Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2023 | Feb. 01, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-14523 | |
Entity Registrant Name | TRIO-TECH INTERNATIONAL | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-2086631 | |
Entity Address, Address Line One | Block 1008 | |
Entity Address, City or Town | Toa Payoh North | |
Entity Address, Country | SG | |
Entity Address, Postal Zip Code | 318996 | |
City Area Code | 65 | |
Local Phone Number | 6265 3300 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | TRT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 4,169,555 | |
Entity Central Index Key | 0000732026 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 10,966 | $ 7,583 |
Short-term deposits | 5,791 | 6,627 |
Trade accounts receivable, less allowance for expected credit losses of $222 and $217, respectively | 12,388 | 9,804 |
Other receivables | 1,029 | 939 |
Inventories, less provision for obsolete inventories of $675 and $648, respectively | 3,546 | 2,151 |
Prepaid expenses and other current assets | 589 | 694 |
Assets held for sale | 0 | 274 |
Financed sales receivable | 6 | 16 |
Restricted term deposits | 762 | 739 |
Total current assets | 35,077 | 28,827 |
NON-CURRENT ASSETS: | ||
Deferred tax assets | 153 | 100 |
Investment properties, net | 461 | 474 |
Property, plant and equipment, net | 6,601 | 8,344 |
Operating lease right-of-use assets | 2,359 | 2,609 |
Other assets | 169 | 116 |
Restricted term deposits | 1,778 | 1,716 |
Total non-current assets | 11,521 | 13,359 |
TOTAL ASSETS | 46,598 | 42,186 |
Bank loans payable, net of current portion | 762 | 877 |
Finance leases, net of current portion | 15 | 42 |
Operating leases, net of current portion | 1,240 | 1,511 |
Income taxes payable, net of current portion | 141 | 255 |
Deferred tax liabilities | 7 | 10 |
Other non-current liabilities | 30 | 594 |
Total non-current liabilities | 2,195 | 3,289 |
TOTAL LIABILITIES | 15,070 | 12,615 |
CURRENT LIABILITIES: | ||
Lines of credit | 384 | 0 |
Accounts payable | 2,345 | 1,660 |
Accrued expenses | 4,506 | 4,291 |
Contract liabilities | 3,808 | 1,277 |
Income taxes payable | 257 | 418 |
Current portion of bank loans payable | 375 | 475 |
Current portion of finance leases | 81 | 107 |
Current portion of operating leases | 1,119 | 1,098 |
Total current liabilities | 12,875 | 9,326 |
TRIO-TECH INTERNATIONAL’S SHAREHOLDERS’ EQUITY: | ||
Common stock, no par value, 15,000,000 shares authorized; 4,160,555 and 4,096,680 shares issued outstanding as at December 31 and June 30, 2023, respectively | 13,018 | 12,819 |
Paid-in capital | 5,156 | 5,066 |
Accumulated retained earnings | 11,500 | 10,763 |
Accumulated other comprehensive income-translation adjustments | 1,763 | 758 |
Total Trio-Tech International shareholders’ equity | 31,437 | 29,406 |
Non-controlling interest | 91 | 165 |
TOTAL EQUITY | 31,528 | 29,571 |
TOTAL LIABILITIES AND EQUITY | $ 46,598 | $ 42,186 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Allowance for expected credit losses | $ 222 | $ 217 |
Provision for obsolete inventory | $ 675 | $ 648 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, issued (in shares) | 4,160,555 | 4,160,555 |
Common stock, outstanding (in shares) | 4,096,680 | 4,096,680 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | ||||
Revenues | $ 12,202 | $ 12,390 | $ 22,168 | $ 24,329 |
Cost of Sales | ||||
Cost of goods and services | 9,348 | 9,055 | 16,794 | 17,372 |
Gross Margin | 2,854 | 3,335 | 5,374 | 6,957 |
Operating Expenses: | ||||
General and administrative | 1,817 | 1,919 | 3,975 | 4,224 |
Selling | 248 | 193 | 435 | 366 |
Research and development | 131 | 151 | 216 | 224 |
(Gain) / Loss on disposal of property, plant and equipment | (19) | 3 | 72 | 7 |
Total operating expenses | 2,177 | 2,266 | 4,698 | 4,821 |
Income from Operations | 677 | 1,069 | 676 | 2,136 |
Other (Expenses) / Income | ||||
Interest expenses | (22) | (10) | (46) | (54) |
Other (expenses) / income, net | (82) | (264) | 114 | (106) |
Government grant | 4 | 21 | 77 | 42 |
Total other (expenses) / income | (100) | (253) | 145 | (118) |
Income from Continuing Operations before Income Taxes | 577 | 816 | 821 | 2,018 |
Income Tax Expenses | (95) | (241) | (132) | (466) |
Income from Continuing Operations before Non-controlling Interest, Net of Tax | 482 | 575 | 689 | 1,552 |
Discontinued Operations | ||||
Income / (Loss) from discontinued operations, net of tax | 4 | (10) | 4 | (9) |
Net Income | 486 | 565 | 693 | 1,543 |
Less: net (loss) / income attributable to non-controlling interest | (21) | 58 | (44) | 154 |
Net Income Attributable to Trio-Tech International Common Shareholders | 507 | 507 | 737 | 1,389 |
Amounts Attributable to Trio-Tech International Common Shareholders: | ||||
Income from continuing operations, net of tax | 503 | 512 | 730 | 1,394 |
Income / (Loss) from discontinued operations, net of tax | 4 | (5) | 7 | (5) |
Net Income Attributable to Trio-Tech International Common Shareholders | $ 507 | $ 507 | $ 737 | $ 1,389 |
Basic Earnings per Share: | ||||
Basic earnings per share from continuing operations attributable to Trio-Tech International (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.18 | $ 0.34 |
Basic earnings per share from discontinued operations attributable to Trio-Tech International (in dollars per share) | 0 | 0 | 0 | 0 |
Basic Earnings per Share from Net Income Attributable to Trio-Tech International (in dollars per share) | 0.12 | 0.12 | 0.18 | 0.34 |
Diluted Earnings per Share: | ||||
Diluted earnings per share from continuing operations attributable to Trio-Tech International (in dollars per share) | 0.12 | 0.12 | 0.17 | 0.33 |
Diluted earnings per share from discontinued operations attributable to Trio-Tech International (in dollars per share) | 0 | 0 | 0 | 0 |
Diluted Earnings per Share from Net Income Attributable to Trio-Tech International (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.17 | $ 0.33 |
Weighted average number of common shares outstanding | ||||
Basic (in shares) | 4,120 | 4,074 | 4,109 | 4,074 |
Dilutive effect of stock options (in shares) | 139 | 88 | 161 | 86 |
Number of shares used to compute earnings per share diluted (in shares) | 4,259 | 4,162 | 4,270 | 4,160 |
Manufacturing [Member] | ||||
Revenue | ||||
Revenues | $ 4,790 | $ 5,044 | $ 7,675 | $ 8,629 |
Cost of Sales | ||||
Cost of goods and services | 3,609 | 3,849 | 5,658 | 6,374 |
Testing Services [Member] | ||||
Revenue | ||||
Revenues | 4,646 | 5,648 | 9,810 | 12,012 |
Cost of Sales | ||||
Cost of goods and services | 3,464 | 3,747 | 7,248 | 7,873 |
Distribution [Member] | ||||
Revenue | ||||
Revenues | 2,760 | 1,694 | 4,670 | 3,676 |
Cost of Sales | ||||
Cost of goods and services | 2,256 | 1,441 | 3,852 | 3,089 |
Real Estate Segment [Member] | ||||
Revenue | ||||
Revenues | 6 | 4 | 13 | 12 |
Cost of Sales | ||||
Cost of goods and services | $ 19 | $ 18 | $ 36 | $ 36 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Comprehensive Income Attributable to Trio-Tech International Common Shareholders: | ||||
Net income | $ 486 | $ 565 | $ 693 | $ 1,543 |
Foreign currency translation, net of tax | 1,158 | 1,568 | 975 | 355 |
Comprehensive Income | 1,644 | 2,133 | 1,668 | 1,898 |
Less: comprehensive (loss) / income attributable to non- controlling interest | (72) | 133 | (74) | 212 |
Comprehensive Income Attributable to Trio-Tech International Common Shareholders | $ 1,716 | $ 2,000 | $ 1,742 | $ 1,686 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Jun. 30, 2022 | 4,072 | |||||
Balance at Jun. 30, 2022 | $ 12,750 | $ 4,708 | $ 9,219 | $ 1,197 | $ 128 | $ 28,002 |
Stock option expenses | 0 | 54 | 0 | 0 | 0 | 54 |
Net (loss) / income | $ 0 | 0 | 1,389 | 0 | 154 | 1,543 |
Exercise of stock option (in shares) | 5 | |||||
Exercise of stock option | $ 19 | 0 | 0 | 0 | 0 | 19 |
Translation adjustment | $ 0 | 0 | 0 | 297 | 58 | 355 |
Balance (in shares) at Dec. 31, 2022 | 4,077 | |||||
Balance at Dec. 31, 2022 | $ 12,769 | 4,762 | 10,608 | 1,494 | 340 | 29,973 |
Balance (in shares) at Jun. 30, 2023 | 4,097 | |||||
Balance at Jun. 30, 2023 | $ 12,819 | 5,066 | 10,763 | 758 | 165 | 29,571 |
Stock option expenses | 0 | 90 | 0 | 0 | 0 | 90 |
Net (loss) / income | $ 0 | 0 | 737 | 0 | (44) | 693 |
Exercise of stock option (in shares) | 64 | |||||
Exercise of stock option | $ 199 | 0 | 0 | 0 | 0 | 199 |
Translation adjustment | $ 0 | 0 | 0 | 1,005 | (30) | 975 |
Balance (in shares) at Dec. 31, 2023 | 4,161 | |||||
Balance at Dec. 31, 2023 | $ 13,018 | $ 5,156 | $ 11,500 | $ 1,763 | $ 91 | $ 31,528 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands, ¥ in Billions | 6 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Cash Flow from Operating Activities | ||
Net income | $ 693 | $ 1,543 |
Adjustments to reconcile net income to net cash flow provided by operating activities | ||
Depreciation and amortization | 2,784 | 2,143 |
Addition / (Reversal) of provision for obsolete inventories | 14 | (41) |
Stock option expense | 90 | 54 |
Bad debt recovery | (3) | (17) |
Accrued interest expense, net accrued interest income | (35) | (8) |
Payment of interest portion of finance lease | (3) | (6) |
Loss on sale of property, plant and equipment - continuing operations | 71 | 8 |
Warranty recovery, net | 15 | 2 |
Reversal of income tax provision | (7) | 0 |
Deferred tax (benefits) / expense | (51) | 94 |
Changes in operating assets and liabilities, net of acquisition effects | ||
Trade accounts receivable | (2,562) | (1,507) |
Other receivables | (90) | 60 |
Other assets | (58) | (4) |
Inventories | (1,342) | (821) |
Prepaid expenses and other current assets | 129 | 588 |
Accounts payable, accrued expenses and contract liabilities | 3,147 | 1,338 |
Income taxes payable | (259) | (197) |
Other non-current liabilities | (564) | 1,144 |
Operating lease liabilities | (693) | (594) |
Net Cash Provided by Operating Activities | 1,276 | 3,779 |
Cash Flow from Investing Activities | ||
Withdrawal from unrestricted term deposits, net | 2,666 | 2,841 |
Investment in unrestricted term deposits, net | 1,641 | 2,275 |
Additions to property, plant and equipment | (158) | (3,994) |
Proceeds from disposal of assets held-for-sale | 269 | 0 |
Net Cash Provided by Investing Activities | 1,136 | (3,428) |
Cash Flow from Financing Activities | ||
Payment on lines of credit | (575) | (1,402) |
Payment of bank loans | (241) | (234) |
Payment of finance leases | (55) | (67) |
Proceeds from exercising stock options | 199 | 19 |
Proceeds from lines of credit | 952 | 476 |
Proceeds from bank loans | 0 | 176 |
Net Cash Provided by Financing Activities | 280 | (1,032) |
Effect of Changes in Exchange Rate | 776 | 173 |
Net Increase / (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 3,468 | (508) |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 10,038 | 9,376 |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 13,506 | 8,868 |
Supplementary Information of Cash Flows | ||
Interest | 21 | 53 |
Income taxes | 371 | 346 |
Cash | 10,966 | 6,379 |
Restricted Term-Deposits in Current Assets | 762 | 747 |
Restricted Term-Deposits in Non-Current Assets | 1,778 | 1,742 |
Total Cash, Cash Equivalents, and Restricted Cash Shown in Statements of Cash Flows | $ 13,506 | $ 8,868 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION AND BASIS OF PRESENTATION Trio-Tech International (the “Company”, or “TTI”) was incorporated in fiscal year ended June 30, 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 United States (“U.S.”). 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 the second quarter of the fiscal year ended June 30, 2024 (“Fiscal 2024”), TTI conducted business in four business segments: Manufacturing, Testing, Distribution and 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. * 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. (100% owned by Trio-Tech Malaysia Sdn. Bhd.) 55 % 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) (95% owned by SHI International Pte. Ltd.) 52 % Batam, Indonesia Trio-Tech (Tianjin) Co., Ltd. * 100 % Tianjin, China Trio-Tech (Jiangsu) Co., Ltd. (51% owned by Trio-Tech (SIP) Co., Ltd.) 51 % Suzhou, China * 100% owned by Trio-Tech International Pte. Ltd. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in U.S. dollars unless otherwise stated. The accompanying condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report for the fiscal year ended June 30, 2023 (“Fiscal 2023”). The Company’s operating results are presented based on the translation of foreign currencies using the respective quarter’s average exchange rate. The results of operations for the six months ended December 31, 2023 are not necessarily indicative of the results that may be expected for any other interim period or for the full year ending June 30, 2024. Use of Estimates Significant Accounting Policies. |
Note 2 - New Accounting Pronoun
