Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Nov. 07, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ASTROTECH Corp | |
Entity Central Index Key | 1,001,907 | |
Trading Symbol | astc | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 4,095,375 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 1,906 | $ 552 |
Short-term investments | 3,551 | |
Accounts receivable, net of allowance | 29 | 12 |
Inventory, net | 7 | |
Prepaid expenses and other current assets | 270 | 154 |
Total current assets | 2,205 | 4,276 |
Property and equipment, net | 664 | 733 |
Long-term investments | 50 | |
Other assets, net | 81 | 81 |
Total assets | 2,950 | 5,140 |
Current liabilities | ||
Accounts payable | 105 | 112 |
Payroll related accruals | 313 | 412 |
Accrued liabilities and other | 526 | 434 |
Income tax payable | 2 | 2 |
Total current liabilities | 946 | 960 |
Other liabilities | 177 | 188 |
Total liabilities | 1,123 | 1,148 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity | ||
Preferred stock, $0.001 par value, convertible, 2,500,000 shares authorized, no shares issued and outstanding, at September 30, 2018 and June 30, 2018, respectively | ||
Common stock, $0.001 par value, 15,000,000 shares authorized; 4,495,290 and 4,496,873 shares issued at September 30, 2018 and June 30, 2018, respectively; 4,095,374 and 4,097,346 shares outstanding at September 30, 2018 and June 30, 2018, respectively | 190,565 | 190,570 |
Treasury stock, 399,916 and 399,527 shares at cost at September 30, 2018 and June 30, 2018, respectively | (4,129) | (4,128) |
Additional paid-in capital | 1,793 | 1,745 |
Accumulated deficit | (186,402) | (184,164) |
Accumulated other comprehensive loss | (31) | |
Total stockholders’ equity | 1,827 | 3,992 |
Total liabilities and stockholders’ equity | $ 2,950 | $ 5,140 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 4,495,290 | 4,496,873 |
Common stock, shares outstanding (in shares) | 4,095,374 | 4,097,346 |
Treasury stock, shares at cost (in shares) | 399,916 | 399,527 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 33 | $ 0 |
Cost of revenue | 11 | 0 |
Gross profit | 22 | 0 |
Operating expenses: | ||
Selling, general and administrative | 1,144 | 1,407 |
Research and development | 1,103 | 1,669 |
Total operating expenses | 2,247 | 3,076 |
Loss from operations | (2,225) | (3,076) |
Interest and other (expense) income, net | (13) | 70 |
Loss before income taxes | (2,238) | (3,006) |
Income tax benefit | 0 | 0 |
Net loss | $ (2,238) | $ (3,006) |
Weighted average common shares outstanding: | ||
Basic and diluted | 4,073 | 4,057 |
Basic and diluted net loss per common share: | ||
Net loss | $ (0.55) | $ (0.74) |
Other comprehensive loss, net of tax: | ||
Net loss | $ (2,238) | $ (3,006) |
Available-for-sale securities: | ||
Net unrealized gain | 1 | |
Reclassification adjustment for realized loss | 31 | 1 |
Total comprehensive loss | $ (2,207) | $ (3,004) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (2,238) | $ (3,006) |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||
Stock-based compensation | 36 | 122 |
Amortization | 6 | 12 |
Depreciation | 69 | 186 |
Net loss on sale of available-for-sale investments | 31 | 1 |
Changes in assets and liabilities: | ||
Accounts receivable | (17) | 66 |
Accounts payable | (7) | (59) |
Other assets and liabilities | (127) | (790) |
Net cash used in operating activities | (2,247) | (3,468) |
Cash flows from investing activities: | ||
Sale of available-for-sale investments | 3,345 | 889 |
Maturities of available-for-sale securities | 250 | 500 |
Purchases of property and equipment | 0 | (7) |
Net cash provided by investing activities | 3,595 | 1,382 |
Cash flows from financing activities: | ||
Payments for purchase of treasury stock | (1) | (3) |
Proceeds from exercise of stock options | 7 | 0 |
Net cash provided by (used in) financing activities | 6 | (3) |
Net change in cash and cash equivalents | 1,354 | (2,089) |
Cash and cash equivalents at beginning of period | 552 | 2,184 |
Cash and cash equivalents at end of period | 1,906 | 95 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
General Information
General Information | 3 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General Information | (1) General Information Description of the Company – Astrotech Corporation (Nasdaq: ASTC) (“Astrotech,” “the Company,” “we,” “us” or “our”), a Delaware corporation organized in 1984, is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared by Astrotech Corporation in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending June 30, 2019. These financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018. Accounting Pronouncements – In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is assessing the impact the adoption of ASU 2016-02 will have on its financial statements and plans to adopt this ASU in fiscal year 2020. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. This amendment affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of this standard will have on its financial statements. Our Business Units 1 st 1 st There is no assurance that any of the further steps detailed in the milestones mentioned above will be achieved or that our technology will be approved by any of the programs listed. Astral Images Corporation Astral Images is a developer of advanced film restoration and enhancement software. Astral’s artificial intelligence (“AI”)-driven algorithms remove dust, scratches, and defects from film while converting the content to a digital format with significantly enhanced resolution. In addition, the intelligent software automatically restores the film’s original color, optimizing the content to be viewed in 4K. |
