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Subsequent Events | 12 Months Ended
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Jun. 30, 2020
Subsequent Events [Abstract] |
Subsequent Events | NOTE 13. SUBSEQUENT EVENTS Convertible Promissory Note Conversion Commencing in December 2020, Note holders converted $1.22 million of the original $1.33 million of outstanding principal into approximately 304,000 shares of the Company’s common stock at a conversion price of $4.00/share. The original contracted conversion price was $4.50/share and in order to encourage early conversion, two years before the maturity of the Convertible Notes, the Company reduced the conversion price to $4.00/share. In addition, third year interest (10%) of approximately $122,000 was issued in advance to the converting Note holders for an approximately additional 30,000 shares of the Company’s common stock. The holders of the remaining unconverted Convertible Notes, equating to approximately $110,000 of outstanding principal, amended their Notes to allow for auto conversion upon the Company’s potential Initial Public Offering (“IPO”) event at a conversion price of $4.25/share. Convertible Promissory Note 2 On March 5, 2021, the Company raised $1.475 million by the issuance of unsecured Convertible Promissory Notes with a two-year term (the “Notes 2”), to several investors. The Notes 2 holders received approximately 44,000 shares of common stock (at $5.00/share) in the aggregate, with a relative fair value of approximately $222,000 at the time of issuance. Accordingly, the original issue discount on the Notes 2 will be amortized over its term. The Notes 2 bear an interest rate of 10% per annum. The first year of interest was prepaid with the issuance of the Company’s common stock (at $5.00/share), for an issuance of 29,500 shares of common stock with a fair value of $147,500. During the second year of the Notes 2, interest will be paid monthly in the Company’s common stock (at a fixed price of $5.00/share) on any unpaid principal outstanding. The Notes 2 are convertible by a Note holder at any time during the term into common stock of the Company at a fixed price of $5.00/share, or 295,000 shares of common stock upon full conversion. Notes 2 have a maturity date of March 5, 2023. Any outstanding amounts at the time of a potential Company IPO shall automatically convert at $5.00/share in the aggregate. The Glimpse Group, Inc. 2016 Equity Incentive Plan In January 2021, the Company amended its 2016 Equity Incentive Plan, increasing the amount of common stock reserved for issuance from 5 million to 10 million. Prior to the increase, there were approximately 0.6 million shares available for issuance. There were no other changes to the incentive plan. Subsequent to the year ended June 30, 2020, the Company issued approximately 0.56 million stock options with exercise prices ranging from $4.50-5.00/share, primarily to employees. These stock options had an aggregate grant fair value of approximately $2.07 million and vest, on average, over a period of 4.5 months. SBA Paycheck Protection Program 2 (“PPP2”) Loan In February 2021, the Company received a second Paycheck Protection Program loan (“PPP2”) in the amount of $0.62 million. Similar to its PPP1 loan, the Company expects to utilize the loan proceeds in full toward payroll and rent in accordance with SBA guidelines. The PPP2 loan bears a fixed interest rate of 1% per annum and is due in February 2026. However, pursuant to SBA guidelines, the Company expects its PPP2 loan to be fully forgiven in calendar year 2021. Interim Round III Equity Financing Round Since July 1, 2020, the Company has raised $0.35 million in its Interim Round III financing round by the issuance of shares of common stock at $4.50/share. To date, approximately 78,000 shares of common stock have been issued. Glimpse Turkey Subsidiary In March 2021, the Company established a development subsidiary in Turkey to support the operations of Kabaq 3D Technologies (dba QReal). There are approximately 7 employees at this location, primarily 3D modelers and artists.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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