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State of Texas Funding | 12 Months Ended
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Jun. 30, 2012
State Of Texas Funding |
State of Texas Funding | (15) State of Texas Funding In March 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8 million for the development and marketing of the miniature mass spectrometer, a portable mass spectrometer designed to serve the security, healthcare and industrial markets. In exchange for the award, 1st Detect granted a common stock purchase right and a note payable to the State of Texas. As of June 30, 2012, 1st Detect has received $1.8 million in disbursements. The proceeds from the award can only be used to fund development of the miniature mass spectrometer at 1st Detect, not for repaying existing debt or for use in other Company subsidiaries. The common stock purchase right is exercisable at the first “Qualifying Financing Event” (‘QFE”), which is essentially a change in control or third party equity investment in 1st Detect. The number of shares available to the State of Texas, at the price of par value, is calculated as the total disbursements (numerator) divided by the stock price established in the QFE (denominator). If the first QFE does not occur within 18 months of the agreement effective date, which has been extended to March 31, 2013 as a result of recent extensions granted by the State of Texas, the number of shares available for purchase will equal the total disbursements (numerator) divided by $100 (denominator). As of June 30, 2012, no QFE has occurred. The note equals the disbursements to 1st Detect to date, accrues interest at 8% per year and cancels automatically at the earlier of (1) selling substantially all of the assets of 1st Detect, (2) selling more than 50% of common stock of 1st Detect, or (3) in March 2020. No payments of interest or principal are due on the note unless there is a default, which would occur if 1st Detect moves its operations or headquarters outside of Texas at any time before March 2020. 1st Detect has the option to pay back the principal plus accrued interest by March 31, 2013, but repayment does not cancel the State of Texas’ common stock purchase right. Management considers the likelihood of voluntarily repaying the note or of a default event as remote due to the fact that the covenants that would necessitate repayment are within the control of the Company. As such, the $1.8 million, which was received in two installments of $0.9 million and $0.9 million was accounted for as a contribution to equity in the periods ended June 30, 2012 and 2011 respectively. As of June 30, 2012, no default events have occurred.

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- Definition Represents the funding arrangement with the State of Texas in its majority owned subsidiary 1st Detect. + References No definition available. + Details
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