|6 Months Ended|
Dec. 31, 2022
|Subsequent Events [Abstract]|
23. Subsequent Events
On December 23, 2020, the Company entered into an employment agreement with Dr. Martin Brenner to serve as the Company’s Chief Scientific Officer, effective as of January 18, 2021. In addition to a base salary of $405,000 for serving as the Company’s Chief Scientific Officer and a discretionary incentive bonus with a target of 40% of his annual base salary, while serving as Interim Chief Executive Officer, Dr. Brenner will receive a monthly cash stipend of $7,500. In addition, as discussed above, on January 20, 2023, the Company granted Dr. Brenner RSUs to acquire 130,000 shares of the Company’s Common Stock. Refer to Note 18 – Share-Based Compensation for January 2023 RSU grant.
On January 23, 2023, the Company entered into an offer letter for the Interim Chief Financial Officer (the “Offer Letter”) with Mr. Felipe Duran. Pursuant to the terms of the Offer Letter, Mr. Duran will serve as the Company’s Interim Chief Financial Officer, effective as of February 13, 2023. Upon his appointment to the position of Interim Chief Financial Officer, Mr. Duran’s base salary will be increased from $300,000 to a base salary of $350,000, he will be eligible for a discretionary incentive bonus with a target of 40% of his annual base salary and he will be granted a $140,000 special incentive bonus (40% of his fiscal year 2023 annualized salary) in exchange for his agreement to continue employment with the Company through the earlier of: (a) July 1, 2023, or (b) the successful achievement of the Company’s 2023 objectives, as defined by the Board minus any retention bonus he is paid during the fiscal year 2023.
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://www.xbrl.org/2003/role/disclosureRef