Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2021 | Feb. 07, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | Astrotech Corporation | |
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, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 49,569,113 | |
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 | 2105 Donley Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78758 | |
City Area Code | 512 | |
Local Phone Number | 485-9530 | |
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, 2021 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 30,170 | $ 35,936 |
Short-term investments | 27,106 | 27,351 |
Accounts receivable | 92 | 5 |
Inventory, net: | ||
Raw materials | 1,135 | 1,056 |
Work-in-process | 2 | 147 |
Finished goods | 277 | 297 |
Prepaid expenses and other current assets | 516 | 318 |
Total current assets | 59,298 | 65,110 |
Property and equipment, net | 870 | 263 |
Operating leases, right-of-use assets, net | 206 | 249 |
Other assets | 11 | 11 |
Total assets | 60,385 | 65,633 |
Current liabilities | ||
Accounts payable | 90 | 396 |
Payroll related accruals | 741 | 344 |
Accrued expenses and other liabilities | 853 | 888 |
Income tax payable | 2 | 2 |
Term note payable - related party | 500 | 2,500 |
Lease liabilities, current | 227 | 81 |
Total current liabilities | 2,413 | 4,211 |
Lease liabilities, net of current portion | 421 | 215 |
Total liabilities | 2,834 | 4,426 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value, 250,000,000 and 50,000,000 shares authorized at December 31, 2021 and June 30, 2021, respectively; 49,514,467 and 49,450,558 shares issued and outstanding at December 31, 2021 and June 30, 2021, respectively | 190,641 | 190,641 |
Additional paid-in capital | 78,769 | 77,971 |
Accumulated deficit | (211,591) | (207,382) |
Accumulated other comprehensive loss | (268) | (23) |
Total stockholders’ equity | 57,551 | 61,207 |
Total liabilities and stockholders’ equity | 60,385 | 65,633 |
Convertible Preferred Stock | ||
Stockholders’ equity | ||
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at December 31, 2021 and June 30, 2021 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Jun. 30, 2021 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 250,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 49,514,467 | 49,450,558 |
Common stock, shares outstanding (in shares) | 49,514,467 | 49,450,558 |
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 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, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 561 | $ 130 | $ 748 | $ 270 |
Cost of revenue | 441 | 128 | 616 | 241 |
Gross profit | 120 | 2 | 132 | 29 |
Operating expenses: | ||||
Selling, general and administrative | 1,728 | 803 | 3,154 | 1,729 |
Research and development | 652 | 758 | 1,291 | 1,367 |
Disposal of corporate lease | 544 | |||
Total operating expenses | 2,380 | 1,561 | 4,445 | 3,640 |
Loss from operations | (2,260) | (1,559) | (4,313) | (3,611) |
Other income and (expense), net | 80 | (63) | 104 | (122) |
Loss from operations before income taxes | (2,180) | (1,622) | (4,209) | (3,733) |
Income tax benefit | 0 | 0 | 0 | 0 |
Net loss | $ (2,180) | $ (1,622) | $ (4,209) | $ (3,733) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 47,482 | 15,864 | 47,455 | 11,769 |
Basic and diluted net loss per common share: | ||||
Net loss | $ (0.05) | $ (0.10) | $ (0.09) | $ (0.32) |
Other comprehensive loss, net of tax: | ||||
Net loss | $ (2,180) | $ (1,622) | $ (4,209) | $ (3,733) |
Available-for-sale securities: | ||||
Net unrealized loss | (197) | (245) | ||
Total comprehensive loss | $ (2,377) | $ (1,622) | $ (4,454) | $ (3,733) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Stock Series D | Common Stock | Treasury Stock Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Balance, beginning of period at Jun. 30, 2020 | $ 625 | $ 190,599 | $ (4,129) | $ 13,934 | $ (199,779) | ||
Balance (in shares) at Jun. 30, 2020 | 281 | 7,850 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock offering costs | (2) | (2) | |||||
Stock-based compensation | 49 | 49 | |||||
Restricted stock cancellation | (5) | (5) | |||||
Restricted stock cancellation (in shares) | (6) | ||||||
Net loss | (2,111) | (2,111) | |||||
Balance, end of period at Sep. 30, 2020 | (1,444) | $ 190,599 | (4,129) | 13,976 | (201,890) | ||
Balance (in shares) at Sep. 30, 2020 | 281 | 7,844 | |||||
Balance, beginning of period at Jun. 30, 2020 | 625 | $ 190,599 | (4,129) | 13,934 | (199,779) | ||
Balance (in shares) at Jun. 30, 2020 | 281 | 7,850 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (3,733) | ||||||
Balance, end of period at Dec. 31, 2020 | 18,810 | $ 190,610 | (4,129) | 35,841 | (203,512) | ||
Balance (in shares) at Dec. 31, 2020 | 281 | 18,541 | |||||
Balance, beginning of period at Sep. 30, 2020 | (1,444) | $ 190,599 | (4,129) | 13,976 | (201,890) | ||
Balance (in shares) at Sep. 30, 2020 | 281 | 7,844 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of stock, net of offering costs | 21,830 | $ 11 | 21,819 | ||||
Issuance of stock, net of offering costs (in shares) | 10,714 | ||||||
Stock-based compensation | 47 | 47 | |||||
Restricted stock cancellation | (1) | (1) | |||||
Restricted stock cancellation (in shares) | (17) | ||||||
Net loss | (1,622) | (1,622) | |||||
Balance, end of period at Dec. 31, 2020 | 18,810 | $ 190,610 | $ (4,129) | 35,841 | (203,512) | ||
Balance (in shares) at Dec. 31, 2020 | 281 | 18,541 | |||||
Balance, beginning of period at Jun. 30, 2021 | 61,207 | $ 190,641 | 77,971 | (207,382) | $ (23) | ||
Balance (in shares) at Jun. 30, 2021 | 281 | 49,451 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net change in available-for-sale marketable securities | (48) | (48) | |||||
Stock-based compensation | 359 | 359 | |||||
Net loss | (2,029) | (2,029) | |||||
Balance, end of period at Sep. 30, 2021 | 59,489 | $ 190,641 | 78,330 | (209,411) | (71) | ||
Balance (in shares) at Sep. 30, 2021 | 281 | 49,451 | |||||
Balance, beginning of period at Jun. 30, 2021 | 61,207 | $ 190,641 | 77,971 | (207,382) | (23) | ||
Balance (in shares) at Jun. 30, 2021 | 281 | 49,451 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (4,209) | ||||||
Balance, end of period at Dec. 31, 2021 | 57,551 | $ 190,641 | 78,769 | (211,591) | (268) | ||
Balance (in shares) at Dec. 31, 2021 | 281 | 49,514 | |||||
Balance, beginning of period at Sep. 30, 2021 | 59,489 | $ 190,641 | 78,330 | (209,411) | (71) | ||
Balance (in shares) at Sep. 30, 2021 | 281 | 49,451 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net change in available-for-sale marketable securities | (197) | (197) | |||||
Stock-based compensation | 439 | 439 | |||||
Stock-based compensation (in shares) | 63 | ||||||
Net loss | (2,180) | (2,180) | |||||
Balance, end of period at Dec. 31, 2021 | $ 57,551 | $ 190,641 | $ 78,769 | $ (211,591) | $ (268) | ||
Balance (in shares) at Dec. 31, 2021 | 281 | 49,514 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | ||||
Net loss | $ (2,180) | $ (1,622) | $ (4,209) | $ (3,733) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation, net of forfeitures | 798 | 90 | ||
Depreciation and amortization | 94 | 141 | ||
Loss on disposal of assets | 0 | 173 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | (87) | 6 | ||
Inventory, net | 86 | 88 | ||
Income tax receivable | 0 | 429 | ||
Accounts payable | (306) | (11) | ||
Other assets and liabilities | 140 | 325 | ||
Net cash used in operating activities | (3,484) | (2,492) | ||
Cash flows from investing activities: | ||||
Purchases of property and equipment | (264) | (16) | ||
Net cash used in investing activities | (264) | (16) | ||
Cash flows from financing activities: | ||||
Repayment of related party debt | (2,000) | 0 | ||
Payments on lease financing | (15) | (3) | (18) | (6) |
Proceeds from issuance of stock, net of offering issuance costs | 0 | 21,828 | ||
Net cash (used in) provided by financing activities | (2,018) | 21,822 | ||
Net change in cash and cash equivalents | (5,766) | 19,314 | ||
Cash and cash equivalents at beginning of period | 35,936 | 3,349 | ||
Cash and cash equivalents at end of period | 30,170 | 22,663 | 30,170 | 22,663 |
Reconciliation of cash and cash equivalents and restricted cash at end of period: | ||||
Cash and cash equivalents | 30,170 | 22,121 | 30,170 | 22,121 |
Restricted cash | 0 | 542 | 0 | 542 |
Total | $ 30,170 | $ 22,663 | 30,170 | 22,663 |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | 3 | 0 | ||
Income taxes paid | 0 | 0 | ||
Acquisition of equipment through financing lease | $ 394 | $ 0 |
General Information
