Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2019 | Feb. 12, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | ASTROTECH Corp | |
Entity Central Index Key | 0001001907 | |
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 | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 6,348,137 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-34426 | |
Entity Tax Identification Number | 91-1273737 | |
Entity Address, Address Line One | 201 West 5th Street | |
Entity Address, Address Line Two | Suite 1275 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78701 | |
City Area Code | 512 | |
Local Phone Number | 485-9530 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2019 |
Current assets | ||
Cash and cash equivalents | $ 393 | $ 1,588 |
Restricted cash | 611 | |
Accounts receivable | 213 | 3 |
Inventory: | ||
Raw materials | 274 | 150 |
Work-in-process | 181 | |
Income tax receivable | 214 | 429 |
Prepaid expenses and other current assets | 313 | 371 |
Total current assets | 2,018 | 2,722 |
Property and equipment, net | 351 | 469 |
Operating leases, right-of-use assets, net | 1,022 | |
Long-term tax receivable | 214 | 429 |
Other assets | 72 | 72 |
Total assets | 3,677 | 3,692 |
Current liabilities | ||
Accounts payable | 153 | 160 |
Payroll related accruals | 347 | 319 |
Accrued expenses and other liabilities | 375 | 357 |
Income tax payable | 2 | 2 |
Term note payable - related party | 1,500 | |
Operating lease liabilities - current | 301 | |
Total current liabilities | 2,678 | 838 |
Operating lease liabilities, non-current | 752 | |
Other liabilities | 146 | |
Total liabilities | 3,430 | 984 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value, 15,000,000 shares authorized; 6,749,664 and 6,184,698 shares issued at December 31, 2019 and June 30, 2019, respectively; 6,348,137 and 5,775,171 shares outstanding at December 31, 2019 and June 30, 2019, respectively | 190,598 | 190,571 |
Treasury stock, 399,916 shares at cost at December 31, 2019 and June 30, 2019, respectively | (4,129) | (4,129) |
Additional paid-in capital | 9,397 | 7,964 |
Accumulated deficit | (195,619) | (191,698) |
Total stockholders’ equity | 247 | 2,708 |
Total liabilities and stockholders’ equity | 3,677 | 3,692 |
Convertible Preferred Stock | ||
Stockholders’ equity | ||
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series C and 280,898 shares of Series D issued and outstanding at December 31, 2019 and June 30, 2019, respectively |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Jun. 30, 2019 |
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) | 6,749,664 | 6,184,698 |
Common stock, shares outstanding (in shares) | 6,348,137 | 5,775,171 |
Treasury stock, shares at cost (in shares) | 399,916 | 399,916 |
Convertible Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Series C Convertible Preferred Stock | ||
Preferred stock, shares issued (in shares) | 280,898 | 280,898 |
Preferred stock, shares outstanding (in shares) | 280,898 | 280,898 |
Series D Convertible Preferred Stock | ||
Preferred stock, shares issued (in shares) | 280,898 | 280,898 |
Preferred stock, shares outstanding (in shares) | 280,898 | 280,898 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 205 | $ 7 | $ 206 | $ 40 |
Cost of revenue | 196 | 0 | 196 | 11 |
Gross profit | 9 | 7 | 10 | 29 |
Operating expenses: | ||||
Selling, general and administrative | 1,110 | 1,286 | 2,312 | 2,430 |
Research and development | 939 | 897 | 1,794 | 2,000 |
Total operating expenses | 2,049 | 2,183 | 4,106 | 4,430 |
Loss from operations | (2,040) | (2,176) | (4,096) | (4,401) |
Interest and other income (expense), net | (43) | 16 | (55) | 3 |
Loss from operations before income taxes | (2,083) | (2,160) | (4,151) | (4,398) |
Income tax benefit | 0 | 0 | 0 | 0 |
Net loss | $ (2,083) | $ (2,160) | $ (4,151) | $ (4,398) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 5,947 | 4,678 | 5,769 | 4,374 |
Basic and diluted net loss per common share: | ||||
Net loss | $ (0.35) | $ (0.46) | $ (0.72) | $ (1.01) |
Other comprehensive loss, net of tax: | ||||
Net loss | $ (2,083) | $ (2,160) | $ (4,151) | $ (4,398) |
Available-for-sale securities: | ||||
Reclassification adjustment for realized loss | 0 | 0 | 0 | 31 |
Total comprehensive loss | $ (2,083) | $ (2,160) | $ (4,151) | $ (4,367) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock Class C | Preferred Stock Class D | Common Stock | Treasury Stock Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Balance, beginning of period at Jun. 30, 2018 | $ 3,992 | $ 190,570 | $ (4,128) | $ 1,745 | $ (184,164) | $ (31) | ||
Balance (in shares) at Jun. 30, 2018 | 4,097 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net change in available-for-sale debt and marketable equity securities | 31 | 31 | ||||||
Stock-based compensation | 44 | 44 | ||||||
Cancellation of restricted stock | (14) | $ (14) | ||||||
Cancellation of restricted stock (in shares) | (5) | |||||||
Forfeiture of stock options | (3) | (3) | ||||||
Exercise of stock options | 7 | 7 | ||||||
Exercise of stock options (in shares) | 3 | |||||||
Share repurchases | (1) | (1) | ||||||
Restricted stock issuance | 9 | $ 9 | ||||||
Net loss | (2,238) | (2,238) | ||||||
Balance, end of period at Sep. 30, 2018 | 1,827 | $ 190,565 | (4,129) | 1,793 | (186,402) | |||
Balance (in shares) at Sep. 30, 2018 | 4,095 | |||||||
Balance, beginning of period at Jun. 30, 2018 | 3,992 | $ 190,570 | (4,128) | 1,745 | (184,164) | $ (31) | ||
Balance (in shares) at Jun. 30, 2018 | 4,097 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adjustment to opening retained earnings related to adoption of ASC Topic 842 | ASU 2016-02 | 0 | |||||||
Net loss | (4,398) | |||||||
Balance, end of period at Dec. 31, 2018 | 2,650 | $ 190,584 | (4,129) | 4,757 | (188,562) | |||
