0001437749-22-026615 | 10-Q | XBRL Viewer | Natural Alternatives International INC

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

A. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and with applicable rules and regulations. Pursuant to such rules and regulations, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted. In management’s opinion, all adjustments necessary for a fair presentation of the financial position, results of operations, stockholders’ equity, and cash flows have been included and are of a normal, recurring nature. The results of operations for the three months ended September 30, 2022 are not necessarily indicative of the operating results for the full fiscal year or for any future periods.

You should read the financial statements and these notes, which notes are an integral part of the financial statements, together with our audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (“2022 Annual Report”). The accounting policies used to prepare the financial statements included in this Report are the same policies described in the notes to the consolidated financial statements in our 2022 Annual Report unless otherwise noted below.

Recently Adopted Accounting Pronouncements

We did not adopt any accounting pronouncements during the three months ended September 30, 2022.

Recently Issued Accounting and Regulatory Pronouncements

Other recently issued accounting pronouncements are not discussed in this Report as such pronouncements did not have, and are not believed by management to have, a material impact on our present or future financial statements.

Net Income per Common Share

We compute net income per common share using the weighted average number of common shares outstanding during the period, and diluted net income per common share using the additional dilutive effect of all dilutive securities. The dilutive impact of stock options and unvested restricted shares account for the additional weighted average shares of common stock outstanding for our diluted net income per common share computation. We calculated basic and diluted net income per common share as follows (in thousands, except per share data):

Three Months Ended

September 30,

2022

2021

Numerator

Net income
$ 1,053 $ 3,256

Denominator

Basic weighted average common shares outstanding
5,920 6,288

Dilutive effect of stock options and restricted stock
23 63

Diluted weighted average common shares outstanding
5,943 6,351

Basic net income per common share
$ 0.18 $ 0.52

Diluted net income per common share
$ 0.18 $ 0.51

We excluded 50,377 shares of restricted stock and no shares related to stock options for the three months ended September 30, 2022, as their impact would have been anti-dilutive. We did not exclude any stock options or restrictive stock shares for the three months ended September 30, 2021, as none would have had an anti-dilutive impact.

Revenue Recognition

We record revenue based on a five-step model which includes: (1) identifying a contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price among the performance obligations; and (5) recognizing revenue as each of the various performance obligations are satisfied.

Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling one or more performance obligations. We identify purchase orders from customers as contracts. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, including estimates for early payment discounts and volume rebates. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. We review and update these estimates at the end of each reporting period and the impact of any adjustments is recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, we consider both the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, which is typically 30 days from the invoice date. Invoices are generally issued on the date of transfer of control of the products ordered to the customer.

Revenue is recognized at the point in time that each of our performance obligations is fulfilled, and control of the ordered products is transferred to the customer. This transfer occurs when the product is shipped, or in some cases, when the product is delivered to the customer.

We recognize revenue in certain circumstances before delivery to the customer has occurred (commonly referred to as bill-and-hold transactions). Products sold under bill-and-hold arrangements are recorded as revenue when risk of ownership has been transferred to the customer, but the product has not shipped due to a substantive reason, typically at the customer’s request. The product must be separately identified as belonging to the customer, ready for physical transfer to the customer, and we cannot have the ability to redirect the product to another customer.

Contract liabilities and revenue recognized were as follows (in thousands):

June 30, 2022

Additions

Revenue

Recognized

September

30, 2022

Contract Liabilities (Customer Deposits)
$ 140 108 $ (140 ) 108

June 30, 2021

Additions

Revenue

Recognized

September

30, 2021

Contract Liabilities (Customer Deposits)
$ 1,721 1,941 $ (1,721 ) 1,941

We provide early payment discounts to certain customers. Based on historical payment trends, we expect that these customers will take advantage of these early payment discounts. The cost of these discounts is reported as a reduction to the transaction price. If the actual discounts differ from those estimated, the difference is also reported as a change in the transaction price. We require prepayment from certain customers. We record any payments received in advance of contracts fulfillment as a contract liability and classified as customer deposits on the consolidated balance sheet.

Except for product defects, no right of return exists on the sale of our products. We estimate returns based on historical experience and recognize a returns liability for any estimated returns. As of September 30, 2022, we have no estimated returns liability.

We currently own certain U.S. patents, and each patent’s corresponding foreign patent applications. All of these patents and patent rights relate to the ingredient known as beta-alanine marketed and sold under our CarnoSyn® and SR CarnoSyn® trade names. We recorded beta-alanine raw material sales and royalty and licensing income as a component of revenue in the amount of $1.4 million during the three months ended September 30, 2022. We similarly recorded $4.7 million during the three months ended September 30, 2021. These royalty income and raw material sale amounts resulted in royalty expense paid to the original patent holders from whom NAI acquired its patents and patent rights. We recognized royalty expense as a component of cost of goods sold in the amount of $27,000 during the three months ended September 30, 2022. We recorded $200,000 during the three months ended September 30, 2021.

Stock-Based Compensation

The Board of Directors approved our current omnibus equity incentive plan that became effective January 1, 2021 (the “2020 Plan”), which was approved by our stockholders at the Annual Meeting of Stockholders on December 4, 2020. Under the 2020 Plan, we may grant nonqualified and incentive stock options, restricted stock grants, restricted stock units, stock appreciation rights, and other stock-based awards to employees, non-employee directors and consultants.

We did not grant any options during the three month periods ended September 30, 2022 and September 30, 2021. No options were exercised during the three month periods ended September 30, 2022 and September 30, 2021. There were no option forfeitures during the three month periods ended September 30, 2022 and September 30, 2021. As of September 30, 2022, we did not have any stock options outstanding.

We did not grant any restricted stock shares during the three months ended September 30, 2022 or September 30, 2021. No restricted stock shares were forfeited during the three months ended September 30, 2022. During the three months ended September 30, 2021, 16,332 restricted stock shares were forfeited. Our net income included stock-based compensation expense in connection with prior restricted stock grants of approximately $0.2 million for the three months ended September 30, 2022. Our net income included stock based compensation expense in connection with the vesting of prior restricted stock grants of approximately $0.2 million for the three months ended September 30, 2021.

Deferred Compensation Plan

Effective July 16, 2020, the Board of Directors approved and adopted a Non-Qualified Incentive Plan (the “Incentive Plan”). Pursuant to the Incentive Plan, the Human Resources Committee and the Board of Directors may make deferred cash payments or other cash awards (“Awards”) to directors, officers, employees and eligible consultants of NAI, (“Participants”). These Awards are made subject to conditions precedent that must be met before NAI is obligated to make the payment. The purpose of the Incentive Plan is to enhance the long-term stockholder value of NAI by providing the Human Resources Committee and the Board of Directors the ability to make deferred cash payments or other cash awards to encourage Participants to serve NAI or to remain in the service of NAI, or to assist NAI to achieve results determined by the Human Resources Committee or the Board of Directors to be in NAI's best interest.

