California
|
95-2086631
| |
(State or other jurisdiction of
|
(I.R.S. Employer
| |
incorporation or organization)
|
Identification Number)
| |
Block 1008 Toa Payoh North
| ||
Unit 03-09 Singapore
|
318996
| |
(Address of Principal Executive Office)
|
(Zip Code)
|
Name of each exchange
| ||
Title of each class
|
Trading Symbol
|
on which registered
|
Common Stock, no par value
|
TRT
|
NYSE American
|
Page
| ||
Part I
| ||
Item 1
|
Business |
1 |
Item 1A
|
Risk factors |
5 |
Item 1B
|
Unresolved staff comments
|
5 |
Item 2
|
Properties |
6 |
Item 3
|
Legal proceedings |
7 |
Item 4
|
Mine safety disclosures |
7 |
Part II
| ||
Item 5
|
Market for registrant's common equity, related stockholder matters and issuer purchases of equity securities
|
8 |
Item 6
|
[Reserved] |
8 |
Item 7
|
Management's discussion and analysis of financial condition and results of operations
|
9 |
Item 7A
|
Quantitative and qualitative disclosures about market risk
|
23 |
Item 8
|
Financial statements and supplementary data
|
23 |
Item 9
|
Changes in and disagreements with accountants on accounting and financial disclosure
|
23 |
Item 9A
|
Controls and procedures
|
23 |
Item 9B
|
Other information
|
24 |
Item 9 C
|
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
|
24 |
25 | ||
Part III
| ||
Item 10
|
Directors, executive officers and corporate governance
|
25 |
Item 11
|
Executive compensation
|
25 |
Item 12
|
Security ownership of certain beneficial owners and management and related stockholder matters
|
25 |
Item 13
|
Certain relationships and related transactions, and director independence
|
25 |
Item 14
|
Principal accountant fees and services
|
25 |
Part IV
| ||
Item 15
|
Exhibits and financial statement schedules
|
25 |
Item 16
|
Form 10-K summary
|
25 |
Signatures
| ||
Exhibits
| ||
Report of independent registered public accounting firm
|
F-1
| |
Consolidated Balance Sheets as of June 30, 2021 and 2020
|
F-2
| |
Consolidated Statements of Operations and Comprehensive Income for the Years Ended June 30, 2021 and 2020
|
F-3
| |
Consolidated Statements of Shareholders' Equity for the Years Ended June 30, 2021 and 2020
|
F-6
| |
Consolidated Statements of Cash Flows for the Years Ended June 30, 2021 and 2020
|
F-7
| |
Notes to Consolidated Financial Statements
|
F-8
|
2017
|
Trio-Tech International Pte. Ltd., Singapore, recertified to biz SAFE Level 3 Workplace Safety and Health standards.
|
2018
|
Trio-Tech (Tianjin) Co. Ltd. recertified to ISO 9001:2015 standards. (Apr 2018).
Trio-Tech International Pte. Ltd. (Singapore) recertified to ISO 9001:2015 standards. (Jun 2018)
Trio-Tech (Malaysia) Sdn. Bhd. recertified to ISO 9001:2015 standards. (Jun 2018)
Trio-Tech (Bangkok) Co. Ltd. recertified to ISO 9001:2015 standards. (Jun 2018)
Trio-Tech International Pte. Ltd. (Singapore) recertified to ISO 14001:2015 standards. (Jun 2018)
|
2019
|
Trio-Tech (Tianjin) Co. Ltd. recertified to ISO 14001:2015 standards. (Jul 2019)
Trio-Tech (Tianjin) Co. Ltd. recertified to OHSAS 18001:2007 standards. (Jul 2019)
|
2020
|
Trio-Tech International certified to ISO 9001:2005 standards. (March 2020)
|
2021
|
Trio-Tech (Tianjin) Co. Ltd. recertified to ISO 9001:2015 standards. (Mar 2021)
Trio-Tech (Tianjin) Co. Ltd. recertified to ISO 14001:2015 standards. (Mar 2021)
Trio-Tech (Tianjin) Co. Ltd. certified to ISO 45001:2018 standards. (Mar 2021)
Trio-Tech International Pte. Ltd. (Singapore) recertified to ISO 9001:2015 standards. (July 2021)
Trio-Tech International Pte. Ltd. (Singapore) recertified to ISO 14001:2015 standards. (July 2021)
Trio-Tech (Malaysia) Sdn. Bhd. recertified to ISO 9001:2015 standards. (July 2021)
Trio-Tech (Malaysia) Sdn. Bhd. recertified to ISO 14001:2015 standards. (July 2021)
Trio-Tech (Bangkok) Co. Ltd. recertified to ISO 9001:2015 standards. (July 2021)
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Manufacturing backlog
|
$5,040
|
$5,010
|
Testing services backlog
|
3,775
|
2,915
|
Distribution backlog
|
4,648
|
1,409
|
Real estate backlog*
|
40
|
6
|
$13,503
|
$9,340
|
Location
|
Segment |
Approx. Sq. Ft.
Occupied
|
Owned (O) or Leased (L)
& Expiration Date
|
16139 Wyandotte Street, Van Nuys,
CA 91406,
United States of America
|
Corporate, Testing Services / Manufacturing
|
5,200
|
(L) Mar 2023
|
1004, Toa Payoh North, Singapore
Unit No. HEX 07-01/07
|
Testing Services
|
6,864
|
(L) Sep 2025
|
Unit No. HEX 07-01/07, (ancillary site)
|
Testing Services
|
2,532
|
(L) Sep 2025
|
Unit No. HEX 03-01/02/03
|
Testing Services / Manufacturing
|
2,959
|
(L) Sep 2025
|
Unit No. HEX 01-08/15
|
Testing Services / Manufacturing / Logistics Store
|
6,864
|
(L) Jan 2023
|
Unit No. HEX 01-08/15, (ancillary site)
|
Testing Services / Manufacturing
|
449
|
(L) Jan 2023
|
Unit No. HEX 07-10/11
|
Testing Services / Manufacturing
|
1,953
|
(L) Dec 2021
|
1008, Toa Payoh North, Singapore
Unit No. HEX 03-09/17
|
Manufacturing
|
6,099
|
(L) Jan 2023
|
Unit No. HEX 03-09/17, (ancillary site)
|
Manufacturing
|
70
|
(L) Jan 2023
|
Unit No. HEX 01-09/10/11
|
Manufacturing
|
2,202
|
(L) Nov 2023
|
Unit No. HEX 01-15/16
|
Manufacturing
|
1,400
|
(L) Sep 2023
|
Unit No. HEX 01-08
|
Manufacturing
|
603
|
(L) Sep 2023
|
Unit No. HEX 01-12/14
|
Manufacturing
|
1,664
|
(L) Jul 2022
|
Lot No. 11A, Jalan SS8/2,
Sungai Way Free Industrial Zone,
47300 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
|
Testing Services
|
78,706
|
(O)
|
4809-3-35,CBD Perdana 2
Persiaran Flora Cyber 12
63000 Cyberjaya
|
Manufacturing
|
2000
|
(L) May 2022
|
327, Chalongkrung Road,
Lamplathew, Lat Krabang,
Bangkok 10520, Thailand
|
Testing Services
|
34,433
|
(O)
|
No. 5, Xing Han Street, Block A
#04-15/16, Suzhou Industrial Park
China 215021
|
Testing Services
|
6,200
|
(L) Jan 2022
|
27-05, Huang Jin Fu Pan.