Note 2 - New Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 2. NEW ACCOUNTING PRONOUNCEMENTS In June 2016, FASB issued ASU 2016-13 ASC Topic 326: Financial Instruments — Credit Losses (“ASC Topic 326”) 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. This guidance modifies the impairment model for certain financial assets by requiring use of an expected loss methodology, which will result in more timely recognition of credit losses. The Company adopted this guidance in the first quarter in fiscal 2024 under the modified retrospective basis. The adoption of this guidance did not have a significant impact on the Company's consolidated condensed financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures. The new guidance requires enhanced disclosures about significant segment expense. This standard update is effective for Company beginning in the fiscal year ending June 30, 2025 and interim period reports beginning in the first quarter of the fiscal year ending June 30, 2026. Early adoption is permitted on a retrospective basis. The Company is currently evaluating the impact of this ASU on segment disclosure. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures. The new guidance requires enhanced disclosures about income tax expense. This standard update is effective for Company beginning in the fiscal year ending June 30, 2026. Early adoption is permitted on a prospective basis. The Company is currently evaluating the impact of this ASU on annual income tax disclosures. New pronouncements issued but not yet effective until after December 31, 2023, are not expected to have a significant effect on the Company’s consolidated financial position or results of operations. |
Note 3 - Term Deposits
Note 3 - Term Deposits | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Term Deposits [Text Block] | 3. TERM DEPOSITS Dec. 31, June 30, 2023 2023 (Unaudited) Short-term deposits $ 5,620 $ 6,901 Currency translation effect on short-term deposits 171 (274 ) Total short-term deposits 5,791 6,627 Restricted term deposits - Current 737 755 Currency translation effect on restricted term deposits 25 (16 ) Total restricted term deposits - Current 762 739 Restricted term deposits – Non-current 1,721 1,763 Currency translation effect on restricted term deposits 57 (47 ) Total restricted term deposits - Non-current 1,778 1,716 Total term deposits $ 8,331 $ 9,082 Restricted deposits represent the amount of cash pledged to secure loans payable or trade financing granted by financial institutions, serve as collateral for public utility agreements such as electricity and water, and performance bonds related to customs duty payable. Restricted deposits are classified as current and non-current depending on whether they relate to long-term or short-term obligations. Restricted deposits of $762 as at December 31, 2023 are classified as current assets as they relate to short-term trade financing. On the other hand, restricted deposits of $1,778 as at December 31, 2023 are classified as non-current assets as they relate to long-term obligations and will become unrestricted only upon discharge of the obligations. |
Note 4 - Trade Accounts Receiva
Note 4 - Trade Accounts Receivable and Allowance for Expected Credit Losses | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. TRADE ACCOUNTS RECEIVABLE AND ALLOWANCE FOR EXPECTED CREDIT LOSSES Accounts receivable 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 the customers in certain circumstances. The allowance for trade receivable represents management’s expected credit losses in our trade receivables as of the date of the financial statements. The allowance provides for probable losses that have been identified with specific customer relationships and for probable losses believed to be inherent in the trade receivables, but that have not been specifically identified. The following table represents the changes in the allowance for expected credit losses: Dec. 31, June 30, 2023 2023 (Unaudited) Beginning $ 217 $ 243 Additions charged to expense 12 9 Recovered (15 ) (20 ) Currency translation effect 8 (15 ) Ending $ 222 $ 217 |
Note 5 - Loans Receivable From
Note 5 - Loans Receivable From Property Development Projects | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loan Receivable From Property Development Projects [Text Block] | 5. LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS The following table presents Trio-Tech (Chongqing) Co. Ltd (“TTCQ”)’s loan receivables from property development projects in China as of December 31, 2023. Loan Expiry Loan Amount Loan Amount Date (RMB) (U.S. Dollars) Short-term loan receivables JiangHuai (Project – Yu Jin Jiang An) May 31, 2013 2,000 289 Less: allowance for expected credit losses (2,000 ) (289 ) Net loan receivables from property development projects - - Long-term loan receivables Jun Zhou Zhi Ye Oct 31, 2016 5,000 722 Less: transfer – down-payment for purchase of investment property (5,000 ) (722 ) Net loan receivables from property development projects - - The short-term loan receivables amounting to renminbi (“RMB”) 2,000, or approximately $289 arose due to TTCQ entering into a Memorandum Agreement with JiangHuai Property Development Co. Ltd. (“JiangHuai”) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China in the fiscal year ended June 30, 2011 (“Fiscal 2011”). Based on TTI’s financial policy, an allowance for expected credit losses of $289 on the investment in JiangHuai was recorded during the fiscal year ended June 30, 2014 (“Fiscal 2014”). TTCQ did not generate other income from JiangHuai for the quarter ended December 31, 2023 or for Fiscal 2024. TTCQ is in the legal process of recovering the outstanding amount of approximately $289. The loan amounting to RMB 5,000, or approximately $722, arose due to TTCQ entering into a Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China in Fiscal 2011. The amount was unsecured and repayable at the end of the term. During the fiscal year ended June 30, 2015, the loan receivable was transferred to down payment for purchase of investment property that is being developed in the Singapore Themed Resort Project (See Note 8). |
Note 6 - Inventories
Note 6 - Inventories | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. INVENTORIES Inventories consisted of the following: Dec. 31, 2023 June 30, 2023 (Unaudited) Raw materials $ 1,752 $ 1,389 Work in progress 2,055 1,132 Finished goods 334 178 Less: provision for obsolete inventories (675 ) (648 ) Currency translation effect 80 100 $ 3,546 $ 2,151 The following table represents the changes in provision for obsolete inventories: Dec. 31, 2023 June 30, 2023 (Unaudited) Beginning $ 648 $ 674 Additions charged to expense 29 61 Usage – disposition (15 ) (40 ) Currency translation effect 13 (47 ) Ending $ 675 $ 648 |
Note 7 - Investment Properties
Note 7 - Investment Properties | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investment Property In China [Text Block] | 7. INVESTMENT PROPERTIES The following table presents the Company’s investment in properties in China as of December 31, 2023. The exchange rate is based on the market rate as of December 31, 2023. Investment Date / Reclassification Investment Amount Investment Amount Date (RMB) (USD) 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 4,025 647 Currency translation - (136 ) Gross investment in rental property 9,649 1,392 Accumulated depreciation on rental property Sep 30, 2023 (8,246 ) (1,198 ) Reclassified as “Assets held for sale”- MaoYe Property July 01, 2018 2,822 410 Reclassification from “Assets held for sale”- MaoYe Property Mar 31, 2019 (1,029 ) (143 ) (6,453 ) (931 ) Net investment in property – China 3,196 461 The following table presents the Company’s investment in properties in China as of June 30, 2023. The exchange rate is based on the market rate as of June 30, 2023. Investment Date / Investment Investment Reclassification Date Amount (RMB) 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 - (199 ) Gross investment in rental property 9,649 1,330 Accumulated depreciation on rental property Jun 30, 2023 (7,884 ) (1,123 ) Reclassified as “Assets held for sale”- MaoYe Property July 01, 2018 2,822 410 Reclassification from “Assets held for sale”- MaoYe Property Mar 31, 2019 (1,029 ) (143 ) (6,091 ) (856 ) Net investment in property – China 3,558 474 Rental Property I - MaoYe Property During the fiscal year ended June 30, 2008, TTCQ purchased an office in Chongqing, China from MaoYe Property Ltd. (“MaoYe”) for a total cash purchase price of RMB 5,554, or approximately $894. During the year ended June 30, 2019, the Company sold thirteen of the fifteen units constituting the MaoYe Property. Management has decided not to sell the remaining two units of MaoYe properties in the near future, due to current conditions of the property market in China. A new lease agreement was entered into on February 1, 2023 for a period of 4 years at a monthly rate of RMB14 Property purchased from MaoYe generated a rental income of $6 and $12 during the three and six months ended December 31, 2023, as compared to $2 and $8 for the same period in Fiscal 2023. Depreciation expense for MaoYe was $4 and $8 during the three and six months ended December 31, 2023, as compared to $4 and $8 for the same period in Fiscal 2023. Rental Property II - JiangHuai During the year ended June 30, 2010 (“Fiscal 2010”), TTCQ purchased eight units of commercial property in Chongqing, China from Chongqing JiangHuai Real Estate Development Co. Ltd. (“JiangHuai”) for a total purchase price of RMB 3,600, or approximately $580. As of December 31, 2023, TTCQ had not received the title deed for properties purchased from JiangHuai. While the above is not expected to affect the property’s market value, the current economic situation is likely to cause delays in court to consummate the acquisition of properties. Property purchased from JiangHuai did not Depreciation expense for JiangHuai was $6 and $12 for the three and six months ended December 31, 2023, as compared to $7 and $14 for the same period in last Fiscal 2023. Rental Property III FuLi In Fiscal 2010, TTCQ entered into a Memorandum Agreement with Chongqing FuLi Real Estate Development Co. Ltd. (“FuLi”) to purchase two TTCQ is actively searching for tenants to occupy the commercial properties, which are vacant as of the date of this Report. Properties purchased from FuLi generated a rental income of $ Nil Depreciation expense for FuLi was $7 and $14 for the three and six months ended December 31, 2023, as compared to $7 and $15 for the same period in Fiscal 2023. Summary Total rental income for all investment properties in China was $6 and $13 for the three and six months ended December 31, 2023, as compared to $4 and $12 for the same period in Fiscal 2023. Depreciation expense for all investment properties in China were $17 and $34 for the three and six months ended December 31, 2023, as compared to $18 and $36 for the same period in Fiscal 2023. |
Note 8 - Other Assets
Note 8 - Other Assets | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 8. OTHER ASSETS Other assets consisted of the following: Dec. 31, June 30, 2023 2023 (Unaudited) Deposits for rental and utilities and others 164 117 Currency translation effect 5 (1 ) Total $ 169 $ 116 *Down payment for purchase of investment properties included: 2023 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 5,000 722 Interest Receivable 1,250 180 Less: Impairment of Interest (906 ) (131 ) Transferred to Down Payment (Note *b) 5,344 771 * Down Payment for Purchase of Investment Properties 10,207 1,552 Add: Effect of foreign currency exchange - 28 Less: Provision of Impairment loss on other assets (10,207 ) (1,580 ) * Down Payment for Purchase of Investment Properties $ - $ - a) In Fiscal 2011, the Company signed a Joint Venture agreement (the “Agreement”) with Jia Sheng Property Development Co. Ltd. (the “Developer”) to form a new company, Junzhou Co. Limited (“Joint Venture” or “Junzhou”), to jointly develop the “Singapore Themed Park” project (the “Project”). The Company paid RMB10,000 RMB5,000 RMB5,000 RMB137 In Fiscal 2014, the Company disposed of its entire 10% interest in the Joint Venture but, to date, has not received payment in full therefor. The Company recognized a disposal based on the recorded net book value of RMB5,000 Non-monetary Consideration b) Amounts of RMB5,000 RMB1,250 RMB906 The shop lots are to be delivered to TTCQ upon completion of the construction of the shop lots in Singapore Themed Resort Project. The initial targeted date of completion was in Fiscal 2017. However, progress has been delayed as the developer is currently undergoing an asset reorganization process, to re-negotiate with its creditors to complete the project. During the fourth quarter of Fiscal 2021, the Company accrued an impairment charge of $1,580 related to the doubtful recovery of the down payment on property in the Singapore Theme Resort Project in Chongqing, China. The Company elected to take this non-cash impairment charge due to increased uncertainties regarding the project’s viability, given the developers weakening financial condition as well as uncertainties arising from the negative real-estate environment in China, implementation of control measures on real-estate lending in China and its relevant government policies, together with effects of the ongoing pandemic. The local court is verifying the documents due to the sizable number of creditors as of December 31, 2023. |
Note 9 - Lines of Credit
Note 9 - Lines of Credit | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Line of Credit [Text Block] | 9. LINES OF CREDIT The carrying value of the Company’s lines of credit approximates its fair value because the interest rates associated with the lines of credit are adjustable in accordance with market situations when the Company borrowed funds with similar terms and remaining maturities. The Company’s credit rating provides it with ready and adequate access to funds in global markets. As of December 31, 2023, the Company had certain lines of credit that are collateralized by restricted deposits. Entity with Type of Interest Credit Unused Facility Facility Rate Limitation Credit Trio-Tech International Pte. Ltd., Singapore Lines of Credit Cost of Funds Rate +1.25% $ 4,013 $ 3,724 Universal (Far East) Pte. Ltd. Lines of Credit Cost of Funds Rate +1.25% $ 1,893 $ 1,206 Trio-Tech Malaysia Sdn. Bhd. Revolving credit Cost of Funds Rate +2% $ 326 $ 326 As of June 30, 2023, the Company had certain lines of credit that are collateralized by restricted deposits. Entity with Type of Interest Credit Unused Facility Facility Rate Limitation Credit Trio-Tech International Pte. Ltd., Singapore Lines of Credit Cost of Funds Rate +1.25% to +1.3% $ 3,907 $ 3,701 Universal (Far East) Pte. Ltd. Lines of Credit Cost of Funds Rate +1.25% to +1.3% $ 1,843 $ 1,559 Trio-Tech Malaysia Sdn. Bhd. Revolving credit Cost of Funds Rate +2% $ 319 $ 319 |
