Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 13, 2022 | Dec. 31, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001001907 | ||
Entity Registrant Name | ASTROTECH Corp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-34426 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 91-1273737 | ||
Entity Address, Address Line One | 2105 Donley Drive, 100 | ||
Entity Address, City or Town | Austin | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 78758 | ||
City Area Code | 512 | ||
Local Phone Number | 485-9530 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | ASTC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 30,908,524 | ||
Entity Common Stock, Shares Outstanding | 50,630,849 | ||
Auditor Name | ArmaninoLLP | ||
Auditor Location | San Francisco, California | ||
Auditor Firm ID | 32 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 26,453 | $ 35,936 |
Short-term investments | 26,173 | 27,351 |
Accounts receivable | 56 | 5 |
Cost and estimated revenue in excess of billings | 2 | 0 |
Inventory, net: | ||
Raw materials | 864 | 1,056 |
Work-in-process | 136 | 147 |
Finished goods | 518 | 297 |
Prepaid expenses and other current assets | 748 | 318 |
Total current assets | 54,950 | 65,110 |
Property and equipment, net | 1,098 | 263 |
Operating lease assets | 162 | 249 |
Other assets, net | 11 | 11 |
Total assets | 56,221 | 65,633 |
Current liabilities | ||
Accounts payable | 169 | 396 |
Payroll related accruals | 816 | 344 |
Accrued expenses and other liabilities | 961 | 888 |
Income tax payable | 2 | 2 |
Term note payable - related party | 500 | 2,500 |
Lease liabilities, current | 234 | 81 |
Total current liabilities | 2,682 | 4,211 |
Lease liabilities, net of current portion | 303 | 215 |
Total liabilities | 2,985 | 4,426 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity | ||
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at June 30, 2022 and 2021 | 0 | 0 |
Common stock, $0.001 par value, 250,000,000 and 50,000,000 shares authorized at June 30, 2022 and 2021 respectively; 50,567,864 and 49,450,558 shares issued and outstanding at June 30, 2022 and 2021, respectively | 190,642 | 190,641 |
Additional paid-in capital | 79,505 | 77,971 |
Accumulated deficit | (215,712) | (207,382) |
Accumulated other comprehensive loss | (1,199) | (23) |
Total stockholders’ equity | 53,236 | 61,207 |
Total liabilities and stockholders’ equity | $ 56,221 | $ 65,633 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred stock, shares issued (in shares) | 280,898 | 280,898 |
Preferred stock, shares outstanding (in shares) | 280,898 | 280,898 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 250,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 50,567,864 | 49,450,558 |
Common stock, shares outstanding (in shares) | 50,567,864 | 49,450,558 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 869,000 | $ 334,000 |
Cost of revenue | 677,000 | 298,000 |
Gross profit | 192,000 | 36,000 |
Operating expenses: | ||
Selling, general and administrative | 6,006,000 | 4,741,000 |
Research and development | 2,781,000 | 2,692,000 |
Disposal of corporate lease | 0 | 513,000 |
Total operating expenses | 8,787,000 | 7,946,000 |
Loss from operations | (8,595,000) | (7,910,000) |
Other income and (expense), net | (265,000) | 235,000 |
Gain from extinguishment of debt - PPP loan | 0 | (542,000) |
Loss from operations before income taxes | (8,330,000) | (7,603,000) |
Income tax benefit | 0 | 0 |
Net loss | $ (8,330,000) | $ (7,603,000) |
Weighted average common shares outstanding: | ||
Basic and diluted (in shares) | 47,702 | 21,984 |
Basic and diluted net loss per common share: (in dollars per share) | $ (0.17) | $ (0.35) |
Other comprehensive loss, net of tax: | ||
Net loss | $ (8,330,000) | $ (7,603,000) |
Available-for-sale securities | ||
Net unrealized losses, net of zero tax expense | (1,176,000) | (23,000) |
Total comprehensive loss | $ (9,506,000) | $ (7,626,000) |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Net unrealized losses, tax expense | $ 0 | $ 0 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Preferred Stock [Member] Series D Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Jun. 30, 2020 | 281 | 7,850 | |||||
Balance at Jun. 30, 2020 | $ 0 | $ 190,599 | $ (4,129) | $ 13,934 | $ (199,779) | $ 0 | $ 625 |
Net unrealized losses, net of zero tax expense | $ 0 | $ 0 | 0 | 0 | 0 | (23) | (23) |
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 39,585 | |||||
Issuance of shares, net of offering issuance costs of $5,685 | $ 0 | $ 40 | 63,413 | 0 | 0 | 67,582 | |
Issuance of shares, net of offering issuance costs of $5,685 | 4,129 | ||||||
Stock-based compensation | $ 0 | $ 2 | 0 | 630 | 0 | 0 | 632 |
Stock-based compensation (in shares) | 2,087 | ||||||
Cancelation of restricted stock (in shares) | 0 | (71) | |||||
Cancelation of restricted stock | $ 0 | $ 0 | 0 | (6) | 0 | 0 | (6) |
Net loss | $ 0 | $ 0 | 0 | 0 | (7,603) | 0 | (7,603) |
Balance (in shares) at Jun. 30, 2021 | 281 | 49,451 | |||||
Balance at Jun. 30, 2021 | $ 0 | $ 190,641 | 0 | 77,971 | (207,382) | (23) | 61,207 |
Net unrealized losses, net of zero tax expense | 0 | 0 | 0 | 0 | 0 | (1,176) | (1,176) |
Stock-based compensation | $ 0 | $ 1 | 0 | 1,534 | 0 | 0 | 1,535 |
Stock-based compensation (in shares) | 0 | 1,371 | |||||
Cancelation of restricted stock (in shares) | 0 | (254) | |||||
Cancelation of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Net loss | $ 0 | $ 0 | 0 | 0 | (8,330) | 0 | (8,330) |
Balance (in shares) at Jun. 30, 2022 | 281 | 50,568 | |||||
Balance at Jun. 30, 2022 | $ 0 | $ 190,642 | $ 0 | $ 79,505 | $ (215,712) | $ (1,199) | $ 53,236 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Jun. 30, 2021 USD ($) | |
Stock offering issuance cost | $ 5,685 |
Net unrealized losses, tax expense | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (8,330) | $ (7,603) |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||
Stock-based compensation | 1,535 | 626 |
Depreciation and amortization | 236 | 203 |
Gain from extinguishment of debt - PPP loan | 0 | (542) |
Loss on impairment of long-lived assets | 0 | 173 |
Changes in assets and liabilities: | ||
Accounts receivable | (51) | 96 |
Cost and estimated revenue in excess of billings | (2) | 0 |
Inventory, net | (18) | (824) |
Income tax receivable | 0 | 429 |
Accounts payable | (227) | 157 |
Other assets and liabilities | 65 | (113) |
Net cash used in operating activities | (6,792) | (7,398) |
Cash flows from investing activities: | ||
Purchases of security investments | 0 | (27,374) |
Purchases of property and equipment | (596) | (211) |
Net cash used in investing activities | (596) | (27,585) |
Cash flows from financing activities: | ||
Repayment of related party debt | (2,000) | 0 |
Repayments on lease financing | (95) | (12) |
Proceeds from issuance of stock, net of offering issuance costs | 0 | 67,582 |
Net cash (used in) provided by financing activities | (2,095) | 67,570 |
Net change in cash and cash equivalents | (9,483) | 32,587 |
Cash and cash equivalents at beginning of period | 35,936 | 3,349 |
Cash and cash equivalents at end of period | 26,453 | 35,936 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 515 | 3 |
Acquisition of equipment through finance lease | 394 | 0 |
Operating right-of-use assets and associated liabilities | $ 0 | $ 246 |
Note 1 - Description of the Com
Note 1 - Description of the Company and Operating Environment | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Astrotech Corporation (Nasdaq: ASTC) (“Astrotech,” the “Company,” “we,” “us,” or “our”), a Delaware corporation organized in 1984, Business Overview Segment Information not 280 not Astrotech Technologies, Inc. Astrotech Technologies, Inc ("ATI") owns and licenses the Astrotech Mass Spectrometer Technology™ (the “AMS Technology”), the platform mass spectrometry technology originally developed by 1 st "1 st 1 st ATI has contracted with Sanmina Corporation (“Sanmina”), a leading contract manufacturer with a worldwide presence, to manufacture our mass spectrometer products. Leveraging Sanmina’s expertise, we have improved the manufacturability and reliability of our systems. 1 st Detect Corporation 1 st 1000, first 1000’s not In order to sell the TRACER 1000 1000 June 30, 2022, 1000 On August 25, 2021, 1 st 1000, first second 2022. In the United States, the Company is working with the U.S. Transportation Security Administration (“TSA”) towards air cargo certification. On March 27, 2018, 1000 April 4, 2018, 1000 November 14, 2019, 1000 19 2020, September 9, 2020 1000 1000 AgLAB Inc. AgLAB, an exclusive licensee of ATI for the agriculture market, has developed the AgLAB- 1000™ BreathTech Corporation BreathTech is developing the BreathTest- 1000™, may 19 may In June 2022, 19 1000 Development of the BreathTest- 1000 1000™, 2017. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (2) Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Astrotech Corporation and its wholly-owned subsidiaries that are required to be consolidated. All intercompany transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation and have had no Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that directly affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management continuously evaluates its critical accounting policies and estimates, including those used in evaluating the recoverability of long-lived assets, recognition of revenue, valuation of inventory, and the recognition and measurement of loss contingencies, if any. Actual results may Revenue Recognition Astrotech recognizes revenue employing the generally accepted revenue recognition methodologies described under the provisions of ASC Topic 606 606” 2019. 