0001437749-23-026521 | 10-K | XBRL Viewer | Natural Alternatives International INC

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

	*2023*			*2022*
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	1,438		$	1,820
Interest cost		46			39
Actuarial loss		(29	)		(276	)
Benefits paid		(91	)		(145	)
Benefit obligation at end of year	$	1,364		$	1,438
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	1,094		$	1,429
Actual return on plan assets		22			(190	)
Employer contributions		—			—
Benefits paid		(91	)		(145	)
Plan expenses		—			—
Fair value of plan assets at end of year	$	1,025		$	1,094
Reconciliation of Funded Status:
Difference between benefit obligation and fair value of plan assets	$	(339	)	$	(344	)
Unrecognized net actuarial loss in accumulated other comprehensive income		409			495
Net amount recognized	$	70		$	151

Projected benefit obligation	$	1,364		$	1,438
Accumulated benefit obligation	$	1,364		$	1,438
Fair value of plan assets	$	1,025		$	1,094

Schedule of Net Benefit Costs [Table Text Block]

	*2023*			*2022*
Interest cost	$	46		$	39
Expected return on plan assets		(42	)		(69	)
Recognized actuarial loss		50			63
Settlement loss		27			50
Net periodic benefit expense	$	81		$	83

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

	*2023*			*2022*
Net loss	$	(8	)	$	(17	)
Settlement loss		(28	)		(50	)
Amortization of net loss		(50	)		(63	)
Plan expenses		—			—
Total recognized in other comprehensive loss	$	(86	)	$	(130	)
Total recognized in net periodic benefit cost and other comprehensive loss	$	(5	)	$	(47	)

Schedule of Expected Benefit Payments [Table Text Block]

2024	$	739
2025		264
2026		13
2027		106
2028		30
2029-2033		105
Total benefit payments expected to be paid	$	1,257

Defined Benefit Plan, Assumptions [Table Text Block]

	*2023*			*2022*
Discount rate		4.89	%		4.39	%
Expected long-term rate of return		6.24	%		6.10	%
Compensation increase rate		N/A			N/A

Schedule of Weighted Average Allocation of Assets Related to Defined Benefit Plans Disclosure [Table Text Block]

							*Target*
	*2023*			*2022*			*Allocation*
Equity securities		64	%		49	%		53	%
Debt securities		14	%		20	%		41	%
Commodities		12	%		0	%		0	%
Other		10	%		31	%		6	%
		100	%		100	%		100	%

Schedule of Allocation of Plan Assets [Table Text Block]

			*Quoted*
			*Prices in*
			*Active*
			*Markets for*		*Significant*		*Significant*
			*Identical*		*Observable*		*Unobservable*
			*Assets*		*Inputs*		*Inputs*
	*Total*		*(Level 1)*		*(Level 2)*		*(Level 3)*
Equity securities(1)	$	653	$	653	$	—	$	—
Debt securities(2)	$	141	$	141	$	—	$	—
Other(3)	$	231	$	231	$	—	$	—
Total	$	1,025	$	1,025	$	—	$	—

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Jun. 30, 2021	9,004,365			2,567,797
Balance at Jun. 30, 2021	$ 88	$ 29,456	$ 66,949	$ (15,849)	$ (561)	$ 80,083
Issuance of common stock for restricted stock grants (in shares)	135,850			0
Issuance of common stock for restricted stock grants	$ 1	(1)	0	$ 0	0	0
Compensation expense related to stock compensation plans	$ 0	968	0	$ 0	0	$ 968
Treasury Stock Acquired, Shares (in shares)	0			435,080		435,080
Repurchase of common stock	$ 0	0	0	$ (5,503)	0	$ (5,503)
Forfeiture of restricted stock (in shares)	0			19,832
Forfeiture of restricted stock	$ 0	0	0	$ 0	0	0
Share correction	0	0	0	0	0	0
Change in minimum pension liability, net of tax	0	0	0	0	94	94
Unrealized gain (loss) resulting from change in fair value of derivative instruments, net of tax	0	0	0	0	2,166	2,166
Net income (loss)	$ 0	0	10,712	$ 0	0	10,712
Repurchase of common stock						$ (5,503)
Balance (in shares) at Jun. 30, 2022	9,191,406			3,061,795		6,129,611
Balance at Jun. 30, 2022	$ 89	30,423	77,661	$ (21,352)	1,699	$ 88,520
Share correction (in shares)	51,191			39,086
Issuance of common stock for restricted stock grants (in shares)	123,000			0
Issuance of common stock for restricted stock grants	$ 2	(2)	0	$ 0	0	0
Compensation expense related to stock compensation plans	$ 0	1,015	0	$ 0	0	$ 1,015
Treasury Stock Acquired, Shares (in shares)	0			164,399		164,399
Forfeiture of restricted stock (in shares)	0			14,399
Forfeiture of restricted stock	$ 0	0	0	$ 0	0	$ 0
Change in minimum pension liability, net of tax	0	0	0	0	64	64
Unrealized gain (loss) resulting from change in fair value of derivative instruments, net of tax	0	0	0	0	(1,846)	(1,846)
Net income (loss)	0	0	2,522	0	0	2,522
Repurchase of common stock	$ 0	0	0	$ (1,503)	0	$ (1,503)
Balance (in shares) at Jun. 30, 2023	9,314,406			3,240,593		6,073,813
Balance at Jun. 30, 2023	$ 91	$ 31,436	$ 80,183	$ (22,855)	$ (83)	$ 88,772

Note G - Income Taxes - Net Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Deferred tax assets:
Inventory capitalization	$ 220	$ 373
Inventory reserves	164	113
Lease liability	2,018	2,139
Net operating loss carry forward	433	242
Accrued compensation	166	458
Capitalized research and experimentation	412	0
Accrued contingent fee	219	0
Stock-based compensation	81	66
Deferred Tax Assets, Derivative Instruments	56	0
Tax credit carry forward	229	43
Allowance for bad debt	1	795
Interest expense	103	0
Other, net	87	0
Total gross deferred tax assets	4,189	4,229
Deferred tax liabilities:
Withholding taxes	(401)	(1,133)
Fixed assets	(1,451)	(1,523)
Forward contracts	0	(541)
Lease asset	(1,951)	(2,073)
Other, net	(31)	(179)
Deferred tax liabilities	(3,834)	(5,449)
Net deferred tax assets (liabilities)	355	1,220
Net deferred tax assets (liabilities)	$ (355)	$ (1,220)

Note N - Segment Information - Operating Results by Business Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer, Including Assessed Tax	$ 154,015	$ 170,966
Income from operations	4,713	13,679
Operating Segments [Member]
Income from operations	12,509	22,447
Corporate, Non-Segment [Member]
Income from operations	(7,796)	(8,768)
Private Label Contract Manufacturing [Member]
Revenue from Contract with Customer, Including Assessed Tax	145,294	154,798
Private Label Contract Manufacturing [Member] \| Operating Segments [Member]
Income from operations	9,488	15,667
Patent and Trademark Licensing [Member]
Revenue from Contract with Customer, Including Assessed Tax	8,721	16,168
Patent and Trademark Licensing [Member] \| Operating Segments [Member]
Income from operations	$ 3,021	$ 6,780

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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Note C - Property and Equipment

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment Disclosure [Text Block]

C. Property and Equipment

Property and equipment consisted of the following at June 30 (dollars in thousands):

	*Depreciable*
	*Life*
	*In Years*	*2023*			*2022*
Land	NA	$	8,940		$	7,645
Building and building improvements	7 – 39		24,712			17,415
Machinery and equipment	3 – 12		41,460			40,131
Office equipment and furniture	3 – 5		6,522			5,970
Vehicles	3		227			211
Leasehold improvements	1 – 20		22,641			21,626
Total property and equipment			104,502			92,998
Less: accumulated depreciation and amortization			(50,661	)		(48,425	)
Property and equipment, net		$	53,841		$	44,573

Depreciation expense was approximately $4.3 million in fiscal 2023 and $4.2 million in fiscal 2022.

Note G - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

	*2023*		*2022*

United States	$	2,588	$	9,152
Foreign		967		4,507
Total income before income taxes	$	3,555	$	13,659

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	*2023*			*2022*
Current:
Federal	$	843		$	1,297
State		211			(1	)
Foreign		221			900
		1,275			2,196
Deferred:
Federal		(246	)		501
State		4			250
Foreign		—			—
		(242	)		751
Total provision for income taxes	$	1,033		$	2,947

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*2023*			*2022*
Deferred tax assets:
Inventory capitalization	$	220		$	373
Inventory reserves		164			113
Lease liability		2,018			2,139
Net operating loss carry forward		433			242
Accrued compensation		166			458
Capitalized research and experimentation		412			—
Accrued contingent fee		219			—
Stock-based compensation		81			66
Forward contracts		56			—
Tax credit carry forward		229			43
Allowance for bad debt		1			795
Interest expense		103			—
Other, net		87			—
Total gross deferred tax assets		4,189			4,229


Deferred tax liabilities:
Withholding taxes		(401	)		(1,133	)
Fixed assets		(1,451	)		(1,523	)
Forward contracts		—			(541	)
Lease asset		(1,951	)		(2,073	)
Other, net		(31	)		(179	)
Deferred tax liabilities		(3,834	)		(5,449	)
Net deferred tax assets (liabilities)	$	355		$	(1,220	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*2023*			*2022*
Income taxes computed at statutory federal income tax rate	$	749		$	2,868
State income taxes, net of federal income tax expense		90			174
Permanent differences		8			85
Foreign tax rate differential		18			(47	)
Tax credits		(347	)		(124	)
FDII export sales incentive		—			(46	)
Stock based compensation		61			37
Global intangible low-taxed income (GILTI)		355			—
Return to provision - differences		99
Income tax provision as reported	$	1,033		$	2,947
Effective tax rate		29.1	%		21.6	%

Note F - Debt

12 Months Ended

Jun. 30, 2023

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 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 modifies 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 extended the maturity date 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; and (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, N.A. 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.

