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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-align: justify; text-indent: -0.75in">Note 1. Nature
of Operations</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Espey Mfg. & Electronics Corp. (the Company)
is a manufacturer of electronic equipment used primarily in military and industrial applications. The principal markets for the Company's
products are companies that provide electronic support to both military and industrial applications across the United States and at some
international locations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Note 17. Quarterly Financial Information (Unaudited)</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">First</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Second</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Third</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Fourth</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify">     <b>2021</b>  </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Quarter</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Quarter</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Quarter</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Quarter</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 48%; text-align: justify">     Net sales</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,265,515</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,962,065</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,205,068</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,301,950</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">               Gross profit (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,127,374</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">713,461</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(187,154</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,705,926</td><td style="white-space: nowrap; text-align: left"> </td></tr>
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<td style="text-align: justify">               Net income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">189,824</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(181,006</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,070,114</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">879,753</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Net income (loss) per share -</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Basic</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.08</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.44</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.36</td><td style="white-space: nowrap; text-align: left"> </td></tr>
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<td style="text-align: justify">          Diluted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.08</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.44</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.36</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     <b>2020</b></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">     Net sales</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,923,819</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7,286,674</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6,191,300</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,124,438</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">               Gross profit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,136,348</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,480,148</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">910,933</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,031,186</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">               Net income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,776</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">228,964</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(103,765</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">956,693</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Net income (loss) per share -</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Basic</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.10</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.04</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Diluted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.10</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.04</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="white-space: nowrap; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Note 3. Revenue</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company follows ASC 606 “Revenue from Contracts
with Customers” to determine the recognition of revenue. This standard requires entities to assess the products or services promised
in contracts with customers at contract inception to determine the appropriate unit at which to record revenues.  Revenue is recognized
when control of the promised products or services is transferred to customers at an amount that reflects the consideration to which the
entity expects to be entitled to in exchange for those products or services.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant judgment is required in determining the
satisfaction of performance obligations.  Revenues from our performance obligations are satisfied over time using the output method
which considers the appraisal of results achieved and milestones reached or units delivered based on contractual shipment terms, typically
shipping point.  Revenue is recognized when, or as, the customer takes control of the product or services.  The output method
best depicts the transfer of control to the customer as the output method represents work completed. Control is typically transferred
to the customer at the shipping point as the Company has a present right to payment, the customer has legal title to the asset, the customer
has the significant risks and rewards of ownership of the asset, and in most instances the customer has accepted the asset.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #1F497D"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total revenue recognized for the twelve months ended
June 30, 2021 based on units delivered totaled $22,973,507 compared to $25,739,709 for the same periods in fiscal year 2020.  Total
revenue recognized for the twelve months ended June 30, 2021 based on milestones achieved totaled $4,761,091 compared to $5,786,522 for
the same periods in fiscal year 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company offers a standard one-year product warranty.
Product warranties offered by the Company are classified as assurance-type warranties, which means, the warranty only guarantees that
the good or service functions as promised. Based on this, the provided warranty is not considered to be a distinct performance obligation. 
The impact of variable consideration has been considered but none identified which would be required to be allocated to the transaction
price as of June 30, 2021.  Our payment terms are generally 30-60 days. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract liabilities were $3,077,605 and $2,175,235
as of June 30, 2021 and 2020, respectively.  The increase in contract liabilities is primarily due to the advance collection of cash
on specific contracts, offset in part, by revenue recognized. The company used the practical expedient to expense incremental costs incurred
to obtain a contract when the contract term is less than one year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s backlog at June 30, 2021 totaling
$65.6 million is expected, based on expected due dates, to be recognized in the following fiscal years: 58% in 2022; 27% in 2023; 13%
in 2024, and 2% thereafter.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 5. Contracts in Process</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">Contracts in process
at June 30, 2021 and 2020 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify">Unrecognized gross contract value</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">65,647,715</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54,929,249</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Costs related to contracts in process</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">16,354,636</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,115,756</td><td style="white-space: nowrap; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Included in costs relating to contracts in
process at June 30, 2021 and 2020 are costs relative to contracts that may not be completed within the ensuing year as contracts vary
in size, scope and duration. Under the units-of-delivery method, the related sale and cost of sales will not be reflected in the statements
of comprehensive income until the units under contract are shipped.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 6. Property, Plant and Equipment</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Property, plant and equipment at June 30, 2021
and 2020 is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%">Land</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">45,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">45,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Building and improvements</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,387,113</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,387,113</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Machinery and equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,121,960</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,118,670</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">164,200</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">164,200</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,718,273</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,714,983</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,727,754</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,248,205</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Property, plant and equipment, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,990,519</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,466,778</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Depreciation expense was $519,813 and $568,528
for the years ended June 30, 2021 and 2020, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 7. Pension Expense</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under terms of a negotiated union contract which expires
on June 30, 2022, the Company is obligated to make contributions to a union-sponsored International Brotherhood of Electrical Workers
Local 1799 defined benefit pension plan (Plan identifying number is 14-6065199) covering eligible employees. Such contributions and expenses
are based upon hours worked at a specified rate and amounted to $112,997 in fiscal year 2021 and $121,273 in fiscal year 2020. These contributions
represent more than five percent of the total contributions made into the Plan. For the years beginning January 1, 2021 and 2020, the
Plan was in the “green zone” which means it is neither endangered nor critical status. A Funding Improvement Plan, entered
into by Plan Trustees in fiscal year 2013, when the Plan was in “critical status,” calls for an increase in contributions
starting January 1, 2016 of $0.04 per hour for each year for five years thereafter. The increase did not and will not have a material
impact on the Company’s financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company sponsors a 401(k) plan for non-union
workers with employee and employer matching contributions. The employer match is 10% of the employee contribution and was $49,218 and
$58,389, for fiscal years 2021 and 2020, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 8. (Benefit) Provision for Income Taxes</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the components of the (benefit) provision
for income taxes for the years ended June 30, 2021 and 2020 is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify">     Current tax (benefit) expense - federal</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(122,221</td><td style="white-space: nowrap; width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">190,801</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Current tax benefit - state</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,158</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1pt">     Deferred tax benefit</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(64,396</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(44,122</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt">          (Benefit) provision for income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(186,654</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">145,521</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-align: justify; text-indent: -0.75in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Deferred income taxes reflect the impact of
"temporary differences" between the amount of assets and liabilities for financial reporting purposes and such amounts measured
by tax laws and regulations. These "temporary differences" are determined in accordance with ASC 740-10.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The combined U.S. federal and state effective
income tax rates of 50.7% and 11.1%, for 2021 and 2020 respectively, differed from the statutory U.S. federal income tax rate for the
following reasons:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify">     U.S. federal statutory income tax rate</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Increase (reduction) in rate resulting from:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          State franchise tax, net of federal income tax benefit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.1</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.1</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          ESOP cost versus Fair Market Value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.3</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.6</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Dividend on allocated ESOP shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25.9</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14.5</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Stock-based compensation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6.7</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Foreign Derived Intangible Income Deduction</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.2</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Rate Differential on Net Operating Loss Carryback</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10.5 </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">— </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1pt">          Other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1.4</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.3</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt">     Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">50.7%</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11.1%</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-align: justify; text-indent: -0.75in"><font style="text-underline-style: double"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended June 30, 2021 and 2020 deferred
income tax benefit of $64,396 and $44,122, respectively, results from the changes in temporary differences for each year. The tax effects
of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30, 2021 and 2020 are presented
as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">     Deferred tax assets:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; text-align: justify">          Accrued expenses</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">186,339</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">171,880</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          ESOP</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,190</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Stock-based compensation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">59,659</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,280</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Inventory - effect of uniform capitalization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46,197</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">74,352</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt">          Other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,437</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1pt">                    Total deferred tax assets</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">294,385</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">303,949</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Deferred tax liability:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Property, plant and equipment - principally due</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">            to differences in depreciation methods</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">422,771</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">503,009</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1pt">           Prepaid expenses</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,171</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">33,893</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">                    Total deferred tax liability</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">462,942</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">536,902</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt">     Net deferred tax liability</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(168,557</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(232,953</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-align: justify; text-indent: -0.75in"><font style="text-underline-style: double"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In assessing the realization of deferred tax
assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will 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 upon the level of historical taxable income and projection
for future taxable income over the period in which the deferred tax assets are deductible, management believes it is more likely than
not that the Company will realize the benefits of these temporary differences without consideration of a valuation allowance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As the result of the implementation of the FASB
interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes – An Interpretation of FASB Statement No.
