Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 09, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ASTROTECH Corp | |
Entity Central Index Key | 1,001,907 | |
Trading Symbol | astc | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 4,506,473 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 95 | $ 2,184 |
Short-term investments | 10,062 | 10,900 |
Accounts receivable, net of allowance | 80 | 146 |
Inventory, net | 132 | 166 |
Prepaid expenses and other current assets | 246 | 269 |
Total current assets | 10,615 | 13,665 |
Property and equipment, net | 3,001 | 3,180 |
Long-term investments | 1,428 | 1,990 |
Other assets, net | 81 | 0 |
Total assets | 15,125 | 18,835 |
Current liabilities | ||
Accounts payable | 200 | 259 |
Payroll related accruals | 414 | 907 |
Accrued liabilities and other | 382 | 641 |
Income tax payable | 2 | 2 |
Total current liabilities | 998 | 1,809 |
Other liabilities | 242 | 256 |
Total liabilities | 1,240 | 2,065 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity | ||
Preferred stock, no par value, convertible, 2,500,000 shares authorized; no shares issued and outstanding, at September 30, 2017 and June 30, 2017, respectively | 0 | 0 |
Common stock, no par value, 15,000,000 shares authorized; 4,506,473 and 4,508,509 shares issued at September 30, 2017 and June 30, 2017, respectively; 4,108,573 and 4,111,281 shares outstanding at September 30, 2017 and June 30, 2017, respectively | 190,437 | 190,382 |
Treasury stock, 397,936 and 397,228 shares at cost at September 30, 2017 and June 30, 2017, respectively | (4,124) | (4,121) |
Additional paid-in capital | 1,550 | 1,483 |
Accumulated deficit | (173,919) | (170,913) |
Accumulated other comprehensive loss | (59) | (61) |
Total stockholders’ equity | 13,885 | 16,770 |
Total liabilities and stockholders’ equity | $ 15,125 | $ 18,835 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares outstanding (in shares) | 4,108,573 | 4,111,281 |
Common stock, shares issued (in shares) | 4,506,473 | 4,508,509 |
Treasury stock, shares at cost (in shares) | 397,936 | 397,228 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 1,006 |
Cost of revenue | 0 | 731 |
Gross profit | 0 | 275 |
Operating expenses: | ||
Selling, general and administrative | 1,407 | 2,548 |
Research and development | 1,669 | 1,292 |
Total operating expenses | 3,076 | 3,840 |
Loss from operations | (3,076) | (3,565) |
Interest and other income, net | 70 | 98 |
Loss before income taxes | (3,006) | (3,467) |
Income tax benefit | 0 | 0 |
Net loss | (3,006) | (3,467) |
Less: Net loss attributable to noncontrolling interest | 0 | (52) |
Net loss attributable to Astrotech Corporation | $ (3,006) | $ (3,415) |
Weighted average common shares outstanding: | ||
Basic and diluted (in shares) | 4,057 | 4,126 |
Basic and diluted net loss per common share: | ||
Net loss attributable to Astrotech Corporation (in dollars per share) | $ (0.15) | $ (0.17) |
Other comprehensive loss, net of tax: | ||
Net loss attributable to Astrotech Corporation | $ (3,006) | $ (3,415) |
Available-for-sale securities: | ||
Net unrealized gain | 1 | 41 |
Reclassification adjustment for realized loss | 1 | 0 |
Total comprehensive loss | $ (3,004) | $ (3,374) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (3,006) | $ (3,467) |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||
Stock-based compensation | 122 | 862 |
Amortization | 12 | 16 |
Depreciation | 186 | 171 |
Net loss on sale of available-for-sale investments | 1 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | 66 | (862) |
Cost, estimated earnings and billings, net on uncompleted contracts | 0 | 296 |
Accounts payable | (59) | 29 |
Other assets and liabilities | (790) | (161) |
Net cash used in operating activities | (3,468) | (3,116) |
Cash flows from investing activities: | ||
Sale of available-for-sale investments | 889 | 0 |
Maturities of available-for-sale securities | 500 | 2,592 |
Purchases of property and equipment | (7) | (24) |
Net cash provided by investing activities | 1,382 | 2,568 |
Cash flows from financing activities: | ||
Payments for purchase of treasury stock | (3) | (308) |
Net cash used in financing activities | (3) | (308) |
Net change in cash and cash equivalents | (2,089) | (856) |
Cash and cash equivalents at beginning of period | 2,184 | 4,399 |
Cash and cash equivalents at end of period | 95 | 3,543 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
General Information
General Information | 3 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | General Information Description of the Company – Astrotech Corporation (Nasdaq: ASTC) (“Astrotech,” “the Company,” “we,” “us” or “our”), a Washington corporation organized in 1984, is an innovative science and technology development and commercialization company that invents, acquires, and commercializes technological innovations sourced from internal research, universities, laboratories, and research institutions, and then funds, manages, and builds start-up companies for profitable divestiture to market leaders to maximize shareholder value. Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared by Astrotech Corporation in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018 . These financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2017 . Certain prior year amounts have been reclassified to conform to the current year presentation. On Monday, October 16, 2017, the Company effectuated a reverse stock split of its shares of Common Stock whereby every five (5) pre-split shares of Common Stock were exchanged for one (1) post-split share of the Company's Common Stock (the “Reverse Stock Split”). No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would otherwise have held a fractional share of the Common Stock received a cash payment in lieu thereof. In addition, the Company’s authorized Common Stock was reduced from 75 million to 15 million shares. Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition (as updated by ASU 2015-14 in August 2015, ASU 2016-08 in March 2016, and ASU 2016-20 in December 2016). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle. ASU 2014-09 requires disclosures enabling users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. ASU 2014-09 was to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. ASU 2015-14 delayed the required adoption date for public entities to periods beginning after December 15, 2017, although early adoption to the original effective date under ASU 2014-09 is permitted. Once implemented, the Company can use one of two retrospective application methods for prior periods. Earlier application is not permitted. The Company has been assessing the impact of the new revenue recognition standard on its relationships with its clients. We have hired an outside consultant to help with the adoption of this standard. The Company is nearly complete with its comprehensive diagnostic of the measurement and recognition provisions of the new standard and is in the process of finalizing its conclusions and policies. The Company plans to adopt this standard in fiscal year 2019. The Company has not yet determined the impacts of all the disclosure requirements and specifically is assessing the manner in which it will disaggregate its revenue to illustrate how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Additionally, while the Company is in the process of assessing its accounting and forecasting processes to ensure its ability to record, report, forecast, and analyze results under the new standard, it is not expecting significant changes to its business processes or systems. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, “Fair Value Measurements,” and as such these investments may be measured at cost. ASU 2016-01 will be effective for the Company’s fiscal year beginning July 1, 2018, and subsequent interim periods. The adoption of ASU 2016-01 is not expected to have an impact on the Company’s financial statements. The Company will adopt this ASU in fiscal year 2019. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is assessing the impact the adoption of ASU 2016-02 will have on its financial statements and plans to adopt this ASU in fiscal year 2019. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. This amendment affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of this standard will have on its financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017. The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case it would be required to apply the amendments prospectively as of the earliest date practicable. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”). ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance is expected to reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as a modification. Changes to the terms or conditions of a share-based payment award that do not impact the fair value of the award, vesting conditions and the classification as an equity or liability instrument will not need to be assessed under modification accounting. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. Accordingly, the adoption of ASU 2017-09 will not have an effect on the Company's historical financial statements. The Company is currently evaluating the effect of this standard on future consolidated financial statements. Our Business Units Astro Scientific Astro Scientific is a technology incubator that commercializes innovative technologies. Subsidiaries 1 st Detect Corporation (“1 st Detect”) and Astrogenetix Inc. (“Astrogenetix”) currently reside in Astro Scientific: 1 st Detect - 1 st Detect develops, manufactures, and sells chemical analyzers for use in the airport security, military, and breath analysis markets. Our chemical analyzers can identify chemicals with more accuracy and precision than competing analyzers given their extreme sensitivity and specificity. By leveraging a concept from Oak Ridge National Laboratory and a preliminary design initiated by an engagement with the National Aeronautics and Space Administration (“NASA”) to develop a mass spectrometer for the International Space Station, the Company developed a chemical analyzer that enables real-time analytics that we believe to be significantly smaller, lighter, faster, and less expensive than competing analyzers. The majority of revenue in 1 st Detect comes from working as a subcontractor on government contracts. The Company works with prime contractors in adapting our technology to be used in enhancing the government’s detection capabilities for a variety of applications. Our product portfolio currently consists of the following products: • MMS-1000™ - the MMS-1000™ is a small, low-power desktop analyzer designed for the laboratory market. • OEM-1000 - the OEM-1000 is an original equipment manufacturer (“OEM”) component that drives the MMS-1000™. It is designed to be integrated into customers’ packaging and enclosures and to be integrated with application-specific sampling or separation technology. Variants of the OEM-1000 have been selected by our partners for integration with their ancillary instrumentation. • MMS-2000™ - the MMS-2000™ is a process gas monitor that provides real-time measurement of specific chemicals in a process stream. It is built for continuous, autonomous monitoring and recording of any excursions or environmental anomalies that can continuously report the abundance of a set of chemicals in order to optimize yield or identify out-of-spec conditions. • Tracer 1000 MS-ETD™ - the Tracer 1000 MS-ETD™ is an explosives trace detector (“ETD”) with a linear ion trap mass spectrometer and a swab-based thermal desorption sample inlet system. It is designed to replace the current generation of ion mobility spectrometry-based ETD systems installed at airports and other high security facilities globally. • BreathDetect 1000™ - the BreathDetect 1000™ is a mass spectrometry-based instrument that is being used to analyze human breath in real-time, enabling detection of bacterial infections in the respiratory tract within minutes. Astrogenetix - Astrogenetix is applying a fast-track, on-orbit discovery platform using the International Space Station to develop vaccines. The Center for Vaccine Development at the University of Maryland (“UMD”), one of the leading vaccinology institutions in the world, independently validated our target vaccine for Salmonella through funding provided by NASA. We are currently looking for funding to finance the pursuit of an Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”). Astral Astral Images sells film-to-digital conversion, high-dynamic range conversion, image enhancement, defect removal, and color correction services. Astral uses its powerful artificial intelligence (“AI”) algorithms to provide automated conversion of television and feature 35mm and 16mm films to the new 4K HDR format, the standard for the latest generation of digital film distribution to the home. Due to a significant shift in the film scanning industry, most film assets will need to go through an upgrade to the new standard to remain relevant for over-the-top distribution (Netflix, Amazon, Hulu, etc.) as television manufacturers sell more 4K HDR televisions and consumer demand for such content accelerates. Astral is positioned to be a leader in the digital conversion of feature films, film-based television series, sporting events shot on film, film libraries, and film archives. Astral has introduced to the digital conversion market Black ICE™ for the conversion of black and white film, Color ICE™ for the conversion of color film, and HDR ICE™ for the conversion of color film or digital video to the new HDR format. Astral’s platform technology is also being designed to launch a targeted solution that will convert photographs, negatives, and slides to a digital format while employing its AI algorithms to remove defects and restore the color in automation. |
Going Concern Going Concern
Going Concern Going Concern | 3 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Going Concern Financial Condition The Company’s consolidated financial statements for the quarter ended September 30, 2017 have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2017 , the Company has working capital of $9.6 million . For fiscal year 2017 , the Company reported a net loss of $11.6 million and net cash used in operating activities of $8.8 million , which raises substantial doubt about the Company’s ability to continue as a going concern , but the Company remains resolute in identifying the optimal solution to the liquidity issue. Management’s Plans to Continue as a Going Concern Management has engaged Chardan Capital Markets to pursue strategic alternatives for the Company. These include, but are not limited to, selling the Company or a portion thereof, debt financing, equity financing, merging, or engaging in a strategic partnership. Management continues to explore these strategic alternatives as we look to improve our liquidity and maximize shareholder value. Astrotech’s consolidated financial statements as of September 30, 2017 do not include any adjustments that might result from the inability to implement or execute the Company’s plans to improve its ability to continue as a going concern. |
Investments
Investments | 3 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments We use the specific identification method when determining realized gains and losses on our available-for-sale securities. The following tables summarize unrealized gains and losses related to our investments: Available-for-Sale September 30, 2017 (In thousands) Adjusted Unrealized Unrealized Fair Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 8,215 $ — $ (57 ) $ 8,158 Fixed Income Bonds 2,536 — (1 ) 2,535 Time Deposits 798 1 (2 ) 797 Total $ 11,549 $ 1 $ (60 ) $ 11,490 June 30, 2017 Adjusted Unrealized Unrealized Fair Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 9,104 $ — $ (61 ) $ 9,043 Fixed Income Bonds 3,048 — — 3,048 Time Deposits 799 — — 799 Total $ 12,951 $ — $ (61 ) $ 12,890 For information on the unrealized holding losses on available-for-sale investments reclassified out of accumulated other comprehensive loss into the consolidated statements of income, see “Note 9 : Other Comprehensive Loss.” We have certain financial instruments on our condensed consolidated balance sheet related to interest-bearing time deposits and fixed income bonds. These time deposits are included in “Short-term Investments” if the maturities at the end of the reporting period were 360 days or less or “Long-term Investments” if the maturities at the end of the reporting period were over 360 days. Fixed income investments, maturing over the next one to three years, are comprised of investment-grade fixed income securities in various corporations with ratings of BB- or better. The following table presents the carrying amounts of certain financial instruments as of September 30, 2017 , and June 30, 2017 : Carrying Value Short-Term Investments Long-Term Investments (In thousands) September 30, 2017 June 30, 2017 September 30, 2017 June 30, 2017 Mutual Funds - Corporate & Government Debt $ 8,158 $ 9,043 $ — $ — Time deposits Maturities from 1-90 days — — — — Maturities from 91-360 days 250 250 — — Maturities over 360 days — — 547 549 Fixed Income Bonds Maturities less than 1 year 1,654 1,607 — — Maturities from 1-3 years — — 881 1,441 Maturities from 3-5 years — — — — Total $ 10,062 $ 10,900 $ 1,428 $ 1,990 |
Inventory
Inventory | 3 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory The following table summarizes the components of our inventory balances, net of allowance of $107 thousand and $116 thousand at September 30, 2017 , and June 30, 2017 , respectively: (In thousands) September 30, 2017 June 30, 2017 Raw materials $ 84 $ 109 Work in process 48 57 Total inventory $ 132 $ 166 |
