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Subsequent Events - Technology Transfer and License Agreement
9 Months Ended
Mar. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events - Technology Transfer and License Agreement

13. Subsequent Event - Technology Transfer and License Agreement

 

On April 28, 2015, the Company entered into a Technology Transfer and License Agreement (“License Agreement”) with one of our specialty product customers (the “Customer”) regarding the granting of an irrevocable license of certain technology, to be used by the Customer to manufacture specific fiber collimator assemblies used by the Customer. The Company has agreed to provide process work instructions, training, inventory and access to intellectual property specifically related to the manufacturing process of that Customer’s specific fiber collimator assemblies. Pursuant to the License Agreement, the Customer will pay to the Company an aggregate of $200,000 in fees in consideration of the Company’s disclosure of the technology and the grant or a license to the customer to use technology to manufacture such fiber collimator assemblies. The first installment of $100,000 is due in May 2015 and the second installment of $100,000 is due following the 90 day training period, estimated to be in the Company’s first quarter of fiscal 2016. Pursuant to the License Agreement, the Customer also agreed to order and purchase from the Company a certain number of fiber collimator assemblies. The costs associated with the License Agreement are estimated to be approximately $60,000.