Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2020 | May 13, 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 | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 7,575,464 | |
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 | Mar. 31, 2020 | Jun. 30, 2019 |
Current assets | ||
Cash and cash equivalents | $ 4,660 | $ 1,588 |
Restricted cash | 122 | |
Accounts receivable, net of allowance of $0 | 85 | 3 |
Inventory: | ||
Raw materials | 374 | 150 |
Work-in-process | 155 | 181 |
Finished goods | 64 | |
Income tax receivable | 429 | 429 |
Prepaid expenses and other current assets | 239 | 371 |
Total current assets | 6,128 | 2,722 |
Property and equipment, net | 371 | 469 |
Operating leases, right-of-use assets, net | 937 | |
Long-term tax receivable | 429 | |
Other assets | 72 | 72 |
Total assets | 7,508 | 3,692 |
Current liabilities | ||
Accounts payable | 188 | 160 |
Payroll related accruals | 412 | 319 |
Accrued expenses and other liabilities | 718 | 357 |
Income tax payable | 2 | 2 |
Term note payable - related party | 2,500 | |
Lease liabilities, current | 326 | |
Total current liabilities | 4,146 | 838 |
Lease liabilities, non-current | 711 | |
Other liabilities | 146 | |
Total liabilities | 4,857 | 984 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value, 15,000,000 shares authorized; 7,975,388 and 6,184,698 shares issued at March 31, 2020 and June 30, 2019, respectively; 7,575,742 and 5,775,171 shares outstanding at March 31, 2020 and June 30, 2019, respectively | 190,599 | 190,571 |
Treasury stock, 399,916 shares at cost at March 31, 2020 and June 30, 2019, respectively | (4,129) | (4,129) |
Additional paid-in capital | 13,868 | 7,964 |
Accumulated deficit | (197,687) | (191,698) |
Total stockholders’ equity | 2,651 | 2,708 |
Total liabilities and stockholders’ equity | 7,508 | 3,692 |
Convertible Preferred Stock | ||
Stockholders’ equity | ||
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series C and 280,898 shares of Series D issued and outstanding at March 31, 2020 and June 30, 2019, respectively |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Jun. 30, 2019 |
Accounts receivable net of allowance | $ 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) | 7,975,388 | 6,184,698 |
Common stock, shares outstanding (in shares) | 7,575,742 | 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 | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 118 | $ 0 | $ 324 | $ 40 |
Cost of revenue | 111 | 0 | 307 | 11 |
Gross profit | 7 | 0 | 17 | 29 |
Operating expenses: | ||||
Selling, general and administrative | 1,193 | 1,238 | 3,505 | 3,667 |
Research and development | 814 | 1,026 | 2,608 | 3,027 |
Total operating expenses | 2,007 | 2,264 | 6,113 | 6,694 |
Loss from operations | (2,000) | (2,264) | (6,096) | (6,665) |
Interest and other expense, net | (68) | 12 | (123) | 15 |
Loss from operations before income taxes | (2,068) | (2,252) | (6,219) | (6,650) |
Income tax benefit | 0 | 858 | 0 | 858 |
Net loss | $ (2,068) | $ (1,394) | $ (6,219) | $ (5,792) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 6,107 | 5,467 | 5,934 | 4,734 |
Basic and diluted net loss per common share: | ||||
Net loss | $ (0.34) | $ (0.25) | $ (1.05) | $ (1.22) |
Other comprehensive loss, net of tax: | ||||
Net loss | $ (2,068) | $ (1,394) | $ (6,219) | $ (5,792) |
Available-for-sale securities: | ||||
Reclassification adjustment for realized loss | 0 | 0 | 0 | 31 |
Total comprehensive loss | $ (2,068) | $ (1,394) | $ (6,219) | $ (5,761) |
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 | (5,792) | |||||||
Balance, end of period at Mar. 31, 2019 | 2,361 | $ 190,648 | (4,129) | 5,798 | (189,956) | |||
Balance (in shares) at Mar. 31, 2019 | 5,777 | |||||||
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 | 2,921 | $ 1 | 2,920 | |||||
Issuance of shares (in shares) | 1,277 | |||||||
Stock-based compensation | 45 | 45 | ||||||
Forfeiture of stock options | (1) | (1) | ||||||
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 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares | 998 | 998 | ||||||
Issuance of shares (in shares) | 206 | |||||||
Stock-based compensation | 43 | 43 | ||||||
Restricted stock issuance | 64 | $ 64 | ||||||
Net loss | (1,394) | (1,394) | ||||||
Balance, end of period at Mar. 31, 2019 | 2,361 | $ 190,648 | (4,129) | 5,798 | (189,956) | |||
Balance (in shares) at Mar. 31, 2019 | 5,777 | |||||||
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 | (6,219) | |||||||
Balance, end of period at Mar. 31, 2020 | 2,651 | $ 190,599 | (4,129) | 13,868 | (197,687) | |||
Balance (in shares) at Mar. 31, 2020 | 281 | 281 | 7,575 | |||||
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 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares | 4,377 | $ 1 | 4,376 | |||||
Issuance of shares (in shares) | 1,227 | |||||||