606 five five An additional factor is reasonable assurance of collectability. This necessitates deferral of all or a portion of revenue recognition until collection. During the fiscal year ended June 30, 2022 two June 30, 2021 two 606. Contract Assets and Liabilities. 606 may may Practical Expedients. one one Product Sales. 60 Freight. Multiple Performance Obligations. 1000 The standalone selling price for each performance obligation is an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the good or service. When there is only one first not The timetable for fulfilment of each of the distinct performance obligations can range from completion in a short amount of time and entirely within a single reporting period to completion over several reporting periods. The timing of revenue recognition for each performance obligation may Foreign Currency The Company’s international operations are subject to certain opportunities and risks, including from foreign currency fluctuations and governmental actions. During fiscal years 2022 2021 ten one June 30, 2022 June 30, 2021 Warranty Provision Astrotech offers its customers warranties on the products that it sells. These warranties typically provide for repairs and maintenance of the products if problems arise during a specified time period after original shipment. Concurrent with the sale of products, the Company records a provision for estimated warranty expenses with a corresponding increase in cost of goods sold. The Company periodically adjusts this provision based on historical experience and anticipated expenses. The Company charges actual expenses of repairs under warranty, including parts and labor, to this provision when incurred. The current obligation for warranty provision is included in accrued expenses and other liabilities in the consolidated balance sheets, whose activity for each of the two June 30, 2022 2021 (In thousands) Warranty Provision Balance as of June 30, 2020 $ 18 Warranty claims provided for 49 Settlements made (51 ) Balance as of June 30, 2021 16 Warranty claims provided for 112 Settlements made (78 ) Balance as of June 30, 2022 $ 50 Research and Development Research and development costs are expensed as incurred. Research and development costs are used to improve system functionality, streamline and simplify the user experience, and extend our capabilities into customer-defined, application-specific opportunities. Research and development expenses for the fiscal years ended June 30, 2022 2021 Net Loss per Common Share Basic net loss per common share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is the same as basic net loss per common share as the potential dilutive shares are considered to be anti-dilutive. For more information, see Note 12. Cash and Cash Equivalents The Company considers short-term investments with original maturities of three Accounts Receivable The carrying value of the Company’s accounts receivable, net of an allowance for doubtful accounts, represents their estimated net realizable value. Astrotech estimates an allowance for doubtful accounts based on type of customer, age of outstanding receivable, historical collection trends, and existing economic conditions. If events or changes in circumstances indicate that a specific receivable balance may one June 30, 2022 2021 Inventory The Company computes inventory cost on a first first not Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation. All furniture, fixtures, and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which is generally five three Impairment of Long-Lived Assets The Company continuously evaluates its long-lived assets for impairment to assess whether the carrying amount of an asset may not not, June 30, 2022. August 2020, June 30, 2021 Fair Value of Financial Instruments Astrotech’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities. Management believes the carrying amounts of these assets and liabilities approximates their fair value due to their liquidity. For more information about the Company’s accounting policies surrounding fair value investments, see Note 6. Available-for-Sale Investments Investments that are designated as available-for-sale are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss. The Company determines the cost of investments sold based on a first first may 3. Operating Leases The Company adopted Accounting Standards Update No. 2016 02, 842 2016 02" July 1, 2019. 2016 02 not may Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. As a result of the Company’s adoption of ASU 2016 02, no 12 not Financing leases, formerly referred to as capitalized leases, are treated similarly to operating leases except that the asset subject to the lease is included in the appropriate fixed asset category, rather than recorded as a right-of-use asset, and depreciated over its estimated useful life, or lease term, if shorter. For more information, see Note 4. Stock-Based Compensation The Company accounts for stock-based awards to employees based on the fair value of the award on the grant date. The fair value of stock options is estimated using the expected dividend yields of the Company’s stock, the expected volatility of the stock, the expected length of time the options remain outstanding, and the risk-free interest rates. Changes in one may 10. Income Taxes The Company accounts for income taxes under the liability method, whereby deferred tax asset or liability account balances are determined based on the difference between the financial statement and the tax bases of assets and liabilities using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established when it is more likely than not not In December 2019, No. 2019 12, 740, 2019 12 June 30, 2022 no Treasury Stock The Company records treasury stock at the cost to acquire it and includes treasury stock as a component of stockholders’ equity. During fiscal year 2021, Accounting Pronouncements In November 2021, No. 2021 10, 832 2021 10” 2021 10 December 15, 2021. not 2021 10 |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Investment [Text Block] | ( 3 The following tables summarize gains and losses related to the Company’s investments: June 30, 2022 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 19,997 $ — $ (806 ) $ 19,191 ETFs - Corporate & Government Debt 7,375 (393 ) 6,982 Total $ 27,372 $ — $ (1,199 ) $ 26,173 June 30, 2021 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 19,998 $ — $ (13 ) $ 19,985 ETFs - Corporate & Government Debt 7,376 — (10 ) 7,366 Total $ 27,374 $ — $ (23 ) $ 27,351 |
Note 4 - Leases
Note 4 - Leases | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases Disclosure [Text Block] | ( 4 On April 27, 2021, June 1, 2021 On August 3, 2020, November 2016 December 2023. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not Upon the adoption of Topic 842, The balance sheet presentation of the Company’s operating and finance leases is as follows: (In thousands) Classification on the Consolidated Balance Sheet June 30, 2022 Assets: Operating lease assets Operating leases, right-of-use assets, net 162 Financing lease assets Property and equipment, net 466 Total lease assets $ 628 Liabilities: Current: Operating lease obligations Lease liabilities, current 95 Financing lease obligations Lease liabilities, current 139 Non-current: Operating lease obligations Lease liabilities, non-current 90 Financing lease obligations Lease liabilities, non-current 213 Total lease liabilities $ 537 Future minimum lease payments as of June 30, 2022 For the Year Ended June 30, Operating Leases Financing Leases Total 2023 104 154 $ 258 2024 93 154 247 2025 — 67 67 2026 — — — 2027 — — — Thereafter — — — Total lease obligations 197 375 572 Less: imputed interest 12 23 35 Present value of net minimum lease obligations 185 352 537 Less: lease liabilities - current 95 139 234 Lease liabilities - non-current $ 90 $ 213 $ 303 Other information as of June 30, 2022 Weighted-average remaining lease term (years): Operating leases 1.85 Financing leases 2.45 Weighted-average discount rate: Operating leases 6.4 % Financing leases 5.3 % Cash payments for operating leases for the years ended June 30, 2022 2021 June 30, 2022 2021 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment, Net | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | ( 5 As of June 30, 2022 2021 June 30, (In thousands) 2022 2021 Furniture, fixtures, equipment & leasehold improvements $ 1,371 $ 535 Software 264 315 Capital improvements in progress 242 187 Gross property and equipment 1,877 1,037 Accumulated depreciation and amortization (779 ) (774 ) Property and equipment, net $ 1,098 $ 263 Depreciation and amortization expense of property and equipment was $148 thousand for the year ended June 30, 2022 June 30, 2021 On August 3, 2020, |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurement | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 6 ASC Topic 820 820” 820 three Level 1 Level 2 1 not Level 3 no The following tables present the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of June 30, 2022 June 30, 2021 June 30, 2022 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 $ 19,191 $ 19,191 $ — $ — $ 19,191 ETFs - Corporate & Government Debt 6,982 6,982 — — 6,982 Total $ 26,173 $ 26,173 $ — $ — $ 26,173 June 30, 2021 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 $ 19,985 $ 19,985 $ — $ — $ 19,985 ETFs - Corporate & Government Debt 7,366 7,366 — — 7,366 Total $ 27,351 $ 27,351 $ — $ — $ 27,351 The value of available-for-sale investments is based on pricing from third may 1 |
