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SUBSEQUENT EVENTS | 9 Months Ended
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Jun. 30, 2015
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS In preparing the accompanying consolidated financial statements, the Company has reviewed events that have occurred after June 30, 2015, through the date of issuance of the financial statements. As noted in Note 1 above, on August 18, 2015, the Company and the Subsidiaries filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of Title 11 of the United States Code. The Chapter 11 case is being administered under the caption "In re Boomerang Systems, Inc., et. al," Case No. 15-11729. The Company remains in possession of its assets and continues to operate its business as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. On August 20, 2015, the Bankruptcy Court entered an order approving DIP Financing on an interim basis in the amount of $1 million bearing interest at the rate of 20% per annum, payable in-kind. Boomerang will be seeking approval of a final order on September 9, 2015, for DIP Financing on a final basis in the amount of $3 million, bearing interest at the rate of 20% per annum, payable in-kind, with a maturity date of December 21, 2015. The DIP Lenders are Game Over Technology Investors, LLC and other parties comprised of existing equity holders in the Company, all but one of which are also participants in the group of lenders comprising the Loan and Security Agreement. On August 18, 2015, Boomerang Systems, Inc. and its subsidiaries commenced an action against Parking Source LLC, and its principals (the “Defendants”) in the United States District Court for the Southern District of New York. The Company’s action seeks relief for Defendants’ purposeful breach of the Loan and Security Agreement, dated as of June 6, 2013, which directly led to a liquidity crunch and caused the Company to file for bankruptcy. The Company seeks damages of at least $25 million.

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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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