Note 10 - Accrued Expense
Note 10 - Accrued Expense | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. ACCRUED EXPENSE Accrued expense consisted of the following: Dec. 31, June 30, 2023 2023 (Unaudited) Payroll and related costs $ 1,633 $ 1,880 Commissions 206 158 Legal and audit 238 280 Sales tax 76 140 Utilities 183 236 Warranty 40 24 Accrued purchase of materials and property, plant and equipment 1,529 1,214 Provision for reinstatement 373 380 Other accrued expense 69 42 Currency translation effect 159 (63 ) Total $ 4,506 $ 4,291 |
Note 11 - Assurance Warranty Ac
Note 11 - Assurance Warranty Accrual | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 11. ASSURANCE WARRANTY ACCRUAL The Company provides for the estimated costs that may be incurred under its warranty program at the time the sale is recorded. The warranty period of the products manufactured by the Company is generally one year or the warranty period agreed upon with the customer. The Company estimates the 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. Dec. 31, June 30, 2023 2023 (Unaudited) Beginning $ 24 $ 16 Additions charged to cost and expense 19 32 Utilization (4 ) (25 ) Currency translation effect 1 1 Ending $ 40 $ 24 |
Note 12 - Bank Loans Payable
Note 12 - Bank Loans Payable | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 12. BANK LOANS PAYABLE Bank loans payable consisted of the following: Dec. 31, June 30, 2023 2023 (Unaudited) Note payable denominated in the Malaysian Ringgit for expansion plans in Malaysia, maturing in August 2028, bearing interest at the bank’s prime rate less 2.00% (4.85% and 4.6% at December 31, 2023 and June 30, 2023) per annum, with monthly payments of principal plus interest through August 2028, collateralized by the acquired building with a carrying value of $2,246 and $2,208, as at December 31, 2023 and June 30, 2023, respectively. $ 792 $ 957 Financing arrangement at fixed interest rate 3.2% per annum, with monthly payments of principal plus interest through July 2025. 65 84 Financing arrangement at fixed interest rate 3.0% per annum, with monthly payments of principal plus interest through December 2026. 150 169 Financing arrangement at fixed interest rate 3.0% per annum, with monthly payments of principal plus interest through August 2027. 130 142 Total bank loans payable $ 1,137 $ 1,352 Current portion of bank loans payable 354 503 Currency translation effect on current portion of bank loans 21 (28 ) Current portion of bank loans payable 375 475 Long-term portion of bank loans payable 721 933 Currency translation effect on long-term portion of bank loans 41 (56 ) Long-term portion of bank loans payable $ 762 877 Future minimum payments (excluding interest) as at December 31, 2023, were as follows: Remainder of Fiscal 2024 $ 241 2025 268 2026 236 2027 217 Thereafter 175 Total obligations and commitments $ 1,137 Future minimum payments (excluding interest) as at June 30, 2023, were as follows: 2024 $ 475 2025 262 2026 231 2027 212 Thereafter 172 Total obligations and commitments $ 1,352 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCIES Deposits with banks are not fully insured by the local government or agency and are consequently exposed to risk of loss. The Company believes that the probability of bank failure, causing loss to the Company, is remote. The Company is, from time to time, the subject of litigation claims and assessments arising out of matters occurring in its normal business operations. In the opinion of management, resolution of these matters will not have a material adverse effect on the Company’s consolidated financial statements. |
Note 14 - Business Segments
Note 14 - Business Segments | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. BUSINESS SEGMENTS The Company operated in four The cost of equipment, current year investment in new equipment and depreciation expense are allocated into respective segments based on the primary purpose for which the equipment was acquired. Corporate expenses are allocated to the four segments on a combination of factors involving revenue, manpower costs and fixed assets investments, except the Malaysia and China operations, which is calculated based on actual sales. The following segment information table includes segment operating income or loss after including corporate expense allocated to the segments, which gets eliminated in the consolidation. The following segment Information is unaudited for the six months ended December 31, 2023, and December 31, 2022: Business Segment Information: Six Months Operating Ended Net Income / Total Depr. And Capital Dec. 31, Revenue (Loss) Assets Amort. Expenditures Manufacturing 2023 $ 7,675 $ 149 $ 19,242 $ 214 $ 38 2022 $ 8,629 $ 477 $ 15,345 $ 230 $ 15 Testing Services 2023 9,810 (280 ) 22,690 2,507 120 2022 12,012 1,129 27,757 1,875 3,967 Distribution 2023 4,670 646 1,976 - - 2022 3,676 482 1,437 - - Real Estate 2023 13 (53 ) 2,502 36 - 2022 12 (42 ) 1,580 38 - Corporate & Unallocated 2023 - 214 188 27 - 2022 - 90 77 - 12 Total Company 2023 $ 22,168 $ 676 $ 46,598 $ 2,784 $ 158 2022 $ 24,329 $ 2,136 $ 46,196 $ 2,143 $ 3,994 The following segment Information is unaudited for the three months ended December 31, 2023, and December 31, 2022: Business Segment Information: Three Months Operating Ended Net Income / Total Depr. And Capital Dec. 31, Revenue (Loss) Assets Amort. Expenditures Manufacturing 2023 $ 4,790 $ 191 $ 19,242 $ 101 $ 19 2022 $ 5,044 $ 301 $ 15,345 $ 99 $ 15 Testing Services 2023 4,646 (152 ) 22,690 1,181 62 2022 5,648 547 27,757 1,111 2,811 Distribution 2023 2,760 401 1,976 - - 2022 1,694 217 1,437 - - Real Estate 2023 6 (27 ) 2,502 18 - 2022 4 (28 ) 1,580 20 - Corporate & Unallocated 2023 264 188 15 - 2022 - 32 77 6 12 Total Company 2023 $ 12,202 $ 677 $ 46,598 $ 1,315 $ 81 2022 $ 12,390 $ 1,069 $ 46,196 $ 1,236 $ 2,838 Management is currently evaluating the ongoing contributions of each of its business segments to its current and future revenue and prospects, including its testing segment. As a result, it may divest one or more business segments in the future, including its testing segment, to enable management to concentrate on segments where it anticipates opportunities for future revenue growth, thereby maximizing shareholder value. |
Note 15 - Other (Expenses) _ In
Note 15 - Other (Expenses) / Income | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 15. OTHER (EXPENSES) / INCOME Other (expense) / income consisted of the following: Three Months Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2023 2022 2023 2022 Unaudited Unaudited Unaudited Unaudited Interest income $ 96 $ 37 $ 174 $ 55 Other rental income 36 27 72 54 Exchange loss (236 ) (349 ) (177 ) (279 ) Other miscellaneous income 22 21 45 64 Total $ (82 ) $ (264 ) $ 114 $ (106 ) |
Note 16 - Government Grants
Note 16 - Government Grants | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Government Assistance [Text Block] | 16. GOVERNMENT GRANTS Three Months Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2023 2022 2023 2022 Unaudited Unaudited Unaudited Unaudited Government grant $ 4 $ 21 $ 77 $ 42 In the three months ended December 31, 2023, the Company received government grants amounting to $4, related to capital expenditure subsidy received from the China government. During the same period in 2022, the Company received government grants amounting to $21, $17 of which was an incentive from the Singapore government for local resident recruitment, and the remaining $4 related to capital expenditure subsidy received from the China government. In the six months ended December 31, 2023, the Company received government grants amounting to $77, $16 of which was an incentive from the Singapore government for local resident recruitment, and the $57 from the U.S. government related to Employee Retention Credit (“ERC”). During the same period in 2022, the Company received government grants amounting to $42, with $10 from the Singapore government for Covid-19, $17 from the Singapore government for local resident recruitment and the remaining $15 related to capital expenditure subsidy received from the China government. |
Note 17 - Income Taxe
Note 17 - Income Taxe | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17. INCOME TAX The provision for income taxes has been determined based upon the tax laws and rates in the countries in which we operate. The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. Significant judgment is required in determining the provision for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. Due to the enactment of the Tax Cuts and Jobs Act, the Company is subject to a tax on global intangible low-taxed income (“GILTI”). GILTI is a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. Companies subject to GILTI have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for temporary differences including outside basis differences expected to reverse as GILTI. The Company has elected to account for GILTI as a period cost. GILTI expense was $15 and $30 for the three and six months ended December 31, 2023, as compared to $41 and $83 for the same period in fiscal 2023. The Company's income tax expense was $95 and $132 for the three and six months ended December 31, 2023, as compared to $241 and $466 for the same period in Fiscal 2023. Our effective tax rate (“ETR”) from continuing operations was 16.5% and 29.5% for the quarters ended December 31, 2023 and December 31, 2022, respectively. The decrease of income tax expense was attributable to the following: 1. The Singapore and Thailand operations incurred lower income tax due to lower income generated in period ended December 31,2023 compared to same period last fiscal year. 2. The Company recognized lower GILTI expense due to lower income derived from controlled foreign corporation. The Company accrues penalties and interest related to unrecognized tax benefits when necessary, as a component of penalties and interest expense, respectively. The Company had no In assessing the ability to realize the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on these criteria, management believes it is more likely than not the Company will not realize all of the benefits of the federal, state, and foreign deductible differences. Accordingly, a valuation allowance has been established against portion of the deferred tax assets recorded in the U.S. and various foreign jurisdictions. |
Note 18 - Revenue
Note 18 - Revenue | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 18. REVENUE The Company generates revenue primarily from three different segments: manufacturing, testing and distribution. The Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company’s revenues are measured based on consideration stipulated in the arrangement with each customer, net of any sales incentives and amounts collected on behalf of third parties, such as sales taxes. The revenues are recognized as separate performance obligations that are satisfied by transferring control of the product or service to the customer. Significant Judgments The Company’s arrangements with its customers include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. A product or service is considered distinct if it is separately identifiable from other deliverables in the arrangement and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The Company allocates the transaction price to each performance obligation on a relative standalone selling price basis (“SSP”). Determining the SSP for each distinct performance obligation and allocation of consideration from an arrangement to the individual performance obligations and the appropriate timing of revenue recognition are significant judgments with respect to these arrangements. The Company typically establishes the SSP based on observable prices of products or services sold separately in comparable circumstances to similar clients. The Company may estimate SSP by considering internal costs, profit objectives and pricing practices in certain circumstances. Warranties, discounts and allowances are estimated using historical and recent data trends. The Company includes estimates in the transaction price only to the extent that a significant reversal of revenue is not probable in subsequent periods. The Company’s products and services are generally not sold with a right of return, nor has the Company experienced significant returns from or refunds to its customers. Manufacturing The Company primarily derives revenue from the sale of both front-end and back-end semiconductor test equipment and related peripherals, maintenance, and support of all these products, installation and training services and the sale of spare parts. The Company’s revenues are measured based on consideration stipulated in the arrangement with each customer, net of any sales incentives and amounts collected on behalf of third parties, such as sales taxes. The Company recognizes revenue at a point in time when the Company has satisfied its performance obligation by transferring control of the product to the customer. The Company uses judgment to evaluate whether the control has transferred by considering several