Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | 7-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ASTROTECH Corp \WA\ | ' |
Entity Central Index Key | '0001001907 | ' |
Trading Symbol | 'astc | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 19,820,387 |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $4,552 | $5,096 |
Accounts receivable, net | 2,146 | 5,317 |
Prepaid expenses and other current assets | 540 | 503 |
Total current assets | 7,238 | 10,916 |
Property and equipment, net | 35,590 | 37,035 |
Other assets, net | 35 | 51 |
Total assets | 42,863 | 48,002 |
Current liabilities | ' | ' |
Accounts payable | 264 | 2,488 |
Accrued liabilities and other | 1,968 | 2,430 |
Deferred revenue | 3,197 | 1,304 |
Term note payable | 5,753 | 387 |
Total current liabilities | 11,182 | 6,609 |
Deferred revenue | 237 | 64 |
Other liabilities | 164 | 194 |
Term note payable, net of current portion | ' | 5,655 |
Total liabilities | 11,583 | 12,522 |
Stockholders' equity | ' | ' |
Preferred stock, no par value, convertible, 2,500,000 authorized shares, no issued and outstanding shares, at March 31, 2014 and June 30, 2013 | ' | ' |
Common stock, no par value, 75,000,000 shares authorized; 19,812,054 and 19,781,721 shares issued at March 31, 2014 and June 30, 2013 | 183,813 | 183,782 |
Treasury stock, 311,660 shares at cost | -237 | -237 |
Additional paid-in capital | 788 | 987 |
Accumulated deficit | -155,981 | -151,840 |
Noncontrolling interest | 2,897 | 2,788 |
Total stockholders' equity | 31,280 | 35,480 |
Total liabilities and stockholders' equity | $42,863 | $48,002 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' |
Preferred stock, shares authorized | 2,500,000 | 2,500,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value (in dollars per share) | ' | ' |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 19,812,054 | 19,781,721 |
Treasury stock, shares at cost | 311,660 | 311,660 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $1,556 | $4,565 | $10,783 | $14,815 |
Cost of revenue | 2,308 | 2,550 | 8,076 | 10,581 |
Gross profit (loss) | -752 | 2,015 | 2,707 | 4,234 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 1,593 | 1,758 | 5,540 | 5,341 |
Research and development | 645 | 459 | 1,801 | 1,494 |
Total operating expenses | 2,238 | 2,217 | 7,341 | 6,835 |
Loss from operations | -2,990 | -202 | -4,634 | -2,601 |
Interest and other expense, net | -61 | -36 | -178 | -121 |
Loss before income taxes | -3,051 | -238 | -4,812 | -2,722 |
Income tax expense | -2 | ' | -9 | ' |
Net loss | -3,053 | -238 | -4,821 | -2,722 |
Less: Net loss attributable to noncontrolling interest | -216 | -125 | -681 | -382 |
Net loss attributable to Astrotech Corporation | ($2,837) | ($113) | ($4,140) | ($2,340) |
Net loss per share attributable to Astrotech Corporation, basic (in dollars per share) | ($0.15) | ($0.01) | ($0.21) | ($0.12) |
Weighted average common shares outstanding, basic (in shares) | 19,486 | 19,463 | 19,479 | 19,279 |
Net loss per share attributable to Astrotech Corporation, diluted (in dollars per share) | ($0.15) | ($0.01) | ($0.21) | ($0.12) |
Weighted average common shares outstanding, diluted (in shares) | 19,486 | 19,463 | 19,479 | 19,279 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net loss | ($4,821) | ($2,722) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Stock-based compensation | 605 | 16 |
Depreciation and amortization | 1,736 | 1,552 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 3,171 | 952 |
Deferred revenue | 2,066 | 325 |
Accounts payable | -2,224 | -2,796 |
Other assets and liabilities | -499 | 1,705 |
Net cash provided by (used in) operating activities | 34 | -968 |
Cash flows from investing activities | ' | ' |
Purchases of property, equipment and leasehold improvements | -305 | -936 |
Net cash used in investing activities | -305 | -936 |
Cash flows from financing activities | ' | ' |
Term loan payment | -289 | -279 |
Proceeds for common stock issuance | 16 | 40 |
Net cash used in financing activities | -273 | -239 |
Net change in cash and cash equivalents | -544 | -2,143 |
Cash and cash equivalents at beginning of period | 5,096 | 10,177 |
Cash and cash equivalents at end of period | 4,552 | 8,034 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | $177 | $188 |
Description_of_the_Company_and
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
(2) Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared by Astrotech Corporation in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring entries) considered necessary for a fair presentation have been included. Operating results for the nine months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending June 30, 2014. 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, 2013. |
Noncontrolling_Interest
Noncontrolling Interest | 9 Months Ended | ||
Mar. 31, 2014 | |||
Noncontrolling Interest [Abstract] | ' | ||
Noncontrolling Interest | ' | ||
(3) Noncontrolling Interest | |||
