Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2020 | Nov. 01, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | TRIO-TECH INTERNATIONAL | |
Entity Central Index Key | 0000732026 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | CA | |
Entity File Number | 1-14523 | |
Entity Common Stock, Shares Outstanding | 3,710,555 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,849 | $ 4,150 |
Short-term deposits | 6,678 | 6,697 |
Trade accounts receivable, less allowance for doubtful accounts of $318 and $314, respectively | 5,745 | 5,951 |
Other receivables | 905 | 998 |
Inventories, less provision for obsolete inventories of $692 and $678, respectively | 1,872 | 1,922 |
Prepaid expenses and other current assets | 417 | 482 |
Total current assets | 20,466 | 20,200 |
NON-CURRENT ASSETS | ||
Deferred tax asset | 276 | 247 |
Investment properties, net | 699 | 690 |
Property, plant and equipment, net | 10,135 | 10,310 |
Operating lease right-of-use assets | 819 | 944 |
Other assets | 1,738 | 1,609 |
Restricted term deposits | 1,695 | 1,660 |
Total non-current assets | 15,362 | 15,460 |
Total assets | 35,828 | 35,660 |
CURRENT LIABILITIES: | ||
Lines of credit | 0 | 172 |
Accounts payable | 2,024 | 2,590 |
Accrued expenses | 3,549 | 3,005 |
Income taxes payable | 360 | 344 |
Current portion of bank loans payable | 425 | 370 |
Current portion of finance leases | 224 | 231 |
Current portion of operating leases | 425 | 477 |
Current portion of PPP loan | 121 | 54 |
Total current liabilities | 7,128 | 7,243 |
NON-CURRENT LIABILITIES: | ||
Bank loans payable, net of current portion | 1,956 | 1,836 |
Finance leases, net of current portion | 394 | 435 |
Operating leases, net of current portion | 394 | 467 |
Income taxes payable | 385 | 430 |
PPP loan, net of current portion | 0 | 67 |
Other non-current liabilities | 33 | 36 |
Total non-current liabilities | 3,162 | 3,271 |
Total liabilities | 10,290 | 10,514 |
TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY: | ||
Common stock, no par value, 15,000,000 shares authorized; 3,685,555 shares issued outstanding as at September 30, 2020 and 3,673,055 shares as at June 30, 2020, respectively | 11,458 | 11,424 |
Paid-in capital | 3,369 | 3,363 |
Accumulated retained earnings | 8,028 | 8,036 |
Accumulated other comprehensive gain-translation adjustments | 1,747 | 1,143 |
Total Trio-Tech International shareholders' equity | 24,602 | 23,966 |
Non-controlling interest | 936 | 1,180 |
Total equity | 25,538 | 25,146 |
Total liabilities and equity | $ 35,828 | $ 35,660 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 318 | $ 314 |
Provision for obsolete inventory | $ 692 | $ 678 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, authorized | 15,000,000 | 15,000,000 |
Common stock, issued | 3,685,555 | 3,673,055 |
Common stock, outstanding | 3,685,555 | 3,673,055 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | ||
Manufacturing | $ 2,625 | $ 3,317 |
Testing services | 2,954 | 4,390 |
Distribution | 1,258 | 2,099 |
Real estate | 4 | 17 |
Total | 6,841 | 9,823 |
Cost of Sales | ||
Cost of manufactured products sold | 1,937 | 2,555 |
Cost of testing services rendered | 2,322 | 3,191 |
Cost of distribution | 1,047 | 1,807 |
Cost of real estate | 17 | 18 |
Total | 5,323 | 7,571 |
Gross margin | 1,518 | 2,252 |
Operating Expenses | ||
General and administrative | 1,660 | 1,788 |
Selling | 111 | 190 |
Research and development | 75 | 76 |
Gain on disposal of property, plant and equipment | (1) | (24) |
Total operating expenses | 1,845 | 2,030 |
(Loss)/income from operations | (327) | 222 |
Other Income/(Expenses) | ||
Interest expenses | (37) | (68) |
Other income, net | 211 | 110 |
Total other income | 174 | 42 |
(Loss)/Income from continuing operations before income taxes | (153) | 264 |
Income tax benefits | (7) | 0 |
(Loss)/Income from continuing operations before non-controlling interest, net of tax | (160) | 264 |
Discontinued Operations | ||
Loss from discontinued operations, net of tax | (6) | (1) |
NET (LOSS)/INCOME | (166) | 263 |
Less: net loss attributable to non-controlling interest | (158) | (10) |
Net (Loss)/income attributable to Trio-Tech International common shareholders | (8) | 273 |
Amounts Attributable to Trio-Tech International Common Shareholders: | ||
Loss from continuing operations, net of tax | (5) | 274 |
Loss from discontinued operations, net of tax | (3) | (1) |
Net Loss attributable to Trio-Tech International common shareholders | $ (8) | $ 273 |
Basic Earnings per Share: | ||
Basic earnings per share from continuing operations attributable to Trio-Tech International | $ .00 | $ 0.07 |
Basic earnings per share from discontinued operations attributable to Trio-Tech International | .00 | .00 |
Basic earnings per share from net income attributable to Trio-Tech International | .00 | 0.07 |
Diluted Earnings per Share: | ||
Diluted earnings per share from continuing operations attributable to Trio-Tech International | 0 | 0.07 |
Diluted earnings per share from discontinued operations attributable to Trio-Tech International | 0 | 0 |
Diluted earnings per share from net income attributable to Trio-Tech International | $ 0 | $ 0.07 |
Weighted average number of common shares outstanding basic (in thousands) | 3,686 | 3,673 |
Dilutive effect of stock options (in thousands) | 80 | 17 |
Number of shares used to compute earnings per share diluted (in thousands) | 3,766 | 3,690 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Comprehensive Income Attributable to Trio-Tech International Common Shareholders: | ||
Net (loss)/income | $ (166) | $ 263 |
Foreign currency translation, net of tax | 640 | (563) |
Comprehensive income/loss | 474 | (300) |
Less: comprehensive (loss)/income attributable to the non-controlling interest | (122) | 9 |
Comprehensive (loss)/income attributable to Trio-Tech International common shareholders | $ 596 | $ (309) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interest | Total |
Beginning balance, shares (in thousands) at Jun. 30, 2019 | 3,673 | |||||
Beginning balance, amount at Jun. 30, 2019 | $ 11,424 | $ 3,305 | $ 7,070 | $ 1,867 | $ 1,195 | $ 24,861 |
Stock option expenses | 8 | 8 | ||||
Net income/(loss) | 273 | (10) | 263 | |||
Translation adjustment | (582) | 19 | (563) | |||
Ending balance, shares (in thousands) at Sep. 30, 2019 | 3,673 | |||||
Ending balance, amount at Sep. 30, 2019 | $ 11,424 | 3,313 | 7,343 | 1,285 | 1,204 | 24,569 |
Beginning balance, shares (in thousands) at Jun. 30, 2020 | 3,673 | |||||
Beginning balance, amount at Jun. 30, 2020 | $ 11,424 | 3,363 | 8,036 | 1,143 | 1,180 | 25,146 |
Stock option expenses | 6 | 6 | ||||
Net income/(loss) | (8) | (158) | (166) | |||
Dividend declared by subsidiary | (122) | (122) | ||||
Exercise of options, shares (in thousands) | 13 | |||||
Exercise of options, amount | $ 34 | 34 | ||||
Translation adjustment | 604 | 36 | 640 | |||
Ending balance, shares (in thousands) at Sep. 30, 2020 | 3,686 | |||||
Ending balance, amount at Sep. 30, 2020 | $ 11,458 | $ 3,369 | $ 8,028 | $ 1,747 | $ 936 | $ 25,538 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flow from Operating Activities | ||
Net income | $ (166) | $ 263 |
Adjustments to reconcile net income to net cash flow provided by operating activities | ||
Depreciation and amortization | 702 | 786 |
Stock compensation | 0 | 8 |
Addition / (Reversal) of provision for obsolete inventories | 6 | (5) |
Stock option expense | 6 | 0 |
Bad debt recovery | (5) | (13) |
Accrued interest expense, net accrued interest income | 0 | (10) |
Payment of interest portion of finance lease | (10) | 0 |
Warranty recovery, net | 0 | 1 |
Gain on sale of property, plant and equipment - continuing operations | (1) | (24) |
Deferred tax benefit/(provision) | (19) | (4) |
Changes in operating assets and liabilities, net of acquisition effect | ||
Trade accounts receivable | 219 | (386) |
Other receivables | 93 | 61 |
Other assets | (67) | 98 |
Inventories | 67 | 707 |
Prepaid expenses and other current assets | 71 | (59) |
Accounts payable and accrued expenses | (236) | (136) |
Income taxes payable | (23) | (93) |
Operating lease liabilities | 174 | 202 |
Net cash provided by operating activities | 463 | 990 |
Cash Flow from Investing Activities | ||
Investments in restricted and unrestricted deposits | 0 | (1,165) |
Short-term advances | (6) | 0 |
Addition to property, plant and equipment | (87) | (500) |
Net cash used in investing activities | (93) | (1,665) |
Cash Flow from Financing Activities | ||
Payment on lines of credit | (174) | (604) |
Payment of bank loans | (103) | (122) |
Payment of finance leases | (54) | (65) |
Dividends paid to non-controlling interest | (122) | 0 |
Proceeds from exercising stock options | 34 | 0 |
Proceeds from lines of credit | 0 | 410 |
Proceeds from Bank loans | 208 | 0 |
Proceeds from finance leases | 0 | 44 |
Net cash generated from/(used in) financing activities | (211) | (337) |
Effect of changes in exchange rate | 575 | (173) |
Net decrease in cash, cash equivalents, and restricted cash | 734 | (1,185) |
Cash, cash equivalents, and restricted cash at beginning of period | 5,810 | 6,569 |
Cash, cash equivalents, and restricted cash at end of period | 6,544 | 5,384 |
Supplementary Information of Cash Flows | ||
Interest | 67 | 61 |
Income taxes | 0 | 124 |
Non-Cash Transactions | ||
Finance lease of property, plant and equipment | 0 | 44 |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | ||
Cash | 4,849 | 3,710 |
Restricted term-deposits in non-current assets | 1,695 | 1,674 |
Total cash, cash equivalents, and restricted cash shown in Statement of Cash Flows | $ 6,544 | $ 5,384 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | 1. ORGANIZATION AND BASIS OF PRESENTATION Trio-Tech International (“the Company” or “TTI” hereafter) was incorporated in fiscal year 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. 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 first quarter of fiscal year 2021, TTI conducted business in four business segments: Manufacturing, Testing Services, Distribution and Real Estate. TTI has subsidiaries in the U.S., Singapore, Malaysia, Thailand, Indonesia 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. 55% Selangor, Malaysia (100% owned by Trio-Tech Malaysia Sdn. Bhd.) Prestal Enterprise Sdn. Bhd. 76% Selangor, Malaysia (76% owned by Trio-Tech International Pte. Ltd.) Trio-Tech (SIP) Co., Ltd. * 100% Suzhou, China Trio-Tech (Chongqing) Co. Ltd. * 100% Chongqing, China SHI International Pte. Ltd. (Dormant) (55% owned by Trio-Tech International Pte. Ltd) 55% Singapore PT SHI Indonesia (Dormant) (100% owned by SHI International Pte. Ltd.) 55% Batam, Indonesia Trio-Tech (Tianjin) Co., Ltd. * 100% Tianjin, China * 100% owned by Trio-Tech International Pte. Ltd. The accompanying un-audited 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 inter-company accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in U.S. dollars. The accompanying condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for fair presentation have been included. Operating results for the three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. Certain accounting matters that generally require consideration of forecasted financial information were assessed regarding impacts from the COVID-19 pandemic as of September 30, 2020 and through this Quarterly Report dated 13 November 2020 using reasonably available information as of those dates. Those accounting matters assessed included, but were not limited to, allowance for doubtful accounts, the carrying value of long-lived tangible assets and the valuation allowances for tax assets. While the assessments resulted in no material impacts to the consolidated financial statements as of and for the quarter ended September 30, 2020, the Company believes the full impact of the pandemic remains uncertain and the Company will continue to assess if ongoing developments related to the pandemic may cause future material impacts to our consolidated financial statements. As of September 30, 2020, the Company had cash and cash equivalents and short-terms deposits totalling $11,527 and unused line of credit of $5,621. We finance operations primarily through our existing cash balances, cash collected from operations, bank borrowings and capital lease financing. We believe these sources are sufficient to fund our operations for the foreseeable future. 