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SUBSEQUENT EVENTS
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6 Months Ended | |
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Dec. 31, 2013
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| Subsequent Events [Abstract] | ||
| Subsequent Events [Text Block] | NOTE 11 SUBSEQUENT EVENTS On January 13, 2014, Esenjay Investments, LLC, company in which our director, Michael Johnson, is a director and shareholder of, purchased an aggregate 10 Units for a total purchase price of $600,000 to be paid as follows: $200,000 in cash and $400,000 paid in the form of forgiveness of debt of equal amount under the outstanding Revolving Note for $1,000,000. Each Unit consisting of 1,000,000 shares of common stock and 500,000 five-year warrants to purchase one share of common stock at an exercise price of $0.20 per share. The securities offered and sold in the private placement have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. On February 4, 2014, we accepted Unit Subscription Agreements from five (5) accredited investors to which we sold 2.8 Units for an aggregate purchase price of $168,000, or $60,000 per Unit, all of which were paid in cash (“February 2014 Private Placement”). Each Unit consisted of 1,000,000 shares of our common stock and 500,000 warrants. We issued a total of 2,800,00 shares of our common stock and warrants to purchase up to 1,400,000 shares of our common stock, at an exercise price of $0.20 per share until February 4, 2019. In connection with the February 2014 Private Placement, we paid a placement agent a fee equal to 9% of the gross proceeds raised in the February 2014 Private Placement and warrants at an exercise price of $0.06 per share. The number shares of our common stock subject to the placement agent warrants will equal 9% of the aggregate gross proceeds from the February 2014 Private Placement divided by $0.06 and have a term of 5 years. The securities offered and sold to the investors have not been registered under the Securities Act of 1933, as amended (“Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. On February 7, 2014, Flux Power received approval to sell its 24 Volt LiFT Pack lithium battery solution for Class III Toyota and Raymond “walkie” lift trucks (forklifts). Toyota is the world’s number one selling lift truck manufacturer. Management has evaluated events subsequent to December 31, 2013, through the date of this filing with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements. |