Note 7 - Debt
Note 7 - Debt | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 7 On September 5, 2019, “2019 February 13, 2020, second second “2020 2019 September 5, 2020; August 24, 2020, September 5, 2021 ( In connection with the issuance of the Original Notes, the Company, along with 1 st two September 5, 2019 February 13, 2020 ( On September 3, 2021, 1 2 2020 2020 2019 2019 September 5, 2022 ( In addition, the Subsidiaries jointly and severally agreed to guarantee and act as surety for the Company’s obligation to repay the remaining balance on the 2019 September 5, 2019 February 13, 2020, August 24, 2020 September 3, 2021, September 3, 2021, 2020 2020 Interest expense related to the Amended Notes for the years ended June 30, 2022 2021 On September 5, 2022, 2019 17 On April 14, 2020, April 2021. |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 8 Equity Offerings of Common Stock On October 21, 2020, The Public Offering resulted in gross proceeds of approximately $18.0 million before deducting the placement agent’s fees and related offering expenses. Pursuant to an engagement agreement dated July 23, 2020, No. 1” No. 1 October 21, 2025. No. 1 On October 28, 2020, “October “October The October Pursuant to an engagement agreement dated July 23, 2020, October No. 2” October October No. 2 October October 28, 2025. No. 2 On February 11, 2021, “February “February The February Pursuant to an engagement agreement, dated July 23, 2020, February No. 3” February February No. 3 February February 11, 2026. On April 7, 2021, seven April 12, 2021, The Offering resulted in aggregate gross proceeds, including the option exercise, of approximately $37.3 million, before deducting underwriting discounts and commissions and estimated offering expenses. Pursuant to the Underwriting Agreement, the Company issued warrants (the “Underwriter Warrants”) to the Underwriter (in its capacity as the underwriter of the Offering) or its designees to purchase shares of Common Stock in an amount equal to 6.0% of the aggregate number of shares sold in the Offering, or 1,493,150 shares of Common Stock in the aggregate, at an exercise price of $1.875 per share. The Underwriter Warrants will expire on April 7, 2026. At-the-Market Agreements On December 18, 2020, may second 2021, Preferred Stock The Company has issued 280,898 shares of Series D convertible preferred stock (“Series D Preferred Shares”), all of which were issued and outstanding as of June 30, 2022. one one not No no Warrants A summary of the common stock warrant activity for the year ended June 30, 2022 Shares Weighted Average Exercise Aggregate Fair Market Value at Issuance Weighted Average Remaining Contractual Life (In thousands) Price (In thousands) (in years) Outstanding at June 30, 2020 86 $ 5.14 $ 194 4.74 Issued 2,307 2.30 3,553 4.63 Exercised — — — — Canceled or expired — — — — Outstanding at June 30, 2021 2,393 $ 2.40 $ 3,747 4.63 Issued — — — — Exercised — — — — Canceled or expired — — — — Outstanding at June 30, 2022 2,393 $ 2.40 $ 3,747 3.60 The Company has made an immaterial error correction to the table above to reflect the correct weighted average exercise price and weighted average remaining contractual term reported as of June 30, 2021. not no The following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants (In thousands) For the period ended June 30, Issue Date Classification Exercise Price Expiration Date 2022 2021 March 26, 2020 Equity $ 6.25 March 25, 2025 25 25 March 30, 2020 Equity $ 4.6875 March 27, 2025 61 61 October 23, 2020 Equity $ 2.88 October 21, 2025 470 470 October 28, 2020 Equity $ 2.6875 October 28, 2025 173 173 February 16, 2021 Equity $ 4.06 February 11, 2026 171 171 April 12, 2021 Equity $ 1.875 April 7, 2026 1,493 1,493 Total Outstanding 2,393 2,393 Nasdaq Compliance On December 21, 2021, 30 not 5550 2 180 June 20, 2022 ( 5810 3 ten The Company determined that it would not June 20, 2022. second 180 June 27, 2022, 180 December 19, 2022 ( To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten December 19, 2022, |
Note 9 - Business Risk and Cred
Note 9 - Business Risk and Credit Risk Concentration Involving Cash | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | ( 9 For the fiscal year ended June 30, 2022 June 30, 2021 The Company maintains funds in bank accounts that may not |
Note 10 - Common Stock Incentiv
Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | ( 10 2021 2021 ) On May 26, 2021 ( 2020 2021 2011 2008 no may 2021 first first January 1 January 1 ten 2021 five 5% December 31, 2021, 2021 2022 The number of shares available for grant under the 2021 2021 Stock Option Activity Summary The Company’s stock option activity for the years ended June 30, 2022 2021 Weighted Shares Average (In thousands) Exercise Price Outstanding at June 30, 2020 325 $ 5.68 Granted 50 5.00 Exercised — — Canceled or expired (100 ) 6.49 Outstanding at June 30, 2021 275 $ 5.25 Granted 876 0.64 Exercised — — Canceled or expired (122 ) 4.96 Outstanding at June 30, 2022 1,029 $ 1.35 The aggregate intrinsic value of options exercisable at June 30, 2022 June 30, 2022 Options Outstanding Options Weighted- Exercisable Average Weighted- Weighted- Number Remaining Average Number Average Outstanding Contractual Exercise Exercisable Exercise Range of exercise prices (In thousands) Life (years) Price (In thousands) Price $0.64 – $2.83 889 9.75 $ 0.66 9 $ 2.15 $5.30 – $5.85 88 4.86 5.55 88 5.55 $6.00 – $6.00 52 0.14 6.00 52 6.00 $0.64 – $6.00 1,029 8.84 $ 1.35 149 $ 5.49 Compensation costs recognized related to vested stock option awards during the years ended June 30, 2022 2021 June 30, 2022 Restricted Stock The Company’s restricted stock activity for the years ended June 30, 2022 2021 Weighted Average Shares Grant-Date (In thousands) Fair Value Outstanding at June 30, 2020 133 $ 3.95 Granted 2,019 2.02 Vested (58 ) 1.84 Canceled or expired (71 ) 3.57 Outstanding at June 30, 2021 2,023 $ 2.05 Granted 1,200 0.63 Vested (693 ) 2.08 Canceled or expired (254 ) 2.02 Outstanding at June 30, 2022 2,276 $ 1.30 Compensation costs recognized related to vested restricted stock awards during the years ended June 30, 2022 2021 June 30, 2022 Fair Value of Stock-Based Compensation Stock-based compensation costs are generally based on the fair value calculated from the Black-Scholes model on the date of the grant of stock options. The fair values of stock options are amortized as compensation expense on a straight-line basis over the vesting period of the grants. The Company recognizes forfeitures as they occur. The assumptions used for the years ended June 30, 2022 2021 Year Ended Year Ended June 30, 2022 June 30, 2021 Expected dividend yield — — Expected volatility 104.97 % 106.29 % Risk-free interest rates 0.65 % 1.45 % Expected option life (in years) 3.5 3.5 Weighted-average grant-date fair value of options awarded $ 0.86 $ 2.40 • The expected dividend yield is based on the Company’s current dividend yield and the best estimate of projected dividend yield for future periods within the expected life of the option, which is currently 0%. • The Company estimated volatility using the historical share price performance over the expected life. Management believes the historical estimated volatility is materially indicative of expectations about future volatility. • The estimate of the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. • For the years ended June 30, 2022 2021 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 11 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 June 30, 2022 2021 For the fiscal years ended June 30, 2022 2021 no 2022 2021. There is no current state tax expense. FASB ASC 740, June 30, 2022 For the years ended June 30, 2022 2021 Income Tax Expense and Effective Tax Rate The components of income tax benefit from operations are as follows: Year Ended June 30, (In thousands) 2022 2021 Current Federal $ — $ — State and local — — Total current tax benefit $ — $ — Deferred Federal — — State and local — — Total deferred tax benefit $ — $ — Total tax benefit $ — $ — A reconciliation of the reported income tax benefit to the amount that would result by applying the U.S. Federal statutory rate to the loss before income taxes to the actual amount of income tax benefit recognized follows: Year Ended June 30, (In thousands) 2022 2021 Expected benefit $ 1,749 $ 1,596 State tax expense — — Tax credits 166 187 Change in valuation allowance (1,511 ) (1,352 ) Loan forgiveness - PPP loan — 114 Stock-based compensation (306 ) (36 ) Prior year true-up (9 ) 26 Expiration of net operating loss carryovers (89 ) (533 ) Other permanent items — (2 ) Total income tax benefit $ — $ — Deferred Tax Assets and Liabilities The Company’s deferred tax assets as of June 30, 2022 2021 Year Ended June 30, (In thousands) 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 17,202 $ 15,882 Tax credit carryforwards 1,330 1,165 Lease liability - current and non-current 113 62 Accrued expenses and other timing 180 65 Stock-based compensation 579 676 Property and equipment, principally due to differences