Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2013 | Oct. 07, 2013 | Dec. 31, 2012 | |
Document And Entity Information | |||
Entity Registrant Name | ASTROTECH Corp \WA\ | ||
Entity Central Index Key | 1001907 | ||
Document Type | 10-K | ||
Document Period End Date | 30-Jun-13 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -24 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $17,512,295 | ||
Entity Common Stock, Shares Outstanding | 19,486,727 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2013 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $5,096 | $10,177 |
Accounts receivable, net of allowance | 5,317 | 1,926 |
Prepaid expenses and other current assets | 503 | 592 |
Total current assets | 10,916 | 12,695 |
Property & equipment, net | 37,035 | 37,270 |
Other assets, net | 51 | 84 |
Total assets | 48,002 | 50,049 |
Current liabilites | ||
Accounts payable | 2,488 | 3,033 |
Accrued liabilities and other | 2,430 | 1,634 |
Deferred revenue | 1,304 | 2,836 |
Current portion of term note payable | 387 | 372 |
Total current liabilities | 6,609 | 7,875 |
Deferred revenue | 64 | 0 |
Other liabilities | 194 | 0 |
Term note payable, net of current portion | 5,655 | 6,042 |
Total liabilities | 12,522 | 13,917 |
Stockholders' equity | ||
Preferred stock | 0 | 0 |
Common stock | 183,782 | 183,712 |
Treasury stock | -237 | -237 |
Additional paid-in capital | 987 | 1,582 |
Retained deficit | -151,840 | -151,655 |
Noncontrolling interest | 2,788 | 2,730 |
Total stockholders' equity | 35,480 | 36,132 |
Total liabilities and stockholders' equity | $48,002 | $50,049 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value in dollars | $0 | $0 |
Preferred stock, shares authorized | 2,500,000 | 2,500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value in dollars | $0 | $0 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 19,781,721 | 19,134,907 |
Treasury stock, shares at cost | 311,660 | 311,660 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ||
Revenue | $23,995 | $26,138 |
Cost of revenue | 15,684 | 18,790 |
Gross profit | 8,311 | 7,348 |
Operating expenses: | ||
Selling, general and administrative | 6,790 | 7,067 |
Research and development | 2,080 | 2,571 |
Total operating expenses | 8,870 | 9,638 |
Loss from operations | -559 | -2,290 |
Interest and other expense, net | -164 | -1,026 |
Loss before income taxes | -723 | -3,316 |
Income tax expense | 0 | -17 |
Net loss | -723 | -3,333 |
Less: Net loss attributable to noncontrolling interest | -538 | -620 |
Net loss attributable to Astrotech Corporation | ($185) | ($2,713) |
Net loss per share, basic and diluted | ($0.01) | ($0.15) |
Weighted average common shares outstanding, basic and diluted | 19,328,000 | 18,544,000 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Common Stock | Treasury Stock Amount | Additional Paid-In Capital | Accumulated Deficit | Noncontrolling Interest | Total |
In Thousands, except Share data | ||||||
Beginning balance - value at Jun. 30, 2011 | $183,712 | ($237) | $1,104 | ($148,942) | $1,921 | $37,558 |
Beginning balance - shares at Jun. 30, 2011 | 18,028,000 | |||||
Stock based compensation | 978 | 29 | 1,007 | |||
Restricted stock issuance - shares | 795,000 | |||||
Capital contribution | -500 | 500 | 0 | |||
State of Texas Funding | 900 | 900 | ||||
Net loss | -2,713 | -620 | -3,333 | |||
Ending balance - value at Jun. 30, 2012 | 183,712 | -237 | 1,582 | -151,655 | 2,730 | 36,132 |
Ending balance - shares at Jun. 30, 2012 | 18,823,000 | |||||
Stock based compensation | 31 | 31 | ||||
Exercise of stock options - value | 70 | -30 | 40 | |||
Exercise of stock options - shares | 119,000 | |||||
Restricted stock issuance - shares | 528,000 | |||||
Capital contribution | -596 | 596 | 0 | |||
State of Texas Funding | 0 | |||||
Net loss | -185 | -538 | -723 | |||
Ending balance - value at Jun. 30, 2013 | $183,782 | ($237) | $987 | ($151,840) | $2,788 | $35,480 |
Ending balance - shares at Jun. 30, 2013 | 19,470,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Cash flows from operating activities | ||
Net loss | ($723) | ($3,333) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 31 | 1,007 |
Depreciation and amortization | 2,115 | 2,243 |
Impairment of fixed assets | 0 | 200 |
Reserve on notes receivable | 0 | 675 |
Changes in assets and liabilities: | ||
Accounts receivable | -3,391 | 503 |
Deferred revenue | -1,468 | -8,357 |
Accounts payable | -545 | 2,276 |
Other assets and liabilities | 1,079 | 677 |
Net cash used in operating activities | -2,902 | -4,109 |
Cash flows from investing activities | ||
Purchases of property, equipment and leasehold improvements | -1,847 | -1,252 |
Net cash used in investing activities | -1,847 | -1,252 |
Cash flows from financing activities | ||
Term loan payments | -372 | -356 |
State of Texas Funding | 0 | 900 |
Proceeds for common stock issuance | 40 | 0 |
Net cash provided by (used in) financing activities | -332 | 544 |
Net change in cash and cash equivalents | -5,081 | -4,817 |
Cash and cash equivalents at beginning of period | 10,177 | 14,994 |
Cash and cash equivalents at end of period | 5,096 | 10,177 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | $249 | $243 |
Description_of_the_Company_and
Description of the Company and Operating Environment | 12 Months Ended | |||||||||||
Jun. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Description of the Company and Operating Environment | (1) Description of the Company and Operating Environment | |||||||||||
Astrotech Corporation (Nasdaq: ASTC) (“Astrotech,” “the Company,” “we,” “us” or “our”), a State of Washington corporation, is a commercial aerospace company that was formed in 1984 to leverage the environment of space for commercial purposes. For nearly 30 years, the Company has remained a crucial player in space commerce activities. We have supported the launch of 23 shuttle missions and more than 300 spacecraft. We’ve designed and built space hardware and processing facilities and constructed world-class processing facilities. We currently own, operate and maintain world-class spacecraft processing facilities; prepare and process scientific research from microgravity and develop and manufacture sophisticated chemical sensor equipment. | ||||||||||||
Our Business Units | ||||||||||||
Astrotech Space Operations (ASO) | ||||||||||||
ASO provides support to its government and commercial customers as they successfully process complex communication, earth observation and deep space satellites in preparation for their launch on a variety of launch vehicles. Processing activities include satellite ground transportation; pre-launch hardware integration and testing; satellite encapsulation, fueling, launch pad delivery; and communication linked launch control. Our ASO facilities can process five-meter class satellites accommodating the majority of U.S. based satellites. ASO’s service capabilities include designing and building spacecraft processing equipment and facilities. In addition, ASO provides propellant services including designing, building and testing propellant service equipment for fueling spacecraft. ASO accounted for 99% of our consolidated revenues for the period ended June 30, 2013. Revenue for our ASO business unit is generated primarily from various fixed-priced contracts with launch service providers in both government and commercial markets and the design, fabrication and use of critical space launch equipment. The services and facilities we provide to our customers support the final assembly, checkout, and countdown functions required to launch a spacecraft. The revenue and cash flows generated from our ASO operations are primarily related to the number of spacecraft launches and the fabrication of the GSE for the U.S. Government. | ||||||||||||
Spacetech | ||||||||||||
Our other business unit is a technology incubator designed to commercialize space-industry technologies. This business unit is currently pursuing two distinct opportunities: | ||||||||||||
1st Detect | ||||||||||||
The Company develops, manufactures and sells ultra-small mass spectrometers and related equipment. Mass spectrometers, in general, measure the mass and relative abundance of ions in a sample to create a “mass spectrum”. This resulting mass spectrum is a unique fingerprint for each chemical that can be compared to a reference library of mass spectra to verify the identity of a sample. Mass spectrometers can identify chemicals with more accuracy and precision than competing instruments given their extreme sensitivity and specificity and they are a staple of almost all analytical laboratories. By leveraging technology initiated by an engagement with NASA to develop a mass spectrometer for the International Space Station, the Company has developed a series of instruments that are significantly smaller, lighter, faster and less expensive than competing mass spectrometers, and significantly more sensitive and accurate than other competing chemical detectors. Our efforts have resulted in a technology that can provide mass spectrometry performance in real-time or in the field. | ||||||||||||
The MMS-1000TM is a small, low power mass spectrometer designed initially for the laboratory market. The unique design of this unit enables mass spectrometric quality chemical analysis in a small package (about the size of a shoebox) that operates off less power than a typical light bulb. This allows high quality chemical analysis to be performed in locations where mass spectrometers have not been used before, such as directly on the factory floor or in the battlefield, without compromising the quality of the analysis. | ||||||||||||
The OEM-1000 is a mass spectrometer component that was developed for applications where customers need the high quality analysis provided by a mass spectrometer but in a platform that can be integrated into customer specific packages. The OEM-1000 uses the same high performance analyzer as the MMS-1000TM but is provided as an open platform for customers and development partners to integrate with their complementary technologies, with application-specific sample preparation, inlets and software. | ||||||||||||
Astrogenetix | ||||||||||||
Astrogenetix is a biotechnology company formed to commercialize products processed in the unique environment of microgravity. Astrogenetix pursued an aggressive space access strategy to take advantage of the Space Shuttle program prior to its retirement in 2011. This strategy gave Astrogenetix unprecedented access to research in microgravity, as the Company flew experiments twelve times over a three year period. Astrogenetix and the team are currently researching a Salmonella vaccine as part of its ongoing commercialization strategy. Concurrently, the team is evaluating a vaccine target for MRSA based on discoveries made in microgravity. In December 2011, the Company negotiated a Space Act Agreement with NASA for a minimum of twenty eight additional space flights. | ||||||||||||
Liquidity | ||||||||||||
Our future capital requirements will depend on a number of factors, including our success in developing and expanding markets for our products, payments under possible future strategic arrangements, continued progress of our research and development of potential products, the need to acquire licenses to new technology, costs associated with increasing our manufacturing and development facilities, costs associated with strategic acquisitions including integration costs and assumed liabilities, litigation expense, the status of competitive products and potential cost associated with both protecting and defending our intellectual property. Additionally, actions taken as a result of the ongoing internal evaluation of our business could result in expenditures not currently contemplated in our estimates for 2014. We believe, however, that our existing cash and cash equivalents are sufficient to fund our operating expenses, capital equipment requirements and other expected liquidity requirements for the coming year. Factors that could affect our capital requirements, in addition to those listed above include continued collections of accounts receivable consistent with our historical experience, uncertainty surrounding mission launch schedules, and our ability to manage product development efforts. | ||||||||||||
At June 30, 2013, we had cash and cash equivalents of $5.1 million and our working capital was approximately $4.3 million. | ||||||||||||
The Company’s debt repayments are due as follows (in thousands): | ||||||||||||
Balance | Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
6/30/13 | 2014 | 2015 | 2016 | |||||||||
Term Note | $ | 6,042 | $ | 387 | $ | 403 | $ | 5,252 | ||||
Our bank financing facilities contain certain affirmative and negative covenants with which we must comply, including the maintenance by us of a debt service coverage ratio of not less than 1.00 to 1.00, maintaining a tangible net worth of not less than $32.50 million, and a maintaining a leverage ratio of not greater than .50 to 1.00. These financial covenants are applicable to the results of ASO. In the event we are not in compliance with a covenant, the bank may, among other things, accelerate all outstanding borrowings, cease extending credit or foreclose on collateral. During fiscal year 2013, we were not in compliance with our debt service coverage ratio and we obtained a waiver from the bank that indefinitely waived this event of default with respect to the periods we were in non-compliance. As of June 30, 2013, we were in compliance with our affirmative and negative debt covenants. However, our financial projections for fiscal year 2014 indicated that we will likely not be in compliance with our debt service coverage ratio and minimum tangible net worth covenants by the third quarter ended March 31, 2014. On October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.750 million thereafter. Under the terms of the amendment, we expect to be compliant with our affirmative and negative covenants through June 30, 2014. Therefore, we have classified our debt as noncurrent for any principal payments due after June 30, 2014. | ||||||||||||