Going Concern
Going Concern | 3 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Going Concern | (2) Going Concern Financial Condition The Company’s consolidated financial statements for the three months ended September 30, 2018 have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of September 30, 2018, the Company has working capital of $1.3 million. The Company reported a net loss of $13.3 million for the fiscal year 2018 and a net loss of $2.2 million for the three months ended September 30, 2018, along with net cash used in operating activities of $10.8 million for the fiscal year 2018 and net cash used in operating activities of $2.2 million for the three months ended September 30, 2018. This raises substantial doubt about the Company’s ability to continue as a going concern. Management’s Plans to Continue as a Going Concern The Company remains resolute in identifying the optimal solution to its liquidity issue. The Company is currently evaluating several potential sources for additional liquidity. These include, but are not limited to, selling the Company or a portion thereof, debt financing, equity financing, merging, or engaging in a strategic partnership. On July 3, 2018, management filed Form S-3 to raise funds through the capital markets. On October 9, 2018, the Company raised $3.0 million in a private placement of equity securities. The Company is currently evaluating a potential offering of any combination of common stock, preferred stock, debt securities, warrants to purchase common stock, preferred stock or debt securities, or any combination of the foregoing, either individually or as units comprised of one or more of the other securities. However, additional funding may not be available when needed or on terms acceptable to us. If we are unable to generate funding within a reasonable timeframe, we may have to delay, reduce or terminate our research and development programs, limit strategic opportunities, or curtail our business activities. |
Investments
Investments | 3 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | (3) Investments As of September 30, 2018, the Company did not hold any investments. The following table summarizes unrealized gains and losses related to our investments as of June 30, 2018: June 30, 2018 Adjusted Unrealized Unrealized Fair Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 1,751 $ — $ (23 ) $ 1,728 Fixed Income Bonds 1,333 — (5 ) 1,328 Time Deposits 548 — (3 ) 545 Total $ 3,632 $ — $ (31 ) $ 3,601 For information on the unrealized holding losses on available-for-sale investments reclassified out of accumulated other comprehensive loss into the consolidated statements of income, see “Note 9: Other Comprehensive Loss.” As of June 30, 2018, the Company had certain financial instruments on our condensed consolidated balance sheet related to interest-bearing time deposits and fixed income bonds. These time deposits are included in “Short-term Investments” if the maturities at the end of the reporting period were 360 days or less or “Long-term Investments” if the maturities at the end of the reporting period were over 360 days. Fixed income investments, maturing over one to three years, comprised a set of highly diversified bonds issued by various corporations and entities that in aggregate represented an above average investment-grade fixed income portfolio. The following table presents the carrying amounts of certain financial instruments as of September 30, 2018, and June 30, 2018: Carrying Value Short-Term Investments Long-Term Investments (In thousands) September 30, 2018 June 30, 2018 September 30, 2018 June 30, 2018 Mutual Funds - Corporate & Government Debt $ — $ 1,728 $ — $ — Time deposits Maturities from 91-360 days — — — — Maturities over 360 days — 495 — 50 Fixed Income Bonds Maturities less than 1 year — 1,328 — — Maturities from 1-3 years — — — — Total $ — $ 3,551 $ — $ 50 |
Inventory
Inventory | 3 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | (4) Inventory As the Company focuses on development of the TRACER 1000, inventory associated with prior iterations of our technology was written-off during the second quarter of fiscal 2018. In addition, materials purchases are currently being expensed until inventory accounting is warranted by future product sales. The following table summarizes the components of our inventory balances, net of allowance of $393 thousand and $560 thousand at September 30, 2018, and June 30, 2018, respectively: (In thousands) September 30, 2018 June 30, 2018 Raw materials $ — $ 7 Work in process — — Total inventory $ — $ 7 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | (5) Stockholders’ Equity The following table breaks down the changes in Stockholders’ Equity for the three months ended September 30, 2018: (In thousands) Total Stockholders' Equity