Stock-based compensation | 95 | 95 | ||||||
Net loss | (2,068) | (2,068) | ||||||
Balance, end of period at Mar. 31, 2020 | $ 2,651 | $ 190,599 | $ (4,129) | $ 13,868 | $ (197,687) | |||
Balance (in shares) at Mar. 31, 2020 | 281 | 281 | 7,575 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||||
Stock offering issuance costs | $ 667 | $ 19 | $ 7 | $ 19 | $ 73 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2019 | |
Cash flows from operating activities: | |||||||
Net loss | $ (2,068) | $ (2,068) | $ (1,394) | $ (2,238) | $ (6,219) | $ (5,792) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Stock-based compensation | 282 | 205 | |||||
Depreciation and amortization | 327 | 206 | |||||
Deferred income tax benefit | 0 | (429) | |||||
Net loss on sale of available-for-sale investments | 0 | 31 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (82) | (29) | |||||
Inventory | (262) | 0 | |||||
Income tax receivable | 0 | (429) | |||||
Accounts payable | 28 | 27 | |||||
Other assets and liabilities | 970 | (340) | |||||
Net cash used in operating activities | (4,956) | (6,550) | $ (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 | 2,500 | 0 | |||||
Proceeds from exercise of stock options | 0 | 7 | |||||
Proceeds from issuance of stock, net of offering issuance costs | 5,650 | 3,919 | |||||
Net cash provided by financing activities | 8,150 | 3,925 | |||||
Net change in cash and cash equivalents and restricted cash | 3,194 | 972 | |||||
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 | 4,782 | 1,524 | 4,782 | 1,524 | 1,588 | ||
Reconciliation of cash and cash equivalents and restricted cash at end of period: | |||||||
Cash and cash equivalents | 4,660 | 1,524 | 4,660 | 1,524 | $ 1,588 | ||
Restricted cash | 122 | 0 | 122 | 0 | |||
Total reconciliation of cash and cash equivalents and restricted cash at end of period | $ 4,782 | $ 1,524 | 4,782 | 1,524 | |||
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 | 9 Months Ended |
Mar. 31, 2020 | |
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 nine months ended March 31, 2020 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”) owns and licenses the Astrotech Mass Spectrometer Technology™ (the “AMS Technology™”) st st st 1 st 1 st AgLAB Inc. AgLAB, a licensee of ATI, is developing the AgLAB-1000™ series of mass spectrometers for use in the agriculture market. These systems are being designed for applications in the hemp and cannabis markets to maximize processing efficiencies and to detect pesticides. BreathTech Corporation BreathTech, a licensee of ATI, is developing a breath analysis tool to screen for volatile organic compound (“VOC”) metabolites found in a person’s breath that could indicate they may have an infection, including Coronavirus Disease 2019 (“COVID-19”) or pneumonia. 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 | 9 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Going Concern | Financial Condition The Company’s consolidated financial statements for the three and nine months ended March 31, 2020 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 March 31, 2020, the Company had cash and cash equivalents of $4.7 million and restricted cash of $0.1 million, and working capital was approximately $2.0 million. Restricted cash consists of two 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 $6.2 million for the nine months ended March 31, 2020, 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 $5.0 million for the nine months ended March 31, 2020. 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, raising additional funds through capital markets, debt financing, equity financing, merging, or engaging in a strategic partnership. On February 13, 2020, the Company entered into a private placement transaction with Mr. Thomas B. Pickens III, the Company’s Chairman of the Board and Chief Executive Officer, for the issuance and sale of a secured promissory note to Mr. Pickens with a principal amount of $1.0 million. On March 25, 2020, the Company entered into a securities purchase agreement with certain purchasers named therein, pursuant to which the Company agreed to issue and sell, in a registered direct offering, 354,000 shares of the Company’s common stock, par value $0.001 per share, at an offering price of $ 5.00 per share, resulting in net proceeds of approximately $1.6 million. On March 27, 2020, the Company entered into a second securities purchase agreement with certain purchasers named therein, pursuant to which the Company agreed to issue and sell, in a registered direct offering, 873,335 shares of the Company’s common stock, par value $0.001 per share, at an offering price of $ 3.75 per share, resulting in net proceeds of approximately $2.9 million. T he Company received net proceeds of approximately $2.3 million through the sale of shares of common stock from November 9, 2018 through March 25, 2020 through an “at the market offering” program (the “ATM Offering”), which was terminated on March 25, 2020. 