The Incentive Plan authorizes the Human Resources Committee or the Board of Directors to grant to, and administer, unsecured and deferred cash Awards to Participants and to subject each Award to whatever conditions are determined appropriate by the Human Resources Committee or the Board of Directors. The terms of each Award, including the amount and any conditions that must be met to be entitled to payment of the Award are set forth in an Award Agreement between each Participant and NAI. The Incentive Plan provides the Board of Directors with the discretion to set aside assets to fund the Incentive Plan although that has not been done to date.

No deferred cash awards were granted during the three months ended September 30, 2022 and September 30, 2021. No deferred cash awards were forfeited during the three months ended September 30, 2022. During the three months ended September 30, 2021, awards totaling $191,000 were forfeited.

Fair Value of Financial Instruments

Except for cash and cash equivalents, as of September 30, 2022, and June 30, 2022, we did not have any financial assets or liabilities classified as Level 1. We classify derivative forward exchange and interest rate swap contracts as Level 2 assets and liabilities. The fair values were determined by obtaining pricing from our bank and corroborating those values with a third party bank or pricing service.

Fair value of derivative instruments classified as Level 2 assets and liabilities consisted of the following (in thousands):

September 30,

2022

June 30,

2022

Euro Forward Contract– Current Assets
$ 4,441 $ 3,144

Swiss Franc Forward Contract – Current Assets
— 109

Total Derivative Contracts – Current Assets
4,441 3,253

Interest Swap – Other noncurrent Assets
627 453

Euro Forward Contract– Other noncurrent Assets
— 561

Total Derivative Contracts – Other noncurrent Assets
627 1,014

Swiss Franc Forward Contract – Current Liabilities
(67
)
—

Total Derivative Contracts – Current Liabilities
(67
)
—

Fair Value Net Asset – all Derivative Contracts
$ 5,001 $ 4,267

We also classify any outstanding line of credit and term loan balance as a Level 2 liability. As of September 30, 2022, and June 30, 2022, we did not have any financial assets or liabilities classified as Level 3. We did not transfer any assets or liabilities between these levels during fiscal 2022 or the three months ended September 30, 2022.

Note B - Inventories, Net

3 Months Ended

Sep. 30, 2022

Inventory Disclosure [Text Block]

B. Inventories, net

Inventories, net consisted of the following (in thousands):

	September 30, 2022			June 30, 2022
Raw materials	$	31,752		$	28,196
Work in progress		5,736			1,948
Finished goods		3,086			2,842
Reserve		(584	)		(511	)
	$	39,990		$	32,475

Note C - Property and Equipment

3 Months Ended

Sep. 30, 2022

Property, Plant and Equipment Disclosure [Text Block]

C. Property and Equipment

Property and equipment consisted of the following (in thousands):

	Depreciable Life In Years			September 30, 2022			June 30, 2022
Land	NA			$	7,645		$	7,645
Building and building improvements	7	-	39		22,617			17,415
Machinery and equipment	3	-	12		42,301			40,131
Office equipment and furniture	3	-	5		5,986			5,970
Vehicles		3			211			211
Leasehold improvements	1	-	15		22,005			21,626
Total property and equipment					100,765			92,998
Less: accumulated depreciation and amortization					(49,381	)		(48,425	)
Property and equipment, net				$	51,384		$	44,573

Depreciation expense was approximately $1.0 million for the three month period ended September 30, 2022 and $1.1 million for the three month period ended September 30, 2021.

Note D - Other Comprehensive Income (Loss)

3 Months Ended

Sep. 30, 2022

Comprehensive Income (Loss) Note [Text Block]

D. Other Comprehensive Income (Loss)

Other comprehensive income (loss) (“OCI” and “OCL”) consisted of the following during the three months ended September 30, 2022 and September 30, 2021 (in thousands):

	Three Months Ended
	September 30, 2022
				Unrealized			Unrealized
	*Defined*			*Gains*			*Gains*
	*Benefit*			*(Losses) on*			*(Losses) on*
	*Pension*			*Cash Flow*			*Swap*
	*Plan*			*Hedges*			*Derivative*			*Total*
Beginning Balance	$	(444	)	$	1,795		$	348		$	1,699
OCI/OCL before reclassifications		—			1,788			174			1,962
Amounts reclassified from OCI to Sales		—			(1,262	)		—			(1,262	)
Tax effect of OCI activity		—			(118	)		(37	)		(155	)
Net current period OCI/OCL		—			408			137			545

Ending Balance	$	(444	)	$	2,203		$	485		$	2,244

		Three Months Ended
		September 30, 2021
				Unrealized			Unrealized
	*Defined*			*Gains*			*Gains*
	*Benefit*			*(Losses) on*			*(Losses) on*
	*Pension*			*Cash Flow*			*Swap*
	*Plan*			*Hedges*			*Derivative*		*Total*
Beginning Balance	$	(538	)	$	(23	)	$	—	$	(561	)
OCI/OCL before reclassifications		—			1,389			—		1,389
Amounts reclassified from OCI to Sales		—			(146	)		—		(146	)
Tax effect of OCI activity		—			(289	)		—		(289	)
Net current period OCI/OCL		—			954			—		954

Ending Balance	$	(538	)	$	931		$	—		393

Note E - Leases

3 Months Ended

Sep. 30, 2022

Lessee, Operating Leases [Text Block]

E. Leases

We currently lease our Vista, CA and Lugano, Switzerland product manufacturing and support facilities.

Leases are classified as operating leases. Substantially all our operating leases are comprised of payments for the use of manufacturing and office space. We have no leases classified as finance leases. As of September 30, 2022, the weighted average remaining lease term for our operating leases was 6.1 years and the weighted average discount rate for our operating leases was 4.13%. As of June 30, 2022, the weighted average remaining lease term for our operating leases was 6.3 years and the weighted average discount rate was 4.12%.

Other information related to leases as of September 30, 2022, was as follows (in thousands):

Supplemental Cash Flows Information

Three Months Ended

September 30, 2022

Three Months Ended

September 30, 2021

Cash paid for amounts included in the measurement of operating lease liabilities

811

Operating lease liabilities arising from obtaining Right of Use Assets for new leases

—

Note F - Debt

3 Months Ended

Sep. 30, 2022

Debt Disclosure [Text Block]

F. Debt

On May 24, 2021, we entered into a new credit facility with Wells Fargo Bank, N.A (“Wells Fargo”) to extend the maturity for our working line of credit from November 1, 2022 to May 24, 2024. This new credit facility provides total lending capacity of up to $20.0 million and allows us to use the credit facility for working capital as well as potential acquisitions. On August 18, 2021, we entered into an amendment of our credit facility with Wells Fargo. The amended credit facility added a $10.0 million term loan to the existing $20.0 million credit facility, and permitted us to use the $10.0 million term loan as part of the $17.5 million purchase consideration for the acquisition of our new manufacturing and warehouse property in Carlsbad, California. The amended credit agreement also increased the allowed capital expenditures from $10.0 million to $15.0 million for fiscal 2022, (exclusive of the amount paid for the acquisition of the new Carlsbad property noted above). In addition, the new credit notes now reflect a change in the interest rate reference from LIBOR to Secured Overnight Financing Rate (SOFR). The Credit Agreement was amended and a new Revolving Line of Credit Note, and Security Agreement were entered into. A Term Note and real property security documents were added to secure the Term Note by the new Carlsbad property. Additionally, we entered into a second amendment to our credit facility with Wells Fargo on February 8, 2022 that was effective January 31, 2022 and modified the annual limit imposed upon our ability to repurchase stock and issue dividends. This amendment increased this limit from $5.0 million annually to $7.0 million annually. Effective September 19, 2022, we entered into a third amendment to our credit facility with Wells Fargo. The third amendment extends the maturity date from May 24, 2024 to May 23, 2025 and also increased the allowed capital expenditures from $7.5 million to $25.0 million for the fiscal year ending June 30, 2023.