We believe we have sufficient liquidity and backlog to fund ongoing operations for at least the next fiscal year. We expect to utilize existing cash and proceeds from operations to grow our core business offering in ASO and to support strategies for Spacetech. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Jun. 30, 2013 | |||||
Accounting Policies [Abstract] | |||||
Summary of Significant Accounting Policies | (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 majority-owned subsidiaries that are required to be consolidated. All significant intercompany transactions have been eliminated in consolidation. | |||||
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 reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. | |||||
Credit Risk | |||||
The Company maintains funds in bank accounts that, at times, may exceed the limit insured by the Federal Deposit Insurance Corporation, or “FDIC.” In October 2008, the FDIC increased its insurance to $250,000 per depositor, and to an unlimited amount for non-interest bearing accounts. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in what we believe to be high credit quality financial institutions. The Company has not experienced any losses in such accounts. | |||||
Revenue Recognition | |||||
Astrotech recognizes revenue employing several generally accepted revenue recognition methodologies across its business units. The methodology used is based on contract type and the manner in which products and services are provided. | |||||
Revenue generated by Astrotech’s payload processing facilities is recognized ratably over the occupancy period of the satellite while in the Astrotech facilities. The percentage-of-completion method is used for all construction contracts where incurred costs can be reasonably estimated and successful completion can be reasonably assured at inception. Changes in estimated costs to complete and provisions for contract losses are recognized in the period they become known. Revenue for the sale of commercial products is recognized at shipment. | |||||
A Summary of Revenue Recognition Methods | |||||
Services/Products Provided | Contract Type | Method of Revenue Recognition | |||
Payload Processing Facilities | Firm Fixed Price — Mission Specific | Ratably, over the occupancy period of a satellite | |||
within the facility from arrival through launch | |||||
Construction Contracts | Firm Fixed Price | Percentage-of-completion based on costs incurred | |||
Engineering Services | Cost Reimbursable | Reimbursable costs incurred plus award/fixed fee | |||
Award/Fixed Fee | |||||
Commercial Products | Specific Purchase | At shipment | |||
Order Based | |||||
Grant | Cost Reimbursable | As costs are incurred for related research and | |||
Award | development expenses | ||||
Deferred Revenue | |||||
Deferred revenue represents amounts collected from customers for projects, products, or services expected to be provided at a future date. Deferred revenue is shown on the balance sheet as either a short-term or long-term liability, depending on when the service or product is expected to be provided. | |||||
Research and Development | |||||
Research and development costs are expensed as incurred. | |||||
Net loss Per Share | |||||
Basic net loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share includes all common stock options and other common stock equivalents that potentially may be issued as a result of conversion privileges (see Note 12). | |||||
Cash and Cash Equivalents | |||||
The Company considers short-term investments with original maturities of three months or less to be cash equivalents. Cash equivalents are comprised primarily of operating cash accounts, money market investments and certificates of deposits. | |||||
Accounts Receivable | |||||
The carrying value of the Company’s accounts receivable, net of the allowance for doubtful accounts, represents their estimated net realizable value. We estimate the 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 be unrealizable, further consideration is given to the collectability of those balances, and the allowance is adjusted accordingly. Receivable balances deemed uncollectible are written off against the allowance. | |||||
Property and Equipment | |||||
Property and equipment are stated at cost. 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 years. Our payload processing facilities are depreciated using the straight-line method over their estimated useful lives ranging from 16 to 40 years. Leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the lease. Repairs and maintenance are expensed when incurred. | |||||
As required by our customers, we purchase equipment or enhance our facilities to meet specific customer requirements. These enhancements or equipment purchases are compensated through our contract with the customer. The difference between the amount reimbursed and the cost of the enhancements is recognized as revenue. | |||||
Deferred Financing Costs | |||||
Deferred financing costs represent loan origination fees paid to the lender and related professional fees. These costs are amortized on a straight-line basis over the term of the respective loan agreements which approximates the interest method. | |||||
Impairment of Long-Lived Assets | |||||
We review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. | |||||
Notes Receivable | |||||
The carrying value of the Company’s notes receivable, net of the allowance for doubtful accounts, represents their estimated net realizable value. We estimate the allowance for doubtful accounts based on type of customer, age of outstanding notes receivable, historical collection trends, and existing economic conditions. If events or changes in circumstances indicate that a specific receivable balance may be unrealizable, further consideration is given to the collectability of those balances, and the allowance is adjusted accordingly. Notes receivable balances deemed uncollectible are written off against the allowance and note receivable balances deemed less than likely to be fully collected at maturity are reserved. In fiscal year 2012, we fully reserved our outstanding notes receivable of $0.7 million. As of June 30, 2013 there have been no payments made on the note. | |||||
Fair Value of Financial Instruments | |||||
Our financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, accounts payable, notes payable and accrued liabilities. The carrying amounts of these assets and liabilities, in the opinion of Company’s management, approximate their fair value. | |||||
Operating Leases | |||||
The Company leases space under operating leases. Lease agreements often include rent holidays, rent escalation clauses and contingent rent provisions for percentage of gross sales in excess of specified levels, as defined in the respective lease agreements. Most of the Company’s lease agreements include renewal periods at the Company’s option. The Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased property. The Company records tenant improvement allowances and rent holidays as deferred rent liabilities on the consolidated balance sheets and amortize the deferred rent over the terms of the lease to rent expense on the consolidated statements of operations. | |||||
Share Based Compensation | |||||
The Company accounts for share-based awards to employees based on the fair value of the award on the grant date. The fair value of the stock options is estimated using expected dividend yields of the Company’s stock, the expected volatility of the stock, the expected length of time the options remain outstanding and risk-free interest rates. Changes in one or more of these factors may significantly affect the estimated fair value of the stock options. The Company estimates forfeitures using historical forfeiture rates for previous grants of equity instruments. The fair value of awards that are expected to vest is recorded as an expense over the vesting period. | |||||
Noncontrolling Interest | |||||
Noncontrolling interest accounting is applied for any entities where the Company maintains more than 50% and less than 100% ownership. The Company clearly identifies the noncontrolling interest in the balance sheets and income statements. We also disclose three measures of net loss: net loss, net loss attributable to noncontrolling interest, and net loss attributable to Astrotech Corporation. Our operating cash flows in our consolidated statements of cash flows reflect net loss, while our basic and diluted earnings per share calculations reflect net loss attributable to Astrotech Corporation. | |||||
State of Texas Funding | |||||
The Company accounts for the State of Texas funding in its majority owned subsidiary 1st Detect as a contribution of capital and has reflected the disbursement in the equity section of the consolidated balance sheet. While the award agreement includes both a common stock purchase right and a note payable to the State of Texas, the economic substance of the transaction is that the State of Texas has purchased shares of 1st Detect in exchange for the granted award. | |||||
The common stock purchase right gives the State of Texas the ability to purchase common stock in 1st Detect, at par value per share, at the earlier of: (1) the first Qualifying Financing Event or (2) eighteen months (recent extensions were granted by the State of Texas, see Note 15). As of June 30, 2012, no Qualifying Financing Event has occurred. | |||||
There are no cash payments due under the note unless there is an event of default, and the terms that allow for the note to be cancelled after the passage of a set amount of time. The purpose of the note is to provide recourse for the State of Texas if 1st Detect fails to fulfill the purpose of the grant, which is primarily to provide for economic development within the State of Texas. If an event of default should occur, the Company would calculate and expense accrued interest and reclassify principal from equity to notes payable in the consolidated financial statements as amounts due to the State of Texas. Management considers the likelihood of an event of default to be remote. As of June 30, 2013, no default events have occurred. | |||||
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 that some portion or all of the deferred tax assets will not be realized. | |||||
Accounting Pronouncements | |||||
Accounting Standards Recently Adopted | |||||
Accounting Standards Update ("ASU") 2011-04, “Fair Value Measurement ("Topic 820") – Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU 2011-04 amends Topic 820, “Fair Value Measurements and Disclosures,” to converge the fair value measurement guidance in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 clarifies the application of existing fair value measurement requirements, changes certain principles in Topic 820 and requires additional fair value disclosures. ASU 2011-04 is effective for annual periods beginning after December 15, 2011, and did not have any impact on the Company’s financial statements. |
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Noncontrolling Interest [Abstract] | ||||||
Noncontrolling Interest | (3) Noncontrolling Interest | |||||
In January 2010, restricted shares of Astrotech subsidiaries, 1st Detect and Astrogenetix, were granted to certain employees, directors and officers (see Note 10), resulting in Astrotech owning less than 100% of the subsidiaries. The Company applied non-controlling interest accounting for the fiscal years ended June 30, 2013 and 2012, which requires us to clearly identify the non-controlling interest in the consolidated balance sheets and consolidated income statements. We disclose three measures of net loss: net loss, net loss attributable to noncontrolling interest, and net loss attributable to Astrotech Corporation. Our operating cash flows in our consolidated statements of cash flows reflect net loss, while our basic and diluted earnings per share calculations reflect net loss attributable to Astrotech Corporation. | ||||||
2013 | 2012 | |||||
Beginning balance | $ | 2,730 | $ | 1,921 | ||
Net loss attributable to noncontrolling interest | -538 | -620 | ||||
State of Texas funding (See Note 15) | — | 900 | ||||
Capital Contribution | 596 | 500 | ||||
Stock based compensation expense | — | 29 | ||||
Ending balance | $ | 2,788 | $ | 2,730 | ||
The capital contribution is made by the Company in order to fund the net losses of the noncontrolling interest. | ||||||
As of June 30, 2013, the Company’s share of income and losses is 86% for 1st Detect and 84% for Astrogenetix. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Receivables [Abstract] | ||||||
Accounts Receivable | (4) Accounts Receivable | |||||
As of June 30, 2013, and 2012, accounts receivable consisted of the following (in thousands): | ||||||
2013 | 2012 | |||||
U.S. Government contracts: | ||||||
Billed | $ | 1,013 | $ | 456 | ||
Unbilled | 1,976 | 150 | ||||
Total U.S. Government contracts | $ | 2,989 | $ | 606 | ||
Commercial contracts: | ||||||
Billed | $ | 2,076 | $ | 1,070 | ||
Unbilled | 252 | 250 | ||||
Total commercial contracts | $ | 2,328 | $ | 1,320 | ||
Total accounts receivable | $ | 5,317 | $ | 1,926 | ||
The Company anticipates collecting all unreserved receivables within one year. Unbilled accounts receivable represents revenue earned in excess of contracted billing milestones. The accuracy and appropriateness of our direct and indirect costs and expenses under government cost-plus contracts, and therefore, our accounts receivable recorded pursuant to such contracts, are subject to extensive regulation and audit by the U.S. Defense Contract Audit Agency (“DCAA”) or by other appropriate agencies of the U.S. Government. Such agencies have the right to challenge our cost estimates or allocations with respect to any government contract. In the opinion of management, any adjustments likely to result from remaining inquiries or audits of its contracts would not have a material adverse impact on our financial condition or results of operations. | ||||||
