Napco Security (NSSC) 10-Q5 Feb 242024 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Dec. 31, 2023	Feb. 02, 2024
Document And Entity Information
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	0-10004
Entity Registrant Name	NAPCO SECURITY TECHNOLOGIES, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-2277818
Entity Address, Address Line One	333 Bayview Avenue
Entity Address, City or Town	Amityville
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11701
City Area Code	631
Local Phone Number	842-9400
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	NSSC
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000069633
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		36,781,989

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 47,311	$ 35,955
Investments - other	26,332	25,660
Marketable securities	5,324	5,136
Accounts receivable, net of allowance for credit losses of $96 and $131 as of December 31, 2023 and June 30, 2023, respectively	27,552	26,069
Inventories, net	39,316	35,062
Income tax receivable	367	75
Prepaid expenses and other current assets	3,526	3,402
Total Current Assets	149,728	131,359
Inventories - non-current, net	13,318	13,287
Property, plant and equipment, net	9,071	9,308
Intangible assets, net	3,771	3,939
Deferred income taxes	4,057	2,652
Right-of-use asset	5,642	5,797
Other assets	291	312
TOTAL ASSETS	185,878	166,654
CURRENT LIABILITIES
Accounts payable	8,288	8,061
Accrued expenses	9,844	8,079
Accrued salaries and wages	3,079	3,546
Total Current Liabilities	21,211	19,686
Accrued income taxes	1,082	1,110
Long term right-of-use liability	5,601	5,689
TOTAL LIABILITIES	27,894	26,485
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS' EQUITY
Common Stock, par value $0.01 per share; 100,000,000 shares authorized as of December 31, 2023 and June 30, 2023; 39,675,704 and 39,663,812 shares issued; and 36,781,989 and 36,770,097 shares outstanding, respectively.	397	397
Additional paid-in capital	22,163	21,553
Retained earnings	154,945	137,740
Less: Treasury Stock, at cost (2,893,715 shares)	(19,521)	(19,521)
TOTAL STOCKHOLDERS' EQUITY	157,984	140,169
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 185,878	$ 166,654

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2023	Jun. 30, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for credit losses	$ 96,000	$ 131,000
Common stock, par (per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	39,675,704	39,663,812
Common stock, outstanding (in shares)	36,781,989	36,770,097
Treasury stock, shares	2,893,715	2,893,715

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)	3 Months Ended		6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Net sales:
Net sales	$ 47,547,000	$ 42,314,000	$ 89,223,000	$ 81,807,000
Cost of sales:
Cost of sales	22,535,000	27,960,000	41,798,000	52,887,000
Gross Profit	25,012,000	14,354,000	47,425,000	28,920,000
Operating expenses:
Research and development	2,542,000	2,222,000	4,979,000	4,650,000
Selling, general, and administrative expenses	8,665,000	7,804,000	17,086,000	16,294,000
Total Operating Expenses	11,207,000	10,026,000	22,065,000	20,944,000
Operating Income	13,805,000	4,328,000	25,360,000	7,976,000
Other income (expense):
Interest and other income (expense), net	729,000	187,000	1,169,000	84,000
Income before Provision for Income Taxes	14,534,000	4,515,000	26,529,000	8,060,000
Provision for Income Taxes	1,924,000	586,000	3,441,000	1,047,000
Net Income	$ 12,610,000	$ 3,929,000	$ 23,088,000	$ 7,013,000
Income per share:
Basic (in dollars per share)	$ 0.34	$ 0.11	$ 0.63	$ 0.19
Diluted (in dollars per share)	$ 0.34	$ 0.11	$ 0.62	$ 0.19
Weighted average number of shares outstanding:
Basic (in shares)	36,829,000	36,772,000	36,743,000	36,731,000
Diluted (in shares)	37,018,000	36,997,000	36,962,000	36,957,000
Equipment
Net sales:
Net sales	$ 29,007,000	$ 27,434,000	$ 53,398,000	$ 53,121,000
Cost of sales:
Cost of sales	20,656,000	26,295,000	38,153,000	49,561,000
Services
Net sales:
Net sales	18,540,000	14,880,000	35,825,000	28,686,000
Cost of sales:
Cost of sales	$ 1,879,000	$ 1,665,000	$ 3,645,000	$ 3,326,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Total
Balance at Jun. 30, 2022	$ 396	$ 20,005	$ (19,521)	$ 112,911	$ 113,791
Balance (in shares) at Jun. 30, 2022	39,628,197		(2,893,715)
Net income				3,084	3,084
Stock-based compensation expense		477			477
Stock options exercised		45			45
Stock options exercised (in shares)	8,480
Balance at Sep. 30, 2022	$ 396	20,527	$ (19,521)	115,995	117,397
Balance (in shares) at Sep. 30, 2022	39,636,677		(2,893,715)
Balance at Jun. 30, 2022	$ 396	20,005	$ (19,521)	112,911	113,791
Balance (in shares) at Jun. 30, 2022	39,628,197		(2,893,715)
Net income					7,013
Balance at Dec. 31, 2022	$ 396	20,862	$ (19,521)	119,924	121,661
Balance (in shares) at Dec. 31, 2022	39,639,433		(2,893,715)
Balance at Jun. 30, 2022	$ 396	20,005	$ (19,521)	112,911	113,791
Balance (in shares) at Jun. 30, 2022	39,628,197		(2,893,715)
Balance at Jun. 30, 2023	$ 397	21,553	$ (19,521)	137,740	140,169
Balance (in shares) at Jun. 30, 2023	39,663,812		(2,893,715)
Balance at Sep. 30, 2022	$ 396	20,527	$ (19,521)	115,995	117,397
Balance (in shares) at Sep. 30, 2022	39,636,677		(2,893,715)
Net income				3,929	3,929
Stock-based compensation expense		335			335
Stock options exercised (in shares)	2,756
Balance at Dec. 31, 2022	$ 396	20,862	$ (19,521)	119,924	121,661
Balance (in shares) at Dec. 31, 2022	39,639,433		(2,893,715)
Balance at Jun. 30, 2023	$ 397	21,553	$ (19,521)	137,740	140,169
Balance (in shares) at Jun. 30, 2023	39,663,812		(2,893,715)
Net income				10,478	10,478
Stock-based compensation expense		307			307
Cash dividend ($.08 per share)				(2,942)	(2,942)
Balance at Sep. 30, 2023	$ 397	21,860	$ (19,521)	145,276	148,012
Balance (in shares) at Sep. 30, 2023	39,663,812		(2,893,715)
Balance at Jun. 30, 2023	$ 397	21,553	$ (19,521)	137,740	140,169
Balance (in shares) at Jun. 30, 2023	39,663,812		(2,893,715)
Net income					23,088
Balance at Dec. 31, 2023	$ 397	22,163	$ (19,521)	154,945	157,984
Balance (in shares) at Dec. 31, 2023	39,675,704		(2,893,715)
Balance at Sep. 30, 2023	$ 397	21,860	$ (19,521)	145,276	148,012
Balance (in shares) at Sep. 30, 2023	39,663,812		(2,893,715)
Net income				12,610	12,610
Stock-based compensation expense		303			303
Stock options exercised (in shares)	11,892
Cash dividend ($.08 per share)				(2,941)	(2,941)
Balance at Dec. 31, 2023	$ 397	$ 22,163	$ (19,521)	$ 154,945	$ 157,984
Balance (in shares) at Dec. 31, 2023	39,675,704		(2,893,715)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares	Dec. 31, 2023	Nov. 02, 2023	Sep. 30, 2023	Aug. 18, 2023
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY
Dividends payable per share	$ 0.08	$ 0.08	$ 0.08	$ 0.08

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 23,088,000	$ 7,013,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,088,000	928,000
Gain on disposal of fixed asset		(15,000)
Interest income on other investments	(17,000)	(68,000)
Unrealized (gain) loss on marketable securities	(71,000)	118,000
(Recovery) of credit losses	(35,000)	(28,000)
Change to inventory reserve	720,000	(560,000)
Deferred income taxes	(1,405,000)	(994,000)
Stock based compensation expense	610,000	812,000
Changes in operating assets and liabilities:
Accounts receivable	(1,448,000)	8,261,000
Inventories	(5,005,000)	(5,136,000)
Prepaid expenses and other current assets	(124,000)	11,000
Income tax receivable	(292,000)	(583,000)
Other assets	20,000	(17,000)
Accounts payable, accrued expenses, accrued salaries and wages, accrued income taxes	1,564,000	(8,654,000)
Net Cash Provided by (Used in) Operating Activities	18,693,000	1,088,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant, and equipment	(682,000)	(816,000)
Proceeds from disposal of fixed asset		38,000
Purchases of marketable securities	(117,000)	(10,078,000)
Purchases of other investments	(655,000)
Net Cash Used in Investing Activities	(1,454,000)	(10,856,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock option exercises		45,000
Cash paid for dividend	(5,883,000)
Net Cash (Used in) Provided by Financing Activities	(5,883,000)	45,000
Net increase (decrease) in Cash and Cash Equivalents	11,356,000	(9,723,000)
CASH AND CASH EQUIVALENTS - Beginning	35,955,000	41,730,000
CASH AND CASH EQUIVALENTS - Ending	47,311,000	32,007,000
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	4,000	8,000
Income taxes paid	$ 5,165,000	$ 4,469,000