in depreciation — 77 Total gross deferred tax assets $ 19,404 $ 17,927 Less — valuation allowance (19,348 ) (17,875 ) Net deferred tax assets $ 56 $ 52 Deferred tax liabilities: Right-of-use assets $ (34 ) $ (52 ) Property and equipment, principally due to differences in depreciation (22 ) — Total gross deferred tax liabilities (56 ) (52 ) Net deferred tax assets $ — $ — The Company files consolidated returns for federal, California, Florida, and Texas income and franchise taxes. In assessing the need for a valuation allowance, management considers whether it is more likely than not June 30, 2022 The valuation allowance increased by approximately $1.5 June 30, 2022 no December 22, 2017 50% 2018 2020 2021. March 27, 2020 100% 2021 no June 30, 2022 At June 30, 2022 2023 2037. December 31, 2017, October 2007 may not The Company has federal research and development income tax credit carryovers of $1.0 million as of June 30, 2022 2035 2042. At June 30, 2022 2026 2036. may may not Loss carryovers are generally subject to modification by tax authorities until three The Company has a temporary credit for business loss carryovers that may June 30, 2022 may 2027. Uncertain Tax Positions The Company had unrecognized tax benefits of $400 thousand as of June 30, 2022 July 1, 2021 June 30, 2022 Year Ended June 30, (In thousands) 2022 2021 Fiscal year beginning balance $ 329 $ — Additions for tax positions of current period 71 80 Additions for tax positions of prior years — 249 Decreases for tax positions of prior years — — Fiscal year ending balance $ 400 $ 329 The Company recognizes interest and penalties related to income tax matters in income tax expense, as incurred. For the years ended June 30, 2022 2021 not |
Note 12 - Net Loss Per Share
Note 12 - Net Loss Per Share | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 12 Basic 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 on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method. Dilutive potential common shares include outstanding stock options and stock-based awards. Reconciliation and the components of basic and diluted net loss per share are as follows (in thousands, except per share data): Year Ended June 30, 2022 2021 Numerator: Net loss $ (8,330 ) $ (7,603 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 47,702 21,984 Basic and diluted net loss per common share: Net loss $ (0.17 ) $ (0.35 ) All unvested restricted stock awards for the years ended June 30, 2022 2021 not June 30, 2022 June 30, 2021 not |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | ( 13 Astrotech has a defined contribution retirement plan, which covers substantially all employees and officers. Effective July 1, 2019, no third 2021, June 30, 2022 2021 not not June 30, 2022 2021 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 14 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 Employment Contracts The Company has entered into an employment contract with a key executive. Generally, certain amounts may Legal Proceedings On April 15, 2021, No. 2021 0322 “2020 2020 not 2020 April 30, 2021, No. 2021 0380 205 October 6, 2021, 2020 December 12, 2022. Further information regarding the Stein Action and the Section 205 14A April 29, 2021. |
Note 15 - Segment Information
Note 15 - Segment Information | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 15 The Company has determined that it does not 280 not |
Note 16 - Impact of COVID-19 Pa
Note 16 - Impact of COVID-19 Pandemic | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | ( 16 19 The Company has taken what it believes are necessary precautions to safeguard its employees from the COVID- 19 not no not To date, the Company has seen delays with respect to the TSA certification process and parts of its supply chain, particularly the impact of the global semiconductor and electronics shortage, which has now resulted in product pricing inflation. In addition, although passenger demand for air travel has rebounded, the overall recovery of the airline industry and ancillary services remains highly uncertain and is dependent upon, among other things, the number of cases declining around the globe, public health impacts of new COVID- 19 The Company continues to manage production, to secure alternative supplies, and to take other proactive actions. The Company believes that it will be able to pass the inflation caused by raw materials shortages and increased shipping costs to its customers by increasing the price of its instruments. If supply chain shortages become more severe or longer term in nature, the Company’s business and results of operations could be adversely impacted; however, the Company does not 19 may not CARES Act On March 27, 2020, December 31, 2020, two December 31, 2021, December 31, 2022. The Company will continue to assess the treatment of the CARES Act to the extent additional guidance and regulations are issued, the further applicability of the CARES Act to the Company, and the potential impacts on the business. |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 17 As previously discussed in Note 7, September 3, 2021, 2020 2020 2019 2019 September 5, 2022. September 5, 2022, 2019 2019 2019 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Astrotech Corporation and its wholly-owned subsidiaries that are required to be consolidated. All intercompany transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation and have had no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that directly affect the amounts reported in the Company’s consolidated financial statements and accompanying notes. Management continuously evaluates its critical accounting policies and estimates, including those used in evaluating the recoverability of long-lived assets, recognition of revenue, valuation of inventory, and the recognition and measurement of loss contingencies, if any. Actual results may |
Revenue [Policy Text Block] | Revenue Recognition Astrotech recognizes revenue employing the generally accepted revenue recognition methodologies described under the provisions of ASC Topic 606 606” 2019. 606 five five An additional factor is reasonable assurance of collectability. This necessitates deferral of all or a portion of revenue recognition until collection. During the fiscal year ended June 30, 2022 two June 30, 2021 two 606. Contract Assets and Liabilities. 606 may may Practical Expedients. one one Product Sales. 60 Freight. Multiple Performance Obligations. 1000 The standalone selling price for each performance obligation is an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the good or service. When there is only one first not The timetable for fulfilment of each of the distinct performance obligations can range from completion in a short amount of time and entirely within a single reporting period to completion over several reporting periods. The timing of revenue recognition for each performance obligation may |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company’s international operations are subject to certain opportunities and risks, including from foreign currency fluctuations and governmental actions. During fiscal years 2022 2021 ten one June 30, 2022 June 30, 2021 |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Provision Astrotech offers its customers warranties on the products that it sells. These warranties typically provide for repairs and maintenance of the products if problems arise during a specified time period after original shipment. Concurrent with the sale of products, the Company records a provision for estimated warranty expenses with a corresponding increase in cost of goods sold. The Company periodically adjusts this provision based on historical experience and anticipated expenses. The Company charges actual expenses of repairs under warranty, including parts and labor, to this provision when incurred. The current obligation for warranty provision is included in accrued expenses and other liabilities in the consolidated balance sheets, whose activity for each of the two June 30, 2022 2021 (In thousands) Warranty Provision Balance as of June 30, 2020 $ 18 Warranty claims provided for 49 Settlements made (51 ) Balance as of June 30, 2021 16 Warranty claims provided for 112 Settlements made (78 ) Balance as of June 30, 2022 $ 50 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred. Research and development costs are used to improve system functionality, streamline and simplify the user experience, and extend our capabilities into customer-defined, application-specific opportunities. Research and development expenses for the fiscal years ended June 30, 2022 2021 |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Common Share Basic net loss per common share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share is the same as basic net loss per common share as the potential dilutive shares are considered to be anti-dilutive. For more information, see Note 12. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers short-term investments with original maturities of three |
Receivable [Policy Text Block] | Accounts Receivable The carrying value of the Company’s accounts receivable, net of an allowance for doubtful accounts, represents their estimated net realizable value. Astrotech estimates an allowance for doubtful accounts based on type of customer, age of outstanding receivable, historical collection trends, and existing economic conditions. If events or changes in circumstances indicate that a specific receivable balance may one June 30, 2022 2021 |
