 | %) | |
| 519 | | |
| 5 | % |
Income before income taxes | |
| (829 | ) | |
| (7 | %) | |
| 1,469 | | |
| 13 | % |
Provision for income taxes | |
| (214 | ) | |
| (2 | %) | |
| 266 | | |
| 2 | % |
Net income (loss) | |
$ | (615 | ) | |
| (5 | %) | |
$ | 1,203 | | |
| 11 | % |
Revenue
The
majority of our revenue is derived from designing, developing, and manufacturing surgical
devices. We continue to sell our rotary air motors for industrial and scientific applications, but our focus remains in medical devices.
The proportion of total sales by type is as follows (in thousands, except percentages):
| |
Three
Months Ended September 30, | | |
Increase
(Decrease) From 2022 To | |
| |
2023 | | |
2022 | | |
2023 | |
| |
Dollars in thousands | | |
| |
| |
| | |
% of Net Sales | | |
| | |
% of Net Sales | | |
| |
Net sales: | |
| | | |
| | | |
| | | |
| | | |
| | |
Medical device | |
$ | 7,808 | | |
| 65 | % | |
$ | 7,887 | | |
| 71 | % | |
| (1 | %) |
Industrial and scientific | |
| 141 | | |
| 1 | % | |
| 224 | | |
| 2 | % | |
| (37 | %) |
Dental and component | |
| 39 | | |
| — | | |
| 103 | | |
| 1 | % | |
| (62 | %) |
NRE & proto-types | |
| 190 | | |
| 2 | % | |
| 907 | | |
| 8 | % | |
| (79 | %) |
Repairs | |
| 4,023 | | |
| 34 | % | |
| 2,252 | | |
| 20 | % | |
| 79 | % |
Discounts and other | |
| (263 | ) | |
| (2 | %) | |
| (286 | ) | |
| (2 | %) | |
| (8 | %) |
| |
$ | 11,938 | | |
| 100 | % | |
$ | 11,087 | | |
| 100 | % | |
| 8 | % |
Certain
of our medical device products utilize proprietary designs developed by us under exclusive
development and supply agreements. All of our medical device
products utilize proprietary manufacturing methods and know-how, and are manufactured in our Irvine, California facility and assembled
in our Tustin, California facility. Details of our medical device sales by type is as follows (in thousands, except percentages):
| |
Three
Months Ended September 30, | | |
Increase
(Decrease) From 2022 To | |
| |
2023 | | |
2022 | | |
2023 | |
| |
Dollars in thousands | | |
| |
| |
| | |
% of Med Device Sales | | |
| | |
% of Med Device Sales | | |
| |
Medical device sales: | |
| | | |
| | | |
| | | |
| | | |
| | |
Orthopedic | |
$ | 4,838 | | |
| 62 | % | |
$ | 5,635 | | |
| 72 | % | |
| (14 | %) |
CMF | |
| 1,634 | | |
| 21 | % | |
| 2,083 | | |
| 26 | % | |
| (22 | %) |
Thoracic | |
| 1,336 | | |
| 17 | % | |
| 169 | | |
| 2 | % | |
| 691 | % |
| |
$ | 7,808 | | |
| 100 | % | |
$ | 7,887 | | |
| 100 | % | |
| (1 | %) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Our
medical device revenue decreased $79,000, or 1%, in the first quarter of fiscal 2024 compared to the corresponding period of the prior
fiscal year. Our orthopedic sales decreased $797,000 in the first quarter of fiscal 2024 compared to the first quarter of fiscal
2023, due in part, to our largest customer shifting priorities to an enhanced repair program (described under the discussion of repair
revenue below). Recurring revenue from distributors of CMF drivers decreased $449,000 in fiscal 2024 compared to fiscal 2023. While we
do not have much visibility into our customers’ distribution networks, we do know that one of our distributors is selling some legacy
products in their inventory which has caused a reduction in demand for the CMF driver they procure from us. We anticipate higher purchase
volumes from this customer in the future. Our thoracic sales increased by $1.2 million for the three months ended September 30, 2023 compared
to the corresponding period of the prior fiscal year because of the launch of a new product in the
first quarter of this fiscal year.
Sales
of our compact pneumatic air motors decreased $83,000, or 37%, in the first quarter of fiscal
2024 compared to the corresponding period of the prior fiscal year. The revenue decrease is consistent with our lack of substantive marketing
efforts. Sales of our dental products and components decreased $64,000 in the first
quarter of fiscal 2024 compared to the corresponding quarter of the prior fiscal year, which is expected given our prior disclosures that
we are no longer pursuing this line of business. Our non-recurring engineering (“NRE”) and proto-type revenue decreased
$717,000 in the first quarter of fiscal 2024 compared to the corresponding period of the prior fiscal year, due to a decline in billable
contracts. Our NRE and proto-type revenue is typically a small percentage of our total revenue and can vary significantly from quarter
to quarter.
Repair
revenue increased by $1.8 million in the first quarter of fiscal 2024 compared to the corresponding period of the prior fiscal year, due
to an increased number of repairs of the orthopedic handpiece we sell to our largest customer. This increase relates to the continuation
of the previously disclosed enhanced repair program that we began last fiscal year.
Discounts
and other decreased by $23,000 in the first quarter of fiscal 2024 compared to the corresponding period of the prior fiscal year, due
to volume rebates related to the orthopedic handpiece we sell to our largest customer, which they negotiated in conjunction with our contract
extension through 2025.
At September
30, 2023, we had a backlog of approximately
$35.7 million, of which $25.4 million is scheduled for delivery during the remainder of fiscal 2024. Our backlog represents firm
purchase orders received and acknowledged from our customers and does not include all revenue expected to be generated from existing customer
contracts. We may experience
variability in our new order bookings due to various reasons, including, but not limited to, the timing of major new product launches
and customer planned inventory builds. However, we do not typically experience seasonal fluctuations
in our shipments and revenues.
Cost of Sales and Gross Margin
| |
Three
Months Ended September 30, | | |
Increase
(Decrease) From 2022 To | |
| |
2023 | | |
2022 | | |
2023 | |
| |
Dollars
in thousands | | |
| |
Cost of sales: | |
| | |
% of Net Sales | | |
| | |
% of Net Sales | | |
| |
Product costs | |
$ | 8,543 | | |
| 71 | % | |
$ | 7,611 | | |
| 69 | % | |
| 12 | % |
Under-(over) absorption of manufacturing costs | |
| (285 | ) | |
| (2 | %) | |
| 362 | | |
| 3 | % | |
| (179 | %) |
Inventory and warranty charges | |
| 22 | | |
| — | | |
| 158 | | |
| 1 | % | |
| (86 | %) |
Total cost of sales | |
$ | 8,280 | | |
| 69 | % | |
$ | 8,131 | | |
| 73 | % | |
| 2 | % |
Gross profit and gross margin | |
$ | 3,658 | | |
| 31 | % | |
$ | 2,956 | | |
| 27 | % | |
| 24 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of sales for the three-month
period ended September 30, 2023 increased by $149,000, or 2%, compared to the corresponding period of the prior fiscal year. Although
some of the increase in cost of sales is consistent with the 8% increase in revenue for the same period, approximately $450,000 of the
prior year product costs included the repairs we performed to upgrade the orthopedic handpieces we sell our largest customer to the newest
release at no additional cost. Product costs increased by $932,000, or 12%, during the three months ended September 30, 2023, compared
to the corresponding period of the prior fiscal year, due to higher material costs, predominantly related to the repairs discussed above.
During the first quarter of fiscal 2024 we experienced $285,000 of over-absorbed manufacturing costs compared to an under-absorption of
$362,000 in the first quarter of fiscal 2023, primarily due to increases in our standard labor and overhead rates which are made in an
attempt to minimize our over-under absorption. Costs related to inventory and warranty charges decreased $136,000 in the first quarter
of fiscal 2024 compared to the corresponding quarter of fiscal 2023, due primarily to a reduction in warranty expenses due to the shift
to enhanced repairs we perform on orthopedic handpieces we sell to our largest customer.
Gross
profit increased by approximately $702,000, or 24%, for the three months ended September 30, 2023 compared to the corresponding period
of the prior fiscal year, and gross margin as a percentage of sales increased by four percentage points between such periods, primarily
as a result of a more favorable product mix of sales during the three months ended September 30, 2023 compared to the corresponding
period of the prior fiscal year, coupled with reduced inventory and warranty charges.
Operating Costs and Expenses
| |
Three
Months Ended September 30, | | |
Increase
(Decrease) From 2022 To | |
| |
2023 | | |
2022 | | |
2023 | |
| |
Dollars
in thousands | | |
| |
| |
| | |
% of Net Sales | | |
| | |
% of Net Sales | | |
| |
Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Selling expenses | |
$ | 25 | | |
| — | | |
$ | 53 | | |
| 1 | % | |
| (53 | %) |
General and administrative expenses | |
| 995 | | |
| 8 | % | |
| 1,024 | | |
| 9 | % | |
| (3 | %) |
Research and development costs | |
| 805 | | |
| 7 | % | |
| 929 | | |
| 8 | % | |
| (13 | %) |
| |
$ | 1,825 | | |
| 15 | % | |
$ | 2,006 | | |
| 18 | % | |
| (9 | %) |
Selling expenses consist
of salaries and other personnel-related expenses in support of business development, as well as trade show attendance, advertising and
marketing expenses, and travel and related costs incurred in generating and maintaining our customer relationships. Selling expenses for
the three months ended September 30, 2023 decreased $28,000, or 53%, compared to the corresponding year-earlier period. The decrease relates
to a reduction in sales commissions and tradeshow expenses, which was partially offset by higher payroll expenses.
General and administrative
expenses (“G&A”) consist of salaries and other personnel-related expenses of our accounting, finance, and human resources
personnel, professional fees, directors’ fees, and other costs and expenses attributable to being a public company. G&A decreased
by $29,000, or 3%, for the three months ended September 30, 2023, when compared to the corresponding period of the prior fiscal year.
The decrease in total G&A was a result of non-cash compensation expense related to the non-qualified stock options granted in the
prior fiscal year and reduced professional fees, partially offset by higher payroll and personnel expenses.
Research and development costs
generally consist of compensation and other personnel-related costs of our engineering and support personnel, related professional and
consulting fees, patent-related fees, lab costs, materials, and travel and related costs incurred in the development and support of our
products. Research and development costs decreased $124,000, or 13%, for the quarter ended September 30, 2023, compared to the corresponding
prior year period. The decrease is due primarily to a $242,000 reduction in internal engineering project spending, partially offset by
a reduction in billable offsets reclassed to costs of sales of approximately $87,000 and an increase in legal expense related to IP matters
of $25,000.
