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SUBSEQUENT EVENTS | 9 Months Ended
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Mar. 31, 2015
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 14. SUBSEQUENT EVENTS As previously disclosed, on November 21, 2014 Pro-Dex Sunfish Lake LLC (“PDSL”), a wholly owned subsidiary of Pro-Dex, Inc. acquired two promissory notes through a Loan Purchase and Sale Agreement in the amount of $1.2 million (see Note 6). On May 7, 2015, the Company executed a Deed and Settlement Agreement (the “Agreement”) between and among Sheldon A. Mayer, LLC (“Borrower”), Sheldon Mayer, (“Guarantor”) and PDSL, as reported in the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2015. The agreement contemplates that in exchange for recharacterization of $1.0 million of the of the debt, consisting of one of the promissory notes discussed above, to be re-classified as non-recourse debt, Borrower shall execute and deliver to PDSL a deed to convey the real property consisting of 2.3 acres of land and an approximate 30,000 square foot building. The Agreement provides that Borrower shall transfer all receivables of any type, including, but not limited to, all rent owing on account of any occupancy by Riverside or any other tenant of the Property to PDSL. The Agreement also contains certain representations, warranties, indemnifications and covenants of the parties customary for transactions of this type. The Company is currently evaluating whether the transaction described above should be treated as a VIE reconsideration event.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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