The following table summarizes the changes in our allowance for doubtful accounts (in thousands): | ||||||
2013 | 2012 | |||||
Beginning balance | $ | -54 | $ | — | ||
Provision for uncollectable accounts, net of recoveries | -4 | -54 | ||||
Write- off of uncollectable accounts | — | — | ||||
Ending balance | $ | -58 | $ | -54 | ||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property and Equipment | (5) Property and Equipment | |||||
As of June 30, 2013 and 2012, property and equipment consisted of the following (in thousands): | ||||||
June 30, | ||||||
2013 | 2012 | |||||
Flight Assets | $ | 44,757 | $ | 44,757 | ||
Payload Processing Facilities | 45,866 | 44,766 | ||||
Furniture, Fixtures, Equipment & Leasehold Improvements | 19,973 | 18,335 | ||||
Capital Improvements in Progress | 39 | 930 | ||||
Gross Property and Equipment | 110,635 | 108,788 | ||||
Accumulated Depreciation | -73,600 | -71,518 | ||||
Property and Equipment, net | $ | 37,035 | $ | 37,270 | ||
Depreciation and amortization expense of property and equipment for the years ended June 30, 2013 and 2012 was $2.1 million and $2.2 million, respectively. In the year ended June 30, 2012, the Company evaluated the future use of two historical SPACEHAB modules. Due to the retirement of the space shuttle program in the United States and the lack of alternative uses which could potentially generate cash flow, the Company recorded a non-cash impairment of $0.2 million for the two SPACEHAB modules as the full aggregate carrying amount was deemed no longer recoverable. |
Note_Receivable
Note Receivable | 12 Months Ended |
Jun. 30, 2013 | |
Receivables [Abstract] | |
Note Receivable | (6) Note Receivable |
On April 28, 2005 the Company consummated the sale and simultaneous leaseback of its Cape Canaveral Florida Spacehab Payload Processing Facility (“SPPF”). The sales price of the building was $4.8 million. The Company received $4.1 million in cash of which $0.3 million was used for expenses related to the transaction. The Company also received a note, secured by a second mortgage on the SPPF, for $0.7 million due December 2010. The Company deferred approximately $0.5 million of gain from the sale leaseback transaction and recognized it as an offset to rent expense over the five-year lease term. | |
The Company leased the building back from the owner under an agreement that initially expired on December 31, 2010. In November 2010, the Company renewed its lease with the owner for an additional two year term extending the lease to December 31, 2012. Simultaneously, the Company extended the full repayment date of the note to December 31, 2012. | |
The owner of SPPF does not have sufficient resources to repay the Company’s note. As a result, the Company recorded a full reserve in fiscal year 2012 against the collection of the note. Management has confirmed that the owner of the SPPF has been actively marketing the facility for sale. At this time, the SPPF is currently for sale with no offers pending. As of June 30, 2013, there have been no payments made on the note. |
Debt
Debt | 12 Months Ended |
Jun. 30, 2013 | |
Debt Disclosure [Abstract] | |
Debt | (7) Debt |
In October 2010, we entered into a financing facility with a commercial bank providing a $7.0 million term loan note and a $3.0 million revolving credit facility. The $7.0 million term loan terminates in October 2015, and the $3.0 million revolving credit facility, which expired in October 2012. The term loan requires monthly payments of principal plus interest at the rate of prime plus 0.25%, but not less than 4.0%. The bank financing facilities are secured by the assets of ASO, including accounts receivable, and require us to comply with designated covenants. The balance of the $7.0 million term loan at June 30, 2013 was $6.0 million. | |
Our bank financing facilities contain certain affirmative and negative covenants with which we must comply, including the maintenance by us of a debt service coverage ratio of not less than 1.00 to 1.00, maintaining a tangible net worth of not less than $32.50 million, and a maintaining a leverage ratio of not greater than .50 to 1.00. These financial covenants are applicable to the results of ASO. In the event we are not in compliance with a covenant, the bank may, among other things, accelerate all outstanding borrowings, cease extending credit or foreclose on collateral. During fiscal year 2013, we were not in compliance with our debt service coverage ratio and we obtained a waiver from the bank that indefinitely waived this event of default with respect to the periods we were in non-compliance. As of June 30, 2013, we were in compliance with our affirmative and negative debt covenants. However, our financial projections for fiscal year 2014 indicated that we will likely not be in compliance with our debt service coverage ratio and minimum tangible net worth covenants by the third quarter ended March 31, 2014. On October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.75 million thereafter. Under the terms of the amendment, we expect to be compliant with our affirmative and negative covenants through June 30, 2014. Therefore, we have classified our debt as noncurrent for any principal payments due after June 30, 2014. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||
Jun. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value of Financial Instruments | (8) Fair Value of Financial Instruments | |||||||||||||
The accounting standard for fair value measurements defines fair value, establishes a market-based framework or hierarchy for measuring fair value, and expands disclosures about fair value measurements. The standard is applicable whenever assets and liabilities are measured and included in the financial statements at fair value. | ||||||||||||||
The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: | ||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||
The following table presents the carrying amounts, estimated fair values and valuation input levels of certain of the Company’s financial instruments as of June 30, 2013 and 2012 (in thousands): | ||||||||||||||
30-Jun-13 | 30-Jun-12 | |||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||
Amount | Value | Amount | Value | Inputs | ||||||||||
Note payable | $ | 6,042 | 6,042 | $ | 6,414 | $ | 6,414 | Level 2 | ||||||
Total | $ | 6,042 | 6,042 | $ | 6,414 | $ | 6,414 | |||||||
The carrying value of the Company’s debt at June 30, 2013 approximates fair value based on rates available for similar debt available to comparable companies in the marketplace. The carrying amounts of the Company’s Level 1 securities include cash and cash equivalents. |
Business_and_Credit_Risk_Conce
Business and Credit Risk Concentration | 12 Months Ended |
Jun. 30, 2013 | |
Risks and Uncertainties [Abstract] | |
Business and Credit Risk Concentration | (9) Business and Credit Risk Concentration |
A substantial portion of our revenue has been generated under contracts with the U.S. Government. During the year ended June 30, 2013 and 2012, approximately 66% and 68%, respectively, of our revenues were generated by various NASA and U.S. Government contracts or subcontracts. Accounts receivable totaled $5.3 million at June 30, 2013 of which 56% was attributable to the U.S. Government. Accounts receivable totaled $1.9 million at June 30, 2012 of which 31% was attributable to the U.S. Government. | |
The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation, or “FDIC.” In October 2008, the FDIC increased its insurance to $250,000 per depositor, and to an unlimited amount for non-interest bearing accounts. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in what we believe to be high credit quality financial institutions. The Company has not experienced any losses in such accounts. |
Common_Stock_Incentive_Stock_P
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans | (10) Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans | ||||||||||||
At June 30, 2013, 1,440,001 shares of Common Stock were reserved for future grants of stock incentive grants under the Company’s four stock incentive plans. | |||||||||||||
The 1994 Plan (“1994 Plan”) | |||||||||||||
Under the terms of the 1994 Plan, the number and price of the stock incentive awards granted to employees is determined by the Board of Directors and such grants vest, in most cases, incrementally over a period of four years and expire no more than ten years after the date of grant. At the time of approval, 395,000 shares of our common stock were reserved for issuance under this plan. As of June 30, 2013, there are no shares available for grant. Based on the Articles of the 1994 stock incentive plan, no awards shall be granted more than ten years after the effective date of the plan unless amended. | |||||||||||||
The Directors’ Stock Option Plan (“Director’s Plan”) | |||||||||||||
Options under the Director’s Plan vest after one year and expire seven years from the date of grant. At the time of approval, 50,000 shares of our common stock were reserved for issuance under this plan. As of June 30, 2013, there are 41,500 shares available for future grant. | |||||||||||||
2008 Stock Incentive Plan (“2008 Plan”) | |||||||||||||
The 2008 Plan was created to promote growth of the Company by aligning the long-term financial success of the Company with the employees, consultants and directors. At the time of approval, 5,500,000 shares of our common stock were reserved for issuance under this plan. The 2008 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of stock options, stock appreciation rights (RSAs) and restricted stock to employees, directors and consultants of the Company. Stock options awarded will vest upon the Company’s stock achieving a closing price of $1.50 and expire ten years from grant date or upon employee or director termination. Restricted shares awarded will vest 33.33% a year over a three year period and expire upon employee or director termination. There have been no RSAs granted from the 2008 Plan. As of June 30, 2013, there are 342,501 shares available for grant under the 2008 Plan. | |||||||||||||
2011 Stock Incentive Plan (“2011 Plan”) | |||||||||||||
The 2011 Plan was designed to increase shareholder value by compensating employees over the long term. The plan is to be used to promote long-term financial success and execution of our business strategy. At the time of approval, 1,750,000 shares of our common stock were reserved for issuance under this plan. The 2011 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of stock options, stock appreciation rights (RSAs) and restricted stock to employees, directors and consultants of the Company. Stock options awarded will vest upon the Company’s stock achieving a closing price of $1.50 and expire ten years from the grant date or upon employee or director termination. Additionally, a single 200,000 stock option grant was awarded to a third party consultant intended to provide incentive which is aligned with management and the shareholders. Vesting for these option shares will occur once certain performance conditions have been fulfilled. There have been no RSAs or restricted stock granted from the 2011 Plan. As of June 30, 2013, there are 1,056,000 shares available for grant under the 2011 Plan. | |||||||||||||
1st Detect 2011 Stock Incentive Plan | |||||||||||||
The 2011 Plan was designed to increase shareholder value by compensating employees over the long term. The plan is to be used to promote long-term financial success and execution of our business strategy. At the time of approval, 2,500 shares of 1st Detect stock were reserved for issuance under this plan. The 2011 Plan, administered by the Board of Directors of 1st Detect, provides for granting of incentive awards in the form of stock options to certain directors, officers and employees of 1st Detect. The awards vest upon certain performance conditions being met and expire ten years from the grant date. The stock options have an exercise price equal to the fair market value of 1st Detect’s common stock on the date of grant as determined by an independent valuation firm. As of June 30, 2013, there are 1,800 shares available for grant under the 2011 Plan. | |||||||||||||
Astrogenetix | |||||||||||||
On January 19, 2010, an independent committee of the Board of Directors of Astrogenetix, a subsidiary of the Company, approved a grant of 1,550 restricted stock shares and 2,050 stock purchase warrants to certain officers, directors and employees of Astrogenetix, of which 375 and 50 have subsequently been cancelled. The awards vested 50% a year over a two-year period. The restricted stock awards are equal to the fair market value of Astrogentix’s common stock on the date of grant as determined by an independent valuation firm. The Company utilized the Black-Scholes methodology in determining the fair market value of the warrants. | |||||||||||||
Stock Option Activity Summary | |||||||||||||
The Company’s stock options activity for year ended June 30, 2012 and 2013 was as follows: | |||||||||||||
Shares | Weighted Average | ||||||||||||
(in thousands) | Exercise Price | ||||||||||||
Outstanding at June 30, 2011 | 377 | $ | 1.28 | ||||||||||
Granted | 779 | 0.79 | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | -15 | 12.66 | |||||||||||
Outstanding at June 30, 2012 | 1,141 | 0.79 | |||||||||||
Granted | 330 | 1.2 | |||||||||||
Exercised | -119 | 0.34 | |||||||||||
Cancelled or expired | -177 | 0.85 | |||||||||||
Outstanding at June 30, 2013 | 1,175 | 0.94 | |||||||||||
The aggregate intrinsic value of options exercisable at June 30, 2013 was $0.1 million as the fair value of the Company’s common stock is more than the exercise prices of these options. | |||||||||||||
Range of exercise prices | Number | Options | Weighted- | Number | Options | ||||||||
Outstanding | Outstanding | Average | Exercisable | Exercisable | |||||||||
Weighted- | Exercise | Weighted- | |||||||||||
Average | Price | Average | |||||||||||
Remaining | Exercise | ||||||||||||
Contractual | Price | ||||||||||||
