FileReader load event sets the .result value asynchronously. To access the .result use load or loadend event. 
When a file has been selected at <input type="file"> Choose File or Browse... UI, deleting file at local filesystem should not effect the File object at FileList returned by .files call. See 2.9.2. Transferable objects, 6.7.3 The DataTransfer interface.
4. The Blob Interface and Binary Data
Each Blob must have an internal snapshot state, which
  must be initially set to the state of the underlying storage, if any
  such underlying storage exists, and must be preserved through
  structured clone. Further normative definition of snapshot state can be found for Files.
2.9.8 Monkey patch for Blob and FileList objects
This monkey patch will be removed in due course. See w3c/FileAPI
  issue 32.
Blob objects are cloneable objects.
- Each - Blobobject's [[- Clone]] internal method, given targetRealm and ignoring memory, must run these steps:
 
- If this is - closed, then throw a- "DataCloneError"- DOMException.
 
Return a new instance of this in targetRealm, corresponding to
  the same underlying data.
FileList objects are cloneable objects.
Each FileList object's [[Clone]] internal method, given
  targetRealm and memory, must run these steps:
- Let output be a new - FileListobject in targetRealm.
 
- For each file in this, add ? - [StructuredClone][15](_file, targetRealm, memory_)to the end of the list of- Fileobjects
  of output.
 