General Information | 6 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General Information | (1) General Information Description of the Company – Astrotech Corporation (Nasdaq: ASTC) (“Astrotech,” the “Company,” “we,” “us,” or “our”), a Delaware corporation organized in 1984, is a mass spectrometry company that launches, manages, and commercializes scalable companies based on its innovative core technology. 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 three and six months ended December 31, 2021 are not necessarily indicative of the results that may be expected for the year ending June 30, 2022. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021. Certain prior year amounts have been reclassified to conform to the current year presentation. Accounting Pronouncements – In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, “Government Assistance (Topic 832)” (“ASU 2021-10”), which enhances disclosure of transactions with governments that are accounted for by applying a grant or contribution model. The new pronouncement requires entities to provide information about the nature of the transaction, terms and conditions associated with the transaction, and financial statement line items affected by the transaction. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021. The Company does not expect the adoption of ASU 2021-10 to have a material impact on its financial statements. Our Business Units Astrotech Technologies, Inc. Astrotech Technologies, Inc. (“ATI”) owns and licenses , the platform mass spectrometry technology originally developed by 1 st st along with extensive trade secrets. With a number of diverse market opportunities for the core technology, ATI is structured to license the intellectual property for different fields of use. ATI currently licenses the AMS Technology to three wholly-owned subsidiaries of Astrotech on an exclusive basis, including to 1 st 1 st 1 st In order to sell the TRACER 1000 to airport and cargo security customers in the European Union and certain other countries, ECAC certification is required. We are currently selling the TRACER 1000 to customers who accept ECAC certification. In the United States, the Company is working with the U.S. Transportation Security Administration (“TSA”) towards air cargo certification. On March 27, 2018, the Company announced that the TRACER 1000 was accepted into TSA’s Air Cargo Screening Technology Qualification Test (“ACSQT”) and, on April 4, 2018, the Company announced that the TRACER 1000 was beginning testing with TSA for passenger screening at airports. On November 14, 2019, the Company announced that the TRACER 1000 had been selected by the TSA’s Innovation Task Force to conduct live checkpoint screening at Miami International Airport. With similar protocols as ECAC testing, the Company has received valuable feedback from all programs. Following ECAC certification and the Company's early traction within the cargo market, testing for cargo security continued with the TSA. With the COVID-19 pandemic, all testing within the TSA was put on hold; however, the Company resumed cargo testing during the summer of 2020, and the Company subsequently announced on September 9, 2020 that the TRACER 1000 passed the non-detection testing portion of the TSA’s ACSQT. Due to continued delays caused by COVID -19 , TSA cargo detection testing is ongoing but proceeding much more slowly than anticipated . As a result, efforts are primarily focused on the Company’s other opportunities. TSA cargo detection testing is the final step to be listed on the Air Cargo Screening Technology List (“ACSTL”) as an “approved” device. If approved, the TRACER 1000 will be approved for cargo sales in the United States. On August 25, 2021, 1 st AgLAB Inc. AgLAB, an exclusive licensee of ATI for the agriculture market, has developed the AgLAB-1000™ series of mass spectrometers for use in the hemp and cannabis market with initial focus on optimizing yields in the extraction and distillation process. The AgLAB product line is a derivative of the Company’s core AMS Technology. The AMS Technology provides a significant competitive advantage due to its small size, rugged design, quick analysis, and ease of use. BreathTech Corporation BreathTech, an exclusive licensee of ATI for use in breath analysis, is developing the BreathTest-1000 ™ VOC”) metabolites found in a person’s breath that could indicate they may have an infection, including COVID-19 or pneumonia. While vaccines have been deployed to prevent the transmission of COVID-19, only a fraction of the world has been vaccinated and new variants continue to pose a significant and evolving threat. New tools to aid in the battle against COVID-19 remain of the utmost importance to help defeat the disease, and BreathTech, in conjunction with Cleveland Clinic, are developing a quick and easy to use device to help aid in preventing the further spread of the disease. Development of the BreathTest-1000 follows the Company’s results in pre-clinical trials for the BreathDetect-1000™, a rapid self-serve breathalyzer that was designed to detect bacterial infections in the respiratory tract, including pneumonia. The pre-clinical trials were conducted in collaboration with UT Health San Antonio in 2017. |
Investments
Investments | 6 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | (2) Investments The following tables summarize gains and losses related to the Company’s investments as of December 31, 2021 and June 30, 2021: December 31, 2021 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 19,998 $ — $ (179 ) $ 19,819 ETFs - Corporate & Government Debt 7,376 — (89 ) 7,287 Total $ 27,374 $ — $ (268 ) $ 27,106 June 30, 2021 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 19,998 $ — $ (13 ) $ 19,985 ETFs - Corporate & Government Debt 7,376 — (10 ) 7,366 Total $ 27,374 $ — $ (23 ) $ 27,351 |
Leases
Leases | 6 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | (3) Leases On April 27, 2021, Astrotech entered into a new lease for a research and development facility of approximately 5,960 square feet in Austin, Texas that includes a laboratory, a small production shop, and offices for staff, although many of the Company’s employees continue to work remotely. The lease commenced on June 1, 2021 and has a lease term of 36 months. On August 3, 2020, the Company terminated its office lease of 5,219 square feet in Austin, Texas that housed executive management, finance and accounting, sales, and marketing and communications. The lease began in November 2016 and was originally set to expire in December 2023 Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not 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. The balance sheet presentation of the Company’s operating and finance leases is as follows: (In thousands) Classification on the Condensed Consolidated Balance Sheet December 31, 2021 Assets: Operating lease assets Operating leases, right-of-use assets, net $ 206 Financing lease assets Property and equipment, net 516 Total lease assets $ 722 Liabilities: Current: Operating lease obligations Lease liabilities, current $ 92 Financing lease obligations Lease liabilities, current 135 Non-current: Operating lease obligations Lease liabilities, non-current 138 Financing lease obligations Lease liabilities, non-current 283 Total lease liabilities $ 648 Future minimum lease payments under non-cancellable leases are as follows: (In thousands) For the Year Ended June 30, Operating Leases Financing Leases Total 2022 $ 52 $ 77 $ 129 2023 103 154 257 2024 93 154 247 2025 — 67 67 2026 — — — Thereafter — — — Total lease obligations 248 452 700 Less: imputed interest 18 34 52 Present value of net minimum lease obligations 230 418 648 Less: lease liabilities - current 92 135 227 Lease liabilities - non-current $ 138 $ 283 $ 421 Other information as of December 31, 2021 is as follows: Weighted-average remaining lease term (years): Operating leases 2.4 Financing leases 3.0 Weighted-average discount rate: Operating leases 6.4 % Financing leases 5.3 % Cash payments for operating leases for the three months ended December 31, 2021 and 2020 totaled $25 thousand and $53 thousand, respectively. Cash payments for operating leases for the six months ended December 31, 2021 and 2020 totaled $35 thousand and $123 thousand, respectively. Cash payments for financing leases for the three months ended December 31, 2021 and 2020 totaled $15 thousand and $3 thousand, respectively. Cash payments for financing leases for the six months ended December 31, 2021 and 2020 totaled $18 thousand and $6 thousand, respectively. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (4) Property and Equipment As of December 31, 2021 and June 30, 2021, property and equipment, net consisted of the following: (In thousands) December 31, 2021 June 30, 2021 Furniture, fixtures, equipment & leasehold improvements $ 1,289 $ 535 Software 264 315 Capital improvements in progress — 187 Gross property and equipment 1,553 1,037 Accumulated depreciation and amortization (683 ) (774 ) Property and equipment, net $ 870 $ 263 Depreciation and amortization expense of property and equipment for the three months ended December 31, 2021 and 2020 was $34 thousand and $15 thousand, respectively. Depreciation and amortization expense of property and equipment for the six months ended December 31, 2021 and 2020 was $51 thousand and $37 thousand, respectively. On August 3, 2020, the Company terminated its corporate office lease in Austin, Texas and wrote-off the remaining net book value of the related leasehold improvement assets in the amount of $229 thousand. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | (5) Stockholders’ Equity Preferred Stock The Company has issued 280,898 shares of Series D convertible preferred stock (“Series D Preferred Shares”), all of which are issued and outstanding. Series D Preferred Shares are convertible to common stock on a one-to-one basis. Series D Preferred Shares are not callable by the Company. The holder of the preferred stock is entitled to receive, and we shall pay, dividends on shares equal to and in the same form as dividends actually paid on shares of common stock when, and if, such dividends are paid on shares of common stock. No other dividends are paid on the preferred shares. Preferred shares have no voting rights. Upon liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary, the preferred shares have preference over common stock. The holder of Series D Preferred Shares has the option to convert said shares to common stock at the holder’s discretion. The holder of the preferred stock previously agreed with the Company that they would not convert the preferred stock until such time as the amendment to the Certificate of Incorporation (the “2020 Certificate Amendment”) was accepted for filing with the state of Delaware, which occurred in October 2021. Warrants A summary of the common stock warrant activity for the six months ended December 31, 2021 is presented below: Number of Shares Underlying Warrants (In thousands) Weighted Average Exercise Price Aggregate Fair Market Value at Issuance (In thousands) Weighted Average Remaining Contractual Term (Years) Outstanding June 30, 2021 2,393 $ 2.40 $ 3,747 4.63 Warrants issued — — — — Warrants exercised — — — — Warrants expired — — — — Outstanding December 31, 2021 2,393 $ 2.40 $ 3,747 4.10 The Company has made an immaterial error correction to the table above to reflect the correct weighted average exercise price and weighted average remaining contractual term reported as of June 30, 2021. Management evaluated the materiality of the error, both quantitatively and qualitatively, and concluded that it was not material to the financial statements of any period presented. T he following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants (In thousands) Issue Date Classification Exercise Price Expiration Date December 31, 2021 June 30, 2021 March 26, 2020 Equity $ 6.25 March 25, 2025 25 25 March 30, 2020 Equity $ 4.69 March 27, 2025 61 61 October 23, 2020 Equity $ 2.88 October 21, 2025 470 470 October 28, 2020 Equity $ 2.69 October 28, 2025 173 173 February 16, 2021 Equity $ 4.06 February 11, 2026 171 171 April 12, 2021 Equity $ 1.88 April 7, 2026 1,493 1,493 Total Outstanding 2,393 2,393 Nasdaq Compliance On December 21, 2021, the Company received a deficiency letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market LLC (“NASDAQ”) notifying the Company of its failure to maintain compliance with the $1.00 per share of common stock minimum closing bid price requirement over the preceding 30 consecutive business days as required by Marketplace Rule 5550(a)(2). The letter stated that the Company has 180 calendar days, or until June 20, 2022, to regain compliance. If at any time during this 180-day period the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of ten consecutive business days, the Company’s compliance will be regained. In the event the Company does not regain compliance in that period, it may be eligible to apply for an additional 180 calendar days to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market, with the exception of the bid price requirement. The Company will also need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to the NASDAQ staff that the Company will neither be able nor otherwise eligible to cure the deficiency, it may be subject to delisting by NASDAQ. The Company has not yet determined what action, if any, it will take in response to this letter, although the Company intends to monitor the closing bid price of its common stock between now and June 19, 2022, and to consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with The NASDAQ Capital Market minimum closing bid price requirement. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | (6) Net Loss per Share Basic net loss per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method and the if-converted method. Potentially dilutive common shares include outstanding stock options and share-based awards. The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended December 31, Six Months Ended December 31, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ (2,180 ) $ (1,622 ) $ (4,209 ) $ (3,733 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 47,482 15,864 47,455 11,769 Basic and diluted net loss per common share: Net loss $ (0.05 ) $ (0.10 ) $ (0.09 ) $ (0.32 ) All unvested restricted stock awards for the six months ended December 31, 2021 are not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. Options to purchase 152,532 shares of common stock at exercise prices ranging from $1.85 to $6.00 per share outstanding as of December 31, 2021 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, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | (7) Revenue Recognition Astrotech recognizes revenue employing the generally accepted revenue recognition methodologies described under the provisions of Accounting Standards Codification (“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 six months ended December 31, 2021, the Company had two revenue sources that comprised all of its revenue. Revenue was recognized at a point in time consistent with the guidelines in Topic 606. Contract Assets and Liabilities. The Company enters into contracts to sell products and provide services, and it recognizes contract assets and liabilities that arise from these transactions. The Company recognizes revenue and corresponding accounts receivable according to Topic 606 and, at times, recognizes revenue in advance of the time when contracts give us the right to invoice a customer. The Company may also receive consideration, per the terms of a contract, from customers prior to transferring goods to the customer. The Company records customer deposits as deferred revenue. Additionally, the Company may receive payments, most typically for service and warranty contracts, at the onset of the contract and before services have been performed. In such instances, the Company records a deferred revenue liability. The Company recognizes these contract liabilities as sales after all revenue recognition criteria are met. Practical Expedients. In cases where the Company is responsible for shipping after the customer has obtained control of the goods, the Company has elected to treat the shipping activities as fulfillment activities rather than as a separate performance obligation. Additionally, the Company has elected to capitalize the cost to obtain a contract only if the period of amortization would be longer than one year. The Company only gives consideration to whether a customer agreement has a financing component if the period of time between transfer of goods and services and customer payment is greater than one year. Product Sales. T he Company recognizes revenue from sales of products upon shipment or delivery when control of the product transfers to the customer, depending on the terms of each sale, and when collection is probable. In the circumstance where terms of a product sale include subjective customer acceptance criteria, revenue is deferred until the Company has achieved the acceptance criteria unless the customer acceptance criteria are perfunctory or inconsequential. T he Company generally offers customers payment terms of 60 days or less. Freight. T he Company records shipping and handling fees that it charges to its customers as revenue and related costs as cost of revenue. Multiple Performance Obligations. Certain agreements with customers include the sale of equipment involving multiple elements in cases where obligations in a contract are distinct and thus require separation into multiple performance obligations, revenue recognition guidance requires that contract consideration be allocated to each distinct performance obligation based on its relative standalone selling price. The value allocated to each performance obligation