Espey Mfg. & Electronics (ESP) 10-Q13 Nov 242025 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Information [Line Items]
Entity Registrant Name	ESPEY MFG. & ELECTRONICS CORP.
Entity Central Index Key	0000033533
Entity File Number	1-4383
Entity Tax Identification Number	14-1387171
Entity Incorporation, State or Country Code	NY
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	233 Ballston Avenue
Entity Address, City or Town	Saratoga Springs
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12866
Entity Phone Fax Numbers [Line Items]
City Area Code	518
Local Phone Number	245-4400
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock $.33-1/3 par value
Trading Symbol	ESP
Security Exchange Name	NYSEAMER
Entity Common Stock, Shares Outstanding		2,790,998

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2024	Jun. 30, 2024
ASSETS
Cash and cash equivalents	$ 4,813,898	$ 4,351,970
Investment securities	18,660,742	18,878,631
Trade accounts receivable, less allowance for credit losses of $3,000	7,018,823	6,635,490
Inventories:
Raw materials	1,665,648	1,693,448
Work-in-process	1,743,175	1,645,973
Costs related to contracts in process	16,026,844	15,904,588
Total inventories	19,435,667	19,244,009
Deferred tax assets	851,362	895,154
Prepaid expenses and other current assets	2,993,354	3,231,402
Total current assets	53,773,846	53,236,656
Property, plant and equipment, net	3,861,245	3,306,275
Total assets	57,635,091	56,542,931
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	3,921,893	3,751,209
Accrued expenses:
Salaries and wages	657,183	928,163
Vacation	526,246	511,144
ESOP payable	70,323
Other	862,564	757,552
Payroll and other taxes withheld	59,067	56,862
Contract liabilities	8,715,610	9,043,422
Income taxes payable	329,149	220,607
Total current liabilities	15,142,035	15,268,959
Total liabilities	15,142,035	15,268,959
Commitments and contingencies (See Note 5)
Authorized 10,000,000 shares; Issued 3,129,874 shares as of September 30, 2024 and June 30, 2024. Outstanding 2,744,458 and 2,733,958 shares as of September 30, 2024 and June 30, 2024, respectively (includes 206,070 and 211,487 Unearned ESOP shares, respectively)	1,043,291	1,043,291
Capital in excess of par value	24,111,147	23,930,428
Accumulated other comprehensive gain	14,236	6,544
Retained earnings	26,969,864	26,004,790
Total stockholders equity before ESOP	52,138,538	50,985,053
Less: Unearned ESOP shares	(3,868,093)	(3,868,093)
Cost of 385,416 and 395,916 shares of common stock in treasury as of September 30, 2024 and June 30, 2024, respectively	(5,777,389)	(5,842,988)
Total stockholders’ equity	42,493,056	41,273,972
Total liabilities and stockholders' equity	$ 57,635,091	$ 56,542,931

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance (in Dollars)	$ 3,000	$ 3,000
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	3,129,874	3,129,874
Common stock, shares outstanding	2,744,458	2,733,958
Unearned ESOP shares	206,070	211,487
Common stock, par value (in Dollars per share)	$ 0.33	$ 0.33
Treasury stock, shares	385,416	395,916

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
Statements of Comprehensive Income (Unaudited) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 10,443,218	$ 8,568,214
Cost of sales	7,642,336	6,322,837
Gross profit	2,800,882	2,245,377
Selling, general and administrative expenses	1,081,669	1,023,681
Operating income	1,719,213	1,221,696
Other income
Interest income	267,617	147,430
Other	10,791	14,143
Total other income	278,408	161,573
Income before provision for income taxes	1,997,621	1,383,269
Provision for income taxes	399,304	288,725
Net income	1,598,317	1,094,544
Other comprehensive income, net of tax
Unrealized gain on investment securities	7,692	1,795
Total comprehensive income	$ 1,606,009	$ 1,096,339
Net income per share:
Basic (in Dollars per share)	$ 0.63	$ 0.44
Diluted (in Dollars per share)	$ 0.61	$ 0.44
Weighted average number of shares outstanding:
Basic (in Shares)	2,525,937	2,470,092
Diluted (in Shares)	2,600,237	2,485,789
Dividends per share: (in Dollars per share)	$ 0.25	$ 0.15

