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COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 5: - COMMITMENTS AND CONTINGENCIES

 


 Commitments and contingencies that changed during the nine months ended March 31, 2015, include the following:

 

a.

Decrease of $3,969 of cash pledged by the Company to secure its hedging transactions, credit line and bank guarantees. 

 
b.

The Company, through its Israeli subsidiary, participated in programs sponsored by the Israeli Government for the support of research and development activities. The Company is obligated to pay royalties to the OCS, amounting to 3%-4% of the sales of the products and other related revenues generated from such projects, up to 100% of the grants received, linked to the U.S. dollars and for grants received after January 1, 1999, also bearing interest at the rate of LIBOR. The obligation to pay these royalties is contingent on actual revenues and in the absence of such revenues, no payment is required. 

 
 

Through March 31, 2015, total grants obtained aggregated to approximately $18,131, and total royalties paid and accrued amounted to $63. As of March 31, 2015, the Company's contingent liability in respect to royalties to the OCS amounted $18,068, not including LIBOR interest as described above.

 
c.

In February 2015, the Company signed an addendum to its facility operating lease agreement (“the Addendum”) with the lessor, which extended the rent period to December 2021.


Under the Addendum, the Company leased additional facility space that will be used for new laboratories and offices. The delivery date of the additional facility space is June 15, 2015. The Company will pay the lessor monthly rent fees for the additional facility space commencing at the earliest of the completion of the leasehold improvements, or September 15, 2015. The lessor agreed to pay a non-refundable leasehold improvement participation payment, of approximately $925.

 
d.

In February 2015, the Company signed an agreement with a contractor in connection with the building of new laboratories in the leased additional facility. Upon completion future milestones, the Company will pay the contractor approximately $419 and 100,004 shares of restricted stock (see Note 6c.)