Nature of Business and Summary

Nature of Business and Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2023
Nature of Business and Summary of Significant Accounting Policies
Nature of Business and Summary of Significant Accounting Policies	NOTE 1 - Nature of Business and Summary of Significant Accounting Policies Nature of Business : Napco Security Technologies, Inc (“NAPCO”, “the Company”, “we”) is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold worldwide principally to independent distributors, dealers and installers of security equipment. We have experienced significant growth in recent years, primarily driven by fast growing recurring service revenues generated from wireless communication services for intrusion and fire alarm systems, as well as our school security products that are designed to meet the increasing needs to enhance school security as a result of on-campus shooting and violence in the U.S. Our wireless communication services have led to substantial growth in our monthly recurring revenues. The Company's fiscal year begins on July 1 and ends on June 30. Historically, the end users of the Company’s hardware products want to install these products prior to the summer; therefore, sales of these products historically peak in the period April 1 through June 30, the Company's fiscal fourth quarter, and are reduced in the period July 1 through September 30, the Company's fiscal first quarter. In addition, demand for all of our products may be affected by the housing and construction markets. Deterioration of the current economic conditions may also affect this trend. The monthly recurring service revenue, which is less susceptible to these fluctuations, allows us to generate a more consistent and predictable stream of income and mitigates the risk of fluctuation in market demand for our equipment products. Significant Accounting Policies : Principles of Consolidation The consolidated financial statements include the accounts of Napco Security Technologies, Inc. and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation. Accounting Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates include management’s judgments associated with reserves for sales returns and allowances, allowance for credit losses, overhead expenses applied to inventory, inventory reserves, valuation of Fair Value of Financial Instruments The methods and assumptions used to estimate the fair value of the following classes of financial instruments were: Current Assets and Current Liabilities - The carrying amount of cash and cash equivalents, certificates of deposits, marketable securities, current receivables and payables and certain other short-term financial instruments approximate their fair value as of December 31, 2023 and June 30, 2023 due to their short-term maturities. Cash and Cash Equivalents and Investments – other Cash and cash equivalents include approximately $25,838,000 of short-term time deposits, consisting of several certificates of deposit totaling $5,275,000 and $20,562,000 in money market funds as of December 31, 2023. Cash and cash equivalents include approximately $15,242,000 of short-term time deposits, consisting of several certificates of deposit totaling $15,179,000 and $63,000 in a money market fund as of June 30, 2023. The Company classifies these highly liquid investments with original maturities of three months or less as cash equivalents. Certificates of deposit with an original maturity greater than three months are classified as Investments-other. Cash and cash equivalents consist of the following as of (in thousands): December 31, 2023 June 30, 2023 Cash $ 21,474 $ 20,713 Money Market Fund 20,562 63 Certificates of Deposit 5,275 15,179 $ 47,311 $ 35,955 Investments-other consists of the following as of (in thousands): December 31, 2023 June 30, 2023 Certificates of Deposit $ 26,332 $ 25,660 $ 26,332 $ 25,660 Certificates of deposit are recorded at the original cost plus accrued interest. The Company’s Certificates of deposits consist of the following as of (in thousands): December 31, 2023 Balance Sheet Classification Interest Rate Maturity Date Cost Carrying Value Cash and Cash Equivalents 5.10% 2/22/2024 $ 5,245 $ 5,275 Investments - other 5.10% - 5.40% 2/23/2024 - 4/24/2024 26,015 26,332 The Company has cash balances in banks in excess of the maximum amount insured by the FDIC and other international agencies as of December 31, 2023 and June 30, 2023. The Company has not historically experienced any credit losses with balances in excess of FDIC limits. Marketable Securities The Company’s marketable securities include investments in mutual funds, which invest primarily in various government and corporate obligations, stocks and money market funds. The Company’s marketable securities are reported at fair value with the related unrealized and realized gains and losses included in other expense (income). Realized gains or losses on mutual funds are determined on a specific identification basis. The Company would record an impairment charge if the cost of the available-for-sale securities exceeds the estimated fair value of the securities and the decline in value is determined to be other-than-temporary. During the three and six months ended December 31, 2023, the Company did not record an impairment charge regarding its investment in marketable securities because management believes, based on its evaluation of the circumstances, that the decline in fair value below the cost of certain of the Company’s marketable securities is temporary. Accounts Receivable Accounts receivable is stated net of the reserves for credit losses of $96,000 and $131,000 as of December 31, 2023 and June 30, 2023, respectively. Our reserves for credit losses are subjective critical estimates that have a direct impact on reported net earnings. These reserves are based upon the evaluation of our accounts receivable aging, specific exposures, sales levels and historical trends. Inventories Inventories are valued at the lower of cost or net realizable value, with cost being determined on the first-in, first-out (FIFO) method. The reported net value of inventory includes finished saleable products, work-in-process and raw materials that will be sold or used in future periods. Inventory costs include raw materials, direct labor and overhead. The Company’s overhead expenses are applied based, in part, upon estimates of the proportion of those expenses that are related to procuring and storing raw materials as compared to the manufacture and assembly of finished products. These proportions, the method of their application, and the resulting overhead included in ending inventory, are based in part on subjective estimates and actual results could differ from those estimates. In addition, the Company records an inventory obsolescence reserve, which represents any excess of the cost of the inventory over its estimated realizable value. This reserve is calculated using an estimated obsolescence percentage applied to the inventory based on age, historical trends, product life cycle, requirements to support forecasted sales, and the ability to find alternate applications of its raw materials and to convert finished product into alternate versions of the same product to better match customer demand. In addition, and as necessary, the Company may establish specific reserves for future known or anticipated events. There is inherent professional judgment and subjectivity made by both production and engineering members of management in determining the estimated obsolescence percentage. The Company also regularly reviews the period over which its inventories will be converted to sales. Any inventories expected to convert to sales beyond 12 months from the balance sheet date are classified as non-current. Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred; costs of major renewals and improvements are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and accumulated depreciation accounts and the profit or loss on such disposition is reflected in income. Depreciation is recorded over the estimated service lives of the related assets using primarily the straight-line method. Amortization of leasehold improvements is calculated by using the straight-line method over the estimated useful life of the asset or lease term, whichever is shorter. Long-Lived and Intangible Assets Long-lived assets are amortized over their useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets in question may not be recoverable. Impairment would be recorded in circumstances where undiscounted cash flows expected to be generated by an asset are less than the carrying value of that asset. Intangible assets consisted of the follows (in thousands): December 31, 2023 June 30, 2023 Carrying Accumulated Net book Carrying Accumulated Net book value amortization value value amortization value Customer relationships $ 9,800 (9,369) $ 431 $ 9,800 (9,302) $ 498 Trade name 4,048 (708) 3,340 4,048 (607) 3,441 $ 13,848 $ (10,077) $ 3,771 $ 13,848 $ (9,909) $ 3,939 Amortization expense for intangible assets subject to amortization was approximately $84,000 and $90,000 for the three months ended December 31, 2023 and 2022, respectively. Amortization expense for intangible assets subject to amortization was approximately $168,000 and $181,000 for the six months ended December 31, 2023 and 2022, respectively. Amortization expense for each of the next five fiscal years is estimated to be as follows: 2024 - $336,000; 2025 - $315,000; 2026 - $297,000; 2027 - $283,000; and 2028 - $269,000. The weighted average remaining amortization period for intangible assets was 15.1 years and 15.5 years at December 31, 2023 and June 30, 2023, respectively. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. For product sales, the Company typically transfers control at a point in time upon shipment or delivery of the product. For monthly communication services the Company satisfies its performance obligation as the services are rendered and therefore recognizes revenue over the monthly period. Typically timing of revenue recognition coincides with the timing of invoicing to the customers, at which time the Company has an unconditional right to consideration. As such, the Company typically records a receivable when revenue is recognized. The contract with the customer states the final terms of the sale, including the description, quantity, and price of each product purchased. Payment for product sales is typically due within 30 and 180 days of the delivery date. Payment for monthly communication services is billed on a monthly basis and is typically due at the beginning of the month of service or in 30 days for customers with an open account. In measuring revenue and determining the consideration the Company is entitled to as part of a contract with a customer, the Company takes into account the related elements of variable consideration. Such elements of variable consideration include product returns and sales incentives, such as volume rebates and discounts, and early-payment discounts. The Company provides limited standard warranty for defective products, usually for a period of 24 to 36 months. The Company accepts returns for such defective products as well as for other limited circumstances. The Company also provides rebates to customers for meeting specified purchasing targets and other coupons or credits in limited circumstances. The Company establishes reserves for the estimated returns, rebates and credits and measures such variable consideration based on the expected value method using an analysis of historical data. Changes to the estimated variable consideration in subsequent periods are not material. The Company analyzes sales returns, rebates and credits and is able to make reasonable and reliable estimates of product returns based on the Company’s past history. Estimates for sales returns, rebates and credits are based on several factors including actual returns, rebates and credits and based on expected return data communicated to it by its customers. Accordingly, the Company believes that its historical returns, rebates and credits analysis is an accurate basis for its allowance for sales returns. Actual results could differ from those estimates. Advertising and Promotional Costs Advertising and promotional costs are included in "Selling, General and Administrative" (“SG&A”) expenses in the consolidated statements of income and are expensed as incurred. Advertising expense for the three months ended December 31, 2023 and 2022 was $696,000 and $505,000, respectively. Advertising expense for the six months ended December 31, 2023 and 2022 was $1,457,000 and $1,259,000, respectively. Research and Development Costs Research and development (“R&D”) costs incurred by the Company are charged to expense as incurred and are included in operating expenses in the consolidated statements of income. Company-sponsored R&D expense for the three months ended December 31, 2023 and 2022 was $2,542,000 and $2,222,000, respectively. Company-sponsored R&D expense for the six months ended December 31, 2023 and 2022 was $4,979,000 and $4,650,000, respectively. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. 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. The Company measures and recognizes the tax implications of positions taken or expected to be taken in its tax returns on an ongoing basis. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Net Income per Share Basic net income per common share (Basic EPS) is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per common share (Diluted EPS) is computed by dividing net income by the weighted average number of common shares and dilutive common share equivalents and convertible securities then outstanding. The following provides a reconciliation of information used in calculating the per share amounts for the three months ended December 31, 2023 and 2022 (in thousands, except share and per share data): Net Income Weighted Average Shares Net Income per Share 2023 2022 2023 2022 2023 2022 Basic EPS $ 12,610 $ 3,929 36,829 36,772 $ 0.34 $ 0.11 Effect of Dilutive Securities: Stock Options — — 189 225 — — Diluted EPS $ 12,610 $ 3,929 37,018 36,997 $ 0.34 $ 0.11 Options to purchase 67,500 and 0 shares of common stock were excluded for the three months ended December 31, 2023 and 2022, respectively, and were not included in the computation of Diluted EPS because their inclusion would be anti-dilutive. These options were still outstanding at the end of the period. The following provides a reconciliation of information used in calculating the per share amounts for the six months ended December 31, 2023 and 2022 (in thousands, except share and per share data): Weighted Average Net Income per Net Income Shares Share 2023 2022 2023 2022 2023 2022 Basic EPS $ 23,088 $ 7,013 36,743 36,731 $ 0.63 $ 0.19 Effect of Dilutive Securities: Stock Options — — 219 226 (0.01) — Diluted EPS $ 23,088 $ 7,013 36,962 36,957 $ 0.62 $ 0.19 Options to purchase 36,250 and 12,568 shares of common stock were excluded for the six months ended December 31, 2023 and 2022, respectively, and were not included in the computation of Diluted EPS because their inclusion would be anti-dilutive. These options were still outstanding at the end of the period. Stock-Based Compensation The Company has established five share incentive programs as discussed in Note 9. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. Stock-based compensation costs of $303,000 and $335,000 were recognized for the three months ended December 31, 2023 and 2022, respectively. Stock-based compensation costs of $610,000 and $812,000 were recognized for the six months ended December 31, 2023 and 2022, respectively. Foreign Currency The Company has determined the functional currency of all foreign subsidiaries is the U.S. Dollar. All foreign operations are considered a direct and integral part or extension of the Company’s operations. The day-to-day operations of all foreign subsidiaries are dependent on the economic environment of the U.S. Dollar. Therefore, no realized and unrealized gains and losses associated with foreign currency translation are recorded for the three and six months ended December 31, 2023 or 2022. Comprehensive Income For the three and six months ended December 31, 2023 and 2022, the Company’s operations did not give rise to material items includable in comprehensive income, which were not already included in net income. Accordingly, the Company’s comprehensive income approximates its net income for all periods presented. Segment Reporting The Company’s reportable operating segments are determined based on the Company’s management approach. The management approach is based on the way that the chief operating decision maker organizes the segments within an enterprise for making operating decisions and assessing performance. The Company’s results of operations are reviewed by the chief operating decision maker on a consolidated basis and the Company operates in only one segment. The Company has presented required geographical data in Note 14. Shipping and Handling Sales and Costs The Company records the amount billed to customers for shipping and handling in net sales ($103,000 and $128,000 in the three months ended December 31, 2023 and 2022, respectively, and $186,000 and $240,000 in the six months ended December 31, 2023 and 2022, respectively); and classifies the costs associated with these sales in cost of sales ($389,000 and $454,000 in the three months ended December 31, 2023 and 2022, respectively, and $760,000 and $848,000 in the six months ended December 31, 2023 and 2022, respectively). Leases The Company records a right of use asset and corresponding liability for the operating lease on our Consolidated Balance Sheets, excluding short-term leases (leases with terms of 12 months or less) as described under ASU No. 2016-02, Leases (Topic 842) Recently Issued Accounting Standards Reference Rate Reform (ASC Topic 848) In March 2020, the FASB issued authoritative guidance to provide optional relief for companies preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”), which is expected to be phased out for new arrangements at the end of calendar 2021, and applies to lease contracts, hedging instruments, held-to-maturity debt securities and debt arrangements that have LIBOR as the benchmark rate. The Company’s bank has notified the Company that its LIBOR option, which was available to it through June 30, 2023, has shifted to the Benchmark Replacement as defined in the agreement with the bank. The new benchmark rate is the Secured Overnight Financing Rate (SOFR) (see Note 8). The Company does not believe that this transition will have a material impact on its financial condition.

Revenue Recognition and Contrac

Revenue Recognition and Contracts with Customers	6 Months Ended
Revenue Recognition and Contracts with Customers	Dec. 31, 2023
Revenue Recognition and Contracts with Customers
Revenue Recognition and Contracts with Customers	NOTE 2 – Revenue Recognition and Contracts with Customers The Company is engaged in one major line of business: the development, manufacture, and distribution of security products, encompassing access control systems, door security products, intrusion and fire alarm systems, alarm communication services, and video surveillance products for commercial and residential use. The Company also provides wireless communication service for intrusion and fire alarm systems on a monthly basis. All of these products and services are used for commercial, residential, institutional, industrial and governmental applications, and are sold primarily to independent distributors, dealers and installers of security equipment. Sales to unaffiliated customers are primarily shipped from the United States. As of December 31, 2023 and June 30, 2023, the Company included refund liabilities of approximately $4,612,000 and $5,521,000, respectively, in current liabilities. As of December 31, 2023 and June 30, 2023, the Company included return-related assets of approximately $1,221,000 and $1,338,000, respectively, in other current assets. As a percentage of gross sales, returns, rebates and allowances were 6% and 5% for the three months ended December 31, 2023 and 2022, respectively. As a percentage of gross sales, returns, rebates and allowances were 5% for both the six months ended December 31, 2023 and 2022, respectively. The Company disaggregates revenue from contracts with customers into major product lines. The Company determines that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. As noted in the accounting policy footnote, the Company’s business consists of one operating segment. Following is the disaggregation of revenues based on major product lines (in thousands): Three months ended December 31, Six months ended December 31, 2023 2022 2023 2022 Major Product Lines: Intrusion and access alarm products $ 11,258 $ 11,342 $ 20,554 $ 24,874 Door locking devices 17,749 16,092 32,844 28,247 Services 18,540 14,880 35,825 28,686 Total Revenues $ 47,547 $ 42,314 $ 89,223 $ 81,807

Business and Credit Concentrati

Business and Credit Concentrations	6 Months Ended
Business and Credit Concentrations	Dec. 31, 2023
Business and Credit Concentrations
Business and Credit Concentrations	NOTE 3 – Business and Credit Concentrations An entity is more vulnerable to concentrations of credit risk if it is exposed to risk of loss greater than it would have had if it mitigated its risk through diversification of customers. Such risks of loss manifest themselves differently, depending on the nature of the concentration, and vary in significance. The Company had two customers with an accounts receivable balance that comprised of 19% and 10% as of December 31, 2023. As of June 30, 2023, the accounts receivable balance with these respective customers were 19% and 14%. Sales to either of these customers did not exceed 10% of net sales during the three and six months ended December 31, 2023 and 2022, respectively.

Marketable Securities

Marketable Securities	6 Months Ended
Marketable Securities	Dec. 31, 2023
Marketable Securities
Marketable Securities	NOTE 4 – Marketable Securities The Company’s marketable securities include investments in fixed income mutual funds, which invest primarily in various government and corporate obligations, stocks and money market funds, and are reported at their fair values. The disaggregated net gains and losses on the marketable securities recognized within the accompanying condensed consolidated statements of income for the three and six months ended December 31, 2023 and 2022, are as follows (in thousands): Three months ended December 31, Six months ended December 31, 2023 2022 2023 2022 Net gains recognized during the period on marketable securities $ 75 $ — $ 117 $ — Less: Net gains recognized during the period on marketable securities sold during the period — — — — Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date 128 35 71 (118) $ 203 $ 35 $ 188 $ (118) The fair values of the Company’s marketable securities are determined as being the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the three-tier value hierarchy, as prescribed by US GAAP, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company’s marketable securities, which are considered available-for-sale securities, are re-measured to fair value on a recurring basis and are valued using Level 1 inputs using quoted prices (unadjusted) for identical assets in active markets. The following tables summarize the Company’s investments at December 31, 2023 and June 30, 2023, respectively (in thousands): December 31, 2023 June 30, 2023 Unrealized Unrealized Cost Fair Value Gain (Loss) Cost Fair Value Gain (Loss) Mutual Funds - Level 1 $ 5,768 5,324 $ (444) $ 5,651 $ 5,136 $ (515) Investment income is recognized when earned and consists principally of interest income from fixed income mutual funds. Realized gains and losses on sales of investments are determined on a specific identification basis.