Life (years) | |||||||||||||
$0.32 – 0.45 | 228,750 | 5.26 | $ | 0.38 | 228,750 | $ | 0.38 | ||||||
$0.71 – 0.71 | 405,400 | 8.21 | 0.71 | — | — | ||||||||
$1.03 – 24.10 | 541,000 | 7.45 | 1.36 | 11,000 | 11.94 | ||||||||
$0.32 – 24.10 | 1,175,150 | 7.29 | $ | 0.94 | 239,750 | $ | 0.91 | ||||||
Compensation costs recognized related to vested stock option awards during the year ended June 30, 2013, and 2012 was $0.1 million and $0.1 million, respectively. At June 30, 2013 and 2012, there was $0.5 million and $0.3 million, respectively, of total unrecognized compensation cost related to non-vested stock option awards, which is expected to be recognized over a weighted-average period of 7.9 years. | |||||||||||||
Restricted Stock | |||||||||||||
At June 30, 2013, and 2012, there was $0.1 million and $0.1 million of unrecognized compensation costs related to restricted stock, respectively, which is expected to be recognized over a weighted average period of 1.2 years. | |||||||||||||
The Company’s restricted stock activity for the year ended June 30, 2012 and 2013, was as follows: | |||||||||||||
Shares | Weighted | ||||||||||||
(in thousands) | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at June 30, 2011 | 1,365 | $ | 1.14 | ||||||||||
Issued | 25 | 0.75 | |||||||||||
Vested | -699 | 1.14 | |||||||||||
Cancelled or expired | -13 | 1.22 | |||||||||||
Non-vested at June 30, 2012 | 678 | $ | 1.12 | ||||||||||
Issued | — | — | |||||||||||
Vested | -528 | 1.13 | |||||||||||
Cancelled or expired | -133 | 1.15 | |||||||||||
Non-vested at June 30, 2013 | 17 | $ | 0.75 | ||||||||||
Stock Options 1st Detect | |||||||||||||
At June 30, 2013 and 2012, there was $0.1 million and $0.1 million of unrecognized compensation costs related to options and warrants, respectively, which is expected to be recognized over a weighted average period of 8.2 years. | |||||||||||||
The Company’s stock activity for the year ended June 30, 2012 and 2013 was as follows: | |||||||||||||
Weighted Average | |||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding at June 30, 2011 | 1,820 | $ | 212 | ||||||||||
Granted | 965 | 212 | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | -55 | 212 | |||||||||||
Outstanding at June 30, 2012 | 2,730 | $ | 212 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | -255 | 212 | |||||||||||
Outstanding at June 30, 2013 | 2,475 | $ | 212 | ||||||||||
Restricted Stock 1st Detect | |||||||||||||
At June 30, 2013 and 2012 the awards were fully vested and there is no additional compensation expense to be recognized related to restricted stock. | |||||||||||||
Stock Options Astrogenetix | |||||||||||||
At June 30, 2013 and 2012 the warrants were fully vested and there is no additional compensation expense to be recognized related to warrants. | |||||||||||||
The Company’s stock options activity for the year ended June 30, 2013 was as follows: | |||||||||||||
Weighted Average | |||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding at June 30, 2011 | 2,050 | $ | 167 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | -50 | 167 | |||||||||||
Outstanding at June 30, 2012 | 2,000 | $ | 167 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | — | — | |||||||||||
Outstanding at June 30, 2013 | 2,000 | $ | 167 | ||||||||||
Restricted Stock Astrogenetix | |||||||||||||
At June 30, 2013 and 2012 the awards were fully vested and there is no additional compensation expense to be recognized related to restricted stock. | |||||||||||||
Fair Value of Stock Based Compensation | |||||||||||||
Stock-based compensation costs are generally based on the fair value calculated from the Black-Scholes or Binomial option-pricing model on the date of grant for stock options. The fair values of stock are amortized as compensation expense on a straight-line basis over the vesting period of the grants. The assumptions used are summarized in the following table: | |||||||||||||
Astrotech | |||||||||||||
Year ended June 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Expected Dividend Yield | 0 | % | 0 | % | |||||||||
Expected Volatility | 0.71 | 0.77 | |||||||||||
Risk-Free Interest Rates | 0.2 | % | 0.21 | % | |||||||||
Expected Option Life (in years) | 10 | 10 | |||||||||||
• | The expected dividend yield is based on our 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%. | ||||||||||||
• | We estimated volatility using our historical share price performance over the last two years. Management believes the historical estimated volatility is materially indicative of expectations about expected 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. | ||||||||||||
• | The expected life is calculated using the contractual term of the options as well as an analysis of the Company’s historical exercises of stock options. | ||||||||||||
Spacetech | |||||||||||||
Year ended June 30, | |||||||||||||
2013 (1) | 2012 | ||||||||||||
Expected Dividend Yield | — | 0 | % | ||||||||||
Expected Volatility | — | 0.33 | |||||||||||
Risk-Free Interest Rates | — | 0.09 | % | ||||||||||
Expected Option Life (in years) | — | 10 | |||||||||||
-1 | No options were issued in the year ended June 30, 2013. | ||||||||||||
• | The expected dividend yield is based on our 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%. | ||||||||||||
• | We estimated volatility using industry competitor’s historical share price performance over the last two years. Management believes the historical estimated volatility is materially indicative of expectations about expected 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. | ||||||||||||
• | The expected life is calculated using the contractual term of the options as well as an analysis of the Company’s historical exercises of stock options. | ||||||||||||
Securities Repurchase Program | |||||||||||||
In March 2009, the Company repurchased 300,000 shares of Common Stock at a price of $0.40 per share, pursuant to the securities repurchase program. As of June 30, 2011, we had repurchased 311,660 share of Common Stock at a cost of $0.2 million, which represents an average cost of $0.76 per share, and $1.1 million of Senior Convertible Notes. As a result, the Company is authorized to repurchase an additional $5.7 million of securities under this program. | |||||||||||||
Common stock repurchases under the Company’s securities repurchase program may be made from time-to-time, in the open market, through block trades or otherwise in accordance with applicable regulations of the Securities and Exchange Commission. Depending on market conditions and other factors, these purchases may be commenced or suspended at any time or from time-to-time without prior notice. Additionally, the timing of such transactions will depend on other corporate strategies and will be at the discretion of the management of the Company. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Income Taxes | (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 to be realized. As of June 30, 2013, the Company has established a full valuation allowance against all of its net deferred tax assets. | ||||||
FASB ASC 740, Income Taxes (FASB ASC 740) addresses the accounting for uncertainty in income taxes recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The Company has an unrecognized tax benefit of $0.1 million for the years ended June 30, 2012 and 2013. | ||||||
For the years ended June 30, 2013 and 2012, the Company’s effective tax rate differed from the federal statutory rate of 35%, primarily due to recording changes to the valuation allowance placed against its net deferred tax assets. | ||||||
The Company files income tax returns in the U.S. federal jurisdiction and in various states. Due to the Company’s loss carryover position, it is subject to U.S. federal and state income tax examination adjustments to its carryover benefits generated after 1999. | ||||||
Currently, the Company is under examination by the Internal Revenue Service for its 2008 through 2010 tax year. | ||||||
The components of income tax expense (benefit) from continuing operations are as follows (in thousands): | ||||||
Year Ended June 30, | ||||||
2013 | 2012 | |||||
Current | ||||||
Federal | $ | — | $ | — | ||
State and local | — | 17 | ||||
Foreign | — | — | ||||
$ | — | $ | 17 | |||
Deferred | ||||||
Federal | — | — | ||||
State and local | — | — | ||||
Foreign | — | — | ||||
Total Tax Expense | $ | — | $ | 17 | ||
A reconciliation of the reported income tax expense to the amount that would result by applying the U.S. Federal statutory rate to the income (loss) before income taxes to the actual amount of income tax expense (benefit) recognized follows (in thousands): | ||||||
Year Ended June 30, | ||||||
2013 | 2012 | |||||
Expected expense (benefit) | $ | -253 | $ | -1,161 | ||
State tax expense | — | 17 | ||||
Change in temporary tax adjustments not recognized | 167 | 744 | ||||
Stock compensation | — | 352 | ||||
Other permanent items | 86 | 65 | ||||
Total | $ | — | $ | 17 | ||
The Company’s deferred tax assets as of June 30, 2013 and 2012 consist of the following (in thousands): | ||||||
Year Ended June 30, | ||||||
2013 | 2012 | |||||
Deferred tax assets: | ||||||
Net operating loss carryforwards | $ | 13,274 | $ | 13,021 | ||
Alternative minimum tax credit carryforwards | 671 | 671 | ||||
Accrued expenses and other timing | 683 | 823 | ||||
Total gross deferred tax assets | $ | 14,628 | $ | 14,515 | ||
Less — valuation allowance | -13,540 | -13,261 | ||||
Net deferred tax assets | $ | 1,088 | $ | 1,254 | ||
Deferred tax liabilities: | ||||||
Property and equipment, principally due to differences in depreciation | -1,088 | -1,254 | ||||
Total gross deferred tax liabilities | $ | -1,088 | $ | -1,254 | ||
Net deferred tax assets (liabilities) | $ | — | $ | — | ||
The valuation allowance increased by approximately $0.3 million for the year ended June 30, 2013. The valuation allowance increased by approximately $1.1 million for the year ended June 30, 2012. The Company adjusted the value of its deferred tax assets (before valuation allowance) in order to reflect tax return filings occurring since the prior year provision. Since the Company reflects a full valuation allowance against its deferred tax assets, there has been no income tax impact from these changes. | ||||||
At June 30, 2013, the Company had accumulated net operating loss carryforwards of approximately $36.6 million for Federal income tax purposes ($12.8 million, tax effected) that are available to offset future regular taxable income. These net operating loss carryforwards expire between the years 2021 and 2034. Utilization of these net operating losses is limited due to the changes in stock ownership of the Company associated with the October 2007 Exchange Offer; as such, the benefit from these losses may not be realized. | ||||||
The Company also has accumulated state net operating loss carryforwards of approximately $9.3 million ($0.4 million, tax effected) that are available to offset future state taxable income. These net operating loss carryforwards expire between the years 2019 and 2034. These losses may also be subject to utilization limitations; as such, the benefit from these losses may not be realized. | ||||||
The Company is currently under examination by the Internal Revenue Service for the fiscal years ended June 30, 2008 through 2010. Loss carryovers are generally subject to modification by tax authorities until 3 years after they have been utilized; as such, the Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. | ||||||
The Company has a temporary credit for business loss carryovers that may be utilized to offset its Texas margin tax. The credit amount is $0.2 million ($0.1 million, tax effected). These credits may be used to offset $13,000 of state tax liability each year and expire annually if not utilized. | ||||||
The Company has $0.7 million of alternative minimum tax credit carryforwards available to offset future regular tax liabilities. | ||||||
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 that some portion or all of the net deferred tax assets will be utilized to offset future tax liabilities. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As of June 30, 2013, the Company provided a full valuation allowance of approximately $13.5 million against its net deferred tax assets. | ||||||
Uncertain Tax Positions | ||||||
The Company’s change in uncertain tax benefit reserves during 2013 and 2012 were as follows (in thousands): | ||||||
2013 | 2012 | |||||
Balance at July 1 | $ | 64 | $ | 60 | ||
Additions for tax positions of current period | — | — | ||||
Additions for tax positions of prior years | 4 | 4 | ||||
Decreases for tax positions of prior years | — | — | ||||
Balance at June 30 | $ | 68 | 64 | |||
As of June 30, 2013, total uncertain tax positions related to state income taxes amounted to $68,000. Should the tax positions prove successful, the Company’s tax expense would be reduced by $42,000 (net of federal benefit). We recognize interest and penalties related to income tax matters in income tax expense. During the years ended June 30, 2013 and 2012, we recognized interest expense related to uncertain tax positions of approximately $4,000 and $4,000, respectively. |
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Earnings Per Share [Abstract] | ||||||
Net Loss Per Share | (12) Net Loss Per Share | |||||
Basic net loss per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed 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, convertible debt, and shared-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, | ||||||
2013 | 2012 | |||||
Numerator: | ||||||
Net loss attributable to Astrotech, basic | $ | -185 | $ | -2,713 | ||
Net loss attributable to Astrotech, diluted | $ | -185 | $ | -2,713 | ||
Denominator: | ||||||
Denominator for basic net loss per share — weighted average common stock outstanding | 19,328 | 18,544 | ||||
Dilutive common stock equivalents — common stock options and share-based awards | — | — | ||||
Denominator for diluted net loss per share weighted average common stock outstanding and dilutive common stock equivalents | 19,328 | 18,544 | ||||