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, 2020. The Company’s operating results are presented based on the translation of foreign currencies using the respective quarter’s average exchange rate. Basis of Presentation and Summary of Significant Accounting Policies Leases-Lessee Accounting Standards Codification ("ASC") Topic 842 introduces new requirements to increase transparency and comparability among organizations for leasing transactions for both lessees and lessors. It requires a lessee to record a right-of-use asset and a lease liability for all leases with terms longer than 12 months. These leases will be either finance or operating, with classification affecting the pattern of expense recognition. The standard provided an alternative modified retrospective transition method. Under this method, the cumulative effect adjustment to the opening balance of retained earnings is recognized on the date of adoption (July 1, 2019). The Company adopted ASC 842 The Company applies the guidance in ASC 842 to individual leases of assets. When the Company receives substantially all the economic benefits from and directs the use of specified property, plant and equipment, transactions give rise to leases. The Company’s classes of assets include real estate leases. Operating leases are included in operating lease right-of-use ("ROU") assets, current portion and long-term portion of operating leases in our consolidated balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Finance leases are included in plant and equipment, current portion and long-term portion of finance leases in our consolidated balance sheets. The Company has elected the practical expedient within ASC 842 to not separate lease and non-lease components within lease transactions for all classes of assets. Additionally, the Company has elected the short-term lease exception for all classes of assets, does not apply the recognition requirements for leases of 12 months or less, and recognizes lease payments for short-term leases as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable. These elections are applied consistently for all leases. As part of applying the transition method, the Company has elected to apply the package of transition practical expedients within the new guidance. As required by the new standard, these expedients have been elected as a package and are consistently applied across the Company’s lease portfolio. Given this election, the Company need not reassess: ● whether any expired or existing contracts are or contain leases ● the lease classification for any expired or existing leases ● treatment of initial direct costs relating to any existing leases When discount rates implicit in leases cannot be readily determined, the Company uses the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and to measure lease liabilities and ROU assets. The incremental borrowing rate used by the Company was based on baseline rates and adjusted by the credit spreads commensurate with the Company’s secured borrowing rate over a similar term. At each reporting period when there is a new lease initiated, the rates established for that quarter will be used. In applying the alternative modified retrospective transition method, the Company measured lease liabilities at the present value of the sum of remaining minimum rental payments (as defined under ASC Topic 840). The present value of lease liabilities has been measured using the Company’s incremental borrowing rates as of July 1, 2019 (the date of initial application). Additionally, ROU assets for these operating leases have been measured as the initial measurement of application lease liabilities adjusted for reinstatement liabilities. Leases-Lessor For the Company as lessor, all our leases will continue to be classified as operating leases under the new standard. We do not expect the new standard to have a material effect on our financial statements and we do not expect a significant change in our leasing activities between now and adoption. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Sep. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | In October 2020, FASB issued ASU2020-10: Codification Improvements. In August 2020, the FASB issued ASU 2020-06: Debt – Debt with Conversion and Other options (Subtopic 470-20) and Derivative and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) In March 2020, FASB issued ASU 2020-04 ASC Topic 848: Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting In June 2016, FASB issued ASU 2016-13 ASC Topic 326: Financial Instruments — Credit Losses Other new pronouncements issued but not yet effective until after September 30, 2020 are not expected to have a significant effect on the Company’s consolidated financial position or results of operations. |
TERM DEPOSITS
TERM DEPOSITS | 3 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
TERM DEPOSITS | Sep. 30, 2020 (Unaudited) June 30, 2020 Short-term deposits $ 6,696 $ 6,887 Currency translation effect on short-term deposits (18 ) (190 ) Total short-term deposits 6,678 6,697 Restricted term deposits 1,661 1,712 Currency translation effect on restricted term deposits 34 (52 ) Total restricted term deposits 1,695 1,660 Total term deposits $ 8,373 $ 8,357 Restricted deposits represent the amount of cash pledged to secure loans payable to financial institutions and 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 non-current assets, as they relate to long-term obligations and will become unrestricted only upon discharge of the obligations. Short-term deposits represent bank deposits, which do not qualify as cash equivalents. |
TRADE ACCOUNTS RECEIVABLE AND A
TRADE ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | 3 Months Ended |
Sep. 30, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
TRADE ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | 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. Senior management reviews accounts receivable on a periodic basis to determine if any receivables will potentially be uncollectible. Management includes any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts. After all reasonable attempts to collect a receivable have failed, the receivable is written off against the allowance. Based on the information available, management believed the allowance for doubtful accounts as of September 30, 2020 and June 30, 2020 was adequate. The following table represents the changes in the allowance for doubtful accounts: Sept. 30, 2020 (Unaudited) June 30, 2020 Beginning $ 314 $ 263 Additions charged to expenses - 351 Recovered (5 ) (284 ) Write-off - (9 ) Currency translation effect 9 (7 ) Ending $ 318 $ 314 |
LOANS RECEIVABLE FROM PROPERTY
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS | 3 Months Ended |
Sep. 30, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS | The following table presents Trio-Tech (Chongqing) Co. Ltd (“TTCQ”)’s loan receivable from property development projects in China as of September 30, 2020. Loan Expiry Date Loan Amount (RMB) Loan Amount (U.S. Dollars) Short-term loan receivables JiangHuai (Project – Yu Jin Jiang An) May 31, 2013 2,000 294 Less: allowance for doubtful receivables (2,000 ) (294 ) Net loan receivables from property development projects - - Long-term loan receivables Jun Zhou Zhi Ye Oct 31, 2016 5,000 734 Less: transfer – down-payment for purchase of investment property (5,000 ) (734 ) Net loan receivables from property development projects - - The short-term loan receivables amounting to renminbi (“RMB”) 2,000, or approximately $294 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 fiscal 2011. Based on TTI’s financial policy, a provision for doubtful receivables of $294 on the investment in JiangHuai was recorded during fiscal 2014. TTCQ did not generate other income from JiangHuai for the quarter ended September 30, 2020 or for the fiscal year ended June 30, 2020. TTCQ is in the legal process of recovering the outstanding amount of $294. The loan amounting to RMB 5,000, or approximately $734 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. The book value of the loan receivable approximates its fair value. During fiscal year 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). |
INVENTORIES
INVENTORIES | 3 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | Inventories consisted of the following: Sept. 30, 2020 (Unaudited) June 30, 2020 Raw materials $ 1,238 $ 1,281 Work in progress 1,009 968 Finished goods 278 422 Inventories in transit 7 - Currency translation effect 32 (71 ) Less: provision for obsolete inventories (692 ) (678 ) 1,872 1,922 The following table represents the changes in provision for obsolete inventories: Sept. 30, 2020 (Unaudited) June 30, 2020 Beginning $ 678 $ 673 Additions charged to expenses 6 26 Usage – disposition - (8 ) Currency translation effect 8 (13 ) Ending $ 692 $ 678 |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 3 Months Ended |
Sep. 30, 2020 | |
Investments [Abstract] | |
INVESTMENT PROPERTIES | The following table presents the Company’s investment in properties in China as of September 30, 2020. The exchange rate is based on the market rate as of September 30, 2020. Investment Date / Reclassification Date Investment Amount (RMB) Investment Amount (U.S. Dollars Purchase of rental property – Property I – MaoYe Property Jan 04, 2008 5,554 894 Currency translation - (87 ) Reclassification as “Assets held for sale” July 01, 2019 (5,554 ) (807 ) Reclassification from “Assets held for sale” Mar 31, 2020 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 - Fu Li Apr 08, 2010 4,025 648 Currency translation - (113 ) Gross investment in rental property 9,649 1,416 Accumulated depreciation on rental property Sep 30, 2020 (6,678 ) (984 ) Reclassified as “Assets held for sale”-Mao Ye Property July 01, 2019 2,822 410 Reclassification from “Assets held for sale”-Mao Ye Property Mar 31, 2020 (1,029 ) (143 ) (4,885 ) (717 ) Net investment in property – China 4,764 699 The following table presents the Company’s investment in properties in China as of June 30, 2020. The exchange rate is based on the market rate as of June 30, 2020. Investment Date / Reclassification Date Investment Amount (RMB) Investment Amount (U.S. Dollars Purchase of rental property – Property I – MaoYe Property Jan 04, 2008 5,554 894 Currency translation - (87 ) Reclassification as “Assets held for sale” July 01, 2019 (5,554 ) (807 ) Reclassification from “Assets held for sale” Mar 31, 2020 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 - Fu Li Apr 08, 2010 4,025 648 Currency translation - (166 ) Gross investment in rental property 9,649 1,363 Accumulated depreciation on rental property June 30, 2020 (6,558 ) (940 ) Reclassified as “Assets held for sale”-Mao Ye Property July 01, 2019 2,822 410 Reclassification from “Assets held for sale”-Mao Ye Property Mar 31, 2020 (1,029 ) (143 ) (4,765 ) (673 ) Net investment in property – China 4,884 690 Rental Property I - Mao Ye Property In fiscal 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. Property purchased from MaoYe generated a rental income of $nil during the three months ended September 30, 2020 as compared to $8 for the same period in last fiscal year. Depreciation expense for MaoYe was $4 for the three months ended September 30, 2020 and 2019, respectively. Rental Property II - JiangHuai In fiscal year 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. TTCQ had yet to receive the title deed for these properties. TTCQ was in the legal process of obtaining the title deed until the developer encountered cash flow difficulties in the recent years. Since fiscal year 2018, JiangHuai has been under liquidation and is now undergoing asset distribution. Nonetheless, this is not expected to affect the property’s market value but, in view of the COVID-19 pandemic and current economic situation, it is likely to be more tedious and time-consuming for the Court in their execution of the sale. Property purchased from JiangHuai did not generate any rental income for the three months ended September 30, 2020 and 2019. Depreciation expense for JiangHuai was $6 for the three months ended September 30, 2020 and 2019, respectively. 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 commercial properties totaling 311.99 square meters (“office space”) located in Jiang Bei District Chongqing. The total purchase price committed and paid was RMB 4,025, or approximately $648. The development was completed, the property was handed over to TTCQ in April 2013 and the title deed was received during the third quarter of fiscal 2014. One of the two commercial properties was leased by TTCQ to a third party under a lease providing for a rent increase of 6% every year on May 1, commencing in 2019 until the rental agreement expires on April 30, 2021. The agreement was terminated in April 2020 due to the current slow and cautious market rental conditions. Management is still actively looking for a tenant for this property. For the other leased property , TTCQ renewed the lease agreement to rent out the 161 square meter space at a monthly rate of RMB10, or approximately $1, from November 1, 2019 to October 31, 2020. Properties purchased from Fu Li generated a rental income of $4 for the three months ended September 30, 2020, and $9 for the same period in the last fiscal year. Depreciation expense for Fu Li was $7 for the three months ended September 30, 2020 and 2019, respectively. Summary Total rental income for all investment properties in China was $4 for the three months ended September 30, 2020 and $17 for the same period in the last fiscal year. Depreciation expenses for all investment properties in China were $17 for the three months ended September 30, 2020 for the same period in the last fiscal year. |