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Capital in Excess of Par Value	Accumulated Other Comprehensive Gain	Retained Earnings	Treasury Stock	Unearned ESOP Shares	Total
Balances at Jun. 30, 2023	$ 1,043,291	$ 23,283,245	$ (2,429)	$ 21,867,720	$ (6,038,691)	$ (4,273,378)	$ 35,879,758
Balances (in Shares) at Jun. 30, 2023	2,702,633				427,241
Comprehensive income:
Net income				1,094,544			1,094,544
Other comprehensive income, net of tax			1,795				1,795
Total comprehensive income							1,096,339
Stock options exercised		34,490			$ 24,990		59,480
Stock options exercised (in Shares)	4,000				(4,000)
Stock-based compensation		55,653					55,653
Reduction of unearned ESOP shares				(370,948)			(370,948)
Balances at Sep. 30, 2023	$ 1,043,291	23,373,388	(634)	22,591,316	$ (6,013,701)	(4,273,378)	36,720,282
Balances (in Shares) at Sep. 30, 2023	2,706,633				423,241
Balances at Jun. 30, 2024	$ 1,043,291	23,930,428	6,544	26,004,790	$ (5,842,988)	(3,868,093)	$ 41,273,972
Balances (in Shares) at Jun. 30, 2024	2,733,958				395,916		2,733,958
Comprehensive income:
Net income				1,598,317			$ 1,598,317
Other comprehensive income, net of tax			7,692				7,692
Total comprehensive income							1,606,009
Stock options exercised		79,227			$ 65,599		144,826
Stock options exercised (in Shares)	10,500				(10,500)
Stock-based compensation		101,492					101,492
Reduction of unearned ESOP shares				(633,243)			(633,243)
Balances at Sep. 30, 2024	$ 1,043,291	$ 24,111,147	$ 14,236	$ 26,969,864	$ (5,777,389)	$ (3,868,093)	$ 42,493,056
Balances (in Shares) at Sep. 30, 2024	2,744,458				385,416		2,744,458

Statements of Changes in Stoc_2

Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, net of tax	$ 1,615	$ 377
Dividends paid on common stock per share	$ 0.25	$ 0.15

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 1,598,317	$ 1,094,544
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	101,492	55,653
Depreciation	109,381	119,392
ESOP compensation expense	123,194	89,189
Deferred income tax expense (benefit)	43,792	(213,813)
Changes in assets and liabilities:
Increase in trade accounts receivable	(383,333)	(172,224)
Decrease in income taxes receivable		35,666
(Increase) decrease in inventories	(191,658)	634,314
Decrease in prepaid expenses and other current assets	238,048	245,730
Increase in accounts payable	170,683	700,799
(Decrease) increase in accrued salaries and wages	(270,980)	199,658
Increase (decrease) in vacation accrual	15,102	(111,453)
Decrease in ESOP payable	(52,871)
Increase (decrease) in other accrued expenses	105,012	(23,443)
Increase (decrease) in payroll and other taxes withheld	2,205	(5,827)
Decrease in contract liabilities	(327,812)	(500,748)
Increase in income taxes payable	108,542	467,346
Net cash provided by operating activities	1,389,114	2,614,783
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(664,351)	(2,228,802)
Proceeds from grant award		968,722
Purchase of investment securities	(7,258,418)	(4,758,705)
Proceeds from sale/maturity of investment securities	7,484,000	3,660,437
Net cash used in investing activities	(438,769)	(2,358,348)
Cash Flows from Financing Activities:
Dividends on common stock	(633,243)
Proceeds from exercise of stock options	144,826	59,480
Net cash (used in) provided by financing activities	(488,417)	59,480
Increase in cash and cash equivalents	461,928	315,915
Cash and cash equivalents, beginning of period	4,351,970	2,748,755
Cash and cash equivalents, end of period	4,813,898	3,064,670
Supplemental Schedule of Cash Flow Information:
Income taxes paid	250,000
Supplemental Schedule of Non-cash Financing Activities:
Accrual of Dividends		$ 405,995

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Sep. 30, 2024
Basis of Presentation [Abstract]
Basis of Presentation	Note 1. Basis of Presentation In the opinion of management the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for such periods. The results for any interim period are not necessarily indicative of the results to be expected for the full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, inventories, income taxes, and stock-based compensation. Specific to inventories, including work-in-process and contracts in process, management evaluates, quarterly, those estimates used in determining the cost to complete for each contract on Espey Mfg. & Electronics Corp.’s (the “Company”) sales backlog. The change in estimates may affect the reported amount of inventories and gross profit in the current or a future period and could result in the Company recording a loss contingency when a loss is determined to be probable and reasonably estimated. Management bases its estimates on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. These financial statements should be read in conjunction with the Company's most recent audited financial statements included in its report on Form 10-K for the year ended June 30, 2024. Certain reclassifications may have been made to the prior year financial statements to conform to the current year presentation.

Investment Securities

Investment Securities	3 Months Ended
Investment Securities	Sep. 30, 2024
Investment Securities [Abstract]
Investment Securities	Note 2. Investment Securities Accounting Standards Codification (“ASC”) 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ◾ Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ◾ Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. ◾ Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The carrying amounts of financial instruments, including cash and cash equivalents, short term investments, accounts receivable, accounts payable and accrued expenses, approximated fair value as of September 30, 2024 and June 30, 2024 because of the immediate or short-term maturity of these financial instruments. Investment securities at September 30, 2024 and June 30, 2024 consisted of certificates of deposit, municipal bonds and U.S. treasury bills. The Company classifies investment securities as available-for-sale which have been determined to be level 1 assets. The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale debt securities by major security type at September 30, 2024 and June 30, 2024 are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2024 Certificates of deposit $ 17,422,000 $ — $ — $ 17,422,000 Municipal bonds 847,433 10,019 (407 ) 857,045 U.S. Treasury bills 373,289 8,508 (100 ) 381,697 Total investment securities $ 18,642,722 $ 18,527 $ (507 ) $ 18,660,742 June 30, 2024 Certificates of deposit $ 17,651,000 $ — $ — $ 17,651,000 Municipal bonds 709,059 5,824 (3,313 ) 711,570 U.S. Treasury bills 510,288 5,773 — 516,061 Total investment securities $ 18,870,347 $ 11,597 $ (3,313 ) $ 18,878,631 The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At September 30, 2024, the Company did not have any investments in individual securities that have been in a continuous loss position considered to be other than temporary. As of September 30, 2024 and June 30, 2024, the remaining contractual maturities of available-for-sale debt securities were as follows: Years to Maturity Less than One to One Year Five Years Total September 30, 2024 Available-for-sale $ 17,436,398 $ 1,224,344 $ 18,660,742 June 30, 2024 Available-for-sale $ 17,889,582 $ 989,049 $ 18,878,631

