Indicates management contracts or compensatory plans or arrangements required to be filed as an exhibit to this ~~report~~report.

~~-28-~~-27-

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders

Trio-Tech International

Van Nuys, California

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Trio-Tech International and Subsidiaries (the “Company”) as of June 30, ~~2018~~2021 and ~~2017,~~2020, and the related consolidated statements of operations and comprehensive income (loss), shareholders’ equity and cash flows for each of the two years in the period ended June 30, ~~2018,~~2021, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of June 30, ~~2018~~2021 and ~~2017,~~2020, and the consolidated results of its operations and its cash flows for each of the two years in the period ended June 30, ~~2018,~~2021, in conformity with accounting principles generally accepted in the United States of America.

Basis offor Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

As discussed in Note 10 to the consolidated financial statements, the Company recognized an impairment loss relating to the down payment made for an investment property located in Chongqing, China of $1.58 million (equivalent RMB10.2 million) during the financial year ended June 30, 2021.

We identified our evaluation of the recoverability of the down payment as a critical audit matter as the review of management’s significant assumptions and judgment applied in their measurement of the down payment is challenging and subjective in light of the recent developments and outlook. The recoverability of the down payment is highly dependent on the reliability of the key assumptions applied by management, such as the expected completion date of the project and the market rates of comparable completed projects.

The primary procedures we performed to address this critical audit matter thus included the following:

●

Inspected the sales and purchase agreement for the down payment for the investment property;

●

Performed physical site inspection of the project;

●

Conducted interview with the local developer on the status of the project;

●

Assessed the methodology used by the Company to estimate the fair value of the investment property;

●

Evaluated and challenged the key inputs and assumptions underlying the Company’s assessment and valuation in view of the facts and circumstances existing as of the measurement date, relevant political and economic outlook and other applicable sources; and

●

Inquired local independent professionals on the local property market to verify the representations made by the management and local developer.

Mazars LLP

PUBLIC ACCOUNTANTS AND

CHARTERED ACCOUNTANTS

We have served as the company’s auditors since 2009

/s/ Mazars LLP

Singapore

~~September 25, 2018~~

October 1, 2021

~~F-1~~

~~Table of Contents~~

PART I. ~~FIN~~A~~NCIAL~~FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TRIO-TECH INTERNATIONAL AND SUBSIDIARIES

AUDITED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT NUMBER OF SHARES)

	June 30, 2018	June 30, 2017	June 30, 2021	June 30, 2020 (Restated)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$6,539	$4,772	$5,836	$4,150
Short-term deposits	653	787	6,651	6,838
Trade accounts receivable, less allowance for doubtful accounts of $259 and $247	8,007	9,009
Trade account receivables, less allowance for doubtful accounts of $311 and $314, Respectively			8,293	5,951
Other receivables	621	401	662	998
Inventories, less provision for obsolete inventory of $695 and $686	2,930	1,756
Inventories, less provision for obsolete inventories of $679 and $678, respectively			2,080	1,922
Prepaid expenses and other current assets	208	226	418	341
Assets held for sale	91	86
Financed sales receivable			19	-
Total current assets	19,049	17,037	23,959	20,200
NON-CURRENT ASSETS:
Deferred tax assets	400	375	217	247
Investment properties, net	1,146	1,216	681	690
Property, plant and equipment, net	11,935	11,291	9,531	��10,310
Operating lease right-of-use assets			1,876	944
Other assets	2,249	1,922	262	1,609
Financed sales receivable			39	-
Restricted term deposits	1,695	1,657	1,741	1,660
Total non-current assets	17,425	16,461	14,347	15,460
TOTAL ASSETS	$36,474	$33,498	$38,306	$35,660

LIABILITIES
CURRENT LIABILITIES:
Lines of credit	$2,043	$2,556	$72	$172
Accounts payable	3,704	3,229	3,702	2,590
Accrued expenses	3,172	3,043	3,363	3,005
Income taxes payable	285	233	314	344
Current portion of bank loans payable	367	260	439	370
Current portion of capital leases	250	228
Current portion of finance leases			197	231
Current portion of operating leases			672	477
Current portion of PPP loan			-	54
Total current liabilities	9,821	9,549	8,759	7,243
NON-CURRENT LIABILITIES:
Bank loans payable, net of current portion	1,437	1,552	1,621	1,836
Capital leases, net of current portion	524	531
Deferred tax liabilities	327	295
Finance leases, net of current portion			253	435
Operating leases, net of current portion			1,204	467
Income taxes payable	828	-	385	430
PPP loan, net of current portion			-	67
Other non-current liabilities	36	44	31	36
Total non-current liabilities	3,152	2,422	3,494	3,271
TOTAL LIABILITIES	$12,973	$11,971	$12,253	$10,514

EQUITY
TRIO-TECH INTERNATIONAL’S SHAREHOLDERS' EQUITY:
Common stock, no par value, 15,000,000 shares authorized; 3,553,055 shares issued and outstanding as of June 30, 2018 and 3,523,055 shares issued and outstanding as of June 30, 2017	$11,023	$10,921
Common stock, no par value, 15,000,000 shares authorized; 3,913,055 and 3,673,055 shares issued and outstanding as at June 30, 2021 and June 30, 2020, respectively			$12,178	$11,424
Paid-in capital	3,249	3,206	4,233	3,984
Accumulated retained earnings	5,525	4,341	6,824	7,415
Accumulated other comprehensive gain-translation adjustments	2,182	1,633	2,399	1,143
Total Trio-Tech International shareholders' equity	21,979	20,101	25,634	23,966
Non-controlling interests	1,522	1,426
Noncontrolling interest			419	1,180
TOTAL EQUITY	$23,501	$21,527	$26,053	$25,146
TOTAL LIABILITIES AND EQUITY	$36,474	$33,498	$38,306	$35,660

See notes to consolidated financial statements.

~~F-2~~

~~Table of Contents~~

TRIO-TECH INTERNATIONAL ANDAND SUBSIDIARIES

AUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)

	For the Year Ended		For the Year Ended
	June 30,			June 30,
	2018	2017	June 30, 2021	2020 (Restated)
Revenue
Manufacturing	$15,978	$15,289	$13,151	$11,605
Testing services	19,391	16,586	13,846	14,840
Distribution	6,853	6,511	5,437	7,958
Others	139	152
Real estate			28	62
	42,361	38,538	32,462	34,465
Cost of Sales
Cost of manufactured products sold	12,213	12,091	9,809	8,927
Cost of testing services rendered	13,323	11,057	10,431	11,353
Cost of distribution	6,068	5,828	4,475	6,847
Others	119	100
Cost of real estate			77	72
	31,723	29,076	24,792	27,199

Gross Margin	10,638	9,462	7,670	7,266

Operating Expenses:
General and administrative	7,250	6,911
General and administrative**			6,938	7,064
Selling	826	807	446	679
Research and development	451	208	357	355
(Gain) / loss on disposal of property, plant and equipment	(77)	47
Impairment loss on long-lived assets			-	139
Gain on disposal of property, plant and equipment			(1)	(24)
Total operating expenses	8,450	7,973	7,740	8,213

Income from Operations	2,188	1,489
Loss from Operations			(70)	(947)

Other Income / (Expenses)
Other (Expenses) / Income
Interest expenses	(233)	(202)	(126)	(230)
Other income, net	335	514	363	334
Total other income / (expenses)	102	312
Government grants			514	778
Gain on sale of properties			-	1,172
Impairment loss on other assets			(1,580)	-
Total other (expenses) / income			(829)	2,054

Income from Continuing Operations before Income Taxes	2,290	1,801
(Loss) / Income from Continuing Operations before Income Taxes			(899)	1,107

Income Tax Expenses	(987)	(341)
Income Tax (Expenses)/Benefits			(228)	12

Income from continuing operations before non-controlling interests, net of tax	1,303	1,460
(Loss) / Income from continuing operations before noncontrolling interests, net of tax			(1,127)	1,119

Discontinued Operations (Note 24)
Discontinued Operations
Loss from discontinued operations, net of tax	(13)	(5)	(28)	(3)
NET INCOME	1,290	1,455
NET (LOSS) / INCOME			(1,155)	1,116

Less: net income attributable to non-controlling interests	106	139
Net Income Attributable to Trio-Tech International Common Shareholders	$1,184	$1,316
Less: net (loss)/income attributable to noncontrolling interests			(564)	238
Net (Loss) / Income Attributable to Trio-Tech International Common Shareholders			$(591)	$878

Amounts Attributable to Trio-Tech International Common Shareholders:
Income from continuing operations, net of tax	1,197	1,325
(Loss)/ Income from continuing operations, net of tax			(575)	879
Loss from discontinued operations, net of tax	(13)	(9)	(16)	(1)
Net Income Attributable to Trio-Tech International Common Shareholders	$1,184	$1,316
Net (Loss)/ Income Attributable to Trio-Tech International Common Shareholders			$(591)	$878

Basic Earnings per Share:
Basic earnings per share from continuing operations attributable to Trio-Tech International	$0.34	$0.38
Basic (Loss) / Earnings per Share:
Basic (loss) / earnings per share from continuing operations attributable to Trio-Tech International			$(0.16)	$0.24
Basic loss per share from discontinued operations attributable to Trio-Tech International	$(0.01)	$-	$-
Basic Earnings per Share from Net Income
Basic (Loss) / Earnings per Share from Net Income
Attributable to Trio-Tech International			$(0.16)	$0.24

Diluted (Loss) / Earnings per Share:
Diluted (loss) / earnings per share from continuing operations attributable to Trio-Tech International			$(0.15)	$0.24
Diluted loss per share from discontinued operations attributable to Trio-Tech International			-
Diluted (Loss) / Earnings per Share from Net Income
Attributable to Trio-Tech International			$(0.15)	$0.24

Weighted average number of common shares outstanding
Basic			3,768	3,673
Dilutive effect of stock options			117	53
Number of shares used to compute earnings per share diluted			3,885	3,726

~~F-3~~

~~Table of Contents~~See notes to consolidated financial statements.

TRIO-TECH INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)

(IN THOUSANDS)

Attributable to Trio-Tech International
$0.33
$0.38



Diluted Earnings per Share:


Diluted earnings per share from continuing operations attributable to Trio-Tech International
$0.32
$0.36
Diluted loss per share from discontinued operations attributable to Trio-Tech International
  (0.01)
  -
Diluted Earnings per Share from Net Income


Attributable to Trio-Tech International
$0.31
$0.36



Weighted average number of common shares outstanding


Basic
  3,553
  3,523
Dilutive effect of stock options
  218
  121
Number of shares used to compute earnings per share diluted
  3,771
  3,644

	For the Year Ended
		June 30,
	June 30, 2021	2020 (Restated)
Comprehensive Income Attributable to Trio-Tech International Common Shareholders:

Net (loss) / income	$(1,155)	1,116
Foreign currency translation, net of tax	1,248	(742)
Comprehensive Income	93	374
Less: comprehensive (loss) / income attributable to the noncontrolling interests	(572)	220
Comprehensive Income Attributable to Trio-Tech International Common Shareholders	$665	$154

See notes to consolidated financial statements.