Return output.
Selecting read-only files or folders at webkit and firefox browsers
At chrome, chromium if read-only permission is set for file at local filesystem and user selects file at <input type="file"> element, where FileReader is used to read file, an error is thrown at FileReader, generated from FileReader progress event.
If a Blob URL is set to the same file object, the blob: URL will not return the the read-only file at request to the Blob URL.
Selection of folder where folder permission is set to read-only
Chrome, chromium
At chrome, chromium where webkitdirectory attribute is set and folder is selected with read-only permission FileList .length of event.target.files returned 0; event.target.files.webkitGetAsEntry() is not called, "No file chosen" is rendered at <input type="file"> shadowDOM. When a folder is dropped at <input type="file"> or element where droppable attribute set, the directory .name and .path of the read-only folder is displayed at drop event.dataTransfer. 
When user drops file or folder at <textarea> element, where no drop event is attached beforeunload event is called and a prompr is displayed at UI
Do you want to leave this site?
Changes you made may not be saved.
<Stay><Leave> // <buttons>
Firefox
At firefox version 47.0b9 with allowdirs attribute is set at <input type="file"> element, where user clicks "Choose folder.." <input>, the folder .name and .path of the parent folder are accessible at .then() chained to event.target.getFilesAndDirectories(). The files or folders contained within the selected folder are not returned when recursively iterating Directory entries; an an empty string is returned.
If user clicks "Choose file..." <input> and a folder is selected without read-only permission set, when the folder at file manager is clicked, the files in the folder are listed. 
Where a folder is selected where read-only permission is set an alert() notification is rendered at UI displaying 
  Could not read the contents of <directory name>
  Permission denied
Bug, security issue
*nix OS
When user drops folder at <textarea> element, where no drop event is attached, the full path to the folder at user filesystem file: protocol is exposed. The paths to the files contained within the folder are not also set as .value; e.g.,
"file:///home/user/Documents/Document/"
When a file is dropped at <textarea> element, where not drop event is attached, the full path to the file at user filesystem is set as .value of <textarea>; that is,
"file:///home/user/Documents/Document/MyFileFullPathDisplayedAtTextAreaValue.txt"
If multiple files are selected and dropped at <textarea> element, all of the full file paths are set as .value of <textarea>, delineated by new line character \n
"file:///home/user/Documents/Document/MyFileFullPathDisplayedAtTextAreaValue1.txt"
"file:///home/user/Documents/Document/MyFileFullPathDisplayedAtTextAreaValue2.txt"
..
Where an XMLHttpRequest() is made for the file path and error is logged at console
NS_ERROR_DOM_BAD_URI: Access to restricted URI denied
When set as .src of an <img> element with .crossOrigin set to "anonymous" the img error event handler is called
At call to window.open() with full path set at first parameter
Error: Access to '"file:///home/user/Documents/Document/MyFileFullPathDisplayedAtTextAreaValue.png"' from script denied
Specification
4.10.5.1.18. File Upload state (type=file)
EXAMPLE 16
For historical reasons, the value IDL attribute prefixes the
  file name with the string "C:\fakepath\". Some legacy user agents
  actually included the full path (which was a security vulnerability).
  As a result of this, obtaining the file name from the value IDL
  attribute in a backwards-compatible way is non-trivial.
4.10.5.4. Common <input> element APIs
filename 
On getting, it must return the string "C:\fakepath\" followed by the name of the first file in the list of selected
  files, if any, or the empty string if the list is empty. On
  setting, if the new value is the empty string, it must empty the list
  of selected files; otherwise, it must throw an "InvalidStateError"
  DOMException.
NOTE: This "fakepath" requirement is a sad accident of history. See the example in the File Upload state section for more
    information.
NOTE: Since path components are not permitted in file names in the list of selected files, the "\fakepath\" cannot be mistaken
    for a path component.
4.10.5.1.18. File Upload state (type=file)
Path components
When an <input> element’s type attribute is in the File Upload
  state, the rules in this section apply.
The <input> element represents a list of selected files,
  each file consisting of a file name, a file type, and a file body (the
  contents of the file).
File names must not contain path components, even in the case that a
  user has selected an entire directory hierarchy or multiple files with
  the same name from different directories. Path components, for the
  purposes of the File Upload state, are those parts of file names
  that are separated by U+005C REVERSE SOLIDUS character () characters.
Bug report https://bugzilla.mozilla.org/show_bug.cgi?id=1311823
Dropping file at <textarea> at data URI
Following comment by Neal Deakin at bug report
I think the steps referred to are:
- Open data:text/html,
- Drag a file from the desktop to the textarea
I can reproduce this on Linux, but not on Windows or Mac.
The hunch above is correct; Linux is including the data as a url and
  plaintext as well.
dropped files at data: prototcol data URI at firefox, and chrome, chromium
data:text/html,<textarea></textarea>
Firefox
The full path name of file or folder set as .value of <textarea>.
Chrome, chromium
Dropping file at data URI having only textarea element at chrome, chromium replaces the data URI with dropped file path at address bar, and loads the dropped file at the same tab, replacing the data URI with the content of the dropped file.
plnkr http://plnkr.co/edit/ZfAGEAiyLLq8rGXD2ShE?p=preview
html, javascript to reproduce issue described above
<!DOCTYPE html>
<html>
<head>
  <style>
    body {
      height: 400px;
    }
    textarea {
      width: 95%;
      height: inherit;
    }
  </style>
  <script>
    window.onload = function() {
      var button = document.querySelector("#myfile + button");
      var input = document.getElementById("myfile");
      var display = document.getElementById("DisplayText");
      var text = null;
      function readFullPathToFileOnUserFileSystem(e) {
        var path = e.target.value;
        console.log(path);
        var w = window.open(path, "_blank");
        var img = new Image;
        img.crossOrigin = "anonymous";
        img.onload = function() {
          document.body.appendChild(this);