Basic net loss per share | $ | -0.01 | $ | -0.15 | ||
Diluted net loss per share | $ | -0.01 | $ | -0.15 | ||
Options to purchase 1,175,150 shares of common stock at exercise prices ranging from $0.32 to $24.10 per share outstanding for the year ended June 30, 2013, were not included in diluted net loss per share, as the impact to net loss per share is anti-dilutive. Options to purchase 1,140,750 shares of common stock at exercise prices ranging from $0.30 to $24.10 per share outstanding for the year ended June 30, 2012, were not included in diluted net loss per share, as the impact to net loss per share is anti-dilutive. | ||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | (13) Employee Benefit Plans |
We have a defined contribution retirement plan, which covers substantially all employees and officers. For the years ended June 30, 2013 and 2012, we have contributed the required match of $0.2 million and $0.3 million, respectively, to the plan. We have the right, but not an obligation, to make additional contributions to the plan in future years at the discretion of the Company’s Board of Directors. We have not made any additional contributions for the years ended June 30, 2013 and 2012. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Jun. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | (14) Commitments and Contingencies | |||
In addition to the term loan (see Note 7), the Company is obligated under non-cancelable operating leases for equipment, office space and the land for a payload processing facility. Future minimum payments under the term loan and non-cancelable operating leases are as follows (in thousands): | ||||
Year ending June 30, | ||||
2014 | $ | 777 | ||
2015 | 559 | |||
2016 | 5,411 | |||
2017 | 162 | |||
2018 | 166 | |||
2019 and thereafter | — | |||
Total | $ | 7,075 | ||
Rent expense was approximately $0.7 million for the year ended June 30, 2013 and approximately $0.8 million for the year ended June 30, 2012. The Company received sublease payments of $0.1 million for the year ended June 30, 2013 and $0.1 million for the year ended June 30, 2012. | ||||
ASO presently leases the 60-acre site located on VAFB in California, where we own four buildings totaling over 50,000 square feet of space. The Company has extended the original land lease, which expired in September 2013. The new lease expires in September 2018, with provisions to extend the lease at the request of the lessee and the concurrence of the lessor. | ||||
Legal Proceedings | ||||
On January 10, 2013, a lawsuit was filed against Astrotech Corporation by John Porter, the former Senior Vice President, Chief Financial Officer, Treasurer and Secretary of the Company. In the lawsuit, Mr. Porter alleges various breaches of contract claims in connection with his termination from the Company on August 3, 2012. Mr. Porter seeks monetary damages of at least $639,808. The Company intends to vigorously defend the lawsuit filed by Mr. Porter. | ||||
On February 20, 2013, a shareholder derivative lawsuit was filed in the District Court of Travis County, Texas against the current directors and chief executive officer of Astrotech Corporation and against the Company, as nominal defendant. The complaint alleges, among other things, that the directors and chief executive officer breached fiduciary duties to the Company in connection with certain corporate transactions, including loans to subsidiaries and purchases of outstanding shares of the Company’s common stock. The Company intends to vigorously defend the lawsuit. | ||||
State of Texas Funding | ||||
In March 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the industrial, environmental, security and healthcare markets (See Note 15). As of June 30, 2012, 1st Detect had received $1.8 million in disbursements. The disbursed amount of $1.8 million represents a contingency through March 2020, the date of cancellation. If an event of default should occur, the Company would calculate and expense accrued interest and reclassify principal from equity to notes payable in the consolidated financial statements as amounts due to the State of Texas. Management considers the likelihood of an event of default to be remote. As of June 30, 2013, no default events have occurred. | ||||
Employment Contracts | ||||
The Company has entered into employment contracts with certain of its key executives. Generally, certain amounts may become payable in the event the Company terminates the executives’ employment. |
State_of_Texas_Funding
State of Texas Funding | 12 Months Ended |
Jun. 30, 2013 | |
State Of Texas Funding | |
State of Texas Funding | (15) State of Texas Funding |
In March 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the industrial, environmental, security and healthcare markets. In exchange for the award, 1st Detect granted a common stock purchase right and a note payable to the State of Texas. As of June 30, 2012, 1st Detect had received $1.8 million in disbursements. The proceeds from the award can only be used to fund development of the Miniature Chemical Detector at 1st Detect, not for repaying existing debt or for use in other Company subsidiaries. | |
The common stock purchase right is exercisable at the first Qualifying Financing Event (“QFE”), which is essentially a change in control or third party equity investment in 1st Detect. The number of shares available to the State of Texas, at the price of par value, is calculated as the total disbursements (numerator) divided by the stock price established in the QFE (denominator). If the first QFE does not occur within eighteen months of the agreement effective date, which has been extended to June 30, 2014 as a result of recent extensions granted by the State of Texas, the number of shares available for purchase will equal the total disbursements (numerator) divided by $100 (denominator). As of June 30, 2013, no QFE has occurred. | |
The note equals the disbursements to 1st Detect to date, accrues interest at 8% per year and cancels automatically at the earlier of (1) selling substantially all of the assets of 1st Detect, (2) selling more than 50% of common stock of 1st Detect, or (3) in March 2020. No payments of interest or principal are due on the note unless there is a default, which would occur if 1st Detect moves its operations or headquarters outside of Texas at any time before March 2020. 1st Detect has the option to pay back the principal plus accrued interest by June 30, 2014, but repayment does not cancel the State of Texas’ common stock purchase right. | |
Management considers the likelihood of voluntarily repaying the note or of a default event as remote due to the fact that the covenants that would necessitate repayment are within the control of the Company. As such, the $1.8 million, which was received in two installments of $0.9 million and $0.9 million, was accounted for as a contribution to equity in the periods ended June 30, 2012 and 2010 respectively. As of June 30, 2013, no default events have occurred. | |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | (16) Segment Information | ||||||||||||
Management’s primary financial and operating reviews focus on ASO, the core business unit. All intercompany transactions between business units have been eliminated in consolidation. | |||||||||||||
Key financial metrics for the year ended June 30, 2013 and 2012 of the Company’s segments are as follows (in thousands): | |||||||||||||
Year Ended | Year Ended | ||||||||||||
30-Jun-13 | 30-Jun-12 | ||||||||||||
Revenue and Income | Income (loss) | Income (loss) | |||||||||||
(in thousands) | Revenue | before income taxes | Revenue | before income taxes | |||||||||
ASO | $ | 23,862 | 3,121 | $ | 25,817 | $ | 1,039 | ||||||
Spacetech | 133 | -3,844 | 321 | -4,355 | |||||||||
Total | $ | 23,995 | -723 | $ | 26,138 | $ | -3,316 | ||||||
Year Ended | Year Ended | ||||||||||||
30-Jun-13 | 30-Jun-12 | ||||||||||||
Assets | Fixed | Total Assets | Fixed | Total Assets | |||||||||
(in thousands) | Assets, net | Assets, net | |||||||||||
ASO | $ | 35,625 | 46,159 | $ | 36,997 | $ | 48,867 | ||||||
Spacetech | 1,410 | 1,843 | 273 | 1,182 | |||||||||
Total | $ | 37,035 | 48,002 | $ | 37,270 | $ | 50,049 | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (17) Related Party Transactions |
Director Compensation | |
In August 2009, the Board of Directors granted 525,000 total restricted shares valued at $0.6 million to directors from the 2008 Stock Incentive Plan. The restricted shares vest 33.33% a year for three years and expire upon termination. Compensation expense of $0.1 million and $0.2 million was recorded in the year ended June 30, 2013 and 2012, respectively, for these awards. | |
Executive Compensation | |
On January 19, 2010, an independent committee of the Board of Directors of 1st Detect approved a grant of restricted stock and warrants to certain officers, directors and employees of 1st Detect pursuant to restricted stock agreements and stock purchase warrants between 1st Detect and each such individual. | |
The awards will vest as follows, subject to earlier vesting upon the grantee’s death or disability or in the event of a change of control of the Company: 50% on the first anniversary of the grant date and 50% on the second anniversary of the grant date. The restricted stock agreements and stock purchase warrants provide for forfeiture of unvested stock if the recipient is terminated or voluntarily ceases to perform services for 1st Detect, immediate vesting upon a change of control, and restrictions on and requirements as to transfer. The stock purchase warrants have an exercise price equal to the fair market value of 1st Detect’s common stock on the date of grant as determined by an independent valuation firm. | |
In September 2011, the Board of Directors of 1st Detect approved a grant of stock options to certain officers, directors and employees of 1st Detect. The awards vest upon certain performance conditions being met and expire 10 years from grant date. The stock options have an exercise price equal to the fair market value of 1st Detect’s common stock on the date of grant as determined by an independent valuation firm. | |
The number of shares, options and warrants underlying each award to a named executive officer is as follows: Thomas B. Pickens III: 300 shares, 200 options, 680 warrants; John Porter: 200 shares, 180 warrants. If all of the shares issued pursuant to the restricted stock agreements vest, all of the stock options and stock purchase warrants are exercised, without taking into account any dilution resulting from the State of Texas funding, then Thomas B. Pickens III would hold 11.2%, John Porter would hold 3.6% and the Company would hold 66.2% of the outstanding shares of 1st Detect based on the number of fully-diluted shares as of June 30, 2013. Mr. Porter served as Chief Executive Officer of 1st Detect until his termination from the Company in August 2012. | |
On January 19, 2010, an independent committee of the Board of Directors of Astrogenetix approved a grant of restricted stock and warrants to certain officers, directors and employees of Astrogenetix pursuant to restricted stock agreements and stock purchase warrants between Astrogenetix and each such individual. | |
The awards will vest as follows, subject to earlier vesting upon the grantee’s death or disability or in the event of a change of control of the Company: 50% on the first anniversary of the grant date and 50% on the second anniversary of the grant date. The restricted stock agreements and stock purchase warrants provide for forfeiture of unvested stock if the recipient is terminated or voluntarily ceases to perform services for Astrogenetix, immediate vesting upon a change of control, and restrictions on and requirements as to transfer. The stock purchase warrants have an exercise price equal to the fair market value of Astrogenetix’s common stock on the date of grant as determined by an independent valuation firm. | |
The number of shares and warrants underlying each award to a named executive officer is as follows: Thomas B. Pickens III: 500 shares, 1,000 warrants; John Porter: 400 shares, 800 warrants. If all of the shares issued pursuant to the restricted stock agreements vest and all of the stock purchase warrants are exercised, then Thomas B. Pickens III would hold 16.3%, John Porter would hold 13.1% and the Company would hold 65.4% of the outstanding shares of Astrogenetix based on the number of fully-diluted shares as of the date of the grants. Mr. Porter served as Chief Executive Officer of Astrogenetix until his termination from the Company in August 2012. | |
The restricted stock issuances resulted in noncontrolling interest, as described in Note 3. |
NASDAQ_Listing_Qualifications
NASDAQ Listing Qualifications | 12 Months Ended |
Jun. 30, 2013 | |
Nasdaq Listing Qualifications | |
NASDAQ Listing Qualifications | (18) NASDAQ Listing Qualifications |
On November 13, 2012, we received written notification from NASDAQ indicating that the minimum bid price of our common stock had fallen below $1.00 for 30 consecutive trading days and that we were therefore not in compliance with NASDAQ Listing Rule 5550(a)(2). On May 14, 2013, we received a second compliance notice from NASDAQ regarding the Company's failure to maintain the minimum bid price for continued listing. However, the NASDAQ staff has determined that the Company is eligible for an additional 180 day grace period, or until November 11, 2013, to regain compliance. NASDAQ's determination was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid price requirement, and the Company's written notice to NASDAQ of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split. If necessary, in order to meet the minimum bid price, the Company will consider holding a shareholder vote to approve a reverse stock split. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | (19) Subsequent Events |
