|3 Months Ended|
Sep. 30, 2021
|Subsequent Events [Abstract]|
NOTE 9 - SUBSEQUENT EVENTS
Renewal of Bank Revolving Credit Facility
On October 29, 2021, the Company entered into a First Amendment to Loan and Security Agreement (“First Amendment”) with Silicon Valley Bank, or SVB, which amended certain terms of the Loan Agreement including but not limited to, the amount of the revolving line of credit from $4.0 million to $6.0 million (the “Revolving LOC”), and the maturity date to November 7, 2022. In connection with the First Amendment, the Company agreed to pay a non-refundable commitment fee of $22,500.
On October 29, 2021, the Compensation Committee approved target cash bonuses to the Company’s executive officers for fiscal year 2022 under the previously approved Annual Cash Bonus Plan, which target bonus was calculated based on percentage of the executive’s current base salary upon the Company achieving certain targets.
On October 29, 2021, the Compensation Committee approved the grant of an aggregate of Restricted Stock Units (“RSUs”) under the Company’s 2014 Equity Incentive Plan to the Company’s executive officers and all other employees (other than part-time employees and temporary employees). The RSUs are subject to the terms and conditions provided in (i) the form of Restricted Stock Unit Award Agreement which is time based, and (ii) the form of Performance Restricted Stock Unit Award Agreement which is performance based.
No definition available.
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