is then recognized as revenue when the revenue recognition criteria for each distinct promise or bundle of promises has been met. The standalone selling price for each performance obligation is an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the good or service. When there is only one performance obligation associated with a contract, the entire amount of consideration is attributed to that obligation. When a contract contains multiple performance obligations, the standalone selling price is first estimated using the observable price, which is generally a list price net of applicable discount or the price used to sell the good or service in similar circumstances. In circumstances when a selling price is not directly observable, the Company will estimate the standalone selling price using information available to it including its market assessment and expected cost, plus margin. The timetable for fulfilment of each of the distinct performance obligations can range from completion in a short amount of time and entirely within a single reporting period to completion over several reporting periods. The timing of revenue recognition for each performance obligation may be dependent upon several milestones, including physical delivery of equipment, completion of site acceptance test, and in the case of after-market consumables and service deliverables, the passage of time. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | (8) Fair Value Measurement ASC Topic 820 “Fair Value Measurement” (“Topic 820”) defines fair value, establishes a market-based framework or hierarchy for measuring fair value, and expands disclosures about fair value measurements. Topic 820 is applicable whenever assets and liabilities are measured and included in the financial statements at fair value. The fair value hierarchy established in Topic 820 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. The following tables present the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of December 31, 2021 and June 30, 2021: December 31, 2021 Available-for-Sale Carrying Fair Value Measured Using Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Mutual Funds - Corporate & Government Debt $ 19,819 $ 19,819 $ — $ — $ 19,819 ETFs - Corporate & Government Debt 7,287 7,287 — — 7,287 Total $ 27,106 $ 27,106 $ — $ — $ 27,106 June 30, 2021 Available-for-Sale Carrying Fair Value Measured Using Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Mutual Funds - Corporate & Government Debt $ 19,985 $ 19,985 $ — $ — $ 19,985 ETFs - Corporate & Government Debt 7,366 7,366 — — 7,366 Total $ 27,351 $ 27,351 $ — $ — $ 27,351 The value of available-for-sale investments is based on pricing from third-party pricing vendors, who use quoted prices in active markets for identical assets (Level 1 inputs). |
Debt
Debt | 6 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | (9) Debt 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 to Mr. Pickens with a principal amount of $1.5 million (the “2019 Note”), and on February 13, 2020, the Company entered into a second private placement transaction with Mr. Pickens for the issuance and sale of a second secured promissory note to Mr. Pickens with a principal amount of $1.0 million (the “2020 Note” and, collectively with the 2019 Note, the “Original Notes”). Interest on the Original Notes accrued at 11% per annum. The principal amount and accrued interest on the Original Notes originally were to become due and payable on September 5, 2020; however, on August 24, 2020, the Company and Mr. Pickens agreed to extend the date of maturity of the Original Notes and payment of accrued interest to September 5, 2021 (the “Original Maturity Date”). The Company had the option to prepay the principal amount and all accrued interest on the Original Notes at any time prior to the Original Maturity Date. In connection with the issuance of the Original Notes, the Company, along with 1 st On September 3, 2021, the Company entered into (1) the Omnibus Amendment to the Secured Promissory Notes (the “Amended Notes”) with Mr. Pickens, in connection with the Original Notes, and (2) the Omnibus Amendment to the Security Agreements (the “Amended Security Agreements”, and together with the Amended Notes, the “Amendments”) with the Subsidiaries, in connection with the Original Security Agreements. Pursuant to the Amendments, (a) the principal amount of $1.0 million and accrued interest of $172 thousand on the 2020 Note was paid in full and the 2020 Note was cancelled, and (b) $1.0 million of the principal amount and $330 thousand of accrued interest on the 2019 Note was paid and the maturity date on the remaining balance of $500 thousand of the 2019 Note was extended to September 5, 2022 (the “Amended Maturity Date”). In addition, the Subsidiaries jointly and severally agreed to guarantee and act as surety for the Company’s obligation to repay the remaining balance on the 2019 Note pursuant to subsidiary guarantees, dated September 5, 2019 and February 13, 2020, respectively, as amended by the Omnibus Amendments to Subsidiary Guarantees, dated August 24, 2020 and September 3, 2021, respectively (the Omnibus Amendment to Subsidiary Guarantees dated September 3, 2021, the “Amended Subsidiary Guarantee”). The Subsidiary Guaranty with respect to the 2020 Note was also cancelled by the Amended Subsidiary Guarantee due to the 2020 Note being repaid in full. |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 6 Months Ended |
Dec. 31, 2021 | |
Risks And Uncertainties [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | (10) Business Risk and Credit Risk Concentration Involving Cash For the each of the three and six months ended December 31, 2021, the Company had two customers that comprised all of the Company’s revenue. 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. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (11) Stock-Based Compensation Stock Option Activity Summary The Company’s stock option activity for the six months ended December 31, 2021 is as follows: Shares (In thousands) Weighted Average Exercise Price Outstanding at June 30, 2021 275 $ 5.25 Granted — — Exercised — — Canceled or expired (122 ) 4.96 Outstanding at December 31, 2021 153 $ 5.41 The aggregate intrinsic value of options exercisable at December 31, 2021 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 $1 thousand related to stock options will be recognized over a weighted-average period of 0.78 years. The table below details the Company’s stock options outstanding as of December 31, 2021: Range of exercise prices Number Outstanding (In thousands) Options Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable (In thousands) Options Exercisable Weighted- Average Exercise Price $1.85 – 2.83 13 6.74 $ 2.08 10 $ 2.15 $5.00 – 5.85 88 5.36 5.55 88 5.55 $6.00 – 6.00 52 0.64 6.00 52 6.00 $1.85 – 6.00 153 3.87 $ 5.41 150 $ 5.49 Compensation costs recognized related to stock option awards were $0 for each of the three months ended December 31, 2021, and 2020 and $1 thousand for each of the six months ended December 31, 2021 and 2020. Restricted Stock The Company’s restricted stock activity for the six months ended December 31, 2021, is as follows: Shares (In thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2021 $ 2,023 $ 2.05 Granted — — Vested (28 ) 3.39 Canceled or expired — — Outstanding at December 31, 2021 $ 1,995 $ 2.03 Stock compensation expenses related to restricted stock were $439 thousand and $46 thousand for the three months ended December 31, 2021, and 2020, respectively, and $797 thousand and $90 thousand for the six months ended December 31, 2021 and 2020, respectively. The remaining stock-based compensation expense of $3.0 million related to restricted stock awards granted will be recognized over a weighted-average period of 2.23 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are more likely than not to be realized. As of December 31, 2021, the Company established a valuation allowance against all of its net deferred tax assets. For the three months ended December 31, 2021 and 2020, the Company incurred pre-tax losses in the amount of $2.2 million and $1.6 million, respectively. For the six months ended December 31, 2021 and 2020, the Company incurred pre-tax losses in the amount of $4.2 million and $3.7 million, respectively. The total effective tax rate was approximately 0% For each of the six months ended December 31, 2021 and 2020, the Company’s effective tax rate differed from the federal statutory rate of 21% The Coronavirus Aid, Relief, and Economic Security Act (“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 tax (“AMT”) credit previously paid. The CARES Act allows for the acceleration of the refundable AMT credit up to 100% of the AMT credit. In response to the impact of the CARES Act, the Company received the remaining AMT credit of $429 thousand for AMT previously paid during the three months ended September 30, 2020. 