As discussed in footnote 14, the Company has extended the original land lease for the 60-acre site located on VAFB in California, which expired in September 2013. The new lease expires in September 2018, with provisions to extend the lease at the request of the lessee and the concurrence of the lessor. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Jun. 30, 2013 | |||||
Accounting Policies [Abstract] | |||||
Pinciples of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation | ||||
The consolidated financial statements include the accounts of Astrotech Corporation and its majority-owned subsidiaries that are required to be consolidated. All significant intercompany transactions have been eliminated in consolidation. | |||||
Use of Estimates | 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 reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. | |||||
Credit Risk | Credit Risk | ||||
The Company maintains funds in bank accounts that, at times, may exceed the limit insured by the Federal Deposit Insurance Corporation, or “FDIC.” In October 2008, the FDIC increased its insurance to $250,000 per depositor, and to an unlimited amount for non-interest bearing accounts. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in what we believe to be high credit quality financial institutions. The Company has not experienced any losses in such accounts. | |||||
Revenue Recognition | Revenue Recognition | ||||
Astrotech recognizes revenue employing several generally accepted revenue recognition methodologies across its business units. The methodology used is based on contract type and the manner in which products and services are provided. | |||||
Revenue generated by Astrotech’s payload processing facilities is recognized ratably over the occupancy period of the satellite while in the Astrotech facilities. The percentage-of-completion method is used for all construction contracts where incurred costs can be reasonably estimated and successful completion can be reasonably assured at inception. Changes in estimated costs to complete and provisions for contract losses are recognized in the period they become known. Revenue for the sale of commercial products is recognized at shipment. | |||||
A Summary of Revenue Recognition Methods | |||||
Services/Products Provided | Contract Type | Method of Revenue Recognition | |||
Payload Processing Facilities | Firm Fixed Price — Mission Specific | Ratably, over the occupancy period of a satellite | |||
within the facility from arrival through launch | |||||
Construction Contracts | Firm Fixed Price | Percentage-of-completion based on costs incurred | |||
Engineering Services | Cost Reimbursable | Reimbursable costs incurred plus award/fixed fee | |||
Award/Fixed Fee | |||||
Commercial Products | Specific Purchase | At shipment | |||
Order Based | |||||
Grant | Cost Reimbursable | As costs are incurred for related research and | |||
Award | development expenses | ||||
Deferred Revenue | Deferred Revenue | ||||
Deferred revenue represents amounts collected from customers for projects, products, or services expected to be provided at a future date. Deferred revenue is shown on the balance sheet as either a short-term or long-term liability, depending on when the service or product is expected to be provided. | |||||
Research and Development | Research and Development | ||||
Research and development costs are expensed as incurred. | |||||
Net Loss Per Share | Net loss Per Share | ||||
Basic net loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share includes all common stock options and other common stock equivalents that potentially may be issued as a result of conversion privileges (see Note 12). | |||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||
The Company considers short-term investments with original maturities of three months or less to be cash equivalents. Cash equivalents are comprised primarily of operating cash accounts, money market investments and certificates of deposits. | |||||
Accounts Receivable | Accounts Receivable | ||||
The carrying value of the Company’s accounts receivable, net of the allowance for doubtful accounts, represents their estimated net realizable value. We estimate the 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 be unrealizable, further consideration is given to the collectability of those balances, and the allowance is adjusted accordingly. Receivable balances deemed uncollectible are written off against the allowance. | |||||
Property and Equipment | Property and Equipment | ||||
Property and equipment are stated at cost. 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 years. Our payload processing facilities are depreciated using the straight-line method over their estimated useful lives ranging from 16 to 40 years. Leasehold improvements are amortized over the shorter of the useful life of the improvement or the term of the lease. Repairs and maintenance are expensed when incurred. | |||||
As required by our customers, we purchase equipment or enhance our facilities to meet specific customer requirements. These enhancements or equipment purchases are compensated through our contract with the customer. The difference between the amount reimbursed and the cost of the enhancements is recognized as revenue. | |||||
Deferred Financing Costs | Deferred Financing Costs | ||||
Deferred financing costs represent loan origination fees paid to the lender and related professional fees. These costs are amortized on a straight-line basis over the term of the respective loan agreements which approximates the interest method. | |||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||||
We review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. | |||||
Notes Receivable | Notes Receivable | ||||
The carrying value of the Company’s notes receivable, net of the allowance for doubtful accounts, represents their estimated net realizable value. We estimate the allowance for doubtful accounts based on type of customer, age of outstanding notes receivable, historical collection trends, and existing economic conditions. If events or changes in circumstances indicate that a specific receivable balance may be unrealizable, further consideration is given to the collectability of those balances, and the allowance is adjusted accordingly. Notes receivable balances deemed uncollectible are written off against the allowance and note receivable balances deemed less than likely to be fully collected at maturity are reserved. In fiscal year 2012, we fully reserved our outstanding notes receivable of $0.7 million. As of June 30, 2013 there have been no payments made on the note. | |||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||
Our financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, accounts payable, notes payable and accrued liabilities. The carrying amounts of these assets and liabilities, in the opinion of Company’s management, approximate their fair value. | |||||
Operating Leases | Operating Leases | ||||
The Company leases space under operating leases. Lease agreements often include rent holidays, rent escalation clauses and contingent rent provisions for percentage of gross sales in excess of specified levels, as defined in the respective lease agreements. Most of the Company’s lease agreements include renewal periods at the Company’s option. The Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased property. The Company records tenant improvement allowances and rent holidays as deferred rent liabilities on the consolidated balance sheets and amortize the deferred rent over the terms of the lease to rent expense on the consolidated statements of operations. | |||||
Share Based Compensation | Share Based Compensation | ||||
The Company accounts for share-based awards to employees based on the fair value of the award on the grant date. The fair value of the stock options is estimated using expected dividend yields of the Company’s stock, the expected volatility of the stock, the expected length of time the options remain outstanding and risk-free interest rates. Changes in one or more of these factors may significantly affect the estimated fair value of the stock options. The Company estimates forfeitures using historical forfeiture rates for previous grants of equity instruments. The fair value of awards that are expected to vest is recorded as an expense over the vesting period. | |||||
Noncontrolling Interest | Noncontrolling Interest | ||||
Noncontrolling interest accounting is applied for any entities where the Company maintains more than 50% and less than 100% ownership. The Company clearly identifies the noncontrolling interest in the balance sheets and income statements. We also disclose three measures of net loss: net loss, net loss attributable to noncontrolling interest, and net loss attributable to Astrotech Corporation. Our operating cash flows in our consolidated statements of cash flows reflect net loss, while our basic and diluted earnings per share calculations reflect net loss attributable to Astrotech Corporation. | |||||
Income Taxes | 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 that some portion or all of the deferred tax assets will not be realized. | |||||
Accounting Pronouncements | Accounting Pronouncements | ||||
Accounting Standards Recently Adopted | |||||
Accounting Standards Update ("ASU") 2011-04, “Fair Value Measurement ("Topic 820") – Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU 2011-04 amends Topic 820, “Fair Value Measurements and Disclosures,” to converge the fair value measurement guidance in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 clarifies the application of existing fair value measurement requirements, changes certain principles in Topic 820 and requires additional fair value disclosures. ASU 2011-04 is effective for annual periods beginning after December 15, 2011, and did not have any impact on the Company’s financial statements. |
Description_of_the_Company_and1
Description of the Company and Operating Environment (Tables) | 12 Months Ended | |||||||||||
Jun. 30, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||
Schedule of Maturities of Long Term Debt | ||||||||||||
Balance | Fiscal Year | Fiscal Year | Fiscal Year | |||||||||
6/30/13 | 2014 | 2015 | 2016 | |||||||||
Term Note | $ | 6,042 | $ | 387 | $ | 403 | $ | 5,252 |
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Noncontrolling Interest [Abstract] | ||||||
Noncontrolling Interest | ||||||
2013 | 2012 | |||||
Beginning balance | $ | 2,730 | $ | 1,921 | ||
Net loss attributable to noncontrolling interest | -538 | -620 | ||||
State of Texas funding (See Note 15) | — | 900 | ||||
Capital Contribution | 596 | 500 | ||||
Stock based compensation expense | — | 29 | ||||
Ending balance | $ | 2,788 | $ | 2,730 |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Receivables [Abstract] | ||||||
Schedule of Accounts Receivable | ||||||
2013 | 2012 | |||||
U.S. Government contracts: | ||||||
Billed | $ | 1,013 | $ | 456 | ||
Unbilled | 1,976 | 150 | ||||
Total U.S. Government contracts | $ | 2,989 | $ | 606 | ||
Commercial contracts: | ||||||
Billed | $ | 2,076 | $ | 1,070 | ||
Unbilled | 252 | 250 | ||||
Total commercial contracts | $ | 2,328 | $ | 1,320 | ||
Total accounts receivable | $ | 5,317 | $ | 1,926 | ||
Schedule of Changes for Doubtful Accounts | ||||||
2013 | 2012 | |||||
Beginning balance | $ | -54 | $ | — | ||
Provision for uncollectable accounts, net of recoveries | -4 | -54 | ||||
Write- off of uncollectable accounts | — | — | ||||
Ending balance | $ | -58 | $ | -54 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Property, Plant and Equipment [Abstract] | ||||||
Property and Equipment | ||||||
June 30, | ||||||
2013 | 2012 | |||||
Flight Assets | $ | 44,757 | $ | 44,757 | ||
Payload Processing Facilities | 45,866 | 44,766 | ||||
Furniture, Fixtures, Equipment & Leasehold Improvements | 19,973 | 18,335 | ||||
Capital Improvements in Progress | 39 | 930 | ||||
Gross Property and Equipment | 110,635 | 108,788 | ||||
Accumulated Depreciation | -73,600 | -71,518 | ||||
Property and Equipment, net | $ | 37,035 | $ | 37,270 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||
Jun. 30, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||
30-Jun-13 | 30-Jun-12 | |||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||
Amount | Value | Amount | Value | Inputs | ||||||||||
Note payable | $ | 6,042 | 6,042 | $ | 6,414 | $ | 6,414 | Level 2 | ||||||
Total | $ | 6,042 | 6,042 | $ | 6,414 | $ | 6,414 |
Common_Stock_Incentive_Stock_P1
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Schedule of Share-Based Compensation Stock Options Activity | Astrotech | ||||||||||||
Shares | Weighted Average | ||||||||||||
(in thousands) | Exercise Price | ||||||||||||
Outstanding at June 30, 2011 | 377 | $ | 1.28 | ||||||||||
Granted | 779 | 0.79 | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | -15 | 12.66 | |||||||||||
Outstanding at June 30, 2012 | 1,141 | 0.79 | |||||||||||
Granted | 330 | 1.2 | |||||||||||
Exercised | -119 | 0.34 | |||||||||||
Cancelled or expired | -177 | 0.85 | |||||||||||
Outstanding at June 30, 2013 | 1,175 | 0.94 | |||||||||||
1st Detect | |||||||||||||
Weighted Average | |||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding at June 30, 2011 | 1,820 | $ | 212 | ||||||||||
Granted | 965 | 212 | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | -55 | 212 | |||||||||||
Outstanding at June 30, 2012 | 2,730 | $ | 212 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | -255 | 212 | |||||||||||
Outstanding at June 30, 2013 | 2,475 | $ | 212 | ||||||||||
Astrogenetix | |||||||||||||
Weighted Average | |||||||||||||
Shares | Exercise Price | ||||||||||||
Outstanding at June 30, 2011 | 2,050 | $ | 167 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | -50 | 167 | |||||||||||
Outstanding at June 30, 2012 | 2,000 | $ | 167 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Cancelled or expired | — | — | |||||||||||
Outstanding at June 30, 2013 | 2,000 | $ | 167 | ||||||||||
Schedule of Share-Based Compensation Activity | |||||||||||||
Range of exercise prices | Number | Options | Weighted- | Number | Options | ||||||||