No. 26 Huang Jin Qiao Street
Hechuan District Chongqing
China 401520
|
Real Estate
|
969
|
(L) Aug 2023
|
B7-2, Xiqing Economic Development Area International Industrial Park
Tianjin City, China 300385
|
Testing Services
|
45,940
|
(L) April 2026
|
For the Year Ended June 30,
| ||
2021
|
2020
(Restated)
| |
Revenue
|
100.0%
|
100.0%
|
Cost of sales
|
76.4
|
78.9
|
Gross Margin
|
23.6%
|
21.1%
|
Operating expenses:
| ||
General and administrative
|
21.3%
|
20.5%
|
Selling
|
1.4
|
2.0
|
Research and development
|
1.1
|
1.0
|
Impairment loss on long-lived assets
|
-
|
0.4
|
Total operating expenses
|
23.8%
|
23.9%
|
Loss from Operations
|
(0.2)%
|
(2.7)%
|
For the Year Ended June 30,
| ||
2021
|
2020
| |
Manufacturing
|
40.5%
|
33.7%
|
Testing
|
42.7
|
43.0
|
Distribution
|
16.7
|
23.1
|
Real estate
|
0.1
|
0.2
|
Total
|
100.0%
|
100.0%
|
For the Year Ended June 30,
| ||
2021
|
2020
(Restated)
| |
General and administrative
|
$6,938
|
$7,064
|
Selling
|
446
|
679
|
Research and development
|
357
|
355
|
Impairment loss on long-lived assets
|
-
|
139
|
Gain on disposal of property, plant and equipment
|
(1)
|
(24)
|
Total
|
$7,740
|
$8,213
|
For the Year Ended June 30,
| ||
2021
|
2020
| |
Interest expenses
|
$126
|
$230
|
For the Year Ended June 30,
| ||
2021 |
2020
| |
Interest income
|
$118
|
$177
|
Other rental income
|
100
|
110
|
Exchange loss
|
(69)
|
(35)
|
Bad debt recovery/ (expense)
|
9
|
(59)
|
Extinguishment of PPP loan
|
121
|
-
|
Dividend income
|
32
|
-
|
Other miscellaneous income
|
52
|
141
|
Total
|
$363
|
$334
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Revenue
|
$13,151
|
$11,605
|
Gross margin
|
25.4%
|
23.1%
|
Income/(Loss) from operations
|
$376
|
$(326)
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Revenue
|
$13,846
|
$14,840
|
Gross margin
|
24.7%
|
23.5%
|
Loss from operations
|
$(997)
|
$(1,040)
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Revenue
|
$5,437
|
$7,958
|
Gross margin
|
17.7%
|
14.0%
|
Income from operations
|
$657
|
$751
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Revenue
|
$28
|
$62
|
Gross margin
|
(175.0)%
|
(16.1)%
|
Loss from operations
|
$(116)
|
$(97)
|
For the Year Ended
June 30,
| ||
2021 |
2020
(Restated)
| |
Income / (Loss) from operations
|
$10
|
$(235)
|
Entity with
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
Facility
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
Trio-Tech International Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.85% to 5.5%,
SIBOR rate +1.2% and LIBOR rate +1.25%
|
-
|
$4,237
|
$4,237
|
Universal (Far East) Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.85% to 5.5%
|
-
|
$1,115
|
$1,043
|
Trio-Tech Malaysia Sdn. Bhd., Malaysia
|
Revolving Credit
|
Cost of Funds Rate +2%
|
-
|
$361
|
$361
|
Entity with
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
Facility
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
Trio-Tech International Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.85% to 5.5%,
SIBOR rate +1.25% and LIBOR rate +1.30%
|
-
|
$4,806
|
$4,806
|
Universal (Far East) Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.85% to 5.5%
|
-
|
$359
|
$187
|
Trio-Tech Malaysia Sdn. Bhd., Malaysia
|
Revolving Credit
|
Cost of Funds Rate +2%
|
-
|
$350
|
$350
|
TRIO-TECH INTERNATIONAL
By: /s/ Victor H.M. Ting
VICTOR H.M. TING
Vice President and
Chief Financial Officer
October 1, 2021
|
/s/ A. Charles Wilson A. Charles Wilson, Director
Chairman of the Board
October 1, 2021
/s/ S.W.Yong
S. W. Yong, Director
President, Chief Executive Officer
(Principal Executive Officer)
October 1, 2021
/s/ Victor H. M. Ting
Victor H.M. Ting, Director
Vice President,
and Chief Financial Officer
(Principal Financial Officer)
October 1, 2021
/s/ Jason T. Adelman
Jason T. Adelman, Director
October 1, 2021
/s/ Richard M. Horowitz
Richard M. Horowitz, Director
October 1, 2021
|
Number
|
Description
|
3.2 |
Articles of Incorporation, as currently in effect. [Incorporated by reference to Exhibit 3.1 to the Registrant's Annual Report on Form 10-K for June 30, 1988.]
|
3.2 |
Bylaws, as currently in effect. [Incorporated by reference to Exhibit 3.2 to the Registrant's Annual Report on Form 10-K for June 30, 1988.]