indicators, including whether: ● the Company has a present right to payment; ● the customer has legal title; ● the customer has physical possession; ● the customer has significant risk and rewards of ownership; and ● the customer has accepted the product, or whether customer acceptance is considered a formality based on history of acceptance of similar products (for example, when the customer has previously accepted the same equipment, with the same specifications, and when we can objectively demonstrate that the tool meets all the required acceptance criteria, and when the installation of the system is deemed perfunctory). Not all indicators need to be met for the Company to conclude that control has transferred to the customer. In circumstances in which revenue is recognized prior to the product acceptance, the portion of revenue associated with its performance obligations of product installation and training services are deferred and recognized upon acceptance. Majority of sales under the manufacturing segment include a 12-month warranty. The Company generally provides a limited warranty that our products comply with applicable specifications at the time of delivery. Under our standard terms and conditions of sale, liability for certain failures of product during a stated warranty period is usually limited to repair or replacement of defective parts. The Company has concluded that the warranty provided for standard products are assurance type warranties and are not separate performance obligations. Customized products are generally more complex and, as a result, may contain unforeseen faults that could lead to additional costs for us, including increased servicing or the need to provide product modifications. Warranty provided for customized products are service warranties and are separate performance obligations. Transaction prices are allocated to this performance obligation using cost plus method. The portion of revenue associated with warranty service is deferred and recognized as revenue over the warranty period, as the customer simultaneously receives and consumes the benefits of warranty services provided by the Company. Testing The Company renders testing services to manufacturers and purchasers of semiconductors and other entities who either lack testing capabilities or whose in-house screening facilities are insufficient. The Company primarily derives testing revenue from burn-in services, manpower supply and other associated services. SSP is directly observable from the sales orders. Revenue is allocated to performance obligations satisfied at a point in time depending upon terms of the sales order. Generally, there is no other performance obligation other than what has been stated inside the sales order for each of these sales. Terms of contract that may indicate potential variable consideration include warranty, late delivery penalty and reimbursement to solve nonconformance issues for rejected products. Based on historical and recent data trends, it is concluded that these terms of the contract do not represent potential variable consideration. The transaction price is not contingent on the occurrence of any future event. Distribution The Company distributes complementary products, made by manufacturers around the world. The Company recognizes revenue from product sales at a point in time when the Company has satisfied its performance obligation by transferring control of the product to the customer. The Company uses judgment to evaluate whether control has transferred by considering several indicators discussed above. The Company recognizes the revenue at a point in time, generally upon shipment or delivery of the products to the customer or distributors, depending upon terms of the sales order. Contract Balances The timing of revenue recognition, billings and collections may result in billed accounts receivable, unbilled receivables, contract assets, customer advances, deposits and contract liabilities. The Company’s payment terms and conditions vary by contract type, although terms generally include a requirement of payment of 70% to 90% of total contract consideration within 30 to 60 days of shipment with the remainder payable within 30 days of acceptance. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts generally do not include a significant financing component. The following table is the reconciliation of contract balances. Dec. 31 June 30 2023 2023 (Unaudited) Trade Accounts Receivable 12,388 9,804 Accounts Payable 2,345 1,660 Contract Liabilities 3,808 1,277 Remaining Performance Obligation The Company had $ nil |
Note 19 - Earnings Per Share
Note 19 - Earnings Per Share | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 19. EARNINGS PER SHARE Options to purchase 617,000 shares of Common Stock at exercise prices ranging from $2.53 to $7.76 per share were outstanding as of December 31, 2023. 284,500 stock options were excluded in the computation of diluted earnings per share (“EPS”) for the three months ended December 31, 2023, because they were anti-dilutive. Options to purchase 636,375 shares of Common Stock at exercise prices ranging from $2.53 to $7.76 per share were outstanding as of December 31, 2022. 405,500 stock options were excluded in the computation of diluted EPS for the three months ended December 31, 2022, because they were anti-dilutive. The following table is a reconciliation of the weighted average shares used in the computation of basic and diluted EPS for the period presented herein: Three Months Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income attributable to Trio-Tech International common shareholders from continuing operations, net of tax $ 503 $ 512 $ 730 $ 1,394 Income / (loss) attributable to Trio-Tech International common shareholders from discontinued operations, net of tax 4 (5 ) 7 (5 ) Net income attributable to Trio-Tech International Common Shareholders $ 507 $ 507 $ 737 $ 1,389 Weighted average number of common shares outstanding - basic 4,120 4,074 4,109 4,074 Dilutive effect of stock options 139 88 161 86 Number of shares used to compute earnings per share - diluted 4,259 4,162 4,270 4,160 Basic earnings per share from continuing operations attributable to Trio-Tech International $ 0.12 0.12 0.18 0.34 Basic earnings per share from discontinued operations attributable to Trio-Tech International - - - - Basic earnings per share from net income attributable to Trio-Tech International $ 0.12 $ 0.12 $ 0.18 $ 0.34 Diluted earnings per share from continuing operations attributable to Trio-Tech International $ 0.12 0.12 0.17 0.33 Diluted earnings per share from discontinued operations attributable to Trio-Tech International - - - - Diluted earnings per share from net income attributable to Trio-Tech International $ 0.12 $ 0.12 $ 0.17 $ 0.33 |
Note 20 - Stock Options
Note 20 - Stock Options | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 20. STOCK OPTIONS On September 14, 2017, the Company’s Board of Directors unanimously adopted the 2017 Employee Stock Option Plan (the “2017 Employee Plan”) and the 2017 Directors Equity Incentive Plan (the “2017 Directors Plan”) each of which was approved by the shareholders on December 4, 2017. Assumptions The fair value for the stock options granted to both employees and directors was estimated using the Black-Scholes option pricing model with the following weighted average assumptions, assuming: ● An expected life varying from 2.50 to 3.25 years, calculated in accordance with the guidance provided in SEC Staff bulletin No. 110 for plain vanilla options using the simplified method, since our equity shares have been publicly traded for only a limited period of time; ● A risk-free interest rate varying from 0.11% to 4.59% (2023: 0.11% to 4.17%); ● No ● Expected volatility of 52.2% to 73.85% (2023: 47.3% to 73.85%). 2017 Employee Stock Option Plan The Company’s 2017 Employee Plan permits the grant of stock options to its employees covering up to an aggregate of 300,000 shares of Common Stock. In December 2021, the Company’s Board of Directors approved an amendment to the 2017 Employee Plan to increase the shares covered thereby from 300,000 shares to an aggregate of 600,000 shares, which amendment was approved by the Company’s shareholders at the annual meeting held in December 2021. Under the 2017 Employee Plan, all options must be granted with an exercise price of no less than fair value as of the grant date and the options granted must be exercisable within a maximum of ten five During the first two quarters of Fiscal 2024, 48,000 stock options were granted under the 2017 Employee Plan. There were 63,875 stock options exercised during the six-month period ended December 31, 2023. The Company recognized $90 in stock-based compensation expense during the six months ended December 31, 2023. During the first two quarters of Fiscal 2023, 25,000 stock options were granted under the 2017 Employee Plan. There were 5,000 stock options exercised during the six-month period ended December 31, 2022. The Company recognized $54 in stock-based compensation expense during the six months ended December 31, 2022. As of December 31, 2023, there were vested stock options granted under the 2017 Employee Plan covering a total of 88,250 shares of Common Stock. The weighted-average exercise price was $5.59 and the weighted average remaining contractual term was 3.08 years. As of December 31, 2022, there were vested stock options granted under the 2017 Employee Plan covering a total of 134,500 shares of Common Stock. The weighted-average exercise price was $4.78 and the weighted average remaining contractual term was 1.73 years. A summary of option activities under the 2017 Employee Plan during the six months period ended December 31, 2023, is presented as follows: Weighted Weighted Average Remaining Average Contractual Aggregate Options Exercise Price Term (Years) Intrinsic Value Outstanding at July 1, 2023 216,375 $ 4.89 2.92 $ 140 Granted 48,000 4.88 - - Exercised (63,875 ) 3.12 - - Forfeited or expired (3,500 ) 3.75 - - Outstanding at December 31, 2023 197,000 $ 5.48 3.51 $ 39 Exercisable at December 31, 2023 88,250 $ 5.59 3.08 $ 16 A summary of the status of the Company’s non-vested employee stock options during the six months ended December 31, 2023, is presented below: Weighted Average Options Grant-Date Fair Value Non-vested at July 1, 2023 81,750 $ 5.53 Granted 48,000 4.88 Vested (21,000 ) - Non-vested at December 31, 2023 108,750 $ 5.38 A summary of option activities under the 2017 Employee Plan during the six months period ended December 31, 2022, is presented as follows: Weighted Average Weighted Average Remaining Contractual Aggregate Exercise Term Intrinsic Options Price (Years) Value Outstanding at July 1, 2022 236,375 $ 5.21 2.61 $ 87 Granted 25,000 5.18 - - Exercised (5,000 ) 3.75 - - Forfeited or expired (40,000 ) - - - Outstanding at December 31, 2022 216,375 $ 5.16 2.49 $ 96 Exercisable at December 31, 2022 134,500 $ 4.78 1.73 $ 75 A summary of the status of the Company’s non-vested employee stock options during the six months ended December 31, 2022, is presented below: Weighted Average Options Grant-Date Fair Value Non-vested at July 1, 2022 75,875 $ 5.98 Granted 25,000 5.18 Vested (9,000 ) - Forfeited (10,000 ) - Non-vested at December 31, 2022 81,875 $ 5.79 2017 Directors Equity Incentive Plan The 2017 Directors Plan permits the grant of options to its directors in the form of non-qualified options and restricted stock, and initially covered up to an aggregate of 300,000 shares of Common Stock. In September 2020, the Company’s Board of Directors approved an amendment to the 2017 Directors Plan to increase the shares covered thereby from 300,000 shares to an aggregate of 600,000 shares, which amendment was approved by the Company’s shareholders at the annual meeting held in December 2020. In October 2023, the Company’s Board of Directors approved an amendment to the 2017 Directors Plan to increase the shares covered thereby from 600,000 shares to an aggregate of 900,000 shares, which amendment was approved by the Company’s shareholders at the annual meeting held in December 2023. Under the 2017 Directors Plan, the exercise price of the non-qualified options is required to be 100% of the fair value of the underlying shares on the grant date. The options have five During the first two quarters of Fiscal 2024, the Company did not no not As all the stock options granted under the 2017 Directors Plan vest immediately on the date of grant, there were no As of December 31, 2023, there were vested stock options granted under the 2017 Directors Plan covering a total of 420,000 shares of Common Stock. The weighted average exercise price was $4.91 and the weighted average remaining contractual term was 2.41 years. As of December 31, 2022, there were vested stock options granted under the 2017 Director Plan covering a total of 420,000 shares of Common Stock. The weighted-average exercise price was $5.10 and the weighted average remaining contractual term was 2.34 years. A summary of option activities under the 2017 Directors Plan during the six months ended December 31, 2023, is presented as follows: Weighted Weighted Average Remaining Average Contractual Aggregate Options Exercise Price Term (Years) Intrinsic Value Outstanding at July 1, 2023 420,000 $ 4.91 2.91 $ 309 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at December 31, 2023 420,000 $ 4.91 2.41 $ 352 Exercisable at December 31, 2023 420,000 $ 4.91 2.41 $ 352 A summary of option activities under the 2017 Directors Plan during the six months period ended December 31, 2022, is presented as follows: Weighted Average Weighted Average Remaining Contractual Aggregate Exercise Term Intrinsic Options Price (Years) Value Outstanding at July 1, 2022 420,000 $ 5.10 2.85 $ 228 Granted - - - Exercised - - - - Forfeited or expired - - - - Outstanding at December 31, 2022 420,000 $ 5.10 $ 2.34 $ 255 Exercisable at December 31, 2022 420,000 $ 5.10 $ 2.34 $ 255 |