~~F-4~~

~~Table of Contents~~

TRIO-TECH INTERNATIONAL AND ~~SUB~~S~~IDIARIES~~

~~CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)~~

For the Year Ended

June 30,

June 30,

2018

2017

Comprehensive Income Attributable to Trio-Tech International Common Shareholders:

Net income
  1,290
  1,455
Foreign currency translation, net of tax
  728
  (679)
Comprehensive Income
  2,018
  776
Less: comprehensive income / (loss) attributable to the non-controlling interests
  285
  (11)
Comprehensive Income Attributable to Trio-Tech International Common Shareholders
$1,733
$787

~~See notes to consolidated financial statements.~~

~~F-5~~

~~Table of Contents~~

~~TRIO-TECH INTERNATIONAL A~~ND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(IN THOUSANDS)

	Common Stock		Paid-in	Accumulated Retained	Accumulated Other Comprehensive	Non- Controlling		Common Stock		Paid-in	Accumulated Retained	Accumulated Other Comprehensive	Non- Controlling
	No. of Shares	Amount	Capital	Earnings	Income	Interests	Total	No. of Shares	Amount	Capital	Earnings	Income	Interests	Total
		$							$
Balance at June 30, 2016	3,513	10,882	3,188	3,025	2,162	1,614	20,871

Balance at June 30, 2019 (Restated)								3,673	11,424	3,838	6,537	1,867	1,195	24,861

Stock option expenses (Restated)								-		146	-			146
Net income (Restated)								-			878	-	238	1,116
Dividend declared by subsidiary								-					(235)
Translation adjustment								-				(724)	(18)	(742)
Balance at June 30, 2020 (Restated)								3,673	11,424	3,984	7,415	1,143	1,180	25,146

Stock option expenses	-		18	-			18	-		249	-			249
Net income	-			1,316	-	139	1,455
Dividend declared by subsidiary	-					(177)
Issue of restricted shares to consultant	10	39	-			-	39
Translation adjustment	-				(529)	(150)	(679)
Balance at June 30, 2017	3,523	10,921	3,206	4,341	1,633	1,426	21,527

Stock option expenses	-		43	-			43
Net income	-			1,184	-	106	1,290
Net loss								-			(591)	-	(564)	(1,155)
Dividend declared by subsidiary	-					(189)		-					(189)
Exercise of options	20	51	-				51	240	754	-				754
Issue of restricted shares to consultant	10	51	-				51
Translation adjustment	-				549	179	728	-				1,256	(8)	1,248
Balance at June 30, 2018	3,553	11,023	3,249	5,525	2,182	1,522	23,501
Balance at June 30, 2021								3,913	12,178	4,233	6,824	2,399	419	26,053

See accompanying notes to consolidated financial statements.

~~F-6~~

F-5

~~Table of Contents~~

TRIO-TECH INTERNATIONAL AND ~~SUBS~~I~~DIARIES~~SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)

Year Ended

June 30,

June 30,

2018

2017

Cash Flow from Operating Activities

Net income
$1,290
$1,455
Adjustments to reconcile net income to net cash flow provided by operating activities


  Depreciation and amortization
  2,214
  1,836
  Bad debt expenses / (recovery), net
  7
  (15)
  Inventory recovery, net
  4
  -
  Warranty provision / (recovery), net
  34
  (27)
  Accrued interest expense, net accrued interest income
  194
  180
  Fixed assets written off
  -
  30
  Issuance of shares to service provider
  51
  39
  Loss on disposal of property, plant and equipment
  15
  17
  Stock compensation expenses
  43
  18
  Deferred tax provision
  5
  104
  Changes in operating assets and liabilities


  Trade accounts receivables
  995
  (168)
  Other receivables
  (220)
  191
  Other assets
  (377)
  (235)
  Inventories
  (1,162)
  (300)
  Prepaid expenses and other current assets
  18
  38
  Accounts payable and accrued expenses
  488
  787
  Income tax payable
  880
  3
  Other non-current liabilities
  -
  -
Net Cash Provided by Operating Activities
  4,479
  3,953
Cash Flow from Investing Activities


Proceeds from maturing of unrestricted and restricted term deposits, net
  484
  488
Additions to property, plant and equipment
  (2,309)
  (2,285)
Investments in restricted and un-restricted deposits
  (281)
  (651)
Proceeds from disposal of property, plant and equipment
  42
  86
Net Cash Used in Investing Activities
  (2,064)
  (2,362)
Cash Flow from Financing Activities


Repayment on lines of credit
  (8,883)
  (8,915)
Dividends paid on non-controlling interest
  (189)
  (177)
Repayment of bank loans and capital leases
  (733)
  (721)
Proceeds from bank loans and capital leases
  8,747
  9,464
Proceeds from exercising stock options
  51
  -
Net Cash Used in Financing Activities
  (1,007)
  (349)
Effect of Changes in Exchange Rate
  359
  (277)
NET INCREASE IN CASH AND CASH EQUIVALENTS
  1,767
  965
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
  4,772
  3,807
CASH AND CASH EQUIVALENTS, END OF YEAR
$6,539
$4,772
Supplementary Information of Cash Flows


Cash paid during the period for:


Interest
$181
$185
Income taxes
$245
$170
Non-Cash Transactions


  Capital lease of property, plant and equipment
$228
$295

	Year Ended
		June 30,
	June 30, 2021	2020 (Restated)

Cash Flow from Operating Activities
Net income	$(1,155)	$1,116
Adjustments to reconcile net income to net cash flow provided by operating activities
Gain on sale of assets held for sale	-	(1,172)
Depreciation and amortization	3,059	3,100
Impairment loss on other assets	1,580	-
Impairment loss on long-lived assets	-	139
Stock option expenses	249	146
(Reversal) / Addition of obsolete inventories	(15)	18
Payment of interest portion of finance leases	(40)	(61)
Bad debt (recovery) / expenses	(9)	59
Accrued interest expense, net accrued (interest income)	29	(69)
PPP loan forgiveness income	(121)	-
Dividend income	(32)	-
Dividend received	32	-
Gain on sale of property, plant and equipment	(1)	(24)
Warranty addition/ (recovery), net	3	(26)
Deferred tax (benefit)/ expenses	(139)	63
Changes in operating assets and liabilities, net of acquisition effects
Trade account receivables	(2,347)	1,110
Other receivables	336	(181)
Other assets	(327)	100
Inventories	(98)	430
Prepaid expenses and other current assets	(97)	(54)
Accounts payable and accrued expenses	1,377	(968)
Income taxes payable	118	12
Operating leases liabilities	(764)	(727)
Net Cash Provided by Operating Activities	1,638	3,011

Cash Flow from Investing Activities
Proceeds from sale of assets held for sale	-	1,167
Proceeds from disposal of property, plant and equipment	-	39
Withdrawal of unrestricted deposit	2,335	-
Investments in restricted and unrestricted deposits	(1,790)	(2,806)
Addition to property, plant and equipment	(1,112)	(1,017)
Net Cash Used in Investing Activities	(567)	(2,617)

Cash Flow from Financing Activities
Payment on lines of credit	(589)	(2,437)
Payment of bank loans	(412)	(486)
Payment of principal portion of finance leases	(253)	(344)
Dividends paid on noncontrolling interest	(189)	(235)
Proceeds from exercising stock options	754	-
Proceeds from bank loans	205	-
Proceeds from lines of credit	482	2,370
Proceeds from finance leases	-	279
Proceeds from PPP loan	-	121
Net Cash Used in Financing Activities	(2)	(732)

Effect of Changes in Exchange Rate	698	(421)

Net Increase/ (Decrease) in Cash, Cash Equivalents, and Restricted Cash	1,767	(759)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	5,810	6,569
Cash, Cash Equivalents, and Restricted Cash at End of Period	$7,577	$5,810

Supplementary Information of Cash Flows
Cash paid during the period for:
Interest	$122	$229
Income taxes	$207	$126

Non-Cash Transactions
Finance lease of property, plant and equipment	$-	$279

See accompanying notes to consolidated financial statements.

Reconciliation of Cash, Cash Equivalents, and Restricted Cash
Cash	5,836	4,150
Restricted Term Deposits	1,741	1,660
Total Cash, Cash Equivalents, and Restricted Cash Shown in Statement of Cash Flows	$7,577	$5,810

Amounts included in restricted deposits represent the amount of cash pledged to secure loans payable or trade financing granted by financial institutions and serve as collateral for public utility agreements such as electricity and water. Restricted deposits are classified as non-current assets, as they relate to long-term obligations and will become unrestricted only upon discharge of the obligations.

~~F-7~~

F-6

~~Table of Contents~~

TRIO-TECH ~~INTERNA~~T~~IONAL~~INTERNATIONAL AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED JUNE 30, ~~2018~~2021 AND ~~2017~~2020

(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.

Basis of Presentation and Principles of Consolidation - Trio-Tech International (the “Company” or “TTI” hereafter) was incorporated in fiscal 1958 under the laws of the State of California. TTI provides third-party semiconductor testing and burn-in services primarily through its laboratories in Southeast Asia. In addition, TTI operates testing facilities in the ~~U.S.~~United States. The Company also designs, develops, manufactures and markets a broad range of equipment and systems used in the manufacturing and testing of semiconductor devices and electronic components. In fiscal ~~2018,~~2021, TTI conducted business in ~~the foregoing~~ four business segments: ~~Manufacturing (assembly), Testing Services, Distribution~~manufacturing, testing services, distribution and ~~Real Estate.~~real estate. TTI has subsidiaries in the U.S., Singapore, Malaysia, Thailand, Indonesia, Ireland and China as follows:

	Ownership	Location

Express Test Corporation (Dormant)	100%	Van Nuys, California
Trio-Tech Reliability Services (Dormant)	100%	Van Nuys, California
KTS Incorporated, dba Universal Systems (Dormant)	100%	Van Nuys, California
European Electronic Test Centre (Dormant)	100%	Dublin, Ireland
Trio-Tech International Pte. Ltd.	100%	Singapore
Universal (Far East) Pte. Ltd. *	100%	Singapore
Trio-Tech International (Thailand) Co. Ltd. *	100%	Bangkok, Thailand
Trio-Tech (Bangkok) Co. Ltd. ~~(49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)~~ *	100%	Bangkok, Thailand
Trio-Tech (Malaysia) Sdn. Bhd. (55% owned by Trio-Tech International Pte. Ltd.)	55%	Penang and Selangor, Malaysia
Trio-Tech (Kuala Lumpur) Sdn. Bhd.	55%	Selangor, Malaysia
(100% owned by Trio-Tech Malaysia Sdn. Bhd.)	~~55%~~
Prestal Enterprise Sdn. Bhd.	76%	Selangor, Malaysia
~~Prestal Enterprise Sdn. Bhd.~~ (76% owned by Trio-Tech International Pte. Ltd.)	~~76%~~	~~Selangor, Malaysia~~
Trio-Tech (SIP) Co., Ltd. *	100%	Suzhou, China
Trio-Tech (Chongqing) Co. Ltd. *	100%	Chongqing, China
SHI International Pte. Ltd. (Dormant) (55% owned by Trio-Tech International Pte. Ltd)	55%	Singapore
PT SHI Indonesia (Dormant) (100% owned by SHI International Pte. Ltd.)	55%	Batam, Indonesia
Trio-Tech (Tianjin) Co., Ltd. *	100%	Tianjin, China

* 100% owned by Trio-Tech International Pte. Ltd.