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. COVID-19 In March 2020, the World Health Organization declared COVID-19 a global pandemic. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s business is highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a local and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain. It is possible that the continued spread of COVID-19 could cause disruption in the Company’s supply chain; cause delay, or limit the ability of customers to perform, including in making timely payments to the Company; cause delay in regulatory certification testing of the Company’s instruments; impact investment performance; and cause other unpredictable events. As of the date of issuance of Company’s financial statements, the extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity, or results of operations is uncertain. |
Leases
Leases | 9 Months Ended |
Mar. 31, 2020 | |
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 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. 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. Upon the adoption of Topic 842, the Company’s accounting for financing leases, previously referred to as capital leases, remains substantially unchanged from prior guidance. The balance sheet presentation of the Company’s operating and finance leases is as follows: (In thousands) Classification on the Condensed Consolidated Balance Sheet March 31, 2020 Assets: Operating lease assets Operating leases, right-of-use assets, net $ 937 Financing lease assets Property and equipment, net 52 Total lease assets $ 989 Liabilities: Current: Operating lease obligations Lease liabilities, current $ 317 Financing lease obligations Lease liabilities, current 9 Non-current: Operating lease obligations Lease liabilities, non-current 668 Financing lease obligations Lease liabilities, non-current 43 Total lease liabilities $ 1,037 Future minimum lease payments as of March 31, 2020 under non-cancellable leases are as follows: (In thousands) For the Year Ended June 30, Operating Leases Financing Leases Total 2020 $ 101 $ 3 $ 104 2021 413 12 425 2022 388 12 400 2023 219 12 231 2024 37 12 49 Thereafter — 9 9 Total lease obligations 1,158 60 1,218 Less: imputed interest 173 8 181 Present value of net minimum lease obligations 985 52 1,037 Less: lease liabilities - current 317 9 326 Lease liabilities - non-current $ 668 $ 43 $ 711 Other information as of March 31, 2020 is as follows: Weighted-average remaining lease term (years): Operating leases 2.8 Financing leases 4.9 Weighted-average discount rate: Operating leases 11.0 % Financing leases 6.2 % Cash payments for operating leases for the three and nine months ended March 31, 2020 totaled $96 thousand and $288 thousand, respectively. Cash payments for financing leases for each of the three and nine months ended March 31, 2020 totaled $1 thousand. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | From November 9, 2018 through March 25, 2020, the Company sold 793,668 shares of common stock pursuant to an At-the-Market Issuance Sales Agreement (“ATM Agreement”) with B. Riley FBR, under which B. Riley FBR acted as the sales agent. In connection with the sale of these shares of common stock, the Company received net proceeds of $2.3 million. The weighted-average sale price per share was $3.04. No On March 25, 2020, the Company entered into a securities purchase agreement with certain purchasers named therein, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “Registered Offering No. 1”), 354,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at an offering price of $ per share. On March 27, 2020, the Company entered into a second securities purchase agreement with certain purchasers named therein, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “Registered Offering No. 2”), 873,335 shares of the Company’s Common Stock, at an offering price of $ per share. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Mar. 31, 2020 | |
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 March 31, Nine Months Ended March 31, (In thousands, except per share data) 2020 2019 2020 2019 Numerator: Net loss $ (2,068 ) $ (1,394 ) $ (6,219 ) $ (5,792 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 6,107 5,467 5,934 4,734 Basic and diluted net loss per common share: Net loss $ (0.34 ) $ (0.25 ) $ (1.05 ) $ (1.22 ) All unvested restricted stock awards for the nine months ended March 31, 2020 are not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. Options to purchase 326,153 shares of common stock at exercise prices ranging from $1.85 to $8.35 per share outstanding as of March 31, 2020 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 | 9 Months Ended |