Inventory, Policy [Policy Text Block] | Inventory The Company computes inventory cost on a first first not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation. All furniture, fixtures, and equipment are depreciated using the straight-line method over the estimated useful lives of the respective assets, which is generally five three |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company continuously evaluates its long-lived assets for impairment to assess whether the carrying amount of an asset may not not, June 30, 2022. August 2020, June 30, 2021 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Astrotech’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities. Management believes the carrying amounts of these assets and liabilities approximates their fair value due to their liquidity. For more information about the Company’s accounting policies surrounding fair value investments, see Note 6. |
Investment, Policy [Policy Text Block] | Available-for-Sale Investments Investments that are designated as available-for-sale are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive loss. The Company determines the cost of investments sold based on a first first may 3. |
Lessee, Leases [Policy Text Block] | Operating Leases The Company adopted Accounting Standards Update No. 2016 02, 842 2016 02" July 1, 2019. 2016 02 not may Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. As a result of the Company’s adoption of ASU 2016 02, no 12 not Financing leases, formerly referred to as capitalized leases, are treated similarly to operating leases except that the asset subject to the lease is included in the appropriate fixed asset category, rather than recorded as a right-of-use asset, and depreciated over its estimated useful life, or lease term, if shorter. For more information, see Note 4. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based awards to employees based on the fair value of the award on the grant date. The fair value of stock options is estimated using the expected dividend yields of the Company’s stock, the expected volatility of the stock, the expected length of time the options remain outstanding, and the risk-free interest rates. Changes in one may 10. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under the liability method, whereby deferred tax asset or liability account balances are determined based on the difference between the financial statement and the tax bases of assets and liabilities using current tax laws and rates in effect for the year in which the differences are expected to affect taxable income. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established when it is more likely than not not In December 2019, No. 2019 12, 740, 2019 12 June 30, 2022 no |
Stockholders' Equity, Policy [Policy Text Block] | Treasury Stock The Company records treasury stock at the cost to acquire it and includes treasury stock as a component of stockholders’ equity. During fiscal year 2021, |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements In November 2021, No. 2021 10, 832 2021 10” 2021 10 December 15, 2021. not 2021 10 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) Warranty Provision Balance as of June 30, 2020 $ 18 Warranty claims provided for 49 Settlements made (51 ) Balance as of June 30, 2021 16 Warranty claims provided for 112 Settlements made (78 ) Balance as of June 30, 2022 $ 50 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | June 30, 2022 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 19,997 $ — $ (806 ) $ 19,191 ETFs - Corporate & Government Debt 7,375 (393 ) 6,982 Total $ 27,372 $ — $ (1,199 ) $ 26,173 June 30, 2021 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 19,998 $ — $ (13 ) $ 19,985 ETFs - Corporate & Government Debt 7,376 — (10 ) 7,366 Total $ 27,374 $ — $ (23 ) $ 27,351 |
Note 4 - Leases (Tables)
Note 4 - Leases (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Balance Sheet Presentation of Operating and Finance Leases [Table Text Block] | (In thousands) Classification on the Consolidated Balance Sheet June 30, 2022 Assets: Operating lease assets Operating leases, right-of-use assets, net 162 Financing lease assets Property and equipment, net 466 Total lease assets $ 628 Liabilities: Current: Operating lease obligations Lease liabilities, current 95 Financing lease obligations Lease liabilities, current 139 Non-current: Operating lease obligations Lease liabilities, non-current 90 Financing lease obligations Lease liabilities, non-current 213 Total lease liabilities $ 537 |
Lessee, Operating and Financing Leases, Liability, Maturity [Table Text Block] | For the Year Ended June 30, Operating Leases Financing Leases Total 2023 104 154 $ 258 2024 93 154 247 2025 — 67 67 2026 — — — 2027 — — — Thereafter — — — Total lease obligations 197 375 572 Less: imputed interest 12 23 35 Present value of net minimum lease obligations 185 352 537 Less: lease liabilities - current 95 139 234 Lease liabilities - non-current $ 90 $ 213 $ 303 |
Lessee, Operating and Finance Leases, Weighted Average Lease Term And Discount Rate [Table Text Block] | Weighted-average remaining lease term (years): Operating leases 1.85 Financing leases 2.45 Weighted-average discount rate: Operating leases 6.4 % Financing leases 5.3 % |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment, Net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, (In thousands) 2022 2021 Furniture, fixtures, equipment & leasehold improvements $ 1,371 $ 535 Software 264 315 Capital improvements in progress 242 187 Gross property and equipment 1,877 1,037 Accumulated depreciation and amortization (779 ) (774 ) Property and equipment, net $ 1,098 $ 263 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurement (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2022 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 $ 19,191 $ 19,191 $ — $ — $ 19,191 ETFs - Corporate & Government Debt 6,982 6,982 — — 6,982 Total $ 26,173 $ 26,173 $ — $ — $ 26,173 June 30, 2021 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 $ 19,985 $ 19,985 $ — $ — $ 19,985 ETFs - Corporate & Government Debt 7,366 7,366 — — 7,366 Total $ 27,351 $ 27,351 $ — $ — $ 27,351 |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Shares Weighted Average Exercise Aggregate Fair Market Value at Issuance Weighted Average Remaining Contractual Life (In thousands) Price (In thousands) (in years) Outstanding at June 30, 2020 86 $ 5.14 $ 194 4.74 Issued 2,307 2.30 3,553 4.63 Exercised — — — — Canceled or expired — — — — Outstanding at June 30, 2021 2,393 $ 2.40 $ 3,747 4.63 Issued — — — — Exercised — — — — Canceled or expired — — — — Outstanding at June 30, 2022 2,393 $ 2.40 $ 3,747 3.60 Number of Shares Underlying Warrants (In thousands) For the period ended June 30, Issue Date Classification Exercise Price Expiration Date 2022 2021 March 26, 2020 Equity $ 6.25 March 25, 2025 25 25 March 30, 2020 Equity $ 4.6875 March 27, 2025 61 61 October 23, 2020 Equity $ 2.88 October 21, 2025 470 470 October 28, 2020 Equity $ 2.6875 October 28, 2025 173 173 February 16, 2021 Equity $ 4.06 February 11, 2026 171 171 April 12, 2021 Equity $ 1.875 April 7, 2026 1,493 1,493 Total Outstanding 2,393 2,393 |
Note 10 - Common Stock Incent_2
Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Shares Average (In thousands) Exercise Price Outstanding at June 30, 2020 325 $ 5.68 Granted 50 5.00 Exercised — — Canceled or expired (100 ) 6.49 Outstanding at June 30, 2021 275 $ 5.25 Granted 876 0.64 Exercised — — Canceled or expired (122 ) 4.96 Outstanding at June 30, 2022 1,029 $ 1.35 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Weighted- Exercisable Average Weighted- Weighted- Number Remaining Average Number Average Outstanding Contractual Exercise Exercisable Exercise Range of exercise prices (In thousands) Life (years) Price (In thousands) Price $0.64 – $2.83 889 9.75 $ 0.66 9 $ 2.15 $5.30 – $5.85 88 4.86 5.55 88 5.55 $6.00 – $6.00 52 0.14 6.00 52 6.00 $0.64 – $6.00 1,029 8.84 $ 1.35 149 $ 5.49 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Shares Grant-Date (In thousands) Fair Value Outstanding at June 30, 2020 133 $ 3.95 Granted 2,019 2.02 Vested (58 ) 1.84 Canceled or expired (71 ) 3.57 Outstanding at June 30, 2021 2,023 $ 2.05 Granted 1,200 0.63 Vested (693 ) 2.08 Canceled or expired (254 ) 2.02 Outstanding at June 30, 2022 2,276 $ 1.30 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Year Ended Year Ended June 30, 2022 June 30, 2021 Expected dividend yield — — Expected volatility 104.97 % 106.29 % Risk-free interest rates 0.65 % 1.45 % Expected option life (in years) 3.5 3.5 Weighted-average grant-date fair value of options awarded $ 0.86 $ 2.40 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended June 30, (In thousands) 2022 2021 Current Federal $ — $ — State and local — — Total current tax benefit $ — $ — Deferred Federal — — State and local — — Total deferred tax benefit $ — $ — Total tax benefit $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended June 30, (In thousands) 2022 2021 Expected benefit $ 1,749 $ 1,596 State tax expense — — Tax credits 166 187 Change in valuation allowance (1,511 ) (1,352 ) Loan forgiveness - PPP loan — 114 Stock-based compensation (306 ) (36 ) Prior year true-up (9 ) 26 Expiration of net operating loss carryovers (89 ) (533 ) Other permanent items — (2 ) Total income tax benefit $ — $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended June 30, (In thousands) 2022 2021 Deferred tax assets: Net operating loss carryforwards $ 17,202 $ 15,882 Tax credit carryforwards 1,330 1,165 Lease liability - current and non-current 113 62 Accrued expenses and other timing 180 65 Stock-based compensation 579 676 Property and equipment, principally due to differences in depreciation — 77 Total gross deferred tax assets $ 19,404 $ 17,927 Less — valuation allowance (19,348 ) (17,875 ) Net deferred tax assets $ 56 $ 52 Deferred tax liabilities: Right-of-use assets $ (34 ) $ (52 ) Property and equipment, principally due to differences in depreciation (22 ) — Total gross deferred tax liabilities (56 ) (52 ) Net deferred tax assets $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended June 30, (In thousands) 2022 2021 Fiscal year beginning balance $ 329 $ — Additions for tax positions of current period 71 80 Additions for tax positions of prior years — 249 Decreases for tax positions of prior years — — Fiscal year ending balance $ 400 $ 329 |