In January 2010, restricted shares of Astrotech subsidiaries, 1st Detect and Astrogenetix, were granted to certain employees, directors and officers, resulting in Astrotech owning less than 100% of the subsidiaries. The Company applied noncontrolling interest accounting for the period ended March 31, 2014, which requires us to clearly identify the noncontrolling interest in the balance sheets and income statements. We disclose three measures of net income (loss): net income (loss), net income (loss) attributable to noncontrolling interest, and net income (loss) attributable to Astrotech Corporation. Our operating cash flows in our consolidated statements of cash flows reflect net income (loss); while our basic and diluted net income (loss) per share calculations reflect net income (loss) attributable to Astrotech Corporation. | |||
A rollforward of noncontrolling interest for the nine months ended March 31, 2014 is as follows: | |||
(In thousands) | |||
Beginning balance at June 30, 2013 | $ | 2,788 | |
Net loss attributable to noncontrolling interest | -681 | ||
Capital contribution | 789 | ||
Stock based compensation | 1 | ||
Ending balance at March 31, 2014 | $ | 2,897 | |
As of March 31, 2014, the Company’s share of income and losses is 86% for 1st Detect and 84% for Astrogenetix. |
Net_Loss_per_Share
Net Loss per Share | 9 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Net Loss per Share | ' | |||||||||||
(4) Net Loss per Share | ||||||||||||
Basic net loss per share is based on the weighted average number of common shares outstanding during each period. Diluted net loss per share is based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method. Dilutive potential common shares include outstanding stock options and shared-based awards. The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share (in thousands, except per share data): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Numerator: | ||||||||||||
Net loss attributable to Astrotech Corporation, basic and diluted | $ | -2,837 | $ | -113 | $ | -4,140 | $ | -2,340 | ||||
Denominator: | ||||||||||||
Denominator for basic net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding | 19,486 | 19,463 | 19,479 | 19,279 | ||||||||
Dilutive common stock equivalents — common stock options and share-based awards | — | — | — | — | ||||||||
Denominator for diluted net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding and dilutive common stock equivalents | 19,486 | 19,463 | 19,479 | 19,279 | ||||||||
Basic net loss per share attributable to Astrotech Corporation | $ | -0.15 | $ | -0.01 | $ | -0.21 | $ | -0.12 | ||||
Diluted net loss per share attributable to Astrotech Corporation | $ | -0.15 | $ | -0.01 | $ | -0.21 | $ | -0.12 | ||||
Options to purchase 1,119,150 shares of common stock at exercise prices ranging from $0.32 to $24.10 per share outstanding for the three and nine month periods ended March 31, 2014 and were not included in diluted net loss per share, as the impact to net loss per share is anti-dilutive. Options to purchase 1,147,850 shares of common stock at exercise prices ranging from $0.30 to $24.10 per share outstanding from the three and nine months ended March 31, 2013 were not included in diluted net loss per share, as the impact to net loss per share is anti-dilutive. |
Revenue_Recognition
Revenue Recognition | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Revenue Recognition [Abstract] | ' | ||||
Revenue Recognition | ' | ||||
(5) Revenue Recognition | |||||
Astrotech recognizes revenue employing several generally accepted revenue recognition methodologies across its business units. The methodology used is based on contract type and the manner in which products and services are provided. | |||||
Revenue generated by Astrotech’s payload processing facilities is recognized ratably over the occupancy period of the satellite while in the Astrotech facilities. The percentage-of-completion method is used for all contracts where incurred costs can be reasonably estimated and successful completion can be reasonably assured at inception. Changes in estimated costs to complete and provisions for contract losses are recognized in the period they become known. Revenue for the sale of commercial products is recognized at shipment. | |||||
A Summary of Revenue Recognition Methods | |||||
Services/Products Provided | Contract Type | Method of Revenue Recognition | |||
Payload Processing Facilities | Firm Fixed Price — Mission Specific | Ratably, over the occupancy period of a satellite | |||
within the facility from arrival through launch | |||||
Construction Contracts | Firm Fixed Price | Percentage-of-completion based on costs incurred | |||
Engineering Services | Cost Reimbursable | Reimbursable costs incurred plus award/fixed fee | |||
Award/Fixed Fee | |||||
Commercial Products | Specific Purchase | At shipment | |||
Order Based | |||||
Grant | Cost Reimbursable | As costs are incurred for related research and | |||
Award | development expenses | ||||
Under certain contracts, we make expenditures for specific enhancements and/or additions to our facilities where the customer agrees to pay a fixed fee to deliver the enhancement or addition. We account for such agreements as a reduction in the cost of such investments and recognize any excess of amounts collected above the expenditure as revenue. |