Outstanding | Outstanding | Average | Exercisable | Exercisable | |||||||||
Weighted- | Exercise | Weighted- | |||||||||||
Average | Price | Average | |||||||||||
Remaining | Exercise | ||||||||||||
Contractual | Price | ||||||||||||
Life (years) | |||||||||||||
$0.32 – 0.45 | 228,750 | 5.26 | $ | 0.38 | 228,750 | $ | 0.38 | ||||||
$0.71 – 0.71 | 405,400 | 8.21 | 0.71 | — | — | ||||||||
$1.03 – 24.10 | 541,000 | 7.45 | 1.36 | 11,000 | 11.94 | ||||||||
$0.32 – 24.10 | 1,175,150 | 7.29 | $ | 0.94 | 239,750 | $ | 0.91 | ||||||
Schedule of Unvested Restricted Stock Units | |||||||||||||
Shares | Weighted | ||||||||||||
(in thousands) | Average | ||||||||||||
Grant-Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at June 30, 2011 | 1,365 | $ | 1.14 | ||||||||||
Issued | 25 | 0.75 | |||||||||||
Vested | -699 | 1.14 | |||||||||||
Cancelled or expired | -13 | 1.22 | |||||||||||
Non-vested at June 30, 2012 | 678 | $ | 1.12 | ||||||||||
Issued | — | — | |||||||||||
Vested | -528 | 1.13 | |||||||||||
Cancelled or expired | -133 | 1.15 | |||||||||||
Non-vested at June 30, 2013 | 17 | $ | 0.75 | ||||||||||
Schedule of Share-Based Compensation Fair Value | |||||||||||||
Astrotech | |||||||||||||
Year ended June 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Expected Dividend Yield | 0 | % | 0 | % | |||||||||
Expected Volatility | 0.71 | 0.77 | |||||||||||
Risk-Free Interest Rates | 0.2 | % | 0.21 | % | |||||||||
Expected Option Life (in years) | 10 | 10 | |||||||||||
Spacetech | |||||||||||||
Year ended June 30, | |||||||||||||
2013(1) | 2012 | ||||||||||||
Expected Dividend Yield | — | 0 | % | ||||||||||
Expected Volatility | — | 0.33 | |||||||||||
Risk-Free Interest Rates | — | 0.09 | % | ||||||||||
Expected Option Life (in years) | — | 10 | |||||||||||
(1) No Options were issued in the year ended June 30, 2013 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Income Tax Disclosure [Abstract] | ||||||
Schedule of Components of Income Tax Expense Benefit | ||||||
Year Ended June 30, | ||||||
2013 | 2012 | |||||
Current | ||||||
Federal | $ | — | $ | — | ||
State and local | — | 17 | ||||
Foreign | — | — | ||||
$ | — | $ | 17 | |||
Deferred | ||||||
Federal | — | — | ||||
State and local | — | — | ||||
Foreign | — | — | ||||
Total Tax Expense | $ | — | $ | 17 | ||
Schedule of Effective Income Tax Rate Reconciliation | ||||||
Year Ended June 30, | ||||||
2013 | 2012 | |||||
Expected expense (benefit) | $ | -253 | $ | -1,161 | ||
State tax expense | — | 17 | ||||
Change in temporary tax adjustments not recognized | 167 | 744 | ||||
Stock compensation | — | 352 | ||||
Other permanent items | 86 | 65 | ||||
Total | $ | — | $ | 17 | ||
Schedule of Deferred Tax Assets and Liabilities | ||||||
Year Ended June 30, | ||||||
2013 | 2012 | |||||
Deferred tax assets: | ||||||
Net operating loss carryforwards | $ | 13,274 | $ | 13,021 | ||
Alternative minimum tax credit carryforwards | 671 | 671 | ||||
Accrued expenses and other timing | 683 | 823 | ||||
Total gross deferred tax assets | $ | 14,628 | $ | 14,515 | ||
Less — valuation allowance | -13,540 | -13,261 | ||||
Net deferred tax assets | $ | 1,088 | $ | 1,254 | ||
Deferred tax liabilities: | ||||||
Property and equipment, principally due to differences in depreciation | -1,088 | -1,254 | ||||
Total gross deferred tax liabilities | $ | -1,088 | $ | -1,254 | ||
Net deferred tax assets (liabilities) | $ | — | $ | — | ||
Summary of Income Tax Contingencies | ||||||
2013 | 2012 | |||||
Balance at July 1 | $ | 64 | $ | 60 | ||
Additions for tax positions of current period | — | — | ||||
Additions for tax positions of prior years | 4 | 4 | ||||
Decreases for tax positions of prior years | — | — | ||||
Balance at June 30 | $ | 68 | 64 |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Earnings Per Share [Abstract] | ||||||
Schedule of Earnings Per Share Basic and Diluted | Year Ended June 30, | |||||
2013 | 2012 | |||||
Numerator: | ||||||
Net loss attributable to Astrotech, basic | $ | -185 | $ | -2,713 | ||
Net loss attributable to Astrotech, diluted | $ | -185 | $ | -2,713 | ||
Denominator: | ||||||
Denominator for basic net loss per share — weighted average common stock outstanding | 19,328 | 18,544 | ||||
Dilutive common stock equivalents — common stock options and share-based awards | — | — | ||||
Denominator for diluted net loss per share weighted average common stock outstanding and dilutive common stock equivalents | 19,328 | 18,544 | ||||
Basic net loss per share | $ | -0.01 | $ | -0.15 | ||
Diluted net loss per share | $ | -0.01 | $ | -0.15 | ||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Jun. 30, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Contractual Obligation Fiscal Year Maturity Schedule | ||||
Year ending June 30, | ||||
2014 | $ | 777 | ||
2015 | 559 | |||
2016 | 5,411 | |||
2017 | 162 | |||
2018 | 166 | |||
2019 and thereafter | — | |||
Total | $ | 7,075 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information by Segment | |||||||||||||
Year Ended | Year Ended | ||||||||||||
30-Jun-13 | 30-Jun-12 | ||||||||||||
Revenue and Income | Income (loss) | Income (loss) | |||||||||||
(in thousands) | Revenue | before income taxes | Revenue | before income taxes | |||||||||
ASO | $ | 23,862 | 3,121 | $ | 25,817 | $ | 1,039 | ||||||
Spacetech | 133 | -3,844 | 321 | -4,355 | |||||||||
Total | $ | 23,995 | -723 | $ | 26,138 | $ | -3,316 | ||||||
Year Ended | Year Ended | ||||||||||||
30-Jun-13 | 30-Jun-12 | ||||||||||||
Assets | Fixed | Total Assets | Fixed | Total Assets | |||||||||
(in thousands) | Assets, net | Assets, net | |||||||||||
ASO | $ | 35,625 | 46,159 | $ | 36,997 | $ | 48,867 | ||||||
Spacetech | 1,410 | 1,843 | 273 | 1,182 | |||||||||
Total | $ | 37,035 | 48,002 | $ | 37,270 | $ | 50,049 |
Description_of_the_Company_and2
Description of the Company and Operating Environment (Details) (USD $) | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |
Long-Term Debt, Rolling Maturity | |
Term Note repayments due fiscal year ended June 30, 2013 | $6,042 |
Term Note repayments due fiscal year ended June 30, 2014 | 387 |
Term Note repayments due fiscal year ended June 30, 2015 | 403 |
Term Note repayments due fiscal year ended June 30, 2016 | $5,252 |
Description_of_the_Company_and3
Description of the Company and Operating Environment (Details Narrative) (USD $) | 12 Months Ended |
Jun. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Successful launch processing support projects | More than 300 projects |
Launch support for shuttle missions | 23 projects |
Approximate working capital | $4,300,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | |
Estimated useful life of furniture and equipment | 5 years |
Estimated useful lives of payload processing facilities | 16 to 40 years |
Noncontrolling_Interest_Noncon
Noncontrolling Interest - Noncontrolling Interest (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Movement In Minority Interest [Roll Forward] | ||
Noncontrolling interest, beginning balance | $2,730 | $1,921 |
Net loss attributable to noncontrolling interest | -538 | -620 |
State of Texas Funding | 0 | 900 |
Capital contribution | 596 | 500 |
Stock based compensation expense | 0 | 29 |
Noncontrolling interest, ending balance | $2,788 | $2,730 |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details Narrative) | Jun. 30, 2013 |
Controlling Interest - First Detect | |
Minority Interest [Line Items] | |
Company share of income and losses of subsidiaries | 86.00% |
Controlling Interest - Astrogenetix | |
Minority Interest [Line Items] | |
Company share of income and losses of subsidiaries | 84.00% |
Accounts_Receivable_Details_1
Accounts Receivable (Details 1) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
U.S. Government Contracts | ||
Accounts Receivable [Line Items] | ||
Billed | $1,013 | $456 |
Unbilled | 1,976 | 150 |
Total receivables by contract | 2,989 | 606 |
Commercial Contracts | ||
Accounts Receivable [Line Items] | ||
Billed | 2,076 | 1,070 |
Unbilled | 252 | 250 |
Total receivables by contract | $2,328 | $1,320 |
Accounts_Receivable_Details_2
Accounts Receivable (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Allowance for Doubtful Accounts Receivable [Roll forward] | ||
Allowance for doubtful accounts, beginning balance | ($54) | $0 |
Provision for uncollectible accounts, net of recoveries | -4 | -54 |
Write-off of uncollectable accounts | 0 | |
Allowance for doubtful accounts, ending balance | ($58) | ($54) |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Flight Assets | $44,757 | $44,757 |
Payload Processing Facilities | 45,866 | 44,766 |
Furniture, Fixtures, Equipment & Leasehold Improvements | 19,973 | 18,335 |
Capital Improvements in Progress | 39 | 930 |
Gross Property and Equipment | 110,635 | 108,788 |
Accumulated Depreciation | -73,600 | -71,518 |
Property and Equipment, net | $37,035 | $37,270 |
Property_and_Equipment_Details1
Property and Equipment (Details Narrative) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $2,100 | $2,200 |
Note_Receivable_Details_Narrat
Note Receivable (Details Narrative) (USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Apr. 30, 2005 |
Receivables [Abstract] | |
Sale price of facility | $4,800 |
Proceeds from sale of facility | 4,100 |
Expenses related to the transaction | 300 |
Note receivable from sale of facility | 700 |
Deferred gain on sale of facility | $500 |
Debt_Details_Narrative
Debt (Details Narrative) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 09, 2013 | Oct. 31, 2010 | Jun. 30, 2013 |
Term Loan Note | |||
Credit Facility [Line Items] | |||
Credit facility | $7,000 | ||
Credit facility balance | 6,000 | ||
Credit facilities financing arrangements | Term loan requires monthly payments of principal plus interest. Secured by the assets of ASO, including accounts receivable and require us to comply with designated covenants. | ||
Credit facilities interest rate | Prime plus 0.25%, but not less than 4.0% | ||
Credit facility initiation date | 31-Oct-10 | ||
Credit facility expiration date | 31-Oct-15 | ||
Credit facility compliance | The Company was in compliance with our affirmative and negativel covenants as of June 30, 2013. | ||
Credit facility amended covenents | On October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.00 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.00 million through June 30, 2014 and $0.75 million thereafter. Under the terms of the amendment, we expect to be compliant with our affirmative and negative covenants through June 30, 2014. | ||
Revolving Credit Facility | |||
Credit Facility [Line Items] | |||
Credit facility | 3,000 | ||
Credit facility balance | $0 | ||
Credit facility initiation date | 31-Oct-10 | ||
Credit facility expiration date | 31-Oct-12 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (Fair Value Inputs Level 2, USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs Level 2 | ||
Fair Value Measurements [Line Items] | ||
Note payable, carrying amount | $6,042 | $6,414 |
Note payable, fair value | $6,042 | $6,414 |
Business_and_Credit_Risk_Conce1
Business and Credit Risk Concentration (Details Narrative) (Government Contracts) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Government Contracts | ||
Concentration Risk [Line Items] | ||
Government contracts, revenue, percent | 66.00% | 68.00% |
Government contracts, account receivable, percent | 56.00% | 31.00% |
Common_Stock_Incentive_Stock_P2
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans (Details 1) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Stock Option Activity - Astrotech | ||
Stock Option Activity Summary [Line Items] | ||
Options outstanding, beginning of period | 1,141,000 | 377,000 |
Options granted | 330,000 | 779,000 |
Options exercised | -119,000 | 0 |
Options cancelled or expired | -177,000 | -15,000 |
Options outstanding, end of period | 1,175,000 | 1,141,000 |
Weighted average exercise price outstanding, beginning of period | $0.79 | $1.28 |
Weighted average exercise price granted | $1.20 | $0.79 |
Weighted average exercise price exercised | $0.34 | $0 |
Weighted average exercise price cancelled or expired | $0.85 | $12.66 |
Weighted average exercise price outstanding, end of period | $0.94 | $0.79 |
Stock Option Activity - 1st Detect | ||
Stock Option Activity Summary [Line Items] | ||
Options outstanding, beginning of period | 2,730 | 1,820 |
Options granted | 0 | 965 |
Options exercised | 0 | 0 |
Options cancelled or expired | -255 | -55 |
Options outstanding, end of period | 2,475 | 2,730 |
Weighted average exercise price outstanding, beginning of period | $212 | $212 |
Weighted average exercise price granted | $0 | $212 |
Weighted average exercise price exercised | $0 | $0 |
Weighted average exercise price cancelled or expired | $212 | $212 |
Weighted average exercise price outstanding, end of period | $212 | $212 |
Stock Option Activity - Astrogenetix | ||
Stock Option Activity Summary [Line Items] | ||
Options outstanding, beginning of period | 2,000 | 2,050 |
Options granted | 0 | 0 |
Options exercised | 0 | 0 |
Options cancelled or expired | 0 | -50 |
Options outstanding, end of period | 2,000 | 2,000 |
Weighted average exercise price outstanding, beginning of period | $167 | $167 |
Weighted average exercise price granted | $0 | $0 |
Weighted average exercise price exercised | $0 | $0 |
Weighted average exercise price cancelled or expired | $0 | $167 |
Weighted average exercise price outstanding, end of period | $167 | $167 |
Common_Stock_Incentive_Stock_P3
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans (Details 2) (USD $) | 12 Months Ended |
Jun. 30, 2013 | |
$0.32 - 0.45 | |
Range of Exercise Prices [Line Items] | |
Options outstanding, number of shares | 228,750 |
Options outstanding, weighted average remaining contractual life (years) | 5 years 4 months |
Options outstanding, weighted average exercise price | $0.38 |
Options exercisable, number of shares | 228,750 |
Options exercisable, weighted average exericse price | $0.38 |
$0.71 - 0.71 | |
Range of Exercise Prices [Line Items] | |
Options outstanding, number of shares | 405,400 |