Net Income Per Share

Net Income Per Share	3 Months Ended
Net Income Per Share	Sep. 30, 2024
Net Income Per Share [Abstract]
Net Income per Share	Note 3. Net Income per Share Basic net income per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income of the Company. The computation of diluted net income per share excluded options to purchase 62,691 shares of our common stock for the three months ended September 30, 2024 and 229,731 shares for the three months ended September 30, 2023, as the effect of including them would be anti-dilutive. As unearned shares owned by the Company’s sponsored leveraged employee stock ownership plan (the “ESOP”) are released or committed-to-be-released, the shares become outstanding for earnings-per-share computations. The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the three month periods ended September 30: 2024 2023 Numerator: Net income $ 1,598,317 $ 1,094,544 Denominator: Basic EPS: Common shares outstanding, beginning of period 2,733,958 2,702,633 Unearned ESOP shares (211,487 ) (233,646 ) Weighted average common shares issued during the period 3,407 1,045 Weighted average ESOP shares earned during the period 59 60 Denominator for basic earnings per common shares – Weighted average common shares 2,525,937 2,470,092 Diluted EPS: Common shares outstanding, beginning of period 2,733,958 2,702,633 Unearned ESOP shares (211,487 ) (233,646 ) Weighted average common shares issued during the period 3,407 1,045 Weighted average ESOP shares earned during the period 59 60 Weighted average dilutive effect of stock options 74,300 15,697 Denominator for diluted earnings per common shares – Weighted average common shares 2,600,237 2,485,789

Stock Based Compensation

Stock Based Compensation	3 Months Ended
Stock Based Compensation	Sep. 30, 2024
Stock Based Compensation [Abstract]
Stock Based Compensation	Note 4. Stock Based Compensation The Company follows ASC 718 in establishing standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, as well as transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements based on the fair value of the share-based payment. ASC 718 establishes fair value as the measurement objective in accounting for share-based payment transactions with employees, except for equity instruments held by employee share ownership plans. Total stock-based compensation expense recognized in the statements of comprehensive income for the three-month periods ended September 30, 2024 and 2023 was $101,492 and $55,653, respectively, before income taxes. The amount of this stock-based compensation expense related to non-qualified stock options (“NQSOs”) for the three-month periods ended September 30, 2024 and 2023, was $7,059 and $8,255, respectively. The deferred tax benefit related to the NQSOs as of September 30, 2024 and 2023 was approximately $1,482 and $1,734, respectively. The remaining stock option expense in each year related to incentive stock options (“ISOs”) which are not deductible by the Company when exercised, assuming a qualifying disposition and as such no deferred tax benefit was established related to these amounts. As of September 30, 2024, there was approximately $516,598 of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over the next 2 years, of which $471,027 relates to ISOs and $45,571 relates to NQSOs. The total deferred tax benefit related to these awards is expected to be $9,570. The Company has one employee stock option plan under which options or stock awards may be granted, the 2017 Stock Option and Restricted Stock Plan (the "2017 Plan"). The Board of Directors may grant options to acquire shares of common stock to employees and non-employee directors of the Company at the fair market value of the common stock on the date of grant. The maximum aggregate number of shares of Common Stock subject to options or awards to non-employee directors is 133,000 and the maximum aggregate number of shares of Common Stock subject to options or awards granted to non-employee directors during any single fiscal year is the lesser of 13,300 and 33 1/3% ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option valuation model, which incorporates various assumptions including those for dividend yield, volatility, expected life and interest rates. The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the three months ended September 30, 2024 and 2023. September 30, 2024 September 30, 2023 Dividend yield 3.79% 3.63% Company’s expected volatility 33.33% 31.20% Risk-free interest rate 4.35% 4.39% Expected term 5.1 yrs 5.3 yrs Weighted average fair value per share of options granted during the period $ 5.40 $ 4.03 The Company declared and paid regular cash dividends of $0.25 per share for the three months ended September 30, 2024 and declared $0.15 cash dividends for the three months ended September 30, 2023. Expected stock price volatility is based on the historical volatility of the Company’s stock. The risk-free interest rate is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options. The expected option term (in years) represents the estimated period of time until exercise and is based on actual historical experience. The following table summarizes stock option activity during the three months ended September 30, 2024: Employee Stock Option Plans Weighted Number of Weighted Average Shares Average Remaining Aggregate Subject Exercise Contractual Intrinsic to Option Price Term Value Balance at July 1, 2024 322,056 $ 18.41 6.59 Granted 76,500 $ 21.58 9.77 Exercised (10,500 ) $ 13.79 — Forfeited or expired — $ — — Outstanding at September 30, 2024 388,056 $ 19.16 6.98 $ 4,243,194 Vested or expected to vest at September 30, 2024 369,401 $ 19.12 6.85 $ 4,052,125 Exercisable at September 30, 2024 232,656 $ 19.14 5.39 $ 2,548,534 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the closing sale price of the Company’s common stock as reported on the NYSE American on September 30, 2024 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders if all option holders had exercised their options on September 30, 2024. This amount changes based on the fair market value of the Company’s common stock. The intrinsic value of options exercised during the three months ended September 30, 2024 and 2023 was $93,512 and $9,482, respectively. The following table summarizes changes in non-vested stock options during the three months ended September 30, 2024: Weighted Number Average of Shares Grant Date Subject Fair Value to Option (per Option) Non-vested at July 1, 2024 147,300 $ 4.15 Granted 76,500 $ 5.40 Vested (68,400 ) $ 4.11 Forfeited or expired — $ — Non-vested at September 30, 2024 155,400 $ 4.78

