2.4.0.8111 - Disclosure - COMMITMENTS AND CONTINGENCIEStruefalsefalse1false falsefalsefrom-2012-10-01-to-2013-06-30.1650.0.0.0.0.0.0.0http://www.sec.gov/CIK0000314712duration2012-10-01T00:00:002013-06-30T00:00:001true 1us-gaap_CommitmentsAndContingenciesDisclosureAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0COMMITMENTS AND CONTINGENCIES [Abstract]2false 2us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div> <div> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> <strong>NOTE 11- COMMITMENTS AND CONTINGENCIES</strong></p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> Boomerang Utah is a joint and several guarantor on a twenty-year promissory note owing to Zions Bank in the principal amount of $709,963, bearing interest at 3.807% per annum and due August 1, 2027. The promissory note is collateralized by the real property that is the subject of the lease from SB&G to Boomerang.  The Estate of Gene Mulvihill and Messrs. Checketts and Koffman, are the other joint and several guarantors of the promissory note.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> We entered into a five year lease on a new principal office, which expires in November 2016. The aggregate future minimum annual rental payments on this lease, exclusive of escalation payments for taxes and operating costs, are as follows:</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </p> <table style="BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; WIDTH: 45%" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="WIDTH: 80%">Twelve months ended June 30, 2014</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 17%">146,541</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td>June 30, 2015</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">152,053</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td>June 30, 2016</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">157,566</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: white"> <td style="PADDING-BOTTOM: 1pt">June 30, 2017</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 66,609</td> <td style="PADDING-BOTTOM: 1pt; TEXT-ALIGN: left"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: rgb(204,255,204)"> <td style="PADDING-BOTTOM: 2.5pt">Total</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 522,769</td> <td style="PADDING-BOTTOM: 2.5pt; TEXT-ALIGN: left"> </td> </tr> </table> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On March 15, 2013, Crescent Heights R&D, LLC ("Crescent Heights"), filed a complaint against Boomerang in the State of Florida for fraud, breach of contract and specific performance, as well as equitable rescission which alleged an unspecified amount of damages in excess of the purchase price. Boomerang was subsequently granted a motion to remove this matter to federal court. On May 17, 2013, the court entered an order that our motion to compel arbitration and stay proceedings be granted. The parties have agreed to arbitrate the matter in front of the American Arbitration Association. The dispute arises from a contract to provide a rack and rail automated parking system. Crescent Heights' claims, Boomerang's defenses and Boomerang's affirmative claims all arise from the contract. Due to the ongoing litigation with Crescent Heights, Boomerang has eliminated the warranty reserve associated with this project.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On April 17, 2013, Park Plus, Inc., filed a complaint against the Company in the United States District Court for the District of New Jersey.  The complaint generally alleges that the Company engaged in anticompetitive conduct to damage Park Plus in the market and alleges among other things tortuous interference, libel, slander, defamation, business disparagement and unfair competition, and alleges unspecified damages in excess of $1,000,000 as well as treble actual damages and injunctive relief.  The Company believes that this complaint is without merit and that it was filed in reaction to a complaint the Company filed against Park Plus in New Jersey state court for misappropriation of trade secrets and related claims.  The Company intends to rigorously defend against Park Plus's complaint.</p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">  </p> <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"> On June 6, 2013, Boomerang entered into a marketing agreement with BrickellHouse Holding, LLC, whereas BrickellHouse Holding, LLC will allow Boomerang to use its parking system for sales and marketing purposes. Boomerang will pay BrickellHouse Holding, LLC a royalty for each sale of a system equal to 2% of the purchase price of that system, not to exceed an aggregate of $2 million. The agreement shall be in effect until the amount of royalty payments reaches $2 million.</p> </div> </div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for commitments and contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25496072&loc=d3e14435-108349 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308 false0COMMITMENTS AND CONTINGENCIESfalseCOMMITMENTS AND CONTINGENCIESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.boomerangsystems.com/role/CommitmentsAndContingencies12