Quarterly report pursuant to Section 13 or 15(d)

Convertible Promissory Note Receivable

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Convertible Promissory Note Receivable
6 Months Ended
Dec. 31, 2020
Convertible Promissory Note Receivable  
Convertible Promissory Note Receivable

5.   Convertible Promissory Note Receivable

On October 1, 2020, we entered into a master services agreement with Safi (see Note 17).   In addition, we invested $1.5 million in Safi in the form of a convertible promissory note (the "Note"). The Note bears interest at the rate of 5% per annum and is convertible into shares of Safi’s common stock (as defined). Principal and accrued interest mature on October 1, 2023.  For the three and six months ended December 31, 2020, interest income amounted to $19,000. As of December 31, 2020, the Note balance and accrued interest totaled $1,519,000.