During fiscal year 2023, we capitalized $198,000 of interest expense to building improvements. As of June 30, 2022, we capitalized $171,000 of interest expense to building improvements.

As of June 30, 2023, we had $ 9.5 million outstanding under the Term Note used in the purchase of the manufacturing and warehouse property in August 2021. The future debt payments under the Term Note are as follows (in thousands):

		2024				2025				2026				2027				2028				Thereafter				Total
Future Debt Payments		$	312			$	296			$	305			$	315			$	325			$	7,964			$	9,517

On June 30, 2023, we were in compliance with all of the financial and other covenants required under the Credit Agreement. As a result of reduced sales overall, and the impact of temporary closure of our Carlsbad, California high-speed powder processing facility, we anticipate we will not be able to comply with all of the covenants required under the Credit Agreement in the second quarter of fiscal 2024. We have advised the lender and are currently negotiating a potential revised credit facility. There can be no assurance we will be able to successfully complete the negotiation of a revised credit facility, or what the differences in amount, cost and other factors may be.

As of June 30, 2023, we had the full $20.0 million available for borrowing under our credit facility with Wells Fargo Bank.

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 - Income Taxes

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Text Block]

G. Income Taxes

During fiscal 2023, we recorded U.S.-based domestic tax expense of $0.8 million and foreign tax expense of $0.2 million. During fiscal 2022, we recorded U.S.-based domestic tax expense of $2.0 million and foreign tax expense of $0.9 million.

The following is a geographical breakdown of income before income taxes (in thousands):

	*2023*		*2022*

United States	$	2,588	$	9,152
Foreign		967		4,507
Total income before income taxes	$	3,555	$	13,659

The provision for income taxes for the years ended June 30 consisted of the following (in thousands):

	*2023*			*2022*
Current:
Federal	$	843		$	1,297
State		211			(1	)
Foreign		221			900
		1,275			2,196
Deferred:
Federal		(246	)		501
State		4			250
Foreign		—			—
		(242	)		751
Total provision for income taxes	$	1,033		$	2,947

Net deferred tax assets and deferred tax liabilities as of June 30 were as follows (in thousands):

	*2023*			*2022*
Deferred tax assets:
Inventory capitalization	$	220		$	373
Inventory reserves		164			113
Lease liability		2,018			2,139
Net operating loss carry forward		433			242
Accrued compensation		166			458
Capitalized research and experimentation		412			—
Accrued contingent fee		219			—
Stock-based compensation		81			66
Forward contracts		56			—
Tax credit carry forward		229			43
Allowance for bad debt		1			795
Interest expense		103			—
Other, net		87			—
Total gross deferred tax assets		4,189			4,229


Deferred tax liabilities:
Withholding taxes		(401	)		(1,133	)
Fixed assets		(1,451	)		(1,523	)
Forward contracts		—			(541	)
Lease asset		(1,951	)		(2,073	)
Other, net		(31	)		(179	)
Deferred tax liabilities		(3,834	)		(5,449	)
Net deferred tax assets (liabilities)	$	355		$	(1,220	)

At June 30, 2023, we had state tax net operating loss carry forwards of approximately $5.6 million. Under California Assembly Bill 85, effective June 29, 2020, net operating loss deductions were suspended for tax years beginning in 2019, 2020, and 2021 and the carry forward periods of any net operating losses not utilized due to such suspension were extended. California Senate Bill 113, effective February 9, 2022, reinstates net operating loss deductions in tax years beginning in 2022. Our state tax loss carry forwards will begin to expire in fiscal 2031, unless used before their expiration.

Pursuant to Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), the annual use of the net operating loss carry forwards and research and development tax credits could be limited by any greater than 50% ownership change during any three-year testing period. We did not have any ownership changes that met this criterion during the fiscal years ended June 30, 2023 and June 30, 2022.

We are subject to taxation in the U.S., Switzerland and various state jurisdictions. Our tax years for the fiscal year ended June 30, 2015 and forward are subject to examination by the U.S. tax authorities. Our tax years for the fiscal years ended June 30, 2018 and forward are subject to examination by the state tax authorities. Our tax years for the fiscal year ended June 30, 2022 and forward are subject to examination by the Swiss tax authorities.

NAIE’s effective tax rate for the fiscal year ended June 30, 2023 for Swiss federal, cantonal and communal taxes is approximately 23%.

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 our Swiss subsidiary, NAIE. This accumulated E&P amount has historically been considered permanently reinvested thereby allowing us to defer recognizing any U.S. income tax on the amount. We no longer consider undistributed foreign earnings from NAIE as of December 31, 2017 as indefinitely reinvested. We consider earnings accumulated subsequent to December 31, 2017 as indefinitely reinvested.

For tax years commencing on or after January 1, 2022, the Tax Cuts and Jobs Act of 2017, also eliminates the ability to immediately deduct research and development costs. Instead, taxpayers are mandated to capitalize these expenses and amortize them over five years for research conducted within the United States and 15 years for research conducted abroad, as stipulated in IRC Section 174. There is ongoing consideration in Congress for legislation that may revoke or postpone this capitalization and amortization requirement; however, there is no guarantee that this provision will undergo repeal or any other form of modification. Should this requirement remain unchanged, it will result in a reduction of our tax deduction for research and development expenses in the forthcoming years. During fiscal 2023, NAIE declared and paid dividends to NAI in the amount of $14.7 million. This amount is part of the undistributed earnings that we recorded a one-time deemed repatriation transition tax on in fiscal 2018 and therefore we did not recognize any additional tax on this dividend in fiscal 2023. However, as part of this dividend, we were required to pay a 5% Swiss withholding tax totaling $0.7 million, which was also accrued for as part of the implementation of the Tax Act in fiscal 2018.

A reconciliation of our income tax provision computed by applying the statutory federal income tax rate of 21% for fiscal 2023 and for fiscal 2022 to net income before income taxes for the year ended June 30 is as follows (dollars in thousands):

	*2023*			*2022*
Income taxes computed at statutory federal income tax rate	$	749		$	2,868
State income taxes, net of federal income tax expense		90			174
Permanent differences		8			85
Foreign tax rate differential		18			(47	)
Tax credits		(347	)		(124	)
FDII export sales incentive		—			(46	)
Stock based compensation		61			37
Global intangible low-taxed income (GILTI)		355			—
Return to provision - differences		99
Income tax provision as reported	$	1,033		$	2,947
Effective tax rate		29.1	%		21.6	%

We expect our U.S. federal statutory rate to be 21% for fiscal years going forward.

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 G - Income Taxes - Geographical Breakdown of Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Total income before income taxes	$ 3,555	$ 13,659
Domestic Tax Authority [Member]
United States	2,588	9,152
Foreign Tax Authority [Member]
United States	$ 967	$ 4,507

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Note D - Leases (Details Textual)	Jun. 30, 2023	Jun. 30, 2022
Operating Lease, Weighted Average Remaining Lease Term (Year)	5 years 3 months 18 days	6 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.12%	4.12%

Note O - Subsequent Events (Details Textual) - Subsequent Event [Member] - California 1 [Member]	Jul. 18, 2023 USD ($) ft²
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year)	10 years 4 months 24 days
Number of Real Estate Properties	2
Area of Real Estate Property (Square Foot) \| ft²	162,000
Operating Lease, Base Rent Per Square Foot	$ 1.50
Tenant Improvements	2,300,000
Reimbursements For Tenant Improvements [Member]
Tenant Improvements	$ 1,100,000

Note K - Economic Dependency (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Three Customers [Member]
Accounts Receivable, after Allowance for Credit Loss	$ 1.8	$ 10.7

Note I - Stockholders' Equity - Treasury Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Treasury Stock Acquired, Shares (in shares)	164,399	435,080
Treasury Stock Acquired, Average Cost (in dollars per share)
Treasury Stock Acquired, Total Cost	$ 1,503	$ 5,503
Stock Repurchase Plan [Member]
Treasury Stock Acquired, Shares (in shares)	140,812	406,817
Treasury Stock Acquired, Average Cost (in dollars per share)	$ 9.19	$ 12.76
Treasury Stock Acquired, Total Cost	$ 1,294	$ 5,190
Stock Repurchased from Employee for Restricted Stock Vesting [Member]
Treasury Stock Acquired, Shares (in shares)	23,587	28,263
Treasury Stock Acquired, Average Cost (in dollars per share)	$ 8.86	$ 11.08
Treasury Stock Acquired, Total Cost	$ 209	$ 313

Note N - Segment Information - Assets by Business Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Total Assets	$ 134,152	$ 146,003
Private Label Contract Manufacturing [Member]
Total Assets	102,495	115,649
Patent and Trademark Licensing [Member]
Total Assets	$ 31,657	$ 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 A - Organization and Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2023

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

A. Organization and Summary of Significant Accounting Policies

Organization

We provide private-label contract manufacturing services to companies that market and distribute vitamins, minerals, herbs, and other nutritional supplements, as well as other health care products, to consumers both within and outside the U.S. We also seek to commercialize our patent and trademark estate related to the ingredient known as beta-alanine sold under our CarnoSyn® and SR CarnoSyn® tradenames through direct raw material sales and various license and similar arrangements.