Note 12 - Net Loss Per Share (T
Note 12 - Net Loss Per Share (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended June 30, 2022 2021 Numerator: Net loss $ (8,330 ) $ (7,603 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 47,702 21,984 Basic and diluted net loss per common share: Net loss $ (0.17 ) $ (0.35 ) |
Note 1 - Description of the C_2
Note 1 - Description of the Company and Operating Environment (Details Textual) | Jun. 30, 2022 |
Number of Patents Granted | 23 |
Number of Additional Patents In Process | 1 |
Number of Wholly Owned Subsidiaries | 3 |
Number of Locations using TRACER 1000 | 20 |
Number of Countries using TRACER 1000 | 11 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Revenues, Total | $ 869 | $ 334 |
Number of Countries in which Entity Operates | 11 | 10 |
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (13) | $ 3 |
Research and Development Expense, Total | 2,781 | 2,692 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 0 | 0 |
Property, Plant and Equipment, Useful Life (Year) | 5 years | |
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | |
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 173 |
Purchased Software [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Summary of Warranty Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Balance | $ 16 | $ 18 |
Warranty claims provided for | 112 | 49 |
Settlements made | (78) | (51) |
Balance | $ 50 | $ 16 |
Note 3 - Investments - Schedule
Note 3 - Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 22, 2022 | Jun. 30, 2021 |
Debt Securities, Available-for-sale, Adjusted Cost | $ 27,372 | $ 27,374 | |
Debt Securities, Available-for-sale, Unrealized Gain | $ 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss | (1,199) | (23) | |
Debt Securities, Available-for-sale, Fair Value | 26,173 | 27,351 | |
Corporate & Government Debt Mutual Funds Securities [Member] | |||
Debt Securities, Available-for-sale, Adjusted Cost | 19,997 | 19,998 | |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss | (806) | (13) | |
Debt Securities, Available-for-sale, Fair Value | 19,191 | 19,985 | |
Corporate & Government Debt ETFs Securities [Member] | |||
Debt Securities, Available-for-sale, Adjusted Cost | $ 7,375 | 7,376 | |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | ||
Debt Securities, Available-for-sale, Unrealized Loss | (393) | (10) | |
Debt Securities, Available-for-sale, Fair Value | $ 6,982 | $ 7,366 |
Note 4 - Leases (Details Textua
Note 4 - Leases (Details Textual) $ in Thousands | 12 Months Ended | |||
Aug. 03, 2020 USD ($) ft² | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Apr. 27, 2021 ft² | |
Operating Lease, Payments | $ 86 | $ 195 | ||
Finance Lease, Principal Payments | $ 95 | $ 12 | ||
Austin, Texas [Member] | ||||
Increase (Decrease) in Operating Lease Liability | $ (506) | |||
Austin, Texas [Member] | Research And Development Facility [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 5,960 | |||
Lessee, Operating Lease, Term of Contract (Month) | 36 months | |||
Austin, Texas [Member] | Office Building [Member] | ||||
Area of Real Estate Property (Square Foot) | ft² | 5,219 | |||
Increase (Decrease) in Operating Lease, Right-of-Use Assets | $ (539) |
Note 4 - Leases - Schedule of B
Note 4 - Leases - Schedule of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Assets: | ||
Operating lease assets | $ 162 | $ 249 |
Total lease assets | 628 | |
Liabilities: | ||
Financing lease obligations | 213 | |
Total lease liabilities | 537 | |
Property and Equipment, Net [Member] | ||
Assets: | ||
Financing lease assets | 466 | |
Lease Liabilities, Current [Member] | ||
Liabilities: | ||
Operating lease obligations | 95 | |
Financing lease obligations | 139 | |
Lease Liabilities, Noncurrent [Member] | ||
Liabilities: | ||
Operating lease obligations | 90 | |
Financing lease obligations | $ 213 |
Note 4 - Leases - Schedule of F
Note 4 - Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
2023, Operating Leases | $ 104 |
2023, Financing Leases | 154 |
2023 | 258 |
2024, Operating Leases | 93 |
2024, Financing Leases | 154 |
2024 | 247 |
2025, Operating Leases | 0 |
2025, Financing Leases | 67 |
2025 | 67 |
2026, Operating Leases | 0 |
2026, Financing Leases | 0 |
2026 | 0 |
2027, Operating Leases | 0 |
2027, Financing Leases | 0 |
2027 | 0 |
Thereafter, Operating Leases | 0 |
Thereafter, Financing Leases | 0 |
Thereafter | 0 |
Total lease obligations, Operating Leases | 197 |
Total lease obligations, Financing Leases | 375 |
Total lease obligations | 572 |
Less: imputed interest, Operating Leases | 12 |
Less: imputed interest, Financing Leases | 23 |
Less: imputed interest | 35 |
Financing lease obligations | 213 |
Lease Liabilities, Current [Member] | |
Present value of net minimum lease obligations | 185 |
Present value of net minimum lease obligations, Financing Leases | 352 |
Present value of net minimum lease obligations | 537 |
Less: lease liabilities - current, Operating Leases | 95 |
Less: lease liabilities - current, Financing Leases | 139 |
Less: lease liabilities - current | 234 |
Lease Liabilities, Noncurrent [Member] | |
Operating lease obligations | 90 |
Financing lease obligations | 213 |
Lease liabilities - non-current | $ 303 |
Note 4 - Leases - Schedule of O
Note 4 - Leases - Schedule of Other information (Details) | Jun. 30, 2022 |
Operating leases (Year) | 1 year 10 months 6 days |
Financing leases (Year) | 2 years 5 months 12 days |
Operating leases | 6.40% |
Financing leases | 5.30% |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 03, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 148 | $ 55 | |
Austin, Texas [Member] | |||
Leasehold Improvement Assets, Net, Write-off | $ 229 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Property Plant And Equipment, Gross | $ 1,877 | $ 1,037 |
Accumulated depreciation and amortization | (779) | (774) |
Property and equipment, net | 1,098 | 263 |
Furniture, Fixtures, Equipment, and Leasehold Improvements [Member] | ||
Property Plant And Equipment, Gross | 1,371 | 535 |
Software and Software Development Costs [Member] | ||
Property Plant And Equipment, Gross | 264 | 315 |
Construction in Progress [Member] | ||
Property Plant And Equipment, Gross | $ 242 | $ 187 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurement - Schedule of Fair Value Measurement of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Debt Securities, Available-for-sale | $ 26,173 | $ 27,351 |
Corporate & Government Debt Mutual Funds Securities [Member] | ||
Debt Securities, Available-for-sale | 19,191 | 19,985 |
Corporate & Government Debt ETFs Securities [Member] | ||
Debt Securities, Available-for-sale | 6,982 | 7,366 |
Reported Value Measurement [Member] | ||
Debt Securities, Available-for-sale | 26,173 | 27,351 |
Reported Value Measurement [Member] | Corporate & Government Debt Mutual Funds Securities [Member] | ||
Debt Securities, Available-for-sale | 19,191 | 19,985 |
Reported Value Measurement [Member] | Corporate & Government Debt ETFs Securities [Member] | ||
Debt Securities, Available-for-sale | 6,982 | 7,366 |
Estimate of Fair Value Measurement [Member] | ||
Debt Securities, Available-for-sale | 26,173 | 27,351 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale | 26,173 | 27,351 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Corporate & Government Debt Mutual Funds Securities [Member] | ||
Debt Securities, Available-for-sale | 19,191 | 19,985 |
Estimate of Fair Value Measurement [Member] | Corporate & Government Debt Mutual Funds Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale | 19,191 | 19,985 |
Estimate of Fair Value Measurement [Member] | Corporate & Government Debt Mutual Funds Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Corporate & Government Debt Mutual Funds Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Corporate & Government Debt ETFs Securities [Member] | ||
Debt Securities, Available-for-sale | 6,982 | 7,366 |
Estimate of Fair Value Measurement [Member] | Corporate & Government Debt ETFs Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale | 6,982 | 7,366 |
Estimate of Fair Value Measurement [Member] | Corporate & Government Debt ETFs Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Corporate & Government Debt ETFs Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale | $ 0 | $ 0 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Sep. 03, 2021 | Apr. 14, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Feb. 13, 2020 | Sep. 05, 2019 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 515 | $ 3 | ||||