Noncontrolling Interest
Noncontrolling Interest | 3 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Noncontrolling Interest Astral was created in conjunction with a noncontrolling interest, resulting in Astrotech initially owning 72% of Astral; the Company now owns 100% of Astral. The following table details the contributions from the Company and the minority interest owner and the Company’s ownership percentage of Astral: (In thousands) ASTC Contribution Minority Owner ASTC Ownership (1) Initial investment $ 1,422 $ 422 72 % Additional contributions made in fiscal year 2015 1,000 — 83 % Additional contributions made in fiscal year 2016 3,000 — 92 % Additional contributions made in fiscal year 2017 3,500 (422 ) 100 % Total Contributions $ 8,922 $ — (1) Astrotech acquired full ownership of Astral Images in fiscal year 2017. The Company previously applied noncontrolling interest accounting, which required us to clearly identify the noncontrolling interest in the consolidated statements of operations. The Company previously disclosed three measures of net loss: net loss, net loss attributable to noncontrolling interest, and net loss attributable to Astrotech Corporation. The Company’s operating cash flows in its consolidated statements of cash flows reflect net loss, while our basic and diluted earnings per share calculations reflect net loss attributable to Astrotech Corporation. The following table breaks down the changes in Stockholders’ Equity for three months ended September 30, 2017 : (In thousands) Total Stockholders' Equity Balance at June 30, 2017 $ 16,770 Stock based compensation 122 Share repurchases (3 ) Net change on available-for-sale investments 2 Net loss attributable to Astrotech Corporation (3,006 ) Balance at September 30, 2017 $ 13,885 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic net loss per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method and the if-converted method. Potentially dilutive common shares include outstanding stock options and share-based awards. The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended (In thousands, except share data) 2017 2016 Numerator: Amounts attributable to Astrotech Corporation, basic and diluted: Loss before income taxes $ (3,006 ) $ (3,467 ) Income tax benefit — — Net loss (3,006 ) (3,467 ) Less: Net loss attributable to noncontrolling interest — (52 ) Net loss attributable to Astrotech Corporation $ (3,006 ) $ (3,415 ) Denominator: Denominator for basic and diluted net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding 4,057 4,126 Basic and diluted net loss per common share: Net loss attributable to Astrotech Corporation $ (0.15 ) $ (0.17 ) All unvested restricted stock awards for the three months ended September 30, 2017 , are not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. Options to purchase 365,252 shares of common stock at exercise prices ranging from $1.60 to $16.00 per share outstanding as of September 30, 2017 , were not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2017 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition Astrotech recognizes revenue employing two generally accepted revenue recognition methodologies. The methodology used is based on contract type and the manner in which products and services are provided. Production Unit Sales When revenue for sale of manufactured product is commenced, we will recognize it when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when a firm sales contract or invoice is in place, delivery has occurred or services have been provided, and collectability is reasonably assured. Construction-Type and Production-Type Contracts Most of the Company’s revenue is derived from contracts to manufacture mass spectrometers to a buyer’s specification. These contracts are accounted for under the provisions of FASB ASC Topic 605-35 “Revenue Recognition: Construction-Type and Production-Type Contracts”. These contracts are fixed-price and are recorded on the percentage-of-completion basis using the ratio of costs incurred to estimated total costs at completion as the measurement basis for progress toward completion and revenue recognition. Any losses identified on contracts are recognized immediately. Contract accounting requires significant judgment relative to assessing risks, estimating contract costs, and making related assumptions for schedule and technical issues. With respect to contract change orders, claims, or similar items, judgment must be used in estimating related amounts and assessing the potential for realization. These amounts are only included in contract value when they can be reliably estimated and realization is probable. The Company enters into fixed-priced subcontracts on government projects that are one to two years long. Revenue from certain long-term, integrated project management contracts to provide new prototypes and completion services is reported on the percentage-of-completion method of accounting. At the outset of each contract, we prepare a detailed analysis of our estimated cost to complete the project, and our progress is based on the percentage of projected cost incurred. Risks related to service delivery, usage, productivity, and other factors are considered in the estimation process. The recording of profits and losses on long-term contracts requires an estimate of the total profit or loss over the life of each contract. This estimate requires consideration of total contract value, change orders, and claims, less costs incurred and estimated costs to complete. Anticipated losses on contracts are recorded in full in the period in which they become evident. Profits are recorded based upon the total estimated contract profit times the current percentage complete for the contract. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The accounting standard for fair value measurements defines fair value, establishes a market-based framework or hierarchy for measuring fair value, and expands disclosures about fair value measurements. The standard is applicable whenever assets and liabilities are measured and included in the financial statements at fair value. The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. The following tables present the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of September 30, 2017 , and June 30, 2017 : September 30, 2017 Carrying Fair Value Measured Using Fair (in thousands) Amount Level 1 Level 2 Level 3 Value Available-for-Sale Securities Mutual Funds - Corporate & Government Debt $ 8,158 $ 8,158 $ — $ — $ 8,158 Bonds: 0-1 year 1,654 — 1,654 — 1,654 Bonds: 1-3 years 881 — 881 — 881 Time deposits: 91-360 days 250 — 250 — 250 Time deposits: over 360 days 547 — 547 — 547 Total $ 11,490 $ 8,158 $ 3,332 $ — $ 11,490 June 30, 2017 Carrying Fair Value Measured Using Fair (in thousands) Amount Level 1 Level 2 Level 3 Value Available-for-Sale Securities Mutual Funds - Corporate & Government Debt $ 9,043 $ 9,043 $ — $ — $ 9,043 Bonds: 0-1 year 1,607 — 1,607 — 1,607 Bonds: 1-3 years 1,441 — 1,441 — 1,441 Time deposits: 91-360 days 250 — 250 — 250 Time deposits: over 360 days 549 — 549 — 549 Total $ 12,890 $ 9,043 $ 3,847 $ — $ 12,890 The value of our available-for-sale investments is based on pricing from third-party pricing vendors, who may use quoted prices in active markets for identical assets (Level 1 inputs). The fair value of our bonds and time deposits with maturities less than 90 days is considered the amortized value; the fair value measurements used for bonds and time deposits with maturities greater than 90 days is considered Level 2 and uses pricing from third-party pricing vendors who use quoted prices for identical or similar securities in both active and inactive markets. |
Other Comprehensive Loss
Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive Loss | Other Comprehensive Loss Changes in the balances of each component included in accumulated other comprehensive loss for the three months ended September 30, 2017 , are presented below. (In thousands) Accumulated Other Comprehensive Loss Unrealized Loss in Investments Balance at June 30, 2017 $ (61 ) Current period change in other comprehensive loss before reclassifications 1 Reclassification to net loss for realized losses 1 Balance at September 30, 2017 $ (59 ) |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 3 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | Business Risk and Credit Risk Concentration Involving Cash During the three months ended September 30, 2017 , the Company did not recognize any revenue from customers. During the three months ended September 30, 2016 , the Company had two customers that together comprised 100% of the Company’s revenue. The following tables summarize the concentrations of sales and trade accounts receivable percentages for the Company’s customers: Three Months Ended Three Months Ended Percentage of Total Sales Percentage of Total Sales Next Generation Chemical Detector Partner — % 62 % Department of Homeland Security Science and Technology Directorate Partner — % 38 % September 30, 2017 June 30, 2017 Percentage of Trade A/R Percentage of Trade A/R Department of Homeland Security Science and Technology Directorate Partner — % 100 % The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation (“FDIC”) of $250 thousand per depositor. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in what we believe to be high credit quality financial institutions. The Company has not experienced any losses in such accounts. |