Although the majority of our
research and development costs relate to sustaining activities related to products we currently manufacture and sell, we have created
a product roadmap to develop future products. Many of our product development efforts are undertaken only upon completion of an analysis
of the size of the market, our ability to differentiate our product from our competitors’, as well as an analysis of our specific
sales prospects with new and/or existing customers. Research and development costs represent between 44% and 46% of total operating expenses
for all periods presented and are expected to remain relatively flat the remainder of this fiscal year.
The amount spent on projects under
development, along with the current estimated commercial launch date and estimated recurring annual revenue, is summarized below (in
thousands):
| |
For the Three Months Ended
September 30, | | |
| |
| |
2023 | | |
2022 | | |
Market
Launch(1) | | |
Est.
Annual Revenue(2) | |
Total Research & Development costs: | |
$ | 805 | | |
$ | 929 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Products in development: | |
| | | |
| | | |
| | | |
| | |
ENT
Shaver | |
$ | 19 | | |
$ | 43 | | |
| Q4 2024 | | |
$ | 1,000 | |
Sustaining
& Other | |
| 786 | | |
| 886 | | |
| | | |
| | |
Total. | |
$ | 805 | | |
$ | 929 | | |
| | | |
| | |
| (1) | Represents the calendar quarter of expected market launch. |
| (2) | The products in development include risks that they could be abandoned in the future prior to completion,
they could fail to become commercialized, or the actual annual revenue realized may be less than the amount estimated. |
As we introduce new products into
the market, we expect to see an increase in sustaining and other engineering expenses. Typical examples of sustaining engineering activities
include, but are not limited to, end-of- life component replacement, especially in electronic components found in our printed circuit
board assemblies, analysis of customer complaint data to improve process and design, replacement and enhancement of tooling and fixtures
used in the machine shop, assembly operations, and inspection areas to improve efficiency and through-put. Additionally, these costs include
development projects that may be in their infancy and may or may not result in a full-fledged product development effort or projects that
are later abandoned.
Other Income (Expense), net
Interest and Dividend Income
The interest and dividend income
recorded during the quarters ended September 30, 2023 and 2022, consists primarily of interest and dividends from our investments and
money market accounts. One of the investments in our portfolio paid a $204,000 cash dividend in the first quarter of fiscal 2023, and
no such dividend was paid during the current fiscal year.
Unrealized Gain (Loss) on Investments
The unrealized gain or (loss)
on marketable securities for the quarters ended September 30, 2023 and 2022, relates to our portfolio of investments described more fully
in Note 4 to the condensed consolidated financial statements contained elsewhere in this report.
Interest Expense
The interest expense recorded
during the quarters ended September 30, 2023 and 2022, relates to our Minnesota Bank and Trust (“MBT”) loans described more
fully in Note 10 to the condensed consolidated financial statements contained elsewhere in this report.
Income Tax Expense
The effective tax rate
for the three months ended September 30, 2023 and 2022, is 26% and 18%, respectively. The prior year effective tax rate is less than the
current year rate due primarily to a tax benefit recognized as a result of the common stock awarded to our employees described more fully
in Note 8 to the condensed consolidated financial statements contained elsewhere in this report.
Liquidity and Capital
Resources
Cash and cash equivalents
at September 30, 2023 decreased $1.0 million to $1.9 million as compared to $2.9 million at June 30, 2023. The following table includes
a summary of our condensed statements of cash flows contained elsewhere in this report.
| |
As of
and For the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
(in thousands) | |
Cash provided by (used in): | |
| | | |
| | |
Operating activities | |
$ | 392 | | |
$ | 2,892 | |
Investing activities | |
$ | (126 | ) | |
$ | (90 | ) |
Financing activities | |
$ | (1,298 | ) | |
$ | (853 | ) |
| |
| | | |
| | |
Cash and working capital: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,904 | | |
$ | 2,798 | |
Working capital | |
$ | 23,143 | | |
$ | 20,162 | |
Operating Activities
Net cash provided by operating
activities during the three months ended September 30, 2023 totaled $392,000. This is primarily because our net loss of $615,000 for the
three months ended September 30, 2023 included non-cash unrealized loss on investments, share-based compensation and depreciation and
amortization of $2.6 million, $188,000 and $283,000, respectively. Uses of cash arose primarily from an increase in accounts receivable
of $1.1 million related to increased sales and our increase in income tax assets of $874,000.
Net cash provided by operating
activities during the three months ended September 30, 2022 totaled $2.9 million. The primary sources of cash arose from (a) our net income
for the quarter of $1.2 million, as well as non-cash share-based compensation and depreciation and amortization of $207,000 and $193,000,
respectively, (b) a decrease of $4.3 million in accounts receivable due to more timely collection of receivables from our largest customer,
and (c) an increase in accounts payable and accrued expenses of $273,000. Uses of cash arose primarily from an increase in inventory of
$3.0 million primarily related to building up inventory in anticipation of our transfer of assembly and repairs to the Franklin Property.
Investing Activities
Net cash used in investing
activities for the three months ended September 30, 2023 was $126,000 and related to the purchase of equipment and improvements.
Net cash used in investing
activities for the three months ended September 30, 2022 was $90,000 and related primarily to the purchase of equipment and improvements
at the Franklin Property in the amount of $178,000, partially offset by the sale of marketable securities in the amount of $88,000.
Financing Activities
Net cash used in financing
activities for the three months ended September 30, 2023 included principal payments of $1.3 million on our loans from MBT, which included
a $1 million payment against our revolving loan.
Net cash used in financing
activities for the three months ended September 30, 2022 included net principal payments of $318,000 on our existing loans from MBT more
fully described in Note 10 to the condensed consolidated financial statements contained elsewhere in this report, the repurchase of $354,000
of common stock pursuant to our share repurchase program, as well as $223,000 of employee payroll taxes related to the award of 37,500
shares of common stock to employees under previously granted performance awards.
Financing Facilities & Liquidity Requirements for the Next
Twelve Months
As of September 30, 2023, our working capital
was $23.1 million. We currently believe that our existing cash and cash equivalent balances together with our account receivable
balances will provide us sufficient funds to satisfy our cash requirements as our business is currently conducted for at least the next
12 months. In addition to our cash and cash equivalent balances, we expect to derive a portion of our liquidity from our cash flows
from operations.
We are focused on preserving our
cash balances by monitoring expenses, identifying cost savings, and investing only in those development programs and products that we
believe will most likely contribute to our profitability. As we execute on our current strategy, however, we may require debt and/or equity
capital to fund our working capital needs and requirements for capital equipment to support our manufacturing and inspection processes.
In particular, we have experienced negative operating cash flow in the past, especially as we procure long-lead time materials to satisfy
our backlog, which can be subject to extensive variability. We believe that if we need additional capital to fund our operations, we can
borrow against our MBT revolver.
| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Not
applicable.
| ITEM 4. | CONTROLS AND PROCEDURES |
Evaluation of Disclosure Controls
and Procedures
Our
Chief Executive Officer (our principal executive officer) and Chief Financial Officer (our
principal financial officer and principal accounting officer) have concluded based on their evaluation as of September 30, 2023, that
our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of
1934, as amended (“Exchange Act”)) are not effective due to a material weakness. The term “disclosure
controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange
Act, means controls and other procedures of a company
that are designed to ensure that
information required to be disclosed by the
company in the reports it files or submits under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified
in the SEC’s rules and forms. Disclosure controls and procedures also include, without limitation, controls and procedures designed
to ensure that information required to be disclosed by a company
in the reports that it files or submits under the Exchange Act
is accumulated and communicated to the company’s management, including its principal
executive officer and principal financial officer and principal accounting officer, or persons performing similar functions, as appropriate,
to allow timely decisions regarding required disclosure.
A
material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of a company’s annual and interim financial statements will not be detected
or prevented on a timely basis. A material weakness was discovered relating to the valuation and disclosure of level 3 investments during
fiscal 2023 and as of September 30, 2023, we are continuing to remediate this weakness. While we have no additional level 3 investments
and believe that our fair value assessment and disclosures at September 30, 2023, are appropriate, we are continuing to monitor our internal
controls.
Internal
Control over Financial Reporting
During
the three months ended September 30, 2023, there were no changes in our internal controls over financial reporting (as defined in Rule
13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially
affect, our internal controls over financial reporting.
Inherent Limitations
on the Effectiveness of Controls
In designing and evaluating
our disclosure controls and procedures, our management recognized that any system of controls and procedures, no matter how well designed
and operated, can provide only reasonable assurance of achieving the desired control objectives, as ours are designed to do, and management
necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Because of its
inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
PART II —
OTHER INFORMATION
See
Note 13 to condensed consolidated financial statements contained elsewhere in this report.
Our business, future financial
condition, and results of operations are subject to a number of factors, risks, and uncertainties, which are disclosed in Item 1A, entitled
“Risk Factors,” in Part I of our Annual Report on Form 10-K for our fiscal year ended June 30, 2023, as well as any amendments
thereto or additions and changes thereto contained in this quarterly report on Form 10-Q for the quarter ended September 30, 2023. Additional
information regarding some of those risks and uncertainties is contained in the notes to the condensed consolidated financial statements
included elsewhere in this report and in Part I, Item 2, of this report entitled “Management’s Discussion and Analysis of
Financial Condition and Results of Operations.” The risks and uncertainties disclosed in our Form 10-K, our quarterly reports on
Form 10-Q, and other reports filed with the SEC are not necessarily all of the risks and uncertainties that may affect our business, financial
condition, and results of operations in the future. There have been no material changes to the risk factors as disclosed in our Annual
Report on Form 10-K for the fiscal year ended June 30, 2023.
| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
None.