Note 21 - Leases
Note 21 - Leases | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee and Lessor, Leases [Text Block] | 21. LEASES Company as Lessor Operating leases under which the Company is the lessor arise from leasing the Company’s commercial real estate investment property to third parties. Initial lease terms generally range from 12 to 60 months. Depreciation expense for assets subject to operating leases is taken into account primarily on the straight-line method over a period of 20 years in amounts necessary to reduce the carrying amount of the asset to its estimated residual value. Depreciation expense relating to the property held as investments in operating leases was $34 and $38 for the three months ended December 31, 2023, and December 31, 2022, respectively. Future minimum rental income in China and Thailand to be received from Fiscal 2024 to the fiscal year ended June 30, 2027 (“Fiscal 2027”) on non-cancelable operating leases is contractually due as follows as of December 31, 2023: Remainder of Fiscal 2024 $ 67 2025 134 2026 45 2027 15 $ 261 Future minimum rental income in China and Thailand to be received from Fiscal 2024 to Fiscal 2027 on non-cancelable operating leases is contractually due as follows as of June 30, 2023: 2024 $ 141 2025 141 2026 46 2027 16 $ 344 Sales-type leases under which the Company is the lessor arise from the lease of four three Financing receivables, consisting of net investment in sales-type leases and receivables from financed sales of 4 units of chiller systems are as follows: Components of Lease Balances Dec. 31, June 30, 2023 2023 (Unaudited) Assets Gross financial sales receivable $ 6 $ 17 Unearned finance income - (1 ) Financed sales receivable $ 6 $ 16 Net financed sales receivables due within one year $ 6 $ 16 Net financed sales receivables due after one year $ - $ - 6 16 As of December 31, 2023, the financed sale receivables had a weighted average effective interest rate of 11.16% and weighted average remaining lease term of 0.25 years. As of June 30, 2023, the financed sale receivables had a weighted average effective interest rate of 11.16% and weighted average remaining lease term of 0.75 years. Company as Lessee The Company is the lessee under operating leases for corporate offices and research and development facilities with remaining lease terms of one four Supplemental balance sheet information related to leases was as follows (in thousands): Components of Lease Balances Dec. 31, June 30, 2023 2023 (Unaudited) Finance Leases (Plant and Equipment) Plant and equipment, at cost $ 1,607 $ 1,734 Accumulated depreciation (1,072 ) (1,075 ) Plant and Equipment, Net $ 535 $ 659 Current portion of finance leases $ 81 $ 107 Net of current portion of finance leases 15 42 Total Finance Lease Liabilities $ 96 $ 149 Operating Leases (Corporate Offices, Research and Development Facilities) Operating lease right-of-use assets, Net $ 2,359 $ 2,609 Current portion of operating leases 1,119 1,098 Net of current portion of operating leases 1,240 1,511 Total Operating Lease Liabilities $ 2,359 $ 2,609 Three Months Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Lease Cost Finance lease cost: Interest on finance lease $ 2 $ 3 $ 5 6 Amortization of right-of-use assets 12 44 56 92 Total finance lease cost 14 47 61 98 Operating Lease Costs $ 385 $ 369 $ 754 749 Other information related to leases was as follows (in thousands except lease term and discount rate): Six Months Ended Dec. 31, Dec. 31, 2023 2022 (Unaudited) (Unaudited) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flows from finance leases $ 3 $ 6 Operating cash flows from operating leases 693 594 Finance cash flows from finance leases 55 67 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities Weighted-Average Remaining Lease Term: Finance leases 0.80 1.59 Operating leases 2.08 2.67 Weighted-Average Discount Rate: Finance leases 2.89 % 3.22 % Operating leases 5.51 % 5.54 % As of December 31, 2023, the maturities of the Company’s operating and finance lease liabilities are as follow: Operating Lease Liabilities Finance Lease Liabilities Fiscal Year Remainder of Fiscal 2024 2025 712 57 2026 1,019 35 Thereafter 772 12 Total future minimum lease payments $ 2,503 $ 104 Less: amount representing interest (144 ) (8 ) Present value of net minimum lease payments $ 2,359 $ 96 Presentation on statement of financial position Current 1,119 81 Non-Current 1,240 15 As of June 30, 2023, future minimum lease payments under finance leases and noncancelable operating leases were as follows: Operating Lease Liabilities Finance Lease Liabilities Fiscal Year 2024 1,321 112 2025 846 33 2026 570 12 Thereafter 64 - Total future minimum lease payments 2,801 157 Less: amount representing interest (192 ) (8 ) Present value of net minimum lease payments 2,609 149 Presentation on statement of financial position Current 1,098 107 Non-Current 1,511 42 |
Note 22 - Fair Value of Financi
Note 22 - Fair Value of Financial Instruments Approximate Carrying Value | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 22. FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE In accordance with ASC Topics 825 and 820, the following presents assets and liabilities measured and carried at fair value and classified by level of fair value measurement hierarchy: There were no transfers between Levels 1 and 2 during the six months ended December 31, 2023 and 2022. Term deposits (Level 2) – The carrying amount approximates fair value because of the short maturity of these instruments. Restricted term deposits (Level 2) – The carrying amount approximates fair value because of the short maturity of these instruments. Lines of credit (Level 3) – The carrying value of the lines of credit approximates fair value due to the short-term nature of the obligations. Bank loans payable (Level 3) – The carrying value of the Company’s bank loans payable approximates its fair value as the interest rates associated with long-term debt is adjustable in accordance with market situations when the Company borrowed funds with similar terms and remaining maturities. |
Note 23 - Concentration of Cust
Note 23 - Concentration of Customers | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 23. CONCENTRATION OF CUSTOMERS The Company had three For the Six Months Ended Dec. 31, 2023 2022 (Unaudited) (Unaudited) Revenue - Customer A 21.8 % 34.7 % - Customer B 17.7 % 13.3 % - Customer C 13.9 % 15.3 % Trade Account Receivables - Customer A 21.0 % 32.1 % - Customer B 24.4 % 17.3 % - Customer C 22.8 % 15.6 % |
Note 24 - Comparative Figures
Note 24 - Comparative Figures | 6 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | 24. COMPARATIVE FIGURES Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net income. |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | ITEM 5. OTHER INFORMATION Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block] | 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. * 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. (100% owned by Trio-Tech Malaysia Sdn. Bhd.) 55 % 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) (95% owned by SHI International Pte. Ltd.) 52 % Batam, Indonesia Trio-Tech (Tianjin) Co., Ltd. * 100 % Tianjin, China Trio-Tech (Jiangsu) Co., Ltd. (51% owned by Trio-Tech (SIP) Co., Ltd.) 51 % Suzhou, China |
Note 3 - Term Deposits (Tables)
Note 3 - Term Deposits (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Term Deposits [Table Text Block] | Dec. 31, June 30, 2023 2023 (Unaudited) Short-term deposits $ 5,620 $ 6,901 Currency translation effect on short-term deposits 171 (274 ) Total short-term deposits 5,791 6,627 Restricted term deposits - Current 737 755 Currency translation effect on restricted term deposits 25 (16 ) Total restricted term deposits - Current 762 739 Restricted term deposits – Non-current 1,721 1,763 Currency translation effect on restricted term deposits 57 (47 ) Total restricted term deposits - Non-current 1,778 1,716 Total term deposits $ 8,331 $ 9,082 |
Note 4 - Trade Accounts Recei_2
Note 4 - Trade Accounts Receivable and Allowance for Expected Credit Losses (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Dec. 31, June 30, 2023 2023 (Unaudited) Beginning $ 217 $ 243 Additions charged to expense 12 9 Recovered (15 ) (20 ) Currency translation effect 8 (15 ) Ending $ 222 $ 217 |
Note 5 - Loans Receivable Fro_2
Note 5 - Loans Receivable From Property Development Projects (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loan Expiry Loan Amount Loan Amount Date (RMB) (U.S. Dollars) Short-term loan receivables JiangHuai (Project – Yu Jin Jiang An) May 31, 2013 2,000 289 Less: allowance for expected credit losses (2,000 ) (289 ) Net loan receivables from property development projects - - Long-term loan receivables Jun Zhou Zhi Ye Oct 31, 2016 5,000 722 Less: transfer – down-payment for purchase of investment property (5,000 ) (722 ) Net loan receivables from property development projects - - |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Dec. 31, 2023 June 30, 2023 (Unaudited) Raw materials $ 1,752 $ 1,389 Work in progress 2,055 1,132 Finished goods 334 178 Less: provision for obsolete inventories (675 ) (648 ) Currency translation effect 80 100 $ 3,546 $ 2,151 |
Schedule of Inventory, Noncurrent [Table Text Block] | Dec. 31, 2023 June 30, 2023 (Unaudited) Beginning $ 648 $ 674 Additions charged to expense 29 61 Usage – disposition (15 ) (40 ) Currency translation effect 13 (47 ) Ending $ 675 $ 648 |
Note 7 - Investment Properties
Note 7 - Investment Properties (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Table Text Block] | Investment Date / Reclassification Investment Amount Investment Amount Date (RMB) (USD) 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 4,025 647 Currency translation - (136 ) Gross investment in rental property 9,649 1,392 Accumulated depreciation on rental property Sep 30, 2023 (8,246 ) (1,198 ) Reclassified as “Assets held for sale”- MaoYe Property July 01, 2018 2,822 410 Reclassification from “Assets held for sale”- MaoYe Property Mar 31, 2019 (1,029 ) (143 ) (6,453 ) (931 ) Net investment in property – China 3,196 461 Investment Date / Investment Investment Reclassification Date Amount (RMB) 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 - (199 ) Gross investment in rental property 9,649 1,330 Accumulated depreciation on rental property Jun 30, 2023 (7,884 ) (1,123 ) Reclassified as “Assets held for sale”- MaoYe Property July 01, 2018 2,822 410 Reclassification from “Assets held for sale”- MaoYe Property Mar 31, 2019 (1,029 ) (143 ) (6,091 ) (856 ) Net investment in property – China 3,558 474 |
Note 8 - Other Assets (Tables)
Note 8 - Other Assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | Dec. 31, June 30, 2023 2023 (Unaudited) Deposits for rental and utilities and others 164 117 Currency translation effect 5 (1 ) Total $ 169 $ 116 |
Schedule of Other Assets, Noncurrent [Table Text Block] | 2023 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 5,000 722 Interest Receivable 1,250 180 Less: Impairment of Interest (906 ) (131 ) Transferred to Down Payment (Note *b) 5,344 771 * Down Payment for Purchase of Investment Properties 10,207 1,552 Add: Effect of foreign currency exchange - 28 Less: Provision of Impairment loss on other assets (10,207 ) (1,580 ) * Down Payment for Purchase of Investment Properties $ - $ - |
Note 9 - Lines of Credit (Table
Note 9 - Lines of Credit (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Line of Credit Facilities [Table Text Block] | Entity with Type of Interest Credit Unused Facility Facility Rate Limitation Credit Trio-Tech International Pte. Ltd., Singapore Lines of Credit Cost of Funds Rate +1.25% $ 4,013 $ 3,724 Universal (Far East) Pte. Ltd. Lines of Credit Cost of Funds Rate +1.25% $ 1,893 $ 1,206 Trio-Tech Malaysia Sdn. Bhd. Revolving credit Cost of Funds Rate +2% $ 326 $ 326 Entity with Type of Interest Credit Unused Facility Facility Rate Limitation Credit Trio-Tech International Pte. Ltd., Singapore Lines of Credit Cost of Funds Rate +1.25% to +1.3% $ 3,907 $ 3,701 Universal (Far East) Pte. Ltd. Lines of Credit Cost of Funds Rate +1.25% to +1.3% $ 1,843 $ 1,559 Trio-Tech Malaysia Sdn. Bhd. Revolving credit Cost of Funds Rate +2% $ 319 $ 319 |
Note 10 - Accrued Expense (Tabl
Note 10 - Accrued Expense (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Dec. 31, June 30, 2023 2023 (Unaudited) Payroll and related costs $ 1,633 $ 1,880 Commissions 206 158 Legal and audit 238 280 Sales tax 76 140 Utilities 183 236 Warranty 40 24 Accrued purchase of materials and property, plant and equipment 1,529 1,214 Provision for reinstatement 373 380 Other accrued expense 69 42 Currency translation effect 159 (63 ) Total $ 4,506 $ 4,291 |
Note 11 - Assurance Warranty _2
Note 11 - Assurance Warranty Accrual (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Dec. 31, June 30, 2023 2023 (Unaudited) Beginning $ 24 $ 16 Additions charged to cost and expense 19 32 Utilization (4 ) (25 ) Currency translation effect 1 1 Ending $ 40 $ 24 |
Note 12 - Bank Loans Payable (T