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 5. Commitments and Contingencies The Company from time to time, enters into standby letters of credit agreements with financial institutions primarily relating to the guarantee of future performance on certain contracts. Contingent liabilities on outstanding standby letters of credit agreements aggregated to zero at September 30, 2024 and June 30, 2024. The Company, as a U.S. Government contractor, is subject to audits, reviews, and investigations by the U.S. Government related to its negotiation and performance of government contracts and its accounting for such contracts. Failure to comply with applicable U.S. Government standards by a contractor may result in suspension from eligibility for award of any new government contract and a guilty plea or conviction may result in debarment from eligibility for awards. The government may, in certain cases, also terminate existing contracts, recover damages, and impose other sanctions and penalties. As a result of contract audits the Company will determine a range of possible outcomes and in accordance with ASC 450 “Contingencies” the Company will accrue amounts within a range that appears to be its best estimate of a possible outcome. Adjustments are made to accruals, if any, periodically based on current information. We are party to various litigation matters and claims arising from time to time in the ordinary course of business. There are no pending litigation matters or claims which we believe will have a material adverse effect on our business, financial condition, results of operations or cash flows. The Company was awarded $7.4 million in funding during the second quarter of fiscal year 2023 in support of facility and capital equipment upgrades for testing and qualification for the United States Navy. The funding is part of the Navy’s investment to improve and sustain the Surface Combatant Industrial Base. The work is being conducted on the Company’s property in Saratoga Springs, NY, with completion slated for the end of calendar year 2024. The Company expects to be paid within 30 days after the submission of three milestone invoices, but will not be paid for expenses incurred in excess of the specified milestone payment limits. The Company will record the receipt of milestone payments received as a reduction from the cost of the assets. The Company will have an initial cash outlay to satisfy income tax obligations arising from the value of the milestone payments received. The cash outlay arising from federal income tax obligations is expected to be recaptured in future periods. Until recaptured, estimated tax obligations associated with the receipt of milestone payments are recorded on the balance sheet and included in deferred tax assets. As of September 30, 2024, net deferred tax asset includes a deferred tax asset of $888,032 associated with milestone reimbursements received totaling $4,228,722. Included in property, plant, and equipment at September 30, 2024 was $1,561,215 not yet reimbursed, for facility and capital upgrades under the funding award, compared to $965,392 in spending not yet reimbursed included in property, plant, and equipment at June 30, 2024. Included in accounts payable at September 30, 2024 was approximately $622,326 for facility and capital upgrades eligible to be reimbursed under the funding award compared to $272,560 included in accounts payable at June 30, 2024. In June 2024, the Company notified the third-party administrator of the IBEW Local 1799 Pension Fund of its intention to withdraw permanently from the plan. As required by the Employee Retirement Income Security Act “ERISA”, the Company is subject to a termination withdrawal liability. The recorded termination withdrawal obligation at September 30, 2024 and June 30, 2024 totaled $561,852 and $772,157, respectively, shown within the accounts payable balance on the Company’s balance sheets. The remaining liability of $561,852 is expected to be paid in the second half of fiscal 2025. As the Company was the only remaining contributing employer to the multiemployer pension plan, its withdrawal constitutes a mass withdrawal termination. Final withdrawal calculations are contingent upon the availability of January 1, 2025 assets and the finalization of December 31, 2024 liabilities as the withdrawal liability will need to be re-determined based on a December 31, 2024 measurement date. The Company does not expect future adjustments to the established liability to have a material impact on the Company’s financial statements. The cost of the withdrawal liability obligation is recorded in indirect overhead product costs, capitalized in inventory and expensed through cost of sales based on shipments.