109, the Company recognized no material adjustments to unrecognized tax benefits. As of June 30, 2021 and 2020, the Company has no unrecognized
tax benefits.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company recognizes interest and penalties
in general and administrative expense. As of June 30, 2021 and 2020, the Company has not recorded any provision for accrued interest and
penalties.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company is subject to taxation in the United
States and various state jurisdictions. The federal tax returns are subject to audit for three years from date of filing unless the return
was audited within that period. In general the majority of state statutes follow similar guidelines. As such, the Company’s tax
returns for tax years ending June 30, 2021, 2020, and 2019 remain open to examination by the respective taxing authorities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">On March 27, 2020, the Coronavirus Aid, Relief,
and Economic Security Act (“CARES Act”) was enacted in response to the economic uncertainty resulting from the COVID19 pandemic.
The CARES Act includes many measures to assist companies, including temporary changes to income and non-income based laws, some of which
were enacted as part of the Tax Cuts and Jobs Act of 2017 (“TCJA”). Some of the key changes include eliminating the 80% of
taxable income limitation by allowing corporate entities to fully utilize NOLs to offset taxable income in 2018, 2019 and 2020, allowing
NOLs originating in 2018, 2019 and 2020 to be carried back five years, enhanced interest deductibility, and retroactively clarifying the
immediate recovery of qualified improvement property costs rather than over a 39-year recovery period. During the year ended June 30,
2021, the Company recorded an approximate $120,000 benefit relating to the NOL carryback provisions provided for in the CARES Act. The
Company will continue to monitor additional guidance issued and assess the impact that various provisions will have on its business.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-align: justify; text-indent: -0.75in">Note 10. Employee
Stock Ownership Plan</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company ESOP covers all nonunion employees who
work 1,000 or more hours per year and are employed on June 30.  Prior to December 1, 2020, the ESOP owned 469,119 shares, all of
which were allocated to employees.  On December 1, 2020, pursuant to a Stock Purchase Agreement dated as of such date, the Company,
by selling 300,000 shares of its common stock, par value $0.33 1/3 per share, to the Espey Mfg. & Electronics Corp. Employee Stock
Ownership Plan Trust, provided more shares to be allocated to employees for services rendered over the next 15 years.  The ESOP paid
$18.29 per share, for an aggregate purchase price of $5,487,000.  The determination of the purchase price was based on a fairness
opinion obtained by an independent valuation firm.  The ESOP borrowed from the Corporation an amount equal to the purchase price. 
The loan will be repaid in fifteen (15) equal annual installments of principal.  The Board of Directors has fixed the interest rate
and the unpaid balance will bear interest at a fixed rate of 3.00% per annum.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #1F497D"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors of the Company had approved
a purchase price per share equal to the lesser of the trading value on the day of closing or the lowest price listed in the valuation
established by the independent valuation firm plus $0.25. The valuation identified a range of $18.04 - $19.43 per share.   </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In making the sale, the Company relied on the exemption
from registration under Section 4(2) of the Securities Act of 1933, as amended, because the shares sold were offered only to the ESOP.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After giving effect to the transaction, the ESOP owned
769,119 shares of the Company's 2,702,633 outstanding shares of common stock as of December 1, 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company makes annual contributions to the ESOP equal to the ESOP's debt service less dividends on unallocated shares received by the
ESOP. Any dividends on unallocated shares received by the ESOP are used to pay debt service. Any dividends on allocated ESOP shares are
recorded as a reduction of retained earnings. As the debt is repaid, shares are released and allocated to active employees, based on the
proportion of debt service paid in the year. The Company accounts for its ESOP in accordance with FASB ASC 718-40. Accordingly, the shares
purchased by the ESOP are reported as Unearned ESOP shares in the balance sheets and the statements of changes in stockholders’
equity. As shares are released or committed-to-be-released, the Company reports compensation expense equal to the current average market
price of the shares, and the shares become outstanding for earnings-per-share (EPS) computations. ESOP compensation expense was $353,897
and $305,006 for the years ended June 30, 2021 and 2020, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">ESOP compensation expense was $353,897
and $305,006 for the years ended June 30, 2021 and 2020, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The ESOP shares as of June 30, 2021
and 2020 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify; text-indent: 0in">Allocated shares</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">487,220</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">466,929</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt">Unreleased shares</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">279,429</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 2.5pt">Total shares held by the ESOP</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">766,649</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">466,929</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">     Fair value of unreleased shares</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,141,138</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company may at times be required to repurchase
shares at the ESOP participants’ request at the fair market value. During the twelve months ended June 30, 2021, the Company did
not repurchase shares previously held by the ESOP. During the twelve months ended June 30, 2020 the Company repurchased 2,180 shares previously
held by the ESOP for $47,949.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The ESOP allows for eligible participants to
take whole share distributions from the plan on specific dates in accordance with the provision of the plan. Share distributions from
the ESOP during the twelve months ended June 30, 2021 and 2020 totaled 2,470 shares and 2,180 shares, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Note 12. Concentration of Credit Risk</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Financial instruments that potentially subject the
Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable.
The Company maintains cash and cash equivalents with various financial institutions. At times such investments may be in excess of FDIC
insurance limits. As disclosed in Note 9, a significant portion of the Company's business is the production of military and industrial
electronic equipment for use by the U.S. and foreign governments and certain industrial customers. The related accounts receivable balance,
as a percentage of the Company's total trade accounts receivable balance, was 76.3% represented by four customers at June 30, 2021 and
53.9% represented by two customers at June 30, 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Although the Company's exposure to credit risk
associated with nonpayment of these concentrated balances is affected by the conditions or occurrences within the U.S. and foreign governments,
the Company believes that its trade accounts receivable credit risk exposure is limited. The Company performs ongoing credit evaluations
of its customer's financial conditions and requires collateral, such as progress payments, in certain circumstances. The Company establishes
an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 13. Related Parties</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The administration of the shares of common stock held by the ESOP
Trust is subject to the Amended and Restated Plan and a Trust Agreement, each effective as of July 1, 2016. The Trustees’ rights
with respect to the disposition of shares are governed by the terms of the Plan and the Trust Agreement. As to shares that have been allocated
to the accounts of participants in the ESOP Trust, the Plan provides that the Trustees are required to vote such shares in accordance
with instructions received from the participants. As to unallocated shares and allocated shares for which voting instructions have not
been received from participants, the Plan provides that the Trustees are required to vote such shares in accordance with the direction
of the Board of Directors of the Company under the terms of the Plan and Trust Agreement. See Note 10 for additional information regarding
the ESOP.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-align: justify; text-indent: -0.75in">Note 14. Commitments
and Contingencies</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company at certain times enters into standby letters
of credit agreements with financial institutions primarily relating to the guarantee of future performance on certain contracts. Contingent
liabilities on outstanding standby letters of credit agreements aggregated to zero at June 30, 2021 and 2020. The Company, as a U.S. Government
contractor, is subject to audits, reviews, and investigations by the U.S. Government related to its negotiation and performance of government
contracts and its accounting for such contracts. Failure to comply with applicable U.S. Government standards by a contractor may result
in suspension from eligibility for award of any new government contract and a guilty plea or conviction may result in debarment from eligibility
for awards. The government may, in certain cases, also terminate existing contracts, recover damages, and impose other sanctions and penalties.