Note 12 - Bank Loans Payable (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Dec. 31, June 30, 2023 2023 (Unaudited) Note payable denominated in the Malaysian Ringgit for expansion plans in Malaysia, maturing in August 2028, bearing interest at the bank’s prime rate less 2.00% (4.85% and 4.6% at December 31, 2023 and June 30, 2023) per annum, with monthly payments of principal plus interest through August 2028, collateralized by the acquired building with a carrying value of $2,246 and $2,208, as at December 31, 2023 and June 30, 2023, respectively. $ 792 $ 957 Financing arrangement at fixed interest rate 3.2% per annum, with monthly payments of principal plus interest through July 2025. 65 84 Financing arrangement at fixed interest rate 3.0% per annum, with monthly payments of principal plus interest through December 2026. 150 169 Financing arrangement at fixed interest rate 3.0% per annum, with monthly payments of principal plus interest through August 2027. 130 142 Total bank loans payable $ 1,137 $ 1,352 Current portion of bank loans payable 354 503 Currency translation effect on current portion of bank loans 21 (28 ) Current portion of bank loans payable 375 475 Long-term portion of bank loans payable 721 933 Currency translation effect on long-term portion of bank loans 41 (56 ) Long-term portion of bank loans payable $ 762 877 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Remainder of Fiscal 2024 $ 241 2025 268 2026 236 2027 217 Thereafter 175 Total obligations and commitments $ 1,137 2024 $ 475 2025 262 2026 231 2027 212 Thereafter 172 Total obligations and commitments $ 1,352 |
Note 14 - Business Segments (Ta
Note 14 - Business Segments (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Six Months Operating Ended Net Income / Total Depr. And Capital Dec. 31, Revenue (Loss) Assets Amort. Expenditures Manufacturing 2023 $ 7,675 $ 149 $ 19,242 $ 214 $ 38 2022 $ 8,629 $ 477 $ 15,345 $ 230 $ 15 Testing Services 2023 9,810 (280 ) 22,690 2,507 120 2022 12,012 1,129 27,757 1,875 3,967 Distribution 2023 4,670 646 1,976 - - 2022 3,676 482 1,437 - - Real Estate 2023 13 (53 ) 2,502 36 - 2022 12 (42 ) 1,580 38 - Corporate & Unallocated 2023 - 214 188 27 - 2022 - 90 77 - 12 Total Company 2023 $ 22,168 $ 676 $ 46,598 $ 2,784 $ 158 2022 $ 24,329 $ 2,136 $ 46,196 $ 2,143 $ 3,994 Three Months Operating Ended Net Income / Total Depr. And Capital Dec. 31, Revenue (Loss) Assets Amort. Expenditures Manufacturing 2023 $ 4,790 $ 191 $ 19,242 $ 101 $ 19 2022 $ 5,044 $ 301 $ 15,345 $ 99 $ 15 Testing Services 2023 4,646 (152 ) 22,690 1,181 62 2022 5,648 547 27,757 1,111 2,811 Distribution 2023 2,760 401 1,976 - - 2022 1,694 217 1,437 - - Real Estate 2023 6 (27 ) 2,502 18 - 2022 4 (28 ) 1,580 20 - Corporate & Unallocated 2023 264 188 15 - 2022 - 32 77 6 12 Total Company 2023 $ 12,202 $ 677 $ 46,598 $ 1,315 $ 81 2022 $ 12,390 $ 1,069 $ 46,196 $ 1,236 $ 2,838 |
Note 15 - Other (Expenses) _ _2
Note 15 - Other (Expenses) / Income (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Three Months Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2023 2022 2023 2022 Unaudited Unaudited Unaudited Unaudited Interest income $ 96 $ 37 $ 174 $ 55 Other rental income 36 27 72 54 Exchange loss (236 ) (349 ) (177 ) (279 ) Other miscellaneous income 22 21 45 64 Total $ (82 ) $ (264 ) $ 114 $ (106 ) |
Note 16 - Government Grants (Ta
Note 16 - Government Grants (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Government Grants [Table Text Block] | Three Months Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2023 2022 2023 2022 Unaudited Unaudited Unaudited Unaudited Government grant $ 4 $ 21 $ 77 $ 42 |
Note 18 - Revenue (Tables)
Note 18 - Revenue (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Dec. 31 June 30 2023 2023 (Unaudited) Trade Accounts Receivable 12,388 9,804 Accounts Payable 2,345 1,660 Contract Liabilities 3,808 1,277 |
Note 19 - Earnings Per Share (T
Note 19 - Earnings Per Share (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income attributable to Trio-Tech International common shareholders from continuing operations, net of tax $ 503 $ 512 $ 730 $ 1,394 Income / (loss) attributable to Trio-Tech International common shareholders from discontinued operations, net of tax 4 (5 ) 7 (5 ) Net income attributable to Trio-Tech International Common Shareholders $ 507 $ 507 $ 737 $ 1,389 Weighted average number of common shares outstanding - basic 4,120 4,074 4,109 4,074 Dilutive effect of stock options 139 88 161 86 Number of shares used to compute earnings per share - diluted 4,259 4,162 4,270 4,160 Basic earnings per share from continuing operations attributable to Trio-Tech International $ 0.12 0.12 0.18 0.34 Basic earnings per share from discontinued operations attributable to Trio-Tech International - - - - Basic earnings per share from net income attributable to Trio-Tech International $ 0.12 $ 0.12 $ 0.18 $ 0.34 Diluted earnings per share from continuing operations attributable to Trio-Tech International $ 0.12 0.12 0.17 0.33 Diluted earnings per share from discontinued operations attributable to Trio-Tech International - - - - Diluted earnings per share from net income attributable to Trio-Tech International $ 0.12 $ 0.12 $ 0.17 $ 0.33 |
Note 20 - Stock Options (Tables
Note 20 - Stock Options (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | Weighted Average Options Grant-Date Fair Value Non-vested at July 1, 2023 81,750 $ 5.53 Granted 48,000 4.88 Vested (21,000 ) - Non-vested at December 31, 2023 108,750 $ 5.38 Weighted Average Options Grant-Date Fair Value Non-vested at July 1, 2022 75,875 $ 5.98 Granted 25,000 5.18 Vested (9,000 ) - Forfeited (10,000 ) - Non-vested at December 31, 2022 81,875 $ 5.79 |
Employee Stock Option Plan 2017 [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Weighted Average Remaining Average Contractual Aggregate Options Exercise Price Term (Years) Intrinsic Value Outstanding at July 1, 2023 216,375 $ 4.89 2.92 $ 140 Granted 48,000 4.88 - - Exercised (63,875 ) 3.12 - - Forfeited or expired (3,500 ) 3.75 - - Outstanding at December 31, 2023 197,000 $ 5.48 3.51 $ 39 Exercisable at December 31, 2023 88,250 $ 5.59 3.08 $ 16 Weighted Average Weighted Average Remaining Contractual Aggregate Exercise Term Intrinsic Options Price (Years) Value Outstanding at July 1, 2022 236,375 $ 5.21 2.61 $ 87 Granted 25,000 5.18 - - Exercised (5,000 ) 3.75 - - Forfeited or expired (40,000 ) - - - Outstanding at December 31, 2022 216,375 $ 5.16 2.49 $ 96 Exercisable at December 31, 2022 134,500 $ 4.78 1.73 $ 75 Weighted Weighted Average Remaining Average Contractual Aggregate Options Exercise Price Term (Years) Intrinsic Value Outstanding at July 1, 2023 420,000 $ 4.91 2.91 $ 309 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at December 31, 2023 420,000 $ 4.91 2.41 $ 352 Exercisable at December 31, 2023 420,000 $ 4.91 2.41 $ 352 Weighted Average Weighted Average Remaining Contractual Aggregate Exercise Term Intrinsic Options Price (Years) Value Outstanding at July 1, 2022 420,000 $ 5.10 2.85 $ 228 Granted - - - Exercised - - - - Forfeited or expired - - - - Outstanding at December 31, 2022 420,000 $ 5.10 $ 2.34 $ 255 Exercisable at December 31, 2022 420,000 $ 5.10 $ 2.34 $ 255 |
Note 21 - Leases (Tables)
Note 21 - Leases (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Remainder of Fiscal 2024 $ 67 2025 134 2026 45 2027 15 $ 261 2024 $ 141 2025 141 2026 46 2027 16 $ 344 |
Sales-type and Direct Financing Leases, Lease Receivable [Table Text Block] | Components of Lease Balances Dec. 31, June 30, 2023 2023 (Unaudited) Assets Gross financial sales receivable $ 6 $ 17 Unearned finance income - (1 ) Financed sales receivable $ 6 $ 16 Net financed sales receivables due within one year $ 6 $ 16 Net financed sales receivables due after one year $ - $ - 6 16 |
Operating and Finance Leases of Lessee Disclosure [Table Text Block] | Components of Lease Balances Dec. 31, June 30, 2023 2023 (Unaudited) Finance Leases (Plant and Equipment) Plant and equipment, at cost $ 1,607 $ 1,734 Accumulated depreciation (1,072 ) (1,075 ) Plant and Equipment, Net $ 535 $ 659 Current portion of finance leases $ 81 $ 107 Net of current portion of finance leases 15 42 Total Finance Lease Liabilities $ 96 $ 149 Operating Leases (Corporate Offices, Research and Development Facilities) Operating lease right-of-use assets, Net $ 2,359 $ 2,609 Current portion of operating leases 1,119 1,098 Net of current portion of operating leases 1,240 1,511 Total Operating Lease Liabilities $ 2,359 $ 2,609 Three Months Ended Six Months Ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Lease Cost Finance lease cost: Interest on finance lease $ 2 $ 3 $ 5 6 Amortization of right-of-use assets 12 44 56 92 Total finance lease cost 14 47 61 98 Operating Lease Costs $ 385 $ 369 $ 754 749 |
Operating and Finance Leases Of Lessee Other Disclosure [Table Text Block] | Six Months Ended Dec. 31, Dec. 31, 2023 2022 (Unaudited) (Unaudited) Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating cash flows from finance leases $ 3 $ 6 Operating cash flows from operating leases 693 594 Finance cash flows from finance leases 55 67 Right-of-Use Assets Obtained in Exchange for New Operating Lease Liabilities Weighted-Average Remaining Lease Term: Finance leases 0.80 1.59 Operating leases 2.08 2.67 Weighted-Average Discount Rate: Finance leases 2.89 % 3.22 % Operating leases 5.51 % 5.54 % |
Schedule Of Future Minimum Rental Payments for Operating and Finance Leases [Table Text Block] | Operating Lease Liabilities Finance Lease Liabilities Fiscal Year Remainder of Fiscal 2024 2025 712 57 2026 1,019 35 Thereafter 772 12 Total future minimum lease payments $ 2,503 $ 104 Less: amount representing interest (144 ) (8 ) Present value of net minimum lease payments $ 2,359 $ 96 Presentation on statement of financial position Current 1,119 81 Non-Current 1,240 15 Operating Lease Liabilities Finance Lease Liabilities Fiscal Year 2024 1,321 112 2025 846 33 2026 570 12 Thereafter 64 - Total future minimum lease payments 2,801 157 Less: amount representing interest (192 ) (8 ) Present value of net minimum lease payments 2,609 149 Presentation on statement of financial position Current 1,098 107 Non-Current 1,511 42 |
Note 23 - Concentration of Cu_2
Note 23 - Concentration of Customers (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | For the Six Months Ended Dec. 31, 2023 2022 (Unaudited) (Unaudited) Revenue - Customer A 21.8 % 34.7 % - Customer B 17.7 % 13.3 % - Customer C 13.9 % 15.3 % Trade Account Receivables - Customer A 21.0 % 32.1 % - Customer B 24.4 % 17.3 % - Customer C 22.8 % 15.6 % |
Note 1 - Organization and Bas_3
Note 1 - Organization and Basis of Presentation (Details Textual) | Dec. 31, 2023 |
Trio-Tech (Tianjin) Co., Ltd, [Member] | |
Subsidiary, Ownership Percentage, Parent | 100% |
Note 1 - Organization and Bas_4
Note 1 - Organization and Basis of Presentation - Ownership (Details) | Dec. 31, 2023 | |
Express Test Corporation Dormant [Member] | ||
Ownership | 100% | |
Trio Tech Reliability Services Dormant [Member] | ||
Ownership | 100% | |
KTS Incorporated, dba Universal Systems (Dormant) [Member] | ||
Ownership | 100% | |
European Electronic Test Centre (Dormant) [Member] | ||
Ownership | 100% | |
Trio Tech International Pte Ltd [Member] | ||
Ownership | 100% | |
Universal (Far East) Pte. Ltd. [Member] | ||
Ownership | 100% | [1] |
Trio-Tech International (Thailand) Co. Ltd. [Member] | ||
Ownership | 100% | [1] |
Trio-Tech (Bangkok) Co. Ltd [Member] | ||
Ownership | 100% | [1] |
Trio-Tech (Malaysia) Sdn. Bhd.[Member] | ||
Ownership | 55% | |
Trio-Tech (Kuala Lumpur) Sdn. Bhd. [Member] | ||
Ownership | 55% | |
Prestal Enterprise Sdn. Bhd. [Member] | ||
Ownership | 76% | |
Trio-Tech (SIP) Co., Ltd [Member] | ||
Ownership | 100% | [1] |
Trio-Tech (Chongqing) Co. Ltd [Member] | ||
Ownership | 100% | [1] |
SHI International Pte. Ltd. (Dormant) [Member] | ||
Ownership | 55% | |
PT SHI Indonesia (Dormant) [Member] | ||
Ownership | 52% | |
Trio-Tech (Tianjin) Co., Ltd, [Member] | ||
Ownership | 100% | [1] |
Trio-tech (Jiangsu) Co. Ltd. [Member] | ||
Ownership | 51% | |
[1]100% owned by Trio-Tech International Pte. Ltd. |
Note 3 - Term Deposits (Details
Note 3 - Term Deposits (Details Textual) $ in Thousands | Dec. 31, 2023 USD ($) |
Deposits Assets, Restricted, Current, Net | $ 762 |
Deposits Assets, Restricted Term Deposits, Noncurrent, Net | $ 1,778 |
Note 3 - Term Deposits - Term D
Note 3 - Term Deposits - Term Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Short-term deposits | $ 5,620 | $ 6,901 | |
Currency translation effect on short-term deposits | 171 | (274) | |
Total short-term deposits | 5,791 | 6,627 | |
Restricted term deposits - Current | 737 | 755 | |
Currency translation effect on restricted term deposits | 25 | (16) | |
Total restricted term deposits - Current | 762 | 739 | $ 747 |
Restricted term deposits – Non-current | 1,721 | 1,763 | |
Currency translation effect on restricted term deposits | 57 | (47) | |
Total restricted term deposits - Non-current | 1,778 | 1,716 | $ 1,742 |
Total term deposits | $ 8,331 | $ 9,082 |
Note 4 - Trade Accounts Recei_3
Note 4 - Trade Accounts Receivable and Allowance for Expected Credit Losses - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Beginning | $ 217 | $ 243 |
Additions charged to expenses | 12 | 9 |
Recovered | (15) | (20) |
Currency translation effect | 8 | (15) |
Ending | $ 222 | $ 217 |
Note 5 - Loans Receivable Fro_3
Note 5 - Loans Receivable From Property Development Projects (Details Textual) - Dec. 31, 2023 $ in Thousands, ¥ in Millions | USD ($) | CNY (¥) |
Financing Receivable, before Allowance for Credit Loss, Current | $ 289 | ¥ 2 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | $ 722 | ¥ 5 |
Note 5 - Loans Receivable Fro_4
Note 5 - Loans Receivable From Property Development Projects - Loans Receivable (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands | USD ($) | CNY (¥) |