Subsidiaries

Principles of Consolidation

Recently Adopted Accounting Pronouncements

As of June 30, 2023, there have been no adopted accounting pronouncements issued by the FASB that materially impact the Consolidated Financial Statements of the Company.

Recently Issued Accounting and Regulatory Pronouncements

Reclassifications

Employee Retention Tax Credit

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Fair Value of Financial Instruments

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

	*June 30,*		*June 30,*
	*2023*		*2022*
Euro Forward Contract– Current Assets	$	250	$	3,144
Swiss Franc Forward Contract – Current Assets		140		109
Total Derivative Contracts – Current Assets		390		3,253

Interest Swap – Other noncurrent Assets		532		453
Euro Forward Contract– Other noncurrent Assets		15		561
Total Derivative Contracts – Other noncurrent Assets		547		1,014

Fair Value Net Asset – all Derivative Contracts	$	937	$	4,267

Accounts Receivable

Inventories

Property and Equipment

Impairment of Long-Lived Assets

Derivative Financial Instruments

Defined Benefit Pension Plan

Revenue Recognition

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

	June 30, 2022		Additions		Revenue Recognized			Customer Refunds			June 30, 2023
Contract Liabilities (Customer Deposits)	$	140	$	317	$	(137	)	$	(3	)	$	317

	June 30, 2021		Additions		Revenue Recognized			Customer Refunds			June 30, 2022
Contract Liabilities (Customer Deposits)	$	1,721	$	140	$	(1,721	)	$	—		$	140

Cost of Goods Sold

Cost of goods sold includes raw material, labor, manufacturing overhead, and royalty expense.

Shipping and Handling Costs

We include fees earned on the shipment of our products to customers in sales and include costs incurred on the shipment of product to customers in costs of goods sold.

Research and Development Costs

Advertising Costs

Income Taxes

Stock-Based Compensation

We recognize forfeitures as they occur.

Use of Estimates

Net Income per Common Share

	*For the Years Ended June 30,*
	*2023*		*2022*
Numerator
Net income	$	2,522	$	10,712
Denominator
Basic weighted average common shares outstanding		5,863		6,117
Dilutive effect of stock options and restricted stock shares		14		38
Diluted weighted average common shares outstanding		5,878		6,155
Basic net income per common share	$	0.43	$	1.75
Diluted net income per common share	$	0.43	$	1.74

Concentrations of Credit Risk

Note L - Derivatives and Hedging

12 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Text Block]

L. 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. There can be no guarantee any such contracts, to the extent we enter into such contracts, will be effective hedges against our foreign currency exchange risk.

During the year ended June 30, 2023 and prior, we entered into 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 2024. 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 as well as ensuring the assumptions we made at hedge inception have not materially changed. No hedging relationships were terminated as a result of ineffective hedging for the years ended June 30, 2023 and June 30, 2022.

We monitor the probability of forecasted transactions as part of the hedge effectiveness testing on a quarterly basis.

As of June 30, 2023, the notional amounts of our foreign exchange contracts accounted for as cash flow hedges were $31.7 million (€28.4 million). As of June 30, 2023, a net gain of approximately $0.2 million offset by approximately $0.1 million of deferred taxes, related to derivative instruments designated as cash flow hedges was recorded in OCI. As of June 30, 2022, a net loss of approximately $2.3 million, offset by approximately $0.5 million of deferred taxes, related to derivative instruments designated as cash flow hedges was recorded in OCI. It is expected that $0.2 million of the gross gain as of June 30, 2023, will be reclassified into earnings in the next 12 months along with the earnings effects of the related forecasted transactions.

During the year ended June 30, 2023, we recognized $0.5 million of net gains in OCI, reclassified $3.1 million of gains and forward point amortization from OCI to Net Sales. During the year ended June 30, 2022, we recognized $5.4 million of net gains in OCI, reclassified $3.0 million of gains and forward point amortization from OCI to Net Sales.

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 year ended June 30, 2023, 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 June 30, 2023, the notional amounts of our foreign exchange contracts not designated as cash flow hedges were approximately $12.3 million (CHF 11.1 million).

We are exposed to interest rate fluctuations related to our $10.0 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%.

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Accounts receivable, allowance for doubtful accounts	$ 23	$ 3,383
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	6,073,813	6,129,611
Common stock, shares outstanding (in shares)	6,073,813	6,129,611
Treasury stock, shares (in shares)	3,240,593	3,061,795

Note N - Segment Information (Tables)

12 Months Ended

Jun. 30, 2023

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

	*2023*		*2022*
Net Sales
Private-label contract manufacturing	$	145,294	$	154,798
Patent and trademark licensing		8,721		16,168
	$	154,015	$	170,966

	*2023*			*2022*
Income from Operations
Private-label contract manufacturing	$	9,488		$	15,667
Patent and trademark licensing		3,021			6,780
Income from operations of reportable segments		12,509			22,447
Corporate expenses not allocated to segments		(7,796	)		(8,768	)
	$	4,713		$	13,679

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

	*2023*		*2022*
Assets
Private-label contract manufacturing	$	102,495	$	115,649
Patent and trademark licensing		31,657		30,354
	$	134,152	$	146,003

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

	*2023*		*2022*
United States	$	109,277	$	115,255
Markets outside the United States		44,738		55,711
Total net sales	$	154,015	$	170,966

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

	*2023*		*2022*
United States	$	53,536	$	43,769
Europe		20,674		22,505
Total Long-Lived Assets	$	74,210	$	66,274

Assets by Geographic Areas [Table Text Block]

	*2023*		*2022*
United States	$	89,167	$	83,443
Europe		44,985		62,560
Total Assets	$	134,152	$	146,003

Capital Expenditures by Geographic Areas [Table Text Block]

	*2023*		*2022*
United States	$	13,210	$	25,383
Europe		314		1,105
Total Capital Expenditures	$	13,524	$	26,488

Note C - Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Table Text Block]

	*Depreciable*
	*Life*
	*In Years*	*2023*			*2022*
Land	NA	$	8,940		$	7,645
Building and building improvements	7 – 39		24,712			17,415
Machinery and equipment	3 – 12		41,460			40,131
Office equipment and furniture	3 – 5		6,522			5,970
Vehicles	3		227			211
Leasehold improvements	1 – 20		22,641			21,626
Total property and equipment			104,502			92,998
Less: accumulated depreciation and amortization			(50,661	)		(48,425	)
Property and equipment, net		$	53,841		$	44,573

Note J - Commitments

12 Months Ended

Jun. 30, 2023

Commitments Disclosure [Text Block]

J. Commitments

We lease a total of approximately 162,000 square feet at our manufacturing facility in Vista, California from an unaffiliated third party under a non-cancelable operating lease. On July 31, 2013, we executed a third amendment to the lease for our manufacturing facility in Vista, California. As a result of this amendment, our facility lease has been extended through March 2024.

NAIE leases facility space in Manno, Switzerland from two unaffiliated third parties. The leased spaces total approximately 125,000 square feet. We primarily use the facilities for manufacturing, packaging, warehousing and distributing nutritional supplement products for the European and Asian marketplaces. On July 1, 2019, NAIE extended the lease on its main manufacturing facility for an additional five years through June 30, 2024. On May 4, 2022, NAIE further extended the lease on its main manufacturing facility for a new term of ten years effective January 1, 2023 with a new expiration date of December 31, 2032, with an option to extend one year.

On November 5, 2018, NAIE entered into a lease with Sofinol SA for approximately 2,870 square meters of commercial warehouse space in a building located on the property adjacent to the leasehold for the primary existing NAIE facility in Manno, Switzerland. NAIE uses the space primarily for raw material storage. The lease is for an initial five-year term commencing on January 1, 2019 and NAIE can terminate the lease with 12 months advance notice given on June 30th or December 31st each year of the initial term. At the end of the initial term the lease transfers to an indefinite tenancy at the same rental rate terminable by NAIE or the landlord upon 12 months' advance notice. This initial term of this lease ends on December 31, 2023 and as of June 30, 2023, we have not provided notification of terminating this lease so the term automatically extended to December 31, 2024.

Minimum rental commitments (exclusive of property tax, insurance and maintenance) under all non-cancelable operating leases with initial or remaining lease terms in excess of one year, including the lease agreements referred to above, are set forth below as of June 30, 2023 (in thousands):

											*There-*
	*2024*		*2025*		*2026*		*2027*		*2028*		*after*		*Total*
Gross minimum rental commitments	$	2,868	$	1,369	$	1,369	$	1,369	$	1,369	$	6,162	$	14,506

Rental expense totaled $3.3 million for the fiscal year ended June 30, 2023 and $3.4 million for the fiscal year ended June 30, 2022.

Note N - Segment Information - Capital Expenditures by Geographical Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Payments to Acquire Property, Plant, and Equipment, Total	$ 13,524	$ 26,488
UNITED STATES
Payments to Acquire Property, Plant, and Equipment, Total	13,210	25,383
Europe [Member]
Payments to Acquire Property, Plant, and Equipment, Total	$ 314	$ 1,105

Note H - Employee Benefit Plans - Fair Values by Asset Category of Defined Benefit Pension Plan (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2021

Fair Value, Inputs, Level 1 [Member]

$ 1,025

$ 1,094

$ 1,429

Fair Value, Inputs, Level 2 [Member]

1,025

Fair Value, Inputs, Level 3 [Member]

Equity Securities [Member]

Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]

^[1]

653

Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]

^[1]

653

Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]

^[1]

^[1]

Debt Securities [Member]

Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]

^[2]

141

Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]

^[2]

141

Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]

^[2]

^[2]

Other Contract [Member]

Other Contract [Member] | Fair Value, Inputs, Level 1 [Member]

^[3]

231

Other Contract [Member] | Fair Value, Inputs, Level 2 [Member]

^[3]

231

Other Contract [Member] | Fair Value, Inputs, Level 3 [Member]

^[3]

^[3]

$ 0

[1]	This category is comprised of publicly traded funds, of which 50% are large-cap funds, 26% are developed and emerging market funds, 18% are mid-cap funds, and 6% are small-cap funds.
[2]	This category is comprised of publicly traded funds, of which 34% are U.S. fixed income funds and 66% are corporate and foreign market fixed income funds.
[3]	This category is comprised of commodities and cash alternatives.