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 currently has approximately $300 thousand of uncertain tax positions as of December 31, 2021, all of which are accounted as contra-deferred tax assets. The Company does not expect any significant changes to its uncertain tax positions in the coming 12 months. 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 2001 through present for federal purposes and fiscal years ended 2006 through present for state purposes. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (13) Commitments and Contingencies The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company establishes reserves for the estimated losses on specific contingent liabilities, for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, the Company is not able to make a reasonable estimate of liability because of the uncertainties related to the outcome or the amount or range of potential loss. Litigation, Investigations, and Audits On April 15, 2021, a putative stockholder of the Company commenced a class action and derivative lawsuit in the Delaware Court of Chancery, Stein v. Pickens, et al., C.A. No. 2021-0322-JRS (the “Stein Action”), in which it was alleged, among other things, that the Company improperly included broker non-votes in the tabulation of votes counted in favor to approve an amendment to the Company’s Certificate of Incorporation (the “2020 Certificate Amendment”) and, thus the 2020 Certificate Amendment was defective. The Company investigated those allegations and does not believe that the filing and effectiveness of the 2020 Certificate Amendment was either invalid or ineffective. Nevertheless, to resolve any uncertainty, on April 30, 2021, the Company filed a validation proceeding in the Delaware Court of Chancery, In re Astrotech Corporation, C.A. No. 2021-0380-JRS, pursuant to Section 205 of the Delaware General Corporation Law. On October 6, 2021, the Delaware Court of Chancery granted the Company’s request and confirmed and validated the 2020 Certificate Amendment. Thereafter, a settlement in principle was reached with the Plaintiffs in the Stein Action and the parties to the Stein Action presently anticipate presenting the settlement for approval in the first half of 2022. Further information regarding the Stein Action and the Section 205 Action is provided in the Schedule 14A proxy statement amendment and supplement filed by the Company with the SEC on April 29, 2021. |
Segment Information
Segment Information | 6 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | (14) Segment Information The Company has determined that it does not meet the criteria of ASC 280 “Segment Reporting” because the Company’s subsidiaries represent Company brands that leverage the same core technology rather than independent operating segments. Furthermore, restatement of prior results is not necessary as they would mirror the consolidated results. |
Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic | 6 Months Ended |
Dec. 31, 2021 | |
Impact Of Covid Nineteen Pandemic [Abstract] | |
Impact of COVID-19 Pandemic | (15) Impact of COVID-19 Pandemic The Company has taken what it believes are necessary precautions to safeguard its employees from the COVID-19 pandemic. The Company continues to follow the Centers for Disease Control and Prevention’s (“CDC”) guidance and the recommendations and restrictions provided by state and local authorities. All of the Company’s employees who do not work in a lab setting are currently on a telecommunication work arrangement and have been able to successfully work remotely. The Company’s lab requires in-person staffing, and the Company has been able to continue to operate its lab. There can be no assurance, however, that key employees will not become ill or that the Company will be able to continue to operate its labs. To date, the Company has seen delays with respect to the TSA certification process and parts of its supply chain, particularly the impact of the global semiconductor and electronics shortage, which has now resulted in product pricing inflation. In addition, although passenger demand for air travel has rebounded, the overall recovery of the airline industry and ancillary services remains highly uncertain and is dependent upon, among other things, the number of cases declining around the globe, public health impacts of new COVID-19 variants, the continued administration of vaccines to unvaccinated populations, and the duration of immunity granted by vaccines. The Company continues to manage production, to secure alternative supplies, and to take other proactive actions. The Company believes that it will be able to pass the inflation caused by raw materials shortages and increased shipping costs to its customers by increasing the price of its instruments. If supply chain shortages become more severe or longer term in nature, business and results of operations could be adversely impacted; however, does not expect this issue to materially adversely affect its liquidity position. The long-term impact of the COVID-19 pandemic on business may not be fully reflected until future periods. The Company continues to evaluate the current and potential impact of the pandemic on its business, results of operations, and consolidated financial statements. The Company also continues to actively monitor developments and business conditions that may cause it to take further actions that alter business operations as may be required by applicable authorities or that it determines are in the best interests of its employees, customers, suppliers, and stockholders. CARES Act On March 27, 2020, the CARES Act was enacted. The CARES Act, among other things, includes provisions relating to refundable payroll taxes, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. The most significant relief measures which the Company qualified for are a loan pursuant to the Paycheck Protection Program for which the Company has received full forgiveness, alternative minimum tax credit refunds, employee retention credit, and payroll tax deferral. The payroll tax deferral was effective from the enactment date through December 31, 2020, and the deferred amount will be repaid in installments. % of the deferred amount has been paid as of December 31, 2021, and the remainder will be due by December 31, 2022. The deferred payroll taxes are recorded within accrued liabilities on the condensed consolidated balance sheets. The Company will continue to assess the treatment of the CARES Act to the extent additional guidance and regulations are issued, the further applicability of the CARES Act to the Company, and the potential impacts on the business. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (16) Subsequent Events The Company has analyzed its operations subsequent to December 31, 2021 to the date these unaudited condensed consolidated financial statements were issued and has determined that it does not have any material subsequent events to disclose in these unaudited condensed consolidated financial statements. |
General Information (Policies)
General Information (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
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 three and six months ended December 31, 2021 are not necessarily indicative of the results that may be expected for the year ending June 30, 2022. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021. Certain prior year amounts have been reclassified to conform to the current year presentation. |
Accounting Pronouncements | Accounting Pronouncements – In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-10, “Government Assistance (Topic 832)” (“ASU 2021-10”), which enhances disclosure of transactions with governments that are accounted for by applying a grant or contribution model. The new pronouncement requires entities to provide information about the nature of the transaction, terms and conditions associated with the transaction, and financial statement line items affected by the transaction. ASU 2021-10 is effective for fiscal years beginning after December 15, 2021. The Company does not expect the adoption of ASU 2021-10 to have a material impact on its financial statements. |
