LINE OF CREDIT PAYABLE – RELATED PARTY |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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| LINE OF CREDIT PAYABLE – RELATED PARTY | 19. LINE OF CREDIT PAYABLE – RELATED PARTY
Between December 20, 2024, and June 30, 2026, the Company borrowed an aggregate of $3,350,154, evidenced by a Secured Promissory Note, dated December 1, 2024, and as amended on April 22, 2025, under a planned committed Line of Credit with BOS Investment Inc. to borrow up to an aggregate of $5,000,000. BOS is an affiliate of Michael Singh, the Company’s Co-CEO. The Company used a portion of the proceeds from the loan for the acquisition of an additional operating property in Belize. The Line of Credit has an outstanding principal balance of $3,350,154 at June 30, 2026, and bears interest at 3.5 percent per annum. Subsequent to June 30, 2026, BOS Investments Inc. advised the Company that it would not provide additional advances under the previously contemplated $5,000,000 credit facility. Accordingly, the borrowing capacity under the facility has been limited to the aggregate outstanding principal balance of $3,350,154 as of June 30, 2026. No additional funding is available under the facility.
On April 22, 2025, the parties entered into an amendment to the Secured Promissory Note, to provide that principal and interest shall be due on June 1, 2025.
On August 31, 2025, the parties entered into an amendment to the Secured Promissory Note, to provide that principal and interest shall be due November 30, 2025.
Effective February 3, 2026, the parties entered into an amendment to the Secured Promissory Note, to provide that principal and interest shall be due February 28, 2026.
Effective May 11, 2026, the parties entered into an amendment to the Secured Promissory Note, to provide that principal and interest shall be due June 15, 2026.
Effective June 15, 2026, the parties entered into an amendment to the Secured Promissory Note to provide that principal and interest shall be due December 8, 2026.
The note is secured by a first-priority lien on substantially all of the assets of the Company, as previously disclosed by the Company. The collateral arrangement is subject to the terms of the applicable security documents and any existing liens, mortgages, or other security interests.
The secured note contains customary events of default, including provisions permitting the lender to accelerate repayment of outstanding principal and accrued interest upon the occurrence of specified defaults.
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