General form of registration statement for all companies including face-amount certificate companies

Fair Value (Tables)

v3.20.2
Fair Value (Tables)
12 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of reconciliation of fair values

Beginning fair value balance on issue date - June 9, 2020   $ 14,960,000  
Change in fair value reported in the statements of operations     (766,000 )
Change in fair value reported in other comprehensive income     (63,000
Ending fair value balance - June 30, 2020   $ 14,131,000
Schedule of fair value by using key inputs

Fair Value Assumptions - Convertible Notes   June 30,
2020
    June 9,
2020
 
Face value principal payable   $ 17,000,000     $ 17,000,000  
Original conversion price   $ 11.50     $ 11.50  
Value of Common Stock   $ 8.80     $ 10.28  
Expected term (years)     2.9       3.0  
Volatility     45.0 %     45.0 %
Market yield (range)     23.9 %     23.3% to 23.4%  
Risk free rate     0.2 %     0.2 %