Revenue

Revenue	3 Months Ended
Revenue	Sep. 30, 2024
Revenue [Abstract]
Revenue	Note 6. Revenue The Company follows ASC 606 “Revenue from Contracts with Customers” to determine the recognition of revenue. This standard requires entities to assess the products or services promised in contracts with customers at contract inception to determine the appropriate unit at which to record revenues. Revenue is recognized when control of the promised products or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those products or services. Significant judgment is required in determining the satisfaction of performance obligations. Revenues from our performance obligations are satisfied over time using the output method which considers the appraisal of results achieved and milestones reached or units delivered based on contractual shipment terms, typically shipping point. Revenue is recognized when, or as, the customer takes control of the product or services. The output method best depicts the transfer of control to the customer as the output method represents work completed. Control is typically transferred to the customer at the shipping point as the Company has a present right to payment, the customer has legal title to the asset, the customer has the significant risks and rewards of ownership of the asset, and in most instances the customer has accepted the asset. Total revenue recognized for the three months ended September 30, 2024 based on units delivered was $8,262,496 compared to $6,405,538 for the same period in fiscal year 2024. Total revenue recognized for the three months ended September 30, 2024 based on milestones achieved was $2,180,722 compared to $2,162,676 for the same period in fiscal year 2024. The Company offers a standard one-year product warranty. Product warranties offered by the Company are classified as assurance-type warranties, which means the warranty only guarantees that the good or service functions as promised. Based on this, the provided warranty is not considered to be a distinct performance obligation. The impact of variable consideration has been considered but none identified which would be required to be allocated to the transaction price as of September 30, 2024. Our payment terms are generally 30-60 days. Contract liabilities were $8,715,610 and $9,043,422 as of September 30, 2024 and June 30, 2024, respectively. The decrease in contract liabilities is primarily due to revenue recognized, offset in part by, the advance collection of cash on specific contracts. Revenue recognized, that was in contract liabilities in the beginning of the fiscal year, was $374,158 for the three months ended September 30, 2024. The Company used the practical expedient to expense incremental costs incurred to obtain a contract when the contract term is less than one year. The Company’s backlog at September 30, 2024 totaling approximately $94.6 million is currently estimated to be recognized in the following fiscal years: 35.5% in 2025; 41.6% in 2026; 9.7% in 2027, and 13.2% thereafter. The timing of supplier deliveries of material, production schedules, the completion of engineering deliverables, among other factors, could cause these estimates to change.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Sep. 30, 2024
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 7. Recently Issued Accounting Standards Recent Accounting Pronouncements Not Yet Adopted In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide improvements primarily related to the rate reconciliation and income taxes paid information included in income tax disclosures. The Company would be required to disclose additional information regarding reconciling items equal to or greater than five percent of the amount computed by multiplying pretax income (loss) by the applicable statutory tax rate. Similarly, the Company would be required to disclose income taxes paid (net of refunds received) equal to or greater than five percent of total income taxes paid (net of refunds received). The amendments in ASU 2023-09 are effective for the annual period beginning July 1, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company will evaluate the impact of ASU 2023-09 on its financial statements. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. The adoption of ASU 2023-07 is not expected to have a significant impact on the financial statements. The Company is currently evaluating the impact of this new guidance on its financial statements. Recent Accounting Pronouncements Adopted None

Employee Stock Ownership Plan

Employee Stock Ownership Plan	3 Months Ended
Employee Stock Ownership Plan	Sep. 30, 2024
Employee Stock Ownership Plan [Abstract]
Employee Stock Ownership Plan	Note 8. Employee Stock Ownership Plan The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion employees who work 1,000 or more hours per year and are employed on June 30. The Company makes annual contributions to the ESOP equal to the ESOP's debt service less dividends on unallocated shares received by the ESOP. All dividends on unallocated shares received by the ESOP are used to pay debt service. Dividends on allocated ESOP shares are recorded as a reduction of retained earnings. As the debt is repaid, shares are released and allocated to active employees, based on the proportion of debt service paid in the year. The Company accounts for its ESOP in accordance with FASB ASC 718-40. Accordingly, the shares purchased by the ESOP are reported as Unearned ESOP shares in the balance sheets and the statements of changes in stockholders’ equity. As shares are released or committed-to-be-released, the Company reports compensation expense equal to the current average market price of the shares, and the shares become outstanding for earnings-per-share (EPS) computations. ESOP compensation expense was $123,194 and $89,189 for the three-month periods ended September 30, 2024 and 2023, respectively. The ESOP shares as of September 30, 2024 and 2023 were as follows: September 30, 2024 September 30, 2023 Allocated shares 437,201 484,958 Committed-to-be-released shares 5,417 5,540 Unreleased shares 206,070 228,105 Total shares held by the ESOP 648,688 718,603 Fair value of unreleased shares $ 6,200,646 $ 3,683,896 The Company may at times be required to repurchase shares at the ESOP participants’ request at the shares’ fair market value. During the three months ended September 30, 2024 and 2023, the Company did not repurchase shares previously held by the ESOP. The ESOP allows for eligible participants to take whole share distributions from the Plan on specific dates in accordance with the provision of the Plan. Share distributions from the ESOP during the three months ended September 30, 2024 and 2023 totaled 13,931 and 0 shares, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,598,317	$ 1,094,544