Balance at June 30, 2018 $ 3,992 Stock based compensation 36 Share repurchases (1 ) Exercise of stock options 7 Net change on available-for-sale investments 31 Net loss (2,238 ) Balance at September 30, 2018 $ 1,827 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | (6) Net Loss per Share Basic net loss per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method and the if-converted method. Potentially dilutive common shares include outstanding stock options and share-based awards. The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended September 30, (In thousands, except per share data) 2018 2017 Numerator: Loss before income taxes $ (2,238 ) $ (3,006 ) Income tax benefit — — Net loss $ (2,238 ) $ (3,006 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 4,073 4,057 Basic and diluted net loss per common share: Net loss $ (0.55 ) $ (0.74 ) All unvested restricted stock awards for the three months ended September 30, 2018 are not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. Options to purchase 335,206 shares of common stock at exercise prices ranging from $1.60 to $8.35 per share outstanding as of September 30, 2018 were not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Sep. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | (7) Revenue Recognition Astrotech’s revenue recognition methodology is based on contract type and the manner in which products and services are provided. The Company currently employs one generally accepted revenue recognition methodology. Software Licensing Agreements When recognizing revenue for licensing software for use, the Company will recognize it when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when a firm sales contract or invoice is in place, delivery has occurred or services have been provided, and collectability is reasonably assured. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | (8) Fair Value Measurement The accounting standard for fair value measurements defines fair value, establishes a market-based framework or hierarchy for measuring fair value, and expands disclosures about fair value measurements. The standard is applicable whenever assets and liabilities are measured and included in the financial statements at fair value. The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. As of September 30, 2018, the Company did not hold any investments. The following table presents the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of June 30, 2018: June 30, 2018 Carrying Fair Value Measured Using Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Available-for-Sale Securities Mutual Funds - Corporate & Government Debt $ 1,728 $ 1,728 $ — $ — $ 1,728 Bonds: 0-1 year 1,328 — 1,328 — 1,328 Time deposits: 91-360 days 495 — 495 — 495 Time deposits: over 360 days 50 — 50 — 50 Total $ 3,601 $ 1,728 $ 1,873 $ — $ 3,601 The value of available-for-sale investments is based on pricing from third-party pricing vendors, who may use quoted prices in active markets for identical assets (Level 1 inputs). The fair value of our bonds and time deposits with maturities less than 90 days is considered the amortized value; the fair value measurements used for bonds and time deposits with maturities greater than 90 days is considered Level 2 and uses pricing from third-party pricing vendors who use quoted prices for identical or similar securities in both active and inactive markets. |
Other Comprehensive Loss
Other Comprehensive Loss | 3 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Other Comprehensive Loss | (9) Other Comprehensive Loss Changes in the balances of each component included in accumulated other comprehensive loss for the three months ended September 30, 2018, are presented below. (In thousands) Accumulated Other Comprehensive Loss Unrealized Loss in Investments Balance at June 30, 2018 $ (31 ) Reclassification to net loss for realized losses 31 Balance at September 30, 2018 $ — |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 3 Months Ended |
Sep. 30, 2018 | |
Risks And Uncertainties [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | (10) Business Risk and Credit Risk Concentration Involving Cash During the three months ended September 30, 2018, the Company recognized revenue from one customer, a post-production film company, compared to the three months ended September 30, 2017, during which the Company did not recognize any revenue. The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation (“FDIC”) of $250 thousand per depositor. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in what we believe to be high credit quality financial institutions. The Company has not experienced any losses in such accounts. |
Common Stock Compensation
