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Note 4 - Related Party Transactions
 9 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

NOTE 4.

RELATED PARTY TRANSACTIONS

 

During the nine months ended March 31, 2026, the Company continued to be a party to a service agreement (the “Service Agreement”) with Riverview Financial Corp ("Riverview"). Riverview was the sole shareholder of Fields Management, Inc. (“FMI”) which was merged into Riverview and Riverview became party to the Service Agreement by assumption of the Service Agreement. Riverview, like FMI prior to the merger, provided certain executive management services to the Company, including designating Randall K. Fields to perform the functions of President and Chief Executive Officer for the Company. Mr. Fields, Riverview’s designated executive, who also serves as the Company’s Chair of the Board of Directors, controls Riverview. During the nine months ended March 31, 2026 and 2025, the Company paid Riverview $834,773 and $769,212 respectively, in connection with the Service Agreement. The Company had no payables to Riverview under the Service Agreement as of March 31, 2026 or June 30, 2025.

 

During the nine months ended March 31, 2026, the Company redeemed and retired and aggregate of $1,752,330 in Series B Preferred from Mr. Randall K. Fields, affiliates of Mr. Fields, and Robert W. Allen. During the year ended  June 30, 2025, the Company redeemed and retired and aggregate of $2,937,749 in Series B Preferred from Mr. Randall K. Fields, affiliates of Mr. Fields, and Robert W. Allen. During the year ended  June 30, 2024, the Company redeemed and retired an aggregate of $95,284 in Series B Preferred and $2,272,701 in Series B-1 Preferred from Mr. Randall K. Fields, affiliates of Mr. Fields, and Robert W. Allen. Mr. Allen is a director of the Company.

 

Relationship with Borrower

 

The Company evaluated its relationship with SPAR Marketing Force, Inc. (the "Borrower") under ASC 850, Related Party Disclosures, and determined that the Borrower is not a related party, as it is not under common control with the Company and does not meet the criteria for significant influence.