ITEM 6. EXHIBITS
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
PRO-DEX, INC. |
|
|
|
Date: November 2, 2023 |
By: |
/s/ Richard L. Van Kirk |
|
|
Richard L. Van Kirk |
|
|
Chief Executive Officer
(principal executive officer) |
Date: November 2,
2023 |
By: |
/s/ Alisha K. Charlton |
|
|
Alisha K. Charlton |
|
|
Chief Financial Officer
(principal financial officer and principal accounting officer) |
EXHIBIT INDEX
Exhibit 31.1
Certification of Principal Executive Officer
Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
I, Richard L. Van Kirk certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Pro-Dex, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report; |
| 4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting; and |
| 5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
|
|
|
Date: November 2, 2023 |
By: |
/s/ Richard L. Van Kirk |
|
|
Richard L. Van Kirk |
|
|
Chief Executive Officer
(principal executive officer) |
Exhibit 31.2
Certification of Principal Financial Officer
Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
I, Alisha K. Charlton certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of Pro-Dex, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report; |
| 4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over
financial reporting; and |
| 5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent
functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: November 2,
2023 |
By: |
/s/ Alisha K. Charlton |
|
|
Alisha K. Charlton |
|
|
Chief Financial Officer
(principal financial officer and principal accounting officer) |
Exhibit 32
Certifications of Principal Executive Officer and
Principal Financial Officer
Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
In connection with this quarterly report on Form 10-Q
of Pro-Dex, Inc., the undersigned hereby certifies in their capacities as Chief Executive Officer and Chief Financial Officer of Pro-Dex,
Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to their knowledge:
| 1. | The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and |
| 2. | The information contained in this report fairly presents, in all material respects, the financial condition
and results of operations of Pro-Dex, Inc. |
|
|
|
Date: November 2, 2023 |
By: |
/s/ Richard L. Van Kirk |
|
|
Richard L. Van Kirk |
|
|
Chief Executive Officer
(principal executive officer) |
Date: November 2,
2023 |
By: |
/s/ Alisha K. Charlton |
|
|
Alisha K. Charlton |
|
|
Chief Financial Officer
(principal financial officer and principal accounting officer) |
This certification accompanies this quarterly
report on Form 10-Q pursuant to Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350
and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject
to the liability of that section. This certification will not be deemed to be incorporated by reference into any filing under the Securities
Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.
v3.23.3
Cover - shares
|
3 Months Ended |
|
Sep. 30, 2023 |
Nov. 02, 2023 |
Cover [Abstract] |
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10-Q
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Document Period End Date |
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|
|
Document Fiscal Period Focus |
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|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--06-30
|
|
Entity File Number |
0-14942
|
|
Entity Registrant Name |
PRO-DEX, INC.
|
|
Entity Central Index Key |
0000788920
|
|
Entity Tax Identification Number |
84-1261240
|
|
Entity Incorporation, State or Country Code |
CO
|
|
Entity Address, Address Line One |
2361 McGaw Avenue
|
|
Entity Address, City or Town |
Irvine
|
|
Entity Address, State or Province |
CA
|
|
Entity Address, Postal Zip Code |
92614
|
|
City Area Code |
(949)
|
|
Local Phone Number |
769-3200
|
|
Title of 12(b) Security |
Common Stock, no par value
|
|
Trading Symbol |
PDEX
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Security Exchange Name |
NASDAQ
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 1,904
|
$ 2,936
|
Investments |
1,010
|
1,134
|
Accounts receivable, net of allowance for credit losses of $0 at September 30, 2023 and at June 30, 2023, respectively |
11,034
|
9,952
|
Deferred costs |
591
|
494
|
Income taxes receivable |
420
|
|
Inventory |
16,264
|
16,167
|
Prepaid expenses and other current assets |
201
|
296
|
Total current assets |
31,424
|
30,979
|
Land and building, net |
6,226
|
6,249
|
Equipment and leasehold improvements, net |
4,952
|
5,079
|
Right-of-use asset, net |
1,774
|
1,872
|
Intangibles, net |
75
|
81
|
Investments |
5,092
|
7,521
|
Other assets |
42
|
42
|
Total assets |
49,585
|
51,823
|
Current Liabilities: |
|
|
Accounts payable |
2,740
|
2,261
|
Accrued liabilities |
2,701
|
3,135
|
Income taxes payable |
|
453
|
Notes payable |
2,840
|
3,827
|
Total current liabilities |
8,281
|
9,676
|
Lease liability, net of current portion |
1,529
|
1,638
|
Deferred income taxes, net |
8
|
8
|
Notes payable, net of current portion |
8,572
|
8,911
|
Total non-current liabilities |
10,109
|
10,557
|
Total liabilities |
18,390
|
20,233
|
Shareholders’ Equity: |
|
|
Common stock; no par value; 50,000,000 shares authorized; 3,547,330 and 3,545,309 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively |
6,987
|
6,767
|
Retained earnings |
24,208
|
24,823
|
Total shareholders’ equity |
31,195
|
31,590
|
Total liabilities and shareholders’ equity |
$ 49,585
|
$ 51,823
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Net of allowance for doubtful accounts |
$ 0
|
$ 0
|
Common stock, par value |
$ 0
|
$ 0
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
Common stock, shares issued |
3,547,330
|
3,545,309
|
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3,547,330
|
3,545,309
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
Net sales |
$ 11,938
|
$ 11,087
|
Cost of sales |
8,280
|
8,131
|
Gross profit |
3,658
|
2,956
|
Operating expenses: |
|
|
Selling expenses |
25
|
53
|
General and administrative expenses |
995
|
1,024
|
Research and development costs |
805
|
929
|
Total operating expenses |
1,825
|
2,006
|
Operating income |
1,833
|
950
|
Other income (expense): |
|
|
Interest and dividend income |
24
|
218
|
Realized gain on sale of marketable equity investments |
|
6
|
Unrealized gain (loss) on investments |
(2,553)
|
425
|
Interest expense |
(133)
|
(130)
|
Total other income (loss) |
(2,662)
|
519
|
Income (loss) before income taxes |
(829)
|
1,469
|
Provision for income taxes |
(214)
|
266
|
Net income (loss) |
$ (615)
|
$ 1,203
|
Basic and diluted net income per share: |
|
|
Basic net income (loss) per share |
$ (0.17)
|
$ 0.33
|
Diluted net income (loss) per share |
$ (0.17)
|
$ 0.33
|
Weighted-average common shares outstanding: |
|
|
Basic |
3,546,737
|
3,616,392
|
Diluted |
3,546,737
|
3,694,959
|
Common shares outstanding |
3,547,330
|
3,606,422
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Retained Earnings [Member] |
Total |
Balance at beginning at Jun. 30, 2022 |
$ 7,682
|
$ 17,749
|
|
Net income (loss) |
|
1,203
|
1,203
|
Share-based compensation expense |
207
|
|
|
Stock option exercise |
8
|
|
|
Share repurchases |
(354)
|
|
|
Shares withheld from common stock issued to employees to pay employee payroll taxes |
(223)
|
|
|
ESPP shares issued |
34
|
|
|
Balance at end at Sep. 30, 2022 |
7,354
|
18,952
|
26,306
|
Balance at beginning at Jun. 30, 2023 |
6,767
|
24,823
|
31,590
|
Net income (loss) |
|
(615)
|
(615)
|
Share-based compensation expense |
188
|
|
|
Stock option exercise |
|
|
|
Share repurchases |
|
|
|
Shares withheld from common stock issued to employees to pay employee payroll taxes |
|
|
|
ESPP shares issued |
32
|
|
|
Balance at end at Sep. 30, 2023 |
$ 6,987
|
$ 24,208
|
$ 31,195
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net income (loss) |
$ (615)
|
$ 1,203
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
282
|
193
|
Share-based compensation |
189
|
207
|
Unrealized (gain) loss on marketable equity investments |
2,553
|
(425)
|
Non-cash lease expense |
(2)
|
2
|
Amortization of loan fees |
4
|
2
|
Gain on sale of investments |
|
(6)
|
Deferred income taxes |
|
80
|
Credit loss expense |
|
2
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable and other receivables |
(1,082)
|
4,337
|
Deferred costs |
(97)
|
123
|
Inventory |
(97)
|
(2,986)
|
Prepaid expenses |
95
|
(138)
|
Accounts payable and accrued expenses |
35
|
273
|
Deferred revenue |
|
(162)
|
Income taxes |
(873)
|
187
|
Net cash provided by operating activities |
392
|
2,892
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchases of equipment and improvements |
(126)
|
(178)
|
Proceeds from sale of investments |
|
88
|
Net cash used in investing activities |
(126)
|
(90)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Principal payments on notes payable |
(1,330)
|
(1,318)
|
Proceeds from Minnesota Bank & Trust loans, net of origination fees |
|
1,000
|
Proceeds from stock option exercises and ESPP contributions |
32
|
42
|
Payments of employee taxes on net issuance of common stock |
|
(223)
|
Repurchases of common stock |
|
(354)
|
Net cash used in financing activities |
(1,298)
|
(853)
|
Net increase (decrease) in cash and cash equivalents |
(1,032)
|
1,949
|
Cash and cash equivalents, beginning of period |
2,936
|
849
|
Cash and cash equivalents, end of period |
1,904
|
2,798
|
Cash paid during the period for: |
|
|
Interest |
140
|
89
|
Income taxes, net of refunds |
$ 660
|
$ 241
|
X |
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v3.23.3
BASIS OF PRESENTATION
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION |
NOTE 1. BASIS OF
PRESENTATION
The
accompanying unaudited condensed consolidated financial statements of Pro-Dex, Inc. (“we,” “us,” “our,”
“Pro-Dex,” or the “Company”) have been prepared in accordance with accounting principles
generally accepted in the United States (“U.S.
GAAP”) for interim financial information and with the instructions to Form 10-Q and
Regulation S-K. Accordingly, they do not include all of the information and footnotes required
by U.S. GAAP for complete financial statements. These financial statements should be read
in conjunction with the financial statements presented in our Annual Report on Form 10-K
for the fiscal year ended June 30, 2023. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included. The results of operations for such interim periods are not necessarily indicative of the results that
may be expected for the full year. For further information, refer to the financial statements and footnotes thereto included in our Annual
Report on Form 10-K for the year ended June 30, 2023.
Recently Adopted Accounting Pronouncements
In March 2022, the FASB issued
Accounting Standards Update (“ASU”) No 2022-02 (Topic 326) Financial Instruments – Credit Losses to create a
new model for credit losses that reflects current expected credit losses (“CECL”) over the lifetime of the underlying accounts
receivable. The CECL methodology is applicable to our trade accounts receivable and our deferred costs. We adopted ASU 2022-02 effective
July 1, 2023, and the adoption did not have a material impact on our financial statements for the three months ended September 30, 2023.
Correction of Previously Reported Interim Condensed
Consolidated Financial Statements
As previously
disclosed, the Company restated its 2023 financial statements, which were presented in Note 2 to the audited consolidated financial
statements for Company’s fiscal year 2023 Form 10-K filed with the Securities and Exchange Commission (“SEC”) on
October 13, 2023. The restatement corrected the error related to the understated fair value of the Monogram warrant. The restatement
recorded the investment at its estimated fair value for all restated periods, recorded an unrealized gain on investments and
recorded the deferred income tax expense associated with the corresponding unrealized gain on investments.
Presented below are the
changes to each financial statement line item which changed as a result of the restatement.
