Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.1
Subsequent Events
9 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note (14) – Subsequent Events:

In April 2021, the Company and its applicable subsidiaries applied to the SBA for forgiveness of all of the PPP Loans previously obtained by them, as previously described, including in Note 7, “Debt.” While the Company believes that the use of the loan proceeds will meet the conditions for forgiveness of the loan, forgiveness of each PPP Loan will be in the discretion of the Lender and the SBA. The Company cannot assure that the PPP Loans will be forgiven, in whole or in part. To the extent any PPP Loan is not forgiven in full, the portion of the PPP Loan which is not forgiven will be required to be fully repaid on or before maturity in May 2022.