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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 5 - Debt
Debt consists of convertible notes payable, notes payable, convertible notes payable – related parties, note payable - related party, mortgage notes payable secured by the Company’s two hotel properties, and a revolving line of credit - related party.
The following table summarizes the Company’s debt obligations as of June 30, 2026 and 2025:
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
Loans #1 through #14, #29, #37 and #38 were in default at June 30, 2026, with principal in default totaling $7,049,557. Loans #16 and #17 were converted into common stock during the year ended June 30, 2026 and were not outstanding at June 30, 2026.
The common stock equivalents above include shares issuable on conversion of Loans #13, #14, #15, #39, #40 and #41 that are subject to contractual lock-up provisions and are not currently eligible for conversion. These shares are excluded from the anti-dilutive securities table in Note 2. The equivalent shares in the table above total , of which are subject to the lock-up, leaving included as convertible debt in the anti-dilutive securities table in Note 2. See Note 8.
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
Convertible Notes Payable
The Company’s convertible notes payable are summarized as follows:
The Company’s convertible notes payable are detailed as follows:
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
The conversion price of each note is determined under one of four (4) structures:
Structure A adjusts only for stock splits, stock dividends, reclassifications and similar transactions. Because the conversion price under Structures B, C and D contains a variable component that can result in settlement in a variable number of shares, the embedded conversion feature in each of those notes is not indexed to the Company’s own stock and was bifurcated from the host instrument and recorded as a derivative liability. Each feature was measured at fair value at issuance, and the derivative liabilities are remeasured at fair value at each reporting date with changes recognized in other income (expense) - net. The conversion features under Structure A were not bifurcated. See Notes 11 and 12.
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
Fiscal Year Ended June 30, 2026
The Company issued three (3) senior secured convertible notes to an institutional investor under separate Securities Purchase Agreements (Loans #39, #40 and #41), the same lender that holds Loans #1 through #15, and issued one convertible note to an accredited investor (Loan #43).
The stated rate on Loans #39, #40 and #41 decreases to 5% per annum during periods when the Company’s common stock is listed for trading on a national securities exchange. The original issue discount on each Note increases by 3% of the total outstanding balance on each anniversary of the issuance date until the applicable Note is no longer outstanding.
Because the conversion price contains a variable component that can result in settlement in a variable number of shares, the Company determined that the embedded conversion feature in each Note requires bifurcation from the host debt instrument as a derivative liability.
The derivative liabilities are remeasured at fair value at each reporting date, with changes recognized in the consolidated statements of operations as a component of other income (expense), net. See Notes 11 and 12.
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
At the issuance date of each Note, the Company measured the bifurcated conversion feature at fair value. The resulting debt discount, together with the original issue discount, was limited to the face amount of the applicable Note, and the excess of the derivative fair value over the net proceeds was recognized as a charge to derivative expense during the year ended June 30, 2026. The aggregate debt discount associated with each Note is being amortized to interest expense over the one-year term of the Note using the effective interest method.
Fiscal Year Ended June 30, 2025
Convertible Notes Payable - Settlement of SWC Vendor Obligations
In connection with the acquisition of SWC Group Inc. on March 31, 2025, the Company entered into settlement agreements with certain former vendors and creditors of SWC under which SWC’s outstanding trade payables were extinguished and replaced with convertible promissory notes issued by the Company. The notes have an aggregate face value of $759,776, consisting of $530,572 issued to third parties and $229,204 issued to related parties, bear interest at 15% per annum with a default rate of 15%, are unsecured, and mature September 4, 2027. See the related party convertible notes discussion below.
Each note is convertible at the holder’s option into shares of common stock at a conversion price equal to 65% of the lowest trading price during the twenty (20) trading days preceding the conversion date. The conversion right was conditioned on completion of the SWC merger and became exercisable at the closing on March 31, 2025. Because the conversion price is variable and the notes are settleable in an indeterminate number of shares, the conversion features are not indexed to the Company’s own stock and were bifurcated from the host instruments and accounted for as derivative liabilities under ASC 815-15-25-1 and ASC 815-40-15-7.