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Note G - Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income taxes computed at statutory federal income tax rate	$ 749	$ 2,868
State income taxes, net of federal income tax expense	90	174
Permanent differences	8	85
Foreign tax rate differential	18	(47)
Tax credits	(347)	(124)
FDII export sales incentive	0	(46)
Stock based compensation	61	37
Global intangible low-taxed income (GILTI)	355	0
Return to provision - differences	99
Total provision for income taxes	$ 1,033	$ 2,947
Effective Income Tax Rate Reconciliation, Percent	29.10%	21.60%

Note N - Segment Information (Details Textual) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Number of Reportable Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 154,015	$ 170,966
Non-US [Member]
Revenue from Contract with Customer, Including Assessed Tax	44,738	55,711
UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	$ 109,277	$ 115,255
Products Manufactured by NAIE [Member] \| Non-US [Member] \| Product Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Percentage	79.00%	84.00%
Products Manufactured by NAIE [Member] \| UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0

Note G - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Federal, State and Local Income Tax Expense (Benefit), Gross, Continuing Operations	$ 800	$ 2,000
Foreign Income Tax Expense (Benefit), Continuing Operations	200	$ 900
Operating Loss Carryforwards	$ 5,600
Effective Income Tax Rate Reconciliation, Percent	29.10%	21.60%
Dividends and Interest Paid	$ 14,700
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Fiscal Years After June 30, 2021 [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Foreign Tax Authority [Member] \| Swiss Federal Tax Administration (FTA) [Member]
Effective Income Tax Rate Reconciliation, Percent	23.00%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	5.00%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount	$ 700

Note I - Stockholders' Equity (Details Textual) - USD ($) $ in Millions				12 Months Ended
	Jan. 14, 2022	Mar. 12, 2021	Sep. 18, 2020	Jun. 30, 2023
Stock Repurchase Program, Additional Authorized Amount	$ 3	$ 3	$ 2
Stock Repurchase Program, Authorized Amount	$ 18	$ 15	$ 12
Restricted Stock [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 2
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				2 years 1 month 6 days

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

12 Months Ended

Jun. 30, 2023

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

	*June 30,*		*June 30,*
	*2023*		*2022*
Euro Forward Contract– Current Assets	$	250	$	3,144
Swiss Franc Forward Contract – Current Assets		140		109
Total Derivative Contracts – Current Assets		390		3,253

Interest Swap – Other noncurrent Assets		532		453
Euro Forward Contract– Other noncurrent Assets		15		561
Total Derivative Contracts – Other noncurrent Assets		547		1,014

Fair Value Net Asset – all Derivative Contracts	$	937	$	4,267

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

	June 30, 2022		Additions		Revenue Recognized			Customer Refunds			June 30, 2023
Contract Liabilities (Customer Deposits)	$	140	$	317	$	(137	)	$	(3	)	$	317

	June 30, 2021		Additions		Revenue Recognized			Customer Refunds			June 30, 2022
Contract Liabilities (Customer Deposits)	$	1,721	$	140	$	(1,721	)	$	—		$	140

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

	*For the Years Ended June 30,*
	*2023*		*2022*
Numerator
Net income	$	2,522	$	10,712
Denominator
Basic weighted average common shares outstanding		5,863		6,117
Dilutive effect of stock options and restricted stock shares		14		38
Diluted weighted average common shares outstanding		5,878		6,155
Basic net income per common share	$	0.43	$	1.75
Diluted net income per common share	$	0.43	$	1.74

Note N - Segment Information - Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Long-Lived Assets	$ 74,210	$ 66,274
UNITED STATES
Long-Lived Assets	53,536	43,769
Europe [Member]
Long-Lived Assets	$ 20,674	$ 22,505

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 13,604	$ 21,833
Accounts receivable – less allowance for doubtful accounts of $23 at June 30, 2023 and $3,383 at June 30, 2022	7,022	17,422
Inventories, net	29,694	32,475
Income tax receivable	305	67
Forward contracts	390	3,144
Prepaids and other current assets	5,995	1,805
Total current assets	57,010	76,746
Property and equipment, net	53,841	44,573
Operating lease right-of-use assets	20,369	21,701
Deferred tax asset – noncurrent	355	0
Other noncurrent assets, net	2,577	2,983
Total assets	134,152	146,003
Current liabilities:
Accounts payable	7,778	16,185
Accrued liabilities	2,409	2,787
Accrued compensation and employee benefits	2,246	3,673
Customer deposits	317	140
Short-term liability – operating leases	2,448	634
Income taxes payable	374	174
Mortgage note payable, current portion	312	302
Total current liabilities	15,884	23,895
Long-term liability – operating leases	18,965	21,413
Long-term pension liability	339	344
Deferred tax liability	0	1,220
Mortgage note payable, net of current portion	9,205	9,493
Income taxes payable, noncurrent	987	1,118
Total liabilities	45,380	57,483
Commitments and contingencies (Notes D, F, H, J and M)
Stockholders’ equity:
Preferred stock; $.01 par value; 500,000 shares authorized; none issued or outstanding	0	0
Common stock; $.01 par value; 20,000,000 shares authorized at June 30, 2023 and June 30, 2022, issued and outstanding (net of treasury shares) 6,073,813 at June 30, 2023 and 6,129,611 at June 30, 2022	91	89
Additional paid-in capital	31,436	30,423
Retained earnings	80,183	77,661
Treasury stock, at cost, 3,240,593 shares at June 30, 2023 and 3,061,795 at June 30, 2022	(22,855)	(21,352)
Accumulated other comprehensive income	(83)	1,699
Total stockholders’ equity	88,772	88,520
Total liabilities and stockholders’ equity	$ 134,152	$ 146,003

Note E - Other Comprehensive Income - Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Balance	$ 88,520	$ 80,083
Balance	88,772	88,520
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(444)	(538)
OCI/OCL before reclassifications	8	17
Amounts reclassified from OCI	78	113
Tax effect of OCI activity	(22)	(36)
Net current period OCI/OCL	64	94
Balance	(380)	(444)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance	1,795	(23)
OCI/OCL before reclassifications	538	5,370
Amounts reclassified from OCI	(3,086)	(3,011)
Tax effect of OCI activity	643	(541)
Net current period OCI/OCL	(1,905)	1,818
Balance	(110)	1,795
Accumulated Gain (Loss), Net, Swap Derivative, Parent [Member]
Balance	348	0
OCI/OCL before reclassifications	79	454
Amounts reclassified from OCI	0	0
Tax effect of OCI activity	(20)	(106)
Net current period OCI/OCL	59	348
Balance	407	348
AOCI Attributable to Parent [Member]
Balance	1,699	(561)
OCI/OCL before reclassifications	625	5,841
Amounts reclassified from OCI	(3,008)	(2,898)
Tax effect of OCI activity	601	(683)
Net current period OCI/OCL	(1,782)	2,260
Balance	$ (83)	$ 1,699

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note B - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Raw materials	$ 20,946	$ 28,196
Work in progress	4,504	1,948
Finished goods	4,928	2,842
Reserves	(684)	(511)
Inventories, net	$ 29,694	$ 32,475

Note B - Inventories

12 Months Ended

Jun. 30, 2023

Inventory Disclosure [Text Block]

B. Inventories

Inventories, net, consisted of the following at June 30 (in thousands):

	*2023*			*2022*
Raw materials	$	20,946		$	28,196
Work in progress		4,504			1,948
Finished goods		4,928			2,842
Reserves		(684	)		(511	)
	$	29,694		$	32,475

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 2,522	$ 10,712
Adjustments to reconcile net income to net cash provided by operating activities:
Recoveries of uncollectible accounts receivable	(1,424)	(120)
Depreciation and amortization	4,250	4,165
Deferred income taxes	(974)	751
Non-cash lease expenses	2,831	2,749
Non-cash compensation	1,015	968
Pension expense	81	83
Gain on disposal of assets	(51)	(9)
Changes in operating assets and liabilities:
Accounts receivable	11,823	644
Inventories	2,781	(5,469)
Operating lease liabilities	(2,134)	(3,007)
Prepaids and other assets	(4,362)	75
Accounts payable and accrued liabilities	(8,606)	3,057
Forward contracts	863	(2,273)
Income taxes	(169)	451
Accrued compensation and employee benefits	(1,427)	(911)
Net cash provided by operating activities	7,019	11,866
Cash flows from investing activities
Purchases of property and equipment	(13,524)	(26,488)
Proceeds from sale of property and equipment	57	30
Net cash used in investing activities	(13,467)	(26,458)
Cash flows from financing activities
Repurchase of common stock	(1,503)	(5,503)
Borrowings on long-term debt	0	10,000
Payments on long-term debt	(278)	(205)
Net cash (used in) provided by financing activities	(1,781)	4,292
Net decrease in cash and cash equivalents	(8,229)	(10,300)
Cash and cash equivalents at beginning of year	21,833	32,133
Cash and cash equivalents at end of year	13,604	21,833
Supplemental disclosures of cash flow information
Taxes	1,842	2,608
Interest	$ 802	$ 206

Note I - Stockholders' Equity

12 Months Ended

Jun. 30, 2023

Equity [Text Block]

I. Stockholders’ Equity

Treasury Stock

On September 18, 2020, the Board of Directors authorized a $2.0 million increase to our stock repurchase plan (“Repurchase Plan”), thus bringing the total authorized repurchase amount to $12.0 million. On March 12, 2021, the Board of Directors authorized an additional $3.0 million increase to the Repurchase Plan, thus bringing the total authorized repurchase amount to $15.0 million. On January 14, 2022, the Board of Directors authorized an additional $3.0 million increase to the Repurchase Plan, thus bringing the total authorized repurchase amount to $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.