Balance (in shares) at Dec. 31, 2018 | 5,571 | |||||||
Balance, beginning of period at Sep. 30, 2018 | 1,827 | $ 190,565 | (4,129) | 1,793 | (186,402) | |||
Balance (in shares) at Sep. 30, 2018 | 4,095 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares | 2,924 | $ 1 | 2,923 | |||||
Issuance of shares (in shares) | 1,277 | |||||||
Stock-based compensation | 41 | 41 | ||||||
Restricted stock issuance | 18 | $ 18 | ||||||
Restricted stock issuance (in shares) | 199 | |||||||
Net loss | (2,160) | (2,160) | ||||||
Balance, end of period at Dec. 31, 2018 | 2,650 | $ 190,584 | (4,129) | 4,757 | (188,562) | |||
Balance (in shares) at Dec. 31, 2018 | 5,571 | |||||||
Balance, beginning of period at Jun. 30, 2019 | 2,708 | $ 190,571 | (4,129) | 7,964 | (191,698) | |||
Balance (in shares) at Jun. 30, 2019 | 281 | 281 | 5,775 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adjustment to opening retained earnings related to adoption of ASC Topic 842 | ASU 2016-02 | 230 | 230 | ||||||
Issuance of shares | 321 | 321 | ||||||
Issuance of shares (in shares) | 146 | |||||||
Stock-based compensation | 78 | 78 | ||||||
Restricted stock issuance | 26 | $ 26 | ||||||
Restricted stock issuance (in shares) | 5 | |||||||
Net loss | (2,068) | (2,068) | ||||||
Balance, end of period at Sep. 30, 2019 | 1,295 | $ 190,597 | (4,129) | 8,363 | (193,536) | |||
Balance (in shares) at Sep. 30, 2019 | 281 | 281 | 5,926 | |||||
Balance, beginning of period at Jun. 30, 2019 | 2,708 | $ 190,571 | (4,129) | 7,964 | (191,698) | |||
Balance (in shares) at Jun. 30, 2019 | 281 | 281 | 5,775 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adjustment to opening retained earnings related to adoption of ASC Topic 842 | ASU 2016-02 | 230 | |||||||
Net loss | (4,151) | |||||||
Balance, end of period at Dec. 31, 2019 | 247 | $ 190,598 | (4,129) | 9,397 | (195,619) | |||
Balance (in shares) at Dec. 31, 2019 | 281 | 281 | 6,348 | |||||
Balance, beginning of period at Sep. 30, 2019 | 1,295 | $ 190,597 | (4,129) | 8,363 | (193,536) | |||
Balance (in shares) at Sep. 30, 2019 | 281 | 281 | 5,926 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares | 952 | $ 1 | 951 | |||||
Issuance of shares (in shares) | 433 | |||||||
Stock-based compensation | 97 | 97 | ||||||
Cancellation of restricted stock | (11) | (11) | ||||||
Cancellation of restricted stock (in shares) | (11) | |||||||
Forfeiture of stock options | (3) | (3) | ||||||
Net loss | (2,083) | (2,083) | ||||||
Balance, end of period at Dec. 31, 2019 | $ 247 | $ 190,598 | $ (4,129) | $ 9,397 | $ (195,619) | |||
Balance (in shares) at Dec. 31, 2019 | 281 | 281 | 6,348 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Stock offering issuance costs | $ 19 | $ 7 | $ 73 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Cash flows from operating activities: | |||||||
Net loss | $ (2,083) | $ (2,068) | $ (2,160) | $ (2,238) | $ (4,151) | $ (4,398) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Stock-based compensation | 187 | 98 | |||||
Depreciation and amortization | 289 | 142 | |||||
Net loss on sale of available-for-sale investments | 0 | 31 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (210) | 4 | |||||
Inventory | 57 | 0 | |||||
Income tax receivable | 215 | 0 | |||||
Accounts payable | (7) | 107 | |||||
Other assets and liabilities | 264 | (214) | |||||
Net cash used in operating activities | (3,356) | (4,230) | $ (8,500) | ||||
Cash flows from investing activities: | |||||||
Proceeds from sale of available-for-sale investments | 0 | 3,345 | |||||
Proceeds from maturities of securities | 0 | 250 | |||||
Sale of property and equipment | 0 | 2 | |||||
Net cash provided by investing activities | 0 | 3,597 | |||||
Cash flows from financing activities: | |||||||
Payments for purchase of treasury stock | 0 | (1) | |||||
Proceeds from term note payable - related party | 1,500 | 0 | |||||
Proceeds from exercise of stock options | 0 | 7 | |||||
Proceeds from issuance of stock, net of offering issuance costs | 1,272 | 2,921 | |||||
Net cash provided by financing activities | 2,772 | 2,927 | |||||
Net change in cash and cash equivalents and restricted cash | (584) | 2,294 | |||||
Cash and cash equivalents and restricted cash at beginning of period | 1,588 | $ 552 | 1,588 | 552 | 552 | ||
Cash and cash equivalents and restricted cash at end of period | 1,004 | 2,846 | 1,004 | 2,846 | 1,588 | ||
Reconciliation of cash and cash equivalents and restricted cash at end of period: | |||||||
Cash and cash equivalents | 393 | 0 | 393 | 0 | $ 1,588 | ||
Restricted cash | 611 | 0 | 611 | 0 | |||
Total reconciliation of cash and cash equivalents and restricted cash at end of period | $ 1,004 | $ 0 | 1,004 | 0 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | 0 | 0 | |||||
Income taxes paid | 0 | 0 | |||||
Operating right-of-use assets and associated liabilities | 1,608 | 0 | |||||
ASU 2016-02 | |||||||
Supplemental disclosures of cash flow information: | |||||||
Impact to retained earnings from adoption of ASC Topic 842 | $ 230 | $ 230 | $ 0 |
General Information
General Information | 6 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