Financing Receivable, before Allowance for Credit Loss, Current | $ 289 | ¥ 2,000 |
Net loan receivables from property development projects | (2,000) | (289) |
Net loan receivables from property development projects | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 722 | 5,000 |
Less: transfer – down-payment for purchase of investment property | (5,000) | (722) |
Net loan receivables from property development projects | $ 0 | ¥ 0 |
Note 6 - Inventories - Inventor
Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 |
Raw materials | $ 1,752 | $ 1,389 | |
Work in progress | 2,055 | 1,132 | |
Finished goods | 334 | 178 | |
Less: provision for obsolete inventories | (675) | (648) | $ (674) |
Currency translation effect | 80 | 100 | |
Inventory, Net | $ 3,546 | $ 2,151 |
Note 6 - Inventories - Changes
Note 6 - Inventories - Changes in Provision for Obsolete Inventories (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Beginning | $ 648 | $ 674 |
Additions charged to expenses | 29 | 61 |
Usage – disposition | (15) | (40) |
Currency translation effect | 13 | (47) |
Ending | $ 675 | $ 648 |
Note 7 - Investment Propertie_2
Note 7 - Investment Properties (Details Textual) ¥ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Feb. 01, 2023 USD ($) | Feb. 01, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2010 USD ($) | Jun. 30, 2010 CNY (¥) | Dec. 31, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Mar. 31, 2010 USD ($) m² | Mar. 31, 2010 CNY (¥) m² | Jun. 30, 2008 USD ($) | Jun. 30, 2008 CNY (¥) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 894 | $ 894 | ¥ 5,554 | $ 894 | ¥ 5,554 | |||||||||||
TTCQ [Member] | ||||||||||||||||
Lease, Operating Lease, Number of Properties | 2 | 2 | ||||||||||||||
Area of Real Estate Property | m² | 311.99 | 311.99 | ||||||||||||||
Purchase Obligation | $ 648 | ¥ 4,025 | ||||||||||||||
Mao Ye [Member] | ||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | $ 894 | ¥ 5,554 | ||||||||||||||
Monthly Lease Revenue Amount | $ 2 | ¥ 14 | ||||||||||||||
Operating Lease, Lease Income | 6 | $ 2 | 12 | $ 8 | ||||||||||||
Depreciation | 4 | 4 | 8 | 8 | ||||||||||||
Jiang Huai [Member] | ||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 580 | 580 | 3,600 | 580 | 3,600 | |||||||||||
Operating Lease, Lease Income | 0 | 0 | 0 | 0 | ||||||||||||
Depreciation | 6 | 14 | $ 7 | 12 | ||||||||||||
Payments to Acquire Projects | $ 580 | ¥ 3,600 | ||||||||||||||
FuLi [Member] | ||||||||||||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Initial Cost of Land | 647 | 647 | ¥ 4,025 | $ 648 | ¥ 4,025 | |||||||||||
Operating Lease, Lease Income | 0 | 2 | 1 | 4 | ||||||||||||
Depreciation | 7 | 7 | 14 | 15 | ||||||||||||
CHINA | ||||||||||||||||
Operating Lease, Lease Income | 6 | 4 | 13 | 12 | ||||||||||||
Depreciation | $ 17 | $ 18 | $ 34 | $ 36 |
Note 7 - Investment Propertie_3
Note 7 - Investment Properties - Investment Properties (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CNY (¥) | Jun. 30, 2008 USD ($) | Jun. 30, 2008 CNY (¥) |
Purchase of rental property – Property I – MaoYe Property | $ 894 | ¥ 5,554 | $ 894 | ¥ 5,554 | ||
Currency translation | 136 | 0 | 199 | 0 | ||
Reclassification as “Assets held for sale” | (807) | (5,554) | (807) | (5,554) | ||
Reclassification from “Assets held for sale” | 301 | 2,024 | 301 | 2,024 | ||
Currency translation | (136) | 0 | (199) | 0 | ||
Gross investment in rental property | 1,392 | 9,649 | 1,330 | 9,649 | ||
Accumulated depreciation on rental property | (1,198) | (8,246) | (1,123) | (7,884) | ||
Reclassification From Assets | (931) | (6,453) | (856) | (6,091) | ||
Net investment in property – China | 461 | 3,196 | 474 | 3,558 | ||
Mao Ye [Member] | ||||||
Purchase of rental property – Property I – MaoYe Property | $ 894 | ¥ 5,554 | ||||
Currency translation | (87) | 0 | (87) | 0 | ||
Reclassification as “Assets held for sale” | 410 | 2,822 | 410 | 2,822 | ||
Reclassification from “Assets held for sale” | (143) | (1,029) | (143) | (1,029) | ||
Currency translation | 87 | 0 | 87 | 0 | ||
Jiang Huai [Member] | ||||||
Purchase of rental property – Property I – MaoYe Property | 580 | 3,600 | 580 | 3,600 | ||
FuLi [Member] | ||||||
Purchase of rental property – Property I – MaoYe Property | $ 647 | ¥ 4,025 | $ 648 | ¥ 4,025 |
Note 8 - Other Assets (Details
Note 8 - Other Assets (Details Textual) ¥ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Dec. 02, 2010 CNY (¥) | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 CNY (¥) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | Oct. 02, 2013 USD ($) | Oct. 02, 2013 CNY (¥) | Dec. 02, 2010 USD ($) | Dec. 02, 2010 CNY (¥) | |
Payments to Acquire Investments | ¥ 10,000,000 | $ 1,641 | $ 2,275 | ||||||||
Percentage of Investment | 10% | 10% | 10% | 10% | |||||||
Management Fee Paid | ¥ | ¥ 5,000 | ||||||||||
Management Fee Payable | 803 | ¥ 5,000 | |||||||||
Loss On Joint Venture | (22) | (137) | $ 22 | ¥ 137 | |||||||
Investments | 803 | 5,000 | $ 803 | ¥ 5,000,000 | |||||||
Loans and Leases Receivable, Related Parties | 722 | 5,000 | $ 722 | ¥ 5,000 | |||||||
Interest Receivable | 180 | 1,250 | 180 | 1,250 | |||||||
Impairment of Interest | $ (131) | ¥ (906) | $ 131 | ¥ 906 | |||||||
Asset Impairment Charges | $ | $ 1,580 |
Note 8 - Other Assets - Other A
Note 8 - Other Assets - Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Deposits for rental and utilities and others | $ 164 | $ 117 |
Currency translation effect | 5 | (1) |
Total | $ 169 | $ 116 |
Note 8 - Other Assets - Down Pa
Note 8 - Other Assets - Down Payment for Purchase of Investment Properties (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CNY (¥) | Oct. 02, 2013 USD ($) | Oct. 02, 2013 CNY (¥) | Dec. 02, 2010 USD ($) | Dec. 02, 2010 CNY (¥) |
Original Investment (10% of Junzhou equity) | $ 1,606 | ¥ 10,000 | ||||||
Less: Management Fee | (803) | (5,000) | ||||||
Net Investment | 803 | 5,000 | $ 803 | ¥ 5,000,000 | ||||
Less: Share of Loss on Joint Venture | (22) | (137) | $ 22 | ¥ 137 | ||||
Net Investment as Down Payment (Note *a) | 781 | 4,863 | ||||||
Loans Receivable | 722 | 5,000 | $ 722 | ¥ 5,000 | ||||
Interest Receivable | 180 | 1,250 | 180 | 1,250 | ||||
Less: Impairment of Interest | (131) | (906) | $ 131 | ¥ 906 | ||||
Transferred to Down Payment (Note *b) | 771 | 5,344 | ||||||
* Down Payment for Purchase of Investment Properties | 1,552 | 10,207 | ||||||
Add: Effect of foreign currency exchange | 28 | 0 | ||||||
Less: Provision of Impairment loss on other assets | $ (1,580) | ¥ (10,207) |
Note 9 - Lines Of Credit- Line
Note 9 - Lines Of Credit- Line of Credit (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2023 | Jun. 30, 2023 |
Trio Tech International Pte Ltd [Member] | |||
Interest rate | 1.25% | ||
Credit Limitation | $ 4,013 | $ 3,907 | |
Unused Credit | 3,724 | 3,701 | |
Trio Tech International Pte Ltd [Member] | Minimum [Member] | |||
Interest rate | 1.25% | ||
Trio Tech International Pte Ltd [Member] | Maximum [Member] | |||
Interest rate | 1.30% | ||
Universal (Far East) Pte. Ltd. [Member] | |||
Interest rate | 1.25% | ||
Credit Limitation | 1,893 | 1,843 | |
Unused Credit | 1,206 | 1,559 | |
Universal (Far East) Pte. Ltd. [Member] | Minimum [Member] | |||
Interest rate | 1.25% | ||
Universal (Far East) Pte. Ltd. [Member] | Maximum [Member] | |||
Interest rate | 1.30% | ||
Trio-Tech (Malaysia) Sdn. Bhd.[Member] | |||
Interest rate | 2% | ||
Credit Limitation | 326 | 319 | |
Unused Credit | $ 326 | $ 319 |
Note 10 - Accrued Expense - Acc
Note 10 - Accrued Expense - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Payroll and related costs | $ 1,633 | $ 1,880 |
Commissions | 206 | 158 |
Legal and audit | 238 | 280 |
Sales tax | 76 | 140 |
Utilities | 183 | 236 |
Warranty | 40 | 24 |
Accrued purchase of materials and property, plant and equipment | 1,529 | 1,214 |
Provision for reinstatement | 373 | 380 |
Other accrued expense | 69 | 42 |
Currency translation effect | 159 | (63) |
Total | $ 4,506 | $ 4,291 |
Note 11 - Assurance Warranty _3
Note 11 - Assurance Warranty Accrual - Warrant Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Beginning | $ 24 | $ 16 |
Additions charged to cost and expense | 19 | 32 |
Utilisation | (4) | (25) |
Currency translation effect | (1) | (1) |
Ending | $ 40 | $ 24 |
Note 12 - Bank Loans Payable -
Note 12 - Bank Loans Payable - Bank Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Bank loan payable | $ 1,137 | $ 1,352 |
Current portion of bank loans payable | 354 | 503 |
Currency translation effect on current portion of bank loans | 21 | (28) |
Current portion of bank loans payable | 375 | 475 |
Long-term portion of bank loans payable | 721 | 933 |
Currency translation effect on long-term portion of bank loans | 41 | (56) |
Long-term portion of bank loans payable | 762 | 877 |
Notes Payable To Banks 1 [Member] | ||
Bank loan payable | 792 | 957 |
Notes Payable To Banks 2 [Member] | ||
Bank loan payable | 65 | 84 |
Notes Payable to Bank 3 [Member] | ||
Bank loan payable | 150 | 169 |
Notes Payable to Bank 4 [Member] | ||
Bank loan payable | $ 130 | $ 142 |
Note 12 - Bank Loans Payable _2
Note 12 - Bank Loans Payable - Bank Loans (Details) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Notes Payable To Banks 1 [Member] | ||
Effective rate | 4.85% | 4.60% |
Carrying Value | $ 2,246 | $ 2,208 |
Notes Payable To Banks 1 [Member] | Prime Rate [Member] | ||
Basis spread rate | 2% | 2% |
Notes Payable To Banks 2 [Member] | ||
Fixed interest Rate | 3.20% | 3.20% |
Notes Payable to Bank 3 [Member] | ||
Fixed interest Rate | 3% | 3% |
Notes Payable to Bank 4 [Member] | ||
Fixed interest Rate | 3% | 3% |
Note 12 - Bank Loans Payable _3
Note 12 - Bank Loans Payable - Future Minimum Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Remainder of Fiscal 2024 | $ 241 | |
2025 | 268 | $ 475 |
2026 | 236 | 262 |
2027 | 217 | 231 |
2027 | 212 | |
Thereafter | 175 | |
Thereafter | 172 | |
Total obligations and commitments | $ 1,137 | $ 1,352 |
Note 14 - Business Segments (De
Note 14 - Business Segments (Details Textual) | 6 Months Ended |
Dec. 31, 2023 | |
Number of Operating Segments | 4 |
Note 14 - Business Segments - B
Note 14 - Business Segments - Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Revenues | $ 12,202 | $ 12,390 | $ 22,168 | $ 24,329 | |
Operating Income / (loss) | 677 | 1,069 | 676 | 2,136 | |
Assets | 46,598 | 46,196 | 46,598 | 46,196 | $ 42,186 |
Depreciation and amortization | 1,315 | 1,236 | 2,784 | 2,143 | |
Capital expenditures | 81 | 2,838 | 158 | 3,994 | |
Corporate, Non-Segment [Member] | |||||
Revenues | 0 | 0 | 0 | ||
Operating Income / (loss) | 264 | 32 | 214 | 90 | |
Assets | 188 | 77 | 188 | 77 | |
Depreciation and amortization | 15 | 6 | 27 | 0 | |
Capital expenditures | 0 | 12 | 0 | 12 | |
Manufacturing [Member] | |||||
Revenues | 4,790 | 5,044 | 7,675 | 8,629 | |
Manufacturing [Member] | Operating Segments [Member] | |||||
Revenues | 4,790 | 5,044 | 7,675 | 8,629 | |
Operating Income / (loss) | 191 | 301 | 149 | 477 | |
Assets | 19,242 | 15,345 | 19,242 | 15,345 | |
Depreciation and amortization | 101 | 99 | 214 | 230 | |
Capital expenditures | 19 | 15 | 38 | 15 | |
Testing Services [Member] | |||||
Revenues | 4,646 | 5,648 | 9,810 | 12,012 | |
Testing Services [Member] | Operating Segments [Member] | |||||
Revenues | 4,646 | 5,648 | 9,810 | 12,012 | |
Operating Income / (loss) | (152) | 547 | (280) | 1,129 | |
Assets | 22,690 | 27,757 | 22,690 | 27,757 | |
Depreciation and amortization | 1,181 | 1,111 | 2,507 | 1,875 | |
Capital expenditures | 62 | 2,811 | 120 | 3,967 | |
Distribution [Member] | |||||
Revenues | 2,760 | 1,694 | 4,670 | 3,676 | |
Distribution [Member] | Operating Segments [Member] | |||||
Revenues | 2,760 | 1,694 | 4,670 | 3,676 | |
Operating Income / (loss) | 401 | 217 | 646 | 482 | |
Assets | 1,976 | 1,437 | 1,976 | 1,437 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | 0 | |
Real Estate Segment [Member] | |||||
Revenues | 6 | 4 | 13 | 12 | |
Real Estate Segment [Member] | Operating Segments [Member] | |||||
Revenues | 6 | 4 | 13 | 12 | |
Operating Income / (loss) | (27) | (28) | (53) | (42) | |
Assets | 2,502 | 1,580 | 2,502 | 1,580 | |
Depreciation and amortization | 18 | 20 | 36 | 38 | |
Capital expenditures | $ 0 | $ 0 | $ 0 | $ 0 |
Note 15 - Other (Expenses) _ _3
Note 15 - Other (Expenses) / Income - Other (Expenses) / Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Interest income | $ 96 | $ 37 | $ 174 | $ 55 |
Other rental income | 36 | 27 | 72 | 54 |
Exchange loss | 236 | 349 | 177 | 279 |
Other miscellaneous income | 22 | 21 | 45 | 64 |
Total | $ (82) | $ (264) | $ 114 | $ (106) |
Note 16 - Government Grants (De
Note 16 - Government Grants (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Government Assistance, Amount | $ 4 | $ 21 | $ 77 | $ 42 |
Financial Assistance Received From the Singapore Government [Member] | ||||
Government Assistance, Amount | 17 | 16 | 17 | |
Subsidiary From China Government [Member] | ||||
Government Assistance, Amount | $ 4 | 15 | ||
Employee Retention Credit [Member] | ||||
Government Assistance, Amount | $ 57 | |||
Financial Assistance for COVID from Singapore Government [Member] | ||||
Government Assistance, Amount | $ 10 |
Note 16 - Government Grants - G
Note 16 - Government Grants - Grants Received (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Government grant | $ 4 | $ 21 | $ 77 | $ 42 |
Note 17 - Income Taxe (Details
Note 17 - Income Taxe (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, GILTI, Amount | $ 15 | $ 41 | $ 30 | $ 83 |
Income Tax Expense (Benefit) | $ 95 | $ 241 | 132 | 466 |
Effective Income Tax Rate Reconciliation, Percent | 16.50% | 29.50% | ||