First Quarter Fiscal 2023 Unaudited Income Statement – Three months
ended September 30, 2022
Schedule of changes in financial statement | |
| | | |
| | | |
| | |
| |
As Previously
Reported | | |
Restatement | | |
As Restated | |
| |
| | |
| | |
| |
Unrealized gain(loss) on investments | |
$ | 250 | | |
$ | 175 | (a) | |
$ | 425 | |
Total other income (expense) | |
| 344 | | |
| 175 | | |
| 519 | |
Income tax expense | |
| 218 | | |
| 48 | (b) | |
| 266 | |
Net income | |
| 1,076 | | |
| 127 | | |
| 1,203 | |
Basic income per share | |
$ | 0.30 | | |
$ | 0.03 | | |
$ | 0.33 | |
Diluted income per share | |
$ | 0.29 | | |
$ | 0.04 | | |
$ | 0.33 | |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022. |
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for
the three months ended September 30, 2022. |
|
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v3.23.3
DESCRIPTION OF BUSINESS
|
3 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
DESCRIPTION OF BUSINESS |
NOTE 2. DESCRIPTION OF BUSINESS
We specialize in the design, development
and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic,
thoracic, and maxocranial facial markets. We have patented adaptive torque-limiting software and proprietary sealing solutions which
appeal to our customers, primarily medical device distributors. We also manufacture and sell rotary air motors to a wide range of industries.
In
August 2020, we formed a wholly owned subsidiary, PDEX Franklin, LLC (“PDEX Franklin”), to hold title for an approximate 25,000
square foot industrial building in Tustin, California (the “Franklin Property”) that we acquired on November 6, 2020, in order
to allow for the continued growth of our business. The condensed consolidated financial statements include the accounts of the Company
and PDEX Franklin and all significant inter-company accounts and transactions have been eliminated. This subsidiary has no separate operations.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.3
NET SALES
|
3 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
NET SALES |
NOTE 3. NET SALES
The following table presents the
disaggregation of net sales by revenue recognition model (in thousands):
Schedule of disaggregation of net sales | |
| | | |
| | |
| |
Three
months ended September 30, | |
| |
2023 | | |
2022 | |
Net Sales: | |
| | | |
| | |
Over-time revenue recognition | |
$ | 190 | | |
$ | 907 | |
Point-in-time revenue recognition | |
| 11,748 | | |
| 10,180 | |
Total net sales | |
$ | 11,938 | | |
$ | 11,087 | |
The timing of revenue recognition,
billings, and cash collections results in billed accounts receivables, unbilled receivables (presented as deferred costs on our condensed
consolidated balance sheets) and customer advances and deposits (presented as deferred revenue on our condensed consolidated balance sheets),
where applicable. Amounts are generally billed as work progresses in accordance with agreed upon milestones. The over-time revenue recognition
model consists of non-recurring engineering (“NRE”) and prototype services and typically relates to NRE services related to
the evaluation, design or customization of a medical device and is typically recognized over time utilizing an input measure of progress
based on costs incurred compared to the estimated total costs upon completion. During the three months ended September 30, 2023 and 2022,
we recorded $0 and $551,000, respectively, of revenue that had been included in deferred revenue in the prior year. The revenue recognized
from the contract liabilities consisted of satisfying our performance obligations during the normal course of business.
The following tables summarize
our contract assets and liability balances (in thousands):
Schedule of contract assets and liability | |
| | | |
| | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Contract assets beginning balance | |
$ | 494 | | |
$ | 710 | |
Expenses incurred during the year | |
| 219 | | |
| 333 | |
Amounts reclassified to cost of sales | |
| (105 | ) | |
| (448 | ) |
Amounts allocated to discounts for standalone selling price | |
| (17 | ) | |
| (8 | ) |
Contract assets ending balance | |
$ | 591 | | |
$ | 587 | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Contract liabilities beginning balance | |
$ | — | | |
$ | 1,013 | |
Payments received from customers | |
| 43 | | |
| 389 | |
Amounts reclassified to revenue | |
| (43 | ) | |
| (551 | ) |
Contract liabilities ending balance | |
$ | — | | |
$ | 851 | |
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v3.23.3
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS
|
3 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS |
NOTE 4. COMPOSITION OF CERTAIN FINANCIAL
STATEMENT ITEMS
Investments
Investments
are stated at fair market value and consist of the following (in thousands):
Schedule of investments | |
| | | |
| | |
| |
September
30, 2023 | | |
June 30,
2023 | |
Current: | |
| | | |
| | |
Marketable equity securities – short-term | |
$ | 1,010 | | |
$ | 1,134 | |
Long-term: | |
| | | |
| | |
Warrant | |
| 3,670 | | |
| 6,160 | |
Marketable equity securities – long-term | |
| 1,422 | | |
| 1,361 | |
Total Investments | |
$ | 6,102 | | |
$ | 8,655 | |
Investments
at September 30, 2023 and June 30, 2023 had an aggregate cost basis of $2,714,000.
We classified certain investments as long-term in nature because if we decide to sell these securities, we may not be able to sell
our position within one year. At September 30, 2023, the investments, excluding the warrant (“Monogram Warrant”),
included unrealized gains of $200,000 (gross
unrealized gains of $362,000
offset by gross unrealized losses of $162,000).
At June 30, 2023, the investments, excluding the Monogram Warrant, included net unrealized losses of $219,000 (219,000
(gross unrealized losses of $286,000
offset by gross unrealized gains of $67,000).
Of
the total marketable equity securities at September 30, 2023 and June 30, 2023, $1,010,000 and $1,134,000, respectively, represent an
investment in the common stock of Air T, Inc. Two of our Board members are also board members of Air T, Inc. and both either individually
or through affiliates own an equity interest in Air T, Inc. Our Chairman, one of the two Board members aforementioned, also serves as
the Chief Executive Officer and Chairman of Air T, Inc. Another of our Board members is employed by Air T, Inc. as its Chief of Staff.
The shares were purchased through 10b5-1 Plans, that, in accordance with our internal policies regarding the approval of related-party
transactions, were approved by our then three Board members that are not affiliated with Air T, Inc.
The Monogram
Warrant represents our right to purchase up to 5% of the outstanding stock of Monogram Orthopaedics Inc. (“Monogram”) which
we were granted on December 18, 2018. On October 6, 2023, in conjunction with the execution of a supply agreement with Monogram, we exercised
our Monogram Warrant in full in cash totaling $1,250,000 and have received 1,828,551 shares of Monogram common stock (NasdaqCM: MGRM).
The closing price of Monogram stock on October 6, 2023, was $2.67 per share.
At September
30, 2023 and June 30, 2023, the Monogram Warrant was exercisable into a total of 1,825,405 and 1,823,058 shares of Monogram’s outstanding
stock, respectively. The estimated fair value of the warrant at September 30, 2023 and June 30, 2023 was $3,670,000 and $6,160,000, respectively,
using a Black-Scholes valuation model with the following assumptions:
Schedule of assumptions used | |
| | |
| |
| |
September 30, 2023 | | |
June 30, 2023 | |
Stock Price (common) | |
$ | 2.60 | | |
$ | 3.98 | |
Strike Price (common) | |
$ | .68 | | |
$ | .69 | |
Time until expiration (years) | |
| 2.22 | | |
| 2.48 | |
Volatility | |
| 60.0% | | |
| 60.0% | |
Risk-free interest rate | |
| 5.03% | | |
| 4.68% | |
We invest
surplus cash from time to time through our Investment Committee, which is comprised of one management director, Richard (“Rick”)
Van Kirk, and two non-management directors, Raymond (“Ray”) Cabillot and Nicholas (“Nick”) Swenson, who chairs
the committee. Both Nick and Ray are active investors with extensive portfolio management expertise. We leverage the experience of these
committee members to make investment decisions for the investment of our surplus operating capital or borrowed funds. Additionally, many
of our securities holdings include stocks of public companies that either Nick or Ray or both may own from time to time either individually
or through the investment funds that they manage, or other companies whose boards they sit on, such as Air T, Inc.
Inventory
Inventory
is stated at the lower of cost (first-in, first-out) or net realizable value and consists of the following (in thousands):
Schedule of inventory | |
| | |
| |
| |
September
30, 2023 | | |
June 30,
2023 | |
Raw materials/purchased components | |
$ | 7,964 | | |
$ | 8,824 | |
Work in process | |
| 4,516 | | |
| 3,686 | |
Sub-assemblies/finished components | |
| 2,146 | | |
| 2,387 | |
Finished goods | |
| 1,638 | | |
| 1,270 | |
Total inventory | |
$ | 16,264 | | |
$ | 16,167 | |
Intangibles
Intangibles
consist of the following (in thousands):
Schedule of intangibles | |
| | |
| |
| |
September
30, 2023 | | |
June 30,
2023 | |
Patent-related costs | |
$ | 208 | | |
$ | 208 | |
Less accumulated amortization | |
| (133 | ) | |
| (127 | ) |
| |
$ | 75 | | |
$ | 81 | |
Patent-related
costs consist of legal fees incurred in connection with both patent applications and a patent issuance, and will be amortized over the
estimated life of the product(s) that is or will be utilizing the technology, or expensed immediately in the event the patent office denies
the issuance of the patent. Future amortization expense is estimated to be $27,000 for fiscal 2024 and annually through fiscal 2026. All
remaining costs are expected to be fully amortized by June 30, 2026.
|
X |
- DefinitionThe entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement.
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v3.23.3
WARRANTY
|
3 Months Ended |
Sep. 30, 2023 |
Guarantees and Product Warranties [Abstract] |
|
WARRANTY |
NOTE 5. WARRANTY
The
warranty accrual is based on historical costs of warranty repairs and expected future identifiable warranty expenses and is included in
accrued expenses in the accompanying condensed consolidated balance sheets. As of September 30, 2023 and June 30, 2023, the warranty reserve
amounted to $189,000 and $200,000, respectively. Warranty expenses are included in cost of sales in the accompanying condensed consolidated
statements of operations. Changes in estimates to previously established warranty accruals result from current period updates to assumptions
regarding repair costs and warranty return rates and are included in current period warranty expense.
Information regarding the
accrual for warranty costs for the three months ended September 30, 2023 and 2022 are as follows (in thousands):
Schedule of accrual warranty costs | |
| | | |
| | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Beginning balance | |
$ | 200 | | |
$ | 340 | |
Accruals during the period | |
| 24 | | |
| 54 | |
Changes in estimates of prior period warranty accruals | |
| (2 | ) | |
| 14 | |
Warranty amortization/utilization | |
| (33 | ) | |
| (42 | ) |
Ending balance | |
$ | 189 | | |
$ | 366 | |
|
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- DefinitionThe entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.
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v3.23.3
NET INCOME (LOSS) PER SHARE
|
3 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
NET INCOME (LOSS) PER SHARE |
NOTE 6. NET INCOME (LOSS) PER SHARE
We calculate basic net
income per share by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted
income per share reflects the effects of potentially dilutive securities, which consist entirely of outstanding stock options and performance
awards.