As a result of contract audits the Company will determine a range of possible outcomes and in accordance with ASC 450 “Contingencies”
the Company will accrue amounts within a range that appears to be its best estimate of a possible outcome. Adjustments are made to accruals,
if any, periodically based on current information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are party to various litigation matters and claims
arising from time to time in the ordinary course of business.  While the results of such matters cannot be predicted with certainty,
we believe that the final outcome of such matters will not have a material adverse effect on our business, financial condition, results
of operations or cash flows. Currently, there are no matters pending.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 16. Line of Credit</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">At June 30, 2021, the Company has an uncommitted
and unused Line of Credit with a financial institution. The agreement provides that the Company may borrow up to $3,000,000. The line
provides for interest payments equal to the LIBOR Daily Floating Rate plus 2.30%. Any borrowing under the line of credit will be collateralized
by accounts receivable. The line will be reviewed annually in November for renewal on December 1st. All outstanding balances are payable
no later than the expiration date of the agreement, unless other terms are agreed to by the lender.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The majority of our net sales is generated from contracts
with industrial manufacturers and defense companies, the Department of Defense, other agencies of the government of the United States
and foreign governments for the design, development and/or manufacture of products. We provide our products and design and development
services under fixed-price contracts. Under fixed-price contracts we agree to perform the specified work for a pre-determined price. To
the extent our actual costs vary from the estimates upon which the price was negotiated, we will generate more or less profit or could
incur a loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We account for a contract after it has been approved
by all parties to the arrangement, the rights of the parties are identified, payment terms are identified, the contract has commercial
substance, and collectability of consideration is probable. We assess each contract at its inception to determine whether it should be
combined with other contracts. When making this determination, we consider factors such as whether two or more contracts were negotiated
and executed at or near the same time, or were negotiated with an overall profit objective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We evaluate the products or services promised in each
contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. Significant
judgment is required in determining performance obligations. We determine the transaction price for each contract based on the consideration
we expect to receive for the products or services being provided under the contract. The transaction price for each performance obligation
is based on the estimated standalone selling price of the product or service underlying each performance obligation. Transaction prices
on our contracts subject to the Federal Acquisition Regulations (FAR) are typically based on estimated costs plus a reasonable profit
margin.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We recognize revenue using the output method based
on the appraisal of results achieved and milestones reached or units delivered based on contractual shipment terms, typically shipping
point.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventory</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Raw materials are valued at the lower of cost (average
cost) or net realizable value. Balances for slow-moving and obsolete inventory are reviewed on a regular basis by analyzing estimated
demand, inventory on hand, sales levels, market conditions, and other information and reduce inventory balances based on this analysis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Inventoried work relating to contracts in process
and work in process is valued at actual production cost, including factory overhead incurred to date. Contract costs include material,
subcontract costs, labor, and an allocation of overhead costs. Work in process represents spare units and parts and other inventory items
acquired or produced to service units previously sold or to meet anticipated future orders. Provision for losses on contracts is made
when the existence of such losses becomes probable and estimable.  The provision for losses on contracts is included in other accrued
expenses on the Company’s balance sheet.  The costs attributed to units delivered under contracts are based on the estimated
average cost of all units expected to be produced.  Certain contracts are expected to extend beyond twelve months.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The estimation of total cost at completion of a contract is subject to
numerous variables involving contract costs and estimates as to the length of time to complete the contract.  Given the significance
of the estimation processes and judgments described above, it is possible that materially different amounts of expected sales and contract
costs could be recorded if different assumptions were used, based on changes in circumstances, in the estimation process.  When a
change in expected sales value or estimated cost is determined, the change is reflected in current period earnings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract Liabilities</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract liabilities include advance payments and
billings in excess of revenue recognized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Depreciation</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Depreciation of plant and equipment is computed
on a straight-line basis over the estimated useful lives of the assets. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Estimated useful lives of depreciable assets
are as follows:</p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="width: 50%; padding-bottom: 6pt">Buildings and improvements</td>
<td style="text-align: right; width: 50%; padding-bottom: 6pt; vertical-align: bottom">10 – 50 years</td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding-bottom: 6pt">Machinery and equipment</td>
<td style="text-align: right; padding-bottom: 6pt; vertical-align: bottom">3 – 20 years</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding-bottom: 6pt">Furniture and fixtures</td>
<td style="text-align: right; padding-bottom: 6pt; vertical-align: bottom">7 – 10 years</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Income Taxes</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company follows the provisions of Accounting
Standards Codification (“ASC”) Topic 740-10, "Accounting for Income Taxes."</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under the provisions of ASC 740-10, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled.  The effect on deferred taxes and liabilities of a change in tax rates is recognized in earnings in the period that includes
the enactment date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Cash and Cash Equivalents</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Cash and cash equivalents consist of cash and
money market funds.  The Company considers all highly liquid investments with original maturities of three months or less to be cash
equivalents. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Investment Securities</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company accounts for its investment securities in accordance with ASC 320-10-25, “Accounting for Certain Investments in Debt
and Equity Securities.” Investment securities at June 30, 2021 consists of certificates of deposit and at June 30, 2020 consisted
of certificates of deposit and municipal bonds. The Company classifies investment securities as available-for-sale. Unrealized holding
gains and losses, net of related tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate
component of stockholders’ equity until realized. Realized gains and losses for securities classified as available-for-sale are
included in earnings and are determined using the specific identification method. Interest income is recognized when earned. Fair values
are based on quoted market prices available as of the balance sheet date, and are therefore considered a Level 1 valuation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Fair Value of Financial Instruments</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">ASC 820 establishes a fair value hierarchy which
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 
The standard describes three levels of inputs that may be used to measure fair value:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font-family: Wingdings">§</font>          Level
1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the
measurement date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font-family: Wingdings">§</font>          Level
2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices
in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font-family: Wingdings">§</font>          Level
3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants
would use in pricing an asset or liability.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The carrying amounts of financial instruments,
including cash and cash equivalents, short term investments, accounts receivable, accounts payable, accrued expenses and contract liabilities,
approximated fair value as of June 30, 2021 and 2020 because of the immediate or short-term maturity of these financial instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Accounts Receivable and Allowance for Doubtful
Accounts</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company extends credit to its customers
in the normal course of business and collateral is generally not required for trade receivables.  Exposure to credit risk is controlled
through the use of credit approvals, credit limits, and monitoring procedures.  Accounts receivable are reported net of an allowance
for doubtful accounts.  The Company estimates the allowance based on its analysis of specific balances. Interest is not charged on
past due balances.  Based on these factors, there was an allowance for doubtful accounts of $3,000 at June 30, 2021 and 2020. 