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 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 (“SEC”). 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 six months ended December 31, 2019 are not necessarily indicative of the results that may be expected for the year ending June 30, 2020. 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, 2019. Our Business Units Astrotech Technology, Inc. Astrotech Technology, Inc. (“ATI”) was formed to own and license the intellectual property of the platform mass spectrometry technology originally developed by 1 st st st 1 st 1 st AgLAB Inc. AgLAB Inc., a licensee of ATI, has developed the AgLAB-1000™ series of mass spectrometers for use in the agriculture market. The technology enables real-time analysis of hemp and cannabis products in an industry that has traditionally relied upon off site independent laboratories for chemical analysis. The AgLAB-1000 enables real-time pesticide detection and potency testing. Astral Images Corporation Astral Images Corporation (“Astral”) developed advanced film restoration and enhancement software. Although we believe Astral has developed valuable technology fortified by patents and trade secrets, the potential market has not yet advanced as quickly as anticipated. Due to funding constraints, the Company’s primary focus remains on the pursuit of opportunities for its platform mass spectrometry technology. Consequently, efforts are exclusively focused on strategic initiatives to facilitate the realization of Astral’s value. Accounting Pronouncements – In February 2016, the Financial Standards Accounting Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02: Leases (“Topic 842” or “ASU 2016-02”) and ASU 2018-10: Codification Improvements to Topic 842, Leases (“ASU 2018-10”) which provide an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. This ASU requires lessees to recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet for all leases, with the exception of short-term leases. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For statement of operations purposes, leases are still required to be classified as either operating or financing. Operating leases will result in straight-line expense while financing leases will result in a front-loaded expense pattern. On July 1, 2019, the Company adopted Topic 842 using the modified retrospective approach and the impact of the adoption of Topic 842 resulted in the recognition of an ROU asset and lease obligation on the Company’s condensed consolidated balance sheets of approximately $1.6 million and an adjustment to retained earnings of $230 thousand. This application of the modified retrospective method will result in a balance sheet presentation that will not be comparable to the prior period in the first year of adoption. Results for reporting periods after July 1, 2019 are presented under Topic 842 st |
Going Concern
Going Concern | 6 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Going Concern | Financial Condition The Company’s consolidated financial statements for the three and six months ended December 31, 2019 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 December 31, 2019, the Company had cash and cash equivalents of $0.4 million and restricted cash of $0.6 million, and working capital was approximately $(0.7) million. Restricted cash consists of three letters of credit relating to purchase orders for the TRACER 1000 product. The Company reported a net loss of $7.5 million for the fiscal year 2019 and a net loss of $4.2 million for the six months ended December 31, 2019, along with net cash used in operating activities of $8.5 million for the fiscal year 2019 and net cash used in operating activities of $3.4 million for the six months ended December 31, 2019. 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, licensing some of its technology, 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 to the Company’s Chairman of the Board and Chief Executive Officer, Thomas B. Pickens III, and a long-term accredited investor in the Company. On April 17, 2019, the Company raised $2.0 million in a private placement of equity securities to Mr. Pickens, and a long-term accredited investor in the Company. On September 5, 2019, the Company entered into a private placement transaction with Mr. Pickens for the issuance and sale of a secured promissory note to Mr. Pickens with a principal amount of $1.5 million. As of , the Company has received net proceeds of approximately $2.3 million through the sale of shares of common stock through an “at the market offering” program (the “ATM Offering”). 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. |
Leases
Leases | 6 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | As of July 1, 2019, the Company adopted Topic 842, using the modified retrospective method of adoption. Astrotech elected to use the transition option that allows the Company to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption. Comparable periods continue to be presented under the guidance of the previous standard, Accounting Standards Codification (“ASC”) Topic 840. Topic 842 requires lessees to recognize a lease liability and ROU asset on the balance sheet for operating leases. The adoption of Topic 842 resulted in an adjustment to retained earnings of $230 thousand. The Company has two existing facility leases and several small equipment leases. Astrotech leases office space consisting of 5,219 square feet in Austin, Texas that houses executive management, finance and accounting, sales, and marketing and communications. The lease began in November 2016 and expires in December 2023 with a provision to renew and extend the lease for the entire premises for one renewal term of five years. Astrotech must, in writing, advise the landlord of its intention to renew the lease at least eight months before the expiration of its current lease in order to renew the lease. In May 2013, 1 st st December 31, 2019 Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate used at adoption was 11%. Significant judgement is required when determining the Company’s incremental borrowing rate. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The condensed consolidated balance sheet classification of lease assets and liabilities are as follows: (In thousands) Assets December 31, 2019 Operating lease right-of-use assets, beginning balance $ 1,608 Current period amortization (172 ) Adjustment for lease amendment (414 ) Total operating lease right-of-use asset $ 1,022 (In thousands) Liabilities December 31, 2019 Operating lease liabilities, beginning balance $ 1,608 Current period reduction (141 ) Adjustment for lease amendment (414 ) Total lease liabilities $ 1,053 Future minimum lease payments as of December 31, 2019 under non-cancellable operating leases are as follows: (In thousands) For the Year Ended June 30, December 31, 2019 2020 $ 196 2021 414 2022 389 2023 219 2024 36 Thereafter — Total lease payments 1,254 Less: imputed interest 201 Operating lease liability 1,053 Less: operating lease liabilities - current 301 Operating lease liabilities - non-current $ 752 Cash payments for operating leases for the three and six months ended December 31, 2019 totaled $96 thousand and $191 thousand, respectively. The weighted-average remaining lease term for operating leases is 3.1 years. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | A prospectus relating to the ATM Offering was filed with the SEC on November 9, 2018. Since its filing, as of , the Company has sold 793,668 shares of common stock pursuant to an At-the-Market Issuance Sales Agreement with B. Riley FBR, under which B. Riley FBR acts as sales agent. In connection with the sale of these shares of common stock, the Company has received net proceeds of $2.3 million. The weighted-average sale price per share was $3.04 The Company’s stockholders’ equity as of December 31, 2019 was less than $2.5 million, which is less than the requirement under Nasdaq Listing Rule 5550(b)(1) for continued listing on The Nasdaq Capital Market. As a result, though no assurance can be given, the Company anticipates that Nasdaq will provide notice of this development and require the Company to take steps in order to avoid the delisting of its common stock. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
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 December 31, Six Months Ended December 31, (In thousands, except per share data) 2019 2018 2019 2018 Numerator: Net loss $ (2,083 ) $ (2,160 ) $ (4,151 ) $ (4,398 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 5,947 4,678 5,769 4,374 Basic and diluted net loss per common share: Net loss $ (0.35 ) $ (0.46 ) $ (0.72 ) $ (1.01 ) All unvested restricted stock awards for the six months ended December 31, 2019 are not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. Options to purchase 332,819 shares of common stock at exercise prices ranging from $1.85 to $8.35 per share outstanding as of December 31, 2019 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 | 6 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Astrotech recognizes revenue employing the generally accepted revenue recognition methodologies described under the provisions of ASC Topic 606 “Revenue from Contracts with Customers” (“Topic 606”), which was adopted by the Company in fiscal year 2019. The methodology used is based on contract type and how products and services are provided. The guidelines of Topic 606 establish a five-step process to govern the recognition and reporting of revenue from contracts with customers. The five steps are: (i) identify the contract with a customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the performance obligations are satisfied. An additional factor is reasonable assurance of collectability. This necessitates deferral of all or a portion of revenue recognition until collection. During the three and six months ended December 31, 2019, the Company had two revenue sources totaling $205 thousand and $206 thousand, respectively, and revenue was recognized at a point in time consistent with the guidelines in Topic 606. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
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 December 31, 2019, t he fair value of the Company’s cash and cash equivalents and restricted cash approximate their carrying value due to their short-term nature. |
Term Note Payable - Related Par
Term Note Payable - Related Party | 6 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Term Note Payable - Related Party | On September 5, 2019, the Company entered into a private placement transaction with Thomas B. Pickens III, the Chief Executive Officer and Chairman of the Board of Directors of the Company for the issuance and sale of a secured promissory note (“the Note”) to Mr. Pickens with a principal amount of $1.5 million. Interest on the Note shall accrue at 11% per annum. The principal amount and accrued interest on the Note shall become due and payable on September 5, 2020 (the “Maturity Date”). The Company may prepay the principal amount and all accrued interest on the Note at any time prior to the Maturity Date. In connection with the issuance of the Note, the Company, along with 1 st |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 6 Months Ended |
Dec. 31, 2019 | |
Risks And Uncertainties [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | During the three and six months ended December 31, 2019, the Company had one customer that substantially comprised all of the Company’s revenue. During the three and six months ended December 31, 2018, the Company recognized revenue from one customer. As of December 31, 2019, the Company’s trade accounts receivable balance was related to sales to a global shipping and logistics company. The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation 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 | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock Compensation | Stock Option Activity Summary The Company’s stock option activity for the six months ended December 31, 2019, is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2019 324 $ 5.71 Granted 10 1.85 Exercised — — Canceled or expired (1 ) 5.30 Outstanding at December 