The following table presents
reconciliations of the numerators and denominators of the basic and diluted income per share computations. For the three months ended
September 30, 2023, 64,800 dilutive securities, consisting exclusively of performance awards, were excluded from the diluted loss per
share because the impact would be anti-dilutive. In the tables below, income amounts represent the numerator, and share amounts represent
the denominator (in thousands, except per share amounts):
Schedule of net income (loss) per share
| |
| | | |
| | |
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Basic: | |
| | |
(as restated) | |
Net income (loss) | |
$ | (615 | ) | |
$ | 1,203 | |
Weighted-average shares outstanding | |
| 3,547 | | |
| 3,616 | |
Basic earnings (loss) per share | |
$ | (0.17 | ) | |
$ | 0.33 | |
Diluted: | |
| | | |
| | |
Net income (loss) | |
$ | (615 | ) | |
$ | 1,203 | |
Weighted-average shares outstanding | |
| 3,547 | | |
| 3,616 | |
Effect of dilutive securities | |
| — | | |
| 79 | |
Weighted-average shares used in calculation of diluted earnings per share | |
| 3,547 | | |
| 3,695 | |
Diluted earnings (loss) per share | |
$ | (0.17 | ) | |
$ | 0.33 | |
|
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v3.23.3
INCOME TAXES
|
3 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE 7. INCOME TAXES
Deferred
income taxes are provided on a liability method whereby deferred tax assets and liabilities
are recognized for temporary differences. Temporary
differences are the differences between the reported amounts of assets and liabilities and
their tax bases. Deferred tax assets are reduced by a valuation
allowance when, in the opinion of management, it is more-likely-than-not
that some portion or all of the deferred tax assets will not be realized.
Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and
rates on the date of enactment.
Significant
management judgment is required in determining our provision for income taxes and the recoverability of our
deferred tax assets. Such determination is based primarily on our historical taxable income or loss, with some consideration given to
our estimates of future taxable income or loss
by jurisdictions in which we operate and the period over which our deferred tax assets would be recoverable.
We
recognize accrued interest and penalties related to unrecognized tax benefits when applicable.
As of September 30, 2023 and 2022, we recognized accrued interest of $7,000 and $48,000, respectively, related to unrecognized tax benefits.
Our effective tax rate for the three months ended September 30, 2023 and 2022, is 26% and
18%, respectively. The prior year effective tax rate is less than the current year rate due primarily to a tax benefit recognized as
a result of the common stock awarded to our employees under previously granted performance awards (see Note 8).
We
are subject to U.S. federal income tax, as well as income
tax of multiple state tax jurisdictions. We are currently open to audit
under the statute of limitations by the Internal Revenue Service for the years ended June 30, 2020 and later. Our state income tax returns
are open to audit under the statute of limitations for the years ended June 30, 2019 and
later. However, because of our prior net operating losses and research credit carryovers, our tax years from June 30, 2007 are open to
audit. We do not anticipate a significant change to the
total amount of unrecognized tax benefits within the next 12 months.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
SHARE-BASED COMPENSATION
|
3 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SHARE-BASED COMPENSATION |
NOTE 8. SHARE-BASED COMPENSATION
Through 2014,
we had two equity compensation plans, the Second Amended and Restated 2004 Stock Option Plan (the
“Employee Stock Option Plan”) and the Amended and Restated 2004 Directors’ Stock Option Plan (the “Directors’
Stock Option Plan”) (collectively, the “Former Stock Option Plans”). The Employee Stock Option Plan and Directors’
Stock Option Plan were terminated in June 2014 and December 2014, respectively and there are no remaining options outstanding under either
of these Former Stock Option Plans.
In September 2016, our Board
approved the establishment of the 2016 Equity Incentive Plan, which was approved by our shareholders at our 2016 Annual Meeting. The 2016
Equity Incentive Plan provides for the award of up to 1,500,000 shares of our common stock in the form of incentive stock options, nonstatutory
stock options, stock appreciation rights, restricted shares, restricted stock units, performance awards, and other stock-based awards.
As of September 30, 2023, 200,000 performance awards and 372,000 non-qualified stock options have been granted under the 2016 Equity Incentive
Plan.
Performance Awards
In December 2017, the Compensation
Committee of our Board of Directors granted 200,000 performance awards to our employees under our 2016 Equity Incentive Plan, which will
generally be paid in shares of our common stock. Whether any performance awards vest, and the amount that does vest, is tied to the completion
of service periods that range from 7 months to 9.5 years at inception and the achievement of our common stock trading at certain pre-determined
prices. The weighted-average fair value of the performance awards granted was $4.46, calculated using the weighted-average fair market
value for each award, using a Monte Carlo simulation. In February 2020, the Compensation Committee reallocated 48,000 previously forfeited
awards, having the same remaining terms and conditions, to certain employees. The weighted-average fair value of the performance awards
reallocated in 2020 was $16.90, calculated using the weighted-average fair market value for each award, using a Monte Carlo simulation.
In December 2021, the Compensation Committee reallocated an additional 17,500 previously forfeited awards, having the same remaining terms
and conditions, to other employees. The weighted average fair value of the performance awards reallocated in 2021 was $20.34, calculated
using the weighted average fair market value for each award, using a Monte Carlo simulation. We recorded share-based compensation expense
of $15,000 and $30,000 for the three months ended September 30, 2023 and 2022, respectively, related to these performance awards. On September
30, 2023, there was approximately $83,000 of unrecognized compensation cost related to these non-vested performance awards, which is expected
to be expensed over the weighted-average period of 1.74 years.
On July 1, 2022, it was
determined by the Compensation Committee of our Board of Directors that the vesting of performance awards for 37,500 shares of common
stock had been achieved. Each participant elected a net issuance to cover their individual withholding taxes and therefore we issued 23,641
shares and paid $223,000 of participant-related payroll tax liabilities.
Non-Qualified Stock Options
In December 2020, the Compensation
Committee of our Board of Directors granted 310,000 non-qualified stock options to our directors and certain employees under the 2016
Equity Incentive Plan. The vesting of these stock options is tied to the completion of service periods that range from 18 months to 10.5
years at inception and the achievement of our common stock trading at certain pre-determined prices. We recorded compensation expense
of $168,000 and $171,000 for the three months ended September 30, 2023 and 2022, respectively, related to these options. The weighted-average
fair value of the stock option awards granted was $16.72, calculated using a Monte Carlo simulation. As of September 30, 2023, none of
these stock options had vested and there was approximately $2.2 million of unrecognized compensation cost related to these non-vested
non-qualified stock options.
In February 2021, the Compensation
Committee of our Board of Directors granted 62,000 non-qualified stock options to our directors and certain employees under the 2016 Equity
Incentive Plan. The vesting of these stock options is tied to the completion of service periods that range from 4 months to 1.3 years
at inception and the achievement of our common stock trading at certain pre-determined prices. Of these 62,000 stock options, 57,750 vested
on July 1, 2021, as our common stock met the pre-determined prices set forth in the underlying agreements and the required service periods
were already satisfied. The weighted-average fair value of the stock option awards granted was $3.16, calculated using a Monte Carlo simulation.
Employee Stock Purchase Plan
In September 2014, our Board
approved the establishment of an Employee Stock Purchase Plan (the “ESPP”). The ESPP conforms to the provisions of Section
423 of the Internal Revenue Code, has coterminous offering and purchase periods of six months, and bases the pricing to purchase shares
of our common stock on a formula so as to result in a per-share purchase price that approximates a 15% discount from the market price
of a share of our common stock at the end of the purchase period. The Board of Directors also approved the provision that shares formerly
reserved for issuance under the Former Stock Option Plans in excess of shares issuable pursuant to outstanding options, aggregating 704,715
shares, be reserved for issuance pursuant to the ESPP. The ESPP was approved by our shareholders at our 2014 Annual Meeting.
During the first quarters
ended September 30, 2023 and 2022, 2,021 and 2,503 shares were purchased, respectively, under the ESPP and allocated to employees based
upon their contributions at discount prices of $15.82 and $13.52, respectively, per share. As of September 30, 2023, on a cumulative basis,
since the inception of the ESPP plan, employees have purchased a total of 34,519 shares. During each of the three months ended September
30, 2023 and 2022, we recorded stock compensation expense in the amount of $6,000 relating to the ESPP.
|
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
MAJOR CUSTOMERS & SUPPLIERS
|
3 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
MAJOR CUSTOMERS & SUPPLIERS |
NOTE 9. MAJOR CUSTOMERS & SUPPLIERS
Information
with respect to customers that accounted for sales in excess of 10% of our total sales in
either of the three-month periods ended September 30,
2023 and 2022 is as follows (in thousands, except percentages):
Schedule of sales by major customers | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
Amount | | |
Percent of Total | | |
Amount | | |
Percent of Total | |
| |
| |
Total revenue | |
$ | 11,938 | | |
| 100 | % | |
$ | 11,087 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | |
Customer concentration: | |
| | | |
| | | |
| | | |
| | |
Customer 1 | |
$ | 8,375 | | |
| 70 | % | |
$ | 7,481 | | |
| 68 | % |
Customer 2 | |
| 1,209 | | |
| 10 | % | |
| 2,156 | | |
| 19 | % |
Customer 3 | |
| 1,165 | | |
| 10 | % | |
| 120 | | |
| 1 | % |
Total | |
$ | 10,749 | | |
| 90 | % | |
$ | 9,757 | | |
| 88 | % |
| |
| | | |
| | | |
| | | |
| | |
Information
with respect to accounts receivable from those customers that comprised more than 10% of our gross accounts receivable at either
September 30, 2023 and June 30, 2023 is as follows (in thousands, except percentages):
Schedule of accounts receivable | |
| | | |
| | | |
| | | |
| | |
| |
September
30, 2023 | | |
June 30,
2023 | |
Total gross accounts receivable | |
$ | 11,034 | | |
| 100 | % | |
$ | 9,952 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | |
Customer concentration: | |
| | | |
| | | |
| | | |
| | |
Customer 1. | |
$ | 7,900 | | |
| 72 | % | |
$ | 7,231 | | |
| 73 | % |
Customer 2. | |
| 2,347 | | |
| 21 | % | |
| 1,951 | | |
| 19 | % |
Total. | |
$ | 10,247 | | |
| 93 | % | |
$ | 9,182 | | |
| 92 | % |
During the three months ended
September 30, 2023 and 2022, we had three suppliers that each accounted for more than 10% of total inventory purchases. Amounts owed to
the fiscal 2023 significant suppliers at September 30, 2023 totaled $1.1 million, $181,000 and $137,000, respectively, and at June 30,
2023 totaled $621,000, $158,000 and $41,000, respectively.
|
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v3.23.3
NOTES PAYABLE AND FINANCING TRANSACTIONS
|
3 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE AND FINANCING TRANSACTIONS |
NOTE 10. NOTES PAYABLE AND FINANCING TRANSACTIONS
Minnesota Bank & Trust (“MBT”)
On
November 6, 2020 (the “Closing Date”), PDEX Franklin, a newly created wholly owned subsidiary of the Company, purchased the
Franklin Property. A portion of the purchase price was financed by a loan from MBT to PDEX Franklin in the principal amount of approximately
$5.2 million (the “Property Loan”) pursuant to a Loan Agreement, dated as of the Closing Date, between PDEX Franklin and MBT
(the “Property Loan Agreement”) and corresponding Term Note (the “Property Note”) issued by PDEX Franklin in favor
of MBT on the Closing Date. The Property Loan is secured by the Franklin Property pursuant to a Deed of Trust with Assignment of Leases
and Rents, Security Agreement and Fixture Filing in favor of MBT (the “Deed”) and by an Assignment of Leases and Rents by
PDEX Franklin in favor of MBT (the “Rents Assignment”). We paid loan origination fees to MBT on the Closing Date in the amount
of $26,037.