Inventories

Inventories	6 Months Ended
Inventories	Dec. 31, 2023
Inventories
Inventories	NOTE 5 - Inventories Inventories, net of reserves are valued at lower of cost (first-in, first-out method) or net realizable value. Inventories, net of reserves consist of the following (in thousands): December 31, June 30, 2023 2023 Component parts $ 34,446 $ 29,939 Work-in-process 7,982 7,726 Finished product 10,206 10,684 $ 52,634 $ 48,349 Classification of inventories, net of reserves: Current $ 39,316 $ 35,062 Non-current 13,318 13,287 $ 52,634 $ 48,349

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
Property, Plant, and Equipment	Dec. 31, 2023
Property, Plant, and Equipment
Property, Plant, and Equipment	NOTE 6 – Property, Plant, and Equipment Property, plant and equipment consist of the following (in thousands): December 31, 2023 June 30, 2023 Useful Life in Years Land $ 904 $ 904 N/A Buildings 8,911 8,911 30 to 40 Molds and dies 7,530 7,517 3 to 5 Furniture and fixtures 3,500 3,387 5 to 10 Machinery and equipment 29,080 28,574 3 to 10 Building improvements 3,129 3,078 Shorter of the lease term or life of asset 53,054 52,371 Less: accumulated depreciation and amortization (43,983) (43,063) $ 9,071 $ 9,308 Depreciation and amortization expense on property, plant, and equipment was approximately $467,000 and $379,000 for the three months ended December 31, 2023 and 2022, respectively. Depreciation and amortization expense on property, plant and equipment was approximately $920,000 and $747,000 for the six months ended December 31, 2023 and 2022, respectively.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes
Income Taxes	NOTE 7 - Income Taxes The provision for income taxes represents Federal, foreign, and state and local income taxes. The effective rate differs from statutory rates due to the effect of state and local income taxes, tax rates in foreign jurisdictions, global intangible low-taxed income (“GILTI”), tax benefit of R&D credits, and certain nondeductible expenses. Our effective tax rate will change from quarter to quarter based on recurring and non-recurring factors including, but not limited to, the geographical mix of earnings, enacted tax legislation, and state and local income taxes. In addition, changes in judgment from the evaluation of new information resulting in the recognition de-recognition or re-measurement of a tax position taken in a prior annual period is recognized separately in the quarter of the change. For the six months ended December 31, 2023 the Company recognized total pre-tax book income of $26,529,000, comprised of $3,696,000 and $22,833,000 of domestic and foreign pre-tax book income, respectively. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense and accrued income taxes. As of December 31, 2023, the Company had accrued interest totaling $178,000, as well as $700,000 of unrecognized net tax benefits that, if recognized, would favorably affect the Company’s effective income tax rate in any future period. For the six months ended December 31, 2023, additional interest expense was accrued for in the amount of $39,000. The Company does not expect that our unrecognized tax benefits will change within the next twelve months due to statute of limitation lapses. We file a consolidated U.S. income tax return and tax returns in certain state and local and foreign jurisdictions. As of December 31, 2023, we remain subject to examination in all tax jurisdictions for all relevant jurisdictional statutes for fiscal years 2018 and thereafter. In December 2022, the Company received a letter from the IRS (“IRS”) notifying it that the IRS has closed it's examination of the Company’s income tax return for fiscal year ended June 30, 2020. There has been no changes proposed in relation to this examination.

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Dec. 31, 2023
Long-Term Debt
Long-Term Debt	NOTE 8 - Long-Term Debt As of December 31, 2023 and June 30, 2023, the Company had a revolving line of credit of $11,000,000 (“Revolver Agreement”) which expires in June 2024. As of December 31, 2023 and June 30, 2023, the Company has no outstanding debt. The Revolver Agreement also provides for a LIBOR-based interest rate option of LIBOR plus 1.15% to 2.00%, depending on the ratio of outstanding debt to EBITDA, which is to be measured and adjusted quarterly, a prime rate-based option of the prime rate plus 0.25% and other terms and conditions as more fully described in the Revolver Agreement. The Company’s obligations under the Revolver Agreement continue to be secured by substantially all of its domestic assets, including but not limited to, deposit accounts, accounts receivable, inventory, equipment and fixtures and intangible assets. In addition, the Company’s wholly owned subsidiaries, with the exception of the Company’s foreign subsidiaries, have issued guarantees and pledges of all of their assets to secure the Company’s obligations under the Revolver Agreement. All of the outstanding common stock of the Company’s domestic subsidiaries and 65% of the common stock of the Company’s foreign subsidiaries has been pledged to secure the Company’s obligations under the Revolver Agreement. The Revolver Agreement contains various restrictions and covenants including, among others, restrictions on payment of dividends, restrictions on borrowings and compliance with certain financial ratios, as defined in the Revolver Agreement. In September 2020, the Company and its lender amended the Revolver Agreement, which had an expiration date of June 2021, to expire in June 2024. The amended Revolver Agreement also removed certain requirements and restrictions on the Company as well as removing the mortgage on the Company’s Amityville facility. The Company’s bank has notified the Company that its LIBOR option, which was available to it through June 30, 2023, has shifted to the Benchmark Replacement as defined in the agreement with the bank. The new benchmark rate is the Secured Overnight Financing Rate (SOFR). During the fourth quarter of fiscal 2020, the Company received the proceeds of promissory notes dated between April 17, 2020 and May 7, 2020 (the "PPP Loan Agreement"), entered into between the Company and HSBC Bank USA N.A., as lender (the "Lender). Lender made the loans pursuant to the Paycheck Protection Program (the "PPP"), created by Section 1102 of the CARES Act and governed by the CARES Act, Section 7(a)(36) of the Small Business Act, any rules or guidance that has been issued by the Small Business Association (“SBA”) implementing the PPP and acting as guarantor, or any other applicable loan program requirements, as defined in 13 CFR § 120.10, as amended from time to time. Pursuant to the PPP Loan Agreement, the Lender made loans to the Company with an aggregate principal amount of $3,904,000 (the "PPP Loan"). The PPP Loan and related extinguishment was accounted for in accordance with ASC 470 “Debt”. Pursuant to the CARES Act, the loans may be forgiven by the SBA. During the year ended June 30, 2022, the PPP Loans were forgiven, in their entirety, in accordance with guidelines set forth in the PPP loan documents. The Company recognized a gain on the extinguishment of debt during the quarter ended September 30, 2021 in the amount of $3,904,000 within the other (expense) income section in the accompanying condensed consolidated statements of income. The SBA reserves the right to audit PPP forgiveness applications for a period of six years from the date of forgiveness. It has indicated that it will audit all of those that are in excess of $2 million.

