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Note 14 - Subsequent Events
6 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

(14) Subsequent Events

 

On January 7, 2025, Jaime Hinojosa informed the “Company of his resignation from the positions of Chief Financial Officer, Treasurer and Secretary, effective February 14, 2025. Mr. Hinojosa’s resignation is not in connection with any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. The Company entered into a consulting agreement with Mr. Hinojosa on January 21, 2025, effective February 15, 2025, pursuant to which he will provide transition services to the Company on an as needed basis beginning on February 15, 2025 and terminating on June 30, 2025, unless extended.

 

On January 14, 2025, the Company appointed Ryan Polk as interim Chief Financial Officer, Treasurer and Secretary of the Company, effective as of February 14, 2025.

 

On January 14, 2025, our wholly owned subsidiary, 1st Detect Corporation, issued a press release announcing that it has been awarded research and development contract 70RSAT24CB0000015 with the U.S. Department of Homeland Security (“DHS”) to research, develop and mature the TRACER 1000 for DHS next generation explosives trace detection.

 

On January 20, 2025, we entered into an extension of the Donley facilities effective May 1, 2025 and terminating June 30, 2025 with an option to continue the lease on a month-to-month basis. We intend to exit the Donley facilities at the end of the initial term. The monthly rent for the Donley facilities is $14,186 during the initial term.

 

On January 23, 2025, we announced that 1st Detect received a purchase order for its TRACER 1000™ explosive trace detectors (ETDs) from Intuitive Research and Technology Corporation a TSA contractor. The purchase order is valued at $429 thousand and should be recognized as revenue during fiscal year 2025.

 

On January 29, 2025, we entered into a new lease agreement for a facility of approximately 17,628 square feet in Austin, Texas (the “Metric facility”). The Metric facility is intended to support and encompass all Austin based functions during the initial term, beginning  August 31, 2025. Our total contractual base rent obligation for the Metric facility is approximately $3.2 million. Our first lease payment will be for  August 2025 and the financial impact of the Metric facility lease will be reflected in our balance sheet on our Quarterly Report on Form 10-Q for the period ended September 30, 2025.