Our Business Units | Our Business Units Astrotech Technologies, Inc. Astrotech Technologies, Inc. (“ATI”) owns and licenses , the platform mass spectrometry technology originally developed by 1 st st along with extensive trade secrets. With a number of diverse market opportunities for the core technology, ATI is structured to license the intellectual property for different fields of use. ATI currently licenses the AMS Technology to three wholly-owned subsidiaries of Astrotech on an exclusive basis, including to 1 st 1 st 1 st In order to sell the TRACER 1000 to airport and cargo security customers in the European Union and certain other countries, ECAC certification is required. We are currently selling the TRACER 1000 to customers who accept ECAC certification. In the United States, the Company is working with the U.S. Transportation Security Administration (“TSA”) towards air cargo certification. On March 27, 2018, the Company announced that the TRACER 1000 was accepted into TSA’s Air Cargo Screening Technology Qualification Test (“ACSQT”) and, on April 4, 2018, the Company announced that the TRACER 1000 was beginning testing with TSA for passenger screening at airports. On November 14, 2019, the Company announced that the TRACER 1000 had been selected by the TSA’s Innovation Task Force to conduct live checkpoint screening at Miami International Airport. With similar protocols as ECAC testing, the Company has received valuable feedback from all programs. Following ECAC certification and the Company's early traction within the cargo market, testing for cargo security continued with the TSA. With the COVID-19 pandemic, all testing within the TSA was put on hold; however, the Company resumed cargo testing during the summer of 2020, and the Company subsequently announced on September 9, 2020 that the TRACER 1000 passed the non-detection testing portion of the TSA’s ACSQT. Due to continued delays caused by COVID -19 , TSA cargo detection testing is ongoing but proceeding much more slowly than anticipated . As a result, efforts are primarily focused on the Company’s other opportunities. TSA cargo detection testing is the final step to be listed on the Air Cargo Screening Technology List (“ACSTL”) as an “approved” device. If approved, the TRACER 1000 will be approved for cargo sales in the United States. On August 25, 2021, 1 st AgLAB Inc. AgLAB, an exclusive licensee of ATI for the agriculture market, has developed the AgLAB-1000™ series of mass spectrometers for use in the hemp and cannabis market with initial focus on optimizing yields in the extraction and distillation process. The AgLAB product line is a derivative of the Company’s core AMS Technology. The AMS Technology provides a significant competitive advantage due to its small size, rugged design, quick analysis, and ease of use. BreathTech Corporation BreathTech, an exclusive licensee of ATI for use in breath analysis, is developing the BreathTest-1000 ™ VOC”) metabolites found in a person’s breath that could indicate they may have an infection, including COVID-19 or pneumonia. While vaccines have been deployed to prevent the transmission of COVID-19, only a fraction of the world has been vaccinated and new variants continue to pose a significant and evolving threat. New tools to aid in the battle against COVID-19 remain of the utmost importance to help defeat the disease, and BreathTech, in conjunction with Cleveland Clinic, are developing a quick and easy to use device to help aid in preventing the further spread of the disease. Development of the BreathTest-1000 follows the Company’s results in pre-clinical trials for the BreathDetect-1000™, a rapid self-serve breathalyzer that was designed to detect bacterial infections in the respiratory tract, including pneumonia. The pre-clinical trials were conducted in collaboration with UT Health San Antonio in 2017. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Available-for-Sale Securities | The following tables summarize gains and losses related to the Company’s investments as of December 31, 2021 and June 30, 2021: December 31, 2021 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 19,998 $ — $ (179 ) $ 19,819 ETFs - Corporate & Government Debt 7,376 — (89 ) 7,287 Total $ 27,374 $ — $ (268 ) $ 27,106 June 30, 2021 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 19,998 $ — $ (13 ) $ 19,985 ETFs - Corporate & Government Debt 7,376 — (10 ) 7,366 Total $ 27,374 $ — $ (23 ) $ 27,351 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021 Assets: Operating lease assets Operating leases, right-of-use assets, net $ 206 Financing lease assets Property and equipment, net 516 Total lease assets $ 722 Liabilities: Current: Operating lease obligations Lease liabilities, current $ 92 Financing lease obligations Lease liabilities, current 135 Non-current: Operating lease obligations Lease liabilities, non-current 138 Financing lease obligations Lease liabilities, non-current 283 Total lease liabilities $ 648 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases are as follows: (In thousands) For the Year Ended June 30, Operating Leases Financing Leases Total 2022 $ 52 $ 77 $ 129 2023 103 154 257 2024 93 154 247 2025 — 67 67 2026 — — — Thereafter — — — Total lease obligations 248 452 700 Less: imputed interest 18 34 52 Present value of net minimum lease obligations 230 418 648 Less: lease liabilities - current 92 135 227 Lease liabilities - non-current $ 138 $ 283 $ 421 |
Schedule of Other Information | Other information as of December 31, 2021 is as follows: Weighted-average remaining lease term (years): Operating leases 2.4 Financing leases 3.0 Weighted-average discount rate: Operating leases 6.4 % Financing leases 5.3 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, net | As of December 31, 2021 and June 30, 2021, property and equipment, net consisted of the following: (In thousands) December 31, 2021 June 30, 2021 Furniture, fixtures, equipment & leasehold improvements $ 1,289 $ 535 Software 264 315 Capital improvements in progress — 187 Gross property and equipment 1,553 1,037 Accumulated depreciation and amortization (683 ) (774 ) Property and equipment, net $ 870 $ 263 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Common Stock Warrant Activity | A summary of the common stock warrant activity for the six months ended December 31, 2021 is presented below: Number of Shares Underlying Warrants (In thousands) Weighted Average Exercise Price Aggregate Fair Market Value at Issuance (In thousands) Weighted Average Remaining Contractual Term (Years) Outstanding June 30, 2021 2,393 $ 2.40 $ 3,747 4.63 Warrants issued — — — — Warrants exercised — — — — Warrants expired — — — — Outstanding December 31, 2021 2,393 $ 2.40 $ 3,747 4.10 |
Schedule of Warrants Outstanding | T he following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants (In thousands) Issue Date Classification Exercise Price Expiration Date December 31, 2021 June 30, 2021 March 26, 2020 Equity $ 6.25 March 25, 2025 25 25 March 30, 2020 Equity $ 4.69 March 27, 2025 61 61 October 23, 2020 Equity $ 2.88 October 21, 2025 470 470 October 28, 2020 Equity $ 2.69 October 28, 2025 173 173 February 16, 2021 Equity $ 4.06 February 11, 2026 171 171 April 12, 2021 Equity $ 1.88 April 7, 2026 1,493 1,493 Total Outstanding 2,393 2,393 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
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 December 31, Six Months Ended December 31, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ (2,180 ) $ (1,622 ) $ (4,209 ) $ (3,733 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 47,482 15,864 47,455 11,769 Basic and diluted net loss per common share: Net loss $ (0.05 ) $ (0.10 ) $ (0.09 ) $ (0.32 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Carrying Amounts, Estimated Fair Values, and Valuation Input Levels of Certain Financial Instruments | The following tables present the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of December 31, 2021 and June 30, 2021: December 31, 2021 Available-for-Sale Carrying Fair Value Measured Using Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Mutual Funds - Corporate & Government Debt $ 19,819 $ 19,819 $ — $ — $ 19,819 ETFs - Corporate & Government Debt 7,287 7,287 — — 7,287 Total $ 27,106 $ 27,106 $ — $ — $ 27,106 June 30, 2021 Available-for-Sale Carrying Fair Value Measured Using Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Mutual Funds - Corporate & Government Debt $ 19,985 $ 19,985 $ — $ — $ 19,985 ETFs - Corporate & Government Debt 7,366 7,366 — — 7,366 Total $ 27,351 $ 27,351 $ — $ — $ 27,351 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
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, 2021 is as follows: Shares (In thousands) Weighted Average Exercise Price Outstanding at June 30, 2021 275 $ 5.25 Granted — — Exercised — — Canceled or expired (122 ) 4.96 Outstanding at December 31, 2021 153 $ 5.41 |
Schedule of Stock Options Outstanding | The table below details the Company’s stock options outstanding as of December 31, 2021: Range of exercise prices Number Outstanding (In thousands) Options Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable (In thousands) Options Exercisable Weighted- Average Exercise Price $1.85 – 2.83 13 6.74 $ 2.08 10 $ 2.15 $5.00 – 5.85 88 5.36 5.55 88 5.55 $6.00 – 6.00 52 0.64 6.00 52 6.00 $1.85 – 6.00 153 3.87 $ 5.41 150 $ 5.49 |