Under the terms of the Credit Agreement, borrowings are subject to eligibility requirements including maintaining (i) a ratio of total liabilities to tangible net worth of not greater than 1.50 to 1.0 at any time; (ii) a ratio of total current assets to total current liabilities of not less than 1.75 to 1.0 at each fiscal quarter end (iii) net income after taxes not less than $1.00, determined on a trailing four quarter basis with no two consecutive quarterly losses, determined as of each quarter end and (iv) a rolling 4-quarter fixed charge coverage ratio not less than 1.25 to 1.0 as of each fiscal quarter end. The credit agreement also includes a limitation on the amount of capital expenditures that can be made in a given fiscal year, with such limitation set at $25.0 million for our fiscal year ending June 30, 2023 and $7.5 million for all fiscal years thereafter. Any amounts outstanding under the line of credit will bear interest at a fixed or fluctuating interest rate as elected by us from time to time; provided, however, that if the outstanding principal amount is less than $100,000 such amount shall bear interest at the then applicable fluctuating rate of interest. If elected, the fluctuating rate per annum would be equal to 1.29% above the daily simple SOFR rate as in effect from time to time. If a fixed rate is elected, it would equal a per annum rate of 1.29% above the SOFR rolling 30-day average rate in effect on the first day of the applicable fixed rate term. Any amounts outstanding under the line of credit must be paid in full on or before the maturity date. Amounts outstanding that are subject to a fluctuating interest rate may be prepaid at any time without penalty. Amounts outstanding that are subject to a fixed interest rate may be prepaid at any time in minimum amounts of $100,000, subject to a prepayment fee equal to the sum of the discounted monthly differences between payment under a fixed rate versus payment under the variable rate for each month from the month of prepayment through the month in which the then applicable fixed rate term matures. There is an unused commitment fee of 0.125% required as part of the line of credit.

The Term Note used as part of the purchase consideration of our new manufacturing and warehouse property in Carlsbad California referenced above, is for the original principal amount of $10.0 million, and is a seven year term note with payments fully amortized based on a twenty five year assumed term. Installment payments under this loan commenced October 1, 2021 and continue through August 1, 2028 with a final installment consisting of all remaining amounts due to be paid in full on September 1, 2028. Amounts outstanding on this note during the term of the agreement will bear interest equal to 1.8% above the SOFR rolling 30-day average. In connection with our term loan, we entered into an interest rate swap with Wells Fargo that effectively fixes our interest rate on our term loan at 2.4% for the first three years of the term of the note.

Our obligations under the Credit Agreement are secured by our accounts receivable and other rights to payment, general intangibles, inventory, equipment and fixtures. We also have credit approval with Wells Fargo Bank, which allows us to hedge foreign currency exposures up to 30 months in the future. We also have credit approval with Bank of America which allows us to hedge foreign currency exposures up to 24 months in the future.

On September 30, 2022, we were in compliance with all of the financial and other covenants required under the Amended Credit Agreement.

As of September 30, 2022, we had $3.4 million outstanding on our credit facility and $16.6 million available for borrowing under our credit facility with Wells Fargo Bank.

As of September 30, 2022, we had $9.7 million outstanding under the Term Note used in the purchase of the warehouse in August 2021.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note G - Economic Dependency

3 Months Ended

Sep. 30, 2022

Concentration Risk Disclosure [Text Block]

G. Economic Dependency

We had substantial net sales to certain customers during the periods shown in the following table. The loss of any of these customers, or a significant decline in (i) sales to these customers, (ii) the growth rate of sales to these customers, or (iii) these customers’ ability to make payments when due, each individually could have a material adverse impact on our net sales and net income. Net sales to any one customer representing 10% or more of the respective period's consolidated net sales were as follows (in thousands):

	Three Months Ended September 30,
	2022		2021

Customer 1	$	15,152	$	13,296
Customer 2		15,005		4,349
Customer 3		6,328		7,386
Customer 4	(a)			4,327
	$	36,485	$	29,358

(a)	Sales were less than 10% of the respective period’s total net sales.

Accounts receivable from these customers totaled $11.9 million at September 30, 2022 and $10.7 million at June 30, 2022.

We buy certain products, including beta-alanine, from a limited number of raw material suppliers who meet our quality standards. The loss of any of these suppliers could have a material adverse impact on our net sales and net income. Raw material purchases from any one supplier representing 10% or more of the respective period’s total raw material purchases were as follows (dollars in thousands):

	Three Months Ended September 30,
	2022		2021

Supplier 1	$	2,832	$	3,368
Supplier 2	(a)			2,060
	$	2,832		5,428

(a)	Sales were less than 10% of the respective period’s total raw material purchases.

Note H - Segment Information

3 Months Ended

Sep. 30, 2022

Segment Reporting Disclosure [Text Block]

H. Segment Information

Our business consists of two segments for financial reporting purposes. The two segments are identified as (i) private-label contract manufacturing, which primarily relates to the provision of private-label contract manufacturing services to companies that market and distribute nutritional supplements and other health care products, and (ii) patent and trademark licensing, which primarily includes direct raw material sales and royalty income from our license and supply agreements associated with the sale and use of beta-alanine under our CarnoSyn® and SR CarnoSyn® trade names.

We evaluate performance of these segments based on a number of factors. The primary performance measures for each segment are net sales and income or loss from operations before the allocation of certain corporate level expenses. Operating income or loss for each segment does not include corporate general and administrative expenses, interest expense and other miscellaneous income and expense items. Corporate general and administrative expenses include, but are not limited to human resources, corporate legal, finance, information technology, and other corporate level related expenses, which are not allocated to any segment. Transfers of raw materials between segments are recorded at cost. The accounting policies of our segments are the same as those described in the summary of significant accounting policies in Note A above and in the consolidated financial statements included in our 2022 Annual Report.

Our operating results by business segment were as follows (in thousands):

	Three Months Ended September 30,
	2022		2021
Net Sales
Private-label contract manufacturing	$	41,776	$	33,594
Patent and trademark licensing		1,351		4,746
Total Net Sales	$	43,127	$	38,340

	Three Months Ended September 30,
	2022			2021
Income from Operations
Private-label contract manufacturing	$	3,244		$	3,700
Patent and trademark licensing		347			2,636
Income from operations of reportable segments		3,591			6,366
Corporate expenses not allocated to segments		(2,049	)		(2,108	)
Total Income from Operations	$	1,542		$	4,228

	September 30, 2022		June 30, 2022
Total Assets
Private-label contract manufacturing	$	120,263	$	115,649
Patent and trademark licensing		29,305		30,354
	$	149,568	$	146,003

Our private-label contract manufacturing products are sold both in the U.S. and in markets outside the U.S., including Europe, Canada, Australia, New Zealand, Mexico and Asia. Our primary markets outside the U.S. are Europe and Asia. Our patent and trademark licensing activities are primarily based in the U.S.

Net sales by geographic region, based on the customers’ location, were as follows (in thousands):

	Three Months Ended September 30,
	2022		2021
United States	$	29,832	$	23,495
Markets outside of the United States		13,295		14,845
Total	$	43,127	$	38,340

Products manufactured by our Swiss subsidiary ("NAIE") accounted for 77% of net sales in markets outside the U.S. for the three months ended September 30, 2022. Products manufactured by our Swiss subsidiary ("NAIE") accounted for 80% of net sales in markets outside the U.S. for the three months ended September 30, 2021. No products manufactured by NAIE were sold in U.S. markets during the three month periods ended September 30, 2022 and 2021.

Long-lived assets by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands):

	September 30, 2022		June 30, 2022
United States	$	50,732	$	43,769
Europe		21,788		22,505
Total Long-Lived Assets	$	72,520	$	66,274

Total assets by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands):

	September 30, 2022		June 30, 2022
United States	$	93,248	$	83,443
Europe		56,320		62,560
Total Assets	$	149,568	$	146,003

Capital expenditures by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands):

	Three Months Ended September 30,
	2022		2021
United States	$	7,720	$	18,201
Europe		47		143
Total Capital Expenditures	$	7,767	$	18,344

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note I - Income Taxes

3 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Text Block]

I. Income Taxes

To determine our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions to which we are subject. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. We recognize interest and penalties related to uncertain tax positions, if any, as an income tax expense.

Our effective tax rate for the three months ended September 30, 2022 was 20.1%. Our effective tax rate for the three months ended September 30, 2021 was 22.5%. Our effective tax rates differ from the fiscal 2023 and fiscal 2022 U.S. federal statutory rate of 21% primarily due to state income taxes.

We record valuation allowances to reduce our deferred tax assets to an amount we believe is more likely than not to be realized. In assessing the realizability 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. During the three months ended September 30, 2022, there was no change to our valuation allowance for our deferred tax assets.

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are measured using enacted tax rates for each of the jurisdictions in which we operate. Deferred tax assets and liabilities are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled using the tax rates then in effect. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date for such new rates.

We are subject to taxation in the U.S., Switzerland and various state jurisdictions. Our U.S. tax returns for the fiscal year ended June 30, 2015 and forward are subject to examination by the U.S. tax authorities. Our state tax returns for the fiscal years ended June 30, 2018 and forward are subject to examination by the state tax authorities. Our Swiss tax returns for the fiscal year ended June 30, 2021 and forward are subject to examination by the Swiss tax authorities.

It is our policy to establish reserves based on management’s assessment of exposure for certain positions taken in previously filed tax returns that may become payable upon examination by tax authorities. Our tax reserves are analyzed quarterly, and adjustments are made as events occur that we believe warrant adjustments to those reserves. There were no adjustments to reserves in the three month period ended September 30, 2022.

On September 26, 2022, NAIE declared and paid a dividend to NAI in the amount of $7.4 million. As part of the Tax Cuts and Jobs Act of 2017 (the Tax Act), we were required to recognize a one-time deemed repatriation transition tax during the fiscal year ended June 30, 2018 based on our total post-1986 earnings and profits (E&P) from NAIE. NAI paid the required 5% withholding tax to the Swiss tax authorities, which expense was already accrued as part of the Tax Act. U.S. taxes were recognized and paid as part of the Tax Act. We do not expect any additional US or Swiss tax liability as a result of this dividend.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Note J - Treasury Stock

3 Months Ended

Sep. 30, 2022

Stockholders' Equity Note Disclosure [Text Block]

J. Treasury Stock

We purchase shares under a stock repurchase plan (“Repurchase Plan”) authorized by the Board of Directors. The total authorized repurchase amount is $18.0 million. Under the Repurchase Plan, we may, from time to time, purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions.

Stock repurchases for the three months ended September 30, 2022 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		46,795	$	10.62	$	497
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		—		—		—
Total		46,795			$	497

Stock repurchases for the three months ended September 30, 2021 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		—	$	—	$	—
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		692		14.20		10
Total		692			$	10

Stock repurchase costs include commissions and fees.

Shares acquired from employees for restricted stock vesting and stock options exercises were returned to us by the related employees and in return we paid each employee’s required tax withholding resulting from the vesting of restricted shares. The valuation of the shares acquired and thereby the number of shares returned to us was calculated based on the closing share price on the date the shares vested.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Note K - Derivatives and Hedging

3 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Text Block]

K. Derivatives and Hedging

We are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to forecasted product sales denominated in foreign currencies and to other transactions of NAIE, our foreign subsidiary. As part of our overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, we may use foreign exchange contracts in the form of forward contracts. To the extent we enter into such contracts, there can be no guarantee any such contracts will be effective hedges against our foreign currency exchange risk.

As of September 30, 2022, we had forward contracts designated as cash flow hedges primarily to protect against the foreign exchange risks inherent in our forecasted sales of products at prices denominated in currencies other than the U.S. Dollar. These contracts are expected to be settled through September 2023. For derivative instruments that are designated and qualify as cash flow hedges, we record the effective portion of the gain or loss on the derivative in accumulated other comprehensive income (“OCI”) as a separate component of stockholders’ equity and subsequently reclassify these amounts into earnings in the period during which the hedged transaction is recognized in earnings.

For foreign currency contracts designated as cash flow hedges, hedge effectiveness is measured using the spot rate. Changes in the spot-forward differential are excluded from the test of hedge effectiveness and are recorded currently in earnings as revenue. We measure effectiveness by comparing the cumulative change in the hedge contract with the cumulative change in the hedged item. No hedging relationships were terminated as a result of ineffective hedging for the three months ended September 30, 2022 and September 30, 2021.

We monitor the probability of forecasted transactions as part of the hedge effectiveness testing on a quarterly basis. During the three months ended September 30, 2022 and September 30, 2021, we did not have any losses or gains related to the ineffective portion of our hedging instruments.

As of September 30, 2022, the notional amounts of our foreign exchange contracts designated as cash flow hedges were approximately $33.3 million (EUR 29.1 million). As of September 30, 2022, a net gain of approximately $2.9 million, offset by $0.7 million of deferred taxes, related to derivative instruments designated as cash flow hedges was recorded in OCI. It is expected that the entire amount will be reclassified into earnings in the next 12 months along with the earnings effects of the related forecasted transactions.