The bifurcated conversion features were measured at an aggregate fair value of $1,413,568 at issuance, consisting of $987,131 on the third party notes and $426,437 on the related party notes. The resulting debt discount was limited to the face amount of the notes, or $759,777, and the excess of fair value over face of $653,792, consisting of $456,559 on the third party notes and $197,233 on the related party notes, was charged to derivative expense for the year ended June 30, 2025. The discount is amortized to interest expense over the term of the notes. The derivative liabilities are remeasured at fair value at each reporting date, with the change recorded in other income (expense), net.
See Notes 11 and 12.
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
Loans #16/#17 – Amendments
On July 23, 2024, the Company amended the notes to remove the right to adjust the conversion price. In exchange, the amounts due under the notes were increased by 10% and the Company issued shares of Series D convertible preferred stock. The Company evaluated the amendment under ASC 470-50-40 and concluded the terms were substantially different, resulting in a loss on extinguishment as follows:
See Note 8 for the Series D convertible preferred stock issued in connection with these extinguishments.
In April 2025, the maturity date of the notes was extended from April 2025 to November 1, 2025 with no additional consideration paid. The Company concluded the extension did not result in a substantially different instrument and accounted for it as a continuation of the existing debt, with no gain or loss recognized.
Debt Conversions
Fiscal Year Ended June 30, 2026
The Company issued shares of common stock on conversions of three convertible loans (loans #1, #16 and #17) at the fixed contractual conversion price of $0.033/share. Loans #16 and #17 were fully settled on conversion; loan #1 remained outstanding at June 30, 2026. Accordingly, no gain or loss was recognized on the conversions. The conversions are summarized below:
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
Fiscal Year Ended June 30, 2025
The Company issued shares of common stock on conversions of two convertible loans (loans #2 and #16) at the fixed contractual conversion price of $0.033/share. Accordingly, no gain or loss was recognized on the conversions. The conversions are summarized below:
The Company accounted for the conversions as extinguishments. The fair value of the common stock issued equaled the carrying amount of the debt extinguished, and no gain or loss was recognized.
Notes Payable
The following represents a summary of the Company’s notes payable at June 30, 2026 and 2025:
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
The following represents a detail of the Company’s notes payable at June 30, 2026 and 2025:
Loans #26/#27 - Notes Payable - Vehicles
The Company has two vehicle financing notes, each secured by the vehicle it financed.
Loans #30/#31 - Notes Payable - Victorville Hotel Acquisition
During April and June 2025, the Company entered into two (2) loan agreements with the seller of the Victorville hotel property. Under these agreements, the seller advanced the Company an aggregate of $1,547,000 for working capital purposes. The loans were unsecured and bore interest at 15% per annum. Pursuant to the loan terms, if the acquisition did not close, the loans would have become payable one (1) year from their respective commitment dates. If the acquisition closed, the outstanding principal and accrued interest would be forgiven in full.
The Victorville acquisition closed on August 27, 2025, and the aggregate balance of $1,547,000, together with accrued interest, was eliminated in consolidation as an intercompany amount upon the seller becoming a wholly owned subsidiary of the Company. Accordingly, these balances are not reflected in the notes payable schedule as of June 30, 2026.
Convertible Notes Payable - Related Parties
The following represents a summary of the Company’s convertible notes payable - related parties at June 30, 2026 and 2025:
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
The following represents a detail of the Company’s convertible notes payable - related parties at June 30, 2026 and 2025:
* These convertible notes are convertible at a discount, equal to 65% of the lowest market price over the preceding 20 days.
At June 30, 2026, unamortized debt discount was $94,969.
Loan #42
Convertible Note Payable - Related Party Settlement of Vendor Obligation
On March 31, 2026, the Company entered into a settlement agreement with a related party to extinguish $73,927 of outstanding accounts payable in exchange for a convertible promissory note issued by the Company with a face value of $73,927. The note bears interest at 15% per annum, matures on March 31, 2029, and is unsecured.
The note is convertible into shares of the Company’s common stock at a conversion price equal to 65% of the lowest trading price during the 20 trading days preceding the conversion date. Because the conversion price is variable and can result in settlement in a variable number of shares, the Company determined that the embedded conversion feature requires bifurcation from the host debt instrument as a derivative liability.
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
At the issuance date, the Company measured the bifurcated conversion feature at a fair value of $109,283, which exceeded the carrying amount of the accounts payable settled. The accounts payable were derecognized on settlement and the excess was recognized as a loss on settlement of accounts payable - related party. No debt discount was recorded. The fair value of the derivative liability was estimated using the Black-Scholes option pricing model. See Note 11 for the significant unobservable inputs used in the valuation.