Secured Promissory Note (2019 Note) [Member] | ||||||
Repayments of Debt | $ 1,000 | |||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 330 | |||||
Notes Payable, Total | 500 | |||||
Secured Promissory Note (2019 Note) [Member] | Chief Executive Officer and Board of Directors Chairman, Thomas B. Pickens III [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500 | |||||
Secured Promissory Note, (2020 Note) [Member] | ||||||
Repayments of Debt | 1,000 | |||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 172 | |||||
Secured Promissory Note, (2020 Note) [Member] | Chief Executive Officer and Board of Directors Chairman, Thomas B. Pickens III [Member] | ||||||
Debt Instrument, Face Amount | $ 1,000 | |||||
Secured Promissory Notes, "Original Notes" [Member] | Chief Executive Officer and Board of Directors Chairman, Thomas B. Pickens III [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 11% | |||||
Secured Promissory Note, "Amended Notes" [Member] | ||||||
Interest Expense, Total | $ 95 | $ 275 | ||||
Paycheck Protection Program Promissory Note [Member] | ||||||
Proceeds from Notes Payable, Total | $ 542 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Dec. 21, 2021 | Apr. 07, 2021 | Feb. 11, 2021 | Dec. 18, 2020 | Oct. 28, 2020 | Oct. 21, 2020 | Jul. 23, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ 37,300,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.40 | $ 2.40 | $ 5.14 | ||||||||
Preferred Stock, Shares Issued, Total (in shares) | 280,898 | 280,898 | |||||||||
Equity Securities, Notice of Deficiency, Failure to Maintain Minimum Bid Price, Amount (in dollars per share) | $ 1 | ||||||||||
Equity Securities, Minimum Closing Bid Price (in dollars per share) | $ 1 | $ 1 | |||||||||
Equity Securities, Threshold Consecutive Trading Days (Day) | 10 days | 10 days | |||||||||
HCWainwrightCoLLC [Member] | |||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.395 | ||||||||||
Percentage of Underwriting Discount, Price Per Share | 7% | ||||||||||
Stock Issued During Period, Option to Purchase Additional Shares, Term (Day) | 30 days | ||||||||||
The “Placement Agent’s Warrants No. 1” [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 469,565 | ||||||||||
Percentage of Shares Sold in Offering | 6% | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.875 | ||||||||||
Percentage of Per Share Offering Price of Shares | 125% | ||||||||||
Class of Warrant or Right, Fair Value Price (in dollars per share) | $ 2.01 | ||||||||||
The “Placement Agent’s Warrants No. 2” [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 173,274 | ||||||||||
Percentage of Shares Sold in Offering | 6% | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.6875 | ||||||||||
Percentage of Per Share Offering Price of Shares | 125% | ||||||||||
Class of Warrant or Right, Fair Value Price (in dollars per share) | $ 1.80 | ||||||||||
The “Placement Agent’s Warrants No. 3” [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 170,732 | ||||||||||
Percentage of Shares Sold in Offering | 6% | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.0625 | ||||||||||
Percentage of Per Share Offering Price of Shares | 125% | ||||||||||
Class of Warrant or Right, Fair Value Price (in dollars per share) | $ 2.94 | ||||||||||
The “Underwriter Warrants” [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,493,150 | ||||||||||
Percentage of Shares Sold in Offering | 6% | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.875 | ||||||||||
Underwritten Public Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 21,639,851 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.50 | ||||||||||
Over-Allotment Option [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,245,977 | ||||||||||
The “Wainwright ATM Agreement” [Member] | Maximum [Member] | |||||||||||
Common Stock Issuable, Aggregate Offering Price | $ 3,582,614 | ||||||||||
Common Stock [Member] | The “Public Offering Shares” [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 7,826,086 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.30 | ||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 18,000,000 | ||||||||||
Common Stock [Member] | The “October Registered Offering” [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,887,906 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.15 | ||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 6,200,000 | ||||||||||
Common Stock [Member] | The “February Registered Offering” [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,845,535 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.25 | ||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 9,250,000 | ||||||||||
Common Stock [Member] | The “Wainwright ATM Agreement” [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,139,323 | ||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 3,600,000 | ||||||||||
Shares Issued, Weighted Average Price Per Share (in dollars per share) | $ 3.14 | ||||||||||
Series D Preferred Stock [Member] | |||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 280,898 | ||||||||||
Preferred Stock, Conversion Basis | 1 |
Note 8 - Stockholders' Equity -
Note 8 - Stockholders' Equity - Schedule of Warrant Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Outstanding (in shares) | 2,393 | 86 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.40 | $ 5.14 | |
Outstanding, Aggregate Fair Market Value | $ 3,747 | $ 3,747 | $ 194 |
Outstanding, Weighted Average Remaining Contractual Term (Year) | 3 years 7 months 6 days | 4 years 7 months 17 days | 4 years 8 months 26 days |
Issued (in shares) | 2,307 | ||
Issued (in dollars per share) | $ 2.30 | ||
Issued | $ 3,553 | ||
Issued (Year) | 4 years 7 months 17 days | ||
Outstanding (in shares) | 2,393 | 2,393 | 86 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.40 | $ 2.40 | $ 5.14 |
Class Of Warrant Or Right, Exercise Price (in dollars per share) | $ 2.40 | $ 2.40 | $ 5.14 |
Class Of Warrant Or Right, Outstanding (in shares) | 2,393 | 2,393 | 86 |
Class of Warrant or Rights, Warrants Issued March 26, 2020 [Member] | |||
Outstanding (in shares) | 25 | ||
Outstanding (in shares) | 25 | 25 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 6.25 | ||
Class Of Warrant Or Right, Exercise Price (in dollars per share) | $ 6.25 | ||
Class Of Warrant Or Right, Expiration Date | Mar. 25, 2025 | ||
Class Of Warrant Or Right, Outstanding (in shares) | 25 | 25 | |
Class of Warrant or Rights, Warrants Issued March 30, 2020 [Member] | |||
Outstanding (in shares) | 61 | ||
Outstanding (in shares) | 61 | 61 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.6875 | ||
Class Of Warrant Or Right, Exercise Price (in dollars per share) | $ 4.6875 | ||
Class Of Warrant Or Right, Expiration Date | Mar. 27, 2025 | ||
Class Of Warrant Or Right, Outstanding (in shares) | 61 | 61 | |
Class of Warrant or Rights, Warrants Issued October 23, 2020 [Member] | |||
Outstanding (in shares) | 470 | ||
Outstanding (in shares) | 470 | 470 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.88 | ||
Class Of Warrant Or Right, Exercise Price (in dollars per share) | $ 2.88 | ||
Class Of Warrant Or Right, Expiration Date | Oct. 21, 2025 | ||
Class Of Warrant Or Right, Outstanding (in shares) | 470 | 470 | |
Class of Warrant or Rights, Warrants Issued October 28, 2020 [Member] | |||
Outstanding (in shares) | 173 | ||
Outstanding (in shares) | 173 | 173 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 2.6875 | ||
Class Of Warrant Or Right, Exercise Price (in dollars per share) | $ 2.6875 | ||
Class Of Warrant Or Right, Expiration Date | Oct. 28, 2025 | ||
Class Of Warrant Or Right, Outstanding (in shares) | 173 | 173 | |
Class of Warrant or Rights, Warrants Issued February 16, 2021 [Member] | |||
Outstanding (in shares) | 171 | ||
Outstanding (in shares) | 171 | 171 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 4.06 | ||
Class Of Warrant Or Right, Exercise Price (in dollars per share) | $ 4.06 | ||
Class Of Warrant Or Right, Expiration Date | Feb. 11, 2026 | ||
Class Of Warrant Or Right, Outstanding (in shares) | 171 | 171 | |
Class of Warrant or Rights, Warrants Issued April 12, 2021 [Member] | |||
Outstanding (in shares) | 1,493 | ||
Outstanding (in shares) | 1,493 | 1,493 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 1.875 | ||
Class Of Warrant Or Right, Exercise Price (in dollars per share) | $ 1.875 | ||
Class Of Warrant Or Right, Expiration Date | Apr. 07, 2026 | ||
Class Of Warrant Or Right, Outstanding (in shares) | 1,493 | 1,493 |
Note 9 - Business Risk and Cr_2
Note 9 - Business Risk and Credit Risk Concentration Involving Cash (Details Textual) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number Of Customers | 2 | 2 |
Note 10 - Common Stock Incent_3
Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | May 26, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | |
Share-Based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | 0 | ||
Share-Based Payment Arrangement, Expense | 37 | $ 1 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 507 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 24 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||
Restricted Stock [Member] | |||