Changes to the allowance for doubtful accounts are charged to expense and reduced by charge-offs, net of recoveries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Per Share Amounts</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">ASC 260-10 “Earnings Per Share (EPS)”
requires the Company to calculate net (loss) income per share based on basic and diluted net (loss) income per share, as defined. 
Basic EPS excludes dilution and is computed by dividing net (loss) income by the weighted average number of shares outstanding for the
period.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were
exercised or converted into common stock.  The dilutive effect of outstanding options issued by the Company are reflected in diluted
EPS using the treasury stock method.  Under the treasury stock method, options will only have a dilutive effect when the average
market price of common stock during the period exceeds the exercise price of the options.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Comprehensive (Loss) Income</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Comprehensive (loss) income consists of net (loss)
income and other comprehensive (loss) income.  Other comprehensive (loss) income for fiscal years ended June 30, 2021 and 2020 consists
of unrealized holding gains and losses on available-for-sale securities. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Use of Estimates</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reclassifications</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain reclassifications may have been made to the
prior year financial statements to conform to the current year presentation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recently Issued Accounting Standards</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the FASB issued ASU No. 2018-13, “Fair
Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.”  This
ASU is part of the FASB’s larger disclosure framework project intended to improve the effectiveness of financial statement footnote
disclosure.  ASU 2018-13 modifies required fair value disclosures related primarily to level 3 investments.  This
ASU is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods.  The
adoption of ASU 2018-13 does not have a material effect on the Company’s financial position, results of operations, and cash flows
as our investments are currently Level 1. We will, however, continue to evaluate going forward should we obtain any Level 3 investments.</p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Recent Accounting Pronouncements Not Yet Adopted</p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2019, the FASB issued guidance (ASU 2019-12)
intended to simplify the accounting for income taxes. The amendments in this guidance are effective for fiscal years, and interim periods
within those fiscal years, beginning after December 15, 2020 (the Company’s fiscal year beginning July 1, 2021). The Company did
not elect early adoption of this guidance and is not expected to have an impact on the Company’s disclosures.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Impairment of Long-Lived Assets</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-lived assets, including property, plant, and
equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable.  Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated
undiscounted future cash flows expected to be generated by the asset.  If the carrying amount of an asset exceeds its estimated future
cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. 
There were no impairments of long-lived assets in fiscal years 2021 and 2020.  Assets to be disposed of are separately presented
in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. 
The assets and liabilities of a disposed group classified as held for sale are presented separately in the appropriate asset and liability
sections of the balance sheet, if applicable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Concentrations of Risk</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The market for our defense electronics products
is largely dependent on the availability of new contracts from the United States and foreign governments to prime contractors to which
we provide components.  Any decline in expenditures by the United States or foreign governments may have an adverse effect on our
financial performance. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Generally, U.S. Government contracts are subject
to procurement laws and regulations.  Some of the Company’s contracts are governed by the Federal Acquisition Regulation (FAR),
which lays out uniform policies and procedures for acquiring goods and services by the U.S. Government, and agency-specific acquisition
regulations that implement or supplement the FAR.  For example, the Department of Defense implements the FAR through the Defense
Federal Acquisition Regulation (DFAR).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The FAR also contains guidelines and regulations
for managing a contract after award, including conditions under which contracts may be terminated, in whole or in part, at the government’s
convenience or for default.  If a contract is terminated for the convenience of the government, a contractor is entitled to receive
payments for its allowable costs and, in general, the proportionate share of fees or earnings for the work done.  If a contract is
terminated for default, the government generally pays for only the work it has accepted.  These regulations also subject the Company
to financial audits and other reviews by the government of its costs, performance, accounting and general business practices relating
to its contracts, which may result in adjustment of the Company’s contract-related costs and fees.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Estimated useful lives of depreciable assets
are as follows:</p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="width: 50%; padding-bottom: 6pt">Buildings and improvements</td>
<td style="text-align: right; width: 50%; padding-bottom: 6pt; vertical-align: bottom">10 – 50 years</td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding-bottom: 6pt">Machinery and equipment</td>
<td style="text-align: right; padding-bottom: 6pt; vertical-align: bottom">3 – 20 years</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding-bottom: 6pt">Furniture and fixtures</td>
<td style="text-align: right; padding-bottom: 6pt; vertical-align: bottom">7 – 10 years</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale
securities by major security type at June 30, 2021 and June 30, 2020 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="vertical-align: bottom; white-space: nowrap; text-align: left"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Gross</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Gross</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Amortized</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Unrealized</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Unrealized</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Fair</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Cost</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Gains</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Losses</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Value</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-decoration: underline; vertical-align: bottom; text-align: left">2021</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; width: 48%; vertical-align: bottom">Certificates of deposit</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,092,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,092,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt">Municipal bonds</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="vertical-align: bottom; text-align: left; padding-bottom: 2.5pt">2021 Total investment securities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,092,000</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,092,000</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: bottom; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-decoration: underline; vertical-align: bottom; text-align: left">2020</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; vertical-align: bottom">Certificates of deposit</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,679,847</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,679,847</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt">Municipal bonds</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">462,618</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,243</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,188</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">461,673</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="vertical-align: bottom; text-align: left; padding-bottom: 2.5pt">2020 Total investment securities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,142,465</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,243</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,188</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,141,520</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of June 30, 2021 and 2020, the remaining
contractual maturities of available-for-sale securities were as follows:</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Years to Maturity</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Less than</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">One to</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">One Year</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Five Years</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-decoration: underline; vertical-align: bottom; text-align: left">2021</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; width: 61%; padding-bottom: 1pt; vertical-align: bottom">Available-for-sale</td><td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">3,092,000</td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">—</td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">3,092,000</td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-decoration: underline; vertical-align: bottom; text-align: left">2020</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom">Available-for-sale</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,141,520</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,141,520</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in">Contracts in process
at June 30, 2021 and 2020 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify">Unrecognized gross contract value</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">65,647,715</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">54,929,249</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Costs related to contracts in process</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">16,354,636</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,115,756</td><td style="white-space: nowrap; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Property, plant and equipment at June 30, 2021
and 2020 is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%">Land</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">45,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">45,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Building and improvements</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,387,113</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,387,113</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Machinery and equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,121,960</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,118,670</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Furniture and fixtures</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">164,200</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">164,200</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,718,273</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,714,983</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Accumulated depreciation</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,727,754</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(12,248,205</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 2.5pt">Property, plant and equipment, net</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,990,519</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,466,778</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The ESOP shares as of June 30, 2021
and 2020 were as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify; text-indent: 0in">Allocated shares</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">487,220</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">466,929</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt">Unreleased shares</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">279,429</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 2.5pt">Total shares held by the ESOP</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">766,649</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">466,929</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 2.5pt">     Fair value of unreleased shares</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,141,138</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below outlines the weighted average assumptions