The derivative liability is remeasured at fair value at each reporting date, with changes recognized in the consolidated statements of operations as a component of other income (expense), net.
See Notes 11 and 12.
Mortgage Notes Payable
The following represents a summary of the Company’s mortgage notes payable at June 30, 2026 and 2025:
During the fiscal year ended June 30, 2026, the Company completed the acquisitions of two hotel properties located in Victorville, California and Rancho Mirage, California. In connection with these acquisitions, the Company assumed existing mortgage indebtedness secured by the respective properties.
The assumed mortgage notes were recorded at their estimated fair values as of the respective acquisition dates in accordance with ASC 805. The fair value measurements reflected market-based assumptions regarding interest rates and credit spreads for comparable debt instruments at the time of each acquisition.
The Victorville acquisition resulted in the recognition of an assumed mortgage note with an acquisition-date fair value of $9,492,000, and the Rancho Mirage acquisition resulted in the recognition of an assumed mortgage note with an acquisition-date fair value of $9,992,000.
The assumed mortgage notes are secured by the respective hotel properties and contain customary covenants and repayment terms. See Note 9.
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
The following table presents a detail of the Company’s mortgage notes payable at June 30, 2026 and 2025:
Note Payable - Related Party (Loan #45)
On April 16, 2026, the Company entered into a settlement agreement with a related party to extinguish $10,590 of outstanding accounts payable in exchange for a promissory note. The note bears interest at 16% per annum, matures on April 16, 2027, and is unsecured.
Line of Credit - Related Party
On April 5, 2026, the Company entered into a revolving line of credit agreement with a related party lender providing for advances of up to $10,000,000 at the lender’s sole discretion, with no commitment or obligation to fund any request. The lender is a related party because it has significant influence and control over the Company’s hotel properties. The lender is controlled by an individual and also holds 281,021 shares of Series C Convertible Preferred Stock issued in connection with the Company’s hotel acquisitions (see Note 8). Interest expense on the line of credit was $75,231 for the year ended June 30, 2026, all of which was accrued and unpaid at that date and is included in accounts payable and accrued expenses - related parties (see Note 4).
The line bears interest at 10% per annum, payable monthly in arrears, with unpaid interest added to the outstanding balance at the lender’s option, is secured by a first priority security interest in substantially all of the Company’s assets, and may be prepaid at any time without penalty, with reborrowing of amounts repaid subject to the lender’s discretion.
Proceeds may be used only for working capital and general corporate purposes, and not to redeem or pay distributions on the Company’s equity securities or to fund payments to officers, directors or affiliates without the lender’s consent.
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
The initial term runs twelve (12) months from April 5, 2026, expiring April 5, 2027, and renews automatically for successive twelve (12) month periods absent written notice of non-renewal from either party at least thirty (30) days before the end of the then current term. The lender may terminate the agreement and any further advances at any time, for any reason, on thirty (30) days’ written notice, and immediately upon an event of default.
The agreement contains customary affirmative and negative covenants, including:
Events of default include customary payment, bankruptcy and covenant defaults, as well as:
Upon an event of default the lender may declare all obligations immediately due and payable, terminate further advances, and exercise the rights and remedies of a secured party against the collateral.
At June 30, 2026, $3,392,000 was outstanding, consisting of $3,182,000 of cash advances and $210,000 of obligations previously recorded in accounts payable - related party and reclassified to the line, and accrued interest was $75,231. The remaining $6,608,000 is not a commitment and is available only in the lender’s discretion.
The outstanding balance is classified as a current liability at June 30, 2026.
The following is a summary of the Company’s line of credit - related party:
NIGHTFOOD HOLDINGS, INC. AND SUBSIDIARIES DBA TECHFORCE ROBOTICS NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2026 AND 2025
Debt Maturities
The following table presents future maturities of the Company’s debt arrangements for the years ending June 30. The amounts presented in the annual maturity columns represent gross contractual principal payments, before unamortized debt discount. Unamortized debt discount is presented in a separate column so that the table reconciles to the carrying amounts of debt reported in the consolidated balance sheet. No principal payments are contractually due after June 30, 2029.
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