Subsequent Events

12 Months Ended

Jun. 30, 2013

Subsequent Events

Subsequent Events

Note 22.  Subsequent Events

On August 8, 2013 the Company entered into an agreement to purchase a 196,000 square foot building located in Philadelphia, Pennsylvania for $5.0 million.  The agreement provides the Company a 90 day inspection period, beginning on August 8, 2013, during which time the Company can perform due diligence inspections.  If the Company determines that the due diligence inspection results are unacceptable, the Company has the sole right to terminate the agreement.  The Company’s long-term plans for the facility include consolidating existing facilities and providing space for future expansion.

On August 19, 2013, the Company entered into an agreement with JSP to extend its initial contract, which was effective March 23, 2004, to be the exclusive distributor in the United States of three JSP products: Butalbital, Aspirin, Caffeine with Codeine Phosphate Capsules USP, Digoxin Tablets USP, and Levothyroxine Sodium Tablets USP.  The new agreement extends the initial contract, which was due to expire on March 22, 2014, for five years.  In connection with entering into the agreement, the Company issued 1.5 million shares of the Company’s common stock to JSP and its designees.  If the parties agree to a second five year extension from March 23, 2019 to March 23, 2024, the Company is required to issue to JSP or its designees an additional 1.5 million shares of the Company’s common stock.