The
Property Loan bears interest at a fixed rate of 3.55% per annum, which is subject to a 3% increase upon an event of default. Accrued interest
was paid on December 1, 2020, and both principal and interest in the amount of approximately $30,000 are due and payable on the first
day of each subsequent month until the maturity date of November 1, 2030 (the “Maturity Date”), at which time a balloon payment
in the amount of $3.1 million is due. Any prepayment of the Property Loan (other than monthly scheduled interest and principal payments),
is subject to a prepayment fee equal to 4% of the principal amount prepaid for any prepayment made during the first or second year, 3%
of the principal amount prepaid for any prepayment made during the third or fourth year, 2% of the principal amount prepaid for any prepayment
made during the fifth or sixth year, and 1% of the principal amount prepaid for any prepayment made during the seventh or eighth year.
The Property Loan Agreement, Property Note, Deed, and Rents Assignment each contain representations, warranties, covenants, and events
of default that are customary for a loan of this type. The balance owed on the Property Loan at September 30, 2023 is $4,698,000.
On
the Closing Date, we also entered into an Amended and Restated Credit Agreement with MBT (the “Amended Credit Agreement”),
providing for a $7,525,000 amended and restated term loan (the “Term Loan A”), a $1,000,000 term loan (the “Term Loan
B”), and a $2,000,000 amended and restated revolving loan (the “Revolving Loan” and, together with the Term Loan A and
the Term Loan B, collectively, the “Loans”), evidenced by an Amended and Restated Term Note A (“Term Note A”),
a Term Note B, and an Amended and Restated Revolving Credit Note (the “Revolving Note”) made by us in favor of MBT. The Loans
are secured by substantially all of the Company’s assets pursuant to a Security Agreement entered into on September 6, 2018 between
the Company and MBT. The Term Note A had an outstanding principal balance of $3,770,331 as of the Closing Date and could be borrowed against
through May 30, 2021 (the “Commitment Period”). During the third quarter ended March 31, 2021, we borrowed an additional $3,000,000
against Term Note A for the purpose of repurchasing our common stock as described in Note 11. The Term Note B had a zero balance as of
the Closing Date and we borrowed the full $1,000,000 during the third quarter ended March 31, 2021, for the purpose of making improvements
to the Franklin Property.
The
Term Loan A matures on November 1, 2027 and bears interest at a fixed rate of 3.84% per annum. Initial payments on the Term Loan A of
interest only were due on December 1, 2020 through June 1, 2021. Commencing July 1, 2021 and continuing on the first day of each month
thereafter until the maturity date, we are required to make payments of principal and interest on Term Loan A of approximately $97,000
plus any additional accrued and unpaid interest through the date of payment. The balance owed on Term Loan A as of September 30, 2023,
is $4,586,000.
The
Term Loan B matures on November 1, 2027 and bears interest at a fixed rate of 3.84% per annum. Initial payments on the Term Loan B of
interest only were due on December 1, 2020 through June 1, 2021. Commencing July 1, 2021 and continuing on the first day of each month
thereafter until the maturity date, we are required to make payments of principal and interest on Term Loan B of approximately $15,000,
plus any additional accrued and unpaid interest through the date of payment. As of March 31, 2021, we had drawn fully against Term Note
B and the balance outstanding on Term Note B was $683,000 on September 30, 2023.
On December 29, 2022 (the “Amendment
Date”), we entered into Amendment No. 2 to Amended and Restated Credit Agreement (the “Amendment”) with MBT, which amends
the Amended Credit Agreement and provides for a supplemental line of credit in the amount of $3,000,000 (the “Supplemental Loan”).
The Supplemental Loan is evidenced by a Supplemental Revolving Credit Note (the “Supplemental Note”) made by us in favor of
MBT. The purpose of the Supplemental Loan is for financing acquisitions and repurchasing shares of our common stock. The Supplemental
Loan may be borrowed against from time to time through its maturity date of December 29, 2024, on the terms set forth in the Amended Credit
Agreement. As of September 30, 2023, no amounts have been drawn against the Supplemental Loan.
The Revolving Loan was also amended
(the “Amended Revolving Loan”) in connection with the Amendment to extend the
maturity date from November 5, 2023 to December 29, 2024, to increase the Revolving Loan facility from $2,000,000
to $7,000,000,
and to increase the interest rate on the Revolving Loan (as described below), evidenced by an Amended and Restated Revolving Credit Note
(the “Amended Revolving Note”) made by us in favor of MBT. The Amended Revolving Loan may be borrowed against from time to
time by us through its maturity date on the terms set forth in the Amended Credit Agreement. As of September 30, 2023, we had drawn $1,500,000
against the Amended Revolving Loan. Loan origination fees in the amount of $16,000 were
paid to MBT in conjunction with the Amended Revolving Loan and the Supplemental Loan.
The Amended Revolving Loan and
Supplemental Loan bear interest at an annual rate equal to the greater of (a) 5.0% or (b) SOFR for a one-month period from the website
of the CME Group Benchmark Administration Limited plus 2.5% (the “Adjusted Term SOFR Rate”). Commencing on the first day of
each month after we initially borrow against the Amended Revolving Loan and/or the Supplemental Loan and each month thereafter until maturity,
we are required to pay all accrued and unpaid interest on the Amended Revolving Loan and Supplemental Loan through the date of payment.
Any principal on the Amended Revolving Loan and/or Supplemental Loan that is not previously prepaid shall be due and payable in full on
the maturity date (or earlier termination of the Amended Revolving Loan and/or Supplemental Loan).
Any
payment on the Term Loan A, the Term Loan B, the Amended Revolving Loan or the Supplemental Loan (collectively, the “Loans”)
not made within seven days after the due date is subject to a late payment fee equal to 5% of the overdue amount. Upon the occurrence
and during the continuance of an event of default, the interest rate of all Loans will be increased by 3% and MBT may, at its option,
declare all of the Loans immediately due and payable in full.
The
Amended Credit Agreement, Amended Security Agreement, Term Note A, Term Note B, Amended Revolving Note and Supplemental Note contain representations
and warranties, affirmative, negative and financial covenants, and events of default that are customary for loans of this type. In October
2023, we obtained a waiver from MBT extending the deadline to provide our audited financial statements for the fiscal year ended June
30, 2023 to November 15, 2023. We provided our audited financial statements to MBT on October 13, 2023. We believe that we are in compliance
with all of our debt covenants as of September 30, 2023, except for the aforementioned covenant for which we obtained and complied with
a waiver, but there can be no assurance that we will remain in compliance for the duration of the term of these loans.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
COMMON STOCK
|
3 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
COMMON STOCK |
NOTE 11. COMMON
STOCK
Share Repurchase Program
In December 2019, our Board
approved a new share repurchase program authorizing us to repurchase up to 1 million shares of our common stock, as the prior repurchase
plan authorized by our Board in 2013 was nearing completion. In accordance with, and as part of, these share repurchase programs, our
Board has approved the adoption of several prearranged share repurchase plans intended to qualify for the safe harbor Rule 10b5-1 under
the Securities Exchange Act of 1934, as amended (“10b5-1 Plan” or “Plan”). During the quarter ended September
30, 2023 we did not repurchase any shares. During the quarter ended September 30, 2022, we repurchased 20,853 shares at an aggregate cost,
inclusive of fees under the plan, of $354,000. On a cumulative basis since 2013, we have repurchased a total of 1,197,168 shares under
the share repurchase programs at an aggregate cost, inclusive of fees, of $17.2 million. All repurchases under the 10b5-1 Plans were administered
through an independent broker.
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- DefinitionThe entire disclosure for equity.
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v3.23.3
LEASES
|
3 Months Ended |
Sep. 30, 2023 |
Leases |
|
LEASES |
NOTE 12. LEASES
Our operating lease right-of-use
asset and long-term liability are presented separately on our condensed consolidated balance sheet. The current portion of our operating
lease liability as of September 30, 2023, in the amount of $425,000, is presented within accrued expenses on the condensed consolidated
balance sheet.
As of September 30, 2023,
our operating lease has a remaining lease term of four years and an imputed interest rate of 5.53%. Cash paid for amounts included in
the lease liability was $127,000 for the three months ended September 30, 2023, excluding $12,000 paid for common area maintenance charges.
As of September 30, 2023,
the maturity of our lease liability is as follows (in thousands):
Schedule of maturities of lease liability | | |
| | |
| | |
Operating
Lease | |
Fiscal Year: | | |
| | |
2024 | | |
$ | 392 | |
2025 | | |
| 535 | |
2026 | | |
| 551 | |
2027 | | |
| 567 | |
2028 | | |
| 143 | |
Total lease payments | | |
| 2,188 | |
Less imputed interest | | |
| (233 | ) |
Total | | |
$ | 1,955 | |
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 13. COMMITMENTS AND CONTINGENCIES
Legal Matters
We may be involved from time to
time in legal proceedings arising either in the ordinary course of our business or incidental to our business. There can be no certainty,
however, that we may not ultimately incur liability or that such liability will not be material or adverse.