|
10.1 |
Amendment to 2007 Employee Stock Option Plan [Incorporated by reference to Exhibit A to the Registrant's Proxy Statement for its Annual Meeting held December 14, 2010.]**
|
10.2 |
Amendment to 2007 Directors Equity Incentive Plan [Incorporated by reference to Exhibit B to the Registrant's Proxy Statement for its Annual Meeting held December 14, 2010.]**
|
10.3 |
Amendment to 2007 Directors Equity Incentive Plan [Incorporated by reference to Appendix A to the Registrant's Proxy Statement for its Annual Meeting held December 9, 2013.]**
|
10.4 |
2017 Employee Stock Option Plan [Incorporated by reference to Appendix 1 to the Registrant's Proxy Statement for its Annual Meeting held December 4, 2017.]**
|
10.5 |
2017 Directors Equity Incentive Plan [Incorporated by reference to Appendix 2 to the Registrant's Proxy Statement for its Annual Meeting held December 4, 2017.]**
|
Amendment to 2017 Directors Equity Incentive Plan | |
21.1
|
Subsidiaries of the Registrant (100% owned by the Registrant except as otherwise stated)
|
Express Test Corporation (Dormant), a California Corporation
| |
Trio-Tech Reliability Services (Dormant), a California Corporation
| |
KTS Incorporated, dba Universal Systems (Dormant), a California Corporation
| |
European Electronic Test Center. Ltd., a Cayman Islands Corporation (Operation ceased on November 1, 2005)
| |
Trio-Tech International Pte. Ltd., a Singapore Corporation
| |
Universal (Far East) Pte. Ltd., a Singapore Corporation
| |
Trio-Tech International (Thailand) Co., Ltd., a Thailand Corporation
| |
Trio-Tech (Bangkok) Co., Ltd., a Thailand Corporation
| |
Trio-Tech (Malaysia) Sdn Bhd., a Malaysia Corporation (55% owned by the subsidiary of Registrant)
| |
Trio-Tech (Kuala Lumpur) Sdn Bhd., a Malaysia Corporation (100% owned by Trio-Tech Malaysia)
| |
Prestal Enterprise Sdn. Bhd., a Malaysia Corporation (76% owned by Trio-Tech International Pte. Ltd., a Singapore Corporation)
| |
Trio-Tech (SIP) Co., Ltd., a China Corporation
| |
Trio-Tech (Chongqing) Co. Ltd., (100% owned by Trio-Tech International Pte. Ltd., a Singapore Corporation)
| |
SHI International Pte. Ltd, a Singapore Corporation (55% owned Trio-Tech International Pte. Ltd., a Singapore Corporation)
| |
PT SHI Indonesia, an Indonesia Corporation (100% owned by SHI International Pte. Ltd., a Singapore Corporation)
| |
Trio-Tech (Tianjin) Co., Ltd., a China Corporation (100% owned by Trio-Tech International Pte. Ltd., a Singapore Corporation)
| |
Consent of Independent Registered Public Accounting Firm*
| |
Rule 13a-14(a) Certification of Principal Executive Officer of Registrant*
| |
Rule 13a-14(a) Certification of Principal Financial Officer of Registrant*
| |
Section 1350 Certification. *
| |
101.INS*
|
XBRL Instance Document
|
101.SCH*
|
XBRL Taxonomy Extension Schema
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB*
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase
|
June 30,
2021
|
June 30,
2020
(Restated)
| |
ASSETS
| ||
CURRENT ASSETS:
| ||
Cash and cash equivalents
|
$5,836
|
$4,150
|
Short-term deposits
|
6,651
|
6,838
|
Trade account receivables, less allowance for doubtful accounts of $311 and $314,
Respectively
|
8,293
|
5,951
|
Other receivables
|
662
|
998
|
Inventories, less provision for obsolete inventories of $679 and $678, respectively
|
2,080
|
1,922
|
Prepaid expenses and other current assets
|
418
|
341
|
Financed sales receivable
|
19
|
-
|
Total current assets
|
23,959
|
20,200
|
NON-CURRENT ASSETS:
| ||
Deferred tax assets
|
217
|
247
|
Investment properties, net
|
681
|
690
|
Property, plant and equipment, net
|
9,531
|
10,310
|
Operating lease right-of-use assets
|
1,876
|
944
|
Other assets
|
262
|
1,609
|
Financed sales receivable
|
39
|
-
|
Restricted term deposits
|
1,741
|
1,660
|
Total non-current assets
|
14,347
|
15,460
|
TOTAL ASSETS
|
$38,306
|
$35,660
|
LIABILITIES
| ||
CURRENT LIABILITIES:
| ||
Lines of credit
|
$72
|
$172
|
Accounts payable
|
3,702
|
2,590
|
Accrued expenses
|
3,363
|
3,005
|
Income taxes payable
|
314
|
344
|
Current portion of bank loans payable
|
439
|
370
|
Current portion of finance leases
|
197
|
231
|
Current portion of operating leases
|
672
|
477
|
Current portion of PPP loan
|
-
|
54
|
Total current liabilities
|
8,759
|
7,243
|
NON-CURRENT LIABILITIES:
| ||
Bank loans payable, net of current portion
|
1,621
|
1,836
|
Finance leases, net of current portion
|
253
|
435
|
Operating leases, net of current portion
|
1,204
|
467
|
Income taxes payable
|
385
|
430
|
PPP loan, net of current portion
|
-
|
67
|
Other non-current liabilities
|
31
|
36
|
Total non-current liabilities
|
3,494
|
3,271
|
TOTAL LIABILITIES
|
$12,253
|
$10,514
|
EQUITY
| ||
TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:
| ||
Common stock, no par value, 15,000,000 shares authorized; 3,913,055 and 3,673,055 shares issued and outstanding as at June 30, 2021 and June 30, 2020, respectively
|
$12,178
|
$11,424
|
Paid-in capital
|
4,233
|
3,984
|
Accumulated retained earnings
|
6,824
|
7,415
|
Accumulated other comprehensive gain-translation adjustments
|
2,399
|
1,143
|
Total Trio-Tech International shareholders' equity
|
25,634
|
23,966
|
Noncontrolling interest
|
419
|
1,180
|
TOTAL EQUITY
|
$26,053
|
$25,146
|
TOTAL LIABILITIES AND EQUITY
|
$38,306
|
$35,660
|
For the Year Ended
| ||
June 30,
| ||
June 30,
2021
|
2020
(Restated)
| |
Revenue
| ||
Manufacturing
|
$13,151
|
$11,605
|
Testing services
|
13,846
|
14,840
|
Distribution
|
5,437
|
7,958
|
Real estate
|
28
|
62
|
32,462
|
34,465
| |
Cost of Sales
| ||
Cost of manufactured products sold
|
9,809
|
8,927
|
Cost of testing services rendered
|
10,431
|
11,353
|
Cost of distribution
|
4,475
|
6,847
|
Cost of real estate
|
77
|
72
|
24,792
|
27,199
| |
Gross Margin
|
7,670
|
7,266
|
Operating Expenses:
| ||
General and administrative**
|
6,938
|
7,064
|
Selling
|
446
|
679
|
Research and development
|
357
|
355
|
Impairment loss on long-lived assets
|
-
|
139
|
Gain on disposal of property, plant and equipment
|
(1)
|
(24)
|
Total operating expenses
|
7,740
|
8,213
|
Loss from Operations
|
(70)
|
(947)
|
Other (Expenses) / Income
| ||
Interest expenses
|
(126)
|
(230)
|
Other income, net
|
363
|
334
|
Government grants
|
514
|
778
|
Gain on sale of properties
|
-
|
1,172
|
Impairment loss on other assets
|
(1,580)
|
-
|
Total other (expenses) / income
|
(829)
|
2,054
|
(Loss) / Income from Continuing Operations before Income Taxes
|
(899)
|
1,107
|
Income Tax (Expenses)/Benefits
|
(228)
|
12
|
(Loss) / Income from continuing operations before noncontrolling interests, net of tax
|
(1,127)
|
1,119
|
Discontinued Operations
| ||
Loss from discontinued operations, net of tax
|