Common Stock Compensation | 3 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock Compensation | (11) Common Stock Compensation Stock Option Activity Summary The Company’s stock option activity for the three months ended September 30, 2018, is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2018 361 $ 5.48 Granted — — Exercised (3 ) 2.25 Canceled or expired (23 ) 4.00 Outstanding at September 30, 2018 335 $ 5.61 The aggregate intrinsic value of options exercisable at September 30, 2018, was $9 thousand as the fair value of the Company’s common stock is more than the exercise prices of these options. The remaining share-based compensation expense of $283 thousand related to stock options will be recognized over a weighted-average period of 1.61 years. The table below details the Company’s stock options outstanding as of September 30, 2018: Range of exercise prices Number Outstanding Options Outstanding Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Number Exercisable Options Exercisable Weighted- Average Exercise Price $1.60 – 3.55 78,900 3.40 $ 3.21 78,900 $ 3.21 $5.30 – 5.85 126,306 8.61 5.47 42,616 5.47 $6.00 – 8.35 130,000 6.15 7.19 86,000 6.59 $1.60 – 8.35 335,206 6.43 $ 5.61 207,516 $ 5.07 Compensation costs recognized related to stock option awards were $41 thousand and $67 thousand for the three months ended September 30, 2018, and 2017, respectively. Restricted Stock The Company’s restricted stock activity for the three months ended September 30, 2018, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2018 28 $ 10.16 Granted — — Vested (4 ) 8.86 Canceled or expired (4 ) 9.58 Outstanding at September 30, 2018 20 $ 10.53 Stock compensation expenses related to restricted stock were $(5) thousand and $55 thousand for the three months ended September 30, 2018, and 2017, respectively. The remaining share-based compensation expense of $31 thousand related to restricted stock awards granted will be recognized over a weighted-average period of 0.90 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are more likely than not to be realized. As of September 30, 2018 and June 30, 2018, the Company established a full valuation allowance against all of its net deferred tax assets. For the three months ended September 30, 2018 and 2017, the Company incurred pre-tax losses in the amount of $2.2 million and $3.0 million, respectively. The total effective tax rate was approximately 0% for each of the three months ended September 30, 2018 and 2017. For each of the three months ended September 30, 2018 and 2017, the Company’s effective tax rate differed from the federal statutory rate of 21% and 28% respectively, primarily due to the valuation allowance placed against its net deferred tax assets. The Tax Cuts and Jobs Act was enacted on December 22, 2017. The Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and creates new taxes on certain foreign sourced earnings. In the second quarter of fiscal 2018, the Company revised its estimated annual effective rate to reflect a change in its federal statutory rate from 35% to 21%. The rate change is effective on January 1, 2018; therefore, the Company’s blended statutory tax rate for the fiscal year ended June 30, 2018 is 28%. At September 30, 2018, the Company has not completed its accounting for all of the tax effects of enactment of the Act; however, a reasonable estimate has been made. Note that the Company currently has net operating loss carryovers. A valuation allowance has been recorded to fully reserve for net operating loss carryovers, other carryovers, and book/tax differences on the balance sheet. FASB ASC 740, “Income Taxes” addresses the accounting for uncertainty in income tax recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The Company had an unrecognized tax benefit of $0 for each of the three months ended September 30, 2018 and 2017. Loss carryovers are generally subject to modification by tax authorities until three years after they have been utilized; as such, the Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. The reason for this extended examination period is due to the utilization of the loss carryovers generated by the sale of our Astrotech Space Operations business unit in fiscal year 2015. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (13) Commitments and Contingencies The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company establishes reserves for the estimated losses on specific contingent liabilities, for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, the Company is not able to make a reasonable estimate of liability because of the uncertainties related to the outcome or the amount or range of potential loss. Litigation, Investigations, and Audits – We are not party to, nor are our properties the subject of, any material pending legal proceedings. |
Segment Information
Segment Information | 3 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | (14) Segment Information The Company currently has two reportable business units: 1 st 1 st 1 st Astral Images Corporation Astral Images is a developer of advanced film restoration and enhancement software. All intercompany transactions between business units have been eliminated in consolidation. Key financial metrics of the Company’s segments are as follows: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Revenue, Depreciation, and Income (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ — $ 60 $ (1,981 ) $ — $ 104 $ (2,424 ) Astral Images 33 9 (257 ) — 82 (582 ) Total $ 33 $ 69 $ (2,238 ) $ — $ 186 $ (3,006 ) September 30, 2018 June 30, 2018 Assets (In thousands) Fixed Assets, Net Total Capital Expenditures (1) Total Assets Fixed Assets, Net Total Capital Expenditures (2) Total Assets 1st Detect $ 635 $ — $ 2,860 $ 699 $ 8 $ 5,075 Astral Images 29 — 90 34 11 65 Total $ 664 $ — $ 2,950 $ 733 $ 19 $ 5,140 (1) Total capital expenditures are for the three months ended September 30, 2018. (2) Total capital expenditures are for the twelve months ended June 30, 2018. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | (15) Subsequent Events On October 9, 2018, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Thomas B. Pickens III, the Chief Executive Officer and Chairman of the Board of Directors of the Company and an accredited investor (each individually, an “Investor” and, collectively, the “Investors”). Pursuant to the Agreement, the Company agreed to sell an aggregate of 866,950 shares of its series B convertible preferred stock, par value $0.001 per share (the “Preferred Shares”) and 409,645 of its shares of common stock, par value $0.001 per share (the “Common Shares”) for aggregate gross proceeds of approximately $3.0 million (the “Offering”). Pursuant to the Agreement, the Company agreed to sell to Mr. Pickens an aggregate of 866,950 Preferred Shares and sell to the other Investor an aggregate of 409,645 Common Shares, each at a purchase price equal to $2.35 per share which was equal to the closing price on The NASDAQ Capital Market on October 8, 2018. The Preferred Shares are convertible into an aggregate of 866,950 Common Shares. As a condition to conversion, the Preferred Shares will automatically convert into the Common Shares upon receipt of shareholder approval in accordance with NASDAQ Listing Rule 5635(b). |
General Information (Policies)
General Information (Policies) | 3 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared by Astrotech Corporation in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending June 30, 2019. These financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018. |
Accounting Pronouncements | Accounting Pronouncements – In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is assessing the impact the adoption of ASU 2016-02 will have on its financial statements and plans to adopt this ASU in fiscal year 2020. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. This amendment affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of this standard will have on its financial statements. |
Our Business Units | Our Business Units 1 st 1 st There is no assurance that any of the further steps detailed in the milestones mentioned above will be achieved or that our technology will be approved by any of the programs listed. Astral Images Corporation Astral Images is a developer of advanced film restoration and enhancement software. Astral’s artificial intelligence (“AI”)-driven algorithms remove dust, scratches, and defects from film while converting the content to a digital format with significantly enhanced resolution. In addition, the intelligent software automatically restores the film’s original color, optimizing the content to be viewed in 4K. |
Income Taxes | FASB ASC 740, “Income Taxes” addresses the accounting for uncertainty in income tax recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The Company had an unrecognized tax benefit of $0 for each of the three months ended September 30, 2018 and 2017. Loss carryovers are generally subject to modification by tax authorities until three years after they have been utilized; as such, the Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. The reason for this extended examination period is due to the utilization of the loss carryovers generated by the sale of our Astrotech Space Operations business unit in fiscal year 2015. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of available-for-sale securities | The following table summarizes unrealized gains and losses related to our investments as of June 30, 2018: June 30, 2018 Adjusted Unrealized Unrealized Fair Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 1,751 $ — $ (23 ) $ 1,728 Fixed Income Bonds 1,333 — (5 ) 1,328 Time Deposits 548 — (3 ) 545 Total $ 3,632 $ — $ (31 ) $ 3,601 |
Schedule of held-to-maturity securities | The following table presents the carrying amounts of certain financial instruments as of September 30, 2018, and June 30, 2018: Carrying Value Short-Term Investments Long-Term Investments (In thousands) September 30, 2018 June 30, 2018 September 30, 2018 June 30, 2018 Mutual Funds - Corporate & Government Debt $ — $ 1,728 $ — $ — Time deposits Maturities from 91-360 days — — — — Maturities over 360 days — 495 — 50 Fixed Income Bonds Maturities less than 1 year — 1,328 — — Maturities from 1-3 years — — — — Total $ — $ 3,551 $ — $ 50 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | The following table summarizes the components of our inventory balances, net of allowance of $393 thousand and $560 thousand at September 30, 2018, and June 30, 2018, respectively: (In thousands) September 30, 2018 June 30, 2018 Raw materials $ — $ 7 Work in process — — Total inventory $ — $ 7 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of changes in stockholders equity | The following table breaks down the changes in Stockholders’ Equity for the three months ended September 30, 2018: (In thousands) Total Stockholders' Equity Balance at June 30, 2018 $ 3,992 Stock based compensation 36 Share repurchases (1 ) Exercise of stock options 7 Net change on available-for-sale investments 31 Net