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License of GRADIUM Intellectual Property | 6 Months Ended
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Dec. 31, 2012
License Of Gradium Intellectual Property |
License of GRADIUM Intellectual Property | 14. License of GRADIUM Intellectual Property On September 19, 2012, the Company and Hubei New Hua Guang Information Materials Company, Ltd. (“NHG”) entered into an exclusive Intellectual Property License Agreement for the Company’s GRADIUM® glass products. The license agreement is for an initial term of five years expiring on September 19, 2017. extending beyond the remaining life of the patents. Pursuant to the license agreement, the Company will receive $150,000 in licensing fees, and royalties on product sales starting in the fourth year of the agreement. The transaction is being accounted for under the guidance of ASC 605-10, Revenue Recognition which states, in part, revenue can be recognized when collection of the fee agreement can be reasonably assured. The Company determined that $50,000 of the $150,000 license fee under this agreement, representing the first milestone payment was reasonably assured of being collected as of September 30, 2012. The Company recognized the $50,000 as other income on the quarter ended September 30, 2012 and collected the funds in the quarter ended December 31, 2012. No revenue on this license agreement was recognized in the second quarter of fiscal 2013.

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- Definition The entire disclosure of the company's licensing agreement with Hubei New Hua Guang Information Materials Company for the company's GRADIUM glass products. + References No definition available. + Details
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