OTHER ASSETS
OTHER ASSETS | 3 Months Ended |
Sep. 30, 2020 | |
Other Assets [Abstract] | |
OTHER ASSETS | Other assets consisted of the following: Sept. 30, 2020 (Unaudited) June 30, 2020 Down payment for purchase of investment properties * $ 1,645 $ 1,645 Down payment for purchase of property, plant and equipment 69 8 Deposits for rental and utilities 166 171 Currency translation effect (142 ) (215 ) Total $ 1,738 $ 1,609 *Down payment for purchase of investment properties included: RMB US Dollars Original investment (10% of Jun Zhou equity) $ 10,000 $ 1,606 Less: Management Fee (5,000 ) (803 ) Net Investment 5,000 803 Less: Share of loss on Joint Venture (137 ) (22 ) Net Investment as down payment(Note *a) 4,863 781 Loans Receivable 5,000 814 Interest Receivable 1,250 200 Less: Impairment of Interest (906 ) (150 ) Transferred to down payment(Note *b) 5,344 864 * Down payment for purchase of investment properties 10,207 1,645 a) On December 2, 2010, the Company signed a Joint Venture agreement (“agreement”) with Jia Sheng Property Development Co. Ltd. (“Developer”) to form a new company, Jun Zhou Co., Limited (“Joint Venture” or “Jun Zhou”) to joint develop the “Singapore Themed Park” project (the “project”), where the Company paid RMB10 million for the 10% investment in the joint venture. The Developer paid Company management fee of RMB5 million in cash upon signing of the agreement with a remaining fee of RMB5 million payable upon fulfilment of certain conditions in accordance with the agreement. The Company further reduced its investment by RMB137, or approximately $22 towards the losses from operations incurred by the joint venture. On October 2, 2013, the Company disposed its entire 10% interest in the joint venture. The Company recognized the disposal of its 10% investment in Jun Zhou based on the recorded net book value of RMB5 million or equivalent to US$803K, from net considerations paid, in accordance with US GAAP under ASC Topic 845 Non-monetary Consideration b) Amounts of RMB 5,000 or approximately $814 as disclosed in Note 5, plus the interest receivable on long term loan receivable of RMB 1,250 or approximately $200 and impairment on interest of RMB 906 or approximately $150. 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 December 31, 2016. Based on discussion with the developers, the completion date is currently estimated to be December 31, 2022. The delay was primarily due to the time needed by the developers to work with various parties to inject sufficient funds into this project. |
LINES OF CREDIT
LINES OF CREDIT | 3 Months Ended |
Sep. 30, 2020 | |
Line of Credit Facility [Abstract] | |
LINES OF CREDIT | 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 readily and adequate access to funds in global markets. As of September 30, 2020, the Company had certain lines of credit that are collateralized by restricted deposits. Entity with Type of Interest Expiration Credit Unused Facility Facility Rate Date Limitation Credit Trio-Tech International Pte. Ltd., Singapore Lines of Credit Ranging from 1.85% to 5.5%, SIBOR rate +1.25% and LIBOR rate +1.30% - $ 4895 $ 4,895 Trio-Tech International Pte. Ltd., Singapore Lines of Credit Ranging from 1.85% to 5.5% - $ 365 $ 365 Trio-Tech Malaysia Sdn. Bhd. Revolving Credit Cost of Funds Rate +2% - $ 361 $ 361 As of June 30, 2020, the Company had certain lines of credit that are collateralized by restricted deposits. Entity with Type of Interest Expiration Credit Unused Facility Facility Rate Date Limitation Credit T Ranging from 1.85% to 5.5%, SIBOR rate +1.25% and LIBOR rate +1.30% - $ 4,806 $ 4,806 Universal (Far East) Pte. Ltd. Lines of Credit Ranging from 1.85% to 5.5% - $ 359 $ 187 Trio-Tech Malaysia Sdn. Bhd. Revolving Credit Cost of Funds Rate +2% - $ 350 $ 350 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | Accrued expenses consisted of the following: Sept. 30, 2020 (Unaudited) June 30, 2020 Payroll and related costs $ 1,113 $ 1,185 Commissions 78 104 Customer deposits 18 30 Legal and audit 315 315 Sales tax 48 19 Utilities 81 80 Warranty 10 12 Accrued purchase of materials and property, plant and equipment 488 186 Provision for re-instatement 291 300 Deferred income 82 88 Contract liabilities 471 476 Other accrued expenses 354 287 Currency translation effect 200 (77 ) Total $ 3,549 $ 3,005 |
WARRANTY ACCRUAL
WARRANTY ACCRUAL | 3 Months Ended |
Sep. 30, 2020 | |
Warranty Accrual | |
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 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. Sept. 30, 2020 (Unaudited) June 30, 2020 Beginning $ 12 $ 39 Additions charged to cost and expenses - 1 Reversal (2 ) (27 ) Currency translation effect - (1 ) Ending $ 10 $ 12 |
BANK LOANS PAYABLE
BANK LOANS PAYABLE | 3 Months Ended |
Sep. 30, 2020 | |
Loans Payable [Abstract] | |
BANK LOANS PAYABLE | Bank loans payable consisted of the following: Sept. 30, 2020 June 30, 2020 Note payable denominated in RM for expansion plans in Malaysia, maturing in August 2028, bearing interest at the bank’s prime rate less 2.00% (3.85% at September 30, 2020 and June 30, 2020, respectively) per annum, with monthly payments of principal plus interest through August 2028, collateralized by the acquired building with a carrying value of $2,621 and $2,543, as at September 30, 2020 and June 30, 2020, respectively. 2,113 2,295 Financing arrangement at fixed interest rate 3.2% per annum, with monthly payments of principal plus interest through July 2025. 199 — Total bank loans payable $ 2,312 $ 2,295 Current portion of bank loans payable 413 384 Currency translation effect on current portion of bank loans 12 (14 ) Current portion of bank loans payable 425 370 Long-term portion of bank loans payable 1,899 1,911 Currency translation effect on long-term portion of bank loans 57 (75 ) Long-term portion of bank loans payable $ 1,956 $ 1,836 Future minimum payments (excluding interest) as at September 30, 2020 were as follows: Remainder of fiscal 2021 $ 429 2022 442 2023 457 2024 397 2025 201 Thereafter 455 Total obligations and commitments $ 2,381 Future minimum payments (excluding interest) as at June 30, 2020 were as follows: 2021 $ 370 2022 384 2023 400 2024 403 2025 158 Thereafter 491 Total obligations and commitments $ 2,206 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Trio-Tech (Malaysia) Sdn. Bhd. has capital commitments for the purchase of equipment and other related infrastructure costs amounting to RM 571, or approximately $188 as at September 30, 2020, as compared to no capital commitment as at June 30, 2020. Trio-Tech (Tianjin) Co. Ltd. in China has no capital commitments for the purchase of equipment and other related infrastructure costs as at September 30, 2020, as compared to no capital commitment as at June 30, 2020. Deposits with banks in China are not insured by the local government or agency, and are consequently exposed to risk of loss. The Company believes the probability of a 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 financial statements. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | The Company generates revenue primarily from 3 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. The revenue allocated to individual countries was based on where the customers were located. The allocation of the cost of equipment, the current year investment in new equipment and depreciation expense have been made based on the primary purpose for which the equipment was acquired. 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. The majority of sales under the Manufacturing segment include a standard 12-month warranty. The Company has concluded that the warranty provided for standard products are assurance type warranties and are not separate performance obligations. 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 non-conformance 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 particularly equipment, industrial products and components by manufacturers mainly from the U.S., Europe, Taiwan and Japan. 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. All inter-segment revenue was from the manufacturing segment to the testing and distribution segments. Total inter-segment revenue was $92 for the three months ended September 30, 2020, as compared to $381 for the same period in the last fiscal year. Corporate assets mainly consisted of cash and prepaid expenses. Corporate expenses mainly consisted of stock option expenses, salaries, insurance, professional expenses and directors' fees. Corporate expenses are allocated to the four segments. The following segment information table includes segment operating income or loss after including the corporate expenses allocated to the segments, which gets eliminated in the consolidation. The following segment information is un-audited for the three months ended September 30, 2020 and September 30, 2019: Business Segment Information: Three Months Ended Sept. 30, Net Revenue Operating Total Assets Depr. And Amor. Captial Manufacturing 2020 $ 2,625 (18) 10,383 106 67 2019 $ 3,317 (12) 9,434 86 19 Testing Services 2020 2,954 (337) 20,848 579 20 2019 4,390 68 22,138 681 520 Distribution 2020 1,258 124 758 - - 2019 2,099 204 785 1 - Real Estate 2020 4 (27) 3,722 17 - 2019 17 (17) 3,577 18 - Fabrication 2020 - - 25 - - Services * 2019 - - 27 - - Corporate & 2020 - (69) 92 - - Unallocated 2019 - (21) 157 - - Total Company 2020 $ 6,841 (327) 35,828 702 87 2019 $ 9,823 222 36,118 786 539 ** * Fabrication services is a discontinued operation. **Amount reflecting additions of |
OTHER INCOME
OTHER INCOME | 3 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | Other income consisted of the following: Three Months Ended September 30, 2020 2019 Interest income 40 32 Other rental income 21 30 Exchange (gain)/loss (44 ) 5 Bad debt recovery - 11 Dividend income 2 - Government grant 154 - Other miscellaneous income 38 32 Total $ 211 $ 110 During the first quarter of fiscal year 2021, the Company received government grants amounting to $154, of which $142 were the financial assistance received from the Singapore and Malaysia governments amid the COVID-19 pandemic. |
INCOME TAX
INCOME TAX | 3 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | 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. The statute of limitations, in general, is open for years 2014 to 2020 for tax authorities in those jurisdictions to audit or examine income tax returns. The Company is under annual review by the tax authorities of the respective jurisdiction to which the subsidiaries belong. The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017, and reduces the U.S. federal corporate tax rate from 35% to 21%, eliminated corporate Alternative Minimum Tax, modified rules for expensing capital investment, and limited the deduction of interest expense for certain companies. The Act is a fundamental change to the taxation of multinational companies, including a shift from a system of worldwide taxation with some deferral elements to a territorial system, current taxation of certain foreign income, a minimum tax on low tax foreign earnings, and new measures to curtail base erosion and promote U.S. production. Due to the enactment of Tax 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 is $Nil for the period ended September 30, 2020. The Company's income tax expense was $7 and $Nil for the three months ended September 30, 2020 and September 30, 2019, respectively. Our effective tax rate (“ETR”) from continuing operations was 5% and 0% for the quarter ended September 30, 2020 and September 30, 2019 respectively. The Company accrues penalties and interest related to unrecognized tax benefits when necessary as a component of penalties and interest expenses, respectively. The Company had no unrecognized tax benefits or related accrued penalties or interest expenses at September 30, 2020. 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 the benefits of the federal, state, and foreign deductible differences. Accordingly, a full valuation allowance has been established. |