(28)
|
(3)
|
NET (LOSS) / INCOME
|
(1,155)
|
1,116
|
Less: net (loss)/income attributable to noncontrolling interests
|
(564)
|
238
|
Net (Loss) / Income Attributable to Trio-Tech International Common Shareholders
|
$(591)
|
$878
|
Amounts Attributable to Trio-Tech International Common Shareholders:
| ||
(Loss)/ Income from continuing operations, net of tax
|
(575)
|
879
|
Loss from discontinued operations, net of tax
|
(16)
|
(1)
|
Net (Loss)/ Income Attributable to Trio-Tech International Common Shareholders
|
$(591)
|
$878
|
Basic (Loss) / Earnings per Share:
| ||
Basic (loss) / earnings per share from continuing operations attributable to Trio-Tech International
|
$(0.16)
|
$0.24
|
Basic loss per share from discontinued operations attributable to Trio-Tech International
|
$-
|
$-
|
Basic (Loss) / Earnings per Share from Net Income
| ||
Attributable to Trio-Tech International
|
$(0.16)
|
$0.24
|
Diluted (Loss) / Earnings per Share:
| ||
Diluted (loss) / earnings per share from continuing operations attributable to Trio-Tech International
|
$(0.15)
|
$0.24
|
Diluted loss per share from discontinued operations attributable to Trio-Tech International
|
-
|
-
|
Diluted (Loss) / Earnings per Share from Net Income
| ||
Attributable to Trio-Tech International
|
$(0.15)
|
$0.24
|
Weighted average number of common shares outstanding
| ||
Basic
|
3,768
|
3,673
|
Dilutive effect of stock options
|
117
|
53
|
Number of shares used to compute earnings per share diluted
|
3,885
|
3,726
|
For the Year Ended
| ||
June 30,
| ||
June 30,
2021
|
2020
(Restated)
| |
Comprehensive Income Attributable to Trio-Tech International Common
Shareholders:
| ||
Net (loss) / income |
$(1,155)
|
1,116
|
Foreign currency translation, net of tax
|
1,248
|
(742)
|
Comprehensive Income
|
93
|
374
|
Less: comprehensive (loss) / income attributable to the noncontrolling interests
|
(572)
|
220
|
Comprehensive Income Attributable to Trio-Tech International Common Shareholders
|
$665
|
$154
|
Common
Stock
|
Paid-in
|
Accumulated
Retained
|
Accumulated Other
Comprehensive
|
Non- Controlling
| |||
No. of Shares
|
Amount
|
Capital
|
Earnings
|
Income |
Interests
|
Total
| |
$ |
$ |
$ |
$ |
$ |
$ | ||
Balance at June 30, 2019 (Restated)
|
3,673
|
11,424
|
3,838
|
6,537
|
1,867
|
1,195
|
24,861
|
Stock option expenses (Restated)
|
-
|
-
|
146
|
-
|
-
|
-
|
146
|
Net income (Restated)
|
-
|
-
|
-
|
878
|
-
|
238
|
1,116
|
Dividend declared by subsidiary
|
-
|
-
|
-
|
-
|
-
|
(235)
|
(235)
|
Translation adjustment
|
-
|
-
|
-
|
-
|
(724)
|
(18)
|
(742)
|
Balance at June 30, 2020 (Restated)
|
3,673
|
11,424
|
3,984
|
7,415
|
1,143
|
1,180
|
25,146
|
Stock option expenses
|
-
|
-
|
249
|
-
|
-
|
-
|
249
|
Net loss
|
-
|
-
|
-
|
(591)
|
-
|
(564)
|
(1,155)
|
Dividend declared by subsidiary
|
-
|
-
|
-
|
-
|
-
|
(189)
|
(189)
|
Exercise of options
|
240
|
754
|
-
|
-
|
-
|
-
|
754
|
Translation adjustment
|
-
|
-
|
-
|
-
|
1,256
|
(8)
|
1,248
|
Balance at June 30, 2021
|
3,913
|
12,178
|
4,233
|
6,824
|
2,399
|
419
|
26,053
|
Year Ended
| ||
June 30,
| ||
June 30,
2021 |
2020
(Restated)
| |
Cash Flow from Operating Activities
| ||
Net income
|
$(1,155)
|
$1,116
|
Adjustments to reconcile net income to net cash flow provided by operating activities
| ||
Gain on sale of assets held for sale
|
-
|
(1,172)
|
Depreciation and amortization
|
3,059
|
3,100
|
Impairment loss on other assets
|
1,580
|
-
|
Impairment loss on long-lived assets
|
-
|
139
|
Stock option expenses
|
249
|
146
|
(Reversal) / Addition of obsolete inventories
|
(15)
|
18
|
Payment of interest portion of finance leases
|
(40)
|
(61)
|
Bad debt (recovery) / expenses
|
(9)
|
59
|
Accrued interest expense, net accrued (interest income)
|
29
|
(69)
|
PPP loan forgiveness income
|
(121)
|
-
|
Dividend income
|
(32)
|
-
|
Dividend received
|
32
|
-
|
Gain on sale of property, plant and equipment
|
(1)
|
(24)
|
Warranty addition/ (recovery), net
|
3
|
(26)
|
Deferred tax (benefit)/ expenses
|
(139)
|
63
|
Changes in operating assets and liabilities, net of acquisition effects
| ||
Trade account receivables
|
(2,347)
|
1,110
|
Other receivables
|
336
|
(181)
|
Other assets
|
(327)
|
100
|
Inventories
|
(98)
|
430
|
Prepaid expenses and other current assets
|
(97)
|
(54)
|
Accounts payable and accrued expenses
|
1,377
|
(968)
|
Income taxes payable
|
118
|
12
|
Operating leases liabilities
|
(764)
|
(727)
|
Net Cash Provided by Operating Activities
|
1,638
|
3,011
|
Cash Flow from Investing Activities
| ||
Proceeds from sale of assets held for sale
|
-
|
1,167
|
Proceeds from disposal of property, plant and equipment
|
-
|
39
|
Withdrawal of unrestricted deposit
|
2,335
|
-
|
Investments in restricted and unrestricted deposits
|
(1,790)
|
(2,806)
|
Addition to property, plant and equipment
|
(1,112)
|
(1,017)
|
Net Cash Used in Investing Activities
|
(567)
|
(2,617)
|
Cash Flow from Financing Activities
| ||
Payment on lines of credit
|
(589)
|
(2,437)
|
Payment of bank loans
|
(412)
|
(486)
|
Payment of principal portion of finance leases
|
(253)
|
(344)
|
Dividends paid on noncontrolling interest
|
(189)
|
(235)
|
Proceeds from exercising stock options
|
754
|
-
|
Proceeds from bank loans
|
205
|
-
|
Proceeds from lines of credit
|
482
|
2,370
|
Proceeds from finance leases
|
-
|
279
|
Proceeds from PPP loan
|
-
|
121
|
Net Cash Used in Financing Activities
|
(2)
|
(732)
|
Effect of Changes in Exchange Rate
|
698
|
(421)
|
Net Increase/ (Decrease) in Cash, Cash Equivalents, and Restricted Cash
|
1,767
|
(759)
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
5,810
|
6,569
|
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$7,577
|
$5,810
|
Supplementary Information of Cash Flows
| ||
Cash paid during the period for:
| ||
Interest
|
$122
|
$229
|
Income taxes
|
$207
|
$126
|
Non-Cash Transactions
| ||
Finance lease of property, plant and equipment
|
$-
|
$279
|
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
| ||
Cash
|
5,836
|
4,150
|
Restricted Term Deposits
|
1,741
|
1,660
|
Total Cash, Cash Equivalents, and Restricted Cash Shown in Statement of Cash Flows
|
$7,577
|
$5,810
|
Ownership
|
Location
| |
Express Test Corporation (Dormant)
|
100%
|
Van Nuys, California
|
Trio-Tech Reliability Services (Dormant)
|
100%
|
Van Nuys, California
|
KTS Incorporated, dba Universal Systems (Dormant)
|
100%
|
Van Nuys, California
|
European Electronic Test Centre (Dormant)
|
100%
|
Dublin, Ireland
|
Trio-Tech International Pte. Ltd.
|
100%
|
Singapore
|
Universal (Far East) Pte. Ltd. *
|
100%
|
Singapore
|
Trio-Tech International (Thailand) Co. Ltd. *
|
100%
|
Bangkok, Thailand
|
Trio-Tech (Bangkok) Co. Ltd.*
|
100%
|
Bangkok, Thailand
|
Trio-Tech (Malaysia) Sdn. Bhd.
