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Debt
9 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Debt
Note 5 - Debt
The outstanding principal of a $1.7 million note payable by NP, re-issued in January 2011 (the "Note Payable"), will be fully amortized in June 2014. As of March 31, 2014, the minimum future principal maturities of the Note Payable, totaling $138 thousand, were considered a current liability.
The variable interest rate of the Note Payable is based upon the Wall Street Journal Prime Rate (the "Index") plus 1.00%, subject to a floor rate of 6.25%. The Index was 3.25% at March 31, 2014, resulting in an interest rate of 6.25% per annum as of March 31, 2014. Under the Note Payable, NP is subject to certain customary financial and restrictive covenants. As of March 31, 2014, NP was in compliance with all financial and restrictive covenants.
The Note Payable is collateralized by a first mortgage and an assignment of production from Poplar and is guaranteed by Magellan up to $6.0 million, not to exceed the amount of the principal owed. The carrying amount of the Note Payable approximates its fair value, due to its variable interest rate, which resets based on market rates