Common Stock Incentive, Stock P
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans | Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans Stock Option Activity Summary The Company’s stock option activity for the three months ended September 30, 2017 , is as follows: Shares Weighted Average Exercise Price Outstanding at June 30, 2017 365 $ 6.07 Granted — — Exercised — — Canceled or expired — — Outstanding at September 30, 2017 365 $ 6.07 The aggregate intrinsic value of options exercisable at September 30, 2017 , was $0.2 million as the fair value of the Company’s common stock is more than the exercise prices of these options. The remaining share-based compensation expense of $0.5 million related to stock options will be recognized over a weighted-average period of 2.48 years . The table below details the Company’s stock options outstanding as of September 30, 2017 : Range of exercise prices Number Outstanding Options Outstanding Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Number Exercisable Options Exercisable Weighted- Average Exercise Price $1.60 – 3.55 77,550 3.11 $ 3.11 77,550 $ 3.11 $5.03 – 8.35 270,702 8.43 6.29 86,000 6.59 $16.00 – 16.00 17,000 7.52 16.00 12,267 16.00 $1.60 – 16.00 365,252 7.26 $ 6.07 175,817 $ 5.56 Compensation costs recognized related to stock option awards were $67 thousand and $19 thousand for the three months ended September 30, 2017 , and 2016 , respectively. Restricted Stock The Company’s restricted stock activity for the three months ended September 30, 2017 , is as follows: Shares Weighted Outstanding at June 30, 2017 56 $ 9.95 Granted — — Vested 6 9.22 Canceled or expired 2 8.35 Outstanding at September 30, 2017 48 $ 10.12 Stock compensation expenses related to restricted stock were $55 thousand and $843 thousand for the three months ended September 30, 2017 , and 2016 , respectively. The remaining share-based compensation expense of $193 thousand related to restricted stock awards granted will be recognized over a weighted-average period of 1.27 years . Securities Repurchase Program On December 13, 2014, the Board of Directors amended the share repurchase program to allow for the repurchase of up to $5 million in Astrotech Corporation stock until December 31, 2015. On December 3, 2015, the Board of Directors authorized the extension of the share repurchase program through December 31, 2016. The share repurchase program ended as of December 31, 2016; as such, during the three months ended September 30, 2017 , no shares were repurchased as part of the share repurchase program. As of September 30, 2017 , the Company had repurchased 37,727 shares of common stock at a cost of $492 thousand , which represents an average cost of $13.05 per share. Shares Repurchased from Related Parties In August 2016, the Company repurchased 38,400 shares issued to the Chief Financial Officer and Chief Operating Officer related to their tax withholding obligations at a cost of $308 thousand , which represents an average cost of $8.00 per share. In December 2016, the Company repurchased 120,370 shares from the Chief Executive Officer at a cost of $975 thousand , which represents an average cost of $8.10 per share. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are more likely than not to be realized. As of September 30, 2017 , and June 30, 2017 , the Company established a full valuation allowance against all of its net deferred tax assets. For the three months ended September 30, 2017 , and 2016 , the Company incurred pre-tax losses in the amount of $3.0 million and $3.5 million , respectively. The total effective tax rate was approximately 0% for each of the three months ended September 30, 2017 , and 2016 . For each of the three months ended September 30, 2017 , and 2016 , the Company’s effective tax rate differed from the federal statutory rate of 35% , primarily due to recording of the valuation allowance placed against its net deferred tax assets. FASB ASC 740, “Income Taxes” addresses the accounting for uncertainty in income tax recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The Company had an unrecognized tax benefit of $0 for each of the three months ended September 30, 2017 , and 2016 . Loss carryovers are generally subject to modification by tax authorities until three years after they have been utilized; as such, the Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. The reason for this extended examination period is due to the utilization of the loss carryovers generated by the sale of our Astrotech Space Operations business unit in fiscal year 2015. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company establishes reserves for the estimated losses on specific contingent liabilities, for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, the Company is not able to make a reasonable estimate of liability because of the uncertainties related to the outcome or the amount or range of potential loss. Litigation, Investigations, and Audits – We are not party to, nor are our properties the subject of, any material pending legal proceedings. |
Segment Information
Segment Information | 3 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company currently has two reportable business units: Astro Scientific and Astral. Astro Scientific Astro Scientific is a technology incubator that commercializes innovative technologies. Subsidiaries 1 st Detect and Astrogenetix currently reside in Astro Scientific: 1 st Detect - 1 st Detect develops, manufactures, and sells chemical analyzers for use in the airport security, military, and breath analysis markets. Our chemical analyzers can identify chemicals with more accuracy and precision than competing analyzers given their extreme sensitivity and specificity. By leveraging a concept from Oak Ridge National Laboratory and a preliminary design initiated by an engagement with NASA to develop a mass spectrometer for the International Space Station, the Company developed a chemical analyzer that enables real-time analytics that we believe to be significantly smaller, lighter, faster, and less expensive than competing analyzers. The majority of revenue in 1 st Detect comes from working as a subcontractor on government contracts. The Company works with prime contractors in adapting our technology to be used in enhancing the government’s detection capabilities for a variety of applications. Astrogenetix - Astrogenetix is applying a fast-track, on-orbit discovery platform using the International Space Station to develop vaccines. The Center for Vaccine Development at UMD, one of the leading vaccinology institutions in the world, independently validated our target vaccine for Salmonella through funding provided by NASA. We are currently looking for funding to finance the pursuit of an IND application with the FDA. Astral Astral Images sells film-to-digital conversion, high-dynamic range conversion, image enhancement, defect removal, and color correction services. Astral uses its powerful AI algorithms to provide automated conversion of television and feature 35mm and 16mm films to the new 4K HDR format, the standard for the latest generation of digital film distribution to the home. Due to a significant shift in the film scanning industry, most film assets will need to go through an upgrade to the new standard to remain relevant for over-the-top distribution (Netflix, Amazon, Hulu, etc.) as television manufacturers sell more 4K HDR televisions and consumer demand for such content accelerates. Astral is positioned to be a leader in the digital conversion of feature films, film-based television series, sporting events shot on film, film libraries, and film archives. Astral has introduced to the digital conversion market Black ICE™ for the conversion of black and white film, Color ICE™ for the conversion of color film, and HDR ICE™ for the conversion of color film or digital video to the new HDR format. Astral’s platform technology is also being designed to launch a targeted solution that will convert photographs, negatives, and slides to a digital format while employing its AI algorithms to remove defects and restore the color in automation. All intercompany transactions between business units have been eliminated in consolidation. Key financial metrics of the Company’s segments are as follows: Three Months Ended Three Months Ended Revenue, Depreciation, and Income Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes Astro Scientific $ — $ 104 $ (2,424 ) $ 1,006 $ 91 $ (2,786 ) Astral — 82 (582 ) — 80 (681 ) Total $ — $ 186 $ (3,006 ) $ 1,006 $ 171 $ (3,467 ) September 30, 2017 June 30, 2017 Assets (In thousands) Fixed Assets, Net Total Capital Expenditures (1) Total Assets Fixed Assets, Net Total Capital Expenditures (2) Total Assets Astro Scientific $ 1,127 $ 7 $ 13,201 $ 1,224 $ 468 $ 16,833 Astral 1,874 — 1,924 1,956 31 2,002 Total $ 3,001 $ 7 $ 15,125 $ 3,180 $ 499 $ 18,835 (1) Total capital expenditures are for the three months ended September 30, 2017. (2) Total capital expenditures are for the twelve months ended June 30, 2017. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On Monday, October 16, 2017, the Company effectuated a reverse stock split of its shares of Common Stock whereby every five ( 5 ) pre-split shares of Common Stock were exchanged for one (1) post-split share of the Company's Common Stock. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would otherwise have held a fractional share of the Common Stock received a cash payment in lieu thereof. Numbers presented in these financial statements have been adjusted to reflect the Reverse Stock Split. |
General Information (Policies)
General Information (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared by Astrotech Corporation in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018 . These financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2017 . Certain prior year amounts have been reclassified to conform to the current year presentation. |
Accounting Pronouncements | Accounting Pronouncements – In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition (as updated by ASU 2015-14 in August 2015, ASU 2016-08 in March 2016, and ASU 2016-20 in December 2016). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle. ASU 2014-09 requires disclosures enabling users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. ASU 2014-09 was to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. ASU 2015-14 delayed the required adoption date for public entities to periods beginning after December 15, 2017, although early adoption to the original effective date under ASU 2014-09 is permitted. Once implemented, the Company can use one of two retrospective application methods for prior periods. Earlier application is not permitted. The Company has been assessing the impact of the new revenue recognition standard on its relationships with its clients. We have hired an outside consultant to help with the adoption of this standard. The Company is nearly complete with its comprehensive diagnostic of the measurement and recognition provisions of the new standard and is in the process of finalizing its conclusions and policies. The Company plans to adopt this standard in fiscal year 2019. The Company has not yet determined the impacts of all the disclosure requirements and specifically is assessing the manner in which it will disaggregate its revenue to illustrate how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Additionally, while the Company is in the process of assessing its accounting and forecasting processes to ensure its ability to record, report, forecast, and analyze results under the new standard, it is not expecting significant changes to its business processes or systems. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 modifies how entities measure equity investments and present changes in the fair value of financial liabilities. Under the new guidance, entities will have to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value under ASC 820, “Fair Value Measurements,” and as such these investments may be measured at cost. ASU 2016-01 will be effective for the Company’s fiscal year beginning July 1, 2018, and subsequent interim periods. The adoption of ASU 2016-01 is not expected to have an impact on the Company’s financial statements. The Company will adopt this ASU in fiscal year 2019. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is assessing the impact the adoption of ASU 2016-02 will have on its financial statements and plans to adopt this ASU in fiscal year 2019. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. This amendment affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of this standard will have on its financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017. The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case it would be required to apply the amendments prospectively as of the earliest date practicable. The Company is currently in the process of evaluating the impact of adoption on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”). ASU 2017-09 clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance is expected to reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as a modification. Changes to the terms or conditions of a share-based payment award that do not impact the fair value of the award, vesting conditions and the classification as an equity or liability instrument will not need to be assessed under modification accounting. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The amendments in this update should be applied prospectively to an award modified on or after the adoption date. Accordingly, the adoption of ASU 2017-09 will not have an effect on the Company's historical financial statements. The Company is currently evaluating the effect of this standard on future consolidated financial statements. |
Our Business Units | Our Business Units Astro Scientific Astro Scientific is a technology incubator that commercializes innovative technologies. Subsidiaries 1 st Detect Corporation (“1 st Detect”) and Astrogenetix Inc. (“Astrogenetix”) currently reside in Astro Scientific: 1 st Detect - 1 st Detect develops, manufactures, and sells chemical analyzers for use in the airport security, military, and breath analysis markets. Our chemical analyzers can identify chemicals with more accuracy and precision than competing analyzers given their extreme sensitivity and specificity. By leveraging a concept from Oak Ridge National Laboratory and a preliminary design initiated by an engagement with the National Aeronautics and Space Administration (“NASA”) to develop a mass spectrometer for the International Space Station, the Company developed a chemical analyzer that enables real-time analytics that we believe to be significantly smaller, lighter, faster, and less expensive than competing analyzers. The majority of revenue in 1 st Detect comes from working as a subcontractor on government contracts. The Company works with prime contractors in adapting our technology to be used in enhancing the government’s detection capabilities for a variety of applications. Our product portfolio currently consists of the following products: • MMS-1000™ - the MMS-1000™ is a small, low-power desktop analyzer designed for the laboratory market. • OEM-1000 - the OEM-1000 is an original equipment manufacturer (“OEM”) component that drives the MMS-1000™. It is designed to be integrated into customers’ packaging and enclosures and to be integrated with application-specific sampling or separation technology. Variants of the OEM-1000 have been selected by our partners for integration with their ancillary instrumentation. • MMS-2000™ - the MMS-2000™ is a process gas monitor that provides real-time measurement of specific chemicals in a process stream. It is built for continuous, autonomous monitoring and recording of any excursions or environmental anomalies that can continuously report the abundance of a set of chemicals in order to optimize yield or identify out-of-spec conditions. • Tracer 1000 MS-ETD™ - the Tracer 1000 MS-ETD™ is an explosives trace detector (“ETD”) with a linear ion trap mass spectrometer and a swab-based thermal desorption sample inlet system. It is designed to replace the current generation of ion mobility spectrometry-based ETD systems installed at airports and other high security facilities globally. • BreathDetect 1000™ - the BreathDetect 1000™ is a mass spectrometry-based instrument that is being used to analyze human breath in real-time, enabling detection of bacterial infections in the respiratory tract within minutes. Astrogenetix - Astrogenetix is applying a fast-track, on-orbit discovery platform using the International Space Station to develop vaccines. The Center for Vaccine Development at the University of Maryland (“UMD”), one of the leading vaccinology institutions in the world, independently