Commitments and Contingencies

12 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 19. Commitments and Contingencies

Purchase Commitments

As of June 30, 2023, the Company had committed to purchase green coffee inventory totaling $99.5 million under fixed-price contracts and $15.8 million in inventory and other purchases under non-cancelable purchase orders.

Boyd Coffee Acquisition

In connection with the Company's acquisition of Boyd Coffee Company, now known as BCC Newco, Inc. ("Boyd"), on October 2, 2017 and pursuant to that certain Asset Purchase Agreement, dated as of August 18, 2017, by and among the Company, Boyd Assets Co., a Delaware corporation and wholly owned subsidiary of the Company, Boyd and each of the parties set forth on Exhibit A thereto (the “Boyd Purchase Agreement”), the Company withheld 914 shares of Series A Preferred Stock pending satisfaction of certain indemnification claims against Boyd (the "Holdback Shares"). As previously disclosed, all other obligations under Boyd Purchase Agreement have been satisfied.

On July 26, 2022, the Company and Boyd entered into a settlement agreement regarding the retention and cancellation of the Holdback Shares and the reacquisition on a cashless basis and cancellation of 1,736 shares of Series A Preferred Stock issued to Boyd at the closing of the transactions contemplated by the Boyd Purchase Agreement.

Effective August 25, 2022, Boyd converted the remaining Series A Preferred Stock into shares of the Company’s common stock. See Note 21, Preferred Stock for additional information regarding the terms of the Series A Preferred Stock and the conversion.

Legal Proceedings

Council for Education and Research on Toxics (“CERT”) v. Brad Berry Company Ltd., et al., Superior Court of the State of California, County of Los Angeles