For foreign currency contracts not designated as cash flow hedges, changes in the fair value of the hedge are recorded directly to foreign exchange gain or loss in other income in an effort to offset the change in valuation of the underlying hedged item. During the three months ended September 30, 2022 we entered into forward contracts in order to hedge foreign exchange risk associated with our lease liability at NAIE, which is denominated in Swiss Francs (CHF). As of September 30, 2022, the notional amounts of our foreign exchange contracts not designated as cash flow hedges were approximately $12.3 million (CHF 12.0 million).

We are exposed to interest rate fluctuations related to our $10 million Term Note with Wells Fargo, which carries a variable interest rate of 1.80% above the SOFR rolling 30-day average. To manage our exposure to this variable rate, on August 23, 2021, we entered into a floored interest rate swap that fixes our all-in rate on this loan to 2.4% for the first three years of the term loan. Fluctuations in the relation of our contractual swap rate to current market rates are recorded as an asset or liability with an offset to OCI at the end of each reporting period. Interest expense is adjusted for the difference between the actual SOFR spread and the swap contractual rate such that our effective interest expense for each period is equal to our hedged rate of 2.4%.

Note L - Contingencies

3 Months Ended

Sep. 30, 2022

Legal Matters and Contingencies [Text Block]

L. Contingencies

From time to time, we become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. These matters may relate to product liability, employment, intellectual property, regulatory, contract or other matters. The resolution of these matters as they arise may be subject to various uncertainties and, even if such claims are without merit, could result in the expenditure of significant financial and managerial resources. While unfavorable outcomes are possible, based on available information, we currently do not believe the resolution of these matters will result in a material adverse effect on our business, consolidated financial condition, or results of operations. However, a settlement payment or unfavorable outcome could be greater than we currently anticipate and if so, could adversely impact our results of operations. Our evaluation of the likely impact of these actions could change in the future and we could have unfavorable outcomes we do not expect.

COVID-19 Pandemic

We continue to monitor and evaluate the risks to public health and the impact on overall global business activity related to the COVID-19 pandemic, including its potential impacts on our employees, customers, suppliers and financial results. As the situation remains fluid, it is difficult to predict the duration and scope of the pandemic and its impact on our business. However, it may result in a material adverse impact to our financial position, operations and cash flows if conditions persist or worsen.

Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

We did not adopt any accounting pronouncements during the three months ended September 30, 2022.

Recently Issued Accounting and Regulatory Pronouncements

Other recently issued accounting pronouncements are not discussed in this Report as such pronouncements did not have, and are not believed by management to have, a material impact on our present or future financial statements.

Earnings Per Share, Policy [Policy Text Block]

Net Income per Common Share

We compute net income per common share using the weighted average number of common shares outstanding during the period, and diluted net income per common share using the additional dilutive effect of all dilutive securities. The dilutive impact of stock options and unvested restricted shares account for the additional weighted average shares of common stock outstanding for our diluted net income per common share computation. We calculated basic and diluted net income per common share as follows (in thousands, except per share data):

	Three Months Ended
	September 30,
	2022		2021
Numerator
Net income	$	1,053	$	3,256

Denominator
Basic weighted average common shares outstanding		5,920		6,288
Dilutive effect of stock options and restricted stock		23		63
Diluted weighted average common shares outstanding		5,943		6,351

Basic net income per common share	$	0.18	$	0.52

Diluted net income per common share	$	0.18	$	0.51

We excluded 50,377 shares of restricted stock and no shares related to stock options for the three months ended September 30, 2022, as their impact would have been anti-dilutive. We did not exclude any stock options or restrictive stock shares for the three months ended September 30, 2021, as none would have had an anti-dilutive impact.

Revenue [Policy Text Block]

Revenue Recognition

We record revenue based on a five-step model which includes: (1) identifying a contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price among the performance obligations; and (5) recognizing revenue as each of the various performance obligations are satisfied.

Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling one or more performance obligations. We identify purchase orders from customers as contracts. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, including estimates for early payment discounts and volume rebates. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. We review and update these estimates at the end of each reporting period and the impact of any adjustments is recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, we consider both the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, which is typically 30 days from the invoice date. Invoices are generally issued on the date of transfer of control of the products ordered to the customer.

Revenue is recognized at the point in time that each of our performance obligations is fulfilled, and control of the ordered products is transferred to the customer. This transfer occurs when the product is shipped, or in some cases, when the product is delivered to the customer.

We recognize revenue in certain circumstances before delivery to the customer has occurred (commonly referred to as bill-and-hold transactions). Products sold under bill-and-hold arrangements are recorded as revenue when risk of ownership has been transferred to the customer, but the product has not shipped due to a substantive reason, typically at the customer’s request. The product must be separately identified as belonging to the customer, ready for physical transfer to the customer, and we cannot have the ability to redirect the product to another customer.

Contract liabilities and revenue recognized were as follows (in thousands):

June 30, 2022

Additions

Revenue

Recognized

September

30, 2022

Contract Liabilities (Customer Deposits)

140

108

(140

)

108

June 30, 2021

Additions

Revenue

Recognized

September

30, 2021

Contract Liabilities (Customer Deposits)

1,721

1,941

(1,721

)

1,941

We provide early payment discounts to certain customers. Based on historical payment trends, we expect that these customers will take advantage of these early payment discounts. The cost of these discounts is reported as a reduction to the transaction price. If the actual discounts differ from those estimated, the difference is also reported as a change in the transaction price. We require prepayment from certain customers. We record any payments received in advance of contracts fulfillment as a contract liability and classified as customer deposits on the consolidated balance sheet.

Except for product defects, no right of return exists on the sale of our products. We estimate returns based on historical experience and recognize a returns liability for any estimated returns. As of September 30, 2022, we have no estimated returns liability.

We currently own certain U.S. patents, and each patent’s corresponding foreign patent applications. All of these patents and patent rights relate to the ingredient known as beta-alanine marketed and sold under our CarnoSyn® and SR CarnoSyn® trade names. We recorded beta-alanine raw material sales and royalty and licensing income as a component of revenue in the amount of $1.4 million during the three months ended September 30, 2022. We similarly recorded $4.7 million during the three months ended September 30, 2021. These royalty income and raw material sale amounts resulted in royalty expense paid to the original patent holders from whom NAI acquired its patents and patent rights. We recognized royalty expense as a component of cost of goods sold in the amount of $27,000 during the three months ended September 30, 2022. We recorded $200,000 during the three months ended September 30, 2021.

Share-Based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

The Board of Directors approved our current omnibus equity incentive plan that became effective January 1, 2021 (the “2020 Plan”), which was approved by our stockholders at the Annual Meeting of Stockholders on December 4, 2020. Under the 2020 Plan, we may grant nonqualified and incentive stock options, restricted stock grants, restricted stock units, stock appreciation rights, and other stock-based awards to employees, non-employee directors and consultants.