that the Company used to calculate the fair value of each option award for the year ended June 30, 2021 and 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify; text-indent: 0in">Dividend yield</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">5.54%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4.88%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Expected stock price volatility</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23.41%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27.81%</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Risk-free interest rate</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.36%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.67%</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Expected option life (in years)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.4 yrs</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><font style="font-size: 10pt">5.3 yrs</font></td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Weighted average fair value per share</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">   of options granted during the period</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.59</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.03</td><td style="white-space: nowrap; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The following table summarizes stock option
activity during the twelve months ended June 30, 2021:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="15" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Employee Stock Options Plan</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Weighted</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Number of</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Weighted</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Average</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Shares</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Average</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Remaining</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Aggregate</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Subject</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Exercise</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Contractual</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Intrinsic</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">to Option</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Price</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Term</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 48%">Balance at July 1, 2020</td><td style="width: 1%"> </td>
<td style="width: 3%; text-align: left"> </td><td style="width: 6%; text-align: right">276,712</td><td style="white-space: nowrap; width: 3%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="vertical-align: bottom; width: 3%; text-align: right">$</td><td style="width: 6%; text-align: right">24.30</td><td style="white-space: nowrap; width: 3%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 3%; text-align: left"> </td><td style="width: 6%; text-align: right">6.10</td><td style="white-space: nowrap; width: 3%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 3%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="white-space: nowrap; width: 3%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,025</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="vertical-align: bottom; text-align: right">$</td><td style="text-align: right">18.05</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.32</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Exercised</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="vertical-align: bottom; text-align: right"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Forfeited or expired</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(34,075</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 1pt solid; text-align: right">21.23</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Outstanding at June 30, 2021</td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">304,662</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23.37</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6.06</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Vested or expected to vest at June 30, 2021</td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">287,971</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23.62</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5.89</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Exercisable at June 30, 2021</td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">201,212</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25.55</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4.58</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">The following table summarizes changes in non-vested stock options
during the twelve months ended June 30, 2021:	</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><i> </i></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Weighted</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Number of</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Average</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Shares</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Grant Date</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Subject</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Fair Value</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">to Option</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">(per Option)</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%">Non-Vested at July 1, 2020</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">97,192</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4.03</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,025</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.59</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Vested</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(44,667</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.14</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Forfeited or expired</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,100</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.83</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Non-Vested at June 30, 2021</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">103,450</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.22</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The following table sets forth the reconciliation
of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the years ended
June 30:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>     Numerator:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; text-align: left; padding-bottom: 2.5pt">     Net (loss) income</td><td style="width: 1%; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(181,543</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">1,163,668</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>              Denominator:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">     Basic EPS:</td><td style="font-family: Courier New, Courier, Monospace"> </td>
<td style="font-family: Courier New, Courier, Monospace; text-align: left"> </td><td style="font-family: Courier New, Courier, Monospace; text-align: right"> </td><td style="white-space: nowrap; font-family: Courier New, Courier, Monospace; text-align: left"> </td><td style="font-family: Courier New, Courier, Monospace"> </td>
<td style="font-family: Courier New, Courier, Monospace; text-align: left"> </td><td style="font-family: Courier New, Courier, Monospace; text-align: right"> </td><td style="white-space: nowrap; font-family: Courier New, Courier, Monospace; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">          Common shares outstanding, beginning of period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,402,633</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,401,213</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">          Common shares issued to ESOP during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">300,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>          Unearned ESOP shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(300,000</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,166</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>          Weighted average common shares issued during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,161</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>          Weighted average common shares purchased during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,332</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">          Weighted average ESOP shares earned during the period</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,712</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,331</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">          Denominator for basic earnings per common shares –</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">               Weighted average common shares</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,406,345</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,393,207</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">     Diluted EPS:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>          Common shares outstanding, beginning of period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,402,633</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,401,213</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">          Common shares issued to ESOP during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">300,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>          Unearned ESOP shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(300,000</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,166</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>          Weighted average common shares issued during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,161</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>          Weighted average common shares purchased during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,332</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>          Weighted average ESOP shares earned during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,712</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,331</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">          Weighted average dilutive effect of stock options</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,411</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">          Denominator for diluted earnings per common shares –</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">               Weighted average common shares</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,406,345</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,396,618</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="vertical-align: bottom"><td style="white-space: nowrap; text-align: justify"></td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">First</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Second</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Third</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Fourth</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify">     <b>2021</b>  </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Quarter</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Quarter</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Quarter</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Quarter</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 48%; text-align: justify">     Net sales</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">7,265,515</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,962,065</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4,205,068</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,301,950</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">               Gross profit (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,127,374</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">713,461</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(187,154</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,705,926</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">               Net income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">189,824</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(181,006</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,070,114</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">879,753</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Net income (loss) per share -</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Basic</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.08</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.44</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.36</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Diluted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.08</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.08</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.44</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.36</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     <b>2020</b></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">     Net sales</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">5,923,819</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7,286,674</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">6,191,300</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">12,124,438</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">               Gross profit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,136,348</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,480,148</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">910,933</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,031,186</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">               Net income (loss)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">81,776</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">228,964</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(103,765</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">956,693</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Net income (loss) per share -</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Basic</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.10</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.04</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Diluted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.03</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.10</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.04</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.40</td><td style="white-space: nowrap; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Note 2. Summary of Significant Accounting Policies</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The majority of our net sales is generated from contracts