Stock Option

Stock Option	6 Months Ended
Stock Option	Dec. 31, 2023
Stock Option
Stock Option	NOTE 9 - Stock Options The Company follows ASC 718 (“Share-Based Payment”), which requires that all share-based payments to employees, including stock options, be recognized as compensation expense in the consolidated financial statements based on their fair values and over the requisite service period. For the three months ended December 31, 2023 and 2022, the Company recorded non-cash compensation expense of $303,000 ($0.01 per basic and diluted diluted diluted basic and diluted 2012 Employee Stock Option Plan In December 2012, the stockholders approved the 2012 Employee Stock Option Plan (the 2012 Employee Plan). The 2012 Employee Plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 1,900,000 shares of the Company’s common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options, which are intended to qualify as incentive stock options (“ISOs”) or non-incentive stock options, to valued employees. Any plan participant who is granted ISOs and possesses more than 10% of the voting rights of the Company’s outstanding common stock must be granted an option with a price of at least 110% of the fair market value on the date of grant and a term of 10 years. Under the 2012 Employee Plan, stock options may be granted to valued employees with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable, in whole or in part, at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. At December 31, 2023, 478,980 stock options were outstanding, 289,728 stock options were exercisable and no further stock options were available for grant under this plan. 0 and 37,500 options were granted during the three and six months ended December 31, 2023 and 2022, respectively. No options may be granted under this plan after December 2022. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2023 2022 Risk-free interest rates n/a 3.03 % Expected lives n/a 7.27 Years Expected volatility n/a 43 % Expected dividend yields n/a 0 % The following table reflects activity under the 2012 Employee Plan for the six months ended December 31: 2023 2022 Weighted average Weighted average Options exercise price Options exercise price Outstanding, beginning of year 521,580 $ 19.37 523,080 $ 18.59 Granted — — 37,500 $ 26.94 Forfeited/Lapsed (11,000) $ 3.15 — — Exercised (31,600) $ 22.13 (7,200) $ 7.07 Outstanding, end of period 478,980 $ 19.56 553,380 $ 18.90 Exercisable, end of period 289,728 $ 18.58 262,252 $ 16.88 Weighted average fair value at grant date of options granted n/a $ 13.36 Total intrinsic value of options exercised $ 375,000 $ 159,000 Total intrinsic value of options outstanding $ 7,034,000 $ 4,746,000 Total intrinsic value of options exercisable $ 4,539,000 $ 2,779,000 A total of 31,600 stock options were exercised during the three and six months ended December 31, 2023. The 31,600 options that were exercised during the three and six months ended December 31, 2023 were settled by the Company withholding 20,567 from the shares issuable on exercise of the options. The withheld shares of Common Stock had an aggregate fair market value on the date of exercise equal to the purchase price being paid. No cash was received from the option exercises during the three and six months ended December 31, 2023. The actual tax benefit realized for the tax deductions from option exercises during the three and six months ended December 31, 2023 was $52,000 each period. 2,000 and 7,200 stock options were exercised during the three and six months ended December 31, 2022, respectively. The 2,000 options that were exercised during the three months ended December 31, 2022 were settled by exchanging 207 of the Company’s common stock which were retired and returned to unissued status upon receipt. No The following table summarizes information about stock options outstanding under the 2012 Employee Plan at December 31, 2023: Options outstanding Options exercisable Weighted average Number remaining Weighted average Number Weighted average Range of exercise prices outstanding contractual life exercise price exercisable exercise price $3.15 ‑ $26.94 478,980 7.30 $ 19.56 289,728 $ 18.58 478,980 7.30 $ 19.56 289,728 $ 18.58 As of December 31, 2023, there was $1,518,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2012 Employee Plan. No options were granted during the three and six months ended December 31, 2023. 0 and 37,500 options were granted during the three and six months ended December 31, 2022. 74,000 and 84,700 options vested during the three and six months ended December 31, 2023. The total grant date fair value of the options vesting during the three and six months ended December 31, 2023 was $724,000 and $849,000, respectively. 80,400 and 92,700 options vested during the three and six months ended December 31, 2022, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2022 under this plan was $754,000 and $883,000, respectively. 2012 Non-Employee Stock Option Plan In December 2012, the stockholders approved the 2012 Non-Employee Stock Option Plan (the 2012 Non-Employee Plan). This plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 100,000 shares of the Company’s common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options to non-employee directors and consultants to the Company and its subsidiaries. Under the 2012 Non-Employee Plan, stock options may be granted with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable in whole or in part at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. At December 31, 2023, 20,400 stock options were outstanding, 15,840 stock options were exercisable and no further stock options were available for grant under this plan. There were no options granted during the three and six months ended December 31, 2023 and 2022. No options may be granted under this plan after December 2022. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2023 2022 Risk-free interest rates n/a n/a Expected lives n/a n/a Expected volatility n/a n/a Expected dividend yields n/a n/a The following table reflects activity under the 2012 Non-Employee Plan for the six months ended December 31: 2023 2022 Weighted average Weighted average Options exercise price Options exercise price Outstanding, beginning of year 20,400 $ 14.39 20,400 $ 14.39 Granted — — — — Forfeited/Lapsed — — — — Exercised — — — — Outstanding, end of period 20,400 $ 14.39 20,400 $ 14.39 Exercisable, end of period 15,840 $ 12.44 13,200 $ 10.95 Weighted average fair value at grant date of options granted n/a n/a Total intrinsic value of options exercised n/a n/a Total intrinsic value of options outstanding $ 405,000 $ 267,000 Total intrinsic value of options exercisable $ 345,000 $ 218,000 No stock options were exercised during the three and six months ended December 31, 2023 and 2022, respectively. No cash was received from option exercises during the three and six months ended December 31, 2023 and 2022, respectively, and the actual tax benefit realized for the tax deductions from option exercises was $0 for both periods. The following table summarizes information about stock options outstanding under the 2012 Non-Employee Plan at December 31, 2023: Options outstanding Options exercisable Weighted average Weighted Weighted Number remaining average exercise Number average exercise Range of exercise prices outstanding contractual life price exercisable price $4.35 - $22.93 20,400 6.15 $ 14.39 15,840 $ 12.44 20,400 6.15 $ 14.39 15,840 $ 12.44 As of December 31, 2023, there was $34,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2012 Non-Employee Plan. No options were granted during the three and six months ended December 31, 2023 and 2022, respectively. 1,920 options vested during the three and six months ended December 31, 2023 and 2022, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2023 and 2022 under this plan was $19,000 for both periods. 2018 Non-Employee Stock Option Plan In December 2018, the stockholders approved the 2018 Non-Employee Stock Option Plan (the “2018 Non-Employee Plan”). This plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 100,000 shares of the Company's common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options to non-employee directors and consultants to the Company and its subsidiaries. Under the 2018 Non-Employee Plan, stock options may be granted with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable in whole or in part at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. At December 31, 2023, 73,400 stock options were outstanding, 58,620 stock options were exercisable and no further stock options were available for grant under this plan. There were no options granted during the three and six months ended December 31, 2023 and 2022. No options may be granted under this plan after December 2028. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2023 2022 Risk-free interest rates n/a n/a Expected lives n/a n/a Expected volatility n/a n/a Expected dividend yields n/a n/a The following table reflects activity under the 2018 Non-Employee Plan for the six months ended December 31: 2023 2022 Weighted average Weighted average Options exercise price Options exercise price Outstanding, beginning of year 75,000 $ 14.83 89,000 $ 14.91 Granted — — — — Forfeited/Lapsed — — — — Exercised (1,600) $ 15.27 (9,900) $ 16.27 Outstanding, end of period 73,400 $ 14.82 79,100 $ 14.74 Exercisable, end of period 58,620 $ 13.81 49,440 $ 13.02 Weighted average fair value at grant date of options granted n/a n/a Total intrinsic value of options exercised $ 28,000 $ 124,000 Total intrinsic value of options outstanding $ 1,426,000 $ 1,008,000 Total intrinsic value of options exercisable $ 1,198,000 $ 715,000 A total of 1,600 stock options were exercised during the three and six months ended December 31, 2023. The 1,600 options that were exercised during the three and six months ended December 31, 2023 were settled by the Company withholding 740 from the shares issuable on exercise of the options. The withheld shares of Common Stock had an aggregate fair market value on the date of exercise equal to the purchase price being paid. No cash was received from the option exercises during the three and six months ended December 31, 2023. The actual tax benefit realized for the tax deductions from option exercises during the three and six months ended December 31, 2023 was $6,000 each period. 3,600 and 9,900 options were exercised during the three and six months ended December 31, 2022, respectively. The 3,600 options that were exercised during the three months ended December 31, 2022, were settled by exchanging 2,637 shares of the Company’s common stock which were retired and returned to unissued status upon receipt. The 9,900 options that were exercised during the six months ended December 31, 2022, were settled by exchanging 5,657 shares of the Company’s common stock which were retired and returned to unissued status upon receipt. No cash was received from option exercises during the three and six months ended December 31, 2022, and the actual tax benefit realized for the tax deductions from option exercises was $5,000 and $26,000, respectively. The following table summarizes information about stock options outstanding under the 2018 Non-Employee Plan at December 31, 2023: Options outstanding Options exercisable Weighted average Weighted Weighted Number remaining average exercise Number average exercise Range of exercise prices outstanding contractual life price exercisable price $8.10 - $22.93 73,400 6.27 $ 14.82 58,620 $ 13.81 73,400 6.27 $ 14.82 58,620 $ 13.81 As of December 31, 2023, there was $83,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2018 Non-Employee Plan. No options were granted during the three and six months ended December 31, 2023 and 2022, respectively. 9,500 options vested during the three and six months ended December 31, 2023, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2023 under this plan was $89,000 for both periods. 14,300 options vested during the three and six months ended December 31, 2022, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2022 under this plan was $114,000 for both periods. 2020 Non-Employee Stock Option Plan In May 2020, the stockholders approved the 2020 Non-Employee Stock Option Plan (the “2020 Non-Employee Plan”). This plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 100,000 shares of the Company's common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options to non-employee directors and consultants to the Company and its subsidiaries. Under the 2020 Non-Employee Plan, stock options may be granted with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable in whole or in part at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. At December 31, 2023, 56,900 stock options were outstanding, 29,140 stock options were exercisable and 43,100 stock options were available for grant under this plan. No options were granted during the three and six months ended December 31, 2023. 0 and 25,000 options were granted during the three months ended December 31, 2022, respectively. No options may be granted under this plan after May 2030. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2023 2022 Risk-free interest rates n/a 3.03 % Expected lives n/a 7.27 Years Expected volatility n/a 43 % Expected dividend yields n/a 0 % The following table reflects activity under the 2020 Non-Employee Plan for the six months ended December 31: 2023 2022 Weighted average Weighted average Options exercise price Options exercise price Outstanding, beginning of year 56,900 $ 23.35 26,900 $ 18.64 Granted — — 25,000 $ 26.94 Forfeited/Lapsed — — — — Exercised — — — — Outstanding, end of period 56,900 $ 23.35 51,900 $ 22.64 Exercisable, end of period 29,140 $ 21.41 17,760 $ 20.16 Weighted average fair value at grant date of options granted n/a $ 13.36 Total intrinsic value of options exercised n/a n/a Total intrinsic value of options outstanding $ 620,000 $ 251,000 Total intrinsic value of options exercisable $ 374,000 $ 130,000 No stock options were exercised during the three and six months ended December 31, 2023 and 2022. No cash was received from option exercises during either of the three and six months ended December 31, 2023 or 2022 and the actual tax benefit realized for the tax deductions from option exercises was $0 for both periods. The following table summarizes information about stock options outstanding under the 2020 Non-Employee Plan at December 31, 2023: Options outstanding Options exercisable Weighted average Number remaining Weighted average Number Weighted average Range of exercise prices outstanding contractual life exercise price exercisable exercise price $11.40 - $30.71 56,900 8.09 $ 23.35 29,140 $ 21.41 56,900 8.09 $ 23.35 29,140 $ 21.41 As of December 31, 2023, there was $278,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2020 Non-Employee Plan. No stock options were granted during the three and six months ended December 31, 2023. 3,380 and 10,380 options vested during the three and six months ended December 31, 2023 and 2022, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2023 and 2022 under this plan was $34,000 and $113,000, respectively. 2022 Employee Stock Option Plan In December 2022, the stockholders approved the 2022 Employee Stock Option Plan (the “2022 Employee Plan”). The plan authorizes the granting of awards, the exercise of which would allow up to an aggregate of 950,000 shares of the Company’s common stock to be acquired by the holders of such awards. Under this plan, the Company may grant stock options, which are intended to qualify as incentive stock options (“ISOs”) or non-incentive stock options, to valued employees. Any plan participant who is granted ISOs and possesses more than 10% of the voting rights of the Company’s outstanding common stock must be granted an option with a price of at least 110% of the fair market value on the date of grant. Under the 2022 Employee Plan, stock options may be granted to valued employees with a term of up to 10 years at an exercise price equal to or greater than the fair market value on the date of grant and are exercisable, in whole or in part, at 20% per year beginning on the date of grant. An option granted under this plan shall vest in full upon a “change in control” as defined in the plan. . At December 31, 2023, 10,000 stock options were outstanding, 2,000 stock options were exercisable and 940,000 stock options were available for grant under this plan. There were 10,000 options granted during the three and six months ended December 31, 2023. No options may be granted under this plan after December 2032. The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2023 Risk-free interest rates 4.66 % Expected lives 5.76 Years Expected volatility 48.71 % Expected dividend yields 1.48 % The following table reflects activity under the 2022 Employee Plan for the six months ended December 31: 2023 Weighted average Options exercise price Outstanding, beginning of year 5,000 $ 40.01 Granted 10,000 $ 21.60 Forfeited/Lapsed (5,000) $ (40.01) Exercised — — Outstanding, end of period 10,000 $ 21.60 Exercisable, end of period 2,000 $ 21.60 Weighted average fair value at grant date of options granted $ 9.75 Total intrinsic value of options exercised n/a Total intrinsic value of options outstanding $ 127,000 Total intrinsic value of options exercisable $ 25,300 No options were exercised during the three and six months ended December 31, 2023. No cash was received from option exercises during the three and six months ended December 31, 2023 and the actual tax benefit realized for the tax deductions from option exercises was $0. The following table summarizes information about stock options outstanding under the 2022 Employee Plan at December 31, 2023: Options outstanding Options exercisable Weighted average Number remaining Weighted average Number Weighted average Range of exercise prices outstanding contractual life exercise price exercisable exercise price $21.60 10,000 9.77 $ 21.60 2,000 $ 21.60 10,000 9.77 $ 21.60 2,000 $ 21.60 As of December 31, 2023, there was $73,000 of unearned stock-based compensation cost related to share-based compensation arrangements granted under the 2022 Employee Plan. 10,000 options were granted during the three and six months ended December 31, 2023. 2,000 options vested during the three and six months ended December 31, 2023, respectively. The total grant date fair value of the options vesting during the three and six months ended December 31, 2023 under this plan was $19,500, respectively.

Stockholders' Equity Transactio

Stockholders' Equity Transactions	6 Months Ended
Stockholders' Equity Transactions	Dec. 31, 2023
Stockholders' Equity Transactions
Stockholders' Equity Transactions	NOTE 10 – Stockholders’ Equity Transactions On August 18, 2023, the Company’s Board of Directors declared a cash dividend of $.08 per share payable on September 22, 2023 to stockholders of record on September 1, 2023. On November 2, 2023, the Company’s Board of Directors declared a cash dividend of $.08 per share payable on December 22, 2023 to stockholders of record on December 1, 2023. During the three and six months ended December 31, 2023, certain employees and directors exercised stock options under the Company's 2012 Employee and 2018 Non-Employee Stock Option Plans totaling 33,200 shares. All of these exercises were completed as cashless exercises as allowed for under the plans, where the exercise shares are issued by the Company in exchange for shares of the Company's common stock that are owned by the optionees. The number of shares withheld by the Company was 21,307 and was based upon the aggregate fair market value on the date of exercise equal to the purchase price being paid. During fiscal 2023, certain employees and directors exercised stock options under the Company's 2012 Employee and 2018 Non-Employee Stock Option Plans totaling 53,000 shares. 43,600 of these exercises were completed as cashless exercises as allowed for under the plans, where the exercise shares are issued by the Company in exchange for shares of the Company's common stock that are owned by the optionees. The number of shares withheld by the Company was 17,385 and was based upon the aggregate fair market value on the date of exercise equal to the purchase price being paid.

Related Party Transaction

Related Party Transaction	6 Months Ended
Related Party Transaction	Dec. 31, 2023
Related Party Transaction
Related Party Transaction	NOTE 11 – Related Party Transaction In February 2023, the Company's President and Chairman and the Company’s Executive Vice President and Chief Financial Officer sold 2,300,000 and 100,000 shares of our common stock, respectively, as selling stockholders in an underwritten secondary public offering at a public offering price of $31.50 per share. The Company did not sell any shares in the offering and received no proceeds from the offerings, but the Company incurred $96,000 and $293,000 in offering expenses, which are recorded in SG&A in the accompanying condensed consolidation statements of income during the three and six months ended December 31, 2022, respectively.

401(k) Plan

401(k) Plan	6 Months Ended
401(k) Plan	Dec. 31, 2023
401(k) Plan
401(k) Plan	NOTE 12 - 401(k) Plan The Company maintains a 401(k) plan (“the Plan”) that covers all U.S. employees and is qualified under Sections 401(a) and 401(k) of the Internal Revenue Code. Company contributions to this plan are discretionary and totaled $58,000 and $61,000 for the three months ended December 31, 2023 and 2022, respectively. Company contributions to this plan totaled $119,000 and $123,000 for the six months ended December 31, 2023 and 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	NOTE 13 - Commitments and Contingencies Leases Our lease obligation consists of a 99-year Operating leases are included in operating lease right-of-use assets, accrued expenses and operating lease liabilities, non-current on our condensed consolidated balance sheets. For the three months ended December 31, 2023 and 2022 cash payments against operating lease liabilities totaled $86,000 and $92,000, respectively. For the six months ended December 31, 2023 and 2022 cash payments against operating lease liabilities totaled $171,000 and $164,000, respectively. Supplemental balance sheet information related to operating leases was as follows: Weighted-average remaining lease term 68 Years Weighted-average discount rate 6.25 % The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2023 (in thousands): Year Ending June 30, Amount 2024 $ 155 2025 299 2026 282 2027 267 2028 253 Thereafter 4,386 Total $ 5,642 Operating lease expense totaled approximately $129,000 and $131,000 for the three months ended December 31, 2023 and 2022, respectively. Operating lease expense totaled approximately $253,000 and $211,000 for the six months ended December 31, 2023 and 2022, respectively. Litigation On August 29, 2023, a purported class action, brought on behalf of a putative class who acquired publicly traded NAPCO securities between November 7, 2022 and August 18, 2023, was filed in the United States District Court for the Eastern District of New York against the Company, its Chairman and Chief Executive Officer, and its Chief Financial Officer. The action, captioned Zornberg v. Napco Security Technologies, Inc. et al., asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with statements made in the Company’s quarterly reports and earnings releases during the period of November 7, 2022 through May 8, 2023. A lead plaintiff was appointed in November 2023 and it is expect that such plaintiff will file an amended complaint by February 16, 2024. The Company intends to vigorously defend against the action. With respect to all litigation and related matters, the Company records a liability when the Company believes it is probable that a liability has been incurred and the amount can be reasonably estimated. As of the end of the period covered by this report, the Company has not recorded a liability for the matter disclosed in this note. It is possible that the Company could be required to pay damages, incur other costs or establish accruals in amounts that could not be reasonably estimated as of the end of the period covered by this report. Employment Agreements As of December 31, 2023, the Company was obligated under two employment agreements and one severance agreement with executive officers of the Company. The employment agreements are with the Company’s CEO, and the Senior Vice President of Engineering (“the SVP of Engineering”) and the severance agreement is with the Company’s Executive Vice President of Operations and Chief Financial Officer (“CFO”). The employment agreement with the CEO provides for an annual salary of $906,000, as adjusted for inflation; incentive compensation as may be approved by the Board of Directors from time to time and a termination payment in an amount up to 299% of the average of the prior five calendar year’s compensation, subject to certain limitations, as defined in the agreement. The employment agreement renews annually in August unless either party gives the other notice of non-renewal at least six months prior to the end of the applicable term. The employment agreement with the SVP of Engineering expires in August 2024 and provides for an annual salary of $361,000, and, if terminated by the Company without cause, severance of nine month’s salary and continued company-sponsored health insurance for six months from the date of termination. The severance agreement is with the CFO and provides for, if terminated by the Company without cause or within three months of a change in corporate control of the Company, severance of nine month’s salary, continued company-sponsored health insurance for six months from the date of termination and certain non-compete and other restrictive provisions.

Geographical Data

Geographical Data	6 Months Ended
Geographical Data	Dec. 31, 2023
Geographical Data
Geographical Data	NOTE 14 – Geographical Data The Company is engaged in one major line of business: the development, manufacture, and distribution of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems, video surveillance products and wireless communication service for intrusion and fire alarm systems. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold primarily to independent distributors, dealers and installers of security equipment. Sales to unaffiliated customers are shipped from the United States. The Company has customers worldwide with major concentrations in North America. Financial Information Relating to Domestic and Foreign Operations (in thousands): Three months ended December 31, Six months ended December 31, 2023 2022 2023 2022 Sales to external customers (1) Domestic $ 47,291 $ 41,886 $ 88,661 $ 81,145 Foreign 256 428 562 662 Total Net Sales $ 47,547 $ 42,314 $ 89,223 $ 81,807 December 31, 2023 June 30, 2023 Identifiable assets: United States $ 138,831 $ 122,995 Dominican Republic (2) 47,047 43,659 Total Identifiable Assets $ 185,878 $ 166,654 (1) All of the Company’s sales originate in the United States and are shipped primarily from the Company’s facilities in the United States. There were no sales into any one foreign country in excess of 10% of total Net Sales. (2) Consists primarily of inventories (December 31, 2023 = $37,068 ; June 30, 2023 = $33,477 ), operating lease assets (December 31, 2023 = $5,642 ; June 30, 2023 = $5,797 ) and fixed assets (December 31, 2023 = $3,807 ; June 30, 2023 = $3,958 ) located at the Company’s principal manufacturing facility in the Dominican Republic.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events
Subsequent Events	NOTE 15 - Subsequent Events The Company has evaluated subsequent events occurring after the end of the period covered by the condensed consolidated financial statements for events requiring recording or disclosure in the condensed consolidated financial statements. On February 1, 2024, the Company’s Board of Directors declared a cash dividend of $.10 per share payable on March 22, 2024 to stockholders of record on March 1, 2024.

Nature of Business and Summar_2

Nature of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2023
Nature of Business and Summary of Significant Accounting Policies
Nature of Business	Nature of Business : Napco Security Technologies, Inc (“NAPCO”, “the Company”, “we”) is one of the leading manufacturers and designers of high-tech electronic security devices, cellular communication services for intrusion and fire alarm systems as well as a leading provider of school safety solutions. We offer a diversified array of security products, encompassing access control systems, door-locking products, intrusion and fire alarm systems and video surveillance products. These products are used for commercial, residential, institutional, industrial and governmental applications, and are sold worldwide principally to independent distributors, dealers and installers of security equipment. We have experienced significant growth in recent years, primarily driven by fast growing recurring service revenues generated from wireless communication services for intrusion and fire alarm systems, as well as our school security products that are designed to meet the increasing needs to enhance school security as a result of on-campus shooting and violence in the U.S. Our wireless communication services have led to substantial growth in our monthly recurring revenues. The Company's fiscal year begins on July 1 and ends on June 30. Historically, the end users of the Company’s hardware products want to install these products prior to the summer; therefore, sales of these products historically peak in the period April 1 through June 30, the Company's fiscal fourth quarter, and are reduced in the period July 1 through September 30, the Company's fiscal first quarter. In addition, demand for all of our products may be affected by the housing and construction markets. Deterioration of the current economic conditions may also affect this trend. The monthly recurring service revenue, which is less susceptible to these fluctuations, allows us to generate a more consistent and predictable stream of income and mitigates the risk of fluctuation in market demand for our equipment products.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Napco Security Technologies, Inc. and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.
Accounting Estimates	Accounting Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates include management’s judgments associated with reserves for sales returns and allowances, allowance for credit losses, overhead expenses applied to inventory, inventory reserves, valuation of
Fair Value of Financial Instruments	Fair Value of Financial Instruments The methods and assumptions used to estimate the fair value of the following classes of financial instruments were: Current Assets and Current Liabilities - The carrying amount of cash and cash equivalents, certificates of deposits, marketable securities, current receivables and payables and certain other short-term financial instruments approximate their fair value as of December 31, 2023 and June 30, 2023 due to their short-term maturities.
Cash and Cash Equivalents and Investments - other	Cash and Cash Equivalents and Investments – other Cash and cash equivalents include approximately $25,838,000 of short-term time deposits, consisting of several certificates of deposit totaling $5,275,000 and $20,562,000 in money market funds as of December 31, 2023. Cash and cash equivalents include approximately $15,242,000 of short-term time deposits, consisting of several certificates of deposit totaling $15,179,000 and $63,000 in a money market fund as of June 30, 2023. The Company classifies these highly liquid investments with original maturities of three months or less as cash equivalents. Certificates of deposit with an original maturity greater than three months are classified as Investments-other. Cash and cash equivalents consist of the following as of (in thousands): December 31, 2023 June 30, 2023 Cash $ 21,474 $ 20,713 Money Market Fund 20,562 63 Certificates of Deposit 5,275 15,179 $ 47,311 $ 35,955 Investments-other consists of the following as of (in thousands): December 31, 2023 June 30, 2023 Certificates of Deposit $ 26,332 $ 25,660 $ 26,332 $ 25,660 Certificates of deposit are recorded at the original cost plus accrued interest. The Company’s Certificates of deposits consist of the following as of (in thousands): December 31, 2023 Balance Sheet Classification Interest Rate Maturity Date Cost Carrying Value Cash and Cash Equivalents 5.10% 2/22/2024 $ 5,245 $ 5,275 Investments - other 5.10% - 5.40% 2/23/2024 - 4/24/2024 26,015 26,332 The Company has cash balances in banks in excess of the maximum amount insured by the FDIC and other international agencies as of December 31, 2023 and June 30, 2023. The Company has not historically experienced any credit losses with balances in excess of FDIC limits.
Marketable Securities	Marketable Securities The Company’s marketable securities include investments in mutual funds, which invest primarily in various government and corporate obligations, stocks and money market funds. The Company’s marketable securities are reported at fair value with the related unrealized and realized gains and losses included in other expense (income). Realized gains or losses on mutual funds are determined on a specific identification basis. The Company would record an impairment charge if the cost of the available-for-sale securities exceeds the estimated fair value of the securities and the decline in value is determined to be other-than-temporary. During the three and six months ended December 31, 2023, the Company did not record an impairment charge regarding its investment in marketable securities because management believes, based on its evaluation of the circumstances, that the decline in fair value below the cost of certain of the Company’s marketable securities is temporary.
Accounts Receivable	Accounts Receivable Accounts receivable is stated net of the reserves for credit losses of $96,000 and $131,000 as of December 31, 2023 and June 30, 2023, respectively. Our reserves for credit losses are subjective critical estimates that have a direct impact on reported net earnings. These reserves are based upon the evaluation of our accounts receivable aging, specific exposures, sales levels and historical trends.
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value, with cost being determined on the first-in, first-out (FIFO) method. The reported net value of inventory includes finished saleable products, work-in-process and raw materials that will be sold or used in future periods. Inventory costs include raw materials, direct labor and overhead. The Company’s overhead expenses are applied based, in part, upon estimates of the proportion of those expenses that are related to procuring and storing raw materials as compared to the manufacture and assembly of finished products. These proportions, the method of their application, and the resulting overhead included in ending inventory, are based in part on subjective estimates and actual results could differ from those estimates. In addition, the Company records an inventory obsolescence reserve, which represents any excess of the cost of the inventory over its estimated realizable value. This reserve is calculated using an estimated obsolescence percentage applied to the inventory based on age, historical trends, product life cycle, requirements to support forecasted sales, and the ability to find alternate applications of its raw materials and to convert finished product into alternate versions of the same product to better match customer demand. In addition, and as necessary, the Company may establish specific reserves for future known or anticipated events. There is inherent professional judgment and subjectivity made by both production and engineering members of management in determining the estimated obsolescence percentage. The Company also regularly reviews the period over which its inventories will be converted to sales. Any inventories expected to convert to sales beyond 12 months from the balance sheet date are classified as non-current.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment are carried at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged to expense as incurred; costs of major renewals and improvements are capitalized. At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and accumulated depreciation accounts and the profit or loss on such disposition is reflected in income. Depreciation is recorded over the estimated service lives of the related assets using primarily the straight-line method. Amortization of leasehold improvements is calculated by using the straight-line method over the estimated useful life of the asset or lease term, whichever is shorter.
Long-Lived and Intangible Assets	Long-Lived and Intangible Assets Long-lived assets are amortized over their useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets in question may not be recoverable. Impairment would be recorded in circumstances where undiscounted cash flows expected to be generated by an asset are less than the carrying value of that asset. Intangible assets consisted of the follows (in thousands): December 31, 2023 June 30, 2023 Carrying Accumulated Net book Carrying Accumulated Net book value amortization value value amortization value Customer relationships $ 9,800 (9,369) $ 431 $ 9,800 (9,302) $ 498 Trade name 4,048 (708) 3,340 4,048 (607) 3,441 $ 13,848 $ (10,077) $ 3,771 $ 13,848 $ (9,909) $ 3,939 Amortization expense for intangible assets subject to amortization was approximately $84,000 and $90,000 for the three months ended December 31, 2023 and 2022, respectively. Amortization expense for intangible assets subject to amortization was approximately $168,000 and $181,000 for the six months ended December 31, 2023 and 2022, respectively. Amortization expense for each of the next five fiscal years is estimated to be as follows: 2024 - $336,000; 2025 - $315,000; 2026 - $297,000; 2027 - $283,000; and 2028 - $269,000. The weighted average remaining amortization period for intangible assets was 15.1 years and 15.5 years at December 31, 2023 and June 30, 2023, respectively.
Revenue Recognition	Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. For product sales, the Company typically transfers control at a point in time upon shipment or delivery of the product. For monthly communication services the Company satisfies its performance obligation as the services are rendered and therefore recognizes revenue over the monthly period. Typically timing of revenue recognition coincides with the timing of invoicing to the customers, at which time the Company has an unconditional right to consideration. As such, the Company typically records a receivable when revenue is recognized. The contract with the customer states the final terms of the sale, including the description, quantity, and price of each product purchased. Payment for product sales is typically due within 30 and 180 days of the delivery date. Payment for monthly communication services is billed on a monthly basis and is typically due at the beginning of the month of service or in 30 days for customers with an open account. In measuring revenue and determining the consideration the Company is entitled to as part of a contract with a customer, the Company takes into account the related elements of variable consideration. Such elements of variable consideration include product returns and sales incentives, such as volume rebates and discounts, and early-payment discounts. The Company provides limited standard warranty for defective products, usually for a period of 24 to 36 months. The Company accepts returns for such defective products as well as for other limited circumstances. The Company also provides rebates to customers for meeting specified purchasing targets and other coupons or credits in limited circumstances. The Company establishes reserves for the estimated returns, rebates and credits and measures such variable consideration based on the expected value method using an analysis of historical data. Changes to the estimated variable consideration in subsequent periods are not material. The Company analyzes sales returns, rebates and credits and is able to make reasonable and reliable estimates of product returns based on the Company’s past history. Estimates for sales returns, rebates and credits are based on several factors including actual returns, rebates and credits and based on expected return data communicated to it by its customers. Accordingly, the Company believes that its historical returns, rebates and credits analysis is an accurate basis for its allowance for sales returns. Actual results could differ from those estimates.
Advertising and Promotional Costs	Advertising and Promotional Costs Advertising and promotional costs are included in "Selling, General and Administrative" (“SG&A”) expenses in the consolidated statements of income and are expensed as incurred. Advertising expense for the three months ended December 31, 2023 and 2022 was $696,000 and $505,000, respectively. Advertising expense for the six months ended December 31, 2023 and 2022 was $1,457,000 and $1,259,000, respectively.
Research and Development Costs	Research and Development Costs Research and development (“R&D”) costs incurred by the Company are charged to expense as incurred and are included in operating expenses in the consolidated statements of income. Company-sponsored R&D expense for the three months ended December 31, 2023 and 2022 was $2,542,000 and $2,222,000, respectively. Company-sponsored R&D expense for the six months ended December 31, 2023 and 2022 was $4,979,000 and $4,650,000, respectively.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. 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. The Company measures and recognizes the tax implications of positions taken or expected to be taken in its tax returns on an ongoing basis. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
Net Income per Share	Net Income per Share Basic net income per common share (Basic EPS) is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per common share (Diluted EPS) is computed by dividing net income by the weighted average number of common shares and dilutive common share equivalents and convertible securities then outstanding. The following provides a reconciliation of information used in calculating the per share amounts for the three months ended December 31, 2023 and 2022 (in thousands, except share and per share data): Net Income Weighted Average Shares Net Income per Share 2023 2022 2023 2022 2023 2022 Basic EPS $ 12,610 $ 3,929 36,829 36,772 $ 0.34 $ 0.11 Effect of Dilutive Securities: Stock Options — — 189 225 — — Diluted EPS $ 12,610 $ 3,929 37,018 36,997 $ 0.34 $ 0.11 Options to purchase 67,500 and 0 shares of common stock were excluded for the three months ended December 31, 2023 and 2022, respectively, and were not included in the computation of Diluted EPS because their inclusion would be anti-dilutive. These options were still outstanding at the end of the period. The following provides a reconciliation of information used in calculating the per share amounts for the six months ended December 31, 2023 and 2022 (in thousands, except share and per share data): Weighted Average Net Income per Net Income Shares Share 2023 2022 2023 2022 2023 2022 Basic EPS $ 23,088 $ 7,013 36,743 36,731 $ 0.63 $ 0.19 Effect of Dilutive Securities: Stock Options — — 219 226 (0.01) — Diluted EPS $ 23,088 $ 7,013 36,962 36,957 $ 0.62 $ 0.19
Stock-Based Compensation	Stock-Based Compensation The Company has established five share incentive programs as discussed in Note 9. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Determining the fair value of share-based awards at the grant date requires assumptions and judgments about expected volatility and forfeiture rates, among other factors. Stock-based compensation costs of $303,000 and $335,000 were recognized for the three months ended December 31, 2023 and 2022, respectively. Stock-based compensation costs of $610,000 and $812,000 were recognized for the six months ended December 31, 2023 and 2022, respectively.
Foreign Currency	Foreign Currency The Company has determined the functional currency of all foreign subsidiaries is the U.S. Dollar. All foreign operations are considered a direct and integral part or extension of the Company’s operations. The day-to-day operations of all foreign subsidiaries are dependent on the economic environment of the U.S. Dollar. Therefore, no realized and unrealized gains and losses associated with foreign currency translation are recorded for the three and six months ended December 31, 2023 or 2022.
Comprehensive Income	Comprehensive Income For the three and six months ended December 31, 2023 and 2022, the Company’s operations did not give rise to material items includable in comprehensive income, which were not already included in net income. Accordingly, the Company’s comprehensive income approximates its net income for all periods presented.
Segment Reporting	Segment Reporting The Company’s reportable operating segments are determined based on the Company’s management approach. The management approach is based on the way that the chief operating decision maker organizes the segments within an enterprise for making operating decisions and assessing performance. The Company’s results of operations are reviewed by the chief operating decision maker on a consolidated basis and the Company operates in only one segment. The Company has presented required geographical data in Note 14.
Shipping and Handling Sales and Costs	Shipping and Handling Sales and Costs The Company records the amount billed to customers for shipping and handling in net sales ($103,000 and $128,000 in the three months ended December 31, 2023 and 2022, respectively, and $186,000 and $240,000 in the six months ended December 31, 2023 and 2022, respectively); and classifies the costs associated with these sales in cost of sales ($389,000 and $454,000 in the three months ended December 31, 2023 and 2022, respectively, and $760,000 and $848,000 in the six months ended December 31, 2023 and 2022, respectively).
Leases	Leases The Company records a right of use asset and corresponding liability for the operating lease on our Consolidated Balance Sheets, excluding short-term leases (leases with terms of 12 months or less) as described under ASU No. 2016-02, Leases (Topic 842)
Recently Issued Accounting Standards	Recently Issued Accounting Standards Reference Rate Reform (ASC Topic 848) In March 2020, the FASB issued authoritative guidance to provide optional relief for companies preparing for the discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”), which is expected to be phased out for new arrangements at the end of calendar 2021, and applies to lease contracts, hedging instruments, held-to-maturity debt securities and debt arrangements that have LIBOR as the benchmark rate. The Company’s bank has notified the Company that its LIBOR option, which was available to it through June 30, 2023, has shifted to the Benchmark Replacement as defined in the agreement with the bank. The new benchmark rate is the Secured Overnight Financing Rate (SOFR) (see Note 8). The Company does not believe that this transition will have a material impact on its financial condition.

