Subsequent Events |
3 Months Ended |
|---|---|
Sep. 30, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 17 - Subsequent Events
Incentive Agreements with Chief Financial Officer
On October 12, 2015, the Company entered into a series of new incentive compensation agreements with Antoine J. Lafargue, the Company's Chief Financial Officer. Refer to Note 16 - Employee Retention and Severance Costs for further details.
Partial Sale of Central Investment
Beginning in July 2015, and through November 6, 2015, the Company has sold 12.9 million shares of Central in the open market and generated approximately AUD $1.5 million (USD $1.1 million) of proceeds. As of November 6, 2015, the Company continues to own approximately 26.6 million shares of Central, which at the closing per share market price as of November 6, 2015 of AUD $0.240 and foreign exchange rate of 0.71, represented approximately $4.6 million of potential liquidity.
NASDAQ Listing Requirements
On November 5, 2015, the Company received a letter from The NASDAQ Stock Market LLC ("NASDAQ") indicating that, based upon the closing bid price of the Company's common stock for the previous 30 consecutive business days, the common stock did not meet the minimum bid price of $1.00 per share required for continued listing on The NASDAQ Capital Market pursuant to NASDAQ Marketplace Rule 5550(a)(2). The letter also indicates that the Company will be provided with a compliance period of 180 calendar days, or until May 3, 2016, in which to regain compliance, pursuant to NASDAQ Marketplace Rule 5810(c)(3)(A). The letter further indicates that if, at any time during the 180-day compliance period, the closing bid price of the Common Stock is at least $1.00 for a minimum of ten consecutive business days, NASDAQ will provide the Company with written confirmation that it has achieved compliance with the minimum bid price requirement. The Company intends to continue to monitor the bid price levels for the Common Stock, and will consider appropriate alternatives to achieve compliance within the 180-day compliance period.
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