SUBSEQUENT EVENTS

12 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS:

Workforce Reduction:

In August 2024, the Company executed a workforce reduction. As a result of the workforce reduction, the Company expects to incur lower salary and wage related expenses, partially offset by severance expense and investments back into the business. We are unable to estimate the net impact of workforce reduction, severance expense and related investments into the business.

Revolving Credit Facility/Restricted Cash:

As the Company transitioned to its new lender in June 2024, the Company temporarily drew $10.2 million on the revolving credit facility to cash collateralize its outstanding letters of credit issued by the Company’s former lenders. This cash is included in restricted cash as of June 30, 2024. Subsequent to June 30, 2024, under the 2024 Credit Agreement, the Company issued letters of credit in the amount of $9.25 million and paid down the revolving credit facility by $5.8 million and restricted cash was reduced accordingly. As of August 23, 2024, the Company's current revolver availability is $15.6 million.