CONTRACT BALANCES
CONTRACT BALANCES | 3 Months Ended |
Sep. 30, 2020 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
CONTRACT BALANCES | The timing of revenue recognition, billings and collections may result in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (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. C The following table is the reconciliation of contract balances. Sept. 30, Jun 30, 2020 (Unaudited) 2020 Trade Accounts Receivable 5,745 5,951 Accounts Payable 2,024 2,590 Contract Assets 255 216 Contract Liabilities 471 476 Remaining Performance Obligation As at September 30, 2020, the Company had $478 of remaining performance obligations, which represents our obligation to deliver products and services. Given the profile of contract terms, approximately 69 percent of this amount is expected to be recognized as revenue over the next two years with the remaining of the amount expected to be recognized between three and five years. Refer to note 14 “Business Segments” of the Notes to Condensed Consolidated Financial Statements for information related to revenue. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | The Company adopted ASC Topic 260, Earnings Per Share. Options to purchase 751,000 shares of Common Stock at exercise prices ranging from $2.53 to $5.98 per share were outstanding as of September 30, 2020. 220,500 stock options were excluded in the computation of diluted EPS for fiscal year 2021 because they were anti-dilutive. Options to purchase 673,500 shares of Common Stock at exercise prices ranging from $2.69 to $5.98 per share were outstanding as of September 30, 2019. 242,125 stock options were excluded in the computation of diluted EPS for fiscal year 2020 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 September 30, 2020 (Unaudited) 2019 (Unaudited) (Loss) / Income attributable to Trio-Tech International common shareholders from continuing operations, net of tax $ (5 ) $ 274 Loss attributable to Trio-Tech International common shareholders from discontinued operations, net of tax (3 ) (1 ) Net (loss) / income attributable to Trio-Tech International common shareholders $ (8 ) $ 273 Weighted average number of common shares outstanding - basic 3,686 3,673 Dilutive effect of stock options 80 17 Number of shares used to compute earnings per share – diluted 3,766 3,690 Basic earnings per share from continuing operations attributable to Trio-Tech International - 0.07 Basic earnings per share from discontinued operations attributable to Trio-Tech International - - Basic earnings per share from net income attributable to Trio-Tech International $ - $ 0.07 Diluted earnings per share from continuing operations attributable to Trio-Tech International - 0.07 Diluted earnings per share from discontinued operations attributable to Trio-Tech International - - Diluted earnings per share from net income attributable to Trio-Tech International $ - $ 0.07 |
STOCK OPTIONS
STOCK OPTIONS | 3 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS | On September 24, 2007, the Company’s Board of Directors unanimously adopted the 2007 Employee Stock Option Plan (the “2007 Employee Plan”) and the 2007 Directors Equity Incentive Plan (the “2007 Directors Plan”) each of which was approved by the shareholders on December 3, 2007. Each of those plans was amended during the term of such plan to increase the number of shares covered thereby. As of the last amendment thereof, the 2007 Employee Plan covered an aggregate of 600,000 shares of the Company’s Common Stock and the 2007 Directors Plan covered an aggregate of 500,000 shares of the Company’s Common Stock. Each of those plans terminated by its respective terms on September 24, 2017. These two plans were administered by the Board, which also established the terms of the awards. 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. Each of these plans is administered by the Board of Directors of the Company. Assumptions The fair value for the options granted were estimated using the Black-Scholes option pricing model with the following weighted average assumptions, assuming no expected dividends: Three Months Ended September 30, 2020 2019 Expected volatility 45.38%to 65.49% 45.38%to 97.48% Risk-free interest rate 0.30% to 2.35% 0.30% to 2.35% Expected life (years) 2.5 -3.25 2.5 -3.25 The expected volatilities are based on the historical volatility of the Company’s stock. Due to lower volatility, the observation is made on a daily basis for the three months ended September 30, 2020. The observation period covered is consistent with the expected life of options. The expected life of the options granted to employees has been determined utilizing the “simplified” method as prescribed by ASC Topic 718 Stock Based Compensation 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. Under the 2017 Employee Plan, all options must be granted with an exercise price of not less than fair value as of the grant date and the options granted must be exercisable within a maximum of ten years after the date of grant, or such lesser period of time as is set forth in the stock option agreements. The options may be exercisable (a) immediately as of the effective date of the stock option agreement granting the option, or (b) in accordance with a schedule related to the date of the grant of the option, the date of first employment, or such other date as may be set by the Compensation Committee. Generally, options granted under the 2017 Employee Plan are exercisable within five years after the date of grant, and vest over the period as follows: 25% vesting on the grant date and the remaining balance vesting in equal installments on the next three succeeding anniversaries of the grant date. The share-based compensation will be recognized in terms of the grade method on a straight-line basis for each separately vesting portion of the award. Certain option awards provide for accelerated vesting if there is a change in control (as defined in the 2017 Employee Plan). During the first quarter of fiscal year 2021, the Company did not grant any options pursuant to the 2017 Employee Plan. There were no stock options exercised during the three-month period ended September 30, 2020. The Company recognized $6 stock-based compensation expenses during the three months ended September 30, 2020. During the first quarter of fiscal year 2020, the Company did not grant any options pursuant to the 2017 Employee Plan. There were no stock options exercised during the three-month period ended September 30, 2019. The Company recognized $8 stock-based compensation expenses during the three months ended September 30, 2019. As of September 30, 2020, there were vested stock options granted under the 2017 Employee Plan covering a total of 98,000 shares of Common Stock. The weighted-average exercise price was $4.44 and the weighted average remaining contractual term was 3.16 years. As of September 30, 2019, there were vested stock options granted under the 2017 Employee Plan covering a total of 49,000 shares of Common Stock. The weighted-average exercise price was $4.97 and the weighted average remaining contractual term was 3.86 years. A summary of option activities under the 2017 Employee Plan during the three months period ended September 30, 2020 is presented as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2020 196,000 $ 3.92 3.72 $ 36 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2020 196,000 3.92 3.47 62 Exercisable at September 30, 2020 98,000 4.44 3.16 18 A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2020 is presented below: Options Weighted Average Grant-Date Fair Value Non-vested at July 1, 2020 98,000 $ 3.39 Granted - - Vested -- - Forfeited - - Non-vested at September 30, 2020 98,000 $ 3.39 A summary of option activities under the 2017 Employee Plan during the three months period ended September 30, 2019 is presented as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2019 136,000 $ 4.53 4.28 $ - Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2019 136,000 4.53 4.02 19.2 Exercisable at September 30, 2019 49,000 4.97 3.86 5 A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2019 is presented below: Options Weighted Average Grant-Date Fair Value Non-vested at July 1, 2019 87,000 $ 4.28 Granted - - Vested --- - Forfeited - - Non-vested at September 30, 2019 87,000 $ 4.28 2007 Employee Stock Option Plan The 2007 Employee Plan terminated by its terms on September 24, 2017 and no further options may be granted thereunder. However, the options outstanding thereunder continue to remain outstanding and in effect in accordance with their terms. The 2007 Employee Plan permitted the issuance of options to employees. As the 2007 Plan has terminated, the Company did not grant any options pursuant to the 2007 Employee Plan during the three months ended September 30, 2020 and September 30, 2019 respectively. There were no options exercised during the three months ended September 30, 2020 and September 30, 2019. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2020 and September 30, 2019. As of September 30, 2020, there were vested stock options granted under the 2007 Employee Plan covering a total of 77,500 shares of Common Stock. The weighted-average exercise price was $3.69 and the weighted average remaining contractual term was 0.96 years. As of September 30, 2019, there were vested stock options granted under the 2007 Employee Plan covering a total of 68,125 shares of Common Stock. The weighted-average exercise price was $3.62 and the weighted average remaining contractual term was 1.89 years. A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2020 is presented as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2020 77,500 $ 3.69 1.22 $ - Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2020 77,500 $ 3.69 0.96 $ 6 Exercisable at September 30, 2020 77,500 $ 3.69 0.96 $ 6 There were no non-vested employee stock options during the three months ended September 30, 2020. A summary of option activities under the 2007 Employee Plan during the three months ended September 30, 2019 is presented as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2019 77,500 $ 3.69 2.22 $ - Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2019 77,500 $ 3.69 1.97 $ 14 Exercisable at September 30, 2019 68,125 $ 3.62 1.89 $ 14 A summary of the status of the Company’s non-vested employee stock options during the three months ended September 30, 2019 is presented below: Options Weighted Average Grant-Date Fair Value Non-vested at July 1, 2019 9,375 $ 4.14 Granted - - Vested - - Forfeited - - Non-vested at September 30, 2019 - $ 4.14 2017 Directors Equity Incentive Plan The 2017 Directors Plan permits the grant of options covering up to an aggregate of 300,000 shares of Common Stock to its directors in the form of non-qualified options and restricted stock. The exercise price of the non-qualified options is 100% of the fair value of the underlying shares on the grant date. The options have five-year contractual terms and are exercisable immediately as of the grant date. During the first quarter of fiscal year 2021, the Company did not grant any options pursuant to the 2017 Directors Plan. There were no stock options exercised during the three months ended September 30, 2020. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2020. During the first quarter of fiscal year 2020, the Company did not grant any options pursuant to the 2017 Directors Plan. There were no stock options exercised during the three months ended September 30, 2019. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2019. As all the stock options granted under the 2017 Directors Plan vest immediately on the date of grant, there were no unvested stock options granted under the 2017 Directors Plan as of September 30, 2020. As of September 30, 2020, there were vested stock options granted under the 2017 Directors Plan covering a total of 240,000 shares of Common Stock. The weighted-average exercise price was $3.93 and the weighted average remaining contractual term was 3.49 years. As of September 30, 2019, there were vested stock options granted under the 2017 Directors Plan covering a total of 160,000 shares of Common Stock. The weighted-average exercise price was $4.63 and the weighted average remaining contractual term was 4.00 years. A summary of option activities under the 2017 Directors Plan during the three months ended September 30, 2020 is presented as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2020 240,000 $ 3.93 3.75 $ 48 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2020 240,000 3.93 3.49 82 Exercisable at September 30, 2020 240,000 3.93 3.49 82 A summary of option activities under the 2017 Directors Plan during the three months ended September 30, 2019 is presented as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2019 160,000 $ 4.63 4.25 $ - Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2019 160,000 4.63 4.00 26 Exercisable at September 30, 2019 160,000 4.63 4.00 26 2007 Directors Equity Incentive Plan The 2007 Directors Plan terminated by its terms on September 24, 2017 and no further options may be granted thereunder. However, the options outstanding thereunder continue to remain outstanding and in effect in accordance with their terms. The 2007 Directors Plan permitted the issuance of options to directors. As the 2007 Plan has terminated, the Company did not grant any options pursuant to the 2007 Directors Plan during the three months ended September 30, 2020 and September 30, 2019. 12,500 of stock options exercised during the three months ended September 30, 2020. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2020. There were no stock options exercised during the three months ended September 30, 2019. The Company did not recognize any stock-based compensation expenses during the three months ended September 30, 2019. As of September 30, 2020, there were vested stock options granted under the 2007 Directors Plan covering a total of 237,500 shares of Common Stock. The weighted-average exercise price was $3.36 and the weighted average remaining contractual term was 0.61 years. As of September 30, 2019, there were vested stock options granted under the 2007 Directors Plan covering a total of 300,000 shares of Common Stock. The weighted-average exercise price was $3.40 and the weighted average remaining contractual term was 1.33 years. A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2020 is presented as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2020 250,000 $ 3.32 0.83 $ 22 Granted - - - - Exercised (12,500) 2.69 - 11 Forfeited or expired - - - - Outstanding at September 30, 2020 237,500 $ 3.36 0.61 $ 51 Exercisable at September 30, 2020 237,500 $ 3.36 0.61 $ 51 A summary of option activities under the 2007 Directors Plan during the three months ended September 30, 2019 is presented as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2019 300,000 $ 3.40 1.58 $ 9 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2019 300,000 $ 3.40 1.33 $ 97 Exercisable at September 30, 2019 300,000 $ 3.40 1.33 $ 97 |
LEASES
LEASES | 3 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
LEASES | Company as Lessor Operating leases where we are lessor arise from the leasing of the Company’s commercial and residential real estate investment property. 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 twenty years in amounts necessary to reduce the carrying amount of the asset to its estimated residual value. Depreciation expenses relating to the property held as investments in operating leases was $17 for both 3 months ended September 30, 2020 and September 30, 2019. Future minimum rental income in China and Thailand to be received from fiscal year 2021 to fiscal year 2022 on non-cancelable operating leases is contractually due as follows as of September 30, 2020: 2021 $ 101 2022 117 $ 218 Future minimum rental income in China and Thailand to be received from fiscal year 2021 to fiscal year 2022 on non-cancelable operating leases is contractually due as follows as of June 30, 2020: 2021 120 2022 114 $ 234 Company as Lessee The Company (or an affiliate) is the lessee under operating leases for corporate offices and research and development facilities with remaining lease terms of 1 year to 3 years and finance leases for plant and equipment. Supplemental balance sheet information related to leases was as follows (in thousands): September 30, 2020 (Unaudited) Finance Leases(Plant and Equipment) Plant and equipment, at cost 1,540 Accumulated depreciation 769 Plant and equipment, net 771 Current portion of finance leases 261 Net of current portion of finance leases 560 Total finance lease liabilities 821 Operating Leases (Corporate offices, Research and development facilities) Operating lease right-of-use assets 819 Current portion of operating leases 425 Net of current portion of operating leases 394 Total operating lease liabilities 819 Lease Cost Finance Lease Cost: Interest on Finance Lease 12 Amortization of right-of -use asset 15 Total Finance Lease Cost 27 Operating Lease Costs 186 Other information related to leases was as follows (in thousands except lease term and discount rate): September 30, 2020 (Unaudited) Cash Paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases (10) Operating cash flows from operating leases (174) Finance cash flows from finance leases (54) Right-of-use assets obtained in exchange for new operating lease liabilities - Weighted-average remaining lease term: Finance leases 3.51 Operating leases 1.62 Weighted-average Discount Rate: Finance leases 3.35% Operating leases 4.57% As of September 30, 2020, the maturities of the Company's operating and finance lease liabilities are as follow: Operating Lease Liabilities Finance Lease Liabilities Fiscal Year Remainder of 2021 $ 452 255 2022 $ 308 199 2023 99 123 2024 - 98 2025 - 5 Total future minimum lease payments $ 859 680 Less: amount representing interest (40 ) (62 ) Present value of net minimum lease payments 819 618 Presentation on statement of financial position Current $ 425 224 Non-Current $ 394 394 As of June 30, 2020, future minimum lease payments under finance leases and non-cancelable operating leases were as follows: Operating Lease Liabilities Finance Lease Liabilities Fiscal Year Remainder of 2021 $ 509 265 2022 $ 317 211 2023 168 133 2024 - 107 2025 - 20 Total future minimum lease payments $ 994 736 Less: amount representing interest (40 ) (70 ) Present value of net minimum lease payments 954 666 Presentation on statement of financial position Current $ 477 231 Non-Current $ 467 435 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS APPROXIMATE CARRYING VALUE | 3 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
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 three months ended September 30, 2020 and 2019. 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. PPP loan (Level 2) – The carrying amount approximates its fair value based on similar long-term debt issues available to the Company. 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 loan payables 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. |
PAYCHECK PROTECTION PROGRAM LOA
PAYCHECK PROTECTION PROGRAM LOAN | 3 Months Ended |
Sep. 30, 2020 | |
Loans Payable [Abstract] | |
PAYCHECK PROTECTION PROGRAM LOAN | The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Paycheck Protection Program (PPP) to provide certain small businesses with liquidity to support their operations during the COVID-19 pandemic. The PPP is a loan program designed to provide a direct incentive for small businesses to keep their employees on payroll. The loans have a 1% fixed interest rate and are due in two years with payment deferred for the first six months. However, they are eligible for forgiveness (in full or in part, including any accrued interest) under certain conditions and are subject to audit by the U.S. government. The loans will be forgiven if In May 2020, the Company received loan proceeds in the amount of approximately $121 under the PPP. The Company accounted for the PPP loan as a financial liability in accordance with Accounting Standards Codification (ASC) 470 Debt after considering the following aspects: (1) the legal form of a PPP loan is debt regardless of whether the Company expects the loan to be forgiven (2) given the degree of uncertainty and complexity surrounding the PPP loan forgiveness process, this may impact a Company’s initial assessment. Under ASC 470, the Company recognizes a liability for the full amount of PPP proceeds received and accrues interest over the term of the loan. No additional interest was imputed at a market rate because the guidance on imputing interest in ASC 835-30 excludes transactions where interest rates are prescribed by a government agency. If any amount is ultimately forgiven (i.e., the Company is legally released from being the loan’s primary obligor in accordance with ASC 405-20), income from the extinguishment of the liability would be recognized in the income statement as a gain on loan extinguishment. The Company intends to use the proceeds for purposes consistent with the PPP. Hence, the Company expects that its use of the loan proceeds will meet the conditions for forgiveness of the loan. In considering the term of the loan and payment deferred portion, the Company determined that the loan would be presented as a current portion of $121 in the balance sheet. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Subsidiaries | 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. 55% Selangor, Malaysia (100% owned by Trio-Tech Malaysia Sdn. Bhd.) Prestal Enterprise Sdn. Bhd. 76% Selangor, Malaysia (76% owned by Trio-Tech International Pte. Ltd.) Trio-Tech (SIP) Co., Ltd. * 100% Suzhou, China Trio-Tech (Chongqing) Co. Ltd. * 100% Chongqing, China SHI International Pte. Ltd. (Dormant) (55% owned by Trio-Tech International Pte. Ltd) 55% Singapore PT SHI Indonesia (Dormant) (100% owned by SHI International Pte. Ltd.) 55% Batam, Indonesia Trio-Tech (Tianjin) Co., Ltd. * 100% Tianjin, China |
TERM DEPOSITS (Tables)
TERM DEPOSITS (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
Term deposits | Sep. 30, 2020 (Unaudited) June 30, 2020 Short-term deposits $ 6,696 $ 6,887 Currency translation effect on short-term deposits (18 ) (190 ) Total short-term deposits 6,678 6,697 Restricted term deposits 1,661 1,712 Currency translation effect on restricted term deposits 34 (52 ) Total restricted term deposits 1,695 1,660 Total term deposits $ 8,373 $ 8,357 |
TRADE ACCOUNTS RECEIVABLE AND_2
TRADE ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Changes in the allowance for doubtful accounts | Sept. 30, 2020 (Unaudited) June 30, 2020 Beginning $ 314 $ 263 Additions charged to expenses - 351 Recovered (5 ) (284 ) Write-off - (9 ) Currency translation effect 9 (7 ) Ending $ 318 $ 314 |
LOAN RECEIVABLE FROM PROPERTY D
LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Companys loans receivable from property development projects | Loan Expiry Date Loan Amount (RMB) Loan Amount (U.S. Dollars) Short-term loan receivables JiangHuai (Project – Yu Jin Jiang An) May 31, 2013 2,000 294 Less: allowance for doubtful receivables (2,000 ) (294 ) Net loan receivables from property development projects - - Long-term loan receivables Jun Zhou Zhi Ye Oct 31, 2016 5,000 734 Less: transfer – down-payment for purchase of investment property (5,000 ) (734 ) Net loan receivables from property development projects - - |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Sept. 30, 2020 (Unaudited) June 30, 2020 Raw materials $ 1,238 $ 1,281 Work in progress 1,009 968 Finished goods 278 422 Inventories in transit 7 - Currency translation effect 32 (71 ) Less: provision for obsolete inventories (692 ) (678 ) 1,872 1,922 |
Changes in provision for obsolete inventory | Sept. 30, 2020 (Unaudited) June 30, 2020 Beginning $ 678 $ 673 Additions charged to expenses 6 26 Usage – disposition - (8 ) Currency translation effect 8 (13 ) Ending $ 692 $ 678 |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Investments [Abstract] | |
Companys investment in the property based on the exchange rate | The following table presents the Company’s investment in properties in China as of September 30, 2020. The exchange rate is based on the market rate as of September 30, 2020. Investment Date / Reclassification Date Investment Amount (RMB) Investment Amount (U.S. Dollars Purchase of rental property – Property I – MaoYe Property Jan 04, 2008 5,554 894 Currency translation - (87 ) Reclassification as “Assets held for sale” July 01, 2019 (5,554 ) (807 ) Reclassification from “Assets held for sale” Mar 31, 2020 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 - Fu Li Apr 08, 2010 4,025 648 Currency translation - (113 ) Gross investment in rental property 9,649 1,416 Accumulated depreciation on rental property Sep 30, 2020 (6,678 ) (984 ) Reclassified as “Assets held for sale”-Mao Ye Property July 01, 2019 2,822 410 Reclassification from “Assets held for sale”-Mao Ye Property Mar 31, 2020 (1,029 ) (143 ) (4,885 ) (717 ) Net investment in property – China 4,764 699 The following table presents the Company’s investment in properties in China as of June 30, 2020. The exchange rate is based on the market rate as of June 30, 2020. Investment Date / Reclassification Date Investment Amount (RMB) Investment Amount (U.S. Dollars Purchase of rental property – Property I – MaoYe Property Jan 04, 2008 5,554 894 Currency translation - (87 ) Reclassification as “Assets held for sale” July 01, 2019 (5,554 ) (807 ) Reclassification from “Assets held for sale” Mar 31, 2020 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 - Fu Li Apr 08, 2010 4,025 648 Currency translation - (166 ) Gross investment in rental property 9,649 1,363 Accumulated depreciation on rental property June 30, 2020 (6,558 ) (940 ) Reclassified as “Assets held for sale”-Mao Ye Property July 01, 2019 2,822 410 Reclassification from “Assets held for sale”-Mao Ye Property Mar 31, 2020 (1,029 ) (143 ) (4,765 ) (673 ) Net investment in property – China 4,884 690 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Other Assets [Abstract] | |