Treasury Stock repurchases for the year ended June 30, 2023 were as follows:

	*Shares*		*Average Cost*		*Total Cost (in thousands)*
Shares purchased under Repurchase Plan		140,812	$	9.19	$	1,294
Shares acquired from employees for restricted stock vesting		23,587		8.86		209
Total		164,399			$	1,503

Treasury Stock repurchases for the year ended June 30, 2022 were as follows:

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		406,817	$	12.76	$	5,190
Shares acquired from employees for restricted stock vesting		28,263		11.08		313
Total		435,080			$	5,503

Treasury 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.

Stock Incentive Plans

For the years ended June 30, 2023and June 30, 2022, the Company had no stock options outstanding.

Restricted stock activity for the year ended June 30, 2023 was as follows:

			*Weighted*
	*Number of*		*Average Grant*
	*Shares –*		*Date Fair*
	*2009 Plan*		*Value*
Nonvested at June 30, 2022		1,666	$	8.50
Granted		—	$	—
Vested		1,666	$	8.50
Forfeited		—	$	—
Nonvested at June 30, 2023		—	$	—
Available for grant at June 30, 2023		—

				*Weighted*
	*Number of*			*Average Grant*
	*Shares –*			*Date Fair*
	*2020 Plan*			*Value*
Nonvested at June 30, 2022		186,227		$	12.56
Granted		123,000		$	8.79
Vested		(71,146	)	$	13.04
Forfeited		(14,399	)	$	11.69
Nonvested at June 30, 2023		223,682		$	10.39
Available for grant at June 30, 2023		349,377

Restricted stock activity for the year ended June 30, 2022 was as follows:

				Weighted
	*Number of*			*Average Grant*
	Shares –			*Date Fair*
	*2009 Plan*			*Value*
Nonvested at June 30, 2021		61,324		$	11.47
Granted		—		$	—
Vested		(51,326	)	$	11.52
Forfeited		(8,332	)	$	10.88
Nonvested at June 30, 2022		1,666		$	8.50
Available for grant at June 30, 2022		—

				*Weighted*
	*Number of*			*Average Grant*
	*Shares –*			*Date Fair*
	*2020 Plan*			*Value*
Nonvested at June 30, 2021		87,773		$	16.81
Granted		135,850		$	10.99
Vested		(25,896	)	$	16.81
Forfeited		(11,500	)	$	16.81
Nonvested at June 30, 2022		186,227		$	12.56
Available for grant at June 30, 2022		472,377

Restricted stock grants, granted to members of our Board of Directors and certain key members of our management team, vest over a period of years from the date of grant and the unvested shares cannot be sold or otherwise transferred and the right to receive dividends, if declared by our Board of Directors, is forfeitable until the shares become vested. The total remaining unrecognized compensation cost related to unvested restricted stock shares amounted to $2.0 million at June 30, 2023 and the weighted average remaining requisite service period of unvested restricted stock shares was 2.1 years.

The entire disclosure for equity.

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Note N - Segment Information - Net Sales by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net sales	$ 154,015	$ 170,966
UNITED STATES
Net sales	109,277	115,255
Non-US [Member]
Net sales	$ 44,738	$ 55,711

Note J - Commitments - Minimum Rental Commitments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
2024	$ 2,868
2025	1,369
2026	1,369
2027	1,369
There-after	6,162
Total	$ 14,506

Note O - Subsequent Events

12 Months Ended

Jun. 30, 2023

Subsequent Events [Text Block]

O. Subsequent Events

On July 18, 2023, we entered into a Fourth Amendment to Lease amending and extending the term of the lease of its Vista, California manufacturing facilities. The Fourth Amendment extends the term of the Lease by an additional ten years and five months commencing April 1, 2024. The amended Lease covering two buildings and approximately 162,000 square feet will result in an increase in base rent to $1.50 per square foot, after five free months of base rent beginning at the commencement of the extended term. NAI intends to construct substantial improvements to the facilities including but not limited to installation of an approximately $2.3 million solar electrical generating system on both buildings, and other substantial improvements. Pursuant to the Fourth Amendment, the Landlord will reimburse NAI for up to $1.1 million of these tenant improvements to the buildings.

On August 16, 2023, we announced the temporary closure of our new high-speed powder processing facility in Carlsbad, California due to excess inventory on hand at one of our largest customer’s and their efforts to rebalance supply and demand. We expect this facility will re-open and our prior level of operations will resume late in our third fiscal quarter of 2024, but there can be no assurance this customer will resolve its supply and demand issues in the timeframe expected or what level of business we will have with this customer if they purchase from us in the future. Closure of this plant will contribute to an anticipated net loss in the first half of fiscal 2024, net income in the second half, and an overall net loss in fiscal 2024. If this customer is unable to resolve its inventory issues in this timeframe, or our sales forecast is not realized we will likely experience a continuing material decrease in revenues during fiscal year 2024.

On September 15, 2023, our Board of Directors adopted a Clawback Policy requiring recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws.

Note H - Employee Benefit Plans - Summary of Changes in Plan Assets and Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net loss	$ (8)	$ (17)
Settlement loss	(28)	(50)
Amortization of net loss	(50)	(63)
Plan expenses	(0)	(0)
Total recognized in other comprehensive loss	(86)	(130)
Total recognized in net periodic benefit cost and other comprehensive loss	$ (5)	$ (47)

Note D - Leases

12 Months Ended

Jun. 30, 2023

Lessee, Operating Leases [Text Block]

D. Leases

We currently lease our Vista, California and Lugano, Switzerland product manufacturing and support facilities. At the inception of a contract, we assess whether the contract is, or contains, a lease. Our assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period of the contract, and (3) whether we have the right to direct the use of the asset during such time period. At inception of a lease, we allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments.

Leases are classified as either finance leases or operating leases. A lease must be classified as a finance lease if any of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any of these criteria. 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 June 30, 2023, the weighted average remaining lease term for our operating leases was 5.3 years. The weighted average discount rate for our operating leases was 4.12%. 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%. The lease discount rate is determined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

For all leases at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease.

The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our secured incremental borrowing rate for the same term as the underlying lease. For our real estate and other operating leases, we use our secured incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. Certain leases contain escalation clauses. Fixed escalation clauses are included in our calculation of right-of-use assets and operating lease liabilities. Escalation clauses based on the CPI (Consumer Price Index) are not included in our calculation of right-of-use assets and operating lease liabilities because they cannot be readily determined.

Some of our manufacturing leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and separated into lease and non-lease components based on the initial amount stated in the lease or standalone selling prices. Lease components are included in the measurement of the initial lease liability. Additional payments based on the change in an index or rate, or payments based on a change in our portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred. Lease modifications result in remeasurement of the lease liability.

Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Lease expense for finance leases consists of the amortization of the right-of-use asset on a straight-line basis over the lease term and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense.

We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a term of 12 months or less. The effect of short-term leases on our right-of-use asset, lease liability, and the short-term lease cost for the years ended June 30, 2023 and 2022 was not material.

Other information related to leases was as follows (in thousands) for the year ended June 30,

Supplemental Cash Flows Information	*2023*		*2022*
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,291	$	3,289
Increase in operating lease liabilities and right-of-use assets due to lease remeasurement		906		8,513

Note N - Segment Information - Total Assets by Geographical Region (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Total Assets	$ 134,152	$ 146,003
UNITED STATES
Total Assets	89,167	83,443
Europe [Member]
Total Assets	$ 44,985	$ 62,560

Note F - Debt (Tables)

12 Months Ended

Jun. 30, 2023

Schedule of Maturities of Long-Term Debt [Table Text Block]

		2024				2025				2026				2027				2028				Thereafter				Total
Future Debt Payments		$	312			$	296			$	305			$	315			$	325			$	7,964			$	9,517

Note N - Segment Information

12 Months Ended

Jun. 30, 2023

Segment Reporting Disclosure [Text Block]

N. 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 based on a number of factors. The primary performance measures for each segment are net sales and income or loss from operations before corporate allocations. 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.

Our operating results by business segment for the years ended June 30 were as follows (in thousands):

	*2023*		*2022*
Net Sales
Private-label contract manufacturing	$	145,294	$	154,798
Patent and trademark licensing		8,721		16,168
	$	154,015	$	170,966

	*2023*			*2022*
Income from Operations
Private-label contract manufacturing	$	9,488		$	15,667
Patent and trademark licensing		3,021			6,780
Income from operations of reportable segments		12,509			22,447
Corporate expenses not allocated to segments		(7,796	)		(8,768	)
	$	4,713		$	13,679

	*2023*		*2022*
Assets
Private-label contract manufacturing	$	102,495	$	115,649
Patent and trademark licensing		31,657		30,354
	$	134,152	$	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, for the two years ended June 30 were as follows (in thousands):

	*2023*		*2022*
United States	$	109,277	$	115,255
Markets outside the United States		44,738		55,711
Total net sales	$	154,015	$	170,966

Products manufactured by NAIE accounted for 79% of consolidated net sales in markets outside the U.S. in fiscal 2023 and 84% in fiscal 2022. No products manufactured by NAIE were sold in the U.S. during the fiscal years ended June 30, 2023 and 2022.