loss (2,238 ) Balance at September 30, 2018 $ 1,827 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended September 30, (In thousands, except per share data) 2018 2017 Numerator: Loss before income taxes $ (2,238 ) $ (3,006 ) Income tax benefit — — Net loss $ (2,238 ) $ (3,006 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 4,073 4,057 Basic and diluted net loss per common share: Net loss $ (0.55 ) $ (0.74 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of financial instruments | The following table presents the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of June 30, 2018: June 30, 2018 Carrying Fair Value Measured Using Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Available-for-Sale Securities Mutual Funds - Corporate & Government Debt $ 1,728 $ 1,728 $ — $ — $ 1,728 Bonds: 0-1 year 1,328 — 1,328 — 1,328 Time deposits: 91-360 days 495 — 495 — 495 Time deposits: over 360 days 50 — 50 — 50 Total $ 3,601 $ 1,728 $ 1,873 $ — $ 3,601 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive loss | Changes in the balances of each component included in accumulated other comprehensive loss for the three months ended September 30, 2018, are presented below. (In thousands) Accumulated Other Comprehensive Loss Unrealized Loss in Investments Balance at June 30, 2018 $ (31 ) Reclassification to net loss for realized losses 31 Balance at September 30, 2018 $ — |
Common Stock Compensation (Tabl
Common Stock Compensation (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of stock option activity | The Company’s stock option activity for the three months ended September 30, 2018, is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2018 361 $ 5.48 Granted — — Exercised (3 ) 2.25 Canceled or expired (23 ) 4.00 Outstanding at September 30, 2018 335 $ 5.61 |
Schedule of stock options by exercise price | The table below details the Company’s stock options outstanding as of September 30, 2018: Range of exercise prices Number Outstanding Options Outstanding Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Number Exercisable Options Exercisable Weighted- Average Exercise Price $1.60 – 3.55 78,900 3.40 $ 3.21 78,900 $ 3.21 $5.30 – 5.85 126,306 8.61 5.47 42,616 5.47 $6.00 – 8.35 130,000 6.15 7.19 86,000 6.59 $1.60 – 8.35 335,206 6.43 $ 5.61 207,516 $ 5.07 |
Schedule of restricted stock activity | The Company’s restricted stock activity for the three months ended September 30, 2018, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2018 28 $ 10.16 Granted — — Vested (4 ) 8.86 Canceled or expired (4 ) 9.58 Outstanding at September 30, 2018 20 $ 10.53 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information by segment | Key financial metrics of the Company’s segments are as follows: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Revenue, Depreciation, and Income (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ — $ 60 $ (1,981 ) $ — $ 104 $ (2,424 ) Astral Images 33 9 (257 ) — 82 (582 ) Total $ 33 $ 69 $ (2,238 ) $ — $ 186 $ (3,006 ) September 30, 2018 June 30, 2018 Assets (In thousands) Fixed Assets, Net Total Capital Expenditures (1) Total Assets Fixed Assets, Net Total Capital Expenditures (2) Total Assets 1st Detect $ 635 $ — $ 2,860 $ 699 $ 8 $ 5,075 Astral Images 29 — 90 34 11 65 Total $ 664 $ — $ 2,950 $ 733 $ 19 $ 5,140 (1) Total capital expenditures are for the three months ended September 30, 2018. (2) Total capital expenditures are for the twelve months ended June 30, 2018. |
Going Concern (Details)
Going Concern (Details) - USD ($) $ in Thousands | Oct. 09, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Working capital | $ 1,300 | |||
Net loss | 2,238 | $ 3,006 | $ 13,300 | |
Net cash used in operating activities | $ (2,247) | $ (3,468) | $ (10,800) | |
Subsequent Events | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Proceeds from issuance of private placement of equity securities | $ 3,000 |
Investments (Details)
Investments (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Investments | $ 0 | $ 3,601,000 |
Investments - Available for Sal
Investments - Available for Sale Securities (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Available-for-sale securities | ||
Adjusted Cost | $ 3,632,000 | |
Unrealized Gain | 0 | |
Unrealized Loss | (31,000) | |
Fair Value | $ 0 | 3,601,000 |
Mutual Funds - Corporate & Government Debt | ||
Available-for-sale securities | ||
Adjusted Cost | 1,751,000 | |
Unrealized Gain | 0 | |
Unrealized Loss | (23,000) | |
Fair Value | 1,728,000 | |
Fixed Income Bonds | ||
Available-for-sale securities | ||
Adjusted Cost | 1,333,000 | |
Unrealized Gain | 0 | |
Unrealized Loss | (5,000) | |
Fair Value | 1,328,000 | |
Time Deposits | ||
Available-for-sale securities | ||
Adjusted Cost | 548,000 | |
Unrealized Gain | 0 | |
Unrealized Loss | (3,000) | |
Fair Value | $ 545,000 |
Investments - Carrying Value (D
Investments - Carrying Value (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |
Available-for-sale securities, short-term investments | $ 3,551 |
Available-for-sale securities, long-term investments | 50 |
Mutual Funds - Corporate & Government Debt | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |
Available-for-sale securities, short-term investments | 1,728 |