(55% owned by Trio-Tech International Pte. Ltd.)
|
55%
|
Penang and Selangor, Malaysia
|
Trio-Tech (Kuala Lumpur) Sdn. Bhd.
|
55%
|
Selangor, Malaysia
|
(100% owned by Trio-Tech Malaysia Sdn. Bhd.)
| ||
Prestal Enterprise Sdn. Bhd.
|
76%
|
Selangor, Malaysia
|
(76% owned by Trio-Tech International Pte. Ltd.)
| ||
Trio-Tech (SIP) Co., Ltd. *
|
100%
|
Suzhou, China
|
Trio-Tech (Chongqing) Co. Ltd. *
|
100%
|
Chongqing, China
|
SHI International Pte. Ltd. (Dormant)
(55% owned by Trio-Tech International Pte. Ltd)
|
55%
|
Singapore
|
PT SHI Indonesia (Dormant)
(100% owned by SHI International Pte. Ltd.)
|
55%
|
Batam, Indonesia
|
Trio-Tech (Tianjin) Co., Ltd. *
|
100%
|
Tianjin, China
|
For the year ended June 30, 2020
(as previously reported)
|
For the year ended June 30, 2020
(Restated)
| |
CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES)
| ||
Paid-in capital
|
3,363
|
3,984
|
Accumulated retained earnings
|
8,036
|
7,415
|
Total Trio-tech International shareholders' equity
|
23,966
|
23,966
|
TOTAL EQUITY
|
25,146
|
25,146
|
For the year ended June 30, 2020
(as previously reported)
|
For the year ended June 30, 2020
(Restated)
| |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
| ||
Accumulated retained earnings
|
$8,036
|
$7,415
|
Paid-in capital
|
3,363
|
3,984
|
For the year ended June 30, 2020
(as previously reported)
|
For the year ended June 30, 2020
(Restated)
| |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| ||
General and administrative expenses
|
$6,976
|
$7,064
|
Total operating expenses
|
8,125
|
8,213
|
Loss from operation
|
(859)
|
(947)
|
Income from Continuing Operations before Income Taxes
|
1,195
|
1,107
|
Income from continuing operations before non-controlling interests, net of tax
|
1,207
|
1,119
|
NET INCOME
|
1,204
|
1,116
|
Net Income Attributable to Trio-Tech International Common Shareholders
|
966
|
878
|
Basic Earnings per Share:
| ||
Basic earnings per share from continuing operations attributable to Trio-Tech International
|
0.26
|
0.24
|
Diluted Earnings per Share:
| ||
Diluted earnings per share from continuing operations attributable to Trio-Tech International
|
0.26
|
0.24
|
June 30,
2021
|
June 30,
2020
| |
Short-term deposits
|
$6,353
|
$7,028
|
Currency translation effect on short-term deposits
|
298
|
(190)
|
Total short-term deposits
|
6,651
|
6,838
|
Restricted term deposits
|
1,682
|
1,712
|
Currency translation effect on restricted term deposits
|
59
|
(52)
|
Total restricted term deposits
|
1,741
|
1,660
|
Total term deposits
|
$8,392
|
$8,498
|
For the Year Ended
June 30,
| ||
2021 |
2020
| |
Beginning
|
$314
|
$263
|
Additions charged to expenses
|
5
|
351
|
Recovered
|
(14)
|
(284)
|
Write-off
|
(16)
|
(9)
|
Currency translation effect
|
22
|
(7)
|
Ending
|
$311
|
$314
|
Loan Expiry
|
Loan Amount
|
Loan Amount
| |||||||
Date
|
(RMB)
|
(U.S. Dollars)
| |||||||
Short-term loan receivables
| |||||||||
JiangHuai (Project - Yu Jin Jiang An)
|
May 31, 2013
|
2,000
|
309
| ||||||
Less: allowance for doubtful receivables
|
(2,000
|
)
|
(309
|
)
| |||||
Net loan receivable from property development projects
|
-
|
-
| |||||||
Long-term loan receivables
| |||||||||
Jun Zhou Zhi Ye
|
Oct 31, 2016
|
5,000
|
773
| ||||||
Less: transfer - down payment for purchase of investment property
|
(5,000
|
)
|
(773
|
)
| |||||
Net loan receivable from property development projects
|
-
|
-
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Raw materials
|
$1,152
|
$1,281
|
Work in progress
|
1,218
|
968
|
Finished goods
|
325
|
422
|
Less: provision for obsolete inventories
|
(679)
|
(678)
|
Currency translation effect
|
64
|
(71)
|
$2,080
|
$1,922
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Beginning
|
$678
|
$673
|
Additions charged to expenses
|
13
|
26
|
Usage - disposition
|
(28)
|
(8)
|
Currency translation effect
|
16
|
(13)
|
Ending
|
$679
|
$678
|
Investment
Date / Reclassification Date
|
Investment
Amount(RMB)
|
Investment Amount
(U.S. Dollars)
| |
Purchase of rental property - Property I - MaoYe Property
|
Jan 04, 2008
|
5,554
|
894
|
Currency translation
|
-
|
(87)
| |
Reclassification as "Assets held for sale"
|
July 01, 2018
|
(5,554)
|
(807)
|
Reclassification from "Assets held for sale"
|
Mar 31, 2019
|
2,024
|
301
|
2,024
|
301
| ||
Purchase of rental property - Property II - JiangHuai
|
Jan 06, 2010
|
3,600
|
580
|
Purchase of rental property - Property III - FuLi
|
Apr 08, 2010
|
4,025
|
648
|
Currency translation
|
-
|
(36)
| |
Gross investment in rental property
|
9,649
|
1,493
| |
Accumulated depreciation on rental property
|
June 30, 2021
|
(7,040)
|
(1,079)
|
Reclassified as "Assets held for sale"
|
July 01, 2018
|
2,822
|
410
|
Reclassification from "Assets held for sale"
|
Mar 31, 2019
|
(1,029)
|
(143)
|
(5,247)
|
(812)
| ||
Net investment in property - China
|
4,402
|
681
|
Investment
Date / Reclassification Date
|
Investment
Amount(RMB)
|
Investment Amount
(U.S. Dollars)
| |
Purchase of rental property - Property I - MaoYe Property
|
Jan 04, 2008
|
5,554
|
894
|
Currency translation
|
-
|
(87)
| |
Reclassification as "Assets held for sale"
|
July 01, 2018
|
(5,554)
|
(807)
|
Reclassification from "Assets held for sale"
|
Mar 31, 2019
|
2,024
|
301
|
2,024
|
301
| ||
Purchase of rental property - Property II - JiangHuai
|
Jan 06, 2010
|
3,600
|
580
|
Purchase of rental property - Property III - FuLi
|
Apr 08, 2010
|
4,025
|
648
|
Currency translation
|
-
|
(166)
| |
Gross investment in rental property
|
9,649
|
1,363
