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State of Texas Funding | 12 Months Ended
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Jun. 30, 2014
State Of Texas Funding [Abstract] |
State of Texas Funding | (15) State of Texas Funding In March 2010, the Texas Emerging Technology Fund awarded 1 st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the industrial, environmental, security and healthcare markets. In exchange for the award, 1 st Detect granted a common stock purchase right and a note payable to the State of Texas. As of June 30, 2012, 1 st Detect had received $1.8 million in disbursements. The proceeds from the award could only be used to fund development of the Miniature Chemical Detector at 1 st 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 1 st Detect. The number of shares available to the State of Texas, at the price of par value, is calculated as the total disbursements together with the accrued interest (numerator) divided by the stock price established in the QFE (denominator). If the first QFE does not occur on or before November 30, 2014 following the agreement effective date, the number of shares available for purchase will equal the total disbursements (numerator) divided by $100 (denominator). As of June 30, 2014, 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. While the award agreement includes both a common stock purchase right and a note payable to the State of Texas, the economic substance of the transaction is that the State of Texas has purchased shares of 1st Detect in exchange for the granted award. 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 2010 respectively. Effective with an amendment executed on June 13, 2014, 1st Detect has the option to settle the note payable and common stock purchase right by November 30, 2014. As of June 30, 2014, the State of Texas still had the right to exercise the common stock purchase right and management continued to classify the award proceeds as equity as the Company did not have the ability to repay the note. In August 2014, the shareholders of the Company approved the sale of ASO for $61 million. On August 22, 2014, 1st Detect settled the note payable and common stock repurchase right with a payment of $2.3 million (see Note 19). Management considers the likelihood 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 of June 30, 2014, no default events have occurred.

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- Definition The entire disclosure of State of Texas Funding. + References No definition available. + Details
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