Mar. 31, 2020 | |
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 nine months ended March 31, 2020, the Company had one material revenue source, totaling $118 thousand and $324 thousand, respectively, and revenue was recognized at a point in time consistent with the guidelines in Topic 606. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020, 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 | 9 Months Ended |
Mar. 31, 2020 | |
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 (“Note No. 1”) to Mr. Pickens with a principal amount of $1.5 million. Interest on Note No. 1 shall accrue at 11% per annum. The principal amount and accrued interest on Note No. 1 shall become due and payable on September 5, 2020 (the “Maturity Date”). The Company may prepay the principal amount and all accrued interest on Note No. 1 at any time prior to the Maturity Date. In connection with the issuance of Note No. 1, the Company, along with 1 st On February 13, 2020, the Company entered into a second private placement transaction with Mr. Pickens for the issuance and sale of a secured promissory note (“Note No. 2”) to Mr. Pickens with a principal amount of $1.0 million. Interest on Note No. 2 shall accrue at 11% per annum. The principal amount and accrued interest on Note No. 2 shall become due and payable on the Maturity Date. The Company may prepay the principal amount and all accrued interest on Note No. 2 at any time prior to the Maturity Date. In connection with the issuance of Note No. 2, the Company, along with the Subsidiaries, entered into a second security agreement, dated as of February 13, 2020, with Mr. Pickens (the “Security Agreement No. 2”), pursuant to which the Company and the Subsidiaries granted to Mr. Pickens a security interest in all of the Company’s and the Subsidiaries’ Collateral, as such term is defined in Security Agreement No. 2. In addition, the Subsidiaries jointly and severally agreed to guarantee and act as surety for the Company’s obligation to repay Note No. 2 pursuant to a subsidiary guarantee. |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 9 Months Ended |
Mar. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | During the three and nine months ended March 31, 2020, the Company had one customer that substantially comprised all of the Company’s revenue. During the three and nine months ended March 31, 2019, the Company recognized revenue from one customer. As of March 31, 2020, 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 | 9 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock Compensation | Stock Option Activity Summary The Company’s stock option activity for the nine months ended March 31, 2020, 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 (8 ) 4.07 Outstanding at March 31, 2020 326 $ 5.68 The aggregate intrinsic value of options exercisable at March 31, 2020 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 $33 thousand related to stock options will be recognized over a weighted-average period of 0.57 years. The table below details the Company’s stock options outstanding as of March 31, 2020: 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 76,500 3.03 $ 3.43 66,500 $ 3.43 $5.30 – 5.85 119,653 7.11 5.48 76,909 5.49 $6.00 – 8.35 130,000 4.65 7.19 86,000 6.59 $1.85 – 8.35 326,153 5.17 $ 5.68 229,409 $ 5.31 Compensation costs recognized related to stock option awards were $43 thousand for each of the three months ended March 31, 2020 and 2019, and $128 thousand for each of the nine months ended March 31, 2020 and 2019. Restricted Stock The Company’s restricted stock activity for the nine months ended March 31, 2020, 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 (63 ) 3.77 Canceled or expired (11 ) 3.97 Outstanding at March 31, 2020 139 $ 3.96 Stock compensation expenses related to restricted stock were $52 thousand and $64 thousand for the three months ended March 31, 2020 and 2019, respectively, and $154 thousand and $77 thousand for the nine months ended March 31, 2020, and 2019, respectively. The remaining stock-based compensation expense of $359 thousand related to restricted stock awards granted will be recognized over a weighted-average period of 1.74 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020, the Company established a valuation allowance against all of its net deferred tax assets. For the three months ended March 31, 2020 and 2019, the Company incurred pre-tax losses in the amount of $2.1 million and $2.3 million, respectively. For the nine months ended March 31, 2020 and 2019, the Company incurred pre-tax losses in the amount of $6.2 million and $6.7 million, respectively. The total effective tax rate was approximately 0% for the each of the three