XML 28 R21.htm IDEA: XBRL DOCUMENT

Directors’ Fees	9 Months Ended
Mar. 31, 2024
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 chairperson of the audit committee receives an additional annual fee of $7,500. The chairperson(s) of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an additional 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 three and nine months ended March 31, 2024, the Company recorded directors’ fees of $75,157 and $221,407, of which $- were payable at March 31, 2024. For the three and nine months ended March 31, 2023, the Company recorded directors’ fees of $75,625 and $226,875, of which $15,755 were payable at June 30, 2023.

Directors’ Fees

9 Months Ended

Mar. 31, 2024

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 chairperson of the audit committee receives an additional annual fee of $7,500. The chairperson(s) of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an additional 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 three and nine months ended March 31, 2024, the Company recorded directors’ fees of $75,157 and $221,407, of which $- were payable at March 31, 2024. For the three and nine months ended March 31, 2023, the Company recorded directors’ fees of $75,625 and $226,875, of which $15,755 were payable at June 30, 2023.