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Subsequent Events
 12 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

 

19.Subsequent Events

 

On July 3, 2024, the Company and Mercuria Energy America, LLC agreed to resolve their respective disputes related to a Marketing Agreement entered into in May 2023. Under the terms of the Settlement Agreement, the Company agreed to make six monthly payments to Mercuria Energy America, LLC of $0.3 million. Upon the completion of the payments, the parties agreed to release any and all claims, disputes, actions, suits, proceedings, demands and/or liabilities in law and/or equity or otherwise. The total amount of payments due of $1.8 million has been accrued as of June 30, 2024.

 

On August 1, 2024, the Company agreed to sell 76 Units (the “Units” as defined below) to several accredited investors (“Investors”) and two employees (“Insiders”), pursuant to a Subscription Agreement (the “Subscription Agreement”) in a private placement offering (the “Private Placement”). Each Unit for the Investors consists of 25,000 shares of Common Stock (the “Shares”) of the Company, 25,000 Series A Warrants to Purchase Common Stock (“Series A Warrants” as further described herein) of the Company and 25,000 Series B Warrants to Purchase Common Stock (“Series B Warrants” as further described herein and collectively, with the Series A Warrants, the “Warrants”) (the Shares and Warrants are collectively referred to herein as the “Units”), at the price of U.S. $25,000 per Unit. Each Unit for the Insiders consists of 19,531 shares of Common Stock (the “Shares”) of the Company and 39,062 Series A Warrants to Purchase Common Stock (“Series A Warrants” as further described herein) of the Company (the “Warrants”) (the Shares and Warrants are collectively referred to herein as the “Units”), at the price of U.S. $25,000 per Unit. The Company sold 76 Units for an aggregate purchase price of $1.9 million.

 

In August 2024, the Company decided to sell some or all of its individual water rights that are recorded as intangible assets on the balance sheet. The Company has an estimated 290.19-acre feet of standalone water rights available for sale.