Share-Based Payment Arrangement, Expense | $ 1,500 | $ 625 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 5 months 19 days | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,500 | ||
Omnibus Equity Plan, 2021 [Member] | Common Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,500,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issuable in Period (in shares) | 2,616,860 |
Note 10 - Common Stock Incent_4
Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans - Stock Option Activity Summary (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Outstanding (in shares) | 275 | 325 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 5.25 | $ 5.68 |
Granted (in shares) | 876 | 50 |
Granted, weighted average grant date fair value (in dollars per share) | $ 0.64 | $ 5 |
Exercised (in shares) | 0 | 0 |
Exercised, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Canceled or expired (in shares) | (122) | (100) |
Canceled or expired, weighted average grant date fair value (in dollars per share) | $ 4.96 | $ 6.49 |
Outstanding (in shares) | 1,029 | 275 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 1.35 | $ 5.25 |
Note 10 - Common Stock Incent_5
Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans - Stock Options Outstanding (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Outstanding, exercise prices range lower limit (in dollars per share) | $ 0.64 | $ 1.85 |
Outstanding, exercise prices range upper (in dollars per share) | $ 6 | $ 7.50 |
Number outstanding (in shares) | 1,029 | |
Weighted average remaining contractual lifeWeighted average remaining contractual life (Year) | 8 years 10 months 2 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 1.35 | |
Shares Exercisable (in shares) | 149 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 5.49 | |
Exercise Price Range 1 [Member] | ||
Outstanding, exercise prices range lower limit (in dollars per share) | 0.64 | |
Outstanding, exercise prices range upper (in dollars per share) | $ 2.83 | |
Number outstanding (in shares) | 889 | |
Weighted average remaining contractual lifeWeighted average remaining contractual life (Year) | 9 years 9 months | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 0.66 | |
Shares Exercisable (in shares) | 9 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.15 | |
Exercise Price Range 2 [Member] | ||
Outstanding, exercise prices range lower limit (in dollars per share) | 5.30 | |
Outstanding, exercise prices range upper (in dollars per share) | $ 5.85 | |
Number outstanding (in shares) | 88 | |
Weighted average remaining contractual lifeWeighted average remaining contractual life (Year) | 4 years 10 months 9 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 5.55 | |
Shares Exercisable (in shares) | 88 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 5.55 | |
Exercise Price Range 3 [Member] | ||
Outstanding, exercise prices range lower limit (in dollars per share) | 6 | |
Outstanding, exercise prices range upper (in dollars per share) | $ 6 | |
Number outstanding (in shares) | 52 | |
Weighted average remaining contractual lifeWeighted average remaining contractual life (Year) | 1 month 20 days | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 6 | |
Shares Exercisable (in shares) | 52 | |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 6 |
Note 10 - Common Stock Incent_6
Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Outstanding (in shares) | 2,023 | 133 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 2.05 | $ 3.95 |
Granted (in shares) | 1,200 | 2,019 |
Granted, weighted average grant date fair value (in dollars per share) | $ 0.63 | $ 2.02 |
Vested (in shares) | (693) | (58) |
Vested, weighted average grant date fair value (in dollars per share) | $ 2.08 | $ 1.84 |
Canceled or expired (in shares) | (254) | (71) |
Canceled or expired (in dollars per share) | $ 2.02 | $ 3.57 |
Granted (in shares) | 1,200 | 2,019 |
Granted (in dollars per share) | $ 0.63 | $ 2.02 |
Outstanding (in shares) | 2,276 | 2,023 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 1.30 | $ 2.05 |
Note 10 - Common Stock Incent_7
Note 10 - Common Stock Incentive, Stock Purchase Plans, and Other Compensation Plans - Schedule of Share-based Compensation Fair Value (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Expected dividend yield | 0% | 0% |
Expected volatility | 104.97% | 106.29% |
Risk-free interest rates | 0.65% | 1.45% |
Expected option life (in years) (Year) | 3 years 6 months | 3 years 6 months |
Weighted-average grant-date fair value of options awarded (in dollars per share) | $ 0.86 | $ 2.40 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | $ (8,330,000) | $ (7,603,000) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0% | 0% | |
Current State and Local Tax Expense (Benefit) | $ 0 | $ 0 | |
Unrecognized Tax Benefits, Ending Balance | $ 400,000 | $ 329,000 | $ 0 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |
Operating Loss Carryforwards, Valuation Allowance | $ 19,300,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $ 429,000 | ||
Operating Loss Carryforwards | 80,500,000 | ||
Federal Operating Loss Carryforwards Available | 38,200,000 | ||
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward One | $ 8,000,000 | ||
Tax Cuts and Jobs Act of 2017, Limits on Utilization of Net Operating Loss to Taxable Income Percentage | 80% | ||
Tax Credit Carryforward, Amount | $ 500,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 7,400,000 | ||
Unrecognized Tax Benefits Resulting in Net State Operating Loss Carryforwards | 300,000 | ||
Unrecognized Tax Effect on Texas Business Loss Carryforwards | 400,000 | ||
Deferred Tax Liabilities, Net, Total | 13,000 | ||
Interest Expense For Uncertain Tax Positions | 0 | $ 0 | |
Domestic Tax Authority [Member] | |||
Tax Credit Carryforward, Amount | 1,000,000 | ||
Indefinite Lives [Member] | |||
Federal Operating Loss Carryforwards Available | 42,300,000 | ||
Unrecognized Tax Benefits Resulting in Net Operating Loss Carryforward One | $ 8,900,000 |
Note 11 - Income Taxes - Schedu
Note 11 - Income Taxes - Schedule of Components of Income Tax Benefit (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Federal | $ 0 | $ 0 |
Current State and Local Tax Expense (Benefit) | 0 | 0 |
Total current tax benefit | 0 | 0 |
Federal | 0 | 0 |
State and local | 0 | 0 |
Total deferred tax benefit | 0 | 0 |
Total tax benefit | $ 0 | $ 0 |
Note 11 - Income Taxes - Sche_2
Note 11 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Expected benefit | $ 1,749,000 | $ 1,596,000 |
Tax credits | 166,000 | 187,000 |
Change in valuation allowance | (1,511,000) | (1,352,000) |
Loan forgiveness - PPP loan | 0 | 114,000 |
Stock-based compensation | (306,000) | (36,000) |
Prior year true-up | (9,000) | 26,000 |
Expiration of net operating loss carryovers | (89,000) | (533,000) |
Other permanent items | 0 | (2,000) |
Income tax benefit | $ 0 | $ 0 |
Note 11 - Income Taxes - Sche_3
Note 11 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 17,202 | $ 15,882 |
Tax credit carryforwards | 1,330 | 1,165 |
Lease liability - current and non-current | 113 | 62 |
Accrued expenses and other timing | 180 | 65 |
Stock-based compensation | 579 | 676 |
Property and equipment, principally due to differences in depreciation | 0 | 77 |
Total gross deferred tax assets | 19,404 | 17,927 |
Less — valuation allowance | (19,348) | (17,875) |
Net deferred tax assets | 56 | 52 |
Deferred tax liabilities: | ||
Right-of-use assets | (34) | (52) |
Property and equipment, principally due to differences in depreciation | (22) | 0 |
Total gross deferred tax liabilities | (56) | (52) |
Net deferred tax assets | $ 0 | $ 0 |
Note 11 - Income Taxes - Rollfo
Note 11 - Income Taxes - Rollforward of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Balance | $ 329 | $ 0 |
Additions for tax positions of current period | 71 | 80 |
Additions for tax positions of prior years | 0 | 249 |
Decreases for tax positions of prior years | 0 | 0 |
Balance | $ 400 | $ 329 |
Note 12 - Net Loss Per Share (D
Note 12 - Net Loss Per Share (Details Textual) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 0.64 | $ 1.85 |
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 6 | $ 7.50 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,028,532 | 275,503 |
Note 12 - Net Loss Per Share -
Note 12 - Net Loss Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Net loss | $ (8,330) | $ (7,603) |
Denominator for basic and diluted net loss per share — weighted average common stock outstanding (in shares) | 47,702 | 21,984 |
Net loss (in dollars per share) | $ (0.17) | $ (0.35) |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 57 | $ 31 |
Note 16 - Impact of COVID-19 _2
Note 16 - Impact of COVID-19 Pandemic (Details Textual) | Jun. 30, 2022 |
Number of Repayment Installments | 2 |
Percent of Deferred Payroll Tax Amount Paid | 50% |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 05, 2022 | Sep. 03, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 515 | $ 3 | ||
Secured Promissory Note, (2020 Note) [Member] | ||||
Repayments of Debt | $ 1,000 | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 172 | |||
Secured Promissory Note (2019 Note) [Member] | ||||
Repayments of Debt | 1,000 | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 330 | |||
Notes Payable, Total | $ 500 | |||
Secured Promissory Note, "Amended Notes" [Member] | Subsequent Event [Member] | ||||
Repayments of Debt | $ 500 | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 55 |