~~F-8~~

~~Table of Contents~~

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ~~(‘‘~~(“U.S. GAAP’’). The basis of accounting differs from that used in the statutory financial statements of the Company’s subsidiaries and equity investee companies, which are prepared in accordance with the accounting principles generally accepted in their respective countries of incorporation. In the opinion of management, the consolidated financial statements have reflected all costs incurred by the Company and its subsidiaries in operating the business.

All dollar amounts in the consolidated financial statements and in the notes herein are presented in thousands of United States dollars (US$’000) unless otherwise designated.

Liquidity – The Company ~~earned~~incurred net loss attributable to common shareholders of $591 and net income attributable to common shareholders of ~~$1,184 and $1,316~~$878 for fiscal years ~~2018~~2021 and ~~2017,~~2020, respectively.

The Company’s core businesses - testing services, manufacturing ~~(assembly)~~ and distribution - operate in a volatile industry, whereby its average selling prices and product costs are influenced by competitive factors. These factors create pressures on sales, costs, earnings and cash flows, which will impact liquidity.

F-7

Foreign Currency Translation and Transactions — The U.S. dollar is the functional currency of the U.S. parent company. The Singapore dollar, the national currency of Singapore, is the primary currency of the economic environment in which the operations in Singapore are conducted. The Company also has business entities in Malaysia, Thailand, China and ~~China,~~Indonesia of which the Malaysian ringgit (“RM”), Thai baht, Chinese renminbi (“RMB”) and Indonesian rupiah, are the national currencies. The Company uses the U.S. dollar for financial reporting purposes.

The Company translates assets and liabilities of its subsidiaries outside the U.S. into U.S. dollars using the rate of exchange prevailing at the fiscal year end, and the consolidated statements of operations and comprehensive income or loss is translated at average rates during the reporting period. Adjustments resulting from the translation of the subsidiaries’ financial statements from foreign currencies into U.S. dollars are recorded in shareholders' equity as part of accumulated other comprehensive gain - translation adjustments. Gains or losses resulting from transactions denominated in currencies other than functional currencies of the Company’s subsidiaries are reflected in income for the reporting period.

Use of Estimates — The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Among the more significant estimates included in these consolidated financial statements are the estimated allowance for doubtful ~~accounts receivable,~~account receivables, reserve for obsolete inventory, reserve for warranty, impairments and the deferred income tax asset allowance. Actual results could materially differ from those estimates.

Revenue Recognition — The Company adopted ASU No. 2014-09, ASC Topic 606,Revenue from Contracts with Customers(“ASC Topic 606”). This standard update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers.

We apply a five-step approach as defined in ASC Topic 606 in determining the amount and timing of revenue to be recognized: (1) identifying the contract with customer; (2) identifying the performance obligations in the contracts; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied.

Revenue derived from testing services is recognized when testing services are rendered. ~~Revenues~~Revenue generated from ~~sales~~sale of products in the manufacturing and distribution segments are recognized when persuasive evidence of an arrangement exists, delivery of the products has occurred, customer acceptance has been obtained (which means the significant risks and rewards of ownership have been transferred to the customer), the price is fixed or determinable and collectability is reasonably assured. Certain ~~products sold (in the manufacturing segment) require~~customers can request for installation and training services to be ~~performed.~~

~~Revenue from product sales is also recorded~~performed for certain products sold in ~~accordance~~the manufacturing segment. These services are mainly for helping customers with the ~~provisions~~test runs of ~~ASC Topic 605~~the machines sold and ~~Staff Accounting Bulletin (“SAB”) 104~~ ~~Revenue Recognition~~are considered a separate performance obligation. Such services can be provided by other entities as well and these do not significantly modify the product. The Company recognizes the revenue at point in ~~Financial Statements~~ (“ASC Topic 605”), which generally require revenue earned on product sales involving multiple-elements to be allocated to each element based on the relative fair values of those elements. Accordingly,time when the Company allocates revenue to each element in a multiple-element arrangement based on the element’s respective fair value, with the fair value determined by the price charged when that element is sold and specifically defined in a quotation or contract. The Company allocates a portion of the invoice value to products sold and the remaining portion of invoice value to installation work in proportion to the fair value of products sold and installation work to be performed. Training elements are valued based on hourly rates, which services the Company charges for when sold apart from product sales. The fair value determination of products sold and the installation and training work is also based on our specific historical experience of the relative fair values of the elements if there is no easily observable market price to be considered. In fiscal years 2018 and 2017, the installation revenues generated in connection with product sales were immaterial and were included in the product sales revenue line on the consolidated statements of operations and comprehensive income or loss.has satisfied its performance obligation.

In the real estate segment: (1) revenue from property development is earned and recognized on the earlier of the dates when the underlying property is sold or upon the maturity of the agreement; if this amount is uncollectible, the agreement empowers the repossession of the property, and (2) rental revenue is recognized on a straight-line basis over the terms of the respective leases. This means that, with respect to a particular lease, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue is commenced when the tenant assumes possession of the leased premises. Accrued straight-line rents receivable represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements.

~~F-9~~

~~Table of Contents~~

GST / Indirect Taxes — The Company’s policy is to present taxes collected from customers and remitted to governmental authorities on a net basis. The Company records the amounts collected as a current liability and relieves such liability upon remittance to the taxing authority without impacting revenues or expenses.

~~Accounts Receivable~~Trade Account Receivables and Allowance for Doubtful Accounts — During the normal course of business, the Company extends unsecured credit to its customers in all segments. Typically, credit terms require payment to be made between 30 to 90 days from the date of the sale. The Company generally does not require collateral from our customers.

The Company’s management considers the following factors when determining the collectability of specific customer accounts: customer ~~credit-worthiness,~~creditworthiness, past transaction history with the customer, current economic industry trends, and changes in customer payment terms. The Company includes any account balances that are determined to be uncollectible, along with a general reserve, in the overall allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Based on the information available to management, the Company believed that its allowance for doubtful accounts was adequate as of June 30, ~~2018~~2021 and ~~2017.~~2020.

F-8

Warranty Costs — The Company provides for the estimated costs that may be incurred under its warranty program at the time the sale is recorded in its manufacturing segment. The Company estimates warranty costs based on the historical rates of warranty returns. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.

Cash and Cash Equivalents — The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

Term Deposits — Term deposits consist of bank balances and interest-bearing deposits having maturities of 3 to 6 months. ~~As of June 30, 2018, theCompany held~~ approximately $548 of unrestricted term deposits in the company’s Malaysian subsidiary and $105 of unrestricted term deposits in the Company’s 100% owned Thailand subsidiary, which were denominated in RM and Thai baht, as compared to $687 and $100 as of June 30, 2017, respectively.

Restricted Term Deposits — The Company held certain term deposits in the Singapore and Malaysia operations which were considered restricted, as they were held as security against certain facilities granted by the financial institutions. As of June 30, 2018 the Company held approximately $1,468 of restricted term deposits in the Company’s 100% owned Trio-Tech International Pte. Ltd., which were denominated in Singapore currency, and $227 of restricted term deposits in the Company’s 55% owned Malaysian subsidiary, which were denominated in RM, as compared to June 30, 2017 when the Company held approximately $1,450 of restricted term deposits in the Company’s 100% owned Trio-Tech International Pte. Ltd., which were denominated in Singapore currency, and $207 of restricted term deposits in the Company’s 55% owned Malaysian subsidiary, which were denominated in the currency of Malaysia.

Inventories — Inventories in the Company’s manufacturing and distribution segments, consisting principally of raw materials, works in progress, and finished goods, are stated at the lower of cost, using the first-in, first-out (“FIFO”) method, or market value. The semiconductor industry is characterized by rapid technological change, short-term customer commitments and rapid ~~changes~~fluctuations in demand. Provisions for estimated excess and obsolete inventory are based on our regular reviews of inventory quantities on hand and the latest forecasts of product demand and production requirements from our customers. Inventories are written down for ~~not saleable,~~not-saleable, excess or obsolete raw materials, works-in-process and finished goods by charging such write-downs to cost of sales. In addition to write-downs based on newly introduced parts, statistics and judgments are used for assessing provisions of the remaining inventory based on salability and obsolescence.

Property, Plant and Equipment &and Investment ~~Property~~Properties — Property, plant and equipment, and investment ~~property~~properties are stated at cost, less accumulated depreciation and amortization. Depreciation is provided for over the estimated useful lives of the assets using the straight-line method. Amortization of leasehold improvements is provided for over the lease terms or the estimated useful lives of the assets, whichever is shorter, using the straight-line method.

Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and improvements to the assets are capitalized. When assets are disposed of, the related cost and accumulated depreciation thereon are removed from the accounts and any resulting gain or loss is included in the consolidated statements of operations and comprehensive income or loss.

Long-Lived Assets and Impairment – The Company’s business requires heavy investment in manufacturing facilities and equipment that are technologically advanced but can quickly become significantly ~~under-utilized~~underutilized or rendered obsolete by rapid changes in demand.

~~F-10~~

~~Table of Contents~~

The Company evaluates the long-lived assets, including property, plant and equipment and investment property, for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Factors considered important that could result in an impairment review include significant underperformance relative to expected historical or projected future operating results, significant changes in the manner of use of the assets or the strategy for our business, significant negative industry or economic trends, and a significant decline in the stock price for a sustained period of time. Impairment is recognized based on the difference between the fair value of the asset and its carrying value, and fair value is generally measured based on discounted cash flow analysis, if there is significant adverse change.

