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Directors’ Fees | 12 Months Ended
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Jun. 30, 2023
Compensation Related Costs [Abstract] |
Directors’ Fees | Note 8. Directors’ Fees Each Independent Director receives (i) an annual fee of $75,000, and (ii) $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular board of directors meeting and each special telephonic meeting. Each Independent Director also receives $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended in person and each telephonic committee meeting. The chairman of the audit committee receives an annual fee of $7,500. The chairperson of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an annual fee of $2,500, $2,500 and $2,500, respectively. The Company has obtained directors’ and officers’ liability insurance on behalf of the Company’s directors and officers. For the years ended June 30, 2023, June 30, 2022 and June 30, 2021, the Company recorded directors’ fees of $302,500, $302,500, and $312,500, respectively. As of June 30, 2023 and June 30, 2022, the Company recorded directors’ fees payable of $15,755 and $20,780, respectively.

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