| |
Accumulated depreciation on rental property
|
June 30, 2020
|
(6,558)
|
(940)
|
Reclassified as "Assets held for sale"
|
July 01, 2018
|
2,822
|
410
|
Reclassification from "Assets held for sale"
|
Mar 31, 2019
|
(1,029)
|
(143)
|
(4,765)
|
(673)
| ||
Net investment in property - China
|
4,884
|
690
|
Estimated Useful Life in Years |
June 30,
2021
|
June 30,
2020
| |
Building and improvements
|
3-20
|
$5,141
|
$5,102
|
Leasehold improvements
|
3-27
|
6,174
|
6,170
|
Machinery and equipment
|
3-7
|
26,804
|
26,578
|
Furniture and fixtures
|
3-5
|
1,170
|
1,134
|
Equipment under finance leases
|
3-5
|
1,413
|
1,066
|
Property, plant and equipment, gross
|
$40,702
|
$40,050
| |
Less: accumulated depreciation
|
(28,751)
|
(27,148)
| |
Accumulated amortization on equipment under finance leases
|
(1,199)
|
(719)
| |
Total accumulated depreciation
|
$(29,950)
|
$(27,867)
| |
Property, plant and equipment before currency translation effect, net
|
10,752
|
12,183
| |
Currency translation effect
|
(1,221)
|
(1,873)
| |
Property, plant and equipment, net
|
$9,531
|
$10,310
|
June 30, |
June 30, | |
2021
|
2020 | |
Down payment for purchase of investment properties*
|
$-
|
$1,645
|
Down payment for purchase of property, plant and equipment
|
372
|
8
|
Deposits for rental and utilities and others
|
160
|
171
|
Currency translation effect
|
(270)
|
(215)
|
Total
|
$262
|
$1,609
|
RMB
|
U.S. Dollars
| |
Original Investment (10% of Junzhou equity)
|
$10,000
|
$1,606
|
Less: Management Fee
|
(5,000)
|
(803)
|
Net Investment
|
5,000
|
803
|
Less: Share of Loss on Joint Venture
|
(137)
|
(22)
|
Net Investment as Down Payment (Note *a)
|
4,863
|
781
|
Loans Receivable
|
5,000
|
814
|
Interest Receivable
|
1,250
|
200
|
Less: Impairment of Interest
|
(906)
|
(150)
|
Transferred to Down Payment (Note *b)
|
5,344
|
864
|
* Down Payment for Purchase of Investment Properties
|
10,207
|
1,645
|
Less: Provision of Impairment loss on other assets |
(10,207)
|
(1,645)
|
Down Payment for Purchase of Investment Properties |
-
|
-
|
Entity with
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
Facility
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
Trio-Tech International Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.85% to 5.5%, SIBOR rate +1.2% and LIBOR rate +1.25%
|
-
|
$4,237
|
$4,237
|
Universal (Far East) Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.85% to 5.5%
|
-
|
$1,115
|
$1,043
|
Trio-Tech Malaysia Sdn. Bhd., Malaysia
|
Revolving Credit
|
Cost of Funds Rate +2%
|
-
|
$361
|
$361
|
Entity with
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
Facility
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
Trio-Tech International Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.85% to 5.5%, SIBOR rate +1.25% and LIBOR rate +1.30%
|
-
|
$4,806
|
$4,806
|
Universal (Far East) Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.85% to 5.5%
|
-
|
$359
|
$187
|
Trio-Tech Malaysia Sdn. Bhd., Malaysia
|
Revolving Credit
|
Cost of Funds Rate +2%
|
-
|
$350
|
$350
|
Accrued expenses consisted of the following:
|
For the Year Ended June 30,
| |
2021 |
2020
(Restated)
| |
Payroll and related costs
|
1,362
|
1,185
|
Commissions
|
51
|
104
|
Customer deposits
|
45
|
30
|
Legal and audit
|
321
|
315
|
Sales tax
|
9
|
19
|
Utilities
|
91
|
80
|
Warranty
|
14
|
12
|
Accrued purchase of materials and property, plant and equipment
|
144
|
186
|
Provision for reinstatement
|
290
|
300
|
Deferred income
|
67
|
88
|
Contract liabilities
|
628
|
476
|
Other accrued expenses
|
279
|
287
|
Currency translation effect
|
62
|
(77)
|
Total
|
$3,363
|
$3,005
|
For the Year Ended
June 30,
| ||
2021 |
2020 | |
Beginning
|
$12
|
$39
|
Additions charged to cost and expenses
|
7
|
1
|
Utilization
|
(4)
|
(27)
|
Currency translation effect
|
(1)
|
(1)
|
Ending
|
$14
|
$12
|
June 30, 2021
|
June 30, 2020
| |
Note payable denominated in RM for expansion plans in Malaysia, maturing in August 2024, bearing interest at the bank's prime rate less 2.00% (3.60% and 3.85% at June 30, 2021 and June 30, 2020) per annum, respectively, with monthly payments of principal plus interest through August 2028, collateralized by the acquired building with a carrying value of $2,579 and $2,543, as at June 30, 2021 and June 30, 2020, respectively.
|
$1,885
|
$2,206
|
Financial arrangement at fixed interest rate 3.2% per annum with monthly payments of principal plus interest through July 2025
|
$175
|
-
|
Total bank loans payable
|
2,060
|
2,206
|
Current portion of bank loans payable
|
428
|
384
|
Currency translation effect on current portion of bank loans
|
11
|
(14)
|
Current portion of bank loans payable
|
439
|
370
|
Long term portion of bank loans payable
|
1,564
|
1,911
|
Currency translation effect on long-term portion of bank loans
|
57
|
(75)
|
Long term portion of bank loans payable
|
$1,621
|
$1,836
|
2022
|
$439
|
2023
|
457
|
2024
|
462
|
2025
|
208
|
2026
|
171
|
Thereafter
|
323
|
Total obligations and commitments
|
$2,060
|
2021
|
$370
|
2022
|
384
|
2023
|
400
|
2024
|
403
|
2025
|
158
|
Thereafter
|
491
|
Total obligations and commitments
|
$2,206
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Revenue
| ||
Customer A
|
37.7%
|
38.4%
|
Customer B
|
9.7%
|
17.6%
|
Trade Account Receivables
| ||
Customer A
|
34.7%
|
40.6%
|
Customer B
|
11.8%
|
6.3%
|
Business Segment Information:
|
Year
|
Operating
|
Depr.
| ||||
Ended
|
Net
|
Income
|
Total
|
and
|
Capital
| |
June 30,
|
Revenue
|
(Loss)
|
Assets
|
Amort.