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
Investment Securities (Tables)	Sep. 30, 2024
Investment Securities [Abstract]
Schedule of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Available-For-Sale Debt Securities	The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale debt securities by major security type at September 30, 2024 and June 30, 2024 are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2024 Certificates of deposit $ 17,422,000 $ — $ — $ 17,422,000 Municipal bonds 847,433 10,019 (407 ) 857,045 U.S. Treasury bills 373,289 8,508 (100 ) 381,697 Total investment securities $ 18,642,722 $ 18,527 $ (507 ) $ 18,660,742 June 30, 2024 Certificates of deposit $ 17,651,000 $ — $ — $ 17,651,000 Municipal bonds 709,059 5,824 (3,313 ) 711,570 U.S. Treasury bills 510,288 5,773 — 516,061 Total investment securities $ 18,870,347 $ 11,597 $ (3,313 ) $ 18,878,631
Schedule of Contractual Maturities of Available-for-Sale Debt Securities	As of September 30, 2024 and June 30, 2024, the remaining contractual maturities of available-for-sale debt securities were as follows: Years to Maturity Less than One to One Year Five Years Total September 30, 2024 Available-for-sale $ 17,436,398 $ 1,224,344 $ 18,660,742 June 30, 2024 Available-for-sale $ 17,889,582 $ 989,049 $ 18,878,631

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
Net Income Per Share (Tables)	Sep. 30, 2024
Net Income Per Share [Abstract]
Schedule of Denominators of the Basic and Diluted Earnings Per Share	The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the three month periods ended September 30: 2024 2023 Numerator: Net income $ 1,598,317 $ 1,094,544 Denominator: Basic EPS: Common shares outstanding, beginning of period 2,733,958 2,702,633 Unearned ESOP shares (211,487 ) (233,646 ) Weighted average common shares issued during the period 3,407 1,045 Weighted average ESOP shares earned during the period 59 60 Denominator for basic earnings per common shares – Weighted average common shares 2,525,937 2,470,092 Diluted EPS: Common shares outstanding, beginning of period 2,733,958 2,702,633 Unearned ESOP shares (211,487 ) (233,646 ) Weighted average common shares issued during the period 3,407 1,045 Weighted average ESOP shares earned during the period 59 60 Weighted average dilutive effect of stock options 74,300 15,697 Denominator for diluted earnings per common shares – Weighted average common shares 2,600,237 2,485,789

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
Stock Based Compensation (Tables)	Sep. 30, 2024
Stock Based Compensation [Abstract]
Schedule of Weighted Average Assumptions of Option Award	The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the three months ended September 30, 2024 and 2023. September 30, 2024 September 30, 2023 Dividend yield 3.79% 3.63% Company’s expected volatility 33.33% 31.20% Risk-free interest rate 4.35% 4.39% Expected term 5.1 yrs 5.3 yrs Weighted average fair value per share of options granted during the period $ 5.40 $ 4.03
Schedule of Stock Option Activity	The following table summarizes stock option activity during the three months ended September 30, 2024: Employee Stock Option Plans Weighted Number of Weighted Average Shares Average Remaining Aggregate Subject Exercise Contractual Intrinsic to Option Price Term Value Balance at July 1, 2024 322,056 $ 18.41 6.59 Granted 76,500 $ 21.58 9.77 Exercised (10,500 ) $ 13.79 — Forfeited or expired — $ — — Outstanding at September 30, 2024 388,056 $ 19.16 6.98 $ 4,243,194 Vested or expected to vest at September 30, 2024 369,401 $ 19.12 6.85 $ 4,052,125 Exercisable at September 30, 2024 232,656 $ 19.14 5.39 $ 2,548,534
Schedule of Changes in Non-Vested Stock Options	The following table summarizes changes in non-vested stock options during the three months ended September 30, 2024: Weighted Number Average of Shares Grant Date Subject Fair Value to Option (per Option) Non-vested at July 1, 2024 147,300 $ 4.15 Granted 76,500 $ 5.40 Vested (68,400 ) $ 4.11 Forfeited or expired — $ — Non-vested at September 30, 2024 155,400 $ 4.78

Employee Stock Ownership Plan (

Employee Stock Ownership Plan (Tables)	3 Months Ended
Employee Stock Ownership Plan (Tables)	Sep. 30, 2024
Employee Stock Ownership Plan [Abstract]
Schedule of ESOP Shares	The ESOP shares as of September 30, 2024 and 2023 were as follows: September 30, 2024 September 30, 2023 Allocated shares 437,201 484,958 Committed-to-be-released shares 5,417 5,540 Unreleased shares 206,070 228,105 Total shares held by the ESOP 648,688 718,603 Fair value of unreleased shares $ 6,200,646 $ 3,683,896

Investment Securities (Details)