Other assets | Sept. 30, 2020 (Unaudited) June 30, 2020 Down payment for purchase of investment properties * $ 1,645 $ 1,645 Down payment for purchase of property, plant and equipment 69 8 Deposits for rental and utilities 166 171 Currency translation effect (142 ) (215 ) Total $ 1,738 $ 1,609 *Down payment for purchase of investment properties included: RMB US Dollars Original investment (10% of Jun Zhou equity) $ 10,000 $ 1,606 Less: Management Fee (5,000 ) (803 ) Net Investment 5,000 803 Less: Share of loss on Joint Venture (137 ) (22 ) Net Investment as down payment(Note *a) 4,863 781 Loans Receivable 5,000 814 Interest Receivable 1,250 200 Less: Impairment of Interest (906 ) (150 ) Transferred to down payment(Note *b) 5,344 864 * Down payment for purchase of investment properties 10,207 1,645 |
LINES OF CREDIT (Tables)
LINES OF CREDIT (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Line of Credit Facility [Abstract] | |
Lines of credit | As of September 30, 2020, the Company had certain lines of credit that are collateralized by restricted deposits. Entity with Type of Interest Expiration Credit Unused Facility Facility Rate Date Limitation Credit Trio-Tech International Pte. Ltd., Singapore Lines of Credit Ranging from 1.85% to 5.5%, SIBOR rate +1.25% and LIBOR rate +1.30% - $ 4895 $ 4,895 Trio-Tech International Pte. Ltd., Singapore Lines of Credit Ranging from 1.85% to 5.5% - $ 365 $ 365 Trio-Tech Malaysia Sdn. Bhd. Revolving Credit Cost of Funds Rate +2% - $ 361 $ 361 As of June 30, 2020, the Company had certain lines of credit that are collateralized by restricted deposits. Entity with Type of Interest Expiration Credit Unused Facility Facility Rate Date Limitation Credit T Ranging from 1.85% to 5.5%, SIBOR rate +1.25% and LIBOR rate +1.30% - $ 4,806 $ 4,806 Universal (Far East) Pte. Ltd. Lines of Credit Ranging from 1.85% to 5.5% - $ 359 $ 187 Trio-Tech Malaysia Sdn. Bhd. Revolving Credit Cost of Funds Rate +2% - $ 350 $ 350 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Sept. 30, 2020 (Unaudited) June 30, 2020 Payroll and related costs $ 1,113 $ 1,185 Commissions 78 104 Customer deposits 18 30 Legal and audit 315 315 Sales tax 48 19 Utilities 81 80 Warranty 10 12 Accrued purchase of materials and property, plant and equipment 488 186 Provision for re-instatement 291 300 Deferred income 82 88 Contract liabilities 471 476 Other accrued expenses 354 287 Currency translation effect 200 (77 ) Total $ 3,549 $ 3,005 |
WARRANTY ACCRUAL (Tables)
WARRANTY ACCRUAL (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Warranty Accrual | |
Warranty liability | Sept. 30, 2020 (Unaudited) June 30, 2020 Beginning $ 12 $ 39 Additions charged to cost and expenses - 1 Reversal (2 ) (27 ) Currency translation effect - (1 ) Ending $ 10 $ 12 |
BANK LOANS PAYABLE (Tables)
BANK LOANS PAYABLE (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Loans Payable [Abstract] | |
Bank loans payable | Bank loans payable consisted of the following: Sept. 30, 2020 June 30, 2020 Note payable denominated in RM for expansion plans in Malaysia, maturing in August 2028, bearing interest at the bank’s prime rate less 2.00% (3.85% at September 30, 2020 and June 30, 2020, respectively) per annum, with monthly payments of principal plus interest through August 2028, collateralized by the acquired building with a carrying value of $2,621 and $2,543, as at September 30, 2020 and June 30, 2020, respectively. 2,113 2,295 Financing arrangement at fixed interest rate 3.2% per annum, with monthly payments of principal plus interest through July 2025. 199 — Total bank loans payable $ 2,312 $ 2,295 Current portion of bank loans payable 413 384 Currency translation effect on current portion of bank loans 12 (14 ) Current portion of bank loans payable 425 370 Long-term portion of bank loans payable 1,899 1,911 Currency translation effect on long-term portion of bank loans 57 (75 ) Long-term portion of bank loans payable $ 1,956 $ 1,836 |
Future minimum payments | Future minimum payments (excluding interest) as at September 30, 2020 were as follows: Remainder of fiscal 2021 $ 429 2022 442 2023 457 2024 397 2025 201 Thereafter 455 Total obligations and commitments $ 2,381 Future minimum payments (excluding interest) as at June 30, 2020 were as follows: 2021 $ 370 2022 384 2023 400 2024 403 2025 158 Thereafter 491 Total obligations and commitments $ 2,206 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business segments | Three Months Ended Sept. 30, Net Revenue Operating Total Assets Depr. And Amor. Captial Manufacturing 2020 $ 2,625 (18) 10,383 106 67 2019 $ 3,317 (12) 9,434 86 19 Testing Services 2020 2,954 (337 ) 20,848 579 20 2019 4,390 68 22,138 681 520 Distribution 2020 1,258 124 758 - - 2019 2,099 204 785 1 - Real Estate 2020 4 (27 ) 3,722 17 - 2019 17 (17 ) 3,577 18 - Fabrication 2020 - - 25 - - Services * 2019 - - 27 - - Corporate & 2020 - (69 ) 92 - - Unallocated 2019 - (21 ) 157 - - Total Company 2020 $ 6,841 (327) 35,828 702 87 2019 $ 9,823 222 36,118 786 539 ** * Fabrication services is a discontinued operation. **Amount reflecting additions of |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other income | Three Months Ended September 30, 2020 2019 Interest income 40 32 Other rental income 21 30 Exchange (gain)/loss (44 ) 5 Bad debt recovery - 11 Dividend income 2 - Government grant 154 - Other miscellaneous income 38 32 Total $ 211 $ 110 |
CONTRACT BALANCES (Tables)
CONTRACT BALANCES (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Contract assets and liabilities | Sept. 30, Jun 30, 2020 (Unaudited) 2020 Trade Accounts Receivable 5,745 5,951 Accounts Payable 2,023 2,590 Contract Assets 255 216 Contract Liabilities 471 476 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of the weighted average shares | Three Months Ended September 30, 2020 (Unaudited) 2019 (Unaudited) (Loss) / Income attributable to Trio-Tech International common shareholders from continuing operations, net of tax $ (5 ) $ 274 Loss attributable to Trio-Tech International common shareholders from discontinued operations, net of tax (3 ) (1 ) Net (loss) / income attributable to Trio-Tech International common shareholders $ (8 ) $ 273 Weighted average number of common shares outstanding - basic 3,686 3,673 Dilutive effect of stock options 80 17 Number of shares used to compute earnings per share – diluted 3,766 3,690 Basic earnings per share from continuing operations attributable to Trio-Tech International - 0.07 Basic earnings per share from discontinued operations attributable to Trio-Tech International - - Basic earnings per share from net income attributable to Trio-Tech International $ - $ 0.07 Diluted earnings per share from continuing operations attributable to Trio-Tech International - 0.07 Diluted earnings per share from discontinued operations attributable to Trio-Tech International - - Diluted earnings per share from net income attributable to Trio-Tech International $ - $ 0.07 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair value weighted average assumptions | Three Months Ended September 30, 2020 2019 Expected volatility 45.38%to 65.49% 45.38%to 97.48% Risk-free interest rate 0.30% to 2.35% 0.30% to 2.35% Expected life (years) 2.5 -3.25 2.5 -3.25 | |
2017 Employee Plan | ||
Option activities | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2020 196,000 $ 3.92 3.72 $ 36 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2020 196,000 3.92 3.47 62 Exercisable at September 30, 2020 98,000 4.44 3.16 18 | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2019 136,000 $ 4.53 4.28 $ - Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2019 136,000 4.53 4.02 19.2 Exercisable at September 30, 2019 49,000 4.97 3.86 5 |
Company's non-vested employee stock options | Options Weighted Average Grant-Date Fair Value Non-vested at July 1, 2020 98,000 $ 3.39 Granted - - Vested -- - Forfeited - - Non-vested at September 30, 2020 98,000 $ 3.39 | Options Weighted Average Grant-Date Fair Value Non-vested at July 1, 2019 87,000 $ 4.28 Granted - - Vested --- - Forfeited - - Non-vested at September 30, 2019 87,000 $ 4.28 |
2007 Employee Plan | ||
Option activities | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2020 77,500 $ 3.69 1.22 $ - Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2020 77,500 $ 3.69 0.96 $ 6 Exercisable at September 30, 2020 77,500 $ 3.69 0.96 $ 6 | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2019 77,500 $ 3.69 2.22 $ - Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2019 77,500 $ 3.69 1.97 $ 14 Exercisable at September 30, 2019 68,125 $ 3.62 1.89 $ 14 |
Company's non-vested employee stock options | Options Weighted Average Grant-Date Fair Value Non-vested at July 1, 2019 9,375 $ 4.14 Granted - - Vested - - Forfeited - - Non-vested at September 30, 2019 - $ 4.14 | |
Directors 2017 Equity Incentive Plan | ||
Option activities | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2020 240,000 $ 3.93 3.75 $ 48 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2020 240,000 3.93 3.49 82 Exercisable at September 30, 2020 240,000 3.93 3.49 82 | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2019 160,000 $ 4.63 4.25 $ - Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2019 160,000 4.63 4.00 26 Exercisable at September 30, 2019 160,000 4.63 4.00 26 |
2007 Directors Equity Incentive Plan | ||
Option activities | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2020 250,000 $ 3.32 0.83 $ 22 Granted - - - - Exercised (12,500) 2.69 - 11 Forfeited or expired - - - - Outstanding at September 30, 2020 237,500 $ 3.36 0.61 $ 51 Exercisable at September 30, 2020 237,500 $ 3.36 0.61 $ 51 | Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at July 1, 2019 300,000 $ 3.40 1.58 $ 9 Granted - - - - Exercised - - - - Forfeited or expired - - - - Outstanding at September 30, 2019 300,000 $ 3.40 1.33 $ 97 Exercisable at September 30, 2019 300,000 $ 3.40 1.33 $ 97 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Future minimum rental income | Future minimum rental income in China and Thailand to be received from fiscal year 2021 to fiscal year 2022 on non-cancellable operating leases is contractually due as follows as of September 30, 2020: 2021 $ 101 2022 117 $ 218 Future minimum rental income in China and Thailand to be received from fiscal year 2021 to fiscal year 2022 on non-cancellable operating leases is contractually due as follows as of June 30, 2020: 2021 120 2022 114 $ 234 |
Supplemental lease information | September 30, 2020 (Unaudited) Finance Leases(Plant and Equipment) Plant and equipment, at cost 1,540 Accumulated depreciation 769 Plant and equipment, net 771 Current portion of finance leases 261 Net of current portion of finance leases 560 Total finance lease liabilities 821 Operating Leases (Corporate offices, Research and development facilities) Operating lease right-of-use assets 819 Current portion of operating leases 425 Net of current portion of operating leases 394 Total operating lease liabilities 819 |
Lease cost | Lease Cost Finance Lease Cost: Interest on Finance Lease 12 Amortization of right-of -use asset 15 Total Finance Lease Cost 27 Operating Lease Costs 186 |
Other information related to leases | September 30, 2020 (Unaudited) Cash Paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases (10) Operating cash flows from operating leases (174) Finance cash flows from finance leases (54) Right-of-use assets obtained in exchange for new operating lease liabilities - Weighted-average remaining lease term: Finance leases 3.51 Operating leases 1.62 Weighted-average Discount Rate: Finance leases 3.35% Operating leases 4.57% |