Time Deposits | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |
Available-for-sale securities maturities over 360 days, short-term investments | 495 |
Available-for-sale securities maturities over 360 days, long-term investments | 50 |
Fixed Income Bonds | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |
Available-for-sale securities maturities less than 1 year, short-term investments | $ 1,328 |
Inventory - Narrative (Details)
Inventory - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $ 393 | $ 560 |
Inventory (Details)
Inventory (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Inventory Disclosure [Abstract] | |
Raw materials | $ 7 |
Total inventory | $ 7 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Balance, beginning of period | $ 3,992 | ||
Stock based compensation | 36 | ||
Share repurchases | (1) | ||
Exercise of stock options | 7 | ||
Net change on available-for-sale investments | 31 | ||
Net loss | (2,238) | $ (3,006) | $ (13,300) |
Balance, end of period | $ 1,827 | $ 3,992 |
Net Loss per Share - Basic and
Net Loss per Share - Basic and Diluted Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||
Loss before income taxes | $ (2,238) | $ (3,006) |
Income tax benefit | 0 | 0 |
Net loss | $ (2,238) | $ (3,006) |
Denominator: | ||
Denominator for basic and diluted net loss per share — weighted average common stock outstanding | 4,073 | 4,057 |
Basic and diluted net loss per common share: | ||
Net loss | $ (0.55) | $ (0.74) |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase (in shares) | shares | 335,206 |
Exercise price lower range (in dollars per share) | $ 1.60 |
Exercise price upper range (in dollars per share) | $ 8.35 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Fair Value Disclosures [Abstract] | ||
Investments | $ 0 | $ 3,601,000 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 |
Available-for-Sale Securities | ||
Mutual funds | $ 1,728,000 | |
Held-to-maturity securities, maturities less than 1 year | 1,328,000 | |
Held-to-maturity securities, maturities from 91-360 days | 495,000 | |
Held-to-maturity securities, maturities over 360 days | 50,000 | |
Investments | 3,601,000 | |
Mutual funds, fair value | 1,728,000 | |
Held-to-maturity securities, maturities less than 1 year, fair value | 1,328,000 | |
Held-to-maturity securities, maturities from 91-360 days, fair value | 495,000 | |
Held-to-maturity securities, maturities over 360 days, fair value | 50,000 | |
Investments, fair value | $ 0 | 3,601,000 |
Level 1 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 1,728,000 | |
Held-to-maturity securities, maturities less than 1 year, fair value | 0 | |
Held-to-maturity securities, maturities from 91-360 days, fair value | 0 | |
Held-to-maturity securities, maturities over 360 days, fair value | 0 | |
Investments, fair value | 1,728,000 | |
Level 2 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 0 | |
Held-to-maturity securities, maturities less than 1 year, fair value | 1,328,000 | |
Held-to-maturity securities, maturities from 91-360 days, fair value | 495,000 | |
Held-to-maturity securities, maturities over 360 days, fair value | 50,000 | |
Investments, fair value | 1,873,000 | |
Level 3 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 0 | |
Held-to-maturity securities, maturities less than 1 year, fair value | 0 | |
Held-to-maturity securities, maturities from 91-360 days, fair value | 0 | |
Held-to-maturity securities, maturities over 360 days, fair value | 0 | |
Investments, fair value | $ 0 |
Other Comprehensive Loss (Detai
Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Reclassification to net loss for realized losses | $ 31 | $ 1 |
Unrealized Loss in Investments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, beginning of period | (31) | |
Balance, end of period | $ 0 |
Business Risk and Credit Risk_2
Business Risk and Credit Risk Concentration Involving Cash - Narrative (Details) | 3 Months Ended | |
Sep. 30, 2018USD ($)Customer | Sep. 30, 2017USD ($) | |
Concentration Risk [Line Items] | ||
Revenue | $ 33,000 | $ 0 |
FDIC insurance amount per depositor | $ 250,000 | |
Post-Production Film Company [Member] | ||
Concentration Risk [Line Items] | ||
Revenue from Number of Customers | Customer | 1 | |
Revenue | $ 0 |
Common Stock Compensation - Sto
Common Stock Compensation - Stock Option Activity (Details) shares in Thousands | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Shares (in thousands) | |
Outstanding, beginning of period (in shares) | shares | 361 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (3) |
Canceled or expired (in shares) | shares | (23) |
Outstanding, end of period (in shares) | shares | 335 |
Weighted Average Exercise Price | |
Outstanding weighted average exercise price, beginning of period (in dollars per share) | $ / shares | $ 5.48 |
Granted weighted average exercise price (in dollars per share) | $ / shares | 0 |
Exercised weighted average exercise price (in dollars per share) | $ / shares | 2.25 |
Canceled or expired weighted average exercise price (in dollars per share) | $ / shares | 4 |
Outstanding weighted average exercise price, end of period (in dollars per share) | $ / shares | $ 5.61 |
Common Stock Compensation - Nar
Common Stock Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercisable | $ 9 | |