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v3.23.3
BASIS OF PRESENTATION (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of changes in financial statement |
Schedule of changes in financial statement | |
| | | |
| | | |
| | |
| |
As Previously
Reported | | |
Restatement | | |
As Restated | |
| |
| | |
| | |
| |
Unrealized gain(loss) on investments | |
$ | 250 | | |
$ | 175 | (a) | |
$ | 425 | |
Total other income (expense) | |
| 344 | | |
| 175 | | |
| 519 | |
Income tax expense | |
| 218 | | |
| 48 | (b) | |
| 266 | |
Net income | |
| 1,076 | | |
| 127 | | |
| 1,203 | |
Basic income per share | |
$ | 0.30 | | |
$ | 0.03 | | |
$ | 0.33 | |
Diluted income per share | |
$ | 0.29 | | |
$ | 0.04 | | |
$ | 0.33 | |
| (a) | This amount represents the unrealized gain on the Monogram Warrant for the three months ended September 30, 2022. |
| (b) | This amount represents the income tax expense related to the unrealized gain on the Monogram Warrant for
the three months ended September 30, 2022. |
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v3.23.3
NET SALES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of disaggregation of net sales |
Schedule of disaggregation of net sales | |
| | | |
| | |
| |
Three
months ended September 30, | |
| |
2023 | | |
2022 | |
Net Sales: | |
| | | |
| | |
Over-time revenue recognition | |
$ | 190 | | |
$ | 907 | |
Point-in-time revenue recognition | |
| 11,748 | | |
| 10,180 | |
Total net sales | |
$ | 11,938 | | |
$ | 11,087 | |
|
Schedule of contract assets and liability |
Schedule of contract assets and liability | |
| | | |
| | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Contract assets beginning balance | |
$ | 494 | | |
$ | 710 | |
Expenses incurred during the year | |
| 219 | | |
| 333 | |
Amounts reclassified to cost of sales | |
| (105 | ) | |
| (448 | ) |
Amounts allocated to discounts for standalone selling price | |
| (17 | ) | |
| (8 | ) |
Contract assets ending balance | |
$ | 591 | | |
$ | 587 | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Contract liabilities beginning balance | |
$ | — | | |
$ | 1,013 | |
Payments received from customers | |
| 43 | | |
| 389 | |
Amounts reclassified to revenue | |
| (43 | ) | |
| (551 | ) |
Contract liabilities ending balance | |
$ | — | | |
$ | 851 | |
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v3.23.3
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of investments |
Schedule of investments | |
| | | |
| | |
| |
September
30, 2023 | | |
June 30,
2023 | |
Current: | |
| | | |
| | |
Marketable equity securities – short-term | |
$ | 1,010 | | |
$ | 1,134 | |
Long-term: | |
| | | |
| | |
Warrant | |
| 3,670 | | |
| 6,160 | |
Marketable equity securities – long-term | |
| 1,422 | | |
| 1,361 | |
Total Investments | |
$ | 6,102 | | |
$ | 8,655 | |
|
Schedule of assumptions used |
Schedule of assumptions used | |
| | |
| |
| |
September 30, 2023 | | |
June 30, 2023 | |
Stock Price (common) | |
$ | 2.60 | | |
$ | 3.98 | |
Strike Price (common) | |
$ | .68 | | |
$ | .69 | |
Time until expiration (years) | |
| 2.22 | | |
| 2.48 | |
Volatility | |
| 60.0% | | |
| 60.0% | |
Risk-free interest rate | |
| 5.03% | | |
| 4.68% | |
|
Schedule of inventory |
Schedule of inventory | |
| | |
| |
| |
September
30, 2023 | | |
June 30,
2023 | |
Raw materials/purchased components | |
$ | 7,964 | | |
$ | 8,824 | |
Work in process | |
| 4,516 | | |
| 3,686 | |
Sub-assemblies/finished components | |
| 2,146 | | |
| 2,387 | |
Finished goods | |
| 1,638 | | |
| 1,270 | |
Total inventory | |
$ | 16,264 | | |
$ | 16,167 | |
|
Schedule of intangibles |
Schedule of intangibles | |
| | |
| |
| |
September
30, 2023 | | |
June 30,
2023 | |
Patent-related costs | |
$ | 208 | | |
$ | 208 | |
Less accumulated amortization | |
| (133 | ) | |
| (127 | ) |
| |
$ | 75 | | |
$ | 81 | |
|
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v3.23.3
WARRANTY (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Guarantees and Product Warranties [Abstract] |
|
Schedule of accrual warranty costs |
Schedule of accrual warranty costs | |
| | | |
| | |
| |
As of
and for the Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
Beginning balance | |
$ | 200 | | |
$ | 340 | |
Accruals during the period | |
| 24 | | |
| 54 | |
Changes in estimates of prior period warranty accruals | |
| (2 | ) | |
| 14 | |
Warranty amortization/utilization | |
| (33 | ) | |
| (42 | ) |
Ending balance | |
$ | 189 | | |
$ | 366 | |
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v3.23.3
NET INCOME (LOSS) PER SHARE (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of net income (loss) per share |
Schedule of net income (loss) per share
| |
| | | |
| | |
| |
Three
Months Ended September 30, | |
| |
2023 | | |
2022 | |
Basic: | |
| | |
(as restated) | |
Net income (loss) | |
$ | (615 | ) | |
$ | 1,203 | |
Weighted-average shares outstanding | |
| 3,547 | | |
| 3,616 | |
Basic earnings (loss) per share | |
$ | (0.17 | ) | |
$ | 0.33 | |
Diluted: | |
| | | |
| | |
Net income (loss) | |
$ | (615 | ) | |
$ | 1,203 | |
Weighted-average shares outstanding | |
| 3,547 | | |
| 3,616 | |
Effect of dilutive securities | |
| — | | |
| 79 | |
Weighted-average shares used in calculation of diluted earnings per share | |
| 3,547 | | |
| 3,695 | |
Diluted earnings (loss) per share | |
$ | (0.17 | ) | |
$ | 0.33 | |
|
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v3.23.3
MAJOR CUSTOMERS & SUPPLIERS (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Schedule of sales by major customers |
Schedule of sales by major customers | |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
Amount | | |
Percent of Total | | |
Amount | | |
Percent of Total | |
| |
| |
Total revenue | |
$ | 11,938 | | |
| 100 | % | |
$ | 11,087 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | |
Customer concentration: | |
| | | |
| | | |
| | | |
| | |
Customer 1 | |
$ | 8,375 | | |
| 70 | % | |
$ | 7,481 | | |
| 68 | % |
Customer 2 | |
| 1,209 | | |
| 10 | % | |
| 2,156 | | |
| 19 | % |
Customer 3 | |
| 1,165 | | |
| 10 | % | |
| 120 | | |
| 1 | % |
Total | |
$ | 10,749 | | |
| 90 | % | |
$ | 9,757 | | |
| 88 | % |
| |
| | | |
| | | |
| | | |
| | |
|
Schedule of accounts receivable |
Schedule of accounts receivable | |
| | | |
| | | |
| | | |
| | |
| |
September
30, 2023 | | |
June 30,
2023 | |
Total gross accounts receivable | |
$ | 11,034 | | |
| 100 | % | |
$ | 9,952 | | |
| 100 | % |
| |
| | | |
| | | |
| | | |
| | |
Customer concentration: | |
| | | |
| | | |
| | | |
| | |
Customer 1. | |
$ | 7,900 | | |
| 72 | % | |
$ | 7,231 | | |
| 73 | % |
Customer 2. | |
| 2,347 | | |
| 21 | % | |
| 1,951 | | |
| 19 | % |
Total. | |
$ | 10,247 | | |
| 93 | % | |
$ | 9,182 | | |
| 92 | % |
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v3.23.3
LEASES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
Leases |
|
Schedule of maturities of lease liability |
Schedule of maturities of lease liability | | |
| | |
| | |
Operating
Lease | |
Fiscal Year: | | |
| | |
2024 | | |
$ | 392 | |
2025 | | |
| 535 | |
2026 | | |
| 551 | |
2027 | | |
| 567 | |
2028 | | |
| 143 | |
Total lease payments | | |
| 2,188 | |
Less imputed interest | | |
| (233 | ) |
Total | | |
$ | 1,955 | |
|
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v3.23.3
BASIS OF PRESENTATION (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Unrealized gain(loss) on investments |
|
$ (2,553)
|
$ 425
|
Total other income (expense) |
|
(2,662)
|
519
|
Income before income taxes |
|
(829)
|
1,469
|
Income tax expense |
|
(214)
|
266
|
Net income |
|
$ (615)
|
$ 1,203
|
Basic income per share |
|
$ (0.17)
|
$ 0.33
|
Diluted income per share |
|
$ (0.17)
|
$ 0.33
|
Previously Reported [Member] |
|
|
|
Unrealized gain(loss) on investments |
|
|
$ 250
|
Total other income (expense) |
|
|
344
|
Income before income taxes |
|
|
1,294
|
Income tax expense |
|
|
218
|
Net income |
|
|
$ 1,076
|
Basic income per share |
|
|
$ 0.30
|
Diluted income per share |
|
|
$ 0.29
|
Revision of Prior Period, Error Correction, Adjustment [Member] |
|
|
|
Unrealized gain(loss) on investments |
[1] |
|
$ 175
|
Total other income (expense) |
|
|
175
|
Income before income taxes |
|
|
175
|
Income tax expense |
[2] |
|
48
|
Net income |
|
|
$ 127
|
Basic income per share |
|
|
$ 0.03
|
Diluted income per share |
|
|
$ 0.04
|
|
|
X |
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COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Schedule of investments) (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Current: |
|
|
Marketable equity securities – short-term |
$ 1,010
|
$ 1,134
|
Long-term: |
|
|
Warrant |
3,670
|
6,160
|
Marketable equity securities – long-term |
1,422
|
1,361
|
Total Investments |
$ 6,102
|
$ 8,655
|
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Sep. 30, 2023 |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Raw materials/purchased components |
$ 7,964
|
$ 8,824
|
Work in process |
4,516
|
3,686
|
Sub-assemblies/finished components |
2,146
|
2,387
|
Finished goods |
1,638
|
1,270
|
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$ 16,264
|
$ 16,167
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v3.23.3
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Details Narrative) - USD ($)
|
3 Months Ended |
12 Months Ended |
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Oct. 06, 2023 |
Subsequent Event [Line Items] |
|
|
|
Available for sale securities amortized costs |
$ 2,714,000
|
$ 2,714,000
|
|
Investments included net unrealized gains (losses) |
200,000
|
(219,000)
|
|
Gross unrealized gains |
362,000
|
67,000
|
|
Gross unrealized losses |
162,000
|
286,000
|
|
Marketable equity securities |
1,010,000
|
$ 1,134,000
|
|
Future amortization expense |
$ 27,000
|
|
|
Monogram Orthopaedics Inc [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Exercisable warrants |
1,825,405
|
1,823,058
|
|
Estimated fair value of warrant |
$ 3,670,000
|
$ 6,160,000
|
|
Subsequent Event [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Cash |
|
|
$ 1,250,000
|
Common stock shares |
|
|
1,828,551
|
Closing price |
|
|
$ 2.67
|
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v3.23.3
NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Basic: |
|
|
Net income (loss) |
$ (615)
|
$ 1,203
|
Weighted-average shares outstanding |
3,547
|
3,616
|
Basic earnings (loss) per share |
$ (0.17)
|
$ 0.33
|
Diluted: |
|
|
Net income (loss) |
$ (615)
|
$ 1,203
|
Weighted-average shares outstanding |
3,547
|
3,616
|
Effect of dilutive securities |
|
79
|
Weighted-average shares used in calculation of diluted earnings per share |
3,547
|
3,695
|
Diluted earnings (loss) per share |
$ (0.17)
|
$ 0.33
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v3.23.3
SHARE-BASED COMPENSATION (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
|
Jul. 02, 2022 |
Jul. 02, 2021 |
Dec. 31, 2021 |
Feb. 28, 2021 |
Dec. 31, 2020 |
Feb. 28, 2020 |
Dec. 31, 2017 |
Sep. 30, 2014 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2016 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average remaining contractual life |
|
|
|
|
|
|
|
|
1 year 8 months 26 days
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
$ 189,000
|
$ 207,000
|
|
Performance Shares [Member] |
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of awards granted during period |
37,500
|
|
|
|
|
|
200,000
|
|
|
|
|
Period for award description |
|
|
|
|
|
|
completion
of service periods that range from 7 months to 9.5 years at inception and the achievement of our common stock trading at certain pre-determined
prices.
