Subsequent Events

6 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Subsequent Event

Subsequent to December 31, 2025, the Company was a party to that certain asset purchase agreement by and between the Company and Optos Public Limited Company, a company incorporated in Scotland (“Optos”). Pursuant to the asset purchase agreement, the Company agreed to sell to Optos certain software-related assets associated with the Company’s AXIS platform (the “Disposition”) in exchange for the aggregate purchase price of $3,000,000 The purchase price is payable in three milestone installments, each in the amount and subject to the conditions as set forth in the asset purchase agreement, in addition to $25,000 which was paid upon the execution by the Company and Optos of a term sheet with respect to the Disposition. On January 23, 2026, the Company completed the Disposition and received the first milestone installment in the amount of $1,000,000

The Company expects to recognize a gain on the sale in the third quarter of fiscal year 2026. Because the transaction occurred subsequent to the balance sheet date, the accompanying unaudited condensed consolidated financial statements do not reflect the effects of this transaction.

The Company considered ASC 205-20-45-1E noting that the disposition has not met the requirements of assets held for sale due to the fact that the closure of the disposition was not probable at December 31, 2025. A key requirement to close the disposition was tied to a third parties verification of the deliverables which was unable to be obtained and the Company was notified the obtainment of such verification was not possible. Additionally, due to the substantial accumulated amortized of the related assets, presentation of the assets as held for sale, would not material and therefore not relevant to the users of the financial statements.

Additionally, the Company considered ASC 205-20-45-1B noting that the disposition did not represent a strategic shift as required under the standard and therefore no adjustments were reflected in the condensed consolidated financial statements as of December 31, 2025.