Maturities of lease liabilities | Operating Lease Liabilities Finance Lease Liabilities Fiscal Year Remainder of 2021 $ 452 255 2022 $ 308 199 2023 99 123 2024 - 98 2025 - 5 Total future minimum lease payments $ 859 680 Less: amount representing interest (40 ) (62 ) Present value of net minimum lease payments 819 618 Presentation on statement of financial position Current $ 425 224 Non-Current $ 394 394 |
Future minimum lease payments under finance leases and non-cancelable operating leases | Operating Lease Liabilities Finance Lease Liabilities Fiscal Year Remainder of 2021 $ 509 265 2022 $ 317 211 2023 168 133 2024 - 107 2025 - 20 Total future minimum lease payments $ 994 736 Less: amount representing interest (40 ) (70 ) Present value of net minimum lease payments 954 666 Presentation on statement of financial position Current $ 477 231 Non-Current $ 467 435 |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Details) | Sep. 30, 2020 |
Express Test Corporation (Dormant) | |
Ownership | 100.00% |
Trio-Tech Reliability Services (Dormant) | |
Ownership | 100.00% |
KTS Incorporated, dba Universal Systems (Dormant) | |
Ownership | 100.00% |
European Electronic Test Centre (Dormant) | |
Ownership | 100.00% |
Trio-Tech International Pte. Ltd | |
Ownership | 100.00% |
Universal (Far East) Pte. Ltd. | |
Ownership | 100.00% |
Trio-Tech International (Thailand) Co. Ltd. | |
Ownership | 100.00% |
Trio-Tech (Bangkok) Co. Ltd. | |
Ownership | 100.00% |
Trio-Tech (Malaysia) Sdn. Bhd. (55% owned by Trio-Tech International Pte. Ltd.) | |
Ownership | 55.00% |
Trio-Tech (Kuala Lumpur) Sdn. Bhd. (100% owned by Trio-Tech Malaysia Sdn. Bhd.) | |
Ownership | 55.00% |
Prestal Enterprise Sdn. Bhd. (76% owned by Trio-Tech International Pte. Ltd.) | |
Ownership | 76.00% |
Trio-Tech (SIP) Co., Ltd. | |
Ownership | 100.00% |
Trio-Tech (Chongqing) Co. Ltd. | |
Ownership | 100.00% |
SHI International Pte. Ltd. (Dormant) (55% owned by Trio-Tech International Pte. Ltd) | |
Ownership | 55.00% |
PT SHI Indonesia (Dormant) (100% owned by SHI International Pte. Ltd.) | |
Ownership | 55.00% |
Trio-Tech (Tianjin) Co. Ltd. | |
Ownership | 100.00% |
TERM DEPOSITS (Details)
TERM DEPOSITS (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Deposits [Abstract] | ||
Short-term deposits | $ 6,696 | $ 6,887 |
Currency translation effect on short-term deposits | (18) | (190) |
Total short-term deposits | 6,678 | 6,697 |
Restricted term deposits | 1,661 | 1,712 |
Currency translation effect on restricted term deposits | 34 | (52) |
Total restricted term deposits | 1,695 | 1,660 |
Total term deposits | $ 8,373 | $ 8,357 |
TRADE ACCOUNTS RECEIVABLE AND_3
TRADE ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Beginning | $ 314 | $ 263 |
Additions charged to expenses | 0 | 351 |
Recovered | (5) | (284) |
Written off | 0 | (9) |
Currency translation effect | 9 | (7) |
Ending | $ 318 | $ 314 |
LOANS RECEIVABLE FROM PROPERT_2
LOANS RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Jiang Huai | Yuan RMB | |
Short-term loan receivables | |
Short-term | $ 2,000 |
Less: allowance for doubtful receivables | (2,000) |
Short-term loan receivables, net | 0 |
Jiang Huai | USD | |
Short-term loan receivables | |
Short-term | 294 |
Less: allowance for doubtful receivables | (294) |
Short-term loan receivables, net | 0 |
Jun Zhou Zhi Ye | Yuan RMB | |
Long-term loan receivables | |
Long-term | 5,000 |
Less: transfer - down-payment for purchase of property | (5,000) |
Long-term loan receivables, net | 0 |
Jun Zhou Zhi Ye | USD | |
Long-term loan receivables | |
Long-term | 734 |
Less: transfer - down-payment for purchase of property | (734) |
Long-term loan receivables, net | $ 0 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 1,238 | $ 1,281 | |
Work in progress | 1,009 | 968 | |
Finished goods | 278 | 422 | |
Inventories in transit | 7 | 0 | |
Currency translation effect | 32 | (71) | |
Less: provision for obsolete inventory | (692) | (678) | $ (673) |
Inventory net | $ 1,872 | $ 1,922 |
INVENTORIES (Details 1)
INVENTORIES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | ||
Beginning | $ 678 | $ 673 |
Additions charged to expenses | 6 | 26 |
Usage - disposition | 0 | (8) |
Currency translation effect | 8 | (13) |
Ending | $ 692 | $ 678 |
INVESTMENT PROPERTIES (Details)
INVESTMENT PROPERTIES (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
MaoYe | ||
Investment amount | $ 894 | $ 894 |
Currency translation | (87) | (87) |
Reclassified as "assets held for sale" | (807) | (807) |
Reclassification from "assets held for sale" | 301 | 301 |
Net investment in property | 301 | 301 |
MaoYe | Yuan RMB | ||
Investment amount | 5,554 | 5,554 |
Currency translation | 0 | 0 |
Reclassified as "assets held for sale" | (5,554) | (5,554) |
Reclassification from "assets held for sale" | 2,024 | 2,024 |
Net investment in property | 2,024 | 2,024 |
Jiang Huai | ||
Investment amount | 580 | |
Jiang Huai | Yuan RMB | ||
Investment amount | 3,600 | 3,600 |
Jiang Huai | USD | ||
Investment amount | 580 | |
FuLi | ||
Investment amount | 648 | 648 |
FuLi | Yuan RMB | ||
Investment amount | 4,025 | 4,025 |
China | ||
Currency translation | (166) | (166) |
Gross investment in rental property | 1,363 | 1,363 |
Accumulated depreciation on rental property | (640) | (940) |
Reclassified as "assets held for sale" | (410) | (410) |
Reclassification from "assets held for sale" | (143) | (143) |
Net investment in property | 673 | 673 |
China | Yuan RMB | ||
Currency translation | 0 | 0 |
Gross investment in rental property | 9,649 | 9,649 |
Accumulated depreciation on rental property | (6,558) | (6,558) |
Reclassified as "assets held for sale" | (2,822) | (2,822) |
Reclassification from "assets held for sale" | (1,029) | (1,029) |
Net investment in property | $ 4,765 | $ 4,765 |
INVESTMENT PROPERTIES (Details
INVESTMENT PROPERTIES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
MaoYe | ||
Rental income | $ 0 | $ 8 |
Depreciation expense | 4 | 4 |
Jiang Huai | ||
Rental income | 0 | 0 |
Depreciation expense | 6 | 6 |
FuLi | ||
Rental income | 4 | 9 |
Depreciation expense | 7 | 7 |
China | ||
Rental income | 4 | 17 |
Depreciation expense | $ 17 | $ 17 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Other Assets [Abstract] | ||
Down payment for purchase of investment properties | $ 1,645 | $ 1,645 |
Down payment for purchase of property, plant and equipment | 69 | 8 |
Deposit for rental and utilities | 166 | 171 |
Currency translation effect | (142) | (215) |
Ending balance | $ 1,738 | $ 1,609 |
OTHER ASSETS (Details 1)
OTHER ASSETS (Details 1) $ in Thousands | Sep. 30, 2020USD ($) | |
RMB | ||
Original investment | $ 10,000 | |
Less: management Fee | (5,000) | |
Net investment | 5,000 | |
Less: share of loss on joint venture | (137) | |
Net investment as down payment | 4,863 | [1] |
Loans receivable | 5,000 | |
Interest receivable | 1,250 | |
Less: impairment of interest | (906) | |
Transferred to down payment | 5,344 | [2] |
Down payment for purchase of investment properties | 10,207 | |
USD | ||
Original investment | 1,606 | |
Less: management Fee | (803) | |
Net investment | 803 | |
Less: share of loss on joint venture | (22) | |
Net investment as down payment | 781 | [1] |
Loans receivable | 814 | |
Interest receivable | 200 | |
Less: impairment of interest | (150) | |
Transferred to down payment | 864 | [2] |
Down payment for purchase of investment properties | $ 1,645 | |
[1] | On December 2, 2010, the Company signed a Joint Venture agreement (agreement) with Jia Sheng Property Development Co. Ltd. (Developer) to form a new company, Jun Zhou Co., Limited (Joint Venture or Jun Zhou) to joint develop the Singapore Themed Park project (the project), where the Company paid RMB10 million for the 10% investment in the joint venture. The Developer paid Company management fee of RMB5 million in cash upon signing of the agreement with a remaining fee of RMB5 million payable upon fulfilment of certain conditions in accordance with the agreement. The Company further reduced its investment by RMB137, or approximately $22 towards the losses from operations incurred by the joint venture. | |
[2] | Amounts of RMB 5,000 or approximately $814 as disclosed in Note 5, plus the interest receivable on long term loan receivable of RMB 1,250 or approximately $200 and impairment on interest of RMB 906 or approximately $150. |
LINES OF CREDIT (Details)
LINES OF CREDIT (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
TrioTech Intl Credit Facility | ||
Type of facility | Lines of Credit | Lines of Credit |
Credit limitation | $ 4,895 | $ 4,806 |
Unused credit | $ 4,895 | $ 4,806 |
TrioTech Intl Credit Facility | Minimum | ||
Interest rate | 1.85% | 1.85% |
TrioTech Intl Credit Facility | Maximum | ||
Interest rate | 5.50% | 5.50% |
TrioTech Intl Credit Facility | ||
Type of facility | Lines of Credit | |
Credit limitation | $ 365 | |
Unused credit | $ 365 | |
TrioTech Intl Credit Facility | Minimum | ||
Interest rate | 1.85% | |
TrioTech Intl Credit Facility | Maximum | ||
Interest rate | 5.50% | |
TrioTech Malaysia Sdn Bhd Credit Facility | ||
Type of facility | Revolving Credit | Revolving Credit |
Interest rate | 2.00% | 2.00% |
Credit limitation | $ 361 | $ 350 |
Unused credit | $ 361 | $ 350 |
Universal (Far East) Pte. Ltd. | ||
Type of facility | Lines of Credit | |
Credit limitation | $ 359 | |
Unused credit | $ 187 | |
Universal (Far East) Pte. Ltd. | Minimum | ||
Interest rate | 1.85% | |
Universal (Far East) Pte. Ltd. | Maximum | ||
Interest rate | 5.50% |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Payables and Accruals [Abstract] | ||
Payroll and related costs | $ 1,113 | $ 1,185 |
Commissions | 78 | 104 |
Customer deposits | 18 | 30 |
Legal and audit | 315 | 315 |
Sales tax | 48 | 19 |
Utilities | 81 | 80 |
Warranty | 10 | 12 |
Accrued purchase of materials and property, plant and equipment | 488 | 186 |
Provision for re-instatement | 291 | 300 |
Deferred income | 82 | 88 |
Contract liabilities | 471 | 476 |
Other accrued expenses | 354 | 287 |
Currency translation effect | 200 | (77) |
Total | $ 3,549 | $ 3,005 |
WARRANTY ACCRUAL (Details)
WARRANTY ACCRUAL (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Warranty Accrual | ||
Beginning | $ 12 | $ 39 |
Additions charged to cost and expenses | 0 | 1 |
Reversal | (2) | (27) |
Currency translation effect | 0 | (1) |
Ending | $ 10 | $ 12 |
BANK LOANS PAYABLE (Details)
BANK LOANS PAYABLE (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Bank loan payable | $ 2,312 | $ 2,295 |
Current portion of bank loan payable | 413 | 384 |
Currency translation effect on short-term portion of bank loan | 12 | (14) |
Current portion of bank loan payable | 425 | 370 |
Long term portion of bank loan payable | 1,899 | 1,911 |
Currency translation effect on long-term portion of bank loan | 57 | (75) |
Long term portion of bank loans payable | 1,956 | 1,836 |
Bank Note 1 | ||
Bank loan payable | 2,113 | 2,295 |
Bank Note 2 | ||
Bank loan payable | $ 199 | $ 0 |
BANK LOANS PAYABLE (Details 1)
BANK LOANS PAYABLE (Details 1) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Loans Payable [Abstract] | ||
Remainder of fiscal 2021 | $ 429 | $ 370 |
2022 | 442 | 384 |
2023 | 457 | 400 |
2024 | 397 | 403 |
2025 | 201 | 158 |
Thereafter | 455 | 491 |
Total obligations and commitments | $ 2,381 | $ 2,206 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Malaysia | ||
Capital commitments for the purchase of equipment and other related infrastructure costs | $ 188 | $ 0 |
Malaysia | Ringgit RM | ||
Capital commitments for the purchase of equipment and other related infrastructure costs | 571 | 0 |
Tianjin | ||
Capital commitments for the purchase of equipment and other related infrastructure costs | 0 | 0 |
Tianjin | Yuan RMB | ||
Capital commitments for the purchase of equipment and other related infrastructure costs | $ 0 | $ 0 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Net revenue | $ 6,841 | $ 9,823 |
Operating income (loss) | (327) | 222 |
Total assets | 35,828 | 36,118 |
Depreciation and amortization | 702 | 786 |
Capital expenditures | 87 | 539 |
Manufacturing | ||
Net revenue | 2,625 | 3,317 |
Operating income (loss) | (18) | (12) |
Total assets | 10,383 | 9,434 |
Depreciation and amortization | 106 | 86 |
Capital expenditures | 67 | 19 |
Testing Services | ||
Net revenue | 2,954 | 4,390 |
Operating income (loss) | (337) | 68 |
Total assets | 20,848 | 22,138 |
Depreciation and amortization | 579 | 681 |
Capital expenditures | 20 | 520 |
Distribution | ||
Net revenue | 1,258 | 2,099 |
Operating income (loss) | 124 | 204 |
Total assets | 758 | 785 |
Depreciation and amortization | 0 | 1 |
Capital expenditures | 0 | 0 |