validated our target vaccine for Salmonella through funding provided by NASA. We are currently looking for funding to finance the pursuit of an Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”). Astral Astral Images sells film-to-digital conversion, high-dynamic range conversion, image enhancement, defect removal, and color correction services. Astral uses its powerful artificial intelligence (“AI”) algorithms to provide automated conversion of television and feature 35mm and 16mm films to the new 4K HDR format, the standard for the latest generation of digital film distribution to the home. Due to a significant shift in the film scanning industry, most film assets will need to go through an upgrade to the new standard to remain relevant for over-the-top distribution (Netflix, Amazon, Hulu, etc.) as television manufacturers sell more 4K HDR televisions and consumer demand for such content accelerates. Astral is positioned to be a leader in the digital conversion of feature films, film-based television series, sporting events shot on film, film libraries, and film archives. Astral has introduced to the digital conversion market Black ICE™ for the conversion of black and white film, Color ICE™ for the conversion of color film, and HDR ICE™ for the conversion of color film or digital video to the new HDR format. Astral’s platform technology is also being designed to launch a targeted solution that will convert photographs, negatives, and slides to a digital format while employing its AI algorithms to remove defects and restore the color in automation. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available-for-sale securities | The following tables summarize unrealized gains and losses related to our investments: Available-for-Sale September 30, 2017 (In thousands) Adjusted Unrealized Unrealized Fair Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 8,215 $ — $ (57 ) $ 8,158 Fixed Income Bonds 2,536 — (1 ) 2,535 Time Deposits 798 1 (2 ) 797 Total $ 11,549 $ 1 $ (60 ) $ 11,490 June 30, 2017 Adjusted Unrealized Unrealized Fair Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 9,104 $ — $ (61 ) $ 9,043 Fixed Income Bonds 3,048 — — 3,048 Time Deposits 799 — — 799 Total $ 12,951 $ — $ (61 ) $ 12,890 The following table presents the carrying amounts of certain financial instruments as of September 30, 2017 , and June 30, 2017 : Carrying Value Short-Term Investments Long-Term Investments (In thousands) September 30, 2017 June 30, 2017 September 30, 2017 June 30, 2017 Mutual Funds - Corporate & Government Debt $ 8,158 $ 9,043 $ — $ — Time deposits Maturities from 1-90 days — — — — Maturities from 91-360 days 250 250 — — Maturities over 360 days — — 547 549 Fixed Income Bonds Maturities less than 1 year 1,654 1,607 — — Maturities from 1-3 years — — 881 1,441 Maturities from 3-5 years — — — — Total $ 10,062 $ 10,900 $ 1,428 $ 1,990 |
Schedule of held-to-maturity securities | The following table presents the carrying amounts of certain financial instruments as of September 30, 2017 , and June 30, 2017 : Carrying Value Short-Term Investments Long-Term Investments (In thousands) September 30, 2017 June 30, 2017 September 30, 2017 June 30, 2017 Mutual Funds - Corporate & Government Debt $ 8,158 $ 9,043 $ — $ — Time deposits Maturities from 1-90 days — — — — Maturities from 91-360 days 250 250 — — Maturities over 360 days — — 547 549 Fixed Income Bonds Maturities less than 1 year 1,654 1,607 — — Maturities from 1-3 years — — 881 1,441 Maturities from 3-5 years — — — — Total $ 10,062 $ 10,900 $ 1,428 $ 1,990 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | The following table summarizes the components of our inventory balances, net of allowance of $107 thousand and $116 thousand at September 30, 2017 , and June 30, 2017 , respectively: (In thousands) September 30, 2017 June 30, 2017 Raw materials $ 84 $ 109 Work in process 48 57 Total inventory $ 132 $ 166 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule of noncontrolling interest | The following table details the contributions from the Company and the minority interest owner and the Company’s ownership percentage of Astral: (In thousands) ASTC Contribution Minority Owner ASTC Ownership (1) Initial investment $ 1,422 $ 422 72 % Additional contributions made in fiscal year 2015 1,000 — 83 % Additional contributions made in fiscal year 2016 3,000 — 92 % Additional contributions made in fiscal year 2017 3,500 (422 ) 100 % Total Contributions $ 8,922 $ — (1) Astrotech acquired full ownership of Astral Images in fiscal year 2017. |
Schedule of changes in stockholders equity | The following table breaks down the changes in Stockholders’ Equity for three months ended September 30, 2017 : (In thousands) Total Stockholders' Equity Balance at June 30, 2017 $ 16,770 Stock based compensation 122 Share repurchases (3 ) Net change on available-for-sale investments 2 Net loss attributable to Astrotech Corporation (3,006 ) Balance at September 30, 2017 $ 13,885 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share basic and diluted | The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended (In thousands, except share data) 2017 2016 Numerator: Amounts attributable to Astrotech Corporation, basic and diluted: Loss before income taxes $ (3,006 ) $ (3,467 ) Income tax benefit — — Net loss (3,006 ) (3,467 ) Less: Net loss attributable to noncontrolling interest — (52 ) Net loss attributable to Astrotech Corporation $ (3,006 ) $ (3,415 ) Denominator: Denominator for basic and diluted net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding 4,057 4,126 Basic and diluted net loss per common share: Net loss attributable to Astrotech Corporation $ (0.15 ) $ (0.17 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of financial instruments | The following tables present the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of September 30, 2017 , and June 30, 2017 : September 30, 2017 Carrying Fair Value Measured Using Fair (in thousands) Amount Level 1 Level 2 Level 3 Value Available-for-Sale Securities Mutual Funds - Corporate & Government Debt $ 8,158 $ 8,158 $ — $ — $ 8,158 Bonds: 0-1 year 1,654 — 1,654 — 1,654 Bonds: 1-3 years 881 — 881 — 881 Time deposits: 91-360 days 250 — 250 — 250 Time deposits: over 360 days 547 — 547 — 547 Total $ 11,490 $ 8,158 $ 3,332 $ — $ 11,490 June 30, 2017 Carrying Fair Value Measured Using Fair (in thousands) Amount Level 1 Level 2 Level 3 Value Available-for-Sale Securities Mutual Funds - Corporate & Government Debt $ 9,043 $ 9,043 $ — $ — $ 9,043 Bonds: 0-1 year 1,607 — 1,607 — 1,607 Bonds: 1-3 years 1,441 — 1,441 — 1,441 Time deposits: 91-360 days 250 — 250 — 250 Time deposits: over 360 days 549 — 549 — 549 Total $ 12,890 $ 9,043 $ 3,847 $ — $ 12,890 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive loss | Changes in the balances of each component included in accumulated other comprehensive loss for the three months ended September 30, 2017 , are presented below. (In thousands) Accumulated Other Comprehensive Loss Unrealized Loss in Investments Balance at June 30, 2017 $ (61 ) Current period change in other comprehensive loss before reclassifications 1 Reclassification to net loss for realized losses 1 Balance at September 30, 2017 $ (59 ) |
Business Risk and Credit Risk28
Business Risk and Credit Risk Concentration Involving Cash (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedule of concentrations of sales and accounts receivable | The following tables summarize the concentrations of sales and trade accounts receivable percentages for the Company’s customers: Three Months Ended Three Months Ended Percentage of Total Sales Percentage of Total Sales Next Generation Chemical Detector Partner — % 62 % Department of Homeland Security Science and Technology Directorate Partner — % 38 % September 30, 2017 June 30, 2017 Percentage of Trade A/R Percentage of Trade A/R Department of Homeland Security Science and Technology Directorate Partner — % 100 % |
Common Stock Incentive, Stock29
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | The Company’s stock option activity for the three months ended September 30, 2017 , is as follows: Shares Weighted Average Exercise Price Outstanding at June 30, 2017 365 $ 6.07 Granted — — Exercised — — Canceled or expired — — Outstanding at September 30, 2017 365 $ 6.07 |
Schedule of stock options by exercise price | The table below details the Company’s stock options outstanding as of September 30, 2017 : Range of exercise prices Number Outstanding Options Outstanding Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Number Exercisable Options Exercisable Weighted- Average Exercise Price $1.60 – 3.55 77,550 3.11 $ 3.11 77,550 $ 3.11 $5.03 – 8.35 270,702 8.43 6.29 86,000 6.59 $16.00 – 16.00 17,000 7.52 16.00 12,267 16.00 $1.60 – 16.00 365,252 7.26 $ 6.07 175,817 $ 5.56 |