and nine months ended March 31, 2020 and 2019. For each of the nine months ended March 31, 2020 and 2019, 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 Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, was signed into law on March 27, 2020. The CARES Act provided certain tax relief measures including the acceleration of the alternative minimum credit previously paid. The CARES Act allows for the acceleration of the refundable AMT credit up to 100% of the AMT credit. In connection with its analysis of the impact of the CARES Act and pursuant to filing the Form 1139, the Company has reclassed the refundable AMT credit of $429K from long-term to short-term receivable and recorded no income tax effects on the other tax relief measures of the CARES Act. 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 nine months ended March 31, 2020 or 2019. 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 | 9 Months Ended |
Mar. 31, 2020 | |
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 | 9 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | The Company currently has one reportable business unit: 1 st st |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events NASDAQ Notice As previously noted by the Company in its Form 10-Q for the fiscal quarter ended December 31, 2019, the Company was not in compliance with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) for continued listing on The Nasdaq Capital Market because the Company’s stockholders’ equity was below the required minimum of $2.5 million at December 31, 2019. On February 18, 2020, the Company received a notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance with the required stockholder’s equity of $2.5 million. The Notice had no immediate effect on the Company’s listing on the Nasdaq Capital Market. On April 14, 2020, the Company submitted a plan to regain compliance with the minimum stockholders’ equity requirement. If the Company’s plan to regain compliance is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the Notice to evidence compliance (the “Compliance Period”). Paycheck Protection Program Loan On April 14, 2020, the Company received the proceeds from a loan in the amount of $541,500 (the “PPP Loan”) from Pioneer Bank SSB (the “Lender”) pursuant to the Paycheck Protection Program (the “PPP”) of the Coronavirus Aid, Relief, and Economic Security Act administered by the U.S. Small Business Administration. The PPP Loan matures on April 1, 2022 and bears interest at a rate of 1.0% per annum. Commencing November 10, 2020, the Company is required to pay the Lender equal monthly payments of principal and interest as necessary to fully amortize by April 1, 2022 the principal amount outstanding on the PPP Loan as of October 14, 2020. The PPP Loan may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The PPP Loan is evidenced by a promissory note dated April 14, 2020, which contains various certifications and agreements related to the PPP, as well customary default and other provisions. |
General Information (Policies)
General Information (Policies) | 9 Months Ended |
Mar. 31, 2020 | |
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 nine months ended March 31, 2020 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”) owns and licenses the Astrotech Mass Spectrometer Technology™ (the “AMS Technology™”) st st st 1 st 1 st AgLAB Inc. AgLAB, a licensee of ATI, is developing the AgLAB-1000™ series of mass spectrometers for use in the agriculture market. These systems are being designed for applications in the hemp and cannabis markets to maximize processing efficiencies and to detect pesticides. BreathTech Corporation BreathTech, a licensee of ATI, is developing a breath analysis tool to screen for volatile organic compound (“VOC”) metabolites found in a person’s breath that could indicate they may have an infection, including Coronavirus Disease 2019 (“COVID-19”) or pneumonia. 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 nine months ended March 31, 2020 or 2019. 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) | 9 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Balance Sheet Presentation of Operating and Finance Leases | The balance sheet presentation of the Company’s operating and finance leases is as follows: (In thousands) Classification on the Condensed Consolidated Balance Sheet March 31, 2020 Assets: Operating lease assets Operating leases, right-of-use assets, net $ 937 Financing lease assets Property and equipment, net 52 Total lease assets $ 989 Liabilities: Current: Operating lease obligations Lease liabilities, current $ 317 Financing lease obligations Lease liabilities, current 9 Non-current: Operating lease obligations Lease liabilities, non-current 668 Financing lease obligations Lease liabilities, non-current 43 Total lease liabilities $ 1,037 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of March 31, 2020 under non-cancellable leases are as follows: (In thousands) For the Year Ended June 30, Operating Leases Financing Leases Total 2020 $ 101 $ 3 $ 104 2021 413 12 425 2022 388 12 400 2023 219 12 231 2024 37 12 49 Thereafter — 9 9 Total lease obligations 1,158 60 1,218 Less: imputed interest 173 8 181 Present value of net minimum lease obligations 985 52 1,037 Less: lease liabilities - current 317 9 326 Lease liabilities - non-current $ 668 $ 43 $ 711 |