Unrecognized Tax Benefits | $ 0 | $ 0 | $ 0 | $ 0 |
Note 18 - Revenue 1 (Details Te
Note 18 - Revenue 1 (Details Textual) | Jun. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 55 |
Note 18 - Revenue 2 (Details Te
Note 18 - Revenue 2 (Details Textual) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Revenue, Remaining Performance Obligation, Amount | $ 55 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | $ 0 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 18 - Revenue - Contract Ba
Note 18 - Revenue - Contract Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Trade Accounts Receivable | $ 12,388 | $ 9,804 |
Accounts Payable | 2,345 | 1,660 |
Contract Liabilities | $ 3,808 | $ 1,277 |
Note 19 - Earnings Per Share (D
Note 19 - Earnings Per Share (Details Textual) - $ / shares | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding (in shares) | 617,000 | 636,375 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 2.53 | $ 2.53 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 7.76 | $ 7.76 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 284,500 | 405,500 |
Note 19 - Earnings Per Share -
Note 19 - Earnings Per Share - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income attributable to Trio-Tech International common shareholders from continuing operations, net of tax | $ 503 | $ 512 | $ 730 | $ 1,394 |
Income / (loss) attributable to Trio-Tech International common shareholders from discontinued operations, net of tax | 4 | (5) | 7 | (5) |
Net income attributable to Trio-Tech International Common Shareholders | $ 507 | $ 507 | $ 737 | $ 1,389 |
Weighted average number of common shares outstanding - basic (in shares) | 4,120 | 4,074 | 4,109 | 4,074 |
Dilutive effect of stock options (in shares) | 139 | 88 | 161 | 86 |
Number of shares used to compute earnings per share - diluted (in shares) | 4,259 | 4,162 | 4,270 | 4,160 |
Basic earnings per share from continuing operations attributable to Trio-Tech International (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.18 | $ 0.34 |
Basic earnings per share from discontinued operations attributable to Trio-Tech International (in dollars per share) | 0 | 0 | 0 | 0 |
Basic earnings per share from net income attributable to Trio-Tech International (in dollars per share) | 0.12 | 0.12 | 0.18 | 0.34 |
Diluted earnings per share from continuing operations attributable to Trio-Tech International (in dollars per share) | 0.12 | 0.12 | 0.17 | 0.33 |
Diluted earnings per share from discontinued operations attributable to Trio-Tech International (in dollars per share) | 0 | 0 | 0 | 0 |
Diluted earnings per share from net income attributable to Trio-Tech International (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.17 | $ 0.33 |
Note 20 - Stock Options (Detail
Note 20 - Stock Options (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Oct. 31, 2023 | Dec. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 24, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Payments | $ 0 | ||||||||
Employee Stock Option Plan 2017 [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 600,000 | 300,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 300,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 48,000 | 25,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 63,875 | 5,000 | |||||||
Share-Based Payment Arrangement, Expense | $ 90 | $ 54 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 88,250 | 134,500 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 5.59 | $ 4.78 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 3 years 29 days | 1 year 8 months 23 days | |||||||
Employee Stock Option Plan 2017 [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | ||||||||
Director Plan 2017 [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 900,000 | 600,000 | 300,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized | 300,000 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 5 years | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | 0 | ||||||
Share-Based Payment Arrangement, Expense | $ 0 | $ 0 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 420,000 | 420,000 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 4.91 | $ 5.1 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 4 months 28 days | 2 years 4 months 2 days | |||||||
Minimum [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 2 years 6 months | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.11% | 0.11% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 52.20% | 47.30% | |||||||
Maximum [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years 3 months | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.17% | 4.59% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 73.85% | 73.85% |
Note 20 - Stock Options - Summa
Note 20 - Stock Options - Summary of Options Activities (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Stock Option Plan 2017 [Member] | ||||
Outstanding, options (in shares) | 216,375 | 236,375 | 236,375 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.89 | $ 5.21 | $ 5.21 | |
Outstanding, weighted average remaining contractual term (Year) | 3 years 6 months 3 days | 2 years 5 months 26 days | 2 years 11 months 1 day | 2 years 7 months 9 days |
Aggregate intrinsic value outstanding | $ 39 | $ 96 | $ 140 | $ 87 |
Granted, options (in shares) | 48,000 | 25,000 | ||
Granted, weighted average exercise price (in dollars per share) | $ 4.88 | $ 5.18 | ||
Exercised, options (in shares) | (63,875) | (5,000) | ||
Exercise of stock option (in shares) | 63,875 | 5,000 | ||
Exercised, weighted average exercise price (in dollars per share) | $ 3.12 | $ 3.75 | ||
Forfeited or expired, options (in shares) | (3,500) | (40,000) | ||
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 3.75 | |||
Outstanding, options (in shares) | 197,000 | 216,375 | 216,375 | 236,375 |
Outstanding, options (in shares) | 197,000 | 216,375 | 216,375 | 236,375 |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.48 | $ 5.16 | $ 4.89 | $ 5.21 |
Outstanding at September 30, 2023 (in dollars per share) | $ 5.48 | $ 5.16 | $ 4.89 | $ 5.21 |
Exercisable, options (in shares) | 88,250 | 134,500 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 5.59 | $ 4.78 | ||
Exercisable, weighted average remaining contractual term (Year) | 3 years 29 days | 1 year 8 months 23 days | ||
Exercisable, aggregate intrinsic value | $ 16 | $ 75 | ||
Director Plan 2017 [Member] | ||||
Outstanding, options (in shares) | 420,000 | 420,000 | 420,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.91 | $ 5.1 | $ 5.1 | |
Outstanding, weighted average remaining contractual term (Year) | 2 years 4 months 28 days | 2 years 4 months 2 days | 2 years 10 months 28 days | 2 years 10 months 6 days |
Aggregate intrinsic value outstanding | $ 352 | $ 255 | $ 309 | $ 228 |
Granted, options (in shares) | 0 | 0 | ||
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | ||
Exercised, options (in shares) | 0 | 0 | 0 | |
Exercise of stock option (in shares) | 0 | 0 | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |||
Forfeited or expired, options (in shares) | 0 | |||
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 0 | |||
Outstanding, options (in shares) | 420,000 | 420,000 | 420,000 | 420,000 |
Outstanding, options (in shares) | 420,000 | 420,000 | 420,000 | 420,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.91 | $ 5.1 | $ 4.91 | $ 5.1 |
Outstanding at September 30, 2023 (in dollars per share) | $ 4.91 | $ 5.1 | $ 4.91 | $ 5.1 |
Exercisable, options (in shares) | 420,000 | 420,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 4.91 | $ 5.1 | ||
Exercisable, weighted average remaining contractual term (Year) | 2 years 4 months 28 days | 2 years 4 months 2 days | ||
Exercisable, aggregate intrinsic value | $ 352 | $ 255 |
Note 20 - Stock Options - Sum_2
Note 20 - Stock Options - Summary of Nonvested Employee Stock (Details) - Employee Stock Option Plan 2017 [Member] - $ / shares | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Non-vested options outstanding (in shares) | 81,750 | 75,875 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 5.53 | $ 5.98 |
Granted (in shares) | 48,000 | 25,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 4.88 | $ 5.18 |
Vested (in shares) | (21,000) | (9,000) |
Non-vested options outstanding (in shares) | 108,750 | 81,875 |
Forfeited (in shares) | (10,000) | |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 5.38 | $ 5.79 |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 |
Note 21 - Leases (Details Textu
Note 21 - Leases (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 | Jun. 30, 2023 | |
Lessor Asset under Operating Lease, Term (Year) | 20 years | |||
Depreciation, Lessor Asset under Operating Lease | $ 34 | $ 38 | ||
Lessor, Sales-type Leased Assets, Number of Units | 4 | 4 | ||
Lessor, Sales-type Lease, Term of Contract (Year) | 3 years | 3 years | ||
Lessor, Sales-type Lease, Weighted Average Effective Interest Rate | 11.16% | 11.16% | 11.16% | |
Lessor, Sales-type Lease, Weighted Average Remaining Lease Term | 3 months | 9 months | ||
Minimum [Member] | ||||
Lessor, Operating Lease, Term of Contract | 12 months | 12 months | ||
Lessor, Sales-type Lease, Weighted Average Remaining Lease Term (Year) | 1 year | 1 year | ||
Maximum [Member] | ||||
Lessor, Operating Lease, Term of Contract | 60 months | 60 months | ||
Lessor, Sales-type Lease, Weighted Average Remaining Lease Term (Year) | 4 years | 4 years |
Note 21 - Leases - Future Minim
Note 21 - Leases - Future Minimum Rental Income (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Payments to be received, Remainder of Fiscal 2024 | $ 67 | |
Payments to be received, 2026 | 45 | $ 141 |
Payments to be received, 2025 | 134 | |
Payments to be received, 2027 | 15 | 141 |
Payments to be received, year four | 46 | |
Payments to be received, year five | 16 | |
Payments to be received, total | $ 261 | $ 344 |
Note 21 - Leases - Components o
Note 21 - Leases - Components of Financed Sales Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Gross financial sales receivable | $ 6 | $ 17 |
Unearned finance income | 0 | (1) |
Financed sales receivable | 6 | 16 |
Financed sales receivable | 6 | 16 |
Net financed sales receivables due after one year | 0 | 0 |
Net Investment in Lease, after Allowance for Credit Loss | $ 6 | $ 16 |
Note 21 - Leases - Supplement B
Note 21 - Leases - Supplement Balance Sheet Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Lease Cost | |||||
Plant and equipment, at cost | $ 1,607 | $ 1,607 | $ 1,734 | ||
Interest on finance lease | 2 | $ 3 | 5 | $ 6 | |
Accumulated depreciation | (1,072) | (1,072) | (1,075) | ||
Plant and Equipment, Net | 535 | 535 | 659 | ||
Amortization of right-of-use assets | 12 | 44 | 56 | 92 | |
Current portion of finance leases | 81 | 81 | 107 | ||
Net of current portion of finance leases | 15 | 15 | 42 | ||
Total finance lease cost | 14 | 47 | 61 | 98 | |
Total Finance Lease Liabilities | 96 | 96 | 149 | ||
Operating lease right-of-use assets | 2,359 | 2,359 | 2,609 | ||
Operating lease cost | 385 | $ 369 | 754 | $ 749 | |
Current portion of operating leases | 1,119 | 1,119 | 1,098 | ||
Net of current portion of operating leases | 1,240 | 1,240 | 1,511 | ||
Total Operating Lease Liabilities | $ 2,359 | $ 2,359 | $ 2,609 |
Note 21 - Leases - Other Inform
Note 21 - Leases - Other Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating cash flows from finance leases | $ 3 | $ 6 |
Operating cash flows from operating leases | 693 | 594 |
Finance cash flows from finance leases | $ 55 | $ 67 |
Finance leases (Year) | 9 months 18 days | 1 year 7 months 2 days |
Operating leases (Year) | 2 years 29 days | 2 years 8 months 1 day |
Finance leases | 2.89% | 3.22% |
Operating leases | 5.51% | 5.54% |
Note 21 - Leases - Future Min_2
Note 21 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
2025, operating lease | $ 712 | $ 1,321 |
2025, finance lease | 57 | 112 |
2026, operating lease | 1,019 | 846 |
2026, finance lease | 35 | 33 |
Year three, operating leases | 570 | |
Thereafter, operating lease | 772 | |
Year three, finance leases | 12 | |
Thereafter, finance lease | 12 | |
After year three, operating leases | 64 | |
Total future minimum lease payments, operating lease | 2,503 | 2,801 |
After year three, finance leases | 0 | |
Total future minimum lease payments | 104 | 157 |
Less: amount representing interest, operating lease | (144) | (192) |
Less: amount representing interest | (8) | (8) |
Present value of net minimum lease payments, operating lease | 2,359 | 2,609 |
Present value of net minimum lease payments | 96 | 149 |
Current, operating lease | 1,119 | 1,098 |
Current | 81 | 107 |
Non-current, operating lease | 1,240 | 1,511 |
Non-Current | $ 15 | $ 42 |
Note 23 - Concentration of Cu_3
Note 23 - Concentration of Customers (Details Textual) | Dec. 31, 2023 |
Number of Major Customers | 3 |
Note 23 - Concentration of Cu_4
Note 23 - Concentration of Customers - Revenue and Trade Accounts Receivables (Details) - Customer Concentration Risk [Member] | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | Customer A [Member] | ||
Concentration risk | 21.80% | 34.70% |
Revenue Benchmark [Member] | Customer B [Member] | ||
Concentration risk | 17.70% | 13.30% |
Revenue Benchmark [Member] | Customer C [Member] | ||
Concentration risk | 13.90% | 15.30% |
Accounts Receivable [Member] | Customer A [Member] | ||
Concentration risk | 21% | 32.10% |
Accounts Receivable [Member] | Customer B [Member] | ||
Concentration risk | 24.40% | 17.30% |
Accounts Receivable [Member] | Customer C [Member] | ||
Concentration risk | 22.80% | 15.60% |