Nature of Business and Summar_3

Nature of Business and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2023
Nature of Business and Summary of Significant Accounting Policies
Schedule of cash and cash equivalents	Cash and cash equivalents consist of the following as of (in thousands): December 31, 2023 June 30, 2023 Cash $ 21,474 $ 20,713 Money Market Fund 20,562 63 Certificates of Deposit 5,275 15,179 $ 47,311 $ 35,955
Schedule of investments - other	December 31, 2023 June 30, 2023 Cash $ 21,474 $ 20,713 Money Market Fund 20,562 63 Certificates of Deposit 5,275 15,179 $ 47,311 $ 35,955
Schedule of certificates of deposit	December 31, 2023 Balance Sheet Classification Interest Rate Maturity Date Cost Carrying Value Cash and Cash Equivalents 5.10% 2/22/2024 $ 5,245 $ 5,275 Investments - other 5.10% - 5.40% 2/23/2024 - 4/24/2024 26,015 26,332
Schedule of intangible assets	Intangible assets consisted of the follows (in thousands): December 31, 2023 June 30, 2023 Carrying Accumulated Net book Carrying Accumulated Net book value amortization value value amortization value Customer relationships $ 9,800 (9,369) $ 431 $ 9,800 (9,302) $ 498 Trade name 4,048 (708) 3,340 4,048 (607) 3,441 $ 13,848 $ (10,077) $ 3,771 $ 13,848 $ (9,909) $ 3,939
Schedule of reconciliation of earnings per share	The following provides a reconciliation of information used in calculating the per share amounts for the three months ended December 31, 2023 and 2022 (in thousands, except share and per share data): Net Income Weighted Average Shares Net Income per Share 2023 2022 2023 2022 2023 2022 Basic EPS $ 12,610 $ 3,929 36,829 36,772 $ 0.34 $ 0.11 Effect of Dilutive Securities: Stock Options — — 189 225 — — Diluted EPS $ 12,610 $ 3,929 37,018 36,997 $ 0.34 $ 0.11 The following provides a reconciliation of information used in calculating the per share amounts for the six months ended December 31, 2023 and 2022 (in thousands, except share and per share data): Weighted Average Net Income per Net Income Shares Share 2023 2022 2023 2022 2023 2022 Basic EPS $ 23,088 $ 7,013 36,743 36,731 $ 0.63 $ 0.19 Effect of Dilutive Securities: Stock Options — — 219 226 (0.01) — Diluted EPS $ 23,088 $ 7,013 36,962 36,957 $ 0.62 $ 0.19

Revenue Recognition and Contr_2

Revenue Recognition and Contracts with Customers (Tables)	6 Months Ended
Revenue Recognition and Contracts with Customers (Tables)	Dec. 31, 2023
Revenue Recognition and Contracts with Customers
Schedule of disaggregation of revenues	Following is the disaggregation of revenues based on major product lines (in thousands): Three months ended December 31, Six months ended December 31, 2023 2022 2023 2022 Major Product Lines: Intrusion and access alarm products $ 11,258 $ 11,342 $ 20,554 $ 24,874 Door locking devices 17,749 16,092 32,844 28,247 Services 18,540 14,880 35,825 28,686 Total Revenues $ 47,547 $ 42,314 $ 89,223 $ 81,807

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
Marketable Securities (Tables)	Dec. 31, 2023
Marketable Securities
Schedule of net gains and losses of marketable securities	The disaggregated net gains and losses on the marketable securities recognized within the accompanying condensed consolidated statements of income for the three and six months ended December 31, 2023 and 2022, are as follows (in thousands): Three months ended December 31, Six months ended December 31, 2023 2022 2023 2022 Net gains recognized during the period on marketable securities $ 75 $ — $ 117 $ — Less: Net gains recognized during the period on marketable securities sold during the period — — — — Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date 128 35 71 (118) $ 203 $ 35 $ 188 $ (118)
Schedule of fair value of marketable securities	The following tables summarize the Company’s investments at December 31, 2023 and June 30, 2023, respectively (in thousands): December 31, 2023 June 30, 2023 Unrealized Unrealized Cost Fair Value Gain (Loss) Cost Fair Value Gain (Loss) Mutual Funds - Level 1 $ 5,768 5,324 $ (444) $ 5,651 $ 5,136 $ (515)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
Inventories (Tables)	Dec. 31, 2023
Inventories
Schedule of inventory	Inventories, net of reserves are valued at lower of cost (first-in, first-out method) or net realizable value. Inventories, net of reserves consist of the following (in thousands): December 31, June 30, 2023 2023 Component parts $ 34,446 $ 29,939 Work-in-process 7,982 7,726 Finished product 10,206 10,684 $ 52,634 $ 48,349 Classification of inventories, net of reserves: Current $ 39,316 $ 35,062 Non-current 13,318 13,287 $ 52,634 $ 48,349

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	6 Months Ended
Property, Plant, and Equipment (Tables)	Dec. 31, 2023
Property, Plant, and Equipment
Schedule of property, plant and equipment	Property, plant and equipment consist of the following (in thousands): December 31, 2023 June 30, 2023 Useful Life in Years Land $ 904 $ 904 N/A Buildings 8,911 8,911 30 to 40 Molds and dies 7,530 7,517 3 to 5 Furniture and fixtures 3,500 3,387 5 to 10 Machinery and equipment 29,080 28,574 3 to 10 Building improvements 3,129 3,078 Shorter of the lease term or life of asset 53,054 52,371 Less: accumulated depreciation and amortization (43,983) (43,063) $ 9,071 $ 9,308

Stock Option (Tables)

Stock Option (Tables)	6 Months Ended
Stock Option (Tables)	Dec. 31, 2023
2012 Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	2023 2022 Risk-free interest rates n/a 3.03 % Expected lives n/a 7.27 Years Expected volatility n/a 43 % Expected dividend yields n/a 0 %
2012 Non-Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	2023 2022 Risk-free interest rates n/a n/a Expected lives n/a n/a Expected volatility n/a n/a Expected dividend yields n/a n/a
Schedule of plan activity	2023 2022 Weighted average Weighted average Options exercise price Options exercise price Outstanding, beginning of year 20,400 $ 14.39 20,400 $ 14.39 Granted — — — — Forfeited/Lapsed — — — — Exercised — — — — Outstanding, end of period 20,400 $ 14.39 20,400 $ 14.39 Exercisable, end of period 15,840 $ 12.44 13,200 $ 10.95 Weighted average fair value at grant date of options granted n/a n/a Total intrinsic value of options exercised n/a n/a Total intrinsic value of options outstanding $ 405,000 $ 267,000 Total intrinsic value of options exercisable $ 345,000 $ 218,000
2018 Non-Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	2023 2022 Risk-free interest rates n/a n/a Expected lives n/a n/a Expected volatility n/a n/a Expected dividend yields n/a n/a
2020 Non-Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	2023 2022 Risk-free interest rates n/a 3.03 % Expected lives n/a 7.27 Years Expected volatility n/a 43 % Expected dividend yields n/a 0 %
2022 Employee Stock Option Plan
Stock Option
Schedule of fair value and valuation assumptions	2023 Risk-free interest rates 4.66 % Expected lives 5.76 Years Expected volatility 48.71 % Expected dividend yields 1.48 %
Schedule of plan activity	2023 Weighted average Options exercise price Outstanding, beginning of year 5,000 $ 40.01 Granted 10,000 $ 21.60 Forfeited/Lapsed (5,000) $ (40.01) Exercised — — Outstanding, end of period 10,000 $ 21.60 Exercisable, end of period 2,000 $ 21.60 Weighted average fair value at grant date of options granted $ 9.75 Total intrinsic value of options exercised n/a Total intrinsic value of options outstanding $ 127,000 Total intrinsic value of options exercisable $ 25,300
Schedule of options outstanding	Options outstanding Options exercisable Weighted average Number remaining Weighted average Number Weighted average Range of exercise prices outstanding contractual life exercise price exercisable exercise price $21.60 10,000 9.77 $ 21.60 2,000 $ 21.60 10,000 9.77 $ 21.60 2,000 $ 21.60

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2023
Commitments and Contingencies
Schedule of supplemental balance sheet information	Weighted-average remaining lease term 68 Years Weighted-average discount rate 6.25 %
Schedule of maturities of lease liabilities	The following is a schedule, by years, of maturities of lease liabilities as of December 31, 2023 (in thousands): Year Ending June 30, Amount 2024 $ 155 2025 299 2026 282 2027 267 2028 253 Thereafter 4,386 Total $ 5,642

Geographical Data (Tables)

Geographical Data (Tables)	6 Months Ended
Geographical Data (Tables)	Dec. 31, 2023
Geographical Data
Schedule of sales to external customers	Financial Information Relating to Domestic and Foreign Operations (in thousands): Three months ended December 31, Six months ended December 31, 2023 2022 2023 2022 Sales to external customers (1) Domestic $ 47,291 $ 41,886 $ 88,661 $ 81,145 Foreign 256 428 562 662 Total Net Sales $ 47,547 $ 42,314 $ 89,223 $ 81,807 (1) All of the Company’s sales originate in the United States and are shipped primarily from the Company’s facilities in the United States. There were no sales into any one foreign country in excess of 10% of total Net Sales.
Schedule of assets in individual foreign country by country	December 31, 2023 June 30, 2023 Identifiable assets: United States $ 138,831 $ 122,995 Dominican Republic (2) 47,047 43,659 Total Identifiable Assets $ 185,878 $ 166,654 (2) Consists primarily of inventories (December 31, 2023 = $37,068 ; June 30, 2023 = $33,477 ), operating lease assets (December 31, 2023 = $5,642 ; June 30, 2023 = $5,797 ) and fixed assets (December 31, 2023 = $3,807 ; June 30, 2023 = $3,958 ) located at the Company’s principal manufacturing facility in the Dominican Republic.