|
|
|
|
|
Weighted average fair value |
|
|
|
|
|
|
$ 4.46
|
|
|
|
|
Aggregate share-based compensation expense |
|
|
|
|
|
|
|
|
15,000
|
30,000
|
|
Unrecognized compensation cost |
|
|
|
|
|
|
|
|
$ 83,000
|
|
|
Number of shares issued |
23,641
|
|
|
|
|
|
|
|
|
|
|
Payment, tax withholding |
$ 223,000
|
|
|
|
|
|
|
|
|
|
|
Previously Forfeited Awards [Member] |
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of awards granted during period |
|
|
17,500
|
|
|
48,000
|
|
|
|
|
|
Weighted average fair value |
|
|
$ 20.34
|
|
|
$ 16.90
|
|
|
|
|
|
Equity Incentive Plan 2016 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares available to be awarded |
|
|
|
|
|
|
|
|
|
|
1,500,000
|
Number of awards granted during period |
|
|
|
|
|
|
|
|
200,000
|
|
|
Equity Incentive Plan 2016 [Member] | Non Qualified Stock Options [Member] |
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of awards granted during period |
|
|
|
|
|
|
|
|
372,000
|
|
|
Equity Incentive Plan 2016 [Member] | Non Qualified Stock Options [Member] | Directors And Certain Employees [Member] |
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of awards granted during period |
|
|
|
62,000
|
310,000
|
|
|
|
|
|
|
Period for award description |
|
|
|
completion of service periods that range from 4 months to 1.3 years
at inception and the achievement of our common stock trading at certain pre-determined prices.
|
completion of service periods that range from 18 months to 10.5
years at inception and the achievement of our common stock trading at certain pre-determined prices.
|
|
|
|
|
|
|
Weighted average fair value |
|
|
|
$ 3.16
|
$ 16.72
|
|
|
|
|
|
|
Aggregate share-based compensation expense |
|
|
|
|
|
|
|
|
$ 168,000
|
$ 171,000
|
|
Unrecognized compensation cost |
|
|
|
|
|
|
|
|
$ 2,200,000
|
|
|
Option options vested |
|
57,750
|
|
|
|
|
|
|
|
|
|
Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Description of plan |
|
|
|
|
|
|
|
offering and purchase periods of six months, and bases the pricing to purchase shares
of our common stock on a formula so as to result in a per-share purchase price that approximates a 15% discount from the market price
of a share of our common stock at the end of the purchase period.
|
|
|
|
Number of shares reserved for future issuance |
|
|
|
|
|
|
|
704,715
|
|
|
|
Shares purchased |
|
|
|
|
|
|
|
|
2,021
|
2,503
|
|
Contributions price |
|
|
|
|
|
|
|
|
$ 15.82
|
$ 13.52
|
|
Number of shares options purchased |
|
|
|
|
|
|
|
|
34,519
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
$ 6,000
|
$ 6,000
|
|
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v3.23.3
MAJOR CUSTOMERS AND SUPPLIERS (Sales) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Concentration Risk [Line Items] |
|
|
Total revenue |
$ 11,938
|
$ 11,087
|
Sales [Member] | Customer Concentration Risk [Member] | Customer [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total revenue |
$ 11,938
|
$ 11,087
|
Percentage of concentrations risk |
100.00%
|
100.00%
|
Sales [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total revenue |
$ 8,375
|
$ 7,481
|
Percentage of concentrations risk |
70.00%
|
68.00%
|
Sales [Member] | Customer Concentration Risk [Member] | Customer 2 [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total revenue |
$ 1,209
|
$ 2,156
|
Percentage of concentrations risk |
10.00%
|
19.00%
|
Sales [Member] | Customer Concentration Risk [Member] | Customer 3 [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total revenue |
$ 1,165
|
$ 120
|
Percentage of concentrations risk |
10.00%
|
1.00%
|
Sales [Member] | Customer Concentration Risk [Member] | Customer Total [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total revenue |
$ 10,749
|
$ 9,757
|
Percentage of concentrations risk |
90.00%
|
88.00%
|
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v3.23.3
MAJOR CUSTOMERS AND SUPPLIERS (Accounts Receivable) (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member] - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Customer [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total gross accounts receivable |
$ 11,034
|
$ 9,952
|
Percentage of concentrations risk |
100.00%
|
100.00%
|
Customer 1 [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total gross accounts receivable |
$ 7,900
|
$ 7,231
|
Percentage of concentrations risk |
72.00%
|
73.00%
|
Customer 2 [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total gross accounts receivable |
$ 2,347
|
$ 1,951
|
Percentage of concentrations risk |
21.00%
|
19.00%
|
Customer Total [Member] |
|
|
Concentration Risk [Line Items] |
|
|
Total gross accounts receivable |
$ 10,247
|
$ 9,182
|
Percentage of concentrations risk |
93.00%
|
92.00%
|
X |
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v3.23.3
MAJOR CUSTOMERS & SUPPLIERS (Details Narrative) - USD ($)
|
3 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Concentration Risk [Line Items] |
|
|
|
Total accounts payable |
$ 2,740,000
|
|
$ 2,261,000
|
Purchase [Member] | Supplier Concentration Risk [Member] | Supplier 1 [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Percentage of concentrations risk |
10.00%
|
10.00%
|
|
Total accounts payable |
$ 1,100,000
|
|
621,000
|
Purchase [Member] | Supplier Concentration Risk [Member] | Supplier 2 [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Percentage of concentrations risk |
10.00%
|
10.00%
|
|
Total accounts payable |
$ 181,000
|
|
158,000
|
Purchase [Member] | Supplier Concentration Risk [Member] | Supplier 3 [Member] |
|
|
|
Concentration Risk [Line Items] |
|
|
|
Percentage of concentrations risk |
10.00%
|
10.00%
|
|
Total accounts payable |
$ 137,000
|
|
$ 41,000
|
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v3.23.3
NOTES PAYABLE AND FINANCING TRANSACTIONS (Details Narrative) - USD ($)
|
|
3 Months Ended |
|
|
Nov. 06, 2020 |
Sep. 30, 2023 |
Dec. 29, 2022 |
Mar. 31, 2021 |
Term Loan A [Member] | Minnesota Bank and Trust [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt instrument, face amount |
$ 7,525,000
|
|
|
|
Periodic payment of principal and interest |
$ 97,000
|
|
|
|
Maturity date |
Nov. 01, 2027
|
|
|
|
Debt outstanding |
|
$ 4,586,000
|
|
|
Interest rate |
3.84%
|
|
|
|
Term Loan B [Member] | Minnesota Bank and Trust [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt instrument, face amount |
$ 1,000,000
|
|
|
|
Periodic payment of principal and interest |
$ 15,000
|
|
|
|
Maturity date |
Nov. 01, 2027
|
|
|
|
Debt outstanding |
|
683,000
|
|
|
Interest rate |
3.84%
|
|
|
|
Loans [Member] | Minnesota Bank and Trust [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt instrument, face amount |
$ 2,000,000
|
|
|
|
Term Note A [Member] | Minnesota Bank and Trust [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt outstanding |
$ 3,770,331
|
|
|
|
Amount borrowed for repurchase of common stock |
|
|
|
$ 3,000,000
|
Term Note B [Member] | Minnesota Bank and Trust [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Amount borrowed for property improvements |
|
|
|
$ 1,000,000
|
Revolving Loan [Member] | Minnesota Bank and Trust [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Loan origination fees paid |
|
16,000
|
|
|
Debt instrument, maturity date, description |
the
maturity date from November 5, 2023 to December 29, 2024
|
|
|
|
Loans Payable |
|
1,500,000
|
|
|
Revolving Loan [Member] | Minnesota Bank and Trust [Member] | Minimum [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Loan facility amount |
|
|
$ 2,000,000
|
|
Revolving Loan [Member] | Minnesota Bank and Trust [Member] | Maximum [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Loan facility amount |
|
|
$ 7,000,000
|
|
Minnesota Bank and Trust [Member] | Property Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt instrument, face amount |
$ 5,200,000
|
|
|
|
Loan origination fees paid |
$ 26,037
|
|
|
|
Interest rate |
3.55%
|
|
|
|
Periodic payment of principal and interest |
$ 30,000
|
|
|
|
Maturity date |
Nov. 01, 2030
|
|
|
|
Balloon payment |
$ 3,100,000
|
|
|
|
Description of prepayment |
Any prepayment of the Property Loan (other than monthly scheduled interest and principal payments),
is subject to a prepayment fee equal to 4% of the principal amount prepaid for any prepayment made during the first or second year, 3%
of the principal amount prepaid for any prepayment made during the third or fourth year, 2% of the principal amount prepaid for any prepayment
made during the fifth or sixth year, and 1% of the principal amount prepaid for any prepayment made during the seventh or eighth year.
|
|
|
|
Debt outstanding |
|
$ 4,698,000
|
|
|
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v3.23.3
COMMON STOCK (Details Narrative) - 10b5-1 Plan [Member] - Share Repurchase Program [Member] - USD ($)
|
|
3 Months Ended |
Dec. 31, 2019 |
Sep. 30, 2022 |
Equity, Class of Treasury Stock [Line Items] |
|
|
Number of shares repurchased, shares |
|
20,853
|
Number of shares repurchased, value |
|
$ 354,000
|
Cumulative Basis [Member] |
|
|
Equity, Class of Treasury Stock [Line Items] |
|
|
Number of shares repurchased, shares |
1,197,168
|
|
Number of shares repurchased, value |
$ 17,200,000
|
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