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.
The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef