Company: PDEX
Filing Date: 2025-01-30
Form Type: 10-Q
Source: 0001079973-25-000164
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Company: PRO DEX INC
Filing Date: 2025-01-30
Form: 10-Q
Item: Item 2
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(UNAUDITED)

NOTE 1. BASIS OF PRESENTATION

The
accompanying unaudited condensed consolidated financial statements of Pro-Dex, Inc. (“we,” “us,” “our,”
“Pro-Dex,” or the “Company”) have been prepared in accordance with accounting principles
generally accepted in the United States (“U.S.
GAAP”) for interim financial information and the instructions to Form 10-Q and applicable
provisions of Regulation S-K. Accordingly, they do not include all of the information and
footnotes required by U.S. GAAP for complete financial statements. These financial statements
should be read in conjunction with the financial statements presented in our Annual Report on Form
10-K for the fiscal year ended June 30, 2024. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included. The results of operations for such interim periods are not necessarily indicative of the results that
may be expected for the full year. For further information, refer to the financial statements and footnotes thereto included in our Annual
Report on Form 10-K for the year ended June 30, 2024.

Recently
Issued and Not Yet Adopted Accounting Pronouncements

In
December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2023-09, Income Taxes: Improvements to Income Tax Disclosures (Topic 740). ASU 2023-09 expands the existing rules on income tax
disclosures. This update requires entities to disclose specific categories in the tax rate reconciliation, provide additional information
for reconciling items that meet a quantitative threshold and disclose additional information about income taxes paid on an annual basis.
The new disclosure requirements are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are
currently evaluating these new expanded disclosure requirements, but this standard will not impact our results of operations or financial
position.

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (Topic280), which
expands disclosure requirements to require entities to disclose significant segment expenses that are regularly provided to, or easily
computed from information regularly provided to, the entity’s chief operating decision maker. This update also requires all annual
disclosures currently required by Topic 280 to be disclosed in interim periods. The new disclosure requirements are effective for