Admiral Financial 10-Q14 Nov 222023 Q1 Quarterly reportFinancial data

Company Profile

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2022	Nov. 14, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
Entity File Number	0-17214
Entity Registrant Name	ADMIRAL FINANCIAL CORP.
Entity Central Index Key	0000828530
Entity Tax Identification Number	59-2806414
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	7101 Southwest 67 Avenue
Entity Address, City or Town	South Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33143
City Area Code	(305)
Local Phone Number	904-4400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Outstanding shares		10,987,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Current assets:
Cash	$ 0	$ 0
Prepaid expenses and other assets	0	0
Net assets of Haven Federal Savings and Loan Association (note 2)	0	0
Total assets	0	0
Current Liabilities:
Accrued expenses and other current liabilities	24	24
Net liabilities of Haven Federal Savings and Loan Association (note 2)	0	0
Total liabilities	24	24
Shareholders Deficit:
Preferred stock, $0.01 par value, Authorized 6,000,000 shares; none outstanding	0	0
Common stock, $0.001 par value, 50,000,000 shares authorized; 10,987,000 shares issued	11	11
Treasury stock, 1,954 and 1,954 shares; at cost	0	0
Additional paid-in capital	681	681
Deficit	(716)	(716)
Total stockholders' (deficit) equity	(24)	(24)
Total liabilities and stockholders' (deficit) equity	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Jun. 30, 2022
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	6,000,000	6,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	10,987,000	10,987,000
Common Stock, Shares, Outstanding	10,987,000	10,987,000
Treasury Stock, Shares	1,954	1,954

Consolidated Statements of Operations - USD ($)	3 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Income:
Interest income	$ 0	$ 0
Other, net	0	0
Total income	0	0
Expenses:
Employee Compensation	0	0
Other	0	0
Total expenses	0	0
Loss from discontinued operation (note 2)	0	0
Net loss	$ 0	$ 0
Loss per share - Basic	$ 0	$ 0
Loss per share - Diluted	$ 0	$ 0
Dividend per share	$ 0	$ 0
Weighted average number of shares outstanding - Basic	10,985,046	10,985,046
Weighted average number of shares outstanding - Diluted	10,985,046	10,985,046

Consolidated Statement of Stockholders' (Deficit) Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Beginning balance, shares at Jun. 29, 2021	10,985,046
Ending balance, value at Sep. 30, 2021	$ 11	$ 681	$ (716)
Ending balance, shares at Sep. 30, 2021	10,985,046
Beginning balance, value at Jun. 30, 2021	$ 11	681	(716)
Net loss			0
Ending balance, value at Sep. 30, 2021	$ 11	681	(716)
Ending balance, shares at Sep. 30, 2021	10,985,046
Beginning balance, shares at Jun. 29, 2022	10,985,046
Ending balance, value at Sep. 30, 2022	$ 11	681	(716)
Ending balance, shares at Sep. 30, 2022	10,985,046
Beginning balance, value at Jun. 30, 2022	$ 11	681	(716)
Net loss			0
Ending balance, value at Sep. 30, 2022	$ 11	$ 681	$ (716)
Ending balance, shares at Sep. 30, 2022	10,985,046

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ 0	$ 0
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease in deficit arising from confiscation of Haven Federal after retroactive disallowance of agreed supervisory goodwill and regulatory capital	0	0
Decrease in pre-paid expenses and other assets	0	0
Decrease (increase) in net assets of Haven Federal	0	0
(Decrease) in accrued expenses and other liabilities	0	0
(Decrease) Increase in net liabilities of Haven Federal	0	0
Amortization of organization expenses	0	0
Net cash provided (used) by operating activities	0	0
Net change in cash	0	0
Cash and cash equivalents, at beginning of period	0	0
Cash and cash equivalents, at end of period	$ 0	$ 0

Basis of Accounting	3 Months Ended
Basis of Accounting	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	Note 1. Basis of Accounting In the opinion of management, the accompanying consolidated financial statements contain all the adjustments necessary to present fairly the financial statements of Admiral Financial Corp. ('Admiral') and Subsidiary.

Additional Financial Information	3 Months Ended
Additional Financial Information	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Financial Information	Note 2. Additional Financial Information Where applicable, the net assets of Admiral’s principal operating subsidiary, Haven Federal Savings and Loan Association ('Haven'), and net liabilities are presented in the balance sheets in the aggregate; and its loss is shown in the aggregate in the Statements of Operations for the three month periods ended September 30, 2022 and 2021.