Note 11 - Earnings (Loss) Per Share

6 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Earnings Per Share [Text Block]

11. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of Class A Common Stock outstanding during each period presented. The computation of diluted earnings (loss) per share further assumes the potential dilutive effect of potential Class A Common Stock using the treasury-stock method and if-converted method, as applicable. During periods in which the average market price of the Company's common stock is above the applicable conversion price of the Company's convertible notes, the impact of conversion would be dilutive and such dilutive effect is reflected in diluted EPS. As a result, in periods where the average market price of the Company's common stock is above the conversion price, under the if-converted method, the Company calculates the number of shares issuable under the terms of the convertible notes based on the average market price of the stock during the period, and includes that number in the total diluted shares outstanding for the period. The Series G Purchasers Warrants and the Series G Convertible Preferred Stock are participating securities as the holders of such instruments participate in the event a dividend is paid on the Class A Common Stock, however the holders do not have a contractual obligation to share in the Company’s losses. As such, losses are attributed entirely to common stockholders. The computations for basic and diluted earnings (loss) per share of Class A Common Stock are described in the following table:

	Three Months Ended						Six Months Ended
	December 31,						December 31,
	2025			2024			2025			2024
Net loss	$	(9,405,409	)	$	(2,611,997	)	$	(12,298,411	)	$	(4,234,742	)
Accretion of dividends on Series G preferred		—			—			—			—
Net loss attributable to stockholders	$	(9,405,409	)	$	(2,611,997	)	$	(12,298,411	)	$	(4,234,742	)
Weighted-average common shares outstanding:
Basic number of shares		46,998,804			39,728,933			45,143,367			39,645,206
Diluted number of shares		46,998,804			39,728,933			45,143,367			39,645,206
Loss per common share:
Basic	$	(0.20	)	$	(0.07	)	$	(0.27	)	$	(0.11	)
Diluted	$	(0.20	)	$	(0.07	)	$	(0.27	)	$	(0.11	)

The following potential dilutive shares were not included in the computation of diluted earnings (loss) per share of Class A Common Stock, as their effects would be anti-dilutive:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2025		2024		2025		2024
Options to purchase common stock		738,757		523,188		738,827		532,179
RSUs and RSAs		1,170,459		1,292,221		1,195,746		1,348,442
Series G convertible preferred & warrants		15,223,573		—		15,677,219		—
		17,132,789		1,815,409		17,611,792		1,880,621

In January 2026, the remaining Series G Purchasers Warrants were exercised, resulting in the net issuance of 2,728,968 shares of Class A Common Stock. Also in January 2026, in accordance with the terms of the Series G Convertible Preferred Stock, 978.66 shares of Series G Convertible Preferred Stock were converted into 455,193 shares of Class A Common Stock.