Schedule of restricted stock activity | The Company’s restricted stock activity for the three months ended September 30, 2017 , is as follows: Shares Weighted Outstanding at June 30, 2017 56 $ 9.95 Granted — — Vested 6 9.22 Canceled or expired 2 8.35 Outstanding at September 30, 2017 48 $ 10.12 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information by segment | Key financial metrics of the Company’s segments are as follows: Three Months Ended Three Months Ended Revenue, Depreciation, and Income Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes Astro Scientific $ — $ 104 $ (2,424 ) $ 1,006 $ 91 $ (2,786 ) Astral — 82 (582 ) — 80 (681 ) Total $ — $ 186 $ (3,006 ) $ 1,006 $ 171 $ (3,467 ) September 30, 2017 June 30, 2017 Assets (In thousands) Fixed Assets, Net Total Capital Expenditures (1) Total Assets Fixed Assets, Net Total Capital Expenditures (2) Total Assets Astro Scientific $ 1,127 $ 7 $ 13,201 $ 1,224 $ 468 $ 16,833 Astral 1,874 — 1,924 1,956 31 2,002 Total $ 3,001 $ 7 $ 15,125 $ 3,180 $ 499 $ 18,835 (1) Total capital expenditures are for the three months ended September 30, 2017. (2) Total capital expenditures are for the twelve months ended June 30, 2017. |
General Information (Details)
General Information (Details) | Oct. 16, 2017shares | Oct. 15, 2017shares | Sep. 30, 2017shares | Jun. 30, 2017shares |
Subsequent Event [Line Items] | ||||
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Reverse stock split ratio | 0.20 | |||
Common stock, shares authorized (in shares) | 15,000,000 | 75,000,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 3,006 | $ 3,415 | $ (11,600) |
Net cash used in operating activities | (3,468) | $ (3,116) | $ (8,800) |
Working capital | $ 9,600 |
Investments - Available for Sal
Investments - Available for Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Available-for-sale securities: | ||
Adjusted Cost | $ 11,549 | $ 12,951 |
Unrealized Gain | 1 | 0 |
Unrealized Loss | (60) | (61) |
Fair Value | 11,490 | 12,890 |
Mutual Funds - Corporate & Government Debt | ||
Available-for-sale securities: | ||
Adjusted Cost | 8,215 | 9,104 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (57) | (61) |
Fair Value | 8,158 | 9,043 |
Fixed Income Bonds | ||
Available-for-sale securities: | ||
Adjusted Cost | 2,536 | 3,048 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (1) | 0 |
Fair Value | 2,535 | 3,048 |
Time Deposits | ||
Available-for-sale securities: | ||
Adjusted Cost | 798 | 799 |
Unrealized Gain | 1 | 0 |
Unrealized Loss | (2) | 0 |
Fair Value | $ 797 | $ 799 |
Investments - Carrying Value (D
Investments - Carrying Value (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Available-for-sale securities, current | $ 11,490 | $ 12,890 |
Held-to-maturity securities, maturities from 91-360 days | 250 | 250 |
Held-to-maturity securities, maturities less than 1 year | 1,654 | 1,607 |
Held-to-maturity securities, maturities over 360 days | 547 | 549 |
Held-to-maturity securities, remaining maturities from 1-3 years | 881 | 1,441 |
Short-Term Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Total available-for-sale and held-to-maturity securities | 10,062 | 10,900 |
Long-Term Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | 1,428 | 1,990 |
Mutual Funds - Corporate & Government Debt | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Available-for-sale securities, current | 8,158 | 9,043 |
Mutual Funds - Corporate & Government Debt | Short-Term Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Available-for-sale securities, current | 8,158 | 9,043 |
Mutual Funds - Corporate & Government Debt | Long-Term Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Available-for-sale securities, current | 0 | 0 |
Time Deposits | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Available-for-sale securities, current | 797 | 799 |
Time Deposits | Short-Term Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, maturities from 1-90 days | 0 | 0 |
Held-to-maturity securities, maturities from 91-360 days | 250 | 250 |
Held-to-maturity securities, maturities over 360 days | 0 | 0 |
Time Deposits | Long-Term Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, maturities from 1-90 days | 0 | 0 |
Held-to-maturity securities, maturities from 91-360 days | 0 | 0 |
Held-to-maturity securities, maturities over 360 days | 547 | 549 |
Fixed Income Bonds | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Available-for-sale securities, current | 2,535 | 3,048 |
Fixed Income Bonds | Short-Term Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, maturities less than 1 year | 1,654 | 1,607 |
Held-to-maturity securities, remaining maturities from 1-3 years | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, after Three Through Five Years, Net Carrying Amount | 0 | 0 |
Fixed Income Bonds | Long-Term Investments | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities, maturities less than 1 year | 0 | 0 |
Held-to-maturity securities, remaining maturities from 1-3 years | 881 | 1,441 |
Held-to-maturity Securities, Debt Maturities, after Three Through Five Years, Net Carrying Amount | $ 0 | $ 0 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $ 107 | $ 116 |
Raw materials | 84 | 109 |
Work in process | 48 | 57 |
Total inventory | $ 132 | $ 166 |
Noncontrolling Interest - Narra
Noncontrolling Interest - Narrative (Details) | Sep. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2015 |
Noncontrolling Interest [Line Items] | ||||
Ownership percentage | 100.00% | 92.00% | 83.00% | 72.00% |
Astral Images, Inc | ||||
Noncontrolling Interest [Line Items] | ||||
Ownership percentage | 100.00% | 72.00% |
Noncontrolling Interest - Contr
Noncontrolling Interest - Contributions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 33 Months Ended |
Sep. 30, 2017 | Mar. 31, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2017 | |
Noncontrolling Interest [Line Items] | |||||
Ownership percentage | 100.00% | 72.00% | 92.00% | 83.00% | 100.00% |
ASTC Contribution | |||||
Noncontrolling Interest [Line Items] | |||||
Contributions made | $ 3,500 | $ 1,422 | $ 3,000 | $ 1,000 | $ 8,922 |
Minority Owner | |||||
Noncontrolling Interest [Line Items] | |||||
Contributions made | $ (422) | $ 422 | $ 0 | $ 0 | $ 0 |
Noncontrolling Interest - Chang
Noncontrolling Interest - Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | $ 16,770 | ||
Stock based compensation | 122 | ||
Share repurchases | (3) | ||
Net change on available-for-sale investments | 2 | ||
Net loss attributable to Astrotech Corporation | (3,006) | $ (3,415) | $ 11,600 |
Balance, end of period | $ 13,885 | $ 16,770 |
Net Loss per Share - Basic and
Net Loss per Share - Basic and Diluted Computation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Amounts attributable to Astrotech Corporation, basic and diluted: | |||
Loss before income taxes | $ (3,006) | $ (3,467) | |
Income tax benefit | 0 | 0 | |
Net loss | (3,006) | (3,467) | |
Less: Net loss attributable to noncontrolling interest | 0 | (52) | |
Net loss attributable to Astrotech Corporation | $ (3,006) | $ (3,415) | $ 11,600 |
Denominator: | |||
Denominator for basic and diluted net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding (in shares) | 4,057 | 4,126 | |
Basic and diluted net loss per common share: | |||
Net loss attributable to Astrotech Corporation (in dollars per share) | $ (0.15) | $ (0.17) |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) | 3 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase shares (in shares) | shares | 365,252 |
Exercise price lower range (in dollars per share) | $ 1.6 |
Exercise price upper range (in dollars per share) | $ 16 |
Revenue Recognition (Details)
Revenue Recognition (Details) | 3 Months Ended |
Sep. 30, 2017 | |
Minimum | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Fixed price subcontract on government project, term | 1 year |
Maximum | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Fixed price subcontract on government project, term | 2 years |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Available-for-Sale Securities | ||
Mutual funds | $ 8,158,000 | $ 9,043,000 |
Mutual funds, fair value | 8,158,000 | 9,043,000 |
Held-to-maturity securities, maturities less than 1 year | 1,654,000 | 1,607,000 |
Held-to-maturity securities, maturities less than 1 year, fair value | 1,654,000 | 1,607,000 |
Held-to-maturity securities, remaining maturities from 1-3 years | 881,000 | 1,441,000 |
Held-to-maturity securities, remaining maturities from 1-3 years, fair value | 881,000 | 1,441,000 |
Held-to-maturity securities, maturities from 91-360 days | 250,000 | 250,000 |
Held-to-maturity securities, maturities from 91-360 days, fair value | 250,000 | 250,000 |
Held-to-maturity securities, maturities over 360 days | 547,000 | 549,000 |
Held-to-maturity securities, maturities over 360 days, fair value | 547,000 | 549,000 |