31, 2019 333 $ 5.64 The aggregate intrinsic value of options exercisable at December 31, 2019, was $0, as the fair value of the Company’s common stock is less than the exercise prices of these options. The remaining stock-based compensation expense of $76 thousand related to stock options will be recognized over a weighted-average period of 1.03 years. The table below details the Company’s stock options outstanding as of December 31, 2019: 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 $1.85 – 3.55 80,500 3.38 $ 3.39 70,500 $ 3.39 $5.30 – 5.85 122,319 7.36 5.48 79,575 5.48 $6.00 – 8.35 130,000 4.89 7.19 86,000 6.59 $1.85 – 8.35 332,819 5.43 $ 5.64 236,075 $ 5.26 Compensation costs recognized related to stock option awards were $41 thousand and $43 thousand for the three months ended December 31, 2019 and 2018, respectively, and $85 thousand and $84 thousand for the six months ended December 31, 2019 and 2018, respectively. Restricted Stock The Company’s restricted stock activity for the six months ended December 31, 2019, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2019 208 $ 4.06 Granted 5 2.47 Vested (62 ) 3.74 Canceled or expired (11 ) 3.99 Outstanding at December 31, 2019 140 $ 3.97 Stock compensation expenses related to restricted stock were $42 thousand and $19 thousand for the three months ended December 31, 2019 and 2018, respectively, and $102 thousand and $14 thousand for the six months ended December 31, 2019, and 2018, respectively. The remaining stock-based compensation expense of $411 thousand related to restricted stock awards granted will be recognized over a weighted-average period of 1.99 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
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 December 31, 2019, the Company established a valuation allowance against all of its net deferred tax assets. For the three months ended December 31, 2019 and 2018, the Company incurred pre-tax losses in the amount of $2.1 million and $2.2 million, respectively. For the six months ended December 31, 2019 and 2018, the Company incurred pre-tax losses in the amount of $4.2 million and $4.4 million, respectively. The total effective tax rate was approximately 0% for the each of the three and six months ended December 31, 2019 and 2018. For each of the six months ended December 31, 2019 and 2018, the Company’s effective tax rate differed from the federal statutory rate of 21%, 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 and provides for a refundable credit of any AMT previously paid. The AMT credit still to be received by the Company of $429 thousand for AMT previously paid will be refunded subsequent to the filing of returns for fiscal years ending June 30, 2020, June 30, 2021 and June 30, 2022. Credit amounts calculated for such years are $214 thousand, $107 thousand, and $107 thousand, respectively. 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 no unrecognized tax benefit for the three and six months ended December 31, 2019 or 2018. 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 | 6 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
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 or investigations. |
Segment Information
Segment Information | 6 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | The Company currently has one reportable business unit: 1 st st |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events On January 7, 2020, the funds from one of the three letters of credit relating to purchase orders for the TRACER 1000 currently held by the Company were released, decreasing the balance of restricted cash to $122 thousand. On January 21, 2020, the Company entered into its fourth amendment of its original lease for its facility in Webster, Texas. The amended lease begins May 1, 2020 and expires April 30, 2021, with the option to renew and extend the lease for one year. On February 13, 2020, the Company entered into a private placement transaction with Thomas B. Pickens III, the Chief Executive Officer and Chairman of the Board of Directors of the Company for the issuance and sale of a secured promissory note to Mr. Pickens with a principal amount of $1,000,000. Interest on this promissory note shall accrue at 11% per annum. The principal amount and accrued interest on this promissory note shall become due and payable on September 5, 2020 (the “Maturity Date”). The Company may prepay the principal amount and all accrued interest on this promissory note at any time prior to the Maturity Date. In connection with the issuance of this promissory note, the Company, along with 1 st |
General Information (Policies)
General Information (Policies) | 6 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared 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 (“SEC”). 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 six months ended December 31, 2019 are not necessarily indicative of the results that may be expected for the year ending June 30, 2020. 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, 2019. |
Our Business Units | Our Business Units Astrotech Technology, Inc. Astrotech Technology, Inc. (“ATI”) was formed to own and license the intellectual property of the platform mass spectrometry technology originally developed by 1 st st st 1 st 1 st AgLAB Inc. AgLAB Inc., a licensee of ATI, has developed the AgLAB-1000™ series of mass spectrometers for use in the agriculture market. The technology enables real-time analysis of hemp and cannabis products in an industry that has traditionally relied upon off site independent laboratories for chemical analysis. The AgLAB-1000 enables real-time pesticide detection and potency testing. Astral Images Corporation Astral Images Corporation (“Astral”) developed advanced film restoration and enhancement software. Although we believe Astral has developed valuable technology fortified by patents and trade secrets, the potential market has not yet advanced as quickly as anticipated. Due to funding constraints, the Company’s primary focus remains on the pursuit of opportunities for its platform mass spectrometry technology. Consequently, efforts are exclusively focused on strategic initiatives to facilitate the realization of Astral’s value. |