Options outstanding, weighted average remaining contractual life (years) | 8 years 3 months |
Options outstanding, weighted average exercise price | $0.71 |
Options exercisable, number of shares | |
Options exercisable, weighted average exericse price | |
$1.03 - 24.10 | |
Range of Exercise Prices [Line Items] | |
Options outstanding, number of shares | 541,000 |
Options outstanding, weighted average remaining contractual life (years) | 7 years 6 months |
Options outstanding, weighted average exercise price | $1.36 |
Options exercisable, number of shares | 11,000 |
Options exercisable, weighted average exericse price | $11.94 |
$0.32 - 24.10 | |
Range of Exercise Prices [Line Items] | |
Options outstanding, number of shares | 1,175,150 |
Options outstanding, weighted average remaining contractual life (years) | 7 years 4 months |
Options outstanding, weighted average exercise price | $0.94 |
Options exercisable, number of shares | 239,750 |
Options exercisable, weighted average exericse price | $0.91 |
Common_Stock_Incentive_Stock_P4
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans (Details 3) (Restricted Stock - Astrotech, USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Restricted Stock - Astrotech | ||
Restricted Stock Activity [Line Items] | ||
Restricted shares non-vested, beginning of period | 678,000 | 1,365,000 |
Restricted shares issued | 0 | 25,000 |
Restricted shares vested | -528,000 | -699,000 |
Restricted shares cancelled or expired | -133,000 | -13,000 |
Restricted shares non-vested, end of period | 17,000 | 678,000 |
Weighted average grant-date fair value non-vested, beginning of period | $1.12 | $1.14 |
Weighted average grant-date fair value issued/granted | $0 | $0.75 |
Weighted average grant-date fair value vested | $1.13 | $1.14 |
Weighted average grant-date fair value cancelled or expired | $1.15 | $1.22 |
Weighted average grant-date fair value non-vested, end of period | $0.75 | $1.12 |
Common_Stock_Incentive_Stock_P5
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans (Details 4) | 12 Months Ended | ||
Jun. 30, 2013 | Jun. 30, 2012 | ||
Fair Value Stock-Based Compensation - Astrotech | |||
Fair Value Assumptions [Line Items] | |||
Expected Dividend Yield | 0.00% | 0.00% | |
Expected Volatility | 0.71% | 0.77% | |
Risk-Free Interest Rates | 0.20% | 0.21% | |
Expected Option Life (in years) | 10 years | 10 years | |
Fair Value Stock-Based Compensation - Spacetech | |||
Fair Value Assumptions [Line Items] | |||
Expected Dividend Yield | 0.00% | [1] | 0.00% |
Expected Volatility | 0.00% | [1] | 0.33% |
Risk-Free Interest Rates | 0.00% | [1] | 0.09% |
Expected Option Life (in years) | 10 years | ||
[1] | No options were issued in the year ended June 30, 2013. |
Common_Stock_Incentive_Stock_P6
Common Stock Incentive, Stock Purchase Plans and Other Compensation Plans (Details Narrative) (USD $) | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Feb. 28, 2011 | Dec. 31, 2007 | Mar. 31, 2009 | Jun. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jan. 31, 2010 |
Astrotech - Common Stock Incentive Plans | Astrotech - The 1994 Plan | Astrotech - The Directors' Stock Option Plan | Astrotech - The 2008 Stock Incentive Plan | Astrotech - The 2011 Stock Incentive Plan | Astrotech - Stock Option Activity | Astrotech - Stock Option Activity | Astrotech - Restricted Stock Activity | Astrotech - Restricted Stock Activity | Astrotech - Other Stock Based Incentive Awards | Astrotech - Other Stock Based Incentive Awards | Astrotech - Securities Repurchase Program | Astrotech - Securities Repurchase Program | 1st Detect - 2011 Stock Incentive Plan | 1st Detect - Stock Option Activity | 1st Detect - Stock Option Activity | Astrogenetix - Grants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Common stock shares available for future issuance | 1,440,001 | 395,000 | 50,000 | 5,500,000 | 1,750,000 | 2,500 | |||||||||||
Common stock shares available for grant | 0 | 41,500 | 342,501 | 1,056,000 | 1,800 | ||||||||||||
Award vesting rights | Vest after one year and expire 7 years from the date of grant. | Stock options awarded will vest upon the Company's stock achieving a closing price of $1.50 and expire 10 years from grant date or upon employee or director termination. Restricted shares awarded will vest 33.33% a year over a 3 year period and expire upon employee or director termination. | Stock options awarded will vest upon the Company's stock achieving a closing price of $1.50 and expire 10 years from grant date or upon employee or director termination. | Awards vest upon certain performance conditions being met and expire ten years from the grant date. | Awards vested 50% a year over a two-year period. | ||||||||||||
Common stock options and warrants granted | 200,000 | 2,050 | |||||||||||||||
Aggregate intrinsic value of options exercisable | $100,000 | ||||||||||||||||
Compensation expense recognized | 100,000 | 100,000 | |||||||||||||||
Unrecognized compensation cost related to stock option and restricted awards | 500,000 | 300,000 | 100,000 | 100,000 | 100,000 | 100,000 | |||||||||||
Unrecognized compensation cost over a weighted-average period | 7 years 11 months | 1 year 2 months | 8 years 2 months | ||||||||||||||
Shares, issued | 239,900 | ||||||||||||||||
Shares, forfeited | 179,000 | 50 | |||||||||||||||
Shares, vested | 60,900 | ||||||||||||||||
Common stock repurchased - shares | 300,000 | 311,660 | |||||||||||||||
Common stock repurchased - per share | $0.40 | $0.76 | |||||||||||||||
Common stock repurchased - value | 200,000 | ||||||||||||||||
Retirement of senior convertible notes | $1,100,000 | ||||||||||||||||
Common stock repurchase, authorized | 5,700,000 | ||||||||||||||||
Restricted stock awards granted | 1,550 | ||||||||||||||||
Restricted stock awards cancelled | 375 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Current Income Tax Expense Benefit Continuing Operations | ||
Current federal | $0 | $0 |
Current state and local | 0 | 17 |
Current foreign | 0 | 0 |
Total current tax expense | 0 | 17 |
Deferred Income Tax Expense Benefit Continuing Operations | ||
Deferred federal | 0 | 0 |
Deferred state and local | 0 | 0 |
Deferred foreign | 0 | 0 |
Total deferred tax expense | $0 | $17 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation | ||
Expected expense (benefit) | ($253) | ($1,161) |
State Tax Expense | 0 | 17 |
Change in temporary tax adjustments not recognized | 167 | 744 |
Stock compensation | 0 | 352 |
Other permanent items | 86 | 65 |
Total income tax expense (benefit) | $0 | $17 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss carryforwards | $13,274 | $13,021 |
Alternative minimum tax credit carryforwards | 671 | 671 |
Accrued expenses and other timing | 683 | 823 |
Total gross deferred tax assets | 14,628 | 14,515 |
Less - valuation allowance | -13,540 | -13,261 |
Net deferred tax assets | 1,088 | 1,254 |
Deferred tax liabilities: | ||
Property and equipment, principally due to differences in depreciation | -1,088 | -1,254 |
Total gross deferred tax liabilities | -1,088 | -1,254 |
Net deferred tax assets (liabilities) | $0 | $0 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Uncertain tax benefit reserves, beginning of period | $64 | $60 |
Additions for tax positions, current period | 0 | 0 |
Additions for tax positions, prior years | 4 | 4 |
Decreases for tax positions, prior years | 0 | 0 |
Uncertain tax benefit reserves, end of period | $68 | $64 |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ||
Change in valuation allowance | $300 | $1,100 |
Federal income tax accumulated net operating loss carryforwards | 36,600 | |
Federal income tax effected | 12,800 | |
Net operating loss carryforwards, expiration date | 30-Jun-34 | |
Accumulated state net operating loss carryforwards | 9,300 | |
State income tax effected | 400 | |
State net operating loss carryforwards, expiration date | 30-Jun-34 | |
IRS years under tax examination | IRS examination for the fiscal years ended June 30, 2008 through 2010. The Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. | |
Temporary credit loss carryovers | 200 | |
Temporary credit tax effected | 100 | |
Temporary credit offset | 13 | |
Alternative minimum tax carryforwards | 700 | |
Tax positions description | Should the tax positions prove successful, the Company's tax expense would be reduced by $42,000. | |
Interest or penalty for uncertain tax position liability | 4 | 4 |
Unrecognized tax benefit | $100 |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Numerator: | ||
Net loss attributable to Astrotech, basic | ($185) | ($2,713) |
Net loss attributable to Astrotech, diluted | ($185) | ($2,713) |
Denominator: | ||
Denominator for basic net loss per share, weighted average common stock outstanding | 19,328,000 | 18,544,000 |
Dilutive common stock equivalents, common stock options and share-based awards | 0 | 0 |
Denominator for diluted net loss per share weighted average common stock outstanding and dilutive common stock equivalents | 19,328,000 | 18,544,000 |
Basic net loss per share | ($0.01) | ($0.15) |
Diluted net loss per share | ($0.01) | ($0.15) |
Net_Loss_Per_Share_Details_Nar
Net Loss Per Share (Details Narrative) (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | |
Earnings Per Share [Abstract] | ||
Options to purchase shares | 1,175,150 | 1,140,750 |
Exercise price lower range | $0.32 | $0.30 |
Exercise price upper range | $24.10 | $24.10 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details Narrative) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ||
Employee benefit plan description | We have a defined contribution retirement plan, which covers substantially all employees and officers. We have the right, but not an obligation, to make additional contributions to the plan in future years at the discretion of the CompanyBs Board of Directors. | |
Employee benefit plans employer contributions | $200 | $300 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |
Year ending June 30, | |
2014 | $777 |
2015 | 559 |
2016 | 5,411 |
2017 | 162 |
2018 | 166 |
2019 and thereafter | 0 |
Total future minimum payments | $7,075 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Narrative) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 28, 2013 | Jan. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense | $700 | $800 | ||
Proceeds from sublease payments | 100 | 100 | ||
Lease property description | ASO presently leases the 60-acre site located on VAFB in California, where we own four buildings totaling over 50,000 square feet of space. The land lease expired in July 2013 and the Company is currently renegotiating the terms and price of the new lease. Upon final expiration of the land lease, all improvements on the property revert, at the lessor's option, to the lessor at no cost. | |||
Loss contingency, allegations | On February 20, 2013, a shareholder derivative lawsuit was filed in the District Court of Travis County, Texas against the current directors and chief executive officer of Astrotech Corporation and against the Company, as nominal defendant. The complaint alleges, among other things, that the directors and chief executive officer breached fiduciary duties to the Company in connection with certain corporate transactions, including loans to subsidiaries and purchases of outstanding shares of the Company's common stock. | On January 10, 2013, a lawsuit was filed against Astrotech Corporation by John Porter, the former Senior Vice President, Chief Financial Officer, Treasurer and Secretary of the Company. Mr. Porter alleges various breaches of contract claims in connection with his termination from the Company on August 3, 2012. | ||
Loss contingency, damages sought | $639,808 |
State_of_Texas_Funding_Details
State of Texas Funding (Details Narrative) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2010 | Jun. 30, 2012 | Jun. 30, 2010 |
State Of Texas Funding | |||
Texas Emerging Technology Fund, proceeds | $900 | $900 | |
Texas Emerging Technology Fund, research and development arrangement | In MarchB 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8B million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the industrial, environmental, security and healthcare markets. As of June 30, 2012, 1st Detect has received $1.8B million in disbursements. | ||
Texas Emerging Technology Fund, accrued interest | 8.00% |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ||
Revenue | $23,995 | $26,138 |
Income (loss) before income taxes | -723 | -3,316 |
Fixed assets, net | 37,035 | 37,270 |
Total assets | 48,002 | 50,049 |
ASO | ||
Segment Reporting Information [Line Items] | ||
Revenue | 23,862 | 25,817 |
Income (loss) before income taxes | 3,121 | 1,039 |
Fixed assets, net | 35,625 | 36,997 |
Total assets | 46,159 | 48,867 |
Spacetech | ||
Segment Reporting Information [Line Items] | ||
Revenue | 133 | 321 |
Income (loss) before income taxes | -3,844 | -4,355 |
Fixed assets, net | 1,410 | 273 |
Total assets | $1,843 | $1,182 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2009 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2011 | Jan. 31, 2010 | Jan. 31, 2010 |
Astrotech - Director Compensation | Astrotech - Director Compensation | Astrotech - Director Compensation | 1st Detect - Executive Compensation - Thomas B. Pickens III | 1st Detect - Executive Compensation - John Porter | Astrogenetix - Executive Compensation - Thomas B. Pickens III | Astrogenetix - Executive Compensation - John Porter | |
Related Party Transaction [Line Items] | |||||||
Restricted shares granted | 525,000 | ||||||
Restricted shares granted, value | $600 | ||||||
Vesting rights | 33.33% a year for 3 years and expire upon termination | Awards vest upon certain performance conditions being met. | Awards vest upon certain performance conditions being met. | 50% a year over a two-year period | 50% a year over a two-year period | ||
Expiration period | 10 years | 10 years | |||||
Restricted stock compensation expense | $100 | $200 | |||||
Stock options, issued | 300 | 200 | 500 | 400 | |||
Stock options, granted | 200 | ||||||
Warrants, issued | 680 | 180 | 1,000 | 800 |