The Company applies the provisions of ASC Topic 360, Accounting for the Impairment or Disposal of Long-Lived Assets (“ASC Topic 360”), to property, plant and equipment. ASC Topic 360 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.

F-9

Leases — - Company as Lessee

Accounting Standards Codification Topic 842 ("ASC Topic 842") introduced new requirements to increase transparency and comparability among organizations for leasing transactions for both lessees and lessors. It requires a lessee to record a right-of-use asset and a lease liability for all leases with terms longer than 12 months. These leases will be either finance or operating, with classification affecting the pattern of expense recognition.

The Company applies the guidance in ASC Topic 842 to its individual leases ~~certain~~of assets. When the Company receives substantially all of the economic benefits from and directs the use of specified property, plant and equipment, the transactions give rise to leases. The Company’s classes of assets include real estate leases.

Operating leases are included in operating lease right-of-use ("ROU") assets under the ~~ordinary course~~noncurrent asset portion of ~~business.~~ our consolidated balance sheets and under this current portion and noncurrent liabilities portion of our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the related lease. Finance leases are included in property, plant and equipment under the noncurrent asset portion of our consolidated balance sheets and under the current portion and noncurrent liabilities portion of our consolidated balance sheets.

The ~~leases have varying terms. Some may have included renewal and/or purchase options, escalation clauses, restrictions, penalties or other obligations that~~Company has elected the practical expedient within ASC Topic 842 to not separate lease and non-lease components within lease transactions for all classes of assets. Additionally, the Company ~~considered in determining minimum~~has elected the short-term lease ~~payments. The~~exception for all classes of assets, does not apply the recognition requirements for leases ~~were classified~~of 12 months or less, and recognizes lease payments for short-term leases as expense either ~~capital leases or operating leases, in accordance with ASC Topic 840,~~ ~~Accounting for Leases~~ ~~(“ASC Topic 840”). The Company records monthly rental expense equal to the total amount of the payments due in the reporting period~~straight-line over the lease term ~~in accordance with U.S. GAAP. The difference between rental expense recorded and~~or as incurred depending on whether the ~~amount paid is credited~~lease payments are fixed or ~~charged to deferred rent, which is included in accrued expenses in the accompanying consolidated balance sheets.~~variable. These elections are applied consistently for all leases.

As part of applying the transition method, the Company has elected to apply the package of transition practical expedients within the new guidance. As required by the new standard, these expedients have been elected as a package and are consistently applied across the Company’s lease portfolio. Given this election, the Company need not reassess:

●

whether any expired or existing contracts are or contain leases;

●

the lease classification for any expired or existing leases;

●

treatment of initial direct costs relating to any existing leases.

When discount rates implicit in leases cannot be readily determined, the Company uses the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and to measure lease liabilities and ROU assets. The incremental borrowing rate used by the Company was based on baseline rates and adjusted by the credit spreads commensurate with the Company’s ~~management expects~~secured borrowing rate over a similar term. At each reporting period when there is a new lease initiated, the rates established for that ~~in the normal course of business, operating leases~~quarter will be ~~renewed or replaced by other leases. The future minimum operating lease payments, for~~used.

Leases - Company as Lessor

All of the leases under which the Company is ~~contractually obligated~~the lessor will continue to be classified as ~~of June 30, 2018, are disclosed in these notes to~~operating leases and sales-type lease under the new standard The new standard did not have a material effect on our consolidated financial ~~statements.~~

~~Assets under capital leases are capitalized using interest rates appropriate at the inception of each lease~~statements and ~~are depreciated over either the estimated useful life of the asset or the lease term on~~will not have a ~~straight-line basis. The present value of the related lease payments is recorded as a contractual obligation. The future minimum annual capital lease payments are included~~significant change in ~~the total future contractual obligations as disclosed in the notes to the consolidated financial statements.~~our leasing activities.

Comprehensive Income or Loss — ASC Topic 220, Reporting Comprehensive Income, (“ASC Topic 220”), establishes standards for reporting and presentation of comprehensive income or loss and its components in a full set of general-purpose consolidated financial statements. The Company has chosen to report comprehensive income or loss in the statements of operations. Comprehensive income or loss is comprised of net income or loss and all changes to shareholders’ equity except those due to investments by owners and distributions to owners.

Income Taxes — The Company accounts for income taxes using the liability method in accordance with ASC Topic 740, Accounting for Income Taxes (“ASC Topic 740”). ASC Topic 740 requires an entity to recognize deferred tax liabilities and assets. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the difference between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, which will result in taxable or deductible amounts in future years. Further, the effects of enacted tax laws or rate changes are included as part of deferred tax expenses or benefits in the period that covers the enactment date.

The calculation of tax liabilities involves dealing with uncertainties in the application of complex global tax regulations. The Company recognizes potential liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.

F-10

Retained Earnings — It is the intention of the Company to reinvest earnings of its foreign subsidiaries in the operations of those subsidiaries. These taxes are undeterminable at this time. The amount of earnings retained in subsidiaries was ~~$12,393~~$16,683 and ~~$10,126~~$15,585 at June 30, ~~2018~~2021 and ~~2017,~~2020, respectively.

Research and Development Costs — The Company incurred research and development costs of ~~$451~~$357 and ~~$208~~$355 in fiscal year ~~2018~~2021 and in fiscal year ~~2017,~~2020, respectively, which were charged to operating expenses as incurred.

~~Stock Based Compensation~~Stock-based compensation — The Company ~~adopted~~calculates compensation expense related to stock option awards made to employees and directors based on the fair value ~~recognition provisions under ASC Topic 718,Share Based Payments(“ASC Topic 718”),~~of stock-based awards on the date of grant. The Company determines the grant date fair value of our stock option awards using the ~~modified prospective application method. Under this transition method,~~Black-Scholes option pricing model and for awards without performance condition the related stock-based compensation ~~cost~~is recognized ~~during~~over the ~~twelve months ended June 30, 2018 included~~period in which a participant is required to provide service in exchange for the ~~applicable amounts of: (a)~~stock-based award, which is generally four years. The Company recognizes stock-based compensation ~~cost~~expense in the consolidated statements of ~~all share-based payments granted prior~~shareholders' equity based on awards ultimately expected to ~~but not yet vested as of July 1, 2017 (based~~vest. Forfeitures are estimated on the ~~grant-date~~date of grant and revised if actual or expected forfeiture activity differs materially from original estimates.

Determining the fair value of stock-based awards at the grant date requires significant judgement. The determination of the grant date fair value of stock-based awards using the Black-Scholes option-pricing model is affected by our estimated common stock fair value as well as other subjective assumptions including the expected term of the awards, the expected volatility over the expected term of the awards, expected dividend yield and risk-free interest rates. The assumptions used in ~~accordance with the original provisions of ASC Topic 718)~~our option-pricing model represent management’s best estimates and ~~(b) compensation cost for all share-based payments granted subsequent to June 30, 2018.~~are as follows:

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~~F-11~~Fair Value of Common Stock. We determined the fair value of each share of underlying common stock based on the closing price of our common stock on the date of grant.

●

Expected Term. The expected term of employee stock options reflects the period for which we believe the option will remain outstanding based on historical experience and future expectations.

~~Table of Contents~~

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Expected Volatility. We base expected volatility on our historical information over a similar expected term.

Earnings per Share — Computation of basic earnings per share is conducted by dividing net income available to common shares (numerator) by the weighted average number of common shares outstanding (denominator) during a reporting period. Computation of diluted earnings per share gives effect to all dilutive potential common shares outstanding during a reporting period. In computing diluted earnings per share, the average market price of common shares for a reporting period is used in determining the number of shares assumed to be purchased from the exercise of stock options.

Fair Values of Financial Instruments — Carrying values of trade ~~accounts receivable,~~account receivables, accounts payable, accrued expenses, and term deposits approximate their fair value due to their short-term maturities. Carrying values of the Company’s lines of credit and long-term debt are considered to approximate their fair value because the interest rates associated with the lines of credit and long-term debt are adjustable in accordance with market situations when the Company tries to borrow funds with similar terms and remaining maturities. See Note 1716 for detailed discussion of the fair value measurement of financial instruments.

ASC Topic 820 defines fair value as the price 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. The financial assets and financial liabilities that require recognition under the guidance include available-for-sale investments, employee deferred compensation plan and foreign currency derivatives. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. As such, fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

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Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Financial assets utilizing Level 1 inputs include U.S. treasuries, most money market funds, marketable equity securities and our employee deferred compensation plan;

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Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, directly or indirectly. Financial assets and liabilities utilizing Level 2 inputs include foreign currency forward exchange contracts, most commercial paper and corporate notes and bonds; and

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Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Financial assets utilizing Level 3 inputs primarily include auction rate securities. We use an income approach valuation model to estimate the exit price of the auction rate securities, which is derived as the weighted-average present value of expected cash flows over various periods of illiquidity, using a risk adjusted discount rate that is based on the credit risk and liquidity risk of the securities.

F-11

Concentration of Credit Risk — Financial instruments that subject the Company to credit risk compose of trade ~~accounts receivable.~~account receivables. The Company performs ongoing credit evaluations of its customers for potential credit losses. The Company generally does not require collateral. The Company believes that its credit policies do not result in significant adverse risk and historically it has not experienced significant credit related losses.

Investments ~~- The Company analyzes its investments to determine if it is a variable interest entity (a “VIE”) and would require consolidation. The~~—The Company (a) evaluates the sufficiency of the total equity at risk, (b) reviews the voting rights and decision-making authority of the equity investment holders as a group, and whether there are any guaranteed returns, protection against losses, or capping of residual returns within the group, and (c) establishes whether activities within the venture are on behalf of an investor with disproportionately few voting rights in making this VIE determination. The Company would consolidate an investment that is determined to be a VIE if it was the primary beneficiary. The primary beneficiary of a VIE is determined by a primarily qualitative approach, whereby the variable interest holder, if any, has the power to direct the VIE’s most significant activities and is the primary beneficiary. A new accounting standard became effective and changed the method by which the primary beneficiary of a VIE is determined. Through a primarily qualitative approach, ~~whereby~~ the variable interest holder, ~~if any,~~ who has the power to direct the VIE’s most significant activities ~~and~~ is determined to be the primary beneficiary. To the extent that the investment does not qualify as VIE, the Company further assesses the existence of a controlling financial interest under a voting interest model to determine whether the investment should be consolidated.

Equity Method -— The Company analyzes its investments to determine if they should be accounted for using the equity method. Management evaluates both Common Stock and in-substance Common Stock to determine whether they give the Company the ability to exercise significant influence over operating and financial policies of the investment even though the Company holds less than 50% of the Common Stock and in-substance Common Stock. The net income of the investment, if any, will be reported as “Equity in earnings of unconsolidated joint ventures, net of tax” in the Company’s consolidated statements of operations and comprehensive income.