We did not grant any options during the three month periods ended September 30, 2022 and September 30, 2021. No options were exercised during the three month periods ended September 30, 2022 and September 30, 2021. There were no option forfeitures during the three month periods ended September 30, 2022 and September 30, 2021. As of September 30, 2022, we did not have any stock options outstanding.

We did not grant any restricted stock shares during the three months ended September 30, 2022 or September 30, 2021. No restricted stock shares were forfeited during the three months ended September 30, 2022. During the three months ended September 30, 2021, 16,332 restricted stock shares were forfeited. Our net income included stock-based compensation expense in connection with prior restricted stock grants of approximately $0.2 million for the three months ended September 30, 2022. Our net income included stock based compensation expense in connection with the vesting of prior restricted stock grants of approximately $0.2 million for the three months ended September 30, 2021.

Deferred Compensation Plan

Effective July 16, 2020, the Board of Directors approved and adopted a Non-Qualified Incentive Plan (the “Incentive Plan”). Pursuant to the Incentive Plan, the Human Resources Committee and the Board of Directors may make deferred cash payments or other cash awards (“Awards”) to directors, officers, employees and eligible consultants of NAI, (“Participants”). These Awards are made subject to conditions precedent that must be met before NAI is obligated to make the payment. The purpose of the Incentive Plan is to enhance the long-term stockholder value of NAI by providing the Human Resources Committee and the Board of Directors the ability to make deferred cash payments or other cash awards to encourage Participants to serve NAI or to remain in the service of NAI, or to assist NAI to achieve results determined by the Human Resources Committee or the Board of Directors to be in NAI's best interest.

The Incentive Plan authorizes the Human Resources Committee or the Board of Directors to grant to, and administer, unsecured and deferred cash Awards to Participants and to subject each Award to whatever conditions are determined appropriate by the Human Resources Committee or the Board of Directors. The terms of each Award, including the amount and any conditions that must be met to be entitled to payment of the Award are set forth in an Award Agreement between each Participant and NAI. The Incentive Plan provides the Board of Directors with the discretion to set aside assets to fund the Incentive Plan although that has not been done to date.

No deferred cash awards were granted during the three months ended September 30, 2022 and September 30, 2021. No deferred cash awards were forfeited during the three months ended September 30, 2022. During the three months ended September 30, 2021, awards totaling $191,000 were forfeited.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

Except for cash and cash equivalents, as of September 30, 2022, and June 30, 2022, we did not have any financial assets or liabilities classified as Level 1. We classify derivative forward exchange and interest rate swap contracts as Level 2 assets and liabilities. The fair values were determined by obtaining pricing from our bank and corroborating those values with a third party bank or pricing service.

Fair value of derivative instruments classified as Level 2 assets and liabilities consisted of the following (in thousands):

	September 30, 2022			June 30, 2022
Euro Forward Contract– Current Assets	$	4,441		$	3,144
Swiss Franc Forward Contract – Current Assets		—			109
Total Derivative Contracts – Current Assets		4,441			3,253

Interest Swap – Other noncurrent Assets		627			453
Euro Forward Contract– Other noncurrent Assets		—			561
Total Derivative Contracts – Other noncurrent Assets		627			1,014

Swiss Franc Forward Contract – Current Liabilities		(67	)		—
Total Derivative Contracts – Current Liabilities		(67	)		—

Fair Value Net Asset – all Derivative Contracts	$	5,001		$	4,267

We also classify any outstanding line of credit and term loan balance as a Level 2 liability. As of September 30, 2022, and June 30, 2022, we did not have any financial assets or liabilities classified as Level 3. We did not transfer any assets or liabilities between these levels during fiscal 2022 or the three months ended September 30, 2022.

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References + Details

Note A - Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2022

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended
	September 30,
	2022		2021
Numerator
Net income	$	1,053	$	3,256

Denominator
Basic weighted average common shares outstanding		5,920		6,288
Dilutive effect of stock options and restricted stock		23		63
Diluted weighted average common shares outstanding		5,943		6,351

Basic net income per common share	$	0.18	$	0.52

Diluted net income per common share	$	0.18	$	0.51

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

June 30, 2022

Additions

Revenue

Recognized

September

30, 2022

Contract Liabilities (Customer Deposits)

140

108

(140

)

108

June 30, 2021

Additions

Revenue

Recognized

September

30, 2021

Contract Liabilities (Customer Deposits)

1,721

1,941

(1,721

)

1,941

Fair Value, by Balance Sheet Grouping [Table Text Block]

	September 30, 2022			June 30, 2022
Euro Forward Contract– Current Assets	$	4,441		$	3,144
Swiss Franc Forward Contract – Current Assets		—			109
Total Derivative Contracts – Current Assets		4,441			3,253

Interest Swap – Other noncurrent Assets		627			453
Euro Forward Contract– Other noncurrent Assets		—			561
Total Derivative Contracts – Other noncurrent Assets		627			1,014

Swiss Franc Forward Contract – Current Liabilities		(67	)		—
Total Derivative Contracts – Current Liabilities		(67	)		—

Fair Value Net Asset – all Derivative Contracts	$	5,001		$	4,267

Note B - Inventories, Net (Tables)

3 Months Ended

Sep. 30, 2022

Schedule of Inventory, Current [Table Text Block]

	September 30, 2022			June 30, 2022
Raw materials	$	31,752		$	28,196
Work in progress		5,736			1,948
Finished goods		3,086			2,842
Reserve		(584	)		(511	)
	$	39,990		$	32,475

Note C - Property and Equipment (Tables)

3 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Table Text Block]

	Depreciable Life In Years			September 30, 2022			June 30, 2022
Land	NA			$	7,645		$	7,645
Building and building improvements	7	-	39		22,617			17,415
Machinery and equipment	3	-	12		42,301			40,131
Office equipment and furniture	3	-	5		5,986			5,970
Vehicles		3			211			211
Leasehold improvements	1	-	15		22,005			21,626
Total property and equipment					100,765			92,998
Less: accumulated depreciation and amortization					(49,381	)		(48,425	)
Property and equipment, net				$	51,384		$	44,573

Note D - Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Sep. 30, 2022

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Three Months Ended
	September 30, 2022
				Unrealized			Unrealized
	*Defined*			*Gains*			*Gains*
	*Benefit*			*(Losses) on*			*(Losses) on*
	*Pension*			*Cash Flow*			*Swap*
	*Plan*			*Hedges*			*Derivative*			*Total*
Beginning Balance	$	(444	)	$	1,795		$	348		$	1,699
OCI/OCL before reclassifications		—			1,788			174			1,962
Amounts reclassified from OCI to Sales		—			(1,262	)		—			(1,262	)
Tax effect of OCI activity		—			(118	)		(37	)		(155	)
Net current period OCI/OCL		—			408			137			545