|
Expenditures
| |
Manufacturing
|
2021
|
$13,151
|
$376
|
$13,622
|
$411
|
$350
|
2020
|
$11,605
|
$(326)
|
$9,807
|
$346
|
$134
| |
Testing Services
|
2021
|
13,846
|
(997)
|
21,099
|
2,570
|
762
|
2020
|
14,840
|
(1,040)
|
21,086
|
2,578
|
834
| |
Distribution
|
2021
|
5,437
|
657
|
1,156
|
4
|
-
|
2020
|
7,958
|
751
|
875
|
100
|
-
| |
Real Estate
|
2021
|
28
|
(116)
|
2,070
|
74
| |
2020
|
62
|
(97)
|
3,587
|
76
| ||
Fabrication
|
2021
|
-
|
-
|
-
|
-
|
-
|
Services*
|
2020
|
-
|
-
|
27
|
-
|
-
|
Corporate &
|
2021
|
-
|
(10)
|
359
|
-
| |
Unallocated
|
2020(Restated)
|
-
|
(235)
|
278
|
-
| |
Total Company
|
2021
|
$32,462
|
$(70)
|
$38,306
|
$3,059
|
$1,112
|
2020
|
$34,465
|
$(947)
|
$35,660
|
$3,100
|
$1,017
|
For the Year Ended
June 30,
| ||
2021 |
2020
| |
Interest income
|
118
|
177
|
Other rental income
|
100
|
110
|
Exchange loss
|
(69)
|
(35)
|
Bad debt recovery/ (expense)
|
9
|
(59)
|
Extinguishment of PPP loan
|
121
|
-
|
Dividend income
|
32
|
-
|
Other miscellaneous income
|
52
|
141
|
Total
|
$363
|
$334
|
For the Year Ended
June 30,
| ||
2021 |
2020
| |
Government grants
|
514
|
778
|
For the Year Ended
June 30,
| ||
2021 |
2020
| |
United States
|
(53)
|
(740)
|
International
|
(846)
|
1,847
|
Total
|
$(899)
|
$1,107
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Current:
| ||
Federal
|
$13
|
$(1)
|
State
|
2
|
2
|
Foreign
|
352
|
212
|
$367
|
$213
| |
Deferred:
| ||
Federal
|
$-
|
$-
|
State
|
-
|
-
|
Foreign
|
(139)
|
(225)
|
(139)
|
(225)
| |
Total provisions
|
$228
|
$(12)
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Statutory federal tax rate
|
21.00%
|
21.00%
|
State taxes, net of federal benefit
|
(0.41)
|
(0.50)
|
Permanent items and credits
|
4.1
|
13.95
|
Foreign rate differential
|
74.02
|
(33.86)
|
Other
|
0.67
|
2.14
|
Changes in valuation allowance
|
(74.02)
|
(3.73)
|
Tax reform related to one-time repatriation tax
|
-
|
-
|
Effective rate
|
25.36%
|
(1.00)%
|
For the Year Ended
June 30,
| ||
Deferred tax assets:
|
2021 |
2020
|
Net operating losses and credits
|
$782
|
$487
|
Inventory valuation
|
144
|
121
|
Provision for bad debts
|
-
|
785
|
Accrued vacation
|
12
|
37
|
Accrued expenses
|
134
|
188
|
Fixed asset basis
|
3
|
1
|
Investment in subsidiaries
|
77
|
277
|
Unrealized gain
|
4
|
24
|
Other
|
12
|
51
|
Total deferred tax assets
|
$1,168
|
$1,971
|
Deferred tax liabilities:
| ||
Depreciation
|
(329)
|
(359)
|
Others
|
(-)
|
(76)
|
Total deferred income tax liabilities
|
$(329)
|
$(435)
|
Subtotal
|
839
|
1,536
|
Valuation allowance
|
(622)
|
(1,289)
|
Net deferred tax assets
|
$217
|
$247
|
Presented as follows in the balance sheets:
| ||
Deferred tax assets
|
217
|
247
|
Deferred tax liabilities
|
-
|
-
|
Net deferred tax assets
|
$217
|
$247
|
June 30,
|
June 30,
| |
2021 |
2020 | |
Trade Account Receivables
|
8,293
|
5,951
|
Accounts Payable
|
3,702
|
2,590
|
Contract Assets
|
337
|
216
|
Contract Liabilities
|
628
|
476
|
For the Year Ended
June 30,
| ||
2021 |
2020
(Restated)
| |
(Loss) / Income attributable to Trio-Tech International common shareholders from continuing operations, net of tax
|
$(575)
|
$879
|
Loss attributable to Trio-Tech International common shareholders from discontinued operations, net of tax
|
$(16)
|
$(1)
|
Net (Loss) / income attributable to Trio-Tech International common shareholders
|
(591)
|
878
|
Weighted average number of common shares outstanding - basic
|
3,768
|
3,673
|
Dilutive effect of stock options
|
117
|
53
|
Number of shares used to compute earnings per share - diluted
|
3,885
|
3,726
|
Basic (Loss) / Earnings per Share:
| ||
Basic (loss) / earnings per share from continuing operations attributable to Trio-Tech International
|
$(0.16)
|
$0.24
|
Basic loss per share from discontinued operations attributable to Trio-Tech International
|
$-
|
$-
|
Basic (Loss) / Earnings per Share from net income attributable to Trio-Tech International
|
$(0.16)
|
$0.24
|
Diluted (Loss) / Earnings per Share:
| ||
Diluted (loss) / earnings per share from continuing operations attributable to Trio-Tech International
|
$(0.15)
|
$0.24
|
Diluted loss per share from discontinued operations attributable to Trio-Tech International
|
-
|
-
|
Diluted (Loss) / Earnings per Share from net income attributable to Trio-Tech International
|
$(0.15)
|
$0.24
|
For the Year Ended
June 30,
| ||
2021
|
2020
| |
Expected volatility
|
40.89% to 69.03%
|
40.89% to 55.19%
|
Risk-free interest rate
|
0.14% to 2.35%
|
0.30% to 2.35%
|
Expected life (years)
|
2.5 - 3.25
|
2.5 - 3.25
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
| |
Outstanding at July 1, 2020
|
196,000
|
$3.92
|
3.72
|
$36
|
Granted
|
71,000
|
5.03
|
4.16
|
14
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited or expired
|
-
|
-
|
-
|
-
|
Outstanding at June 30, 2021
|
267,000
|
4.21
|
3.22
|
290
|
Exercisable at June 30, 2021
|
164,750
|
4.35
|
2.74
|
173
|
Options
|
Weighted Average Grant-Date
Fair Value
| |
Non-vested at July 1, 2020
|
98,000
|
$1.79
|
Granted
|
71,000
|
1.88
|
Vested
|
(66,750)
|
1.83
|
Forfeited
|
-
|
-
|
Non-vested at June 30, 2021
|
102,250
|
$2.29
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
| |
Outstanding at July 1, 2019
|
136,000
|
$4.53
|
4.28
|
$-
|
Granted
|
60,000
|
2.53
|
2.73
|
36
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited or expired
|
-
|
-
|
-
|
-
|
Outstanding at June 30, 2020
|
196,000
|
3.92
|
3.72
|
36
|
Exercisable at June 30, 2020
|
98,000
|
4.44
|
3.41
|
9
|
Options
|
Weighted Average Grant-Date
Fair Value
| |
Non-vested at July 1, 2019
|
87,000
|
$1.43
|
Granted
|
60,000
|
0.85
|
Vested
|
(49,000)
|
1.51
|
Forfeited
|
-
|
-
|
Non-vested at June 30, 2020
|
98,000
|
$1.79
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