Schedule of Restricted Stock Activity | The Company’s restricted stock activity for the six months ended December 31, 2021, is as follows: Shares (In thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2021 $ 2,023 $ 2.05 Granted — — Vested (28 ) 3.39 Canceled or expired — — Outstanding at December 31, 2021 $ 1,995 $ 2.03 |
General Information - Additiona
General Information - Additional Information (Details) | Dec. 31, 2021USD ($)Patent |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of patents granted | 24 |
Number of additional patents in process | 2 |
Number of wholly-owned subsidiaries | $ | 3 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Adjusted Cost | $ 27,374 | $ 27,374 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (268) | (23) |
Fair Value | 27,106 | 27,351 |
Mutual Funds - Corporate & Government Debt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Adjusted Cost | 19,998 | 19,998 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (179) | (13) |
Fair Value | 19,819 | 19,985 |
ETFs - Corporate & Government Debt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Adjusted Cost | 7,376 | 7,376 |
Unrealized Gain | 0 | 0 |
Unrealized Loss | (89) | (10) |
Fair Value | $ 7,287 | $ 7,366 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Apr. 27, 2021ft² | Nov. 30, 2016ft² | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 03, 2020USD ($) |
Leases [Line Items] | |||||||
Cash payments for operating leases | $ 25 | $ 53 | $ 35 | $ 123 | |||
Cash payments for financing leases | $ 15 | $ 3 | $ 18 | $ 6 | |||
Austin, Texas | |||||||
Leases [Line Items] | |||||||
Leased premises | ft² | 5,219 | ||||||
Lease, expiration date | Dec. 31, 2023 | ||||||
Decrease in operating lease right-of-use asset | $ 539 | ||||||
Decrease in operating lease liability | $ 506 | ||||||
Austin, Texas | Research and Development Facility | |||||||
Leases [Line Items] | |||||||
Leased premises | ft² | 5,960 | ||||||
Lease term | 36 months | ||||||
Lease Commencement Date | Jun. 1, 2021 |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Assets: | ||
Operating leases, right-of-use assets, net | $ 206 | $ 249 |
Financing lease assets | $ 516 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherAssets | |
Total lease assets | $ 722 | |
Liabilities: | ||
Operating lease obligations, Current | $ 92 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilitiesCurrent | |
Financing lease obligations, Current | $ 135 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilitiesCurrent | |
Operating lease obligations, Non-current | $ 138 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Financing lease obligations, Non-current, Operating lease obligations, Non-current | |
Financing lease obligations, Non-current | $ 283 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Financing lease obligations, Non-current, Operating lease obligations, Non-current | |
Total lease liabilities | $ 648 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Leases [Abstract] | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | us-gaap:OtherLiabilities | |
Operating Leases | ||
2022 | $ 52 | |
2023 | 103 | |
2024 | 93 | |
Total lease obligations | 248 | |
Less: imputed interest | 18 | |
Present value of net minimum lease obligations | 230 | |
Less: lease liabilities - current | 92 | |
Lease liabilities - non-current | 138 | |
Financing Leases | ||
2022 | 77 | |
2023 | 154 | |
2024 | 154 | |
2025 | 67 | |
Total lease obligations | 452 | |
Less: imputed interest | 34 | |
Present value of net minimum lease obligations | 418 | |
Less: lease liabilities - current | 135 | |
Lease liabilities - non-current | 283 | |
Total | ||
2022 | 129 | |
2023 | 257 | |
2024 | 247 | |
2025 | 67 | |
Total lease obligations | 700 | |
Less: imputed interest | 52 | |
Total lease liabilities | 648 | |
Less: lease liabilities - current | 227 | $ 81 |
Lease liabilities - non-current | $ 421 | $ 215 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information (Details) | Dec. 31, 2021 |
Leases [Abstract] | |
Operating leases, Weighted-average remaining lease term | 2 years 4 months 24 days |
Financing leases, Weighted-average remaining lease term | 3 years |
Operating leases, Weighted-average discount rate | 6.40% |
Financing leases, Weighted-average discount rate | 5.30% |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 1,553 | $ 1,037 |
Accumulated depreciation and amortization | (683) | (774) |
Property and equipment, net | 870 | 263 |
Furniture, Fixtures, Equipment & Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 1,289 | 535 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 264 | 315 |
Capital Improvements in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 187 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | Aug. 03, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization expense | $ 34 | $ 15 | $ 51 | $ 37 | |
Austin, Texas | |||||
Property, Plant and Equipment [Line Items] | |||||
Write off of net leasehold improvement assets | $ 229 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2021 | |
Class Of Stock [Line Items] | ||
Other dividends, preferred shares | $ 0 | |
Preferred stock, voting rights | Preferred shares have no voting rights. | |
Description of Nasdaq compliance | On December 21, 2021, the Company received a deficiency letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market LLC (“NASDAQ”) notifying the Company of its failure to maintain compliance with the $1.00 per share of common stock minimum closing bid price requirement over the preceding 30 consecutive business days as required by Marketplace Rule 5550(a)(2). The letter stated that the Company has 180 calendar days, or until June 20, 2022, to regain compliance. If at any time during this 180-day period the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of ten consecutive business days, the Company’s compliance will be regained. In the event the Company does not regain compliance in that period, it may be eligible to apply for an additional 180 calendar days to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The NASDAQ Capital Market, with the exception of the bid price requirement. The Company will also need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to the NASDAQ staff that the Company will neither be able nor otherwise eligible to cure the deficiency, it may be subject to delisting by NASDAQ. The Company has not yet determined what action, if any, it will take in response to this letter, although the Company intends to monitor the closing bid price of its common stock between now and June 19, 2022, and to consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with The NASDAQ Capital Market minimum closing bid price requirement. | |
Failure to maintain common stock minimum closing bid price | $ 1 | |
Compliance regain calendar days | 180 days | |
Closing bid price period | 180 days | |
Minimum closing bid price per share | $ 1 | |
Additional compliance regain calendar days | 180 days | |
Series D Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Preferred stock, shares issued (in shares) | 280,898 | 280,898 |
Preferred stock, shares outstanding (in shares) | 280,898 | 280,898 |
Preferred shares convertible to common stock | one-to-one basis |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Warrant Activity (Details) - Warrants - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2020 | |
Class Of Stock [Line Items] | ||
Number of Shares Underlying Warrants, Outstanding June 30, 2021 | 2,393,000 | |
Number of Shares Underlying Warrants, Outstanding December 31, 2021 | 2,393,000 | |
Weighted Average Exercise Price, Outstanding June 30, 2021 | $ 2.40 | |
Weighted Average Exercise Price, Outstanding December 31, 2021 | $ 2.40 | |
Aggregate Fair Market Value at Issuance, Outstanding June 30, 2021 | $ 3,747 | |
Aggregate Fair Market Value at Issuance, Outstanding December 31, 2021 | $ 3,747 | |
Weighted Average Remaining Contractual Term (Years), Outstanding | 4 years 1 month 6 days | 4 years 7 months 17 days |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Warrants Outstanding (Details) - $ / shares | Apr. 12, 2021 | Feb. 16, 2021 | Oct. 28, 2020 | Oct. 23, 2020 | Mar. 30, 2020 | Mar. 26, 2020 | Dec. 31, 2021 | Jun. 30, 2021 |
Warrants issued on March 26, 2020 | ||||||||
Class Of Stock [Line Items] | ||||||||
Issue Date | Mar. 26, 2020 | |||||||
Classification | Equity | |||||||
Exercise Price | $ 6.25 | |||||||
Expiration Date | Mar. 25, 2025 | |||||||
Number of Shares Underlying Warrants | 25,000 | 25,000 | ||||||
Warrants issued on March 30, 2020 | ||||||||
Class Of Stock [Line Items] | ||||||||
Issue Date | Mar. 30, 2020 | |||||||
Classification | Equity | |||||||
Exercise Price | $ 4.69 | |||||||
Expiration Date | Mar. 27, 2025 | |||||||
Number of Shares Underlying Warrants | 61,000 | 61,000 | ||||||
