Note 17 - Subsequent Events

12 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

(17) Subsequent Events

As previously discussed in Note 7, on September 3, 2021, the Company entered into the Amended Notes with Mr. Pickens, in connection with the Original Notes, pursuant to which, (a) the principal amount of $1.0 million and accrued interest of $172 thousand on the 2020 Note was paid in full and the 2020 Note was canceled, and (b) $1.0 million of the principal amount and $330 thousand of accrued interest on the 2019 Note was paid and the maturity date on the remaining balance of $500 thousand of the 2019 Note was extended to September 5, 2022. As such, on September 5, 2022, the 2019 Note matured and the principal amount of $500 thousand and accrued interest of $55 thousand was paid in full and the 2019 Note was canceled. With the cancelation of the 2019 Note, the Amended Subsidiary Guarantee was terminated and the Subsidiaries' Collateral was released.