XML 42 R25.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events
12 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

(17) Subsequent Events

 

On September 3, 2021, the Company entered into (1) the Amended Notes with Mr. Pickens, in connection with the Original Notes, and (2) the Amended Security Agreements with the Subsidiaries, in connection with the Original Security Agreements, collectively the Amendments. Pursuant to the Amendments, (a) the principal amount and accrued interest on the 2020 Note was paid in full and the 2020 Note was cancelled, and (b) $1.0 million of the principal amount and all accrued interest on the 2019 Note was paid and the maturity date on the remaining balance of the 2019 Note was extended to September 5, 2022.  

 

In addition, the Subsidiaries jointly and severally agreed to guarantee and act as surety for the Company’s obligation to repay the remaining balance on the 2019 Note pursuant to subsidiary guarantees, dated September 5, 2019 and February 13, 2020, respectively, as amended by the Omnibus Amendments to Subsidiary Guarantees, dated August 24, 2020 and September 3, 2021, respectively (the Omnibus Amendment to Subsidiary Guarantees dated September 3, 2021, the “Amended Subsidiary Guarantee”). The Subsidiary Guaranty with respect to the 2020 Note was also cancelled by the Amended Subsidiary Guarantee due to the 2020 Note being repaid in full.