~~F-12~~

~~Table of Contents~~

Cost Method - — Investee companies not accounted for under the consolidation or the equity method of accounting are accounted for under the cost method of accounting. Under this method, the Company’s share of the earnings or losses of such Investee companies is not included in the consolidated balance sheet or statements of operations and comprehensive income or loss. However, impairment charges are recognized in the consolidated statements of operations and comprehensive income or loss. If circumstances suggest that the value of the investee Company has subsequently recovered, such recovery is not recorded.

Loan Receivables from Property Development Projects -— The loan receivables from property development projects are classified as current asset, carried at face value, and are individually evaluated for impairment. The allowance for loan losses reflects management’s best estimate of probable losses determined principally on the basis of historical experience and specific allowances for known loan accounts. All loans or portions thereof deemed to be uncollectible or to require an excessive collection cost are written off to the allowance for losses.

Interest income on the loan receivables from property development projects are recognized on an accrual basis. Discounts and premiums on loans are amortized to income using the interest method over the remaining period to contractual maturity. The amortization of discounts into income is discontinued on loans that are contractually 90 days past due or when collection of interest appears doubtful.

Contingent Liabilities -— Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company’s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or ~~un-asserted~~unasserted claims that may result in such proceedings, the Company’s legal counsel evaluates the perceived merits of any legal proceedings or ~~un-asserted~~unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

2. RESTATEMENTS

During the preparation of the Annual Report on Form 10-K for the year ended June 30, 2021, the Company has discovered errors in the accounting treatment of expensing stock option issued to the Company’s directors and employees from fiscal year 2016 to 2020 under FASB ASC Topic 718, Compensation – Stock Compensation, which resulted in misstatements in its previously issued consolidated financial statements for the years ended June 30, 2016 to June 30, 2020. The Company has amended and restated its 2020 consolidated financial statements to accumulated retained earnings by $621 and its additional paid-in-capital by $621 as of June 30, 2020. The Company has also increased its general and administrative expenses by $88 for the year ended June 30, 2020. As a result, the Company has restated its consolidated financial statements in accordance with ASC 250, Accounting Changes and Error Corrections (the “restated consolidated financial statements”). There is no tax impact implications resulted from the restatement.

The impact of the restatement on the consolidated financial statements as previously reported is summarized below:

	For the year ended June 30, 2020 (as previously reported)	For the year ended June 30, 2020 (Restated)
CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES)
Paid-in capital	3,363	3,984
Accumulated retained earnings	8,036	7,415
Total Trio-tech International shareholders' equity	23,966	23,966
TOTAL EQUITY	25,146	25,146

	For the year ended June 30, 2020 (as previously reported)	For the year ended June 30, 2020 (Restated)
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
Accumulated retained earnings	$8,036	$7,415
Paid-in capital	3,363	3,984

	For the year ended June 30, 2020 (as previously reported)	For the year ended June 30, 2020 (Restated)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
General and administrative expenses	$6,976	$7,064
Total operating expenses	8,125	8,213
Loss from operation	(859)	(947)
Income from Continuing Operations before Income Taxes	1,195	1,107
Income from continuing operations before non-controlling interests, net of tax	1,207	1,119
NET INCOME	1,204	1,116
Net Income Attributable to Trio-Tech International Common Shareholders	966	878

Basic Earnings per Share:
Basic earnings per share from continuing operations attributable to Trio-Tech International	0.26	0.24

Diluted Earnings per Share:
Diluted earnings per share from continuing operations attributable to Trio-Tech International	0.26	0.24

3. NEW ACCOUNTING PRONOUNCEMENTS

In August 2020, the FASB issued ASU 2020-06: Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivative and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU reduces the number of accounting models for convertible debt instruments and convertible preferred stock as well as amend the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusion. In addition, this ASU improves and amends the related EPS guidance. These amendments are effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Adoption is either a modified retrospective method or a fully retrospective method of transition. The Company has completed its assessment and concluded that this update has no significant impact to the Company’s consolidated financial statements.

In March 2020, FASB issued ASU 2020-04 ASC Topic 848:Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments are effective for all entities as of March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The Company has completed its assessment and concluded that this update has no significant impact to the Company’s consolidated financial statements..

The amendments in ASU ~~2018-13~~2019-12 ASC Topic ~~820:~~740: ~~Fair Value Measurement: Disclosure Framework—Changes~~Income Taxes: Simplifying Accounting for Income Taxesremove specific exceptions to the ~~Disclosure Requirements for Fair Value Measurement~~ ~~modify the disclosure requirements on fair value measurements based on the concepts~~general principles in ~~the Concepts Statement, including the consideration of costs and benefits.~~Topic 740 in Generally Accepted Accounting Principles (GAAP). The amendments ~~on changes~~eliminate the need for an organization to analyze whether the specific exceptions apply in ~~unrealized gains~~a given period, improve financial statement preparers’ application of income tax-related guidance and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date.simplify GAAP. The amendments are effective for all entities for fiscal years beginning after December 15, ~~2019,~~2020 and interim periods within those fiscal years. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

~~The amendments in ASU 2018-11 ASC Topic 842:~~ ~~Leases: Targeted Improvements~~ related to transition relief on comparative reporting at adoption affect all entities with lease contracts that choose the additional transition method and separating components of a contract affect only lessors whose lease contracts qualify for the practical expedient. The amendments in ASC Topic 842 are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

~~The amendments in ASU 2018-10 ASC Topic 842:~~ ~~Codification Improvements to Leases~~ are to address stakeholders’ questions about how to apply certain aspects of the new guidance in Accounting Standards Codification (ASC) 842, Leases. The clarifications address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. The amendments in ASC Topic 842 are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

~~F-13~~

~~Table of Contents~~

~~The amendments in ASU 2018-09Codification Improvements~~represent changes to clarify, correct errors in, or make minor improvements to the Codification, eliminating inconsistencies and providing clarifications in current guidance. The amendments in this ASU include those made to: Income Statement-Reporting Comprehensive Income-Overall; Debt-Modifications and Extinguishments; Distinguishing Liabilities from Equity-Overall; Compensation-Stock Compensation-Income Taxes; Business Combinations-Income Taxes; Derivatives and Hedging-Overall; Fair Value Measurement-Overall; Financial Services-Brokers and Dealers-Liabilities; and Plan Accounting-Defined Contribution Pension Plans-Investments-Other. The amendments are effective for all entities for annual periods beginning after December 15, 2018. . The effectiveness of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

~~The amendments in ASU 2018-03Technical Corrections and Improvements to FinancialInstruments~~modify the disclosure requirements on fair value measurements based on the concepts in the- Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. While early application is permitted, including adoption in an interim period, the effectiveness of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

~~The amendments in ASU 2018-02 ASC Topic 220:~~ ~~Income Statement – Reporting Comprehensive Income~~ provide financial statement preparers with an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. The amendments in ASC Topic 220 are effective for public business entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

~~The amendments in Accounting Standards Update (“ASU”) 2017-11:Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging~~(Topic 815). are effective for public companies for annual periods beginning after December 15, 2018, including interim periods within those periods. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s presentation of consolidated financial position or results of operations.

~~The amendments in ASU 2017-09 —Compensation — Stock Compensation~~(“ASC Topic 718”): Scope of Modification Accounting provide guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. For public companies, these amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s presentation of consolidated financial position or results of operations.

~~The amendments in ASU 2017-07 ASC Topic 715 —'Compensation — Retirement Benefits~~(“ASC Topic 715”) improve the presentation of net periodic pension Cost and Net Periodic Postretirement Benefit Cost. For public companies, these amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s presentation of consolidated financial position or results of operations.

~~The amendments in ASU 2017-05 ASC Subtopic 610-20 —'Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets~~(“ASC Subtopic 610-20”) clarify the scope of asset derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. For public companies, these amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s presentation of consolidated financial position or results of operations.

~~F-14~~

~~Table of Contents~~

~~The amendments in ASU 2017-04 ASC Topic 350 — 'Intangibles - Goodwill and Other~~(“ASC Topic 350”) simplify the test for goodwill impairment. For public companies, these amendments are effective for annual periods beginning after December 15, 2019, including interim periods within those periods. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s presentation of consolidated financial position or results of operations.

~~The amendments in ASU 2017-01 ASC Topic 805 — 'Business Combinations~~(“ASC Topic 805”) clarify the definition of a business. The amendments affect all companies and other reporting organizations that must determine whether they have acquired or sold a business. For public companies, these amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s presentation of consolidated financial position or results of operations.

~~The amendments in ASU 2016-18 ASC Topic 230 —'Statement of Cash Flows~~(“ASC Topic 230”) provide cash flow statement classification guidance. For public business entities, these amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s presentation of consolidated financial position and statement of cash flows.

~~The amendments in ASU 2016-17 ASC Topic 810 —Consolidation~~(“ASC Topic 810”) require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. For public business entities, these amendments are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those fiscal years. While early application is permitted, including interim reporting periods within those annual reporting periods, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

~~The amendments in ASU 2016-15 ASC Topic 230 —Statement of Cash Flows~~(“ASC Topic 350”) provide cashflow statement classification guidance. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. While early application is permitted, including adoption in an interim period, the Company has not elected to early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

~~The amendments in~~In June 2016, FASB issued ASU 2016-13 ASC Topic 326: Financial Instruments — Credit ~~losses~~Losses (“ASC Topic 326”) ~~are issued~~ for the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ~~For public companies that are not SEC filers,~~Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. ASC Topic 326 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. While early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, the Company has not yet determined if it will early adopt. The effectiveness of this update is not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

The amendments in ASU 2016-02 ASC Topic 842: Leases require companies to recognize the following for all leases (with the exception of short-term leases) at the commencement date of the applicable lease: (a) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (b) a right-of-use asset, which is as an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. These amendments become effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, for a variety of entities including a public company. While early adoption is permitted, the Company has not elected to early adopt. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements.