Accounting Pronouncements | Accounting Pronouncements – In February 2016, the Financial Standards Accounting Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02: Leases (“Topic 842” or “ASU 2016-02”) and ASU 2018-10: Codification Improvements to Topic 842, Leases (“ASU 2018-10”) which provide an additional (and optional) transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. This ASU requires lessees to recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet for all leases, with the exception of short-term leases. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For statement of operations purposes, leases are still required to be classified as either operating or financing. Operating leases will result in straight-line expense while financing leases will result in a front-loaded expense pattern. On July 1, 2019, the Company adopted Topic 842 using the modified retrospective approach and the impact of the adoption of Topic 842 resulted in the recognition of an ROU asset and lease obligation on the Company’s condensed consolidated balance sheets of approximately $1.6 million and an adjustment to retained earnings of $230 thousand. This application of the modified retrospective method will result in a balance sheet presentation that will not be comparable to the prior period in the first year of adoption. Results for reporting periods after July 1, 2019 are presented under Topic 842 st |
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 no unrecognized tax benefit for the three and six months ended December 31, 2019 or 2018. 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. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Condensed Consolidated Balance Sheet Classification of Lease Assets and Liabilities | The condensed consolidated balance sheet classification of lease assets and liabilities are as follows: (In thousands) Assets December 31, 2019 Operating lease right-of-use assets, beginning balance $ 1,608 Current period amortization (172 ) Adjustment for lease amendment (414 ) Total operating lease right-of-use asset $ 1,022 (In thousands) Liabilities December 31, 2019 Operating lease liabilities, beginning balance $ 1,608 Current period reduction (141 ) Adjustment for lease amendment (414 ) Total lease liabilities $ 1,053 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of December 31, 2019 under non-cancellable operating leases are as follows: (In thousands) For the Year Ended June 30, December 31, 2019 2020 $ 196 2021 414 2022 389 2023 219 2024 36 Thereafter — Total lease payments 1,254 Less: imputed interest 201 Operating lease liability 1,053 Less: operating lease liabilities - current 301 Operating lease liabilities - non-current $ 752 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
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 December 31, Six Months Ended December 31, (In thousands, except per share data) 2019 2018 2019 2018 Numerator: Net loss $ (2,083 ) $ (2,160 ) $ (4,151 ) $ (4,398 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 5,947 4,678 5,769 4,374 Basic and diluted net loss per common share: Net loss $ (0.35 ) $ (0.46 ) $ (0.72 ) $ (1.01 ) |
Common Stock Compensation (Tabl
Common Stock Compensation (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of stock option activity | The Company’s stock option activity for the six months ended December 31, 2019, is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2019 324 $ 5.71 Granted 10 1.85 Exercised — — Canceled or expired (1 ) 5.30 Outstanding at December 31, 2019 333 $ 5.64 |
Schedule of stock options by exercise price | The table below details the Company’s stock options outstanding as of December 31, 2019: 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 $1.85 – 3.55 80,500 3.38 $ 3.39 70,500 $ 3.39 $5.30 – 5.85 122,319 7.36 5.48 79,575 5.48 $6.00 – 8.35 130,000 4.89 7.19 86,000 6.59 $1.85 – 8.35 332,819 5.43 $ 5.64 236,075 $ 5.26 |
Schedule of restricted stock activity | The Company’s restricted stock activity for the six months ended December 31, 2019, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2019 208 $ 4.06 Granted 5 2.47 Vested (62 ) 3.74 Canceled or expired (11 ) 3.99 Outstanding at December 31, 2019 140 $ 3.97 |
General Information - Additiona
General Information - Additional Information (Details) $ in Thousands | Dec. 31, 2019USD ($)Patent | Jul. 01, 2019USD ($) |
General Information [Line Items] | ||
Number of patents granted | Patent | 37 | |
Number of additional patents in process | Patent | 5 | |
ROU asset | $ 1,022 | $ 1,608 |
Lease obligation | 1,053 | 1,608 |
ASU 2016-02 | ||
General Information [Line Items] | ||
ROU asset | 414 | 1,600 |
Lease obligation | $ 414 | 1,600 |
Cumulative impact of change in accounting policy | $ 230 |
Going Concern (Details)
Going Concern (Details) - USD ($) $ in Thousands | Apr. 17, 2019 | Oct. 09, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2019 | Sep. 05, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Working capital | $ (700) | $ (700) | $ (700) | ||||||
Cash and cash equivalents | 393 | $ 0 | 393 | $ 0 | $ 1,588 | 393 | |||
Restricted cash | 611 | 611 | 611 | ||||||
Net loss | $ 2,083 | $ 2,160 | 4,151 | 4,398 | 7,500 | ||||
Net cash used in operating activities | (3,356) | (4,230) | $ (8,500) | ||||||
Proceeds from issuance of private placement of equity securities | $ 2,000 | $ 3,000 | |||||||