Nature of Business and Summar_4

Nature of Business and Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)
Accounting policies
Allowance for credit losses	$ 96,000		$ 96,000		$ 131,000
Warranty term			In measuring revenue and determining the consideration the Company is entitled to as part of a contract with a customer, the Company takes into account the related elements of variable consideration. Such elements of variable consideration include product returns and sales incentives, such as volume rebates and discounts, and early-payment discounts.
Stock-Based Compensation
Number of share incentive programs			five
Stock based compensation expense	303,000	$ 335,000	$ 610,000	$ 812,000
Foreign currency realized/unrealized gains(loss)	$ 0	$ 0	$ 0	$ 0
Segment Reporting
Number of operating segments (in segments) \| segment			1
Equipment
Accounting policies
Payment terms			typically due within 30 and 180 days of the delivery date
Services
Accounting policies
Payment terms			typically due at the beginning of the month of service or in 30 days for customers with an open account

Nature of Business and Summar_5

Nature of Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Investments (Details) - USD ($)	Dec. 31, 2023	Jun. 30, 2023
Accounting policies
Short-term time deposits	$ 25,838,000	$ 15,242,000
Cash	21,474,000	20,713,000
Certificate of Deposits	5,275,000	15,179,000
Money Market Fund	20,562,000	63,000
Cash and Cash Equivalents, at Carrying Value, Total	47,311,000	35,955,000
Investments - other	26,332,000	25,660,000
Certificate of Deposits
Accounting policies
Investments - other	$ 26,332,000	$ 25,660,000
Cash and Cash Equivalents
Accounting policies
Interest Rate	5.10%
Cost	$ 5,245,000
Cash and Cash Equivalents \| Minimum
Accounting policies
Interest Rate	5.10%
Cash and Cash Equivalents \| Carrying Value
Accounting policies
Carrying Value	$ 5,275,000
Interest-Bearing Deposits
Accounting policies
Cost	$ 26,015,000
Interest-Bearing Deposits \| Minimum
Accounting policies
Interest Rate	5.10%
Interest-Bearing Deposits \| Maximum
Accounting policies
Interest Rate	5.40%
Interest-Bearing Deposits \| Carrying Value
Accounting policies
Carrying Value	$ 26,332,000

Nature of Business and Summar_6

Nature of Business and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Intangible assets
Amortization expense	$ 84,000	$ 90,000	$ 168,000	$ 181,000
Changes in intangible assets
Carrying value	13,848,000		13,848,000		$ 13,848,000
Accumulated amortization	(10,077,000)		(10,077,000)		(9,909,000)
Net book value	3,771,000		3,771,000		$ 3,939,000
Future amortization expense
2024	336,000		336,000
2025	315,000		315,000
2026	297,000		297,000
2027	283,000		283,000
2028	269,000		$ 269,000
Weighted average remaining period			15 years 1 month 6 days		15 years 6 months
Customer relationships
Changes in intangible assets
Carrying value	9,800,000		$ 9,800,000		$ 9,800,000
Accumulated amortization	(9,369,000)		(9,369,000)		(9,302,000)
Net book value	431,000		431,000		498,000
Trade name
Changes in intangible assets
Carrying value	4,048,000		4,048,000		4,048,000
Accumulated amortization	(708,000)		(708,000)		(607,000)
Net book value	$ 3,340,000		$ 3,340,000		$ 3,441,000

Nature of Business and Summar_7

Nature of Business and Summary of Significant Accounting Policies - Income Statement location (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Research and development	$ 2,542,000	$ 2,222,000	$ 4,979,000	$ 4,650,000
Net sales	47,547,000	42,314,000	89,223,000	81,807,000
Cost of sales	22,535,000	27,960,000	41,798,000	52,887,000
Selling, General and Administrative Expenses
Advertising and promotion costs	696,000	505,000	1,457,000	1,259,000
Operating Expenses
Research and development	2,542,000	2,222,000	4,979,000	4,650,000
Cost of sales \| Shipping and Handling
Cost of sales	389,000	454,000	760,000	848,000
Sales revenue, net \| Shipping and Handling
Net sales	$ 103,000	$ 128,000	$ 186,000	$ 240,000

Nature of Business and Summar_8

Nature of Business and Summary of Significant Accounting Policies - Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Nature of Business and Summary of Significant Accounting Policies
Basic EPS	$ 12,610	$ 3,929	$ 23,088	$ 7,013
Diluted EPS	$ 12,610	$ 3,929	$ 23,088	$ 7,013
Weighted average
Weighted Average Shares, Basic EPS	36,829,000	36,772,000	36,743,000	36,731,000
Weighted Average Shares, Stock Options	189,000	225,000	219,000	226,000
Weighted Average Shares, Diluted EPS	37,018,000	36,997,000	36,962,000	36,957,000
Effect of Dilutive Securities:
Basic (in dollars per share)	$ 0.34	$ 0.11	$ 0.63	$ 0.19
Stock Options (in dollars per share)			(0.01)
Diluted (in dollars per share)	$ 0.34	$ 0.11	$ 0.62	$ 0.19
Excluded from diluted EPS	67,500	0	36,250	12,568

Revenue Recognition and Contr_3

Revenue Recognition and Contracts with Customers (Details)	3 Months Ended		6 Months Ended
Revenue Recognition and Contracts with Customers (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022	Jun. 30, 2023 USD ($)
Revenue:
Number of operating segments (in segments) \| segment			1
Sales returns, rebates and allowances as a percentage of gross sales	6%	5%	5%	5%
Current Liabilities
Revenue:
Refund liabilities	$ 4,612,000		$ 4,612,000		$ 5,521,000
Other current assets
Revenue:
Return-related assets	$ 1,221,000		$ 1,221,000		$ 1,338,000

Revenue Recognition and Contr_4

Revenue Recognition and Contracts with Customers - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Revenues	$ 47,547	$ 42,314	$ 89,223	$ 81,807
Intrusion and access alarm products
Revenue:
Revenues	11,258	11,342	20,554	24,874
Door locking devices
Revenue:
Revenues	17,749	16,092	32,844	28,247
Services
Revenue:
Revenues	$ 18,540	$ 14,880	$ 35,825	$ 28,686

Business and Credit Concentra_2

Business and Credit Concentrations (Details) - Accounts Receivable - Credit Concentration Risk - customer	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Business and Credit Concentrations
Number of customers	2
Customer One
Business and Credit Concentrations
Concentration risk (as a percent)	19%	19%
Customer Two
Business and Credit Concentrations
Concentration risk (as a percent)	10%	14%

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities
Net gains recognized during the period on marketable securities	$ 75		$ 117
Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date	128	$ 35	71	$ (118)
Marketable securities	$ 203	$ 35	$ 188	$ (118)

Marketable Securities - Investm

Marketable Securities - Investments (Details) - Mutual Funds - Level 1 - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Net Investment Income [Line Items]
Cost	$ 5,768	$ 5,651
Fair Value	5,324	5,136
Unrealized Gain (Loss)	$ (444)	$ (515)

Inventories - Types (Details)

Inventories - Types (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Inventories
Component parts	$ 34,446	$ 29,939
Work-in-process	7,982	7,726
Finished product	10,206	10,684
Inventories, net of reserves	$ 52,634	$ 48,349

Inventories - Classification (D

Inventories - Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Inventories
Current	$ 39,316	$ 35,062
Non-current	13,318	13,287
Inventories, net of reserves	$ 52,634	$ 48,349

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
Property, Plant, and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Property plant and equipment
Gross	$ 53,054,000		$ 53,054,000		$ 52,371,000
Less: accumulated depreciation and amortization	(43,983,000)		(43,983,000)		(43,063,000)
Net	9,071,000		9,071,000		9,308,000
Depreciation and amortization	467,000	$ 379,000	920,000	$ 747,000
Land
Property plant and equipment
Gross	904,000		904,000		904,000
Buildings
Property plant and equipment
Gross	$ 8,911,000		$ 8,911,000		8,911,000
Buildings \| Minimum
Property plant and equipment
Useful life	30 years		30 years
Buildings \| Maximum
Property plant and equipment
Useful life	40 years		40 years
Molds and dies
Property plant and equipment
Gross	$ 7,530,000		$ 7,530,000		7,517,000
Molds and dies \| Minimum
Property plant and equipment
Useful life	3 years		3 years
Molds and dies \| Maximum
Property plant and equipment
Useful life	5 years		5 years
Furniture and fixtures
Property plant and equipment
Gross	$ 3,500,000		$ 3,500,000		3,387,000
Furniture and fixtures \| Minimum
Property plant and equipment
Useful life	5 years		5 years
Furniture and fixtures \| Maximum
Property plant and equipment
Useful life	10 years		10 years
Machinery and equipment
Property plant and equipment
Gross	$ 29,080,000		$ 29,080,000		28,574,000
Machinery and equipment \| Minimum
Property plant and equipment
Useful life	3 years		3 years
Machinery and equipment \| Maximum
Property plant and equipment
Useful life	10 years		10 years
Building improvements
Property plant and equipment
Gross	$ 3,129,000		$ 3,129,000		$ 3,078,000
Property Plant And Equipment Estimated Useful Lives	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember		us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Income tax expense	$ 1,924,000	$ 586,000	$ 3,441,000	$ 1,047,000
Interest expense accrued	178,000		178,000
Unrecognized net tax benefits	700,000		700,000
Examination, interest expense			39,000
Income before Provision for Income Taxes	$ 14,534,000	$ 4,515,000	26,529,000	$ 8,060,000
Domestic Tax Authority
Income taxes
Income before Provision for Income Taxes			3,696,000
Foreign tax authority
Income taxes
Income before Provision for Income Taxes			$ 22,833,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	3 Months Ended	6 Months Ended
Long-Term Debt (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2020
The Revolver Agreement
Long-term debt disclosure:
Line of credit, maximum borrowing capacity		$ 11,000,000	$ 11,000,000
Stock collateral (as a percent)		65%
Revolving line of credit:
Revolving line of credit		$ 0	$ 0
The Revolver Agreement \| LIBOR \| Minimum
Long-term debt disclosure:
Basis spread		1.15%
The Revolver Agreement \| LIBOR \| Maximum
Long-term debt disclosure:
Basis spread		2%
The Revolver Agreement \| Prime rate
Long-term debt disclosure:
Basis spread		0.25%
Paycheck Protection Program
Long-term debt disclosure:
Loan forgiven	$ 3,904,000
Revolving line of credit:
Long-term debt				$ 3,904,000

Stock Option - Plan Information

Stock Option - Plan Information (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
Stock Option - Plan Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	May 31, 2020	Dec. 31, 2018	Dec. 31, 2012
Stock Option
Stock-based compensation expense, allocated		$ 303,000		$ 335,000	$ 610,000	$ 812,000
Basic earnings per share from share based compensation costs		$ 0.01		$ 0.01	$ 0.01	$ 0.02
Diluted earnings per share from share based compensation costs		$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.02
Proceeds from stock option exercises						$ 45,000
2012 Employee Stock Option Plan
Stock Option
Shares authorized (in shares)		1,900,000			1,900,000
Premium on fair market value (as a percent)					110%
Term					10 years
Vesting rights percentage					20%
Outstanding (in shares)	553,380	478,980		553,380	478,980	553,380	521,580	523,080
Exercisable, end of period	262,252	289,728		262,252	289,728	262,252
Available for grant (in shares)		0			0
Granted		0		0	0	37,500
Exercised		31,600		2,000	31,600	7,200
Number of Stock options settled by withholding of shares		20,567			20,567
Shares converted (in shares)				207
Deferred tax benefit		$ 52,000		$ 0	$ 52,000	$ 0
Unearned stock based compensation		$ 1,518,000			$ 1,518,000
Vested		74,000		80,400	84,700	92,700
Fair Value		$ 724,000		$ 754,000	$ 849,000	$ 883,000
Proceeds from stock option exercises		$ 0		$ 0	$ 0	$ 45,000
2012 Employee Stock Option Plan \| Options granted after December 2022
Stock Option
Granted					0
2012 Non-Employee Stock Option Plan
Stock Option
Shares authorized (in shares)											100,000
Threshold percentage of voting rights					10%
Term					10 years
Vesting rights percentage					20%
Outstanding (in shares)	20,400	20,400		20,400	20,400	20,400	20,400	20,400
Exercisable, end of period	13,200	15,840		13,200	15,840	13,200
Available for grant (in shares)		0			0
Granted		0		0	0	0
Exercised		0		0	0	0
Deferred tax benefit		$ 0		$ 0	$ 0	$ 0
Unearned stock based compensation		$ 34,000			$ 34,000
Vested		1,920		1,920	1,920	1,920
Fair Value		$ 19,000		$ 19,000	$ 19,000	$ 19,000
Proceeds from stock option exercises		$ 0		$ 0	$ 0	$ 0
2012 Non-Employee Stock Option Plan \| Options granted after December 2022
Stock Option
Granted						0
2018 Non-Employee Stock Option Plan
Stock Option
Shares authorized (in shares)										100,000
Term					10 years
Vesting rights percentage					20%
Outstanding (in shares)	79,100	73,400		79,100	73,400	79,100	75,000	89,000
Exercisable, end of period	49,440	58,620		49,440	58,620	49,440
Available for grant (in shares)		0			0
Granted		0		0	0	0
Exercised		1,600		3,600	1,600	9,900
Number of Stock options settled by withholding of shares					740
Shares converted (in shares)				2,637		5,657
Deferred tax benefit		$ 6,000		$ 5,000		$ 26,000
Unearned stock based compensation		$ 83,000			$ 83,000
Vested		9,500			9,500	14,300
Fair Value		$ 89,000			$ 89,000	$ 114,000
Proceeds from stock option exercises		$ 0		$ 0	$ 0	$ 0
2018 Non-Employee Stock Option Plan \| Options granted after December 2028
Stock Option
Granted					0
2020 Non-Employee Stock Option Plan
Stock Option
Shares authorized (in shares)									100,000
Term					10 years
Vesting rights percentage					20%
Outstanding (in shares)		56,900			56,900
Exercisable, end of period		29,140			29,140
Available for grant (in shares)		43,100			43,100
Granted		0		0	0	25,000
Deferred tax benefit		$ 0		$ 0	$ 0	$ 0
Unearned stock based compensation		$ 278,000			$ 278,000
Vested		3,380		10,380	3,380	10,380
Fair Value		$ 34,000		$ 113,000	$ 34,000	$ 113,000
Proceeds from stock option exercises		$ 0		$ 0	$ 0	$ 0
2020 Non-Employee Stock Option Plan \| Options granted after May 2030
Stock Option
Granted					0
2022 Employee Stock Option Plan
Stock Option
Shares authorized (in shares)	950,000			950,000		950,000
Premium on fair market value (as a percent)	110%
Threshold percentage of voting rights	10%
Term	10 years
Vesting rights percentage	20%
Outstanding (in shares)		10,000			10,000		5,000
Exercisable, end of period		2,000			2,000
Available for grant (in shares)		940,000			940,000
Granted		10,000			10,000
Exercised		0			0
Deferred tax benefit		$ 0			$ 0
Unearned stock based compensation		$ 73,000			$ 73,000
Vested		2,000			2,000
Fair Value		$ 19,500			$ 19,500
Proceeds from stock option exercises					$ 0
2022 Employee Stock Option Plan \| Options granted after December 2032
Stock Option
Granted					0

