Note 15 - Related Party Transactions |
12 Months Ended | ||
|---|---|---|---|
Jun. 30, 2026 | |||
| Notes to Financial Statements | |||
| Related Party Transactions Disclosure [Text Block] |
Service Agreement. During the year ended June 30, 2026, the Company continued to be a party to a service agreement (the “Service Agreement”) with Riverview Financial Corp ("Riverview"). Riverview was the sole shareholder of Fields Management, Inc. (“FMI”) which was merged into Riverview and Riverview became party to the Service Agreement by assumption of the Service Agreement. Riverview, like FMI prior to the merger, provided certain executive management services to the Company, including designating Randall K. Fields to perform the functions of President and Chief Executive Officer for the Company. Mr. Fields, Riverview’s designated executive, who also serves as the Company’s Chair of the Board of Directors, controls Riverview. During the years ended June 30, 2026 and 2025, the Company paid Riverview $1,025,617 and $1,025,617 respectively, in connection with the Service Agreement. The Company had payables to Riverview under the Service Agreement as of June 30, 2026 or June 30, 2025.
During the year ended June 30, 2026, the Company redeemed and retired an aggregate of $1,874,993 in Series B Preferred from Mr. Randall K. Fields, affiliates of Mr. Fields, and Robert W. Allen. During the year ended June 30, 2025, the Company redeemed and retired an aggregate of $2,937,749 in Series B Preferred from Mr. Randall K. Fields, affiliates of Mr. Fields, and Robert W. Allen. During the year ended June 30, 2024, the Company redeemed and retired an aggregate of $95,284 in Series B Preferred and $2,272,701 in Series B-1 Preferred from Mr. Randall K. Fields, affiliates of Mr. Fields, and Robert W. Allen. Mr. Allen is a director of the Company.
Relationship with Borrower
The Company evaluated its relationship with SPAR Marketing Force, Inc. (the "Borrower") under ASC 850, Related Party Disclosures, and determined that the Borrower is not a related party, as it is not under common control with the Company and does not meet the criteria for significant influence.
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