Net proceeds from sale of common stock | $ 1,272 | $ 2,921 | |||||||
Secured Promissory Note | Private Placement | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Secured note principal amount | $ 1,500 | ||||||||
Common Stock | Market Issuance Sales Agreement | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Net proceeds from sale of common stock | $ 2,300 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Jan. 21, 2020 | Jan. 21, 2020renewal_term | Nov. 30, 2016ft²renewal_term | Oct. 31, 2014renewal_term | May 31, 2013ft²renewal_term | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Jul. 01, 2019USD ($) | Jun. 01, 2018ft² | Feb. 28, 2015ft² |
Leases [Line Items] | |||||||||||
Adjustment for operating lease right of use asset | $ 414 | ||||||||||
Adjustment for operating lease liability | $ 414 | ||||||||||
Incremental borrowing rate | 11.00% | 11.00% | 11.00% | ||||||||
Cash payments | $ 96 | $ 191 | |||||||||
Weighted-average remaining lease term for operating leases | 3 years 1 month 6 days | 3 years 1 month 6 days | 3 years 1 month 6 days | ||||||||
1st Detect | |||||||||||
Leases [Line Items] | |||||||||||
Lease, expiration date | Apr. 30, 2020 | ||||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||||||
Number of renewal terms | renewal_term | 2 | ||||||||||
Renewal term | 5 years | ||||||||||
Leased premises, right of first refusal exercised | ft² | 9,138 | ||||||||||
Austin, Texas | |||||||||||
Leases [Line Items] | |||||||||||
Leased premises | ft² | 5,219 | ||||||||||
Lease, expiration date | Dec. 31, 2023 | ||||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||||||
Number of renewal terms | renewal_term | 1 | ||||||||||
Renewal term | 5 years | ||||||||||
Period before expiration of lease that renewal contract must be signed | 8 months | ||||||||||
Webster, Texas | |||||||||||
Leases [Line Items] | |||||||||||
Original lease area of land removed | ft² | 8,118 | ||||||||||
Leased premises remaining area | ft² | 17,560 | ||||||||||
Adjustment for operating lease right of use asset | $ 414 | ||||||||||
Adjustment for operating lease liability | $ 414 | ||||||||||
Webster, Texas | Subsequent Event | |||||||||||
Leases [Line Items] | |||||||||||
Lease, expiration date | Apr. 30, 2021 | Apr. 30, 2021 | |||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | true | |||||||||
Number of renewal terms | renewal_term | 1 | ||||||||||
Renewal term | 1 year | 1 year | |||||||||
Webster, Texas | 1st Detect | Research and Development and Production Facility | |||||||||||
Leases [Line Items] | |||||||||||
Leased premises | ft² | 16,540 | ||||||||||
Lease, expiration date | Jun. 30, 2018 | ||||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||||||
Number of renewal terms | renewal_term | 2 | ||||||||||
Renewal term | 5 years | ||||||||||
Lease term | 62 months | ||||||||||
ASU 2016-02 | |||||||||||
Leases [Line Items] | |||||||||||
Cumulative impact of change in accounting policy | $ 230 |
Leases - Schedule of Condensed
Leases - Schedule of Condensed Consolidated Balance Sheet Classification of Lease Assets and Liabilities (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease right-of-use assets, beginning balance | $ 1,608 |
Current period amortization | (172) |
Adjustment for lease amendment | (414) |
Total operating lease right-of-use asset | 1,022 |
Operating lease liabilities, beginning balance | 1,608 |
Current period reduction | (141) |
Adjustment for lease amendment | (414) |
Total lease liabilities | $ 1,053 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jul. 01, 2019 |
Leases [Abstract] | ||
2020 | $ 196 | |
2021 | 414 | |
2022 | 389 | |
2023 | 219 | |
2024 | 36 | |
Total lease payments | 1,254 | |
Less: imputed interest | 201 | |
Operating lease liability | 1,053 | $ 1,608 |
Operating lease liabilities - current | 301 | |
Operating lease liabilities - non-current | $ 752 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 14 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Jun. 30, 2019 | |
Class Of Stock [Line Items] | |||||||
Net proceeds from sale of common stock | $ 1,272 | $ 2,921 | |||||
Stockholders’ equity | $ 247 | 247 | $ 247 | $ 2,708 | |||
Maximum | |||||||
Class Of Stock [Line Items] | |||||||
Stockholders’ equity | $ 2,500 | $ 2,500 | $ 2,500 | ||||
Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Shares agreed to sell upon agreement | 433,000 | 146,000 | 1,277,000 | ||||
Common Stock | Market Issuance Sales Agreement | |||||||
Class Of Stock [Line Items] | |||||||
Shares agreed to sell upon agreement | 793,668 | ||||||
Net proceeds from sale of common stock | $ 2,300 | ||||||
Average sale price per share | $ 3.04 |
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 | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Numerator: | |||||
Net loss | $ (2,083) | $ (2,160) | $ (4,151) | $ (4,398) | $ (7,500) |
Denominator: | |||||
Denominator for basic and diluted net loss per share — weighted average common stock outstanding | 5,947 | 4,678 | 5,769 | 4,374 | |
Basic and diluted net loss per common share: | |||||
Net loss | $ (0.35) | $ (0.46) | $ (0.72) | $ (1.01) |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) | 6 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase (in shares) | shares | 332,819 |
Exercise price lower range (in dollars per share) | $ 1.85 |
Exercise price upper range (in dollars per share) | $ 8.35 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)Source | |
Revenue From Contract With Customer [Abstract] | ||
Number of revenue resources | Source | 2 | |
Total revenue | $ | $ 205 | $ 206 |
Term Note Payable - Related P_2
Term Note Payable - Related Party - Additional Information (Details) - Secured Promissory Note - Private Placement $ in Millions | Sep. 05, 2019USD ($) |
Debt Instrument [Line Items] | |
