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Restructuring | 12 Months Ended
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Jun. 30, 2018
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring During the quarter ended December 31, 2015, we consummated a plan to separate and transfer our GARP® artificial lift technology operations to a new entity controlled by the inventor of the technology, our former Senior Vice President of Operations, and certain former employees of the Company. At December 31, 2015, we recorded a $1,257,433 restructuring charge which included $59,339 of stock-based compensation, $628,866 of accrued separation and benefits expense and $569,228 for asset impairments discussed below. The non-impairment portion of the restructuring charge was based on agreements with the separated employees covering salary and benefit continuation and an acceleration of vesting of equity awards in exchange for release from liabilities and other provisions including agreements not to compete. All of such accrued separation and benefits costs had been settled as of June 30, 2017, and an adjustment of $4,488 was recorded in that fiscal year to reflect the difference between the original accrual and actual expenditures. In connection with the plan, we invested $108,750 in common and preferred stock of the new entity, Well Lift, Inc. ("WLI"). We own 17.5% of WLI and our former employees that previously had primary responsibility for our GARP® operations own the balance of the common stock. Our preferred stock is convertible at our option into common stock which would result in our ownership of 42.5% of WLI, based on the current capital structure of WLI. As part of the above restructuring plan, we transferred our technology assets, including our patents and trademarks, to WLI in exchange for a perpetual royalty of 5% on all future gross revenues associated with the GARP® technology. We reduced the carrying value of these exchanged technology assets to our estimate of their expected discounted net present value, which was $108,512. This estimate was based on the recent financial results from our artificial lift technology operations and the depressed state of the oil and gas industry and the potential upside outcomes were assigned relatively low probabilities for accounting purposes. The resulting impairment on the technology assets transferred together with impairments of less significant, non-technology assets that had no value to our remaining operations totaled $569,228.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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