1. Nature of Operations ? Anterix Inc. (formerly known as pdvWireless, Inc., the Company) is a wireless communications company focused on empowering the modernization of critical infrastructure and enterprise businesses by enabling private broadband connectivity. The Companys foundational spectrum provides the ability to increase resiliency and transform its customers operations to meet new business complexities while achieving higher levels of reliability, performance and security. The Company is the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico. On average, the Company holds approximately 60% of the channels in the 900 MHz band in the top 20 metropolitan market areas in the United States. The Company is currently pursuing a regulatory proceeding at the Federal Communications Commission (the FCC), that seeks to modernize and realign the 900 MHz band to increase its usability and capacity by allowing it to be utilized for the deployment of broadband networks, technologies and solutions. At the same time, the Company is pursuing business opportunities with its targeted critical infrastructure and enterprise customers to build awareness and demand for its spectrum assets, assuming it achieves a favorable result with its FCC initiatives. ? The Companys goal is to become the leading provider of broadband spectrum assets to critical infrastructure and enterprise customers. Assuming its FCC initiatives are successful, the Companys spectrum assets have the potential to enable its customers to deploy broadband networks, technologies and solutions that are private, secure, reliable and cost-effective and at the same time allow them to achieve their modernization objectives and regulatory obligations. The Company was originally incorporated in California in 1997 and reincorporated in Delaware in 2014. In November 2015, the Company changed its name from Pacific DataVision, Inc. to pdvWireless, Inc. On August 6, 2019, the Company changed its name from pdvWireless, Inc. to Anterix Inc. The Company maintains offices in Woodland Park, New Jersey and McLean, Virginia. Historically, the Company generated revenue principally from its pdvConnect and TeamConnect businesses. pdvConnect is a mobile communication and workforce management solution that enables businesses to locate and communicate with their field workers and improve the documentation of work events and job status. The Company historically marketed pdvConnect primarily through two Tier 1 carriers in the United States. In Fiscal 2016, it began offering a commercial push-to-talk (PTT) service, which was marketed as TeamConnect, in seven major metropolitan areas throughout the United States, including Atlanta, Baltimore/Washington, Chicago, Dallas, Houston, New York and Philadelphia. The Company developed TeamConnect to address the needs of enterprises that value a tailored PTT solution addressing the management of their mobile workforce. It primarily offered the TeamConnect service to customers indirectly through third-party sales representatives who were primarily selected from Motorolas nationwide dealer network. In June 2018, the Company announced its plan to restructure its business to align and focus its business priorities on its spectrum initiatives aimed at modernizing and realigning the 900 MHz band to increase its usability and capacity, including for the future deployment of broadband and other advanced technologies and services. In December 2018, the Companys board of directors approved the transfer of the Companys TeamConnect business and support for its pdvConnect business. Specifically, the Company entered into: (i) a Customer Acquisition and Resale Agreement with A BEEP LLC, (A BEEP), on January 2, 2019 (ii) a Customer Acquisition, Resale and Licensing Agreement with Goosetown Enterprises, Inc, (Goosetown) on January 2, 2019, and (iii) a memorandum of understanding (MOU) with the principals of Goosetown on December 31, 2018. On March 31, 2019, the agreements were amended to formally set the transition date for the businesses as April 1, 2019 as well as to clarify the responsibilities between the parties. Under the terms of the MOU, the Company agreed to assign the intellectual property rights to its TeamConnect and pdvConnect applications to TeamConnect LLC (the  LLC ), a new entity formed by the principals of Goosetown, in exchange for a 19.5% ownership interest in the LLC. The Goosetown principals agreed to fund the future operations of the LLC, subject to certain limitations. The LLC assumed the software support and maintenance obligations under the Goosetown and A BEEP Agreements. The LLC also assumed customer care services related to the pdvConnect application. The Company provided transition services to the LLC through April 1, 2019 to facilitate an orderly transition of the customer care services. As of June 30, 2019, the agreed upon intellectual property rights had not transferred to the LLC. Therefore, the Company did not record an investment in the LLC as of such date. ?