with industrial manufacturers and defense companies, the Department of Defense, other agencies of the government of the United States
and foreign governments for the design, development and/or manufacture of products. We provide our products and design and development
services under fixed-price contracts. Under fixed-price contracts we agree to perform the specified work for a pre-determined price. To
the extent our actual costs vary from the estimates upon which the price was negotiated, we will generate more or less profit or could
incur a loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We account for a contract after it has been approved
by all parties to the arrangement, the rights of the parties are identified, payment terms are identified, the contract has commercial
substance, and collectability of consideration is probable. We assess each contract at its inception to determine whether it should be
combined with other contracts. When making this determination, we consider factors such as whether two or more contracts were negotiated
and executed at or near the same time, or were negotiated with an overall profit objective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We evaluate the products or services promised in each
contract at inception to determine whether the contract should be accounted for as having one or more performance obligations. Significant
judgment is required in determining performance obligations. We determine the transaction price for each contract based on the consideration
we expect to receive for the products or services being provided under the contract. The transaction price for each performance obligation
is based on the estimated standalone selling price of the product or service underlying each performance obligation. Transaction prices
on our contracts subject to the Federal Acquisition Regulations (FAR) are typically based on estimated costs plus a reasonable profit
margin.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We recognize revenue using the output method based
on the appraisal of results achieved and milestones reached or units delivered based on contractual shipment terms, typically shipping
point.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventory</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Raw materials are valued at the lower of cost (average
cost) or net realizable value. Balances for slow-moving and obsolete inventory are reviewed on a regular basis by analyzing estimated
demand, inventory on hand, sales levels, market conditions, and other information and reduce inventory balances based on this analysis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Inventoried work relating to contracts in process
and work in process is valued at actual production cost, including factory overhead incurred to date. Contract costs include material,
subcontract costs, labor, and an allocation of overhead costs. Work in process represents spare units and parts and other inventory items
acquired or produced to service units previously sold or to meet anticipated future orders. Provision for losses on contracts is made
when the existence of such losses becomes probable and estimable.  The provision for losses on contracts is included in other accrued
expenses on the Company’s balance sheet.  The costs attributed to units delivered under contracts are based on the estimated
average cost of all units expected to be produced.  Certain contracts are expected to extend beyond twelve months.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The estimation of total cost at completion of a contract is subject to
numerous variables involving contract costs and estimates as to the length of time to complete the contract.  Given the significance
of the estimation processes and judgments described above, it is possible that materially different amounts of expected sales and contract
costs could be recorded if different assumptions were used, based on changes in circumstances, in the estimation process.  When a
change in expected sales value or estimated cost is determined, the change is reflected in current period earnings.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract Liabilities</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Contract liabilities include advance payments and
billings in excess of revenue recognized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Depreciation</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Depreciation of plant and equipment is computed
on a straight-line basis over the estimated useful lives of the assets. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Estimated useful lives of depreciable assets
are as follows:</p>
<table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="width: 50%; padding-bottom: 6pt">Buildings and improvements</td>
<td style="text-align: right; width: 50%; padding-bottom: 6pt; vertical-align: bottom">10 – 50 years</td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding-bottom: 6pt">Machinery and equipment</td>
<td style="text-align: right; padding-bottom: 6pt; vertical-align: bottom">3 – 20 years</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="padding-bottom: 6pt">Furniture and fixtures</td>
<td style="text-align: right; padding-bottom: 6pt; vertical-align: bottom">7 – 10 years</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Income Taxes</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company follows the provisions of Accounting
Standards Codification (“ASC”) Topic 740-10, "Accounting for Income Taxes."</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Under the provisions of ASC 740-10, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled.  The effect on deferred taxes and liabilities of a change in tax rates is recognized in earnings in the period that includes
the enactment date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Cash and Cash Equivalents</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Cash and cash equivalents consist of cash and
money market funds.  The Company considers all highly liquid investments with original maturities of three months or less to be cash
equivalents. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Investment Securities</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company accounts for its investment securities in accordance with ASC 320-10-25, “Accounting for Certain Investments in Debt
and Equity Securities.” Investment securities at June 30, 2021 consists of certificates of deposit and at June 30, 2020 consisted
of certificates of deposit and municipal bonds. The Company classifies investment securities as available-for-sale. Unrealized holding
gains and losses, net of related tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate
component of stockholders’ equity until realized. Realized gains and losses for securities classified as available-for-sale are
included in earnings and are determined using the specific identification method. Interest income is recognized when earned. Fair values
are based on quoted market prices available as of the balance sheet date, and are therefore considered a Level 1 valuation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Fair Value of Financial Instruments</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">ASC 820 establishes a fair value hierarchy which
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 
The standard describes three levels of inputs that may be used to measure fair value:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font-family: Wingdings">§</font>          Level
1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the
measurement date.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font-family: Wingdings">§</font>          Level
2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices
in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><font style="font-family: Wingdings">§</font>          Level
3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants
would use in pricing an asset or liability.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The carrying amounts of financial instruments,
including cash and cash equivalents, short term investments, accounts receivable, accounts payable, accrued expenses and contract liabilities,
approximated fair value as of June 30, 2021 and 2020 because of the immediate or short-term maturity of these financial instruments. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Accounts Receivable and Allowance for Doubtful
Accounts</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company extends credit to its customers
in the normal course of business and collateral is generally not required for trade receivables.  Exposure to credit risk is controlled
through the use of credit approvals, credit limits, and monitoring procedures.  Accounts receivable are reported net of an allowance
for doubtful accounts.  The Company estimates the allowance based on its analysis of specific balances. Interest is not charged on
past due balances.  Based on these factors, there was an allowance for doubtful accounts of $3,000 at June 30, 2021 and 2020. 
Changes to the allowance for doubtful accounts are charged to expense and reduced by charge-offs, net of recoveries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Per Share Amounts</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">ASC 260-10 “Earnings Per Share (EPS)”
requires the Company to calculate net (loss) income per share based on basic and diluted net (loss) income per share, as defined. 
Basic EPS excludes dilution and is computed by dividing net (loss) income by the weighted average number of shares outstanding for the
period.  Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were
exercised or converted into common stock.  The dilutive effect of outstanding options issued by the Company are reflected in diluted
EPS using the treasury stock method.  Under the treasury stock method, options will only have a dilutive effect when the average
market price of common stock during the period exceeds the exercise price of the options.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Comprehensive (Loss) Income</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Comprehensive (loss) income consists of net (loss)
income and other comprehensive (loss) income.  Other comprehensive (loss) income for fiscal years ended June 30, 2021 and 2020 consists
of unrealized holding gains and losses on available-for-sale securities. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Use of Estimates</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Reclassifications</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain reclassifications may have been made to the
prior year financial statements to conform to the current year presentation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recently Issued Accounting Standards</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2018, the FASB issued ASU No. 2018-13, “Fair
Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.”  This
ASU is part of the FASB’s larger disclosure framework project intended to improve the effectiveness of financial statement footnote
disclosure.  ASU 2018-13 modifies required fair value disclosures related primarily to level 3 investments.  This
ASU is effective for annual periods beginning after December 15, 2019 and interim periods within those annual periods.  The
adoption of ASU 2018-13 does not have a material effect on the Company’s financial position, results of operations, and cash flows
as our investments are currently Level 1. We will, however, continue to evaluate going forward should we obtain any Level 3 investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">Recent Accounting Pronouncements Not Yet Adopted</p>
<p style="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2019, the FASB issued guidance (ASU 2019-12)
intended to simplify the accounting for income taxes. The amendments in this guidance are effective for fiscal years, and interim periods
within those fiscal years, beginning after December 15, 2020 (the Company’s fiscal year beginning July 1, 2021). The Company did
not elect early adoption of this guidance and is not expected to have an impact on the Company’s disclosures.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Impairment of Long-Lived Assets</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-lived assets, including property, plant, and
equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be recoverable.  Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated
undiscounted future cash flows expected to be generated by the asset.  If the carrying amount of an asset exceeds its estimated future
cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. 
There were no impairments of long-lived assets in fiscal years 2021 and 2020.  Assets to be disposed of are separately presented
in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and no longer depreciated. 