Investments | 11,490,000 | 12,890,000 |
Investments, fair value | 11,490,000 | 12,890,000 |
Level 1 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 8,158,000 | 9,043,000 |
Held-to-maturity securities, maturities less than 1 year, fair value | 0 | 0 |
Held-to-maturity securities, remaining maturities from 1-3 years, fair value | 0 | 0 |
Held-to-maturity securities, maturities from 91-360 days, fair value | 0 | 0 |
Held-to-maturity securities, maturities over 360 days, fair value | 0 | 0 |
Investments, fair value | 8,158,000 | 9,043,000 |
Level 2 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 0 | 0 |
Held-to-maturity securities, maturities less than 1 year, fair value | 1,654,000 | 1,607,000 |
Held-to-maturity securities, remaining maturities from 1-3 years, fair value | 881,000 | 1,441,000 |
Held-to-maturity securities, maturities from 91-360 days, fair value | 250,000 | 250,000 |
Held-to-maturity securities, maturities over 360 days, fair value | 547,000 | 549,000 |
Investments, fair value | 3,332,000 | 3,847,000 |
Level 3 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 0 | 0 |
Held-to-maturity securities, maturities less than 1 year, fair value | 0 | 0 |
Held-to-maturity securities, remaining maturities from 1-3 years, fair value | 0 | 0 |
Held-to-maturity securities, maturities from 91-360 days, fair value | 0 | 0 |
Held-to-maturity securities, maturities over 360 days, fair value | 0 | 0 |
Investments, fair value | $ 0 | $ 0 |
Other Comprehensive Loss (Detai
Other Comprehensive Loss (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Current period change in other comprehensive loss before reclassifications | $ 1 |
Reclassification to net loss for realized losses | 1 |
Unrealized Loss in Investments | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance, beginning of period | (61) |
Balance, end of period | $ (59) |
Business Risk and Credit Risk44
Business Risk and Credit Risk Concentration Involving Cash (Details) - Customer concentration risk | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | |
Next Generation Chemical Detector Partner | Revenue | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.00% | 62.00% | |
Department of Homeland Security Science and Technology Directorate Partner | Revenue | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.00% | 38.00% | |
Department of Homeland Security Science and Technology Directorate Partner | Accounts receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.00% | 100.00% |
Common Stock Incentive, Stock45
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans - Stock Option Activity (Details) shares in Thousands | 3 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Shares (in thousands) | |
Outstanding, beginning of period (in shares) | shares | 365 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Canceled or expired (in shares) | shares | 0 |
Outstanding, end of period (in shares) | shares | 365 |
Weighted Average Exercise Price | |
Outstanding weighted average exercise price, beginning of period (in dollars per share) | $ / shares | $ 6.07 |
Granted weighted average exercise price (in dollars per share) | $ / shares | 0 |
Exercised weighted average exercise price (in dollars per share) | $ / shares | 0 |
Canceled or expired weighted average exercise price (in dollars per share) | $ / shares | 0 |
Outstanding weighted average exercise price, end of period (in dollars per share) | $ / shares | $ 6.07 |
Common Stock Incentive, Stock46
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans - Stock Options by Exercise Price (Details) | 3 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | $ 1.6 |
Exercise price upper range (in dollars per share) | $ 16 |
Number outstanding (in shares) | shares | 365,252 |
Options Outstanding Weighted- Average Remaining Contractual Life | 7 years 3 months 2 days |
Weighted average exercise price (in dollars per share) | $ 6.07 |
Number exercisable (in shares) | shares | 175,817 |
Options exercisable weighted average exercise price (in dollars per share) | $ 5.56 |
$1.60 – 3.55 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 1.60 |
Exercise price upper range (in dollars per share) | $ 3.55 |
Number outstanding (in shares) | shares | 77,550 |
Options Outstanding Weighted- Average Remaining Contractual Life | 3 years 1 month 10 days |
Weighted average exercise price (in dollars per share) | $ 3.11 |
Number exercisable (in shares) | shares | 77,550 |
Options exercisable weighted average exercise price (in dollars per share) | $ 3.11 |
$5.03 – 8.35 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 5.03 |
Exercise price upper range (in dollars per share) | $ 8.35 |
Number outstanding (in shares) | shares | 270,702 |
Options Outstanding Weighted- Average Remaining Contractual Life | 8 years 5 months 5 days |
Weighted average exercise price (in dollars per share) | $ 6.29 |
Number exercisable (in shares) | shares | 86,000 |
Options exercisable weighted average exercise price (in dollars per share) | $ 6.59 |
$16.00 – 16.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 16 |
Exercise price upper range (in dollars per share) | $ 16 |
Number outstanding (in shares) | shares | 17,000 |
Options Outstanding Weighted- Average Remaining Contractual Life | 7 years 6 months 7 days |
Weighted average exercise price (in dollars per share) | $ 16 |
Number exercisable (in shares) | shares | 12,267 |
Options exercisable weighted average exercise price (in dollars per share) | $ 16 |
Common Stock Incentive, Stock47
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans - Restricted Stock (Details) - Restricted Stock shares in Thousands | 3 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Shares | |
Outstanding, beginning of period (in shares) | shares | 56 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 6 |
Canceled or expired (in shares) | shares | 2 |
Outstanding, end of period (in shares) | shares | 48 |
Weighted Average Grant-Date Fair Value | |
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 9.95 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 9.22 |
Canceled or expired (in dollars per share) | $ / shares | 8.35 |
Outstanding, end of period (in dollars per share) | $ / shares | $ 10.12 |
Common Stock Incentive, Stock48
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 34 Months Ended | |||
Dec. 31, 2016 | Aug. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 13, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate intrinsic value of options exercisable | $ 200,000 | $ 200,000 | ||||
Remaining share-based compensation expense | $ 550,000 | 550,000 | ||||
Weighted average recognition period on remaining share-based compensation expense | 2 years 5 months 22 days | |||||
Common stock repurchased - value | $ 3,000 | |||||
Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation costs recognized related to stock options | $ 67,000 | $ 19,000 | ||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average recognition period on remaining share-based compensation expense | 1 year 3 months 8 days | |||||
Compensation costs recognized related to stock options | $ 55,000 | $ 843,000 | ||||
Remaining share-based compensation expense | $ 193,000 | $ 193,000 | ||||
Securities Repurchase Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock repurchase - authorized amount | $ 5,000,000 | |||||
Share repurchases (in shares) | 120,370 | 38,400 | 0 | 37,727 | ||
Common stock repurchased - value | $ 975,000 | $ 308,000 | $ 492,000 | |||
Share repurchased, average cost (in dollars per share) | $ 8.10 | $ 8 | $ 13.05 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Loss before income taxes | $ (3,006) | $ (3,467) |
Effective tax rate for continuing operations | 0.00% | 0.00% |
Federal statutory effective tax rate | 35.00% | 35.00% |
Unrecognized tax benefits | $ 0 | $ 0 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Sep. 30, 2017segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 1,006 | |
Depreciation | 186 | 171 | |
Loss before Income Taxes | (3,006) | (3,467) | |
Fixed Assets, Net | 3,001 | $ 3,180 | |
Total Capital Expenditures | 7 | 499 | |
Total Assets | 15,125 | 18,835 | |
Astro Scientific | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 1,006 | |
Depreciation | 104 | 91 | |
Loss before Income Taxes | (2,424) | (2,786) | |
Fixed Assets, Net | 1,127 | 1,224 | |
Total Capital Expenditures | 7 | 468 | |
Total Assets | 13,201 | 16,833 | |
Astral | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Depreciation | 82 | 80 | |
Loss before Income Taxes | (582) | $ (681) | |
Fixed Assets, Net | 1,874 | 1,956 | |
Total Capital Expenditures | 0 | 31 | |
Total Assets | $ 1,924 | $ 2,002 |
Subsequent Events (Details)
Subsequent Events (Details) | Oct. 16, 2017 |
Subsequent Event | |
Subsequent Event [Line Items] | |
Reverse stock split ratio | 0.20 |