Investment Securities (Details) - Schedule of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Available-For-Sale Debt Securities - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Schedule of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Available-For-Sale Debt Securities [Line Items]
Amortized Cost	$ 18,642,722	$ 18,870,347
Gross Unrealized Gains	18,527	11,597
Gross Unrealized Losses	(507)	(3,313)
Fair Value	18,660,742	18,878,631
Certificates of deposit [Member]
Schedule of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Available-For-Sale Debt Securities [Line Items]
Amortized Cost	17,422,000	17,651,000
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value	17,422,000	17,651,000
Municipal bonds [Member]
Schedule of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Available-For-Sale Debt Securities [Line Items]
Amortized Cost	847,433	709,059
Gross Unrealized Gains	10,019	5,824
Gross Unrealized Losses	(407)	(3,313)
Fair Value	857,045	711,570
U.S. Treasury bills [Member]
Schedule of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Available-For-Sale Debt Securities [Line Items]
Amortized Cost	373,289	510,288
Gross Unrealized Gains	8,508	5,773
Gross Unrealized Losses	(100)
Fair Value	$ 381,697	$ 516,061

Investment Securities (Detail_2

Investment Securities (Details) - Schedule of Contractual Maturities of Available-for-Sale Debt Securities - USD ($)	Sep. 30, 2024	Jun. 30, 2024
Schedule of Contractual Maturities of Available-for-Sale Debt Securities [Line Items]
Less than One Year	$ 17,436,398	$ 17,889,582
One to Five Years	1,224,344	989,049
Available-for-sale debt securities	$ 18,660,742	$ 18,878,631

Net Income Per Share (Details)

Net Income Per Share (Details) - shares	3 Months Ended
Net Income Per Share (Details) - shares	Sep. 30, 2024	Sep. 30, 2023
Net Income Per Share [Abstract]
Options to purchase shares	62,691	229,731

Net Income Per Share (Details)

Net Income Per Share (Details) - Schedule of Denominators of the Basic and Diluted Earnings Per Share - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Schedule Of Denominators Of The Basic And Diluted Earnings Per Share Abstract
Net income (in Dollars)	$ 1,598,317	$ 1,094,544
Basic EPS:
Common shares outstanding, beginning of period	2,733,958	2,702,633
Unearned ESOP shares	(211,487)	(233,646)
Weighted average common shares issued during the period	3,407	1,045
Weighted average ESOP shares earned during the period	59	60
Denominator for basic earnings per common shares –Weighted average common shares	2,525,937	2,470,092
Diluted EPS:
Common shares outstanding, beginning of period	2,733,958	2,702,633
Unearned ESOP shares	(211,487)	(233,646)
Weighted average common shares issued during the period	3,407	1,045
Weighted average ESOP shares earned during the period	59	60
Weighted average dilutive effect of stock options	74,300	15,697
Denominator for diluted earnings per common shares – Weighted average common shares	2,600,237	2,485,789

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($)	3 Months Ended		12 Months Ended
Stock Based Compensation (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Stock Based Compensation [Line Item]
Stock based compensation expense	$ 101,492	$ 55,653
Unrecognized compensation costs	$ 516,598
Period in which compensation cost will be recognized	2 years
Total deferred tax benefit	$ 9,570
Vesting period	2 years
Shares remain available for grant (in Shares)	4,469
Dividends per share (in Dollars per share)	$ 0.25	$ 0.15
Aggregate intrinsic value of options exercised	$ 93,512	$ 9,482
Non-qualified Stock Options [Member]
Stock Based Compensation [Line Item]
Stock based compensation expense	7,059	8,255
Deferred tax benefit	1,482	$ 1,734
Unrecognized compensation costs	45,571
Incentive Stock Options [Member]
Stock Based Compensation [Line Item]
Unrecognized compensation costs	$ 471,027
Stock Options [Member]
Stock Based Compensation [Line Item]
Shares exercised options (in Shares)	41,825
Shares outstanding options (in Shares)	353,706
2017 Plan [Member] \| Stock Options [Member]
Stock Based Compensation [Line Item]
Vesting period	2 years
Authorized shares under plan (in Shares)	400,000
2017 Plan [Member] \| Non-Employee Directors [Member]
Stock Based Compensation [Line Item]
Aggregate number of common stock (in Shares)	133,000
2017 Plan [Member] \| Non-Employee Directors [Member] \| Maximum [Member]
Stock Based Compensation [Line Item]
Aggregate number of common stock (in Shares)	13,300
Percentage of total number of shares subject to options or awards, single fiscal year	33 1/3 %
2017 Plan [Member] \| Individual Employee [Member] \| Maximum [Member]
Stock Based Compensation [Line Item]
Aggregate number of common stock (in Shares)	15,000
2007 Plan [Member] \| Restricted Stock Plan [Member]
Stock Based Compensation [Line Item]
Outstanding shares (in Shares)			34,350

Stock Based Compensation (Det_2

Stock Based Compensation (Details) - Schedule of Weighted Average Assumptions of Option Award - $ / shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Schedule of Outlines the Weighted Average Assumptions [Abstract]
Dividend yield	3.79%	3.63%
Company’s expected volatility	33.33%	31.20%
Risk-free interest rate	4.35%	4.39%
Expected term	5 years 1 month 6 days	5 years 3 months 18 days
Weighted average fair value per share of options granted during the period (in Dollars per share)	$ 5.4	$ 4.03