Real Estate | ||
Net revenue | 4 | 17 |
Operating income (loss) | (27) | (17) |
Total assets | 3,722 | 3,577 |
Depreciation and amortization | 17 | 18 |
Capital expenditures | 0 | 0 |
Fabrication Services | ||
Net revenue | 0 | 0 |
Operating income (loss) | 0 | 0 |
Total assets | 25 | 27 |
Depreciation and amortization | 0 | 0 |
Capital expenditures | 0 | 0 |
Corporate And Unallocated | ||
Net revenue | 0 | 0 |
Operating income (loss) | (69) | (21) |
Total assets | 92 | 157 |
Depreciation and amortization | 0 | 0 |
Capital expenditures | $ 0 | $ 0 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ 40 | $ 32 |
Other rental income | 21 | 30 |
Exchange (gain)/loss | (44) | 5 |
Bad debt recovery | 0 | 11 |
Dividend income | 2 | 0 |
Government grant | 154 | 0 |
Other miscellaneous income | 38 | 32 |
Total | $ 211 | $ 110 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefits/(expenses) | $ (7) | $ 0 |
Effective tax rate | 5.00% | 0.00% |
Tax reversal | $ 0 | $ 0 |
CONTRACT BALANCES (Details)
CONTRACT BALANCES (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Trade accounts receivable | $ 5,745 | $ 5,951 |
Accounts payable | 2,024 | 2,590 |
Contract assets | 255 | 216 |
Contract liabilities | $ 471 | $ 476 |
CONTRACT BALANCES (Details Narr
CONTRACT BALANCES (Details Narrative) $ in Thousands | Sep. 30, 2020USD ($) |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |
Remaining performance obligations | $ 478 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||
Income attributable to Trio-Tech International common shareholders from continuing operations, net of tax | $ (5) | $ 274 |
Income/(loss) attributable to Trio-Tech International common shareholders from discontinued operations, net of tax | (3) | (1) |
Net income attributable to Trio-Tech International common shareholders | $ (8) | $ 273 |
Weighted average number of common shares outstanding - basic (in thousands) | 3,686 | 3,673 |
Dilutive effect of stock options (in thousands) | 80 | 17 |
Number of shares used to compute earnings per share - diluted (in thousands) | 3,766 | 3,690 |
Basic earnings per share from continuing operations attributable to Trio-Tech International | $ .00 | $ 0.07 |
Basic earnings per share from discontinued operations attributable to Trio-Tech International | .00 | .00 |
Basic Earnings per Share from Net Income Attributable to Trio-Tech International | .00 | 0.07 |
Diluted earnings per share from continuing operations attributable to Trio-Tech International | 0 | 0.07 |
Diluted earnings per share from discontinued operations attributable to Trio-Tech International | 0 | 0 |
Diluted Earnings per Share from Net Income Attributable to Trio-Tech International | $ 0 | $ 0.07 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Minimum | ||
Expected volatility | 45.38% | 45.38% |
Risk-free interest rate | 0.30% | 0.30% |
Expected life (years) | 2 years 6 months | 2 years 6 months |
Maximum | ||
Expected volatility | 65.49% | 97.48% |
Risk-free interest rate | 2.35% | 2.35% |
Expected life (years) | 3 years 3 months | 3 years 3 months |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
2017 Employee Plan | ||
Options outstanding, beginning | 196,000 | 136,000 |
Granted | 0 | 0 |
Exercised | 0 | 0 |
Forfeited or expired | 0 | 0 |
Options outstanding, ending | 196,000 | 136,000 |
Options exercisable | 98,000 | 49,000 |
Weighted average exercise price outstanding, beginning | $ 3.92 | $ 4.53 |
Granted | .00 | .00 |
Exercised | .00 | .00 |
Forfeited or expired | (.00) | (.00) |
Weighted average exercise price outstanding, ending | 3.92 | 4.53 |
Weighted average exercise price exercisable | $ 4.44 | $ 4.97 |
Weighted average remaining contractual term outstanding, beginning | 3 years 8 months 19 days | 4 years 3 months 11 days |
Granted | 0 days | 0 days |
Weighted average remaining contractual term outstanding, ending | 3 years 5 months 19 days | 4 years 7 days |
Weighted average remaining contractual term exercisable | 3 years 1 month 28 days | 3 years 10 months 10 days |
Aggregate intrinsic value outstanding, beginning | $ 36 | $ 0 |
Granted | 0 | 0 |
Exercised | 0 | 0 |
Forfeited or expired | 0 | 0 |
Aggregate intrinsic value outstanding, ending | 62 | 19 |
Aggregate intrinsic value exercisable | $ 18 | $ 5 |
2007 Employee Plan | ||
Options outstanding, beginning | 77,500 | 77,500 |
Granted | 0 | 0 |
Exercised | 0 | 0 |
Forfeited or expired | 0 | 0 |
Options outstanding, ending | 77,500 | 77,500 |
Options exercisable | 77,500 | 68,125 |
Weighted average exercise price outstanding, beginning | $ 3.69 | $ 3.69 |
Granted | .00 | 0 |
Exercised | .00 | 0 |
Forfeited or expired | (.00) | 0 |
Weighted average exercise price outstanding, ending | 3.69 | 3.69 |
Weighted average exercise price exercisable | $ 3.69 | $ 3.69 |
Weighted average remaining contractual term outstanding, beginning | 1 year 2 months 19 days | 2 years 2 months 19 days |
Granted | 0 days | 0 days |
Weighted average remaining contractual term outstanding, ending | 11 months 16 days | 1 year 11 months 19 days |
Weighted average remaining contractual term exercisable | 11 months 16 days | 1 year 10 months 20 days |
Aggregate intrinsic value outstanding, beginning | $ 0 | $ 0 |
Granted | 0 | 0 |
Exercised | 0 | 0 |
Forfeited or expired | 0 | 0 |
Aggregate intrinsic value outstanding, ending | 6 | 14 |
Aggregate intrinsic value exercisable | $ 6 | $ 14 |
Directors 2017 Equity Incentive Plan | ||
Options outstanding, beginning | 240,000 | 160,000 |
Granted | 0 | 0 |
Exercised | 0 | 0 |
Forfeited or expired | 0 | 0 |
Options outstanding, ending | 240,000 | 160,000 |
Options exercisable | 240,000 | 160,000 |
Weighted average exercise price outstanding, beginning | $ 3.93 | $ 4.63 |
Granted | 0 | .00 |
Exercised | 0 | .00 |
Forfeited or expired | 0 | (.00) |
Weighted average exercise price outstanding, ending | 3.93 | 4.63 |
Weighted average exercise price exercisable | $ 3.93 | $ 4.63 |
Weighted average remaining contractual term outstanding, beginning | 3 years 9 months | 4 years 3 months |
Granted | 0 days | 0 days |
Weighted average remaining contractual term outstanding, ending | 3 years 5 months 26 days | 4 years |
Weighted average remaining contractual term exercisable | 3 years 5 months 26 days | 4 years |
Aggregate intrinsic value outstanding, beginning | $ 48 | $ 0 |
Granted | 0 | 0 |
Exercised | 0 | 0 |
Forfeited or expired | 0 | 0 |
Aggregate intrinsic value outstanding, ending | 82 | 26 |
Aggregate intrinsic value exercisable | $ 82 | $ 26 |
2007 Directors Equity Incentive Plan | ||
Options outstanding, beginning | 250,000 | 300,000 |
Granted | 0 | 0 |
Exercised | (12,500) | 0 |
Forfeited or expired | 0 | 0 |
Options outstanding, ending | 237,500 | 300,000 |
Options exercisable | 237,500 | 300,000 |
Weighted average exercise price outstanding, beginning | $ 3.32 | $ 3.40 |
Granted | .00 | .00 |
Exercised | 2.69 | .00 |
Forfeited or expired | (.00) | (.00) |
Weighted average exercise price outstanding, ending | 3.36 | 3.40 |
Weighted average exercise price exercisable | $ 3.36 | $ 3.40 |
Weighted average remaining contractual term outstanding, beginning | 9 months 29 days | 1 year 6 months 29 days |
Granted | 0 days | 0 days |
Weighted average remaining contractual term outstanding, ending | 7 months 10 days | 1 year 3 months 29 days |
Weighted average remaining contractual term exercisable | 7 months 10 days | 1 year 3 months 29 days |
Aggregate intrinsic value outstanding, beginning | $ 22 | $ 9 |
Granted | 0 | 0 |
Exercised | 11 | 0 |
Forfeited or expired | 0 | 0 |
Aggregate intrinsic value outstanding, ending | 51 | 97 |
Aggregate intrinsic value exercisable | $ 51 | $ 97 |
STOCK OPTIONS (Details 2)
STOCK OPTIONS (Details 2) - $ / shares | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
2017 Employee Plan | ||
Non-vested options outstanding, beginning | 98,000 | 87,000 |
Granted | 0 | 0 |
Vested | 0 | 0 |
Forfeited | 0 | 0 |
Non-vested options outstanding, ending | 98,000 | 87,000 |
Weighted average grant-date fair value outstanding, beginning | $ 3.39 | $ 4.28 |
Granted | .00 | .00 |
Vested | (.00) | (.00) |
Forfeited | .00 | .00 |
Weighted average grant-date fair value outstanding, ending | $ 3.39 | $ 4.28 |
2007 Employee Plan | ||
Non-vested options outstanding, beginning | 9,375 | |
Granted | 0 | |
Vested | 0 | |
Forfeited | 0 | |
Non-vested options outstanding, ending | 9,375 | |
Weighted average grant-date fair value outstanding, beginning | $ 4.14 | |
Granted | .00 | |
Vested | (.00) | |
Forfeited | .00 | |
Weighted average grant-date fair value outstanding, ending | $ 4.14 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Stock-based compensation expense | $ 0 | $ 8 |
2017 Employee Plan | ||
Stock-based compensation expense | $ 6 | $ 8 |
Vested stock options | 98,000 | 49,000 |
Weighted-average exercise price, vested options | $ 4.44 | $ 4.97 |
Weighted average contractual term | 3 years 1 month 28 days | 3 years 10 months 10 days |
2007 Employee Plan | ||
Stock-based compensation expense | $ 0 | $ 0 |
Vested stock options | 77,500 | 68,125 |
Weighted-average exercise price, vested options | $ 3.69 | $ 3.62 |
Weighted average contractual term | 11 months 16 days | 1 year 10 months 10 days |
Directors 2017 Equity Incentive Plan | ||
Stock-based compensation expense | $ 0 | $ 0 |
Vested stock options | 240,000 | 160,000 |
Weighted-average exercise price, vested options | $ 3.93 | $ 4.63 |
Weighted average contractual term | 3 years 5 months 26 days | 4 years |
2007 Directors Equity Incentive Plan | ||
Stock-based compensation expense | $ 0 | $ 0 |
Vested stock options | 237,500 | 300,000 |
Weighted-average exercise price, vested options | $ 3.36 | $ 3.40 |
Weighted average contractual term | 7 months 10 days | 1 year 3 months 29 days |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Leases [Abstract] | ||
2021 | $ 101 | $ 120 |
2022 | 117 | 114 |
Total | $ 218 | $ 234 |
LEASES (Details 1)
LEASES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | |
Finance Leases | ||
Property and equipment, at cost | $ 1,540 | |
Accumulated depreciation | (769) | |
Property and equipment, net | 771 | |
Current portion of finance leases | 224 | $ 231 |
Net of current portion of finance leases | 394 | 435 |
Total finance lease liabilities | 618 | 666 |
Operating Leases | ||
Operating lease right-of-use assets | 819 | 944 |
Current portion of operating leases | 425 | 477 |
Net of current portion of operating leases | 394 | 467 |
Total operating lease liabilities | 819 | $ 944 |
Lease Cost | ||
Interest on finance lease | 12 | |
Amortization of right-of-use asset | 15 | |
Total Finance Lease cost | 27 | |
Operating lease costs | $ 186 |
LEASES (Details 3)
LEASES (Details 3) $ in Thousands | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Leases [Abstract] | |
Operating cash flows from finance lease | $ (10) |
Finance cash flows from operating leases | (174) |
Finance cash flows from finance leases | $ (54) |
Weighted-average remaining lease term: finance leases | 3 years 6 months 3 days |
Weighted-average remaining lease term: operating leases | 1 year 7 months 13 days |
Weighted-average discount rate: finance leases | 3.35% |
Weighted-average discount rate: operating leases | 4.57% |
LEASES (Details 4)
LEASES (Details 4) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Operating Lease Liabilities | ||
Remainder of 2021 | $ 452 | |
2022 | 308 | |
2023 | 99 | |
2024 | 0 | |
2025 | 0 | |
Total future minimum lease payments | 859 | |
Less: amount representing interest | (40) | $ (50) |
Present value of net minimum lease payments | 819 | 944 |
Current | 425 | 477 |
Non-current | 394 | 467 |
Finance Leases Liabilities | ||
Remainder of 2021 | 255 | |
2022 | 199 | |
2023 | 123 | |
2024 | 98 | |
2025 | 5 | |
Total future minimum lease payments | 680 | |
Less: amount representing interest | (62) | (70) |
Present value of net minimum lease payments | 618 | 666 |
Current | 224 | 231 |
Non-current | $ 394 | $ 435 |
LEASES (Details 5)
LEASES (Details 5) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Operating Lease Liabilities | ||
Remainder of 2021 | $ 509 | |
2022 | 317 | |
2023 | 168 | |
2024 | 0 | |
2025 | 0 | |
Total future minimum lease payments | 994 | |
Less: amount representing interest | $ (40) | (50) |
Present value of net minimum lease payments | 819 | 944 |
Current | 425 | 477 |
Non-current | 394 | 467 |
Finance Lease Liabilities | ||
Remainder of 2021 | 265 | |
2022 | 211 | |
2023 | 133 | |
2024 | 107 | |
2025 | 20 | |
Total future minimum lease payments | 736 | |
Less: amount representing interest | (62) | (70) |
Present value of net minimum lease payments | 618 | 666 |
Current | 224 | 231 |
Non-current | $ 394 | $ 435 |