The assets and liabilities of a disposed group classified as held for sale are presented separately in the appropriate asset and liability
sections of the balance sheet, if applicable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Concentrations of Risk</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The market for our defense electronics products
is largely dependent on the availability of new contracts from the United States and foreign governments to prime contractors to which
we provide components.  Any decline in expenditures by the United States or foreign governments may have an adverse effect on our
financial performance. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Generally, U.S. Government contracts are subject
to procurement laws and regulations.  Some of the Company’s contracts are governed by the Federal Acquisition Regulation (FAR),
which lays out uniform policies and procedures for acquiring goods and services by the U.S. Government, and agency-specific acquisition
regulations that implement or supplement the FAR.  For example, the Department of Defense implements the FAR through the Defense
Federal Acquisition Regulation (DFAR).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The FAR also contains guidelines and regulations
for managing a contract after award, including conditions under which contracts may be terminated, in whole or in part, at the government’s
convenience or for default.  If a contract is terminated for the convenience of the government, a contractor is entitled to receive
payments for its allowable costs and, in general, the proportionate share of fees or earnings for the work done.  If a contract is
terminated for default, the government generally pays for only the work it has accepted.  These regulations also subject the Company
to financial audits and other reviews by the government of its costs, performance, accounting and general business practices relating
to its contracts, which may result in adjustment of the Company’s contract-related costs and fees.</p>
-44122
-64396
-43641
-64396
3939361
1400590
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the years ended June 30, 2021 and 2020 deferred
income tax benefit of $64,396 and $44,122, respectively, results from the changes in temporary differences for each year. The tax effects
of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30, 2021 and 2020 are presented
as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">     Deferred tax assets:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; text-align: justify">          Accrued expenses</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">186,339</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">171,880</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          ESOP</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,190</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Stock-based compensation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">59,659</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">56,280</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Inventory - effect of uniform capitalization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">46,197</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">74,352</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 1pt">          Other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,437</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1pt">                    Total deferred tax assets</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">294,385</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">303,949</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Deferred tax liability:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Property, plant and equipment - principally due</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">            to differences in depreciation methods</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">422,771</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">503,009</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1pt">           Prepaid expenses</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">40,171</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">33,893</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">                    Total deferred tax liability</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">462,942</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">536,902</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt">     Net deferred tax liability</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(168,557</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(232,953</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The combined U.S. federal and state effective
income tax rates of 50.7% and 11.1%, for 2021 and 2020 respectively, differed from the statutory U.S. federal income tax rate for the
following reasons:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify">     U.S. federal statutory income tax rate</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Increase (reduction) in rate resulting from:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          State franchise tax, net of federal income tax benefit</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.1</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.1</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          ESOP cost versus Fair Market Value</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.3</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.6</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Dividend on allocated ESOP shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">25.9</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14.5</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Stock-based compensation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(6.7</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3.0</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">          Foreign Derived Intangible Income Deduction</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(0.2</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">          Rate Differential on Net Operating Loss Carryback</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10.5 </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1pt">          Other</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1.4</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">0.3</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt">     Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">50.7%</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">11.1%</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the components of the (benefit) provision
for income taxes for the years ended June 30, 2021 and 2020 is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify">     Current tax (benefit) expense - federal</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(122,221</td><td style="white-space: nowrap; width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">190,801</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">     Current tax benefit - state</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(37</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,158</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 1pt">     Deferred tax benefit</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(64,396</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(44,122</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify; padding-bottom: 2.5pt">          (Benefit) provision for income taxes</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(186,654</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">145,521</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-align: justify; text-indent: -0.75in">Note 9. Significant
Customers</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A significant portion of the Company's business is the production of military and industrial electronic equipment for use by the U.S.
and foreign governments and certain industrial customers. Sales to four domestic customers accounted for 59% of total sales in 2021. Sales
to two domestic customers accounted for 38% of total sales in 2020. The related accounts receivable balance, as a percentage of the Company's
total trade accounts receivable balance, was 76% represented by four customers at June 30, 2021 and 54% represented by two customers at
June 30, 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Export sales in fiscal years 2021 and 2020
were approximately $2,019,000 and $2,077,000, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">Note 11. Stock-based Compensation</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company follows ASC 718 in establishing
standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, as well as transactions
in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity’s equity
instruments or that may be settled by the issuance of those equity instruments. ASC 718 requires that the cost resulting from all share-based
payment transactions be recognized in the financial statements based on the fair value of the share-based payment. ASC 718 establishes
fair value as the measurement objective in accounting for share-based payment transactions with employees, except for equity instruments
held by employee share ownership plans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total stock-based compensation expense recognized
in the statements of comprehensive income for the fiscal years ended June 30, 2021 and 2020, was $133,663 and $189,639, respectively,
before income taxes. The amount of this stock-based compensation expense related to non-qualified stock options (“NQSO”) for
the fiscal years ended June 30, 2021 and 2020, was $32,863 and $50,075, respectively. The deferred tax benefit related to the NQSO’s
as of June 30, 2021 and 2020 was approximately $6,901 and $10,516, respectively. The remaining stock option expense in each year related
to incentive stock options (“ISO”) which are not deductible by the corporation when exercised, assuming a qualifying disposition
and as such no deferred tax benefit was established related to these amounts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2021, there was $84,935
of unrecognized compensation cost related to stock option awards that is expected to be recognized as expense over the next 1.5 years,
of which $62,941 relates to ISO’s and $21,994 relates to NQSO’s. The total deferred tax benefit related the NQSO’s in
future years will be $4,619.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has one employee stock option plan under
which options or stock awards may be granted, the 2017 Stock Option and Restricted Stock Plan (the "2017 Plan"), approved by
the Company's shareholders at the Company's Annual Meeting on December 1, 2017. The Board of Directors may grant options to acquire shares
of common stock to employees and non-employee directors of the Company at the fair market value of the common stock on the date of grant.
The maximum aggregate number of shares of common stock subject to options or awards to non-employee directors is 133,000 and the maximum
aggregate number of shares of common stock subject to options or awards granted to non-employee directors during any single fiscal year
is the lesser of 13,300 and 33 1/3% of the total number of shares subject to options or awards granted in such fiscal year. The maximum
number of shares subject to options or awards granted to any individual employee may not exceed 15,000 in a fiscal year. Generally, options
granted have a two-year vesting period based on two years of continuous service and have a ten-year contractual life. Option grants provide
for accelerated vesting if there is a change in control. Shares issued upon the exercise of options are from those held in Treasury. Options
covering 400,000 shares are authorized for issuance under the 2017 plan, of which 226,354 have been granted as of June 30, 2021. While
no further grants of options may be made under the Company’s 2007 Stock Option and Restricted Stock Plan, as of June 30, 2021, 117,650
options were outstanding under such plan of which all are vested and exercisable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">ASC 718 requires the use of a valuation model
to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option valuation model, which incorporates
various assumptions including those for volatility, expected life, and interest rates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below outlines the weighted average assumptions
that the Company used to calculate the fair value of each option award for the year ended June 30, 2021 and 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%; text-align: justify; text-indent: 0in">Dividend yield</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">5.54%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4.88%</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Expected stock price volatility</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23.41%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">27.81%</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Risk-free interest rate</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">0.36%</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.67%</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Expected option life (in years)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.4 yrs</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><font style="font-size: 10pt">5.3 yrs</font></td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Weighted average fair value per share</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">   of options granted during the period</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1.59</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">3.03</td><td style="white-space: nowrap; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify; text-indent: 0.5in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective March 9, 2021, the Company suspended
the payment of its regular quarterly dividend. For the twelve months ended June 30, 2021 and 2020, the Company paid regular cash
dividends of $0.50 and $1.00 per share, respectively. Expected stock price volatility is based on the historical volatility of the
Company’s stock. The risk-free interest rate is based on the implied yield available on U.S. Treasury issues with an
equivalent term approximating the expected life of the options. The expected option term (in years) represents the estimated period
of time until exercise and is based on actual historical experience.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The following table summarizes stock option
activity during the twelve months ended June 30, 2021:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap; text-align: justify"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="15" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Employee Stock Options Plan</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Weighted</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Number of</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Weighted</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Average</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Shares</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Average</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Remaining</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Aggregate</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Subject</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Exercise</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Contractual</td><td> </td>
<td colspan="3" style="white-space: nowrap; text-align: center">Intrinsic</td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">to Option</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Price</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Term</td><td style="border-bottom: Black 1pt solid"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Value</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 48%">Balance at July 1, 2020</td><td style="width: 1%"> </td>