Schedule of Other Information | Other information as of March 31, 2020 is as follows: Weighted-average remaining lease term (years): Operating leases 2.8 Financing leases 4.9 Weighted-average discount rate: Operating leases 11.0 % Financing leases 6.2 % |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Basic and Diluted Net Loss Per Share | The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended March 31, Nine Months Ended March 31, (In thousands, except per share data) 2020 2019 2020 2019 Numerator: Net loss $ (2,068 ) $ (1,394 ) $ (6,219 ) $ (5,792 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 6,107 5,467 5,934 4,734 Basic and diluted net loss per common share: Net loss $ (0.34 ) $ (0.25 ) $ (1.05 ) $ (1.22 ) |
Common Stock Compensation (Tabl
Common Stock Compensation (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock Option Activity | The Company’s stock option activity for the nine months ended March 31, 2020, 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 (8 ) 4.07 Outstanding at March 31, 2020 326 $ 5.68 |
Schedule of Stock Options Outstanding | The table below details the Company’s stock options outstanding as of March 31, 2020: 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 76,500 3.03 $ 3.43 66,500 $ 3.43 $5.30 – 5.85 119,653 7.11 5.48 76,909 5.49 $6.00 – 8.35 130,000 4.65 7.19 86,000 6.59 $1.85 – 8.35 326,153 5.17 $ 5.68 229,409 $ 5.31 |
Schedule of Restricted Stock Activity | The Company’s restricted stock activity for the nine months ended March 31, 2020, 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 (63 ) 3.77 Canceled or expired (11 ) 3.97 Outstanding at March 31, 2020 139 $ 3.96 |
General Information - Additiona
General Information - Additional Information (Details) $ in Thousands | Mar. 31, 2020USD ($)Patent | Dec. 31, 2019USD ($) | Jul. 01, 2019USD ($) |
General Information [Line Items] | |||
Number of patents granted | Patent | 37 | ||
Number of additional patents in process | Patent | 5 | ||
ROU asset | $ 937 | ||
Lease obligation | $ 985 | ||
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 - Additional Info
Going Concern - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 27, 2020 | Mar. 25, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2019 | Mar. 25, 2020 | Feb. 13, 2020 | Sep. 05, 2019 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Working capital | $ 2,000 | $ 2,000 | ||||||||
Cash and cash equivalents | 4,660 | $ 1,524 | 4,660 | $ 1,524 | $ 1,588 | |||||
Restricted cash | 122 | 122 | ||||||||
Net loss | $ 2,068 | $ 1,394 | 6,219 | 5,792 | 7,500 | |||||
Net cash used in operating activities | (4,956) | (6,550) | $ (8,500) | |||||||
Net proceeds from sale of common stock | $ 2,900 | $ 1,600 | $ 5,650 | $ 3,919 | ||||||
Issuance of common stock registered direct offering | 873,335 | 354,000 | 7,975,388 | 7,975,388 | 6,184,698 | 354,000 | ||||
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Common stock offering price per share | $ 3.75 | $ 5 | $ 5 | |||||||
Secured Promissory Note | Private Placement | ||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Secured note principal amount | $ 1,000 | $ 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, 2020renewal_term | Nov. 30, 2016ft²renewal_term | Oct. 31, 2014renewal_term | May 31, 2013ft²renewal_term | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Jul. 01, 2019USD ($) | Jun. 01, 2018ft² | Feb. 28, 2015ft² |
Leases [Line Items] | ||||||||||
Cash payments for operating leases | $ | $ 96 | $ 288 | ||||||||
Cash payments for financing leases | $ | $ 1 | $ 1 | ||||||||
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] | ||||||||||
Lease, expiration date | Apr. 30, 2021 | |||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |||||||||
Number of renewal terms | renewal_term | 1 | |||||||||
Renewal term | 1 year | |||||||||
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 | 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 Balance Sh
Leases - Schedule of Balance Sheet Presentation of Operating and Finance Leases (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Assets: | |
Operating leases, right-of-use assets, net | $ 937 |
Financing lease assets | $ 52 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet |
Total lease assets | $ 989 |
