XML 29 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Parties
12 Months Ended
Sep. 30, 2011
Related Parties [Abstract]  
Related Parties
7.   RELATED PARTIES

John H. Harland Company ("JHH Co.") made investments in the Company in February and May 2005. JHH Co. acquired a total of 2,142,856 shares of the Company's unregistered common stock for an aggregate purchase price of $1,500,000, or $0.70 per share. As part of the acquisition of shares, JHH Co. received warrants to purchase 321,428 additional shares of common stock at $0.70 per share. This transaction resulted in JHH Co. and its subsidiary, Harland Financial Solutions (collectively "John Harland"), being considered related parties of the Company due to the amount of the Company's common stock beneficially owned by John Harland. John Harland has not been involved in the management decisions of the Company and does not participate in any board meetings, unless invited.

On May 16, 2011, John Harland sold its 2,142,856 shares of the Company's common stock. As a result of the disposition, John Harland ceased to be beneficial owner of more than five percent of the Company's common stock and thus, is no longer considered a related party. On June 3, 2011, John Harland exercised warrants to purchase 321,428 shares of the Company's common stock, which it subsequently sold on June 10, 2011.

The Company recognized revenues for software maintenance from John Harland of approximately $58,000 and $59,000 for the fiscal years ended September 30, 2011 and 2010, respectively. There was an outstanding accounts receivable balance due from John Harland of approximately $4,000 at both September 30, 2011 and 2010.