The Financial Accounting Standards Board (“FASB”) has issued converged standards on revenue recognition. Specifically, the Board has issued ASU 2014-09, ASC Topic 606 (“ASU 2014-09”). ASU 2014-09 affects any entity using U.S. GAAP that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). ASU 2014-09 will supersede the revenue recognition requirements in ASC Topic 605, Revenue Recognition (“ASC Topic 605”), and most industry-specific guidance. ASU 2014-09 also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts. In addition, the existing requirements for the recognition of a gain or loss on the transfer of non-financial assets that are not in a contract with a customer (e.g., assets within the scope of ASC Topic 360, Property, Plant, and Equipment, (“ASC Topic 360”), and intangible assets within the scope of Topic 350, Intangibles—Goodwill and Other) are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in ASU 2014-09. For a public entity, the amendments in ASU 2014-09 would be effective for annual ~~reporting~~ periods beginning after December 15, ~~2016, including interim periods within that reporting period. However, ASU 2015-14 ASC Topic 606:Deferral of the Effective Date~~(“ASC Topic 606”) defers the effective date of ASU 2014-09 for all entities by one year, to be effective for annual reporting periods beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period.2022. The Company has not elected to early adopt. The new standards, will supersede substantially all existing revenue guidance affecting the Company under GAAP, it could impact revenue and cost recognition on sales across all the Company's business segments. The Company is currently conducting its review on contracts and has not completed its ~~quantification yet~~assessment and concluded that this update has no significant impact to ~~know~~ the ~~impact the adoption will have on its~~Company’s consolidated financial statements. While we are continuing to assess all potential impacts, the Company has not presently selected a transition method whether it will adopt retrospective approach or through adjustment the cumulative effect of accounting changes in retained earnings.statements..

Other new pronouncements issued but not yet effective until after June 30, ~~2018~~2021 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

3.4. TERM DEPOSITS

June 30,
2018

June 30,
2017

Short-term deposits
$606
$824
Currency translation effect on short-term deposits
  47
  (37)
Total short-term deposits
  653
  787
Restricted term deposits
  1,664
  1,722
Currency translation effect on restricted term deposits
  31
  (65)
Total restricted term deposits
  1,695
  1,657
Total Term deposits
$2,348
$2,444

~~F-15~~

~~Table of Contents~~

	June 30, 2021	June 30, 2020

Short-term deposits	$6,353	$7,028
Currency translation effect on short-term deposits	298	(190)
Total short-term deposits	6,651	6,838
Restricted term deposits	1,682	1,712
Currency translation effect on restricted term deposits	59	(52)
Total restricted term deposits	1,741	1,660
Total term deposits	$8,392	$8,498

Restricted deposits represent the amount of cash pledged to secure loans payable granted by financial institutions and serve as collateral for public utility agreements such as electricity and water and performance bonds related to customs duty payable. Restricted term deposits are classified as ~~non-current~~noncurrent assets, as they relate to long-term obligations and will become unrestricted only upon discharge of the obligations. Short-term deposits represent bank deposits, which do not qualify as cash equivalents.

F-14

45. TRADE ~~ACCOUNTS RECEIVABLE~~ACCOUNT RECEIVABLES AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

~~Accounts receivable~~Account receivables are customer obligations due under normal trade terms. The Company performs continuing credit evaluations of its customers’ financial conditions, and although management generally does not require collateral, letters of credit may be required from its customers in certain circumstances.

Senior management reviews trade ~~accounts receivable~~account receivables on a periodic basis to determine if any receivables will potentially be uncollectible. Management includes any trade ~~accounts receivable~~account receivables balances that are determined to be uncollectible in the allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Based on the information available to us, management believed the allowance for doubtful accounts as of June 30, ~~2018~~2021 and June 30, ~~2017~~2020, was adequate.

The following table represents the changes in the allowance for doubtful accounts:

	For the Year Ended June 30,		For the Year Ended June 30,
	2018	2017	2021	2020
Beginning	$247	$270	$314	$263
Additions charged to expenses	8	65	5	351
Recovered	(1)	(78)	(14)	(284)
Write-off	-	(2)	(16)	(9)
Currency translation effect	5	(8)	22	(7)
Ending	$259	$247	$311	$314

California		95-2086631
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

~~16139 Wyandotte Street~~Block 1008 Toa Payoh North
~~Van Nuys, California~~Unit 03-09 Singapore		~~91406~~318996
(Address of ~~principal executive offices)~~Principal Executive Office)		(Zip Code)

		Name of each exchange
Title of each class	Trading Symbol	Onon which registered
Common Stock, no par value	TRT	~~The~~ NYSE ~~MKT~~American

		Page
	Part I

Item 1	Business	1
Item 1A	Risk factors	5
Item 1B	Unresolved staff comments	5
Item 2	Properties	6
Item 3	Legal proceedings	7
Item 4	Mine safety disclosures	7

	Part II

Item 5	Market for registrant’s common equity, related stockholder matters and issuer purchases of equity securities	8
Item 6	~~Selected financial data~~[Reserved]	8
Item 7	Management’s discussion and analysis of financial condition and results of operations	9
Item 7A	Quantitative and qualitative disclosures about market risk	2423
Item 8	Financial statements and supplementary data	2423
Item 9	Changes in and disagreements with accountants on accounting and financial disclosure	2423
Item 9A	Controls and procedures	2423
Item 9B	Other information	2524
Item 9 C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	24
		25
	Part III

Item 10	Directors, executive officers and corporate governance	2625
Item 11	Executive compensation	2625
Item 12	Security ownership of certain beneficial owners and management and related stockholder matters	2625
Item 13	Certain relationships and related transactions, and director independence	2625
Item 14	Principal accountant fees and services	2625

	Part IV

Item 15	Exhibits and financial statement schedules	2625
Item 16	Form 10-K summary	2625

Signatures		27
Exhibits		28
	Report of independent registered public accounting firm	F-1
	Consolidated Balance Sheets as of June 30, ~~2018~~2021 and ~~2017~~ 2020	F-2
	Consolidated Statements of Operations and Comprehensive Income for the Years Ended June 30, ~~2018~~2021 and ~~2017~~ 2020	F-3
	Consolidated Statements of Shareholders’ Equity for the Years Ended June 30, ~~2018~~2021 and ~~2017~~ 2020	F-6
	Consolidated Statements of Cash Flows for the Years Ended June 30, ~~2018~~2021 and ~~2017~~ 2020	F-7
	Notes to Consolidated Financial Statements	F-8

~~2014~~	~~Trio-Tech International Pte. Ltd., Singapore, re-certified to ISO 17025:2005 standards.~~ ~~Universal (Far East) Pte. Ltd. Singapore re-certified to ISO 9001:2008 standards.~~
~~2015~~	~~Trio-Tech (Tianjin) Co., Ltd., re-certified to ISO 9001:2008 standards.~~ ~~Trio-Tech International Pte. Ltd., Singapore, Trio-Tech (Malaysia) Sdn. Bhd. and Trio-Tech (Bangkok) Co., Ltd. re-certified to ISO 9001:2008 standards. (Aug 2015)~~ ~~Trio-Tech International Pte. Ltd., Singapore, re-certified to ISO 14001:2004 standards. (Aug 2015)~~
~~2016~~	~~Trio-Tech (Tianjin) Co., Ltd., re-certified to ISO 14001:2004 standards. (July 2016)~~ ~~Trio-Tech (Tianjin) Co., Ltd., re-certified to OHSAS 18001:2007 standards. (July 2016)~~
2017	Trio-Tech International Pte. Ltd., Singapore, ~~re-certified~~recertified to biz SAFE Level 3 Workplace Safety and Health standards.
2018	Trio-Tech (Tianjin) Co. Ltd. ~~re-certified~~recertified to ISO 9001:2015 standards. (Apr 2018). Trio-Tech International Pte. Ltd. (Singapore) ~~re-certified~~recertified to ISO 9001:2015 standards. (Jun 2018) Trio-Tech (Malaysia) Sdn. Bhd. ~~re-certified~~recertified to ISO 9001:2015 standards. (Jun 2018) Trio-Tech (Bangkok) Co. Ltd. ~~re-certified~~recertified to ISO 9001:2015 standards. (Jun 2018) Trio-Tech International Pte. Ltd. (Singapore) ~~re-certified~~recertified to ISO 14001:2015 standards. (Jun 2018)
2019	Trio-Tech (Tianjin) Co. Ltd. recertified to ISO 14001:2015 standards. (Jul 2019) Trio-Tech (Tianjin) Co. Ltd. recertified to OHSAS 18001:2007 standards. (Jul 2019)
2020	Trio-Tech International certified to ISO 9001:2005 standards. (March 2020)
2021	Trio-Tech (Tianjin) Co. Ltd. recertified to ISO 9001:2015 standards. (Mar 2021) Trio-Tech (Tianjin) Co. Ltd. recertified to ISO 14001:2015 standards. (Mar 2021) Trio-Tech (Tianjin) Co. Ltd. certified to ISO 45001:2018 standards. (Mar 2021) Trio-Tech International Pte. Ltd. (Singapore) recertified to ISO 9001:2015 standards. (July 2021) Trio-Tech International Pte. Ltd. (Singapore) recertified to ISO 14001:2015 standards. (July 2021) Trio-Tech (Malaysia) Sdn. Bhd. recertified to ISO 9001:2015 standards. (July 2021) Trio-Tech (Malaysia) Sdn. Bhd. recertified to ISO 14001:2015 standards. (July 2021) Trio-Tech (Bangkok) Co. Ltd. recertified to ISO 9001:2015 standards. (July 2021)

The following table sets forth the Company's backlog at the dates indicated:	For the Year Ended June 30,
			For the Year Ended June 30,
	2018	2017	2021	2020
Manufacturing backlog	$4,324	$4,414	$5,040	$5,010
Testing services backlog	1,301	1,105	3,775	2,915
Distribution backlog	2,781	1,686	4,648	1,409
Real estate backlog*	293	341	40	6
	$8,699	$7,546	$13,503	$9,340