| |
Outstanding at July 1, 2020
|
77,500
|
$3.69
|
1.22
|
$-
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
(40,000)
|
3.26
|
-
|
-
|
Forfeited or expired
|
-
|
-
|
-
|
-
|
Outstanding at June 30, 2021
|
37,500
|
$4.14
|
0.75
|
$-
|
Exercisable at June 30, 2021
|
37,500
|
$4.14
|
0.75
|
$-
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
| |
Outstanding at July 1, 2019
|
77,500
|
$3.69
|
2.22
|
$-
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited or expired
|
-
|
-
|
-
|
-
|
Outstanding at June 30, 2020
|
77,500
|
$3.69
|
1.22
|
$-
|
Exercisable at June 30, 2020
|
77,500
|
$3.69
|
1.22
|
$-
|
Weighted Average Grant-Date
| ||
Options
|
Fair Value
| |
Non-vested at July 1, 2020
|
-
|
$-
|
Granted
|
-
|
-
|
Vested
|
-
|
-
|
Forfeited
|
-
|
-
|
Non-vested at June 30, 2021
|
-
|
$-
|
Weighted Average Grant-Date
| ||
Options
|
Fair Value
| |
Non-vested at July 1, 2019
|
9,375
|
$1.22
|
Granted
|
-
|
-
|
Vested
|
(9,375)
|
1.22
|
Forfeited
|
-
|
-
|
Non-vested at June 30, 2020
|
-
|
$-
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
| |
Outstanding at July 1, 2020
|
240,000
|
$3.93
|
3.75
|
$48
|
Granted
|
80,000
|
5.27
|
4.64
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited or expired
|
-
|
-
|
-
|
-
|
Outstanding at June 30, 2021
|
320,000
|
4.27
|
3.22
|
340
|
Exercisable at June 30, 2021
|
320,000
|
4.27
|
3.22
|
340
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
| |
Outstanding at July 1, 2019
|
160,000
|
$4.63
|
4.25
|
$-
|
Granted
|
80,000
|
2.53
|
4.73
|
48
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited or expired
|
-
|
-
|
-
|
-
|
Outstanding at June 30, 2020
|
240,000
|
3.93
|
3.75
|
48
|
Exercisable at June 30, 2020
|
240,000
|
3.93
|
3.75
|
48
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
| |
Outstanding at July 1, 2020
|
250,000
|
3.32
|
0.83
|
22
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
(200,000)
|
3.12
|
-
|
-
|
Forfeited or expired
|
-
|
-
|
-
|
-
|
Outstanding at June 30, 2021
|
50,000
|
4.14
|
0.75
|
45
|
Exercisable at June 30, 2021
|
50,000
|
4.14
|
0.75
|
45
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
| |
Outstanding at July 1, 2019
|
300,000
|
3.40
|
1.58
|
9
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited or expired
|
(50,000)
|
3.81
|
-
|
-
|
Outstanding at June 30, 2020
|
250,000
|
3.32
|
0.83
|
22
|
Exercisable at June 30, 2020
|
250,000
|
3.32
|
0.83
|
22
|
2022
|
$145
|
2023
|
$16
|
$161
|
2021
|
$120
|
2022
|
$114
|
$234
|
June 30,
| ||
Components of Lease Balances
|
2021
| |
Assets
| ||
Gross financial sales receivable
|
$65
| |
Unearned finance income
|
(7)
| |
Financed Sales Receivable
|
$58
| |
Net financed sales receivables due within one year
|
$19
| |
Net financed sales receivables due after one year
|
$39
|
June 30,
| ||
Components of Lease Balances
|
Classification
|
2021
|
Assets
| ||
Operating lease assets
|
Right-of-use asset-operating, net
|
$1,876
|
Finance lease assets
|
Property, plant & equipment
|
1,413
|
Accumulated amortization
Right-of-use asset
|
(1,199)
| |
Assets
|
Property, plant & equipment
|
$214
|
Total Leased Assets
|
$2,090
|
Liabilities
| ||
Operating Lease Liabilities
| ||
Current portion
|
Current portion of lease liability- operating
|
$672
|
Long-term portion
|
Lease liability- operating, net of current portion
|
1,204
|
Total Operating Lease Liabilities
|
$1,876
| |
Finance Lease Liabilities
| ||
Current portion of finance leases
|
Current portion of lease liability- finance
|
$197
|
Net of current portion of finance leases
|
Lease liability- finance, net of current portion
|
253
|
Total Finance Lease Liabilities
|
$450
| |
Total Lease Liabilities
|
$2,326
|
3 Months Ended
|
12 Months Ended
| |
Lease Cost
|
June 30, 2021 | |
Finance lease cost:
| ||
Interest on lease liabilities
|
7
|
$42
|
Amortization of right-of-use asset
|
74
|
334
|
Total Finance Lease Cost
|
81
|
376
|
Operating Lease Costs
|
$199
|
$765
|
June 30,
| |
2021
| |
Cash paid for amounts included in the measurement of lease liabilities
| |
Operating cash flows from finance leases
|
$(40)
|
Operating cash flows from operating leases
|
$(764)
|
Right-of-use assets obtained in exchange for new operating lease liabilities
|
$932
|
Weighted average remaining lease term (years):
| |
Finance leases
|
2.72
|
Operating leases
|
3.09
|
Weighted average discount rate:
| |
Finance leases
|
3.56
|
Operating leases
|
4.60
|
Operating Lease Liabilities
|
Finance Lease Liabilities
| |
Fiscal Year
| ||
2022
|
748
|
218
|
2023
|
537
|
137
|
2024
|
313
|
111
|
2025
|
291
|
22
|
Thereafter
|
156
|
-
|
Total future minimum lease payments
|
$2,045
|
$488
|
Less: amount representing interest
|
(169)
|
(38)
|
Present value of net minimum lease payments
|
1,876
|
450
|
Presentation on statement of financial position
| ||
Current
|
$672
|
$197
|
Non-Current
|
$1,204
|
$253
|
Operating Lease Liabilities
|
Finance Lease Liabilities
| |
Fiscal Year
| ||
2021
|
509
|
265
|
2022
|
317
|
211
|
2023
|
168
|
133
|
2024
|
-
|
107
|
Thereafter
|
-
|
20
|
Total future minimum lease payments
|
$994
|
$736
|
Less: amount representing interest
|
(50)
|
(70)
|
Present value of net minimum lease payments
|
944
|
666
|
Presentation on statement of financial position
| ||
Current
|
$477
|
$231
|
Non-Current
|
$467
|
$435
|
For the Year Ended June 30,
| ||
Noncontrolling interest
|
2021 |
2020 |
Beginning balance
|
$1,180
|
$1,195
|
Net (loss)/ income
|
(564)
|
238
|
Dividend declared by a subsidiary
|
(189)
|
(235)
|
Translation adjustment
|
(8)
|
(18)
|
Ending balance
|
$419
|
$1,180
|
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Trio-Tech International published this content on 01 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2021 19:11:08 UTC.