Stock Option - Fair Value Assum

Stock Option - Fair Value Assumptions (Details)	6 Months Ended
Stock Option - Fair Value Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022
2012 Employee Stock Option Plan
Stock option
Risk-free interest rates		3.03%
Expected lives		7 years 3 months 7 days
Expected volatility		43%
Expected dividend yields		0%
2020 Non-Employee Stock Option Plan
Stock option
Risk-free interest rates		3.03%
Expected lives		7 years 3 months 7 days
Expected volatility		43%
Expected dividend yields		0%
2022 Employee Stock Option Plan
Stock option
Risk-free interest rates	4.66%
Expected lives	5 years 9 months 3 days
Expected volatility	48.71%
Expected dividend yields	1.48%

Stock Option - Activity (Detail

Stock Option - Activity (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Stock Option - Activity (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
2012 Employee Stock Option Plan
Options
Outstanding, beginning of year			521,580	523,080	523,080
Granted	0	0	0	37,500
Forfeited/Lapsed			(11,000)
Exercised	(31,600)	(2,000)	(31,600)	(7,200)
Outstanding, end of period	478,980	553,380	478,980	553,380	521,580
Exercisable, end of period	289,728	262,252	289,728	262,252
Weighted average exercise price
Weighted average exercise price, beginning of year			$ 19.37	$ 18.59	$ 18.59
Granted (per share)				26.94
Forfeited/Lapsed (per share)			3.15
Exercised (per share)			22.13	7.07
Weighted average exercise price, end of period	$ 19.56	$ 18.90	19.56	18.90	$ 19.37
Exercisable, end of period, weighted average exercise price	$ 18.58	$ 16.88	$ 18.58	16.88
Additional disclosures
Weighted average fair value at grant date of options granted				$ 13.36
Total intrinsic value of options exercised			$ 375,000	$ 159,000
Total intrinsic value of options outstanding	$ 7,034,000	$ 4,746,000	7,034,000	4,746,000
Total intrinsic value of options exercisable	$ 4,539,000	$ 2,779,000	$ 4,539,000	$ 2,779,000
2012 Non-Employee Stock Option Plan
Options
Outstanding, beginning of year			20,400	20,400	20,400
Granted	0	0	0	0
Exercised	0	0	0	0
Outstanding, end of period	20,400	20,400	20,400	20,400	20,400
Exercisable, end of period	15,840	13,200	15,840	13,200
Weighted average exercise price
Weighted average exercise price, beginning of year			$ 14.39	$ 14.39	$ 14.39
Exercised (per share)			0
Weighted average exercise price, end of period	$ 14.39	$ 14.39	14.39	14.39	$ 14.39
Exercisable, end of period, weighted average exercise price	$ 12.44	$ 10.95	$ 12.44	$ 10.95
Additional disclosures
Total intrinsic value of options outstanding	$ 405,000	$ 267,000	$ 405,000	$ 267,000
Total intrinsic value of options exercisable	$ 345,000	$ 218,000	$ 345,000	$ 218,000
2018 Non-Employee Stock Option Plan
Options
Outstanding, beginning of year			75,000	89,000	89,000
Granted	0	0	0	0
Exercised	(1,600)	(3,600)	(1,600)	(9,900)
Outstanding, end of period	73,400	79,100	73,400	79,100	75,000
Exercisable, end of period	58,620	49,440	58,620	49,440
Weighted average exercise price
Weighted average exercise price, beginning of year			$ 14.83	$ 14.91	$ 14.91
Exercised (per share)			15.27	16.27
Weighted average exercise price, end of period	$ 14.82	$ 14.74	14.82	14.74	$ 14.83
Exercisable, end of period, weighted average exercise price	$ 13.81	$ 13.02	$ 13.81	$ 13.02
Additional disclosures
Total intrinsic value of options exercised			$ 28,000	$ 124,000
Total intrinsic value of options outstanding	$ 1,426,000	$ 1,008,000	1,426,000	1,008,000
Total intrinsic value of options exercisable	$ 1,198,000	$ 715,000	$ 1,198,000	$ 715,000
2020 Non-Employee Stock Option Plan
Options
Granted	0	0	0	25,000
Outstanding, end of period	56,900		56,900
Exercisable, end of period	29,140		29,140
2022 Employee Stock Option Plan
Options
Outstanding, beginning of year			5,000
Granted	10,000		10,000
Forfeited/Lapsed			(5,000)
Exercised	0		0
Outstanding, end of period	10,000		10,000		5,000
Exercisable, end of period	2,000		2,000
Weighted average exercise price
Weighted average exercise price, beginning of year			$ 40.01
Granted (per share)			21.60
Forfeited/Lapsed (per share)			40.01
Weighted average exercise price, end of period	$ 21.60		21.60		$ 40.01
Exercisable, end of period, weighted average exercise price	$ 21.60		21.60
Additional disclosures
Weighted average fair value at grant date of options granted			$ 9.75
Total intrinsic value of options outstanding	$ 127,000		$ 127,000
Total intrinsic value of options exercisable	$ 25,300		$ 25,300

Stock Option - Exercise Price R

Stock Option - Exercise Price Range (Details)	6 Months Ended
Stock Option - Exercise Price Range (Details)	Dec. 31, 2023 $ / shares shares
2012 Employee Stock Option Plan
Share based compensation, exercise prices
Options outstanding (in shares) \| shares	478,980
Weighted average remaining contractual life	7 years 3 months 18 days
Weighted average exercise price	$ 19.56
Number exercisable \| shares	289,728
Exercisable, Weighted average exercise price	$ 18.58
2012 Employee Stock Option Plan \| Exercise price range
Share based compensation, exercise prices
Exercise price upper limit	26.94
Exercise price lower limit	$ 3.15
Options outstanding (in shares) \| shares	478,980
Weighted average remaining contractual life	7 years 3 months 18 days
Weighted average exercise price	$ 19.56
Number exercisable \| shares	289,728
Exercisable, Weighted average exercise price	$ 18.58
2012 Non-Employee Stock Option Plan
Share based compensation, exercise prices
Exercise price upper limit	22.93
Exercise price lower limit	$ 4.35
Options outstanding (in shares) \| shares	20,400,000
Weighted average remaining contractual life	6 years 1 month 24 days
Weighted average exercise price	$ 14.39
Number exercisable \| shares	15,840,000
Exercisable, Weighted average exercise price	$ 12.44
2018 Non-Employee Stock Option Plan
Share based compensation, exercise prices
Options outstanding (in shares) \| shares	73,400
Weighted average remaining contractual life	6 years 3 months 7 days
Weighted average exercise price	$ 14.82
Number exercisable \| shares	58,620
Exercisable, Weighted average exercise price	$ 13.81
2018 Non-Employee Stock Option Plan \| Exercise price range
Share based compensation, exercise prices
Exercise price upper limit	22.93
Exercise price lower limit	$ 8.10
Options outstanding (in shares) \| shares	73,400
Weighted average remaining contractual life	6 years 3 months 7 days
Weighted average exercise price	$ 14.82
Number exercisable \| shares	58,620
Exercisable, Weighted average exercise price	$ 13.81
2020 Non-Employee Stock Option Plan
Share based compensation, exercise prices
Options outstanding (in shares) \| shares	56,900
Weighted average remaining contractual life	8 years 1 month 2 days
Weighted average exercise price	$ 23.35
Number exercisable \| shares	29,140
Exercisable, Weighted average exercise price	$ 21.41
2020 Non-Employee Stock Option Plan \| Exercise price range
Share based compensation, exercise prices
Exercise price upper limit	30.71
Exercise price lower limit	$ 11.40
Options outstanding (in shares) \| shares	56,900
Weighted average remaining contractual life	8 years 1 month 2 days
Weighted average exercise price	$ 23.35
Number exercisable \| shares	29,140
Exercisable, Weighted average exercise price	$ 21.41
2022 Employee Stock Option Plan
Share based compensation, exercise prices
Options outstanding (in shares) \| shares	10,000
Weighted average remaining contractual life	9 years 9 months 7 days
Weighted average exercise price	$ 21.60
Number exercisable \| shares	2,000
Exercisable, Weighted average exercise price	$ 21.60
2022 Employee Stock Option Plan \| Exercise price range
Share based compensation, exercise prices
Exercise price upper limit	$ 21.60
Options outstanding (in shares) \| shares	10,000
Weighted average remaining contractual life	9 years 9 months 7 days
Weighted average exercise price	$ 21.60
Number exercisable \| shares	2,000
Exercisable, Weighted average exercise price	$ 21.60

Stockholders' Equity Transact_2

Stockholders' Equity Transactions (Details) - $ / shares	3 Months Ended	6 Months Ended	12 Months Ended
Stockholders' Equity Transactions (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2023	Jun. 30, 2023	Nov. 02, 2023	Sep. 30, 2023	Aug. 18, 2023
Equity
Common Stock Shares Outstanding	36,781,989	36,781,989	36,770,097
Dividends payable per share	$ 0.08	$ 0.08		$ 0.08	$ 0.08	$ 0.08
Certain employees and directors
Equity
Exercised	33,200	33,200	53,000
Exercised, cashless			43,600
Withheld (in shares)	21,307	21,307	17,385

Related Party Transaction (Deta

Related Party Transaction (Details) - Over allotment - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2022
Related party transaction
Public offering price per share	$ 31.50
Proceeds from the offering	$ 0
Offering expenses		$ 96,000	$ 293,000
President And Chairman
Related party transaction
Number of common stock sold	2,300,000
Executive Vice President And Chief Financial Officer
Related party transaction
Number of common stock sold	100,000

401(k) Plan (Details)

401(k) Plan (Details) - USD ($)	3 Months Ended		6 Months Ended
401(k) Plan (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
401(k) Plan
Employer contribution	$ 58,000	$ 61,000	$ 119,000	$ 123,000

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details)			3 Months Ended		6 Months Ended
Commitments and Contingencies - Leases (Details)	Sep. 14, 2022 USD ($)	Sep. 13, 2022 USD ($)	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) a	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Operating lease term			99 years		99 years
Area of land \| a			4		4
Annual minimum rent	$ 235,000	$ 235,000
Annual service charges	$ 105,000	$ 53,000
Percentage of service charges increase	2%
Deduction of operating lease asset and liability, remeasurement	$ 1,300,000
Operating lease payments			$ 86,000	$ 92,000	$ 171,000	$ 164,000
Operating lease expense			$ 129,000	$ 131,000	$ 253,000	$ 211,000
Weighted-average remaining lease term			68 years		68 years
Weighted-average discount rate			6.25%		6.25%

Commitments and Contingencies_2

Commitments and Contingencies - Lease maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Schedule, by years, of maturities of lease liabilities
2024	$ 155
2025	299
2026	282
2027	267
2028	253
Thereafter	4,386
Total	$ 5,642

Commitments and Contingencies_3

Commitments and Contingencies - Litigation, etc. (Details)	6 Months Ended
Commitments and Contingencies - Litigation, etc. (Details)	Dec. 31, 2023 USD ($) agreement
Loss Contingencies
Number of employment agreement \| agreement	2
Number of severance agreement \| agreement	1
Termination pay commitment rate applied to the average of the prior five calendar years compensation	299%
Minimum number of months either party gives the other notice of non-renewal	6
Chief executive officer
Loss Contingencies
Annual salary commitment	$ 906,000
SVP of Engineering
Loss Contingencies
Number of months of salary if terminated by the company without cause	9
Number of months of health insurance terminated benefit	6
Employment Contracts \| SVP of Engineering
Loss Contingencies
Annual salary commitment	$ 361,000

Geographical Data (Details)

Geographical Data (Details) $ in Thousands	3 Months Ended		6 Months Ended
Geographical Data (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)
Domestic and Foreign Operations
Number of operating segments (in segments) \| segment			1
Net Sales	$ 47,547	$ 42,314	$ 89,223	$ 81,807
Identifiable Assets	185,878		185,878		$ 166,654
United States
Domestic and Foreign Operations
Net Sales	47,291	41,886	88,661	81,145
Identifiable Assets	138,831		138,831		122,995
Foreign
Domestic and Foreign Operations
Net Sales	256	$ 428	562	$ 662
Dominican Republic
Domestic and Foreign Operations
Identifiable Assets	$ 47,047		$ 47,047		$ 43,659

Geographical Data - Additional

Geographical Data - Additional information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Domestic and Foreign Operations
Inventories, net	$ 39,316	$ 35,062
Operating lease assets	5,642	5,797
Fixed assets	9,071	9,308
Dominican Republic
Domestic and Foreign Operations
Inventories, net	37,068	33,477
Operating lease assets	5,642	5,797
Fixed assets	$ 3,807	$ 3,958

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Feb. 01, 2024	Dec. 31, 2023	Nov. 02, 2023	Sep. 30, 2023	Aug. 18, 2023
Subsequent Event
Dividends payable per share		$ 0.08	$ 0.08	$ 0.08	$ 0.08
Subsequent Event
Subsequent Event
Dividends payable per share	$ 0.10