        }
        img.onerror = function(err) {
          console.log("img error", err.message)
        }
        img.src = path;
        var request = new XMLHttpRequest();
        request.open("GET", path.trim(), true);
        request.onload = function() {
          console.log(this.responseText)
        }
        request.error = function(err) {
          console.log(err.message)
        }
        request.send();
      }
      display.addEventListener("input", readFullPathToFileOnUserFileSystem);
      input.addEventListener("change", addDoc);
      input.addEventListener("progress", function(event) {
        console.log("progress", event)
      });
      button.addEventListener("click", handleText)
      function addDoc(event) {
        var mozResult = [];
        function mozReadDirectories(entries, path) {
          console.log("dir", entries, path);
          return [].reduce.call(entries, function(promise, entry) {
              return promise.then(function() {
                console.log("entry", entry);
                return Promise.resolve(entry.getFilesAndDirectories() || entry)
                  .then(function(dir) {
                    console.log("dir getFilesAndDirectories", dir)
                    return dir
                  })
              })
            }, Promise.resolve())
            .catch(function(err) {
              console.log(err, err.message)
            })
            .then(function(items) {
              console.log("items", items);
              var dir = items.filter(function(folder) {
                return folder instanceof Directory
              });
              var files = items.filter(function(file) {
                return file instanceof File
              });
              if (files.length) {
                console.log("files:", files, path);
                mozResult = mozResult.concat.apply(mozResult, files);
              }
              if (dir.length) {
                console.log(dir, dir[0] instanceof Directory, dir[0]);
                return mozReadDirectories(dir, dir[0].path || path);
              } else {
                if (!dir.length) {
                  return Promise.resolve(mozResult).then(function(complete) {
                    return complete
                  })
                }
              }
            })
            .catch(function(err) {
              console.log(err)
            })
        };
        console.log("files", event.target.files);
        if ("getFilesAndDirectories" in event.target) {
          return (event.type === "drop" ? event.dataTransfer : event.target)
          .getFilesAndDirectories()
            .then(function(dir) {
              if (dir[0] instanceof Directory) {
                console.log(dir)
                return mozReadDirectories(dir, dir[0].path || path)
                  .then(function(complete) {
                    console.log("complete:", complete);
                    event.target.value = null;
                  });
              } else {
                if (dir[0] instanceof File && dir[0].size > 0) {
                  return Promise.resolve(dir)
                    .then(function(complete) {
                      console.log("complete:", complete);
                    })
                } else {
                  if (dir[0].size == 0) {
                    throw new Error("could not process '" + dir[0].name + "' directory" + " at drop event at firefox, upload folders at 'Choose folder...' input");
                  }
                }
              }
            }).catch(function(err) {
              console.log(err)
            })
        }
        var reader = new FileReader();
        reader.onload = function(e) {
          text = reader.result;
          console.log("FileReader.result", text);
          button.removeAttribute("disabled");
        }
        reader.onerror = function(err) {
          console.log(err, err.loaded, err.loaded === 0, file);
          button.removeAttribute("disabled");
        }
        reader.onprogress = function(e) {
          console.log(e, e.lengthComputable, e.loaded, e.total);
        }
        reader.readAsArrayBuffer(file);
      }
      function handleText() {
        // do stuff with `text`: `reader.result` from `addDoc`
        display.textContent = text;
        button.setAttribute("disabled", "disabled");
        // set `text` to `null` if not needed or referenced again
        text = null;
      }
    }
  </script>
</head>
<body>
  <input type="file" id="myfile" webkitdirectory directory allowdirs>
  <button type="button" disabled>Add Document</button>
  <br>
  <br>
  <textarea id="DisplayText"></textarea>
</body>
</html>
plnkr http://plnkr.co/edit/8Ovw3IlYKI8BYsLhzV88?p=preview
You can use change event attached to #myfile element to handle file selection action by user. 
Substitute <textarea> element for <p> element to display result of load event from .readAsText() call.
To display .result of FileReader at click at button element, set variable text to reader.result within load event of FileReader at click event at button set .textContent of #DisplayText element to variable referencing previously set reader.result.
<!DOCTYPE html>
<html>
  <style>
    body {
      height: 400px;
    }
    textarea {
      width:95%;
      height: inherit;
    }
  </style>
<head>
  <script>
    window.onload = function() {
        var button = document.querySelector("#myfile + button");
        var input = document.getElementById("myfile");
        var display = document.getElementById("DisplayText");
        var text = null;
        input.addEventListener("change", addDoc);
        button.addEventListener("click", handleText)
        function addDoc(event) {
          var file = this.files[0]
          var reader = new FileReader();      
          reader.onload = function(e) {
            text = reader.result;
            button.removeAttribute("disabled");
          }
          reader.onerror = function(err) {
            console.log(err, err.loaded
                        , err.loaded === 0
                        , file);
            button.removeAttribute("disabled");
          }
          reader.readAsText(event.target.files[0]);
        }
        function handleText() {
          
          // do stuff with `text`: `reader.result` from `addDoc`
          display.textContent = text;
          button.setAttribute("disabled", "disabled");
          // set `text` to `null` if not needed or referenced again
          text = null; 
        }
    }
  </script>
</head>
<body>
  <input type="file" id="myfile" accept="text/*">
  <button type="button" disabled>Add Document</button><br><br>
  <textarea id="DisplayText"></textarea>
</body>
</html>