Subsequent Events

12 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

Subsequent to year end and up until filing, management has leveraged the Company’s inclusion in the Russell 2000 to raise capital through the At-the-Market Offering facility, received proceeds from warrant exercises, and benefited from High Trail’s full debt conversion and release of restricted cash. As a result, the Company’s net cash position improved significantly to $25.4 million as of September 15, 2025.

On July 18, 2025, the Buyers converted $5,000,000 of the 2024 Notes into shares of common stock of the Company at a conversion rate of 1,333.33 shares of common stock per $1,000 of principal amount. Total common shares of 6,666,651 were issued with a fair market value of $16.0 million.

On July 23, 2025, one of the Company’s institutional investors exercised 4,000,000 common stock warrants at an exercise price of $1.10 per share. The warrant exercise resulted in gross proceeds of approximately $4.4 million to the Company. The shares were issued in accordance with the original warrant terms.

As of June 30, 2025, the Company had $5.0 million classified as restricted cash. Subsequent to year-end, on July 29, 2025, the restrictions were lifted, and the funds became available for general use. As the restriction was still in place as of the balance sheet date, the cash remains classified as restricted.

At June 30, 2025, the Company classified land and a building at its Fernley, Nevada location as assets held for sale.

On July 28, 2025, a potential buyer canceled the Commercial/Investment Property Purchase Agreement and Joint Escrow Instructions. The Company plans to make improvements to the property in fiscal year 2026, including obtaining a final certificate of occupancy (COO) and completing other upgrades. The property will reclassified into property, plant and equipment during the first quarter of fiscal year 2026.

On August 20, 2025, the Buyers converted $3,000,000 of the 2024 Notes into shares of common stock of the Company at a conversion rate of 945.0992 shares of common stock per $1,000 of principal amount. Total common shares of 2,835,299 were issued with a fair market value of $6.9 million.