Warrants issued on October 23, 2020 | ||||||||
Class Of Stock [Line Items] | ||||||||
Issue Date | Oct. 23, 2020 | |||||||
Classification | Equity | |||||||
Exercise Price | $ 2.88 | |||||||
Expiration Date | Oct. 21, 2025 | |||||||
Number of Shares Underlying Warrants | 470,000 | 470,000 | ||||||
Warrants issued on October 28, 2020 | ||||||||
Class Of Stock [Line Items] | ||||||||
Issue Date | Oct. 28, 2020 | |||||||
Classification | Equity | |||||||
Exercise Price | $ 2.69 | |||||||
Expiration Date | Oct. 28, 2025 | |||||||
Number of Shares Underlying Warrants | 173,000 | 173,000 | ||||||
Warrants issued on February 16, 2021 | ||||||||
Class Of Stock [Line Items] | ||||||||
Issue Date | Feb. 16, 2021 | |||||||
Classification | Equity | |||||||
Exercise Price | $ 4.06 | |||||||
Expiration Date | Feb. 11, 2026 | |||||||
Number of Shares Underlying Warrants | 171,000 | 171,000 | ||||||
Warrants issued on April 12, 2021 | ||||||||
Class Of Stock [Line Items] | ||||||||
Issue Date | Apr. 12, 2021 | |||||||
Classification | Equity | |||||||
Exercise Price | $ 1.88 | |||||||
Expiration Date | Apr. 7, 2026 | |||||||
Number of Shares Underlying Warrants | 1,493,000 | 1,493,000 | ||||||
Warrants | ||||||||
Class Of Stock [Line Items] | ||||||||
Number of Shares Underlying Warrants | 2,393,000 | 2,393,000 |
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 | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | ||||
Net loss | $ (2,180) | $ (1,622) | $ (4,209) | $ (3,733) |
Denominator: | ||||
Denominator for basic and diluted net loss per share — weighted average common stock outstanding | 47,482 | 15,864 | 47,455 | 11,769 |
Basic and diluted net loss per common share: | ||||
Net loss | $ (0.05) | $ (0.10) | $ (0.09) | $ (0.32) |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Details) | 6 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase (in shares) | shares | 152,532 |
Exercise price lower range | $ 1.85 |
Exercise price upper range | $ 6 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) | 6 Months Ended |
Dec. 31, 2021Source | |
Revenue From Contract With Customer [Abstract] | |
Number of revenue resources | 2 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Carrying Amounts, Estimated Fair Values, and Valuation Input Levels of Certain Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Jun. 30, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 27,106 | $ 27,351 |
Mutual Funds - Corporate & Government Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 19,819 | 19,985 |
ETFs - Corporate & Government Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 7,287 | 7,366 |
Carrying Amount | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 27,106 | 27,351 |
Carrying Amount | Mutual Funds - Corporate & Government Debt | Corporate & Government Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 19,819 | 19,985 |
Carrying Amount | ETFs - Corporate & Government Debt | Corporate & Government Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 7,287 | 7,366 |
Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 27,106 | 27,351 |
Fair Value | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 27,106 | 27,351 |
Fair Value | Mutual Funds - Corporate & Government Debt | Corporate & Government Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 19,819 | 19,985 |
Fair Value | Mutual Funds - Corporate & Government Debt | Level 1 | Corporate & Government Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 19,819 | 19,985 |
Fair Value | ETFs - Corporate & Government Debt | Corporate & Government Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | 7,287 | 7,366 |
Fair Value | ETFs - Corporate & Government Debt | Level 1 | Corporate & Government Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value | $ 7,287 | $ 7,366 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | Sep. 03, 2021 | Aug. 24, 2020 | Sep. 05, 2019 | Feb. 13, 2020 |
2019 Secured Promissory Note | ||||
Debt Instrument [Line Items] | ||||
Repayments of note | $ 1,000 | |||
Debt instrument, payment of accrued interest | 330 | |||
Notes payable | $ 500 | |||
2019 Secured Promissory Note | Private Placement | ||||
Debt Instrument [Line Items] | ||||
Secured note principal amount | $ 1,500 | |||
Interest on the Note | 11.00% | |||
Maturity date | Sep. 5, 2020 | |||
Extended maturity date | Sep. 5, 2021 | |||
2020 Secured Promissory Note | ||||
Debt Instrument [Line Items] | ||||
Extended maturity date | Sep. 5, 2022 | |||
Repayments of note | $ 1,000 | |||
Debt instrument, payment of accrued interest | $ 172 | |||
2020 Secured Promissory Note | Private Placement | ||||
Debt Instrument [Line Items] | ||||
Secured note principal amount | $ 1,000 | |||
Interest on the Note | 11.00% |
Business Risk and Credit Risk_2
Business Risk and Credit Risk Concentration Involving Cash - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Dec. 31, 2021USD ($)Customer | Dec. 31, 2021USD ($)Customer | |
Risks And Uncertainties [Abstract] | ||
Revenue from number of customers | Customer | 2 | 2 |
Federal Deposit Insurance Corporation amount per depositor | $ | $ 250 | $ 250 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) shares in Thousands | 6 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 275 |
Canceled or expired | shares | (122) |
Outstanding, end of period | shares | 153 |
Weighted Average Exercise Price | |
Outstanding, beginning of period | $ / shares | $ 5.25 |
Canceled or expired | $ / shares | 4.96 |
Outstanding, end of period | $ / shares | $ 5.41 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of options exercisable | $ 0 | $ 0 | ||
Remaining stock-based compensation expense | 1 | $ 1 | ||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average recognition period on remaining share-based compensation expense | 9 months 10 days | |||
Compensation expense recognized | 0 | $ 0 | $ 1 | $ 1 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average recognition period on remaining share-based compensation expense | 2 years 2 months 23 days | |||
Compensation expense recognized | 439 | $ 46 | $ 797 | $ 90 |
Remaining stock-based compensation expense | $ 3,000 | $ 3,000 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Stock Options Outstanding (Details) shares in Thousands | 6 Months Ended |
Dec. 31, 2021$ / 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 | $ 6 |
Number outstanding | shares | 153 |
Options Outstanding Weighted- Average Remaining Contractual Life | 3 years 10 months 13 days |
Weighted average exercise price | $ 5.41 |
Number exercisable | shares | 150 |
Options exercisable weighted average exercise price | $ 5.49 |
$1.85 – 2.83 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 1.85 |
Exercise price upper range | $ 2.83 |
Number outstanding | shares | 13 |
Options Outstanding Weighted- Average Remaining Contractual Life | 6 years 8 months 26 days |
Weighted average exercise price | $ 2.08 |
Number exercisable | shares | 10 |
Options exercisable weighted average exercise price | $ 2.15 |
$5.00 – 5.85 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 5 |
Exercise price upper range | $ 5.85 |
Number outstanding | shares | 88 |
Options Outstanding Weighted- Average Remaining Contractual Life | 5 years 4 months 9 days |
Weighted average exercise price | $ 5.55 |
Number exercisable | shares | 88 |
Options exercisable weighted average exercise price | $ 5.55 |
$6.00 – 6.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 6 |
Exercise price upper range | $ 6 |
Number outstanding | shares | 52 |
Options Outstanding Weighted- Average Remaining Contractual Life | 7 months 20 days |
Weighted average exercise price | $ 6 |
Number exercisable | shares | 52 |
Options exercisable weighted average exercise price | $ 6 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock shares in Thousands | 6 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 2,023 |
Vested | shares | (28) |
Outstanding, end of period | shares | 1,995 |
Weighted Average Grant-Date Fair Value | |
Outstanding, beginning of period | $ / shares | $ 2.05 |
Vested | $ / shares | 3.39 |
Outstanding, end of period | $ / shares | $ 2.03 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Mar. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax [Line Items] | ||||||
Loss before income taxes | $ (2,180,000) | $ (1,622,000) | $ (4,209,000) | $ (3,733,000) | ||
Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% | ||
Federal statutory rate | 21.00% | 21.00% | ||||
Uncertain tax positions | $ 0 | $ 0 | ||||
Uncertain tax positions are accounted as contra deferred tax assets | $ 300,000 | $ 300,000 | ||||
CARES Act | ||||||
Income Tax [Line Items] | ||||||
Refundable tax credit due to AMT credits | $ 429,000 | |||||
CARES Act | Maximum | ||||||
Income Tax [Line Items] | ||||||
Percentage of refundable AMT credit | 100.00% |