Long-lived assets by geographic region, based on the location of the company or subsidiary at which they were located or made, for the two years ended June 30 were as follows (in thousands):

	*2023*		*2022*
United States	$	53,536	$	43,769
Europe		20,674		22,505
Total Long-Lived Assets	$	74,210	$	66,274

Total assets by geographic region, based on the location of the company or subsidiary at which they were located or made, for the two years ended June 30 were as follows (in thousands):

	*2023*		*2022*
United States	$	89,167	$	83,443
Europe		44,985		62,560
Total Assets	$	134,152	$	146,003

Capital expenditures by geographic region, based on the location of the company or subsidiary at which they were located or made, for the two years ended June 30 were as follows (in thousands):

	*2023*		*2022*
United States	$	13,210	$	25,383
Europe		314		1,105
Total Capital Expenditures	$	13,524	$	26,488

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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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Supplier Concentration Risk [Member]

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jun. 30, 2023	Sep. 19, 2023	Dec. 31, 2022
Document Information [Line Items]
Entity Central Index Key	0000787253
Entity Registrant Name	NATURAL ALTERNATIVES INTERNATIONAL INC
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-15701
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1007839
Entity Address, Address Line One	1535 Faraday Ave
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	760
Local Phone Number	736-7700
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	NAII
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 50,460,000
Entity Common Stock, Shares Outstanding		6,088,813
Auditor Name	HASKELL & WHITE LLP
Auditor Firm ID	200
Auditor Location	Irvine, California

Note H - Employee Benefit Plans - Defined Benefit Pension Plan's Weighted Average Asset Association and Weighted Average Target Allocation (Details)	Jun. 30, 2023	Jun. 30, 2022
Weighted-average asset allocation	100.00%	100.00%
Target allocation	100.00%
Equity Securities [Member]
Weighted-average asset allocation	64.00%	49.00%
Target allocation	53.00%
Debt Securities [Member]
Weighted-average asset allocation	14.00%	20.00%
Target allocation	41.00%
Commodity Contract [Member]
Weighted-average asset allocation	12.00%	0.00%
Target allocation	0.00%
Other Contract [Member]
Weighted-average asset allocation	10.00%	31.00%
Target allocation	6.00%

Note A - Organization and Summary of Significant Accounting Policies - Contract Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Contract Liabilities (Customer Deposits), balance	$ 140	$ 1,721
Contract Liabilities (Customer Deposits), addition	317	140
Contract Liabilities (Customer Deposits), revenue recognized	(137)	(1,721)
Contract Liabilities (Customer Deposits), customer refunds	(3)	0
Contract Liabilities (Customer Deposits), balance	$ 317	$ 140

Note C - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Property and equipment, gross	$ 104,502	$ 92,998
Less: accumulated depreciation and amortization	(50,661)	(48,425)
Property and equipment, net	$ 53,841	44,573
Minimum [Member]
Depreciable Life In Years (Year)	1 year
Maximum [Member]
Depreciable Life In Years (Year)	39 years
Land [Member]
Property and equipment, gross	$ 8,940	7,645
Building and Building Improvements [Member]
Property and equipment, gross	$ 24,712	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	$ 41,460	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	$ 6,522	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	$ 227	211
Depreciable Life In Years (Year)	3 years
Leasehold Improvements [Member]
Property and equipment, gross	$ 22,641	$ 21,626
Leasehold Improvements [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	1 year
Leasehold Improvements [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	20 years

Note K - Economic Dependency (Tables)

12 Months Ended

Jun. 30, 2023

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

	*Year ended June 30,*
	*2023*					*2022*
			*% of Total*					*% of Total*
	*Raw Material*		*Raw*			*Raw Material*		*Raw*
	*Purchases by*		*Material*			*Purchases by*		*Material*
	*Supplier*		*Purchases*			*Supplier*		*Purchases*
Supplier 1	$	11,487		13	%	$	14,065		17	%
	$	11,487		13	%	$	14,065		17	%

Customer Concentration Risk [Member]

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

	Fiscal 2023		Fiscal 2022
Customer 1	$	61,646	$	37,218
Customer 2		48,066		54,599
Customer 3		(a)		31,552
	$	109,712	$	123,369

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net sales	$ 154,015	$ 170,966
Cost of goods sold	135,857	140,457
Gross profit	18,158	30,509
Other selling, general and administrative expenses	14,869	16,950
Recoveries of uncollectible accounts receivable	(1,424)	(120)
Income from operations	4,713	13,679
Other income (expense):
Interest income	33	0
Interest expense	(451)	(83)
Foreign exchange (loss) gain	(658)	118
Other, net	(82)	(55)
Total other expense	(1,158)	(20)
Income before income taxes	3,555	13,659
Provision for income taxes	1,033	2,947
Net income	2,522	10,712
Change in minimum pension liability, net of tax	64	94
Unrealized (loss) gain resulting from change in fair value of derivative instruments, net of tax	(1,846)	2,166
Comprehensive income	$ 740	$ 12,972
Net income per common share:
Basic (in dollars per share)	$ 0.43	$ 1.75
Diluted (in dollars per share)	$ 0.43	$ 1.74
Weighted average common shares outstanding:
Basic (in shares)	5,863,083	6,117,044
Diluted (in shares)	5,877,559	6,155,118

Note E - Other Comprehensive Income

12 Months Ended

Jun. 30, 2023

Comprehensive Income (Loss) Note [Text Block]

E. Other Comprehensive Income

Other comprehensive (loss) income (“OCL” and “OCI”) consisted of the following at June 30 (dollars in thousands):

	*Year Ended June 30, 2023*
				*Unrealized*			*Unrealized*
				*Gains*			*Gains*
				(Losses)			(Losses)
	*Defined*			on			on
	*Benefit*			*Cash Flow*			*Swap*
	*Pension Plan*			*Hedges*			*Derivative*			*Total*

Balance as of June 30, 2022	$	(444	)	$	1,795		$	348		$	1,699

OCI/OCL before reclassifications		8			538			79			625
Amounts reclassified from OCI		78			(3,086	)		—			(3,008	)

Tax effect of OCI activity		(22	)		643			(20	)		601
Net current period OCI/OCL		64			(1,905	)		59			(1,782	)
Balance as of June 30, 2023	$	(380	)	$	(110	)	$	407		$	(83	)

	Year Ended June 30, 2022
				Unrealized			Unrealized
				Gains			Gains
				(Losses)			(Losses)
	*Defined*			on			on
	*Benefit*			*Cash Flow*			*Swap*
	*Pension Plan*			*Hedges*			*Derivative*			*Total*

Balance as of June 30, 2021	$	(538	)	$	(23	)	$	—		$	(561	)

OCI/OCL before reclassifications		17			5,370			454			5,841
Amounts reclassified from OCI		113			(3,011	)		—			(2,898	)

Tax effect of OCI activity		(36	)		(541	)		(106	)		(683	)
Net current period OCI/OCL		94			1,818			348			2,260
Balance as of June 30, 2022	$	(444	)	$	1,795		$	348		$	1,699

Note I - Stockholders' Equity (Tables)

12 Months Ended

Jun. 30, 2023

Class of Treasury Stock [Table Text Block]

	*Shares*		*Average Cost*		*Total Cost (in thousands)*
Shares purchased under Repurchase Plan		140,812	$	9.19	$	1,294
Shares acquired from employees for restricted stock vesting		23,587		8.86		209
Total		164,399			$	1,503

	Shares		Average Cost		Total Cost (in thousands)
Shares purchased under Repurchase Plan		406,817	$	12.76	$	5,190
Shares acquired from employees for restricted stock vesting		28,263		11.08		313
Total		435,080			$	5,503

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

			*Weighted*
	*Number of*		*Average Grant*
	*Shares –*		*Date Fair*
	*2009 Plan*		*Value*
Nonvested at June 30, 2022		1,666	$	8.50
Granted		—	$	—
Vested		1,666	$	8.50
Forfeited		—	$	—
Nonvested at June 30, 2023		—	$	—
Available for grant at June 30, 2023		—

				*Weighted*
	*Number of*			*Average Grant*
	*Shares –*			*Date Fair*
	*2020 Plan*			*Value*
Nonvested at June 30, 2022		186,227		$	12.56
Granted		123,000		$	8.79
Vested		(71,146	)	$	13.04
Forfeited		(14,399	)	$	11.69
Nonvested at June 30, 2023		223,682		$	10.39
Available for grant at June 30, 2023		349,377

				Weighted
	*Number of*			*Average Grant*
	Shares –			*Date Fair*
	*2009 Plan*			*Value*
Nonvested at June 30, 2021		61,324		$	11.47
Granted		—		$	—
Vested		(51,326	)	$	11.52
Forfeited		(8,332	)	$	10.88
Nonvested at June 30, 2022		1,666		$	8.50
Available for grant at June 30, 2022		—

				*Weighted*
	*Number of*			*Average Grant*
	*Shares –*			*Date Fair*
	*2020 Plan*			*Value*
Nonvested at June 30, 2021		87,773		$	16.81
Granted		135,850		$	10.99
Vested		(25,896	)	$	16.81
Forfeited		(11,500	)	$	16.81
Nonvested at June 30, 2022		186,227		$	12.56
Available for grant at June 30, 2022		472,377

Note B - Inventories (Tables)

12 Months Ended

Jun. 30, 2023

Schedule of Inventory, Current [Table Text Block]

	*2023*			*2022*
Raw materials	$	20,946		$	28,196
Work in progress		4,504			1,948
Finished goods		4,928			2,842
Reserves		(684	)		(511	)
	$	29,694		$	32,475

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	Jun. 30, 2023	Jun. 30, 2022
Forward contracts	$ 390	$ 3,144
Fair Value, Inputs, Level 2 [Member]
Forward contracts	390	3,253
Derivative assets, noncurrent asset	547	1,014
Fair Value Net Asset – all Derivative Contracts	937	4,267
Fair Value, Inputs, Level 2 [Member] \| Euro Forward Contract [Member]
Forward contracts	250	3,144
Derivative assets, noncurrent asset	15	561
Fair Value, Inputs, Level 2 [Member] \| Swiss Franc Forward Contract [Member]
Forward contracts	140	109
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swap [Member]
Derivative assets, noncurrent asset	$ 532	$ 453

Note H - Employee Benefit Plans - Weighted-average Rates Used In Determining Defined Benefit Pension Plan's Net Pension Costs (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Discount rate	4.89%	4.39%
Expected long-term rate of return	6.24%	6.10%

Note D - Leases (Tables)

12 Months Ended

Jun. 30, 2023

Lease, Cost [Table Text Block]

Supplemental Cash Flows Information	*2023*		*2022*
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,291	$	3,289
Increase in operating lease liabilities and right-of-use assets due to lease remeasurement		906		8,513

Note G - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Current:
Federal	$ 843	$ 1,297
State	211	(1)
Foreign	221	900
Total Current	1,275	2,196
Deferred:
Federal	(246)	501
State	4	250
Foreign	0	0
Total deferred	(242)	751
Total provision for income taxes	$ 1,033	$ 2,947

Note H - Employee Benefit Plans - Components Included in Defined Benefit Pension Plan's Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Interest cost	$ 46	$ 39
Expected return on plan assets	(42)	(69)
Recognized actuarial loss	50	63
Settlement loss	27	50
Net periodic benefit expense	$ 81	$ 83

Note J - Commitments (Details Textual) $ in Millions	12 Months Ended
Note J - Commitments (Details Textual) $ in Millions	Jun. 30, 2023 USD ($) ft²	Jun. 30, 2022 USD ($)	Nov. 05, 2018 m²
Operating Lease, Expense \| $	$ 3.3	$ 3.4
California 1 [Member]
Operating Lease Facility Area (Square Foot)	162,000
SWITZERLAND \| Natural Alternatives International Europe SA [Member]
Operating Lease Facility Area (Square Foot)	125,000
Lessee, Operating Lease, Term of Contract (Year)	5 years
SWITZERLAND \| Natural Alternatives International Europe SA [Member] \| Sofinol SA [Member]
Operating Lease Facility Area (Square Foot) \| m²			2,870
Lessee, Operating Lease, Term of Contract (Year)			5 years

Note K - Economic Dependency - Substantial Net Sales to Certain Customers (Details) - USD ($)
$ in Thousands

12 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Customer Concentration Risk [Member] | Revenue Benchmark [Member]

$ 154,015

$ 170,966

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 1 [Member]

109,712

123,369

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 2 [Member]

61,646

37,218

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 3 [Member]

^[1]

$ 48,066

54,599

$ 31,552

[1]	Sales were less than 10% of the respective period’s consolidated net sales.

Note C - Property and Equipment (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Depreciation	$ 4.3	$ 4.2

Note H - Employee Benefit Plans (Details Textual) - USD ($)		12 Months Ended
	Jan. 01, 2004	Jun. 30, 2023	Jun. 30, 2022
Health Insurance Plan Premium Expense		$ 1,700,000	$ 1,400,000
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount		$ 600,000	$ 300,000
Number of Years Compensation Used for Benefit Obligation Assumptions (Year)		5 years
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		4.89%	4.39%
Defined Benefit Plan, Plan Assets, Contributions by Employer		$ 0	$ 0
Defined Benefit Plan, Expected Amortization, Next Fiscal Year		$ 40,000
Large-cap Funds [Member]
Defined Benefit Plan Equity Securities by Type, Percentage		50.00%
Developed Market Funds [Member]
Defined Benefit Plan Equity Securities by Type, Percentage		26.00%
Mid-cap Funds [Member]
Defined Benefit Plan Equity Securities by Type, Percentage		18.00%
Small Cap Funds [Member]
Defined Benefit Plan Equity Securities by Type, Percentage		6.00%
Fixed Income Funds [Member]
Defined Benefit Plan Equity Securities by Type, Percentage		34.00%
Developed Market Fixed Income Funds [Member]
Defined Benefit Plan Equity Securities by Type, Percentage		66.00%
First Contributions [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay		5.00%
Profit-sharing Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 700,000	500,000
Discretionary Profit-sharing Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 0	$ 300,000

Note K - Economic Dependency

12 Months Ended

Jun. 30, 2023

Concentration Risk Disclosure [Text Block]

K. Economic Dependency

We had substantial net sales to certain customers during the fiscal years ended June 30 shown in the following table. The loss of any of these customers, or a significant decline in sales or the growth rate of sales to these customers, or in their ability to make payments when due, 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 year’s consolidated net sales were as follows (dollars in thousands):

	Fiscal 2023		Fiscal 2022
Customer 1	$	61,646	$	37,218
Customer 2		48,066		54,599
Customer 3		(a)		31,552
	$	109,712	$	123,369

(a)

Sales were less than 10% of the respective period’s consolidated net sales.

Accounts receivable from these customers totaled $1.8 million at June 30, 2023 and $10.7 million at June 30, 2022.

We buy certain products, including beta-alanine, from a single supplier. The loss of this supplier or other raw material 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):

	*Year ended June 30,*
	*2023*					*2022*
			*% of Total*					*% of Total*
	*Raw Material*		*Raw*			*Raw Material*		*Raw*
	*Purchases by*		*Material*			*Purchases by*		*Material*
	*Supplier*		*Purchases*			*Supplier*		*Purchases*
Supplier 1	$	11,487		13	%	$	14,065		17	%
	$	11,487		13	%	$	14,065		17	%

Note J - Commitments (Tables)

12 Months Ended

Jun. 30, 2023

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

											*There-*
	*2024*		*2025*		*2026*		*2027*		*2028*		*after*		*Total*
Gross minimum rental commitments	$	2,868	$	1,369	$	1,369	$	1,369	$	1,369	$	6,162	$	14,506

Note K - Economic Dependency - Substantial Net Purchase From Certain Suppliers (Details) - Supplier Concentration Risk [Member] - Raw Material Purchases [Member] - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Raw Material Purchases by Supplier	$ 11,487	$ 14,065
% of Total Raw Material Purchases	13.00%	17.00%
Supplier 1 [Member]
Raw Material Purchases by Supplier	$ 11,487	$ 14,065
% of Total Raw Material Purchases	13.00%	17.00%

Note H - Employee Benefit Plans - Defined Benefit Pension Plan's Funded Status and Amount Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Change in Benefit Obligation:
Benefit obligation at beginning of year	$ 1,438	$ 1,820
Interest cost	46	39
Actuarial loss	(29)	(276)
Benefits paid	(91)	(145)
Benefit obligation at end of year	1,364	1,438
Change in Plan Assets:
Fair value of plan assets at beginning of year	1,094	1,429
Actual return on plan assets	22	(190)
Defined Benefit Plan, Plan Assets, Contributions by Employer	0	0
Benefits paid	(91)	(145)
Plan expenses	0	0
Fair value of plan assets at end of year	1,025	1,094
Reconciliation of Funded Status:
Difference between benefit obligation and fair value of plan assets	(339)	(344)
Unrecognized net actuarial loss in accumulated other comprehensive income	409	495
Net amount recognized	70	151
Projected benefit obligation	1,364	1,438
Accumulated benefit obligation	1,364	1,438
Fair value of plan assets	$ 1,025	$ 1,094

Note L - Derivatives and Hedging (Details Textual) $ in Thousands, € in Millions, SFr in Millions		12 Months Ended
	Aug. 18, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 CHF (SFr)	Aug. 23, 2021
Deferred Tax Assets, Derivative Instruments		$ 56	$ 0
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%
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member] \| Term Loan [Member]
Debt Instrument, Face Amount	$ 10,000
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%
Cash Flow Hedging [Member]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax		$ 500	5,400
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Interest Income, Effective Portion, Net		3,100	3,000
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member]
Derivative, Notional Amount		12,300			SFr 11.1
Foreign Exchange Contract [Member] \| Cash Flow Hedging [Member]
Derivative, Notional Amount		31,700		€ 28.4
Accumulated Other Comprehensive Income (Loss) Cumulative Cash Flow Hedges, Gain (Loss)		200	(2,300)
Deferred Tax Assets, Derivative Instruments		100	$ 500
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months		$ 200
Interest Rate Swap [Member]
Derivative, Fixed Interest Rate	2.40%					2.40%

Note F - Debt - Future Debt Payments (Details) - Wells Fargo Bank, N.A. [Member] - Credit Agreement [Member] - Term Loan [Member] $ in Thousands	Jun. 30, 2023 USD ($)
Future Debt Payments, 2024	$ 312
Future Debt Payments, 2025	296
Future Debt Payments, 2026	305
Future Debt Payments, 2027	315
Future Debt Payments, 2028	325
Future Debt Payments, thereafter	7,964
Future Debt Payments, total	$ 9,517

Note M - Contingencies

12 Months Ended

Jun. 30, 2023

Legal Matters and Contingencies [Text Block]

M. 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, tax, regulation, contract or other matters. The resolution of these matters as they arise will 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 generally 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 and the price of our common stock. However, a settlement payment or unfavorable outcome 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

The Company continues to monitor and evaluate the risks to public health and the impact on overall global business activity related to the COVID-19 pandemic, including 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.

