SUBSEQUENT EVENTS |
12 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 17. SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued. Based upon this review, other than described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements, other than as described below.
On July 1, 2026, the number of shares available for issuance under the Incentive Plan increased by shares, equal to 5% of the total number of shares outstanding as of that date, in accordance with the terms of the Plan.
On July 14, 2026, the Board of Directors authorized the execution and delivery of equity award agreements in connection with stock option grants previously approved by the Company. Under the authorized agreements, the Company issued Nonstatutory Stock Option Agreements reflecting, 2025 Stock Options: An aggregate of stock options granted to officers, directors, and key personnel, with an expiration date of January 26, 2030 and 2026 Director Stock Options: An aggregate of stock options granted to members of the Board of Directors, with an expiration date of June 30, 2031.
Also July 14, 2026, each of Messrs. Schaible and Ridenhour received shares in connection with the one-time grant of shares of Common Stock as well as one-time grants of shares of restricted stock, in each case pursuant to their respective employment agreements. On July 17, 2026, the Compensation Committee of the Company’s Board of Directors approved in principal the modification of the terms of the performance-based stock awards issuable to Messrs. Schaible, Ridenhour and Patel pursuant to their respective employment agreements, to change the applicable price trigger adjustments to $0.44, $0.59, $0.73, $0.88 and $1.02 and the VWAP measurement period from 10 days to 3 days.
On July 23, 2026, the Company received two cash less warrant exercise notices from the Warrant Liability holders, resulting in warrants exercised and the issuance of shares of Common Stock valued at $18,478.
On September 11, 2026, the Company and Sixth Borough Capital Fund, LP entered into Amendment No. 1 to Debenture Agreement (the “Amendment”). The Amendment amends the Debenture Agreement, dated August 4, 2025 (the “Debenture”), between the Company and the Holder, pursuant to which the Company borrowed the principal amount of $500,000 from the Holder to extend the maturity date of the Debenture from August 3, 2026 to February 3, 2027, subject to accelerated repayment under certain circumstances. The Holder is an entity controlled by Robert D. Keyser, Jr., a member of the Company’s board of directors. |