RELATED PARTY TRANSACTIONS |
9 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 13 - RELATED PARTY TRANSACTIONS
Tallahassee Magnetic Resonance Imaging, Inc., Stand Up MRI of Boca Raton, Inc., and Stand Up MRI & Diagnostic Center, Inc. (all related medical practices) entered into a guaranty agreement, pursuant to which they cross guaranteed all management fees which are payable to the Company, which have arisen under each individual management agreement. As of March 31, 2026 and June 30, 2025, the net revenues owed to the Company was $10,042 and $9,748, respectively.
Bensonhurst MRI Limited Partnership (“Bensonhurst”), in which the CEO and President of the Company holds an interest, is party to an agreement with the Company for the service and maintenance of its Upright MRI Scanner for a price of $110 per annum. On February 1, 2024, Bensonhurst entered into a second contract with the Company for the service and maintenance of a High-Field MRI Scanner for a price of $70 per annum. For the nine months ended March 31, 2026 and 2025, the Company recorded service and repair fees of $135 and $135, respectively, from Bensonhurst. Also during the nine months ended March 31, 2026 and 2025, the Company charged Bensonhurst $513 and $340, respectively, for reimbursable salaries and marketing expenses.
Integrity Healthcare Management, LLC, which is owned by the CEO and President of the Company, owns a 7.1% interest in HMCA’s Class A membership and receives distributions from the Company.
Radian Healthcare Management, LLC (“Radian”), which is owned by the son-in-law of the CEO and President of the Company, provided the Company with personnel recruitment of new employees at a fee of approximately $125 and $150 for the nine months ended March 31, 2026 and 2025, respectively.
On December 31, 2023, the Company entered into an agreement with Magnetic Resonance Management, LLC (“MRM”) for the sale of a MRI scanner. MRM is owned by the CEO and President of the Company. The sales price of the equipment was $577 which is payable based upon a promissory note dated December 1, 2023. The note bears interest at a rate of 9% and is payable in full at the maturity of the note in December 2028. During the nine months ended March 31, 2026 and 2025, the Company recorded $36 and $39 in investment income, respectively, on this promissory note. Also during the three months ended March 31, 2026 and 2025, the Company recorded $12 and $13 in investment income, respectively. The Company has the option but not the obligation to re-take possession of the scanner in lieu of payment upon maturity of the note.
There were special one-time cash fee paid to the Company’s disinterested directors for their service on the Special Committee, which were paid in six equal monthly installments beginning in July 2025 and ending in December 2025 and were not contingent on consummation of the Merger or upon any other factor. Rick Turk received $200 as Chair of the committee and Robert Carrino received $175.
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