Liabilities: | |
Operating lease obligations, Current | $ 317 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityCurrent |
Financing lease obligations, Current | $ 9 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityCurrent |
Operating lease obligations, Non-current | $ 668 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityNoncurrent |
Financing lease obligations, Non-current | $ 43 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityNoncurrent |
Total lease liabilities | $ 1,037 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Operating Leases | |
2020 | $ 101 |
2021 | 413 |
2022 | 388 |
2023 | 219 |
2024 | 37 |
Total lease obligations | 1,158 |
Less: imputed interest | 173 |
Present value of net minimum lease obligations | 985 |
Less: lease liabilities - current | 317 |
Lease liabilities - non-current | 668 |
Financing Leases | |
2020 | 3 |
2021 | 12 |
2022 | 12 |
2023 | 12 |
2024 | 12 |
Thereafter | 9 |
Total lease obligations | 60 |
Less: imputed interest | 8 |
Present value of net minimum lease obligations | 52 |
Less: lease liabilities - current | 9 |
Lease liabilities - non-current | 43 |
Total | |
2020 | 104 |
2021 | 425 |
2022 | 400 |
2023 | 231 |
2024 | 49 |
Thereafter | 9 |
Total lease obligations | 1,218 |
Less: imputed interest | 181 |
Total lease liabilities | 1,037 |
Less: lease liabilities - current | 326 |
Lease liabilities - non-current | $ 711 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information (Details) | Mar. 31, 2020 |
Leases [Abstract] | |
Operating leases, Weighted-average remaining lease term | 2 years 9 months 18 days |
Financing leases, Weighted-average remaining lease term | 4 years 10 months 24 days |
Operating leases, Weighted-average discount rate | 11.00% |
Financing leases, Weighted-average discount rate | 6.20% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 27, 2020 | Mar. 25, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 25, 2020 |
Class Of Stock [Line Items] | ||||||||||
Net proceeds from sale of common stock | $ 2,900 | $ 1,600 | $ 5,650 | $ 3,919 | ||||||
Common stock, par value | $ 3.75 | $ 5 | $ 5 | |||||||
Common Stock | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Shares agreed to sell upon agreement | 1,227,000 | 433,000 | 146,000 | 206,000 | 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 | |||||||||
Additional common stock shares sold | 0 | |||||||||
Common Stock | Securities Purchase Agreement | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Shares agreed to sell upon agreement | 873,335 | 354,000 | ||||||||
Common stock offering price per share | $ 3.75 | $ 5 | 5 | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||
Gross proceeds before deducting agent’s fees and offering expenses | $ 3,275 | $ 1,770 | ||||||||
Warrants | Securities Purchase Agreement | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Warrants issued | 61,133 | 24,780 | 24,780 | |||||||
Percentage of shares sold in offering | 7.00% | 7.00% | ||||||||
Exercise price of warrants | $ 4.6875 | $ 6.25 | $ 6.25 | |||||||
Percentage of per share offering price of shares | 125.00% | 125.00% | ||||||||
Warrants maturity date | Mar. 27, 2025 | Mar. 25, 2025 | Mar. 25, 2025 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Computations of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2019 | |
Numerator: | |||||
Net loss | $ (2,068) | $ (1,394) | $ (6,219) | $ (5,792) | $ (7,500) |
Denominator: | |||||
Denominator for basic and diluted net loss per share — weighted average common stock outstanding | 6,107 | 5,467 | 5,934 | 4,734 | |
Basic and diluted net loss per common share: | |||||
Net loss | $ (0.34) | $ (0.25) | $ (1.05) | $ (1.22) |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) | 9 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase (in shares) | shares | 326,153 |
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 | 9 Months Ended |
Mar. 31, 2020USD ($) | Mar. 31, 2020USD ($)Source | |
Revenue From Contract With Customer [Abstract] | ||
Number of revenue resources | Source | 1 | |
Total revenue | $ | $ 118 | $ 324 |
Term Note Payable - Related P_2
Term Note Payable - Related Party - Additional Information (Details) - Secured Promissory Note - Private Placement - USD ($) $ in Millions | Sep. 05, 2019 | Feb. 13, 2020 |
Debt Instrument [Line Items] | ||
Secured note principal amount | $ 1.5 | $ 1 |
Interest on the Note | 11.00% | 11.00% |
Maturity date | Sep. 5, 2020 |
Business Risk and Credit Risk_2
Business Risk and Credit Risk Concentration Involving Cash - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020USD ($)Customer | Mar. 31, 2019Customer | Mar. 31, 2020USD ($)Customer | Mar. 31, 2019Customer | |
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 - Sch