Remaining share-based compensation expense | $ 283 | |
Weighted average recognition period on remaining share-based compensation expense | 1 year 7 months 9 days | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized | $ 41 | $ 67 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average recognition period on remaining share-based compensation expense | 10 months 24 days | |
Compensation expense recognized | $ (5) | $ 55 |
Remaining share-based compensation expense | $ 31 |
Common Stock Compensation - S_2
Common Stock Compensation - Stock Options by Exercise Price (Details) | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | $ 1.60 |
Exercise price upper range (in dollars per share) | $ 8.35 |
Number outstanding (in shares) | shares | 335,206 |
Options Outstanding Weighted- Average Remaining Contractual Life | 6 years 5 months 4 days |
Weighted average exercise price (in dollars per share) | $ 5.61 |
Number exercisable (in shares) | shares | 207,516 |
Options exercisable weighted average exercise price (in dollars per share) | $ 5.07 |
$1.60 – 3.55 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 1.60 |
Exercise price upper range (in dollars per share) | $ 3.55 |
Number outstanding (in shares) | shares | 78,900 |
Options Outstanding Weighted- Average Remaining Contractual Life | 3 years 4 months 24 days |
Weighted average exercise price (in dollars per share) | $ 3.21 |
Number exercisable (in shares) | shares | 78,900 |
Options exercisable weighted average exercise price (in dollars per share) | $ 3.21 |
$5.30 – 5.85 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 5.30 |
Exercise price upper range (in dollars per share) | $ 5.85 |
Number outstanding (in shares) | shares | 126,306 |
Options Outstanding Weighted- Average Remaining Contractual Life | 8 years 7 months 9 days |
Weighted average exercise price (in dollars per share) | $ 5.47 |
Number exercisable (in shares) | shares | 42,616 |
Options exercisable weighted average exercise price (in dollars per share) | $ 5.47 |
$6.00 – 8.35 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 6 |
Exercise price upper range (in dollars per share) | $ 8.35 |
Number outstanding (in shares) | shares | 130,000 |
Options Outstanding Weighted- Average Remaining Contractual Life | 6 years 1 month 24 days |
Weighted average exercise price (in dollars per share) | $ 7.19 |
Number exercisable (in shares) | shares | 86,000 |
Options exercisable weighted average exercise price (in dollars per share) | $ 6.59 |
Common Stock Compensation - Res
Common Stock Compensation - Restricted Stock (Details) - Restricted Stock shares in Thousands | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Shares | |
Outstanding, beginning of period (in shares) | shares | 28 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | (4) |
Canceled or expired (in shares) | shares | (4) |
Outstanding, end of period (in shares) | shares | 20 |
Weighted Average Grant-Date Fair Value | |
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 10.16 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 8.86 |
Canceled or expired (in dollars per share) | $ / shares | 9.58 |
Outstanding, end of period (in dollars per share) | $ / shares | $ 10.53 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Loss before income taxes | $ (2,238) | $ (3,006) | |||
Effective tax rate for continuing operations | 0.00% | 0.00% | |||
Federal statutory effective tax rate | 21.00% | 21.00% | 28.00% | 35.00% | 28.00% |
Unrecognized tax benefits | $ 0 | $ 0 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Sep. 30, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 33 | $ 0 | |
Depreciation | 69 | 186 | |
Loss before Income Taxes | (2,238) | (3,006) | |
Fixed Assets, Net | 664 | $ 733 | |
Total Capital Expenditures | 19 | ||
Total Assets | 2,950 | 5,140 | |
1st Detect | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Depreciation | 60 | 104 | |
Loss before Income Taxes | (1,981) | (2,424) | |
Fixed Assets, Net | 635 | 699 | |
Total Capital Expenditures | 8 | ||
Total Assets | 2,860 | 5,075 | |
Astral Images | |||
Segment Reporting Information [Line Items] | |||
Revenue | 33 | 0 | |
Depreciation | 9 | 82 | |
Loss before Income Taxes | (257) | $ (582) | |
Fixed Assets, Net | 29 | 34 | |
Total Capital Expenditures | 11 | ||
Total Assets | $ 90 | $ 65 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Securities Purchase Agreement - Subsequent Events $ / shares in Units, $ in Millions | Oct. 09, 2018USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Aggregate gross proceeds from agreement on sale of shares | $ | $ 3 |
Purchase price per share | $ / shares | $ 2.35 |
Conversion of preferred stock to common stock | 866,950 |
Preferred Shares | |
Subsequent Event [Line Items] | |
Shares agreed to sell upon agreement | 866,950 |
Preferred stock, par value | $ / shares | $ 0.001 |
Thomas B. Pickens III | Preferred Shares | |
Subsequent Event [Line Items] | |
Shares agreed to sell upon agreement | 866,950 |
Common Stock | |
Subsequent Event [Line Items] | |
Shares agreed to sell upon agreement | 409,645 |
Common stock, par value | $ / shares | $ 0.001 |
Common Stock | Other Investor | |
Subsequent Event [Line Items] | |
Shares agreed to sell upon agreement | 409,645 |