Location	~~Segment~~	Segment	Approx. Sq. Ft. Occupied	Owned (O) or Leased (L) & Expiration Date
16139 Wyandotte Street, Van Nuys, CA 91406, United States of America	Corporate, Testing Services / Manufacturing	5,200	(L) ~~March 2020~~Mar 2023
1004, Toa Payoh North, Singapore Unit No. HEX 07-01/07	Testing Services	6,864	(L) ~~Sept 2020~~ Sep 2025
Unit No. HEX 07-01/07, (ancillary site)	Testing Services	2,532	(L) ~~Sept 2020~~Sep 2025
Unit No. HEX 03-01/02/03	Testing Services / Manufacturing	2,959	(L) ~~Sept 2020~~Sep 2025
Unit No. HEX 01-08/15	Testing Services / Manufacturing / Logistics Store	6,864	(L) Jan ~~2020~~2023
Unit No. HEX 01-08/15, (ancillary site)	Testing Services / Manufacturing	449	(L) Jan ~~2020~~2023
Unit No. HEX 07-10/11	Testing Services / Manufacturing	1,953	(L) Dec 2021
1008, Toa Payoh North, Singapore Unit No. HEX 03-09/17	Manufacturing	6,099	(L) Jan ~~2020~~ 2023
Unit No. HEX 03-09/17, (ancillary site)	Manufacturing	70	(L) Jan ~~2020~~2023
Unit No. HEX 01-09/10/11	Manufacturing	2,202	(L) Nov ~~2020~~2023
Unit No. HEX 01-15/16	Manufacturing	1,400	(L) ~~Sept 2020~~Sep 2023
Unit No. HEX 01-08	Manufacturing	603	(L) ~~June 2020~~Sep 2023
Unit No. HEX 01-12/14	Manufacturing	1,664	(L) ~~July 2019~~
~~Plot 1A, Phase 1~~ ~~Bayan Lepas Free Trade Zone~~ ~~11900 Penang, Malaysia~~	~~Manufacturing~~	~~42,013~~	~~(O)~~ Jul 2022
Lot No. 11A, Jalan SS8/2, Sungai Way Free Industrial Zone, 47300 Petaling Jaya, Selangor Darul Ehsan, Malaysia	Testing Services	78,706	(O)
~~Lot No. 4, Kawasan MIEL~~4809-3-35,CBD Perdana 2 ~~No. B-11-03, Jalan~~ Persiaran ~~Multimedia, I-City Seksyen 7, 40000 Shah Alam, Selangor~~Flora Cyber 12 63000 Cyberjaya	~~Software Development Office~~Manufacturing	~~480~~2000	(L) ~~March 2019~~ May 2022
327, Chalongkrung Road, Lamplathew, Lat Krabang, Bangkok 10520, Thailand	Testing Services	34,433	(O)
No. 5, Xing Han Street, Block A #04-15/16, Suzhou Industrial Park China 215021	Testing Services	6,200	(L) Jan ~~2019~~ 2022
27-05, Huang Jin Fu Pan. No. 26 Huang Jin Qiao Street Hechuan District Chongqing China 401520	Real Estate	969	(L) Aug ~~2019~~ 2023
B7-2, Xiqing Economic Development Area International Industrial Park Tianjin City, China 300385	Testing Services	45,940	(L) April ~~2021~~ 2026

	High	Low

Fiscal year ended June 30, 2017
Quarter ended September 30, 2016	$4.19	$2.60
Quarter ended December 31, 2016	$3.63	$2.75
Quarter ended March 31, 2017	$4.48	$3.25
Quarter ended June 30, 2017	$6.04	$4.02

Fiscal year ended June 30, 2018
Quarter ended September 30, 2017	$5.25	$4.05
Quarter ended December 31, 2017	$8.47	$4.75
Quarter ended March 31, 2018	$6.95	$5.61
Quarter ended June 30, 2018	$5.80	$4.18

Entity with	Type of	Interest	Expiration	Credit	Unused	Type of	Interest	Expiration	Credit	Unused
Facility	Facility	Rate	Date	Limitation	Credit	Facility	Rate	Date	Limitation	Credit
Trio-Tech International Pte. Ltd., Singapore	Lines of Credit	Ranging from 1.6% to 5.5%	-	$4,183	$3,325	Lines of Credit	Ranging from 1.85% to 5.5%, SIBOR rate +1.2% and LIBOR rate +1.25%	-	$4,237	$4,237
Trio-Tech (Tianjin) Co., Ltd	Lines of Credit	5.22%	-	$1,511	$437
Universal (Far East) Pte. Ltd	Lines of Credit	Ranging from 1.6% to 5.5%	-	$367	$256
Universal (Far East) Pte. Ltd., Singapore						Lines of Credit	Ranging from 1.85% to 5.5%	-	$1,115	$1,043
Trio-Tech Malaysia Sdn. Bhd., Malaysia						Revolving Credit	Cost of Funds Rate +2%	-	$361

Number	Description

~~3.1~~ 3.2	Articles of Incorporation, as currently in effect. [Incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for June 30, 1988.]

3.2	Bylaws, as currently in effect. [Incorporated by reference to Exhibit 3.2 to the Registrant’s Annual Report on Form 10-K for June 30, 1988.]

10.1	Amendment to 2007 Employee Stock Option Plan [Incorporated by reference to Exhibit A to the Registrant’s Proxy Statement for its Annual Meeting held December 14, 2010.]**

10.2	Amendment to 2007 Directors Equity Incentive Plan [Incorporated by reference to Exhibit B to the Registrant’s Proxy Statement for its Annual Meeting held December 14, 2010.]**

10.3	Amendment to 2007 Directors Equity Incentive Plan [Incorporated by reference to Appendix A to the Registrant’s Proxy Statement for its Annual Meeting held December 9, 2013.]**

10.4	2017 Employee Stock Option Plan [Incorporated by reference to Appendix 1 to the Registrant’s Proxy Statement for its Annual Meeting held December 4, 2017.]**

10.5	2017 Directors Equity Incentive Plan [Incorporated by reference to Appendix 2 to the Registrant’s Proxy Statement for its Annual Meeting held December 4, 2017.]**

10.6	Amendment to 2017 Directors Equity Incentive Plan

21.1	Subsidiaries of the Registrant (100% owned by the Registrant except as otherwise stated)

	Express Test Corporation (Dormant), a California Corporation
	Trio-Tech Reliability Services (Dormant), a California Corporation
	KTS Incorporated, dba Universal Systems (Dormant), a California Corporation
	European Electronic Test Center. Ltd., a Cayman Islands Corporation (Operation ceased on November 1, 2005)
	Trio-Tech International Pte. Ltd., a Singapore Corporation
	Universal (Far East) Pte. Ltd., a Singapore Corporation
	Trio-Tech International (Thailand) Co., Ltd., a Thailand Corporation
	Trio-Tech (Bangkok) Co., Ltd., a Thailand Corporation
	Trio-Tech (Malaysia) Sdn Bhd., a Malaysia Corporation (55% owned by the subsidiary of Registrant)
	Trio-Tech (Kuala Lumpur) Sdn Bhd., a Malaysia Corporation (100% owned by Trio-Tech Malaysia)
	Prestal Enterprise Sdn. Bhd., a Malaysia Corporation (76% owned by ~~the Registrant)~~Trio-Tech International Pte. Ltd., a Singapore Corporation)
	Trio-Tech (SIP) Co., Ltd., a China Corporation
	~~Trio-Tech (Shanghai) Co., Ltd., a China Corporation (Windup in March 30, 2017)~~
	Trio-Tech (Chongqing) Co. Ltd., (100% owned by Trio-Tech International Pte. Ltd., a Singapore Corporation)
	SHI International Pte. Ltd, a Singapore Corporation (55% owned Trio-Tech International Pte. Ltd., a Singapore Corporation)
	PT SHI Indonesia, an Indonesia Corporation (100% owned by SHI International Pte. Ltd., a Singapore Corporation)
	Trio-Tech (Tianjin) Co., Ltd., a China Corporation (100% owned by Trio-Tech International Pte. Ltd., a Singapore Corporation)

23.1	Consent of Independent Registered Public Accounting Firm*

31.1	Rule 13a-14(a) Certification of Principal Executive Officer of Registrant*

31.2	Rule 13a-14(a) Certification of Principal Financial Officer of Registrant*

32	Section 1350 Certification. *

101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase
101.DEF*	XBRL Taxonomy Extension Definition Linkbase
101.LAB*	XBRL Taxonomy Extension Label Linkbase
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase

Attributable to Trio-Tech International	$0.33	$0.38

Diluted Earnings per Share:
Diluted earnings per share from continuing operations attributable to Trio-Tech International	$0.32	$0.36
Diluted loss per share from discontinued operations attributable to Trio-Tech International	(0.01)	-
Diluted Earnings per Share from Net Income
Attributable to Trio-Tech International	$0.31	$0.36

Weighted average number of common shares outstanding
Basic	3,553	3,523
Dilutive effect of stock options	218	121
Number of shares used to compute earnings per share diluted	3,771	3,644

	Loan Expiry	Loan Amount		Loan Expiry	Loan Amount			Loan Amount
	Date	(RMB)	(U.S. Dollars)	Date	(RMB)			(U.S. Dollars)
Short-term loan receivables
JiangHuai (Project - Yu Jin Jiang An)	May 31, 2013	2,000	325	May 31, 2013		2,000			309
Less: allowance for doubtful receivables		(2,000)	(325)			(2,000	)		(309	)
Net loan receivable from property development projects		-				-			-

Long-term loan receivables
Jun Zhou Zhi Ye	Oct 31, 2016	5,000	814	Oct 31, 2016		5,000			773
Less: transfer – down-payment for purchase of investment property		(5,000)	(814)
Less: transfer – down payment for purchase of investment property						(5,000	)		(773	)
Net loan receivable from property development projects		-				-			-

		Investment Amount	Investment Amount
	Investment Date	(RMB)	(U.S. Dollars)
Purchase of Property I – MaoYe	Jan 04, 2008	5,554	894
Purchase of Property II – JiangHuai	Jan 06, 2010	3,600	580
Purchase of Property III – FuLi	Apr 08, 2010	4,025	648
Currency translation		-	(131)
Gross investment in rental properties		13,179	1,991

Accumulated depreciation on rental properties	June 30, 2018	(5,596)	(845)

Net investment in properties – China		7,583	1,146

	Investment Date / Reclassification Date	Investment Amount (RMB)	Investment Amount (U.S. Dollars)
Purchase of rental property – Property I – MaoYe Property	Jan 04, 2008	5,554	894
Currency translation		-	(87)
Reclassification as “Assets held for sale”	July 01, 2018	(5,554)	(807)
Reclassification from “Assets held for sale”	Mar 31, 2019	2,024	301
		2,024	301
Purchase of rental property – Property II - JiangHuai	Jan 06, 2010	3,600	580
Purchase of rental property – Property III - FuLi	Apr 08, 2010	4,025	648
Currency translation		-	(36)
Gross investment in rental property		9,649	1,493
Accumulated depreciation on rental property	June 30, 2021	(7,040)	(1,079)
Reclassified as “Assets held for sale”	July 01, 2018	2,822	410
Reclassification from “Assets held for sale”	Mar 31, 2019	(1,029)	(143)
		(5,247)	(812)
Net investment in property – China		4,402	681

		Investment Amount	Investment Amount	Investment Date / Reclassification Date	Investment Amount (RMB)	Investment Amount (U.S. Dollars)
Purchase of rental property – Property I – MaoYe Property				Jan 04, 2008	5,554	894
Currency translation					-	(87)
Reclassification as “Assets held for sale”				July 01, 2018	(5,554)	(807)
Reclassification from “Assets held for sale”				Mar 31, 2019	2,024	301
	Investment Date	(RM)	(U.S. Dollars)		2,024	301
Reclassification of Penang Property I	Dec 31, 2012	681	181
Purchase of rental property – Property II - JiangHuai				Jan 06, 2010	3,600	580
Purchase of rental property – Property III - FuLi				Apr 08, 2010	4,025	648
Currency translation					-	(166)
Gross investment in rental property		681	181		9,649	1,363