<td style="width: 3%; text-align: left"> </td><td style="width: 6%; text-align: right">276,712</td><td style="white-space: nowrap; width: 3%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="vertical-align: bottom; width: 3%; text-align: right">$</td><td style="width: 6%; text-align: right">24.30</td><td style="white-space: nowrap; width: 3%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 3%; text-align: left"> </td><td style="width: 6%; text-align: right">6.10</td><td style="white-space: nowrap; width: 3%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 3%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="white-space: nowrap; width: 3%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,025</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="vertical-align: bottom; text-align: right">$</td><td style="text-align: right">18.05</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9.32</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Exercised</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="vertical-align: bottom; text-align: right"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Forfeited or expired</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(34,075</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 1pt solid; text-align: right">21.23</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Outstanding at June 30, 2021</td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">304,662</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23.37</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6.06</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt">Vested or expected to vest at June 30, 2021</td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">287,971</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">23.62</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5.89</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Exercisable at June 30, 2021</td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">201,212</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25.55</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4.58</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="border-bottom: Black 2.5pt double"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><font style="text-underline-style: double"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The aggregate intrinsic value in the table above
represents the total pretax intrinsic value (the difference between the closing sale price of the Company’s common stock as reported
on the NYSE American on June 30, 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received
by the option holders if all option holders had exercised their options on June 30, 2021. This amount changes based on the fair market
value of the Company’s common stock. The total intrinsic values of the options exercised during the twelve months ended June 30,
2021 and 2020 was $0 and $263, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">The following table summarizes changes in non-vested stock options
during the twelve months ended June 30, 2021:	</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in"><i> </i></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Weighted</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Number of</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Average</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Shares</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Grant Date</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Subject</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: center">Fair Value</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">to Option</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">(per Option)</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 74%">Non-Vested at July 1, 2020</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">97,192</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">4.03</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>Granted</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">62,025</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1.59</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Vested</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(44,667</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5.14</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt">Forfeited or expired</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(11,100</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2.83</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">Non-Vested at June 30, 2021</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">103,450</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2.22</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 4. Investment Securities</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment securities at June 30, 2021 consist of certificates of deposit and at June 30, 2020 consist of certificates of deposit and
municipal bonds, which are classified as available-for-sale securities and have been determined to be level 1 assets. The cost, gross
unrealized gains, gross unrealized losses and fair value of available-for-sale securities by major security type at June 30, 2021 and
June 30, 2020 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="vertical-align: bottom; white-space: nowrap; text-align: left"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Gross</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Gross</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Amortized</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Unrealized</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Unrealized</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Fair</td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Cost</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Gains</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Losses</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Value</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-decoration: underline; vertical-align: bottom; text-align: left">2021</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; width: 48%; vertical-align: bottom">Certificates of deposit</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,092,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">3,092,000</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt">Municipal bonds</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="vertical-align: bottom; text-align: left; padding-bottom: 2.5pt">2021 Total investment securities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,092,000</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,092,000</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: bottom; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; vertical-align: bottom"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-decoration: underline; vertical-align: bottom; text-align: left">2020</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; vertical-align: bottom">Certificates of deposit</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,679,847</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">4,679,847</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: bottom; text-align: left; padding-bottom: 1pt">Municipal bonds</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">462,618</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,243</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,188</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">461,673</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="vertical-align: bottom; text-align: left; padding-bottom: 2.5pt">2020 Total investment securities</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,142,465</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,243</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,188</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,141,520</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The portfolio is diversified and highly liquid
and primarily consists of investment grade fixed income instruments. At June 30, 2021, the Company did not have any investments in individual
securities that have been in a continuous loss position considered to be other than temporary.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of June 30, 2021 and 2020, the remaining
contractual maturities of available-for-sale securities were as follows:</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Years to Maturity</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">Less than</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right">One to</td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">One Year</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Five Years</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">Total</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: left; white-space: nowrap; vertical-align: bottom"> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td>
<td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-decoration: underline; vertical-align: bottom; text-align: left">2021</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; width: 61%; padding-bottom: 1pt; vertical-align: bottom">Available-for-sale</td><td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">3,092,000</td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">—</td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">3,092,000</td><td style="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-decoration: underline; vertical-align: bottom; text-align: left">2020</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom">Available-for-sale</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,141,520</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,141,520</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr></table>
false
120000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Note 15. Stockholders' Equity</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Reservation of Shares</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company has reserved common shares for future
issuance as follows as of June 30, 2021:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 87%; text-align: justify">Stock options outstanding</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">304,662</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Stock options available for issuance</td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">212,988</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 2.5pt">Number of common shares reserved</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">517,650</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The following table sets forth the reconciliation
of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the years ended
June 30:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2021</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">2020</td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>     Numerator:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; text-align: left; padding-bottom: 2.5pt">     Net (loss) income</td><td style="width: 1%; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">(181,543</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left">)</td><td style="width: 1%; padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; width: 10%; text-align: right">1,163,668</td><td style="white-space: nowrap; width: 1%; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>              Denominator:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">     Basic EPS:</td><td style="font-family: Courier New, Courier, Monospace"> </td>
<td style="font-family: Courier New, Courier, Monospace; text-align: left"> </td><td style="font-family: Courier New, Courier, Monospace; text-align: right"> </td><td style="white-space: nowrap; font-family: Courier New, Courier, Monospace; text-align: left"> </td><td style="font-family: Courier New, Courier, Monospace"> </td>
<td style="font-family: Courier New, Courier, Monospace; text-align: left"> </td><td style="font-family: Courier New, Courier, Monospace; text-align: right"> </td><td style="white-space: nowrap; font-family: Courier New, Courier, Monospace; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">          Common shares outstanding, beginning of period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,402,633</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,401,213</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">          Common shares issued to ESOP during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">300,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>          Unearned ESOP shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(300,000</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,166</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>          Weighted average common shares issued during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,161</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>          Weighted average common shares purchased during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,332</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">          Weighted average ESOP shares earned during the period</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,712</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,331</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">          Denominator for basic earnings per common shares –</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">               Weighted average common shares</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,406,345</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,393,207</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">     Diluted EPS:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>          Common shares outstanding, beginning of period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,402,633</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,401,213</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">          Common shares issued to ESOP during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">300,000</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>          Unearned ESOP shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(300,000</td><td style="white-space: nowrap; text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(14,166</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>          Weighted average common shares issued during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,161</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>          Weighted average common shares purchased during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,332</td><td style="white-space: nowrap; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td>          Weighted average ESOP shares earned during the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">3,712</td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,331</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt">          Weighted average dilutive effect of stock options</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,411</td><td style="white-space: nowrap; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">          Denominator for diluted earnings per common shares –</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2.5pt">               Weighted average common shares</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,406,345</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">2,396,618</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Not included in this computation of earnings
per share for the year ended June 30, 2021 and 2020 were options to purchase 304,662 and 276,712 shares, respectively, of the Company’s
common stock. These options were excluded because their inclusion would have been anti-dilutive due to the average strike price exceeding
the average market price of those shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Effective March 9, 2021, the Company suspended
the payment of regular quarterly dividends. The Company paid regular cash dividends on common stock of $0.50 per share for the fiscal
year ended June 30, 2021 and paid regular cash dividends on common stock of $1.00 per share for the fiscal year ended June 30, 2020. Our
Board of Directors assesses the Company’s dividend policy periodically.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Company has reserved common shares for future
issuance as follows as of June 30, 2021:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 87%; text-align: justify">Stock options outstanding</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">304,662</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Stock options available for issuance</td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">212,988</td><td style="white-space: nowrap; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify; padding-bottom: 2.5pt">Number of common shares reserved</td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">517,650</td><td style="white-space: nowrap; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>