Ending Balance	$	(444	)	$	2,203		$	485		$	2,244

		Three Months Ended
		September 30, 2021
				Unrealized			Unrealized
	*Defined*			*Gains*			*Gains*
	*Benefit*			*(Losses) on*			*(Losses) on*
	*Pension*			*Cash Flow*			*Swap*
	*Plan*			*Hedges*			*Derivative*		*Total*
Beginning Balance	$	(538	)	$	(23	)	$	—	$	(561	)
OCI/OCL before reclassifications		—			1,389			—		1,389
Amounts reclassified from OCI to Sales		—			(146	)		—		(146	)
Tax effect of OCI activity		—			(289	)		—		(289	)
Net current period OCI/OCL		—			954			—		954

Ending Balance	$	(538	)	$	931		$	—		393

Note E - Leases (Tables)

3 Months Ended

Sep. 30, 2022

Lease, Cost [Table Text Block]

Supplemental Cash Flows Information

Three Months Ended

September 30, 2022

Three Months Ended

September 30, 2021

Cash paid for amounts included in the measurement of operating lease liabilities

811

Operating lease liabilities arising from obtaining Right of Use Assets for new leases

—

Note G - Economic Dependency (Tables)

3 Months Ended

Sep. 30, 2022

Supplier Concentration Risk [Member]

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	Three Months Ended September 30,
	2022		2021

Supplier 1	$	2,832	$	3,368
Supplier 2	(a)			2,060
	$	2,832		5,428

Customer Concentration Risk [Member]

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	Three Months Ended September 30,
	2022		2021

Customer 1	$	15,152	$	13,296
Customer 2		15,005		4,349
Customer 3		6,328		7,386
Customer 4	(a)			4,327
	$	36,485	$	29,358

Note H - Segment Information (Tables)

3 Months Ended

Sep. 30, 2022

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended September 30,
	2022		2021
Net Sales
Private-label contract manufacturing	$	41,776	$	33,594
Patent and trademark licensing		1,351		4,746
Total Net Sales	$	43,127	$	38,340

	Three Months Ended September 30,
	2022			2021
Income from Operations
Private-label contract manufacturing	$	3,244		$	3,700
Patent and trademark licensing		347			2,636
Income from operations of reportable segments		3,591			6,366
Corporate expenses not allocated to segments		(2,049	)		(2,108	)
Total Income from Operations	$	1,542		$	4,228

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	September 30, 2022		June 30, 2022
Total Assets
Private-label contract manufacturing	$	120,263	$	115,649
Patent and trademark licensing		29,305		30,354
	$	149,568	$	146,003

Revenue from External Customers by Geographic Areas [Table Text Block]

	Three Months Ended September 30,
	2022		2021
United States	$	29,832	$	23,495
Markets outside of the United States		13,295		14,845
Total	$	43,127	$	38,340

Long-Lived Assets by Geographic Areas [Table Text Block]

	September 30, 2022		June 30, 2022
United States	$	50,732	$	43,769
Europe		21,788		22,505
Total Long-Lived Assets	$	72,520	$	66,274

Assets by Geographic Areas [Table Text Block]

	September 30, 2022		June 30, 2022
United States	$	93,248	$	83,443
Europe		56,320		62,560
Total Assets	$	149,568	$	146,003

Capital Expenditures by Geographic Areas [Table Text Block]

	Three Months Ended September 30,
	2022		2021
United States	$	7,720	$	18,201
Europe		47		143
Total Capital Expenditures	$	7,767	$	18,344

Note J - Treasury Stock (Tables)

3 Months Ended

Sep. 30, 2022

Class of Treasury Stock [Table Text Block]

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		46,795	$	10.62	$	497
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		—		—		—
Total		46,795			$	497

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		—	$	—	$	—
Shares acquired in connection with stock option exercises		—		—		—
Shares acquired from employees for restricted stock vesting		692		14.20		10
Total		692			$	10

Note A - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Sales, Royalty and Licensing Revenue	$ 1,400,000	$ 4,700,000
Royalty Expense	27,000	200,000
Deferred Compensation Arrangement with Individual, Cash Award Forfeited, Amount	$ 191,000
Customer Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Major Customers	3
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) \| shares	16,332
Share-Based Payment Arrangement, Expense	$ 200,000	$ 200,000
Restricted Stock 1 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares	50,377
Fair Value, Inputs, Level 1 [Member]
Fair Value, Net Asset (Liability), Total	$ 0		$ 0	$ 0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Net Asset (Liability), Total	$ 0		$ 0	$ 0

Note A - Organization and Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income	$ 1,053	$ 3,256
Denominator
Basic weighted average common shares outstanding (in shares)	5,919,649	6,287,627
Dilutive effect of stock options and restricted stock (in shares)	23,000	63,000
Diluted weighted average common shares outstanding (in shares)	5,943,446	6,351,345
Basic net income per common share (in dollars per share)	$ 0.18	$ 0.52
Diluted net income per common share (in dollars per share)	$ 0.18	$ 0.51

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Note A - Organization and Summary of Significant Accounting Policies - Contract Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Contract Liabilities (Customer Deposits), balance	$ 140	$ 1,721
Contract Liabilities (Customer Deposits), addition	108	1,941
Contract Liabilities (Customer Deposits), revenue recognized	(140)	(1,721)
Contract Liabilities (Customer Deposits), balance	$ 108	$ 1,941

Note A - Organization and Summary of Significant Accounting Policies - Fair Value of Derivative Instruments Classified As Level 2 Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021
Derivative assets, current asset	$ 4,441	$ 3,144
Derivative assets, current liability	(67)	$ 0
Fair Value, Inputs, Level 2 [Member]
Derivative assets, current asset	4,441		$ 3,253
Derivative assets, noncurrent asset	627		1,014
Derivative assets, current liability	(67)		0
Fair Value Net Asset – all Derivative Contracts	5,001		4,267
Fair Value, Inputs, Level 2 [Member] \| Euro Forward Contract [Member]
Derivative assets, current asset	4,441		3,144
Derivative assets, noncurrent asset	0		561
Fair Value, Inputs, Level 2 [Member] \| Swiss Franc Forward Contract [Member]
Derivative assets, current asset	0		109
Derivative assets, current liability	(67)		0
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap [Member]
Derivative assets, noncurrent asset	$ 627		$ 453

Note B - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021
Raw materials	$ 31,752		$ 28,196
Work in progress	5,736		1,948
Finished goods	3,086		2,842
Reserve	(584)		(511)
Inventories, net	$ 39,990	$ 32,475	$ 32,475

Note C - Property and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Depreciation, Total	$ 1.0	$ 1.1

Note C - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Property and equipment, gross	$ 100,765	$ 92,998
Less: accumulated depreciation and amortization	(49,381)	(48,425)
Property and equipment, net	51,384	44,573
Land [Member]
Property and equipment, gross	7,645	7,645
Building and Building Improvements [Member]
Property and equipment, gross	$ 22,617	17,415
Building and Building Improvements [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	39 years
Machinery and Equipment [Member]
Property and equipment, gross	$ 42,301	40,131
Machinery and Equipment [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	12 years
Office Equipment [Member]
Property and equipment, gross	$ 5,986	5,970
Office Equipment [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	3 years
Office Equipment [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	5 years
Vehicles [Member]
Property and equipment, gross	$ 211	211
Depreciable Life In Years (Year)	3 years
Leasehold Improvements [Member]
Property and equipment, gross	$ 22,005	$ 21,626
Leasehold Improvements [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	1 year
Leasehold Improvements [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	15 years

