|12 Months Ended|
Jun. 30, 2020
23. Subsequent Events
On October 1, 2020 the Company loaned $1,500,000 to SAFI BIOSOLUTIONS, INC. in exchange for a convertible note receivable. The Company also executed a PROCESS DEVELOPMENT AND CLINICAL MANUFACTURING MASTER SERVICES AGREEMENT with SAFI on the same date.
Interest will accrue on the unpaid principal balance at a rate equal to 5% per annum and is not due until the three-year anniversary of the note.
The principal amount, plus accrued interest, will be recorded as a long-term asset.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef