Note 14 - Subsequent Events

12 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

14. SUBSEQUENT EVENTS:

The Company has evaluated events that occurred subsequent to

June 30, 2021

for recognition and disclosure in the financial statements and notes to the financial statements.

From

July 1, 2021

through

September 27, 2021,

139,334

warrants were exercised to purchase

139,334

shares of the Company's common stock at

$0.75

per share for total proceeds of approximately

$104,500.

  

From

July 1, 2021

through

September 27, 2021,

the Company issued

10,000

warrants to a broker as commissions to purchase

10,000

shares of the Company's common stock at an exercise price of

$0.75

per share and an expiration of

December 31, 2022. 

From

July 1, 2021

through

September 27, 2021,

Smith elected to convert accounts payable of

$5,126

into an aggregate

10,253

units at

$0.50

per unit, with each unit consisting of

one

share of the Company's restricted common stock and

one

warrant to purchase

one

share of the Company's restricted common stock for

$0.75

per share until

December 31, 2024.

On

September 16, 2021,

PA1

made a new proposal to Pennvest  which proposal is presently under consideration by Pennvest. See Notes

5

and

9

above for related information.

On

September 23, 2021

the Company executed an agreement to lease land near Fair Oaks, Indiana  to construct its initial

3G

Tech commercial scale installation which will include customized covered barns for up to

300

head of cattle, an anaerobic digester and a Bion

3G

Tech waste treatment/recovery system (“Lease”).  Pursuant to the Lease, an initial

$60,000

  rent payment is due on

October 10, 2021

and, commencing on the earlier of

December 31, 2022

or the date on which the barns are populated (“Start Date”), monthly rent of

$7,250

will be payable. The Lease has an initial

2

-year term from the Start Date.  The impact of ASC

842

has

not

been determined for the lease.  Terms for an additional related agreement regarding disposal of certain manure effluent have been agreed upon with the Curtis Creek Dairy unit of Fair Oak Farms and the Company expects the agreement to be finalized by the end of the

first

full week of

October 2021.

Pre-development work commenced during

August 2021

and preparation for active surveying, site engineering and other work is now underway. Note

1

for more information.