WARRANTS	12 Months Ended
Jun. 30, 2026
WARRANTS
WARRANTS	11. WARRANTS On August 14, 2025, the Company issued a warrant (Warrant) to JPMC Strategic Investments I Corporation (JPMC) to acquire 500,000 shares of the Company’s common stock at an exercise price of $7.10 per share. The Warrant was issued without cash consideration and is exercisable through the fifth anniversary of issuance. The offer and issuance of the Warrant is expected to be exempt from registration under the Securities Act, pursuant to Section 4(a)(2) of the Securities Act. JPMC has represented to the Company that it is an “accredited investor” as defined in Regulation D and that the Warrant is being acquired for investment purposes and not with a view to, or for sale in connection with, any distribution thereof. The Warrant was first evaluated under ASC Topic 480, Distinguishing Liabilities from Equity, and determined that it does not meet the criteria for a liability classification. The Warrant was then evaluated under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and determined to be an equity-classified instrument. Accordingly, the fair value of the warrant at grant date was recognized in additional paid-in capital within stockholders’ equity. The grant-date fair value of the Warrant was estimated at $2.70 per share using the Black-Scholes valuation model with the following assumptions: expected volatility of 54%, risk-free interest rate of 2.87%, expected term of 5 years, and no expected dividends. The total fair value of the Warrant was $1.4 million and was recognized as a non-cash general and administrative expense during the twelve months ended June 30, 2026. No warrants were issued in fiscal year 2025. No warrants were exercised or expired during the twelve months ended June 30, 2026.

WARRANTS

12 Months Ended

Jun. 30, 2026

11. WARRANTS

On August 14, 2025, the Company issued a warrant (Warrant) to JPMC Strategic Investments I Corporation (JPMC) to acquire 500,000 shares of the Company’s common stock at an exercise price of $7.10 per share. The Warrant was issued without cash consideration and is exercisable through the fifth anniversary of issuance. The offer and issuance of the Warrant is expected to be exempt from registration under the Securities Act, pursuant to Section 4(a)(2) of the Securities Act. JPMC has represented to the Company that it is an “accredited investor” as defined in Regulation D and that the Warrant is being acquired for investment purposes and not with a view to, or for sale in connection with, any distribution thereof.

The Warrant was first evaluated under ASC Topic 480, Distinguishing Liabilities from Equity, and determined that it does not meet the criteria for a liability classification. The Warrant was then evaluated under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, and determined to be an equity-classified instrument. Accordingly, the fair value of the warrant at grant date was recognized in additional paid-in capital within stockholders’ equity.

The grant-date fair value of the Warrant was estimated at $2.70 per share using the Black-Scholes valuation model with the following assumptions: expected volatility of 54%, risk-free interest rate of 2.87%, expected term of 5 years, and no expected dividends. The total fair value of the Warrant was $1.4 million and was recognized as a non-cash general and administrative expense during the twelve months ended June 30, 2026. No warrants were issued in fiscal year 2025.

No warrants were exercised or expired during the twelve months ended June 30, 2026.