SUBSEQUENT EVENTS |
12 Months Ended |
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Jun. 30, 2026 | |
| SUBSEQUENT EVENTS [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 19 – SUBSEQUENT EVENTS
The Company has evaluated events and transactions occurring after June 30, 2026, through the date these consolidated financial statements
were issued for potential recognition or disclosure in the consolidated financial statements and identified the following material subsequent events.
Additional Streeterville Secured Promissory Notes
In addition to the promissory notes discussed in Note 10, on August 13, 2026, the Company issued the fifth secured promissory note (“Note #5”) to the Investor under the note purchase agreement in the aggregate principal amount of $547,500 which included an original issue discount of $45,000 and transaction expenses of $2,500. Note #5 matures on February 13, 2028. Proceeds from Note #5 were used to begin the purchase of approximately 130,000 shares of National Healthcare Properties, Inc. (“NHP”) for $7.27 per share of common stock in a tender offer, which stock automatically converts to Class A common stock on October 19, 2026, which has closed on the New York Stock Exchange in the range of $14.65 and $17.08 since June 30, 2026.
Also on August 13, 2026, the Company issued a promissory note (“Collateral Note”) in the principal amount of $1,370,000, which included an original issue discount of $68,500 and transaction expenses of $1,500. The Collateral Note matures on October 30, 2026. The proceeds of the Collateral Note were used to provide collateral to support the short sale of 80,000 shares of NHP at an average price of $16.35 per share, which short position the Company intends to close by delivery of shares on or about October 19, 2026.
On August 26, 2026, the Company issued the sixth secured promissory note (“Note #6”) to the Investor under the note purchase agreement in the aggregate principal amount of $547,500 which included an original issue discount of $45,000 and transaction expenses of $2,500. Note #6 matures on February 26, 2028. The proceeds of Note #6 were used to purchase the remaining shares described above regarding Note #5.
For the first five months following issuance of each secured promissory note, the Company is required to make monthly payments equal to the accrued interest. Beginning in the sixth month and continuing until maturity, the Company must make monthly payments of $45,625 and $45,625 on Note #5 and Note #6, respectively, plus accrued interest.
Sale of Woodland Corporate Center Two
In September 2026, the Company entered into a purchase and sale agreement with a third party to sell Woodland Corporate Center Two, which was held for sale and discussed in Note 5. The sale
is subject to customary closing conditions.
Line of Credit Amendment
On September 28, 2026, the Company amended its revolving line of credit agreement with PRES, discussed in Note 10, to increase the maximum amount available under the line of credit from $10,000,000 to $18,000,000. The amendment did not change the fixed annual interest rate of 10% or the maturity date of December 31, 2027.
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