Common Stock Compensation - Schedule of Stock Option Activity (Details) shares in Thousands | 9 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 324 |
Granted | shares | 10 |
Exercised | shares | 0 |
Canceled or expired | shares | (8) |
Outstanding, end of period | shares | 326 |
Weighted Average Exercise Price | |
Outstanding, beginning of period | $ / shares | $ 5.71 |
Granted | $ / shares | 1.85 |
Exercised | $ / shares | 0 |
Canceled or expired | $ / shares | 4.07 |
Outstanding, end of period | $ / shares | $ 5.68 |
Common Stock Compensation - Add
Common Stock Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of options exercisable | $ 0 | $ 0 | ||
Remaining stock-based compensation expense | 33 | $ 33 | ||
Weighted average recognition period on remaining share-based compensation expense | 6 months 25 days | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | 43 | $ 43 | $ 128 | $ 128 |
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 8 months 26 days | |||
Compensation expense recognized | 52 | $ 64 | $ 154 | $ 77 |
Remaining stock-based compensation expense | $ 359 | $ 359 |
Common Stock Compensation - S_2
Common Stock Compensation - Schedule of Stock Options Outstanding (Details) | 9 Months Ended |
Mar. 31, 2020$ / 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 | 326,153 |
Options Outstanding Weighted- Average Remaining Contractual Life | 5 years 2 months 1 day |
Weighted average exercise price | $ 5.68 |
Number exercisable | shares | 229,409 |
Options exercisable weighted average exercise price | $ 5.31 |
$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 | 76,500 |
Options Outstanding Weighted- Average Remaining Contractual Life | 3 years 10 days |
Weighted average exercise price | $ 3.43 |
Number exercisable | shares | 66,500 |
Options exercisable weighted average exercise price | $ 3.43 |
$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 | 119,653 |
Options Outstanding Weighted- Average Remaining Contractual Life | 7 years 1 month 9 days |
Weighted average exercise price | $ 5.48 |
Number exercisable | shares | 76,909 |
Options exercisable weighted average exercise price | $ 5.49 |
$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 7 months 24 days |
Weighted average exercise price | $ 7.19 |
Number exercisable | shares | 86,000 |
Options exercisable weighted average exercise price | $ 6.59 |
Common Stock Compensation - S_3
Common Stock Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock shares in Thousands | 9 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 208 |
Granted | shares | 5 |
Vested | shares | (63) |
Canceled or expired | shares | (11) |
Outstanding, end of period | shares | 139 |
Weighted Average Grant-Date Fair Value | |
Outstanding, beginning of period | $ / shares | $ 4.06 |
Granted | $ / shares | 2.47 |
Vested | $ / shares | 3.77 |
Canceled or expired | $ / shares | 3.97 |
Outstanding, end of period | $ / shares | $ 3.96 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Mar. 27, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Income Tax [Line Items] | |||||
Loss before income taxes | $ (2,068,000) | $ (2,252,000) | $ (6,219,000) | $ (6,650,000) | |
Effective tax rate for continuing operations | 0.00% | 0.00% | 0.00% | 0.00% | |
Federal statutory effective tax rate | 21.00% | 21.00% | |||
Income tax effects | $ 0 | $ (858,000) | $ 0 | $ (858,000) | |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 | |
CARES Act | |||||
Income Tax [Line Items] | |||||
Percentage of refundable AMT alternative minimum tax | 100.00% | ||||
Refundable tax credit due to AMT credits | $ 429,000 | ||||
Income tax effects | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Details) - segment | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Jun. 30, 2019 | |
Segment Reporting [Abstract] | ||
Number of reportable business unit | 1 | 2 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Apr. 14, 2020 | Mar. 31, 2020 |
Subsequent Event [Line Items] | ||
Description of listing compliance | On February 18, 2020, the Company received a notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance with the required stockholder’s equity of $2.5 million. | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Compliance period | 180 days | |
Subsequent Event | PPP Loan | Pioneer Bank SSB | ||
Subsequent Event [Line Items] | ||
Proceeds from loan | $ 541,500 | |
Interest rate on loan | 1.00% | |
Maturity date of loan | Apr. 1, 2022 | |
Debt instrument, frequency of periodic payment | monthly | |
Debt instrument, payment terms | Commencing November 10, 2020, the Company is required to pay the Lender equal monthly payments of principal and interest as necessary to fully amortize by April 1, 2022 the principal amount outstanding on the PPP Loan as of October 14, 2020. The PPP Loan may be prepaid by the Company at any time prior to maturity with no prepayment penalties. |