Secured note principal amount | $ 1.5 |
Interest on the Note | 11.00% |
Maturity date | Sep. 5, 2020 |
Business Risk and Credit Risk_2
Business Risk and Credit Risk Concentration Involving Cash - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019USD ($)Customer | Dec. 31, 2018Customer | Dec. 31, 2019USD ($)Customer | Dec. 31, 2018Customer | |
Risks And Uncertainties [Abstract] | ||||
Revenue from number of customers | Customer | 1 | 1 | 1 | 1 |
Federal Deposit Insurance Corporation amount per depositor | $ | $ 250 | $ 250 |
Common Stock Compensation - Sto
Common Stock Compensation - Stock Option Activity (Details) shares in Thousands | 6 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 324 |
Granted | shares | 10 |
Exercised | shares | 0 |
Canceled or expired | shares | (1) |
Outstanding, end of period | shares | 333 |
Weighted Average Exercise Price | |
Outstanding, beginning of period | $ / shares | $ 5.71 |
Granted | $ / shares | 1.85 |
Exercised | $ / shares | 0 |
Canceled or expired | $ / shares | 5.30 |
Outstanding, end of period | $ / shares | $ 5.64 |
Common Stock Compensation - Nar
Common Stock Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of options exercisable | $ 0 | $ 0 | ||
Remaining stock-based compensation expense | 76 | $ 76 | ||
Weighted average recognition period on remaining share-based compensation expense | 1 year 10 days | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | 41 | $ 43 | $ 85 | $ 84 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average recognition period on remaining share-based compensation expense | 1 year 11 months 26 days | |||
Compensation expense recognized | 42 | $ 19 | $ 102 | $ 14 |
Remaining stock-based compensation expense | $ 411 | $ 411 |
Common Stock Compensation - S_2
Common Stock Compensation - Stock Options by Exercise Price (Details) | 6 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | $ 1.85 |
Exercise price upper range | $ 8.35 |
Number outstanding | shares | 332,819 |
Options Outstanding Weighted- Average Remaining Contractual Life | 5 years 5 months 4 days |
Weighted average exercise price | $ 5.64 |
Number exercisable | shares | 236,075 |
Options exercisable weighted average exercise price | $ 5.26 |
$1.85 – 3.55 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 1.85 |
Exercise price upper range | $ 3.55 |
Number outstanding | shares | 80,500 |
Options Outstanding Weighted- Average Remaining Contractual Life | 3 years 4 months 17 days |
Weighted average exercise price | $ 3.39 |
Number exercisable | shares | 70,500 |
Options exercisable weighted average exercise price | $ 3.39 |
$5.30 – 5.85 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 5.30 |
Exercise price upper range | $ 5.85 |
Number outstanding | shares | 122,319 |
Options Outstanding Weighted- Average Remaining Contractual Life | 7 years 4 months 9 days |
Weighted average exercise price | $ 5.48 |
Number exercisable | shares | 79,575 |
Options exercisable weighted average exercise price | $ 5.48 |
$6.00 – 8.35 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 6 |
Exercise price upper range | $ 8.35 |
Number outstanding | shares | 130,000 |
Options Outstanding Weighted- Average Remaining Contractual Life | 4 years 10 months 20 days |
Weighted average exercise price | $ 7.19 |
Number exercisable | shares | 86,000 |
Options exercisable weighted average exercise price | $ 6.59 |
Common Stock Compensation - Res
Common Stock Compensation - Restricted Stock (Details) - Restricted Stock shares in Thousands | 6 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 208 |
Granted | shares | 5 |
Vested | shares | (62) |
Canceled or expired | shares | (11) |
Outstanding, end of period | shares | 140 |
Weighted Average Grant-Date Fair Value | |
Outstanding, beginning of period | $ / shares | $ 4.06 |
Granted | $ / shares | 2.47 |
Vested | $ / shares | 3.74 |
Canceled or expired | $ / shares | 3.99 |
Outstanding, end of period | $ / shares | $ 3.97 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2018 | |
Income Tax [Line Items] | ||||||||
Loss before income taxes | $ (2,083,000) | $ (2,160,000) | $ (4,151,000) | $ (4,398,000) | ||||
Effective tax rate for continuing operations | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Federal statutory effective tax rate | 21.00% | 21.00% | ||||||
Alternative minimum tax credit receivable | $ 429,000 | |||||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Forecast | ||||||||
Income Tax [Line Items] | ||||||||
Tax Cuts And Jobs Act Of 2017 Alternative minimum tax credit refundable | $ 107,000 | $ 107,000 | $ 214,000 |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | 6 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Jun. 30, 2019 | |
Segment Reporting [Abstract] | ||
Number of reportable business unit | 1 | 2 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Feb. 13, 2020 | Jan. 21, 2020 | Jan. 21, 2020 | Sep. 05, 2019 | Jan. 07, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||||||
Restricted cash | $ 611,000 | |||||
Secured Promissory Note | Private Placement | ||||||
Subsequent Event [Line Items] | ||||||
Secured note principal amount | $ 1,500,000 | |||||
Interest on the Note | 11.00% | |||||
Maturity date | Sep. 5, 2020 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Restricted cash | $ 122,000 | |||||
Subsequent Event | Secured Promissory Note | Private Placement | ||||||
Subsequent Event [Line Items] | ||||||
Secured note principal amount | $ 1,000,000 | |||||
Interest on the Note | 11.00% | |||||
Maturity date | Sep. 5, 2020 | |||||
Subsequent Event | Webster, Texas | ||||||
Subsequent Event [Line Items] | ||||||
Lease, expiration date | Apr. 30, 2021 | Apr. 30, 2021 | ||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | true | ||||
Renewal term | 1 year | 1 year |