Note D - Other Comprehensive Income (Loss) - Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Balance	$ 88,520	$ 80,083
Balance	89,856	84,505
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(444)	(538)
OCI/OCL before reclassifications	0	0
Amounts reclassified from OCI to Sales	0	0
Tax effect of OCI activity	0	0
Net current period OCI/OCL	0	0
Balance	(444)	(538)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	1,795	(23)
OCI/OCL before reclassifications	1,788	1,389
Amounts reclassified from OCI to Sales	(1,262)	(146)
Tax effect of OCI activity	(118)	(289)
Net current period OCI/OCL	408	954
Balance	2,203	931
Accumulated Gain (Loss), Net, Swap Derivative, Parent [Member]
Balance	348	0
OCI/OCL before reclassifications	174	0
Amounts reclassified from OCI to Sales	0	0
Tax effect of OCI activity	(37)	0
Net current period OCI/OCL	137	0
Balance	485	0
AOCI Attributable to Parent [Member]
Balance	1,699	(561)
OCI/OCL before reclassifications	1,962	1,389
Amounts reclassified from OCI to Sales	(1,262)	(146)
Tax effect of OCI activity	(155)	(289)
Net current period OCI/OCL	545	954
Balance	$ 2,244	$ 393

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Note E - Leases (Details Textual)	Sep. 30, 2022	Jun. 30, 2022
Operating Lease, Weighted Average Remaining Lease Term (Year)	6 years 1 month 6 days	6 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.13%	4.12%

Note E - Leases - Lease Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of operating lease liabilities	$ 811	$ 811
Operating lease liabilities arising from obtaining Right of Use Assets for new leases	$ 0	$ 0

Note F - Debt (Details Textual)			3 Months Ended
Note F - Debt (Details Textual)	Aug. 20, 2021 USD ($)	Aug. 18, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	May 24, 2021 USD ($)	Jan. 31, 2021 USD ($)
Payments to Acquire Property, Plant, and Equipment, Total			$ 7,767,000	$ 18,344,000
Interest Rate Swap [Member]
Derivative, Fixed Interest Rate		2.40%
Manufacturing Facility and Warehouse [Member] \| Carlsbad, California [Member]
Payments to Acquire Property, Plant, and Equipment, Total	$ 17,500,000
Wells Fargo Bank, N.A. [Member]
Debt Instrument, Covenant, Annual Limit To Repurchase Stock or Issue Dividends						$ 5,000,000.0			$ 7,000,000.0
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 20,000,000.0
Debt Instrument Covenant Capital Expenditures Limitation, Amount, Next Twelve Years			25,000,000.0		$ 15,000,000.0		$ 10,000,000.0
Debt Instrument Covenant Capital Expenditures Limitation, Amount, After Twelve Years			$ 25,000,000.0		$ 7,500,000
Debt Instrument Covenant Minimum, Net Income Required		$ 1.00
Debt Instrument Covenant, Fixed Charge Coverage Ratio			1.0		1.25
Long-term Debt, Percentage Bearing Fluctuating Interest, Threshold Amount		100,000
Minimum Prepayment Amount Under Line of Credit		$ 100,000
Line of Credit Facility, Commitment Fee Percentage		0.125%
Line of Credit Facility, Maximum Amount Outstanding During Period			$ 3,400,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 16,600,000
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			1.29%
Debt Instrument Basis Spread on Elected Fixed Rate Borrowing			1.29%
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member] \| Maximum [Member]
Ratio of Indebtedness to Net Capital		1.50
Ratio of Total Current Assets to Total Current Liabilities		1.75
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member] \| Term Loan [Member]
Debt Instrument, Face Amount		$ 10,000,000.0	$ 10,000,000
Debt Instrument, Term (Year)		7 years
Debt Instrument, Amortization Period (Year)		25 years
Long-Term Debt, Total			$ 9,700,000
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member] \| Term Loan [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.80%

Note G - Economic Dependency (Details Textual) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022
Accounts Receivable, after Allowance for Credit Loss, Total	$ 11.9	$ 10.7

Note G - Economic Dependency - Substantial Net Sales to Certain Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 43,127	$ 38,340
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Net sales	36,485	29,358
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer 1 [Member]
Net sales	15,152	13,296
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer 2 [Member]
Net sales	15,005	4,349
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer 3 [Member]
Net sales	$ 6,328	7,386
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer 4 [Member]
Net sales		$ 4,327

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 4
-Subparagraph (a)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Note G - Economic Dependency - Substantial Net Purchase From Certain Suppliers (Details) - Supplier Concentration Risk [Member] - Raw Material Purchases [Member] - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Raw Material Purchases by Supplier	$ 2,832	$ 5,428
Supplier 1 [Member]
Raw Material Purchases by Supplier	$ 2,832	3,368
Supplier 2 [Member]
Raw Material Purchases by Supplier		$ 2,060

Note H - Segment Information (Details Textual) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Number of Reportable Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 43,127	$ 38,340
Non-US [Member]
Revenue from Contract with Customer, Including Assessed Tax	13,295	14,845
UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	$ 29,832	$ 23,495
Products Manufactured by NAIE [Member] \| Non-US [Member] \| Product Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Percentage	77.00%	80.00%
Products Manufactured by NAIE [Member] \| UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0

Note H - Segment Information - Operating Results by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 43,127	$ 38,340
Income from operations	1,542	4,228
Operating Segments [Member]
Income from operations	3,591	6,366
Corporate, Non-Segment [Member]
Income from operations	(2,049)	(2,108)
Private Label Contract Manufacturing [Member]
Net sales	41,776	33,594
Private Label Contract Manufacturing [Member] \| Operating Segments [Member]
Income from operations	3,244	3,700
Patent and Trademark Licensing [Member]
Net sales	1,351	4,746
Patent and Trademark Licensing [Member] \| Operating Segments [Member]
Income from operations	$ 347	$ 2,636

Note H - Segment Information - Assets by Business Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Assets	$ 149,568	$ 146,003
Private Label Contract Manufacturing [Member]
Assets	120,263	115,649
Patent and Trademark Licensing [Member]
Assets	$ 29,305	$ 30,354

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Note H - Segment Information - Net Sales by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 43,127	$ 38,340
UNITED STATES
Net sales	29,832	23,495
Non-US [Member]
Net sales	$ 13,295	$ 14,845

Note N - Segment Information - Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Long-Lived Assets	$ 72,520	$ 66,274
UNITED STATES
Long-Lived Assets	50,732	43,769
Europe [Member]
Long-Lived Assets	$ 21,788	$ 22,505

Note H - Segment Information - Total Assets by Geographical Region (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Total Assets	$ 149,568	$ 146,003
UNITED STATES
Total Assets	93,248	83,443
Europe [Member]
Total Assets	$ 56,320	$ 62,560