Accumulated depreciation on rental property	June 30, 2015	(310)	(83)	June 30, 2020	(6,558)	(940)
Reclassified as “Assets held for sale”	June 30, 2015	(371)	(98)	July 01, 2018	2,822	410
Net investment in rental property - Malaysia		-
Reclassification from “Assets held for sale”				Mar 31, 2019	(1,029)	(143)
					(4,765)	(673)
Net investment in property – China					4,884	690

	Estimated Useful	For the Year Ended June 30,
	Life in Years	2018	2017	Estimated Useful Life in Years	June 30, 2021	June 30, 2020
Building and improvements	3-20	$5,070		3-20	$5,141	$5,102
Leasehold improvements	3-27	6,093	5,614	3-27	6,174	6,170
Machinery and equipment	3-7	24,138	22,858	3-7	26,804	26,578
Furniture and fixtures	3-5	1,029	941	3-5	1,170	1,134
Equipment under capital leases	3-5	928
Equipment under finance leases				3-5	1,413	1,066
Property, plant and equipment, gross		$37,258	$35,411		$40,702	$40,050
Less: accumulated depreciation		(23,440)	(21,751)		(28,751)	(27,148)
Accumulated amortization on equipment under capital leases		(795)	(776)
Accumulated amortization on equipment under finance leases					(1,199)	(719)
Total accumulated depreciation		$(24,235)	$(22,527)		$(29,950)	$(27,867)
Property, plant and equipment before currency translation effect, net		13,023	12,884		10,752	12,183
Currency translation effect		(1,088)	(1,593)		(1,221)	(1,873)
Property, plant and equipment, net		$11,935	11,291		$9,531	$10,310

	RMB	U.S. Dollars
Original Investment (10% of Junzhou equity)	$10,000	$1,606
Less: Management Fee	(5,000)	(803)
Net Investment	5,000	803
Less: Share of Loss on Joint Venture	(137)	(22)
Net Investment as Down Payment (Note *a)	4,863	781
Loans Receivable	5,000	814
Interest Receivable	1,250	200
Less: Impairment of Interest	(906)	(150)
Transferred to Down Payment (Note *b)	5,344	864
* Down Payment for Purchase of Investment Properties	10,207	1,645
Less: Provision of Impairment loss on other assets	(10,207)	(1,645)
Down Payment for Purchase of Investment Properties	-	-

Accrued expenses consisted of the following:	For the Year Ended June 30,		For the Year Ended June 30,
	2018	2017	2021	2020 (Restated)

Payroll and related costs	1,545	1,568	1,362	1,185
Commissions	89	107	51	104
Customer deposits	17	218	45	30
Legal and audit	265	283	321	315
Sales tax	17	80	9	19
Utilities	130	142	91	80
Warranty	82	49	14	12
Accrued purchase of materials and property, plant and equipment	454	33	144	186
Provision for re-instatement	289	295
Provision for reinstatement			290	300
Deferred income			67	88
Contract liabilities			628	476
Other accrued expenses	203	319	279	287
Currency translation effect	81	(51)	62	(77)
Total	$3,172	$3,043	$3,363	$3,005

	June 30, 2018	June 30, 2017
Note payable denominated in RM for expansion plans in Malaysia, maturing in August 2024, bearing interest rate of 5.00% and 5.25% at June 30, 2018 and June 30, 2017 per annum, with monthly payments of principal plus interest through August 2024, collateralized by the acquired building with a carrying value of $2,809 and $2,671, as of June 30, 2018 and June 30, 2017, respectively.	1,615	1,735

Note payable denominated in U.S. dollars for expansion plans in Singapore and its subsidiaries, maturing in April 2020, bearing interest at the bank’s lending rate (3.96% for June 30, 2018 and June 30, 2017, respectively) with monthly payments of principal plus interest through April 2017. This note payable is secured by plant and equipment with a carrying value of $187 and $224 as of June 30, 2018 and June 30, 2017, respectively.	293	196

Total bank loans payable	1,908	1,931

Current portion of bank loan payable	380	271
Currency translation effect on current portion of bank loan	(13)	(11)
Current portion of bank loan payable	367	260
Long term portion of bank loan payable	1,528	1,660
Currency translation effect on long-term portion of bank loan	(91)	(108)
Long term portion of bank loans payable	$1,437	$1,552

2018	$260
2019	273
2020	274
2021	225	$370
2022	236	384
2023		400
2024		403
2025		158
Thereafter	544	491
Total obligations and commitments	$1,812	$2,206

						Sub-lease		Net
For the Year Ending June 30,		Capital Leases		Operating Leases		Rental (Income)		Operating Leases
2019	$	250	$	717	$	(26)	$	691
2020		249		531		(26)		505
2021		150		44		-		44
2022		102		-		-		-
2023		23		-		-		-
Total future minimum lease payments	$	774	$	1,292	$	(52)	$	1,240
Less: amount representing interest		-
Present value of net minimum lease payments		774
Less: current portion of capital lease obligations		250
Long-term obligations under capital leases		524

Business Segment Information:
	Year		Operating		Depr.
	Ended	Net	Income	Total	and	Capital
	June 30,	Revenue	(Loss)	Assets	Amort.	Expenditures
Manufacturing	2018	$15,978	$548	$8,549	$115	$143
	2017	$15,289	$75	$8,229	$186	$99

Testing Services	2018	19,391	1,522	23,480	1,997	2,166
	2017	16,586	1,112	20,871	1,550	2,186

Distribution	2018	6,853	475	789	-	-
	2017	6,511	345	617	2	-

Real Estate	2018	139	(56)	3,521	102	-
	2017	152	(38)	3,511	98	-

Fabrication	2018	-	-	27	-	-
Services*	2017	-	-	29	-	-

Corporate &	2018	-	(301)	108	-	-
Unallocated	2017	-	(5)	241	-	-

Total Company	2018	$42,361	$2,188	$36,474	$2,214	$2,309
	2017	$38,538	$1,489	$33,498	$1,836	$2,285

	For the Year Ended June 30,
Deferred tax assets:	2021	2020
Net operating losses and credits	$782	$487
Inventory valuation	144	121
Provision for bad debts	-	785
Accrued vacation	12	37
Accrued expenses	134	188
Fixed asset basis	3	1
Investment in subsidiaries	77	277
Unrealized gain	4	24
Other	12	51
Total deferred tax assets	$1,168	$1,971

Deferred tax liabilities:
Depreciation	(329)	(359)
Others	(-)	(76)
Total deferred income tax liabilities	$(329)	$(435)

Subtotal	839	1,536
Valuation allowance	(622)	(1,289)
Net deferred tax assets	$217	$247

Presented as follows in the balance sheets:
Deferred tax assets	217	247
Deferred tax liabilities	-	-
Net deferred tax assets	$217	$247

Deferred tax liabilities:
Unrealized loss	-	(29)
Depreciation	(324)	(266)
Total deferred income tax liabilities	$(324)	$(295)

Subtotal	1,190	1,490
Valuation allowance	(1,117)	(1,410)
Net deferred tax assets	$73	$80

Presented as follows in the balance sheets:
Deferred tax assets	400	375
Deferred tax liabilities	(327)	(295)
Net deferred tax assets	$73	$80

	Options	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value	Options	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value

Outstanding at July 1, 2017	-	$-	-	$-
Outstanding at July 1, 2020					196,000	$3.92	3.72	$36
Granted	60,000	5.98	4.98	-	71,000	5.03	4.16	14
Exercised	-				-
Forfeited or expired	-				-
Outstanding at June 30, 2018	60,000	5.98	4.73	-
Exercisable at June 30, 2018	15,000	5.98	4.73	-
Outstanding at June 30, 2021					267,000	4.21	3.22	290
Exercisable at June 30, 2021					164,750	4.35	2.74	173

	Options	Weighted Average Grant-Date Fair Value

Non-vested at July 1, 2020	98,000	$1.79
Granted	71,000	1.88
Vested	(66,750)	1.83
Forfeited	-	-
Non-vested at June 30, 2021	102,250	$2.29

	Options	Weighted Average Grant-Date Fair Value

Non-vested at July 1, 2019	87,000	$1.43
Granted	60,000	0.85
Vested	(49,000)	1.51
Forfeited	-	-
Non-vested at June 30, 2020	98,000	$1.79

	Options	Weighted Average Grant Date Fair Value

Non-vested at July 1, 2017	-	$-
Granted	60,000	$5.98
Vested	(15,000)	$5.98
Forfeited	-	-
Non-vested at June 30, 2018	45,000	$5.98

		Weighted Average Grant-Date
	Options	Fair Value

Non-vested at July 1, 2020	-	$-
Granted	-	-
Vested	-	-
Forfeited	-	-
Non-vested at June 30, 2021	-	$-

	June 30,
Components of Lease Balances	2021
Assets
Gross financial sales receivable	$65
Unearned finance income	(7)
Financed Sales Receivable	$58

Net financed sales receivables due within one year	$19
Net financed sales receivables due after one year	$39

		June 30,
Components of Lease Balances	Classification	2021
Assets
Operating lease assets	Right-of-use asset-operating, net	$1,876
Finance lease assets	Property, plant & equipment	1,413
Accumulated amortization Right-of-use asset		(1,199)
Assets	Property, plant & equipment	$214
Total Leased Assets		$2,090

Liabilities
Operating Lease Liabilities
Current portion	Current portion of lease liability- operating	$672
Long-term portion	Lease liability- operating, net of current portion	1,204
Total Operating Lease Liabilities		$1,876
Finance Lease Liabilities
Current portion of finance leases	Current portion of lease liability- finance	$197
Net of current portion of finance leases	Lease liability- finance, net of current portion	253
Total Finance Lease Liabilities		$450

Total Lease Liabilities		$2,326

	3 Months Ended	12 Months Ended
Lease Cost	June 30, 2021
Finance lease cost:
Interest on lease liabilities	7	$42
Amortization of right-of-use asset	74	334
Total Finance Lease Cost	81	376

Operating Lease Costs	$199	$765

	June 30,
	2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$(40)
Operating cash flows from operating leases	$(764)
Right-of-use assets obtained in exchange for new operating lease liabilities	$932

Weighted average remaining lease term (years):
Finance leases	2.72
Operating leases	3.09
Weighted average discount rate:
Finance leases	3.56
Operating leases	4.60

	Operating Lease Liabilities	Finance Lease Liabilities
Fiscal Year
2022	748	218
2023	537	137
2024	313	111
2025	291	22
Thereafter	156	-
Total future minimum lease payments	$2,045	$488
Less: amount representing interest	(169)	(38)
Present value of net minimum lease payments	1,876	450

Presentation on statement of financial position
Current	$672	$197
Non-Current	$1,204	$253