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	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net income	$ 2,522	$ 10,712
Denominator
Basic weighted average common shares outstanding (in shares)	5,863,083	6,117,044
Dilutive effect of stock options and restricted stock shares (in shares)	14,000	38,000
Diluted weighted average common shares outstanding (in shares)	5,877,559	6,155,118
Basic net income per common share (in dollars per share)	$ 0.43	$ 1.75
Diluted net income per common share (in dollars per share)	$ 0.43	$ 1.74

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note E - Other Comprehensive Income (Tables)

12 Months Ended

Jun. 30, 2023

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

	*Year Ended June 30, 2023*
				*Unrealized*			*Unrealized*
				*Gains*			*Gains*
				(Losses)			(Losses)
	*Defined*			on			on
	*Benefit*			*Cash Flow*			*Swap*
	*Pension Plan*			*Hedges*			*Derivative*			*Total*

Balance as of June 30, 2022	$	(444	)	$	1,795		$	348		$	1,699

OCI/OCL before reclassifications		8			538			79			625
Amounts reclassified from OCI		78			(3,086	)		—			(3,008	)

Tax effect of OCI activity		(22	)		643			(20	)		601
Net current period OCI/OCL		64			(1,905	)		59			(1,782	)
Balance as of June 30, 2023	$	(380	)	$	(110	)	$	407		$	(83	)

	Year Ended June 30, 2022
				Unrealized			Unrealized
				Gains			Gains
				(Losses)			(Losses)
	*Defined*			on			on
	*Benefit*			*Cash Flow*			*Swap*
	*Pension Plan*			*Hedges*			*Derivative*			*Total*

Balance as of June 30, 2021	$	(538	)	$	(23	)	$	—		$	(561	)

OCI/OCL before reclassifications		17			5,370			454			5,841
Amounts reclassified from OCI		113			(3,011	)		—			(2,898	)

Tax effect of OCI activity		(36	)		(541	)		(106	)		(683	)
Net current period OCI/OCL		94			1,818			348			2,260
Balance as of June 30, 2022	$	(444	)	$	1,795		$	348		$	1,699

Note H - Employee Benefit Plans

12 Months Ended

Jun. 30, 2023

Retirement Benefits [Text Block]

H. Employee Benefit Plans

401(k) Plan

We have a profit-sharing plan pursuant to Section 401(k) of the Code, whereby participants may contribute a percentage of compensation not in excess of the maximum allowed under the Code. Effective January 1, 2022, all employees are eligible to participate in the plan the first of the month following 30 days of employment. Also effective, January 1, 2022, we match 100% of the first 5% of a participant’s compensation contributed to the plan under the 401(k) plan. The total contributions under the plan charged to income from operations totaled $0.7 million for fiscal 2023 and $0.5 million for fiscal 2022.

Additionally, we have a discretionary profit-sharing plan pursuant to Section 401(k) of the Code, whereby we may contribute an additional percentage of compensation. Employees are not required to contribute to the plan to receive the discretionary profit-sharing contribution. We did not make a discretionary profit-sharing contribution in fiscal 2023. In fiscal 2022, we made a discretionary profit-sharing contribution of $0.3 million.

We have a “Cafeteria Plan” pursuant to Section 125 of the Code, whereby health care benefits are provided for active employees through insurance companies. Substantially all active full-time employees are eligible for these benefits. We recognize the cost of providing these benefits by expensing the annual premiums, which are based on benefits paid during the year. The premiums expensed to income from operations for these benefits totaled $1.7 million for the fiscal year ended June 30, 2023 and $1.4 million for the fiscal year ended June 30, 2022.

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.

During the year ended June 30, 2023, we granted a total of $0.6 million in deferred cash awards to members of our Board of Directors and certain key members of our management team. During the year ended June 30, 2022, we granted a total of $0.3 million in deferred cash awards to members of our Board of Directors and certain key members of our management team. Each deferred cash award provides for three equal cash payments to the applicable Participant to be paid on the one year, two year, and three year anniversaries of the date of the grant of such Awards, (the “Award Date”); provided on the date of each payment (the “Payment Date”), the Participant has been since the Award Date, and continues to be through the Payment Date, a member of our Board of Directors or an employee of NAI. In the event a Participant ceases to be an employee of NAI or a member of our Board of Directors prior to any Payment Date, no further payments shall be made in connection with the Award.

Defined Benefit Pension Plan

We formerly sponsored a defined benefit pension plan, which provides retirement benefits to employees based generally on years of service and compensation during the last five years before retirement. Effective June 21, 1999, we adopted an amendment to freeze benefit accruals to the participants. Annually, we contribute an amount not less than the minimum funding requirements of the Employee Retirement Income Security Act of 1974 nor more than the maximum tax-deductible amount.

Disclosure of Funded Status

The following table sets forth the defined benefit pension plan’s funded status and amount recognized in our consolidated balance sheets at June 30 (in thousands):

	*2023*			*2022*
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	1,438		$	1,820
Interest cost		46			39
Actuarial loss		(29	)		(276	)
Benefits paid		(91	)		(145	)
Benefit obligation at end of year	$	1,364		$	1,438
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	1,094		$	1,429
Actual return on plan assets		22			(190	)
Employer contributions		—			—
Benefits paid		(91	)		(145	)
Plan expenses		—			—
Fair value of plan assets at end of year	$	1,025		$	1,094
Reconciliation of Funded Status:
Difference between benefit obligation and fair value of plan assets	$	(339	)	$	(344	)
Unrecognized net actuarial loss in accumulated other comprehensive income		409			495
Net amount recognized	$	70		$	151

Projected benefit obligation	$	1,364		$	1,438
Accumulated benefit obligation	$	1,364		$	1,438
Fair value of plan assets	$	1,025		$	1,094

The weighted-average discount rate used for determining the projected benefit obligations for the defined benefit pension plan was 4.89% for the year ended June 30, 2023 and 4.39% during the year ended June 30, 2022.

Net Periodic Benefit Cost

The components included in the defined benefit pension plan’s net periodic benefit expense for the fiscal years ended June 30 were as follows (in thousands):

	*2023*			*2022*
Interest cost	$	46		$	39
Expected return on plan assets		(42	)		(69	)
Recognized actuarial loss		50			63
Settlement loss		27			50
Net periodic benefit expense	$	81		$	83

In the fiscal years ended June 30, 2023 and June 30, 2022, we did not contribute to our defined benefit pension plan.

The following is a summary of changes in plan assets and benefit obligations recognized in other comprehensive income (loss) (in thousands):

	*2023*			*2022*
Net loss	$	(8	)	$	(17	)
Settlement loss		(28	)		(50	)
Amortization of net loss		(50	)		(63	)
Plan expenses		—			—
Total recognized in other comprehensive loss	$	(86	)	$	(130	)
Total recognized in net periodic benefit cost and other comprehensive loss	$	(5	)	$	(47	)

The estimated net loss for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is approximately $40,000. We do not have any transition obligations or prior service costs recorded in accumulated other comprehensive income.

The following benefit payments are expected to be paid (in thousands):

2024	$	739
2025		264
2026		13
2027		106
2028		30
2029-2033		105
Total benefit payments expected to be paid	$	1,257

The weighted-average rates used for the years ended June 30 in determining the defined benefit pension plan’s net pension costs, were as follows:

	*2023*			*2022*
Discount rate		4.89	%		4.39	%
Expected long-term rate of return		6.24	%		6.10	%
Compensation increase rate		N/A			N/A

Our expected rate of return is determined based on a methodology that considers historical returns of multiple classes analyzed to develop a risk-free real rate of return and risk premiums for each asset class. The overall rate for each asset class was developed by combining a long-term inflation component, the risk-free real rate of return, and the associated risk premium. A weighted average rate was developed based on those overall rates and the target asset allocation of the plan.

Our defined benefit pension plan’s weighted average asset allocation at June 30 and weighted average target allocation were as follows:

							*Target*
	*2023*			*2022*			*Allocation*
Equity securities		64	%		49	%		53	%
Debt securities		14	%		20	%		41	%
Commodities		12	%		0	%		0	%
Other		10	%		31	%		6	%
		100	%		100	%		100	%

The underlying basis of the investment strategy of our defined benefit pension plan is to ensure that pension funds are available to meet the plan’s benefit obligations when due. Our investment strategy is a long-term risk controlled approach using diversified investment options with relatively minimal exposure to volatile investment options like derivatives.

The fair values by asset category of our defined benefit pension plan at June 30, 2023 were as follows (in thousands):

			*Quoted*
			*Prices in*
			*Active*
			*Markets for*		*Significant*		*Significant*
			*Identical*		*Observable*		*Unobservable*
			*Assets*		*Inputs*		*Inputs*
	*Total*		*(Level 1)*		*(Level 2)*		*(Level 3)*
Equity securities(1)	$	653	$	653	$	—	$	—
Debt securities(2)	$	141	$	141	$	—	$	—
Other(3)	$	231	$	231	$	—	$	—
Total	$	1,025	$	1,025	$	—	$	—

(1)	This category is comprised of publicly traded funds, of which 50% are large-cap funds, 26% are developed and emerging market funds, 18% are mid-cap funds, and 6% are small-cap funds.

(2)	This category is comprised of publicly traded funds, of which 34% are U.S. fixed income funds and 66% are corporate and foreign market fixed income funds.

(3)	This category is comprised of commodities and cash alternatives.

The entire disclosure for retirement benefits.

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