Stock Based Compensation (Det_3

Stock Based Compensation (Details) - Schedule of Stock Option Activity - Equity Option [Member] - USD ($)		3 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Schedule of Stock Option Activity [Abstract]
Number of Shares Subject to Option, Ending	322,056	388,056
Weighted Average Exercise Price, Ending	$ 18.41	$ 19.16
Weighted Average Remaining Contractual Term, Ending	6 years 7 months 2 days	6 years 11 months 23 days
Aggregate Intrinsic Value, Ending		$ 4,243,194
Number of Shares Subject to Option, Vested or expected to vest		369,401
Weighted Average Exercise Price, Vested or expected to vest		$ 19.12
Weighted Average Remaining Contractual Term, Vested or expected to vest		6 years 10 months 6 days
Aggregate Intrinsic Value, Vested or expected to vest		$ 4,052,125
Number of Shares Subject to Option, Exercisable		232,656
Weighted Average Exercise Price, Exercisable		$ 19.14
Weighted Average Remaining Contractual Term, Exercisable		5 years 4 months 20 days
Aggregate Intrinsic Value, Exercisable		$ 2,548,534
Number of Shares Subject to Option, Granted		76,500
Weighted Average Exercise Price, Granted		$ 21.58
Weighted Average Remaining Contractual Term, Granted		9 years 9 months 7 days
Number of Shares Subject to Option, Exercised		(10,500)
Weighted Average Exercise Price, Exercised		$ 13.79
Weighted Average Remaining Contractual Term, Exercised
Number of Shares Subject to Option, Forfeited or expired
Weighted Average Exercise Price, Forfeited or expired
Weighted Average Remaining Contractual Term, Forfeited or expired

Stock Based Compensation (Det_4

Stock Based Compensation (Details) - Schedule of Changes in Non-Vested Stock Options	3 Months Ended
	Sep. 30, 2024 $ / shares shares
Schedule of Changes in Non-Vested Stock Options [Abstract]
Weighted Number of Shares Subject to Option, Non-vested Beginning \| shares	147,300
Average Grant Date Fair Value (per Option), Non-vested Beginning \| $ / shares	$ 4.15
Weighted Number of Shares Subject to Option, Granted \| shares	76,500
Average Grant Date Fair Value (per Option), Granted \| $ / shares	$ 5.4
Weighted Number of Shares Subject to Option, Vested \| shares	(68,400)
Average Grant Date Fair Value (per Option), Vested \| $ / shares	$ 4.11
Weighted Number of Shares Subject to Option, Forfeited or expired \| shares
Average Grant Date Fair Value (per Option), Forfeited or expired \| $ / shares
Weighted Number of Shares Subject to Option, Non-vested Ending \| shares	155,400
Average Grant Date Fair Value (per Option), Non-vested Ending \| $ / shares	$ 4.78

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies [Abstract]
Contingent liabilities on outstanding standby letters of credit agreements	$ 0		$ 0
Funding amount			7,400,000
Deferred tax asset	888,032
Total deferred tax asset	4,228,722
Property, plant, and equipment amount	1,561,215	$ 965,392
Accounts payable	622,326		272,560
Termination withdrawal obligation	$ 561,852		772,157
Remaining liability			$ 561,852

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended		12 Months Ended
Revenue (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Revenue [Line Items]
Revenue	$ 10,443,218	$ 8,568,214
Revenue recognized contract liabilities	$ 374,158
Contract term	1 year
ASC 606 [Member]
Revenue [Line Items]
Contract liabilities	$ 8,715,610		$ 9,043,422
ASC 606 [Member] \| Order or Production Backlog [Member]
Revenue [Line Items]
Intangible assets	$ 94,600,000
Backlog amount to be recognized, 2024	35.50%
Backlog amount to be recognized, 2025	41.60%
Backlog amount to be recognized, 2026	9.70%
Backlog amount to be recognized	13.20%
Units Delivered [Member] \| ASC 606 [Member]
Revenue [Line Items]
Revenue	$ 8,262,496		6,405,538
Milestones Achieved [Member] \| ASC 606 [Member]
Revenue [Line Items]
Revenue	$ 2,180,722		$ 2,162,676

Employee Stock Ownership Plan_2

Employee Stock Ownership Plan (Details) - Employee Stock Ownership Plan [Member]		3 Months Ended
	Jun. 30, 2024 USD ($)	Sep. 30, 2024 shares	Sep. 30, 2023 USD ($) shares
Employee Stock Ownership Plan [Line Items]
Number of hours worked per year to qualify for the plan	1,000
ESOP compensation expense \| $	$ 123,194		$ 89,189
Shares distributed \| shares		13,931	0

Employee Stock Ownership Plan_3

Employee Stock Ownership Plan (Details) - Schedule of ESOP Shares - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Schedule of ESOP Shares [Abstract]
Allocated shares	437,201	484,958
Committed-to-be-released shares	5,417	5,540
Unreleased shares	206,070	228,105
Total shares held by the ESOP	648,688	718,603
Fair value of unreleased shares (in Dollars)	$ 6,200,646	$ 3,683,896