Debt
Debt | 9 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
(6) Debt | |
Credit Facilities | |
In October 2010, we entered into a financing facility with a commercial bank providing a $7.0 million term loan note and a $3.0 million revolving credit facility. The $7.0 million term loan terminates in October 2015, and the $3.0 million revolving credit facility expired in October 2012. The Company had no outstanding balance on the revolving credit facility. The term loan requires monthly payments of principal plus interest at the rate of prime plus 0.25%, but not less than 4.0%. The bank financing facilities are secured by the assets of ASO, including accounts receivable, and require us to comply with designated covenants. The balance of the $7.0 million term loan at March 31, 2014 and 2013 was $5.8 million and $6.1 million, respectively. | |
Our bank financing facilities contain certain affirmative and negative covenants with which we must comply, including the maintenance by us of a debt service coverage ratio of not less than 1.00 to 1.00, maintaining a tangible net worth of not less than $32.50 million, and maintaining a leverage ratio of not greater than .50 to 1.00. These financial covenants are applicable to the results of ASO. In the event we are not in compliance with a covenant, the bank may, among other things, accelerate all outstanding borrowings, cease extending credit or foreclose on collateral. As of March 31, 2014, we were not in compliance with the debt service coverage ratio and minimum tangible net worth debt covenants. However, on May 7, 2014, the Company received a waiver for the existing defaults. | |
In October, 2013 we were notified by a customer that a previously booked payload processing contract would be deferred several weeks. Consequently, our financial projections for fiscal year 2014 indicated that we would likely not be in compliance with our debt service coverage ratio and minimum tangible net worth covenants by the third quarter ended March 31, 2014. As such, on October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.75 million thereafter. In November, 2013 we were subsequently notified by the same customer that this mission would be deferred. As a result of this deferral we did not meet our debt service coverage ratio and minimum tangible net worth covenants in the third quarter of fiscal 2014 and it is probable that we will not be in compliance as of June 30, 2014. As such, we have reclassified our long-term debt to current. We will continue to monitor this matter during the remainder of fiscal year 2014, and if necessary, pursue a debt amendment with our bank. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurement | ' | |||||||||||||
(7) Fair Value Measurements | ||||||||||||||
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. | ||||||||||||||
The following table presents the carrying amounts, estimated fair values and valuation input levels of certain of the Company’s financial instruments as of March 31, 2014 and June 30, 2013 (in thousands): | ||||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||
Amount | Value | Amount | Value | Inputs | ||||||||||
Debt | $ | 5,753 | $ | 5,753 | $ | 6,042 | $ | 6,042 | Level 2 | |||||
The carrying value of the Company’s debt at March 31, 2014 approximates fair value based on rates available for similar debt available to comparable companies in the marketplace. The carrying amounts of the Company’s Level 1 securities include cash and cash equivalents. |
Business_and_Credit_Risk_Conce
Business and Credit Risk Concentration | 9 Months Ended |
Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Business and Credit Risk Concentration | ' |
(8) Business and Credit Risk Concentration | |
A substantial portion of our revenue has been generated under contracts with the U.S. Government. During the nine months ended March 31, 2014 and 2013, approximately 53% and 64%, respectively, of our revenues were generated under U.S. Government contracts. Accounts receivable (net of allowance) totaled $2.1 million at March 31, 2014, of which 29% was attributable to the U.S. Government. | |
The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation, or “FDIC.” In October 2008, the FDIC increased its insurance to $250,000 per depositor, and to an unlimited amount for non-interest bearing accounts. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in what we believe to be high credit quality financial institutions. The Company has not experienced any losses in such accounts. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Segment Information | ' | |||||||||||||||||
(9) Segment Information | ||||||||||||||||||
We currently have two reportable business units: ASO and Spacetech. | ||||||||||||||||||
ASO is our core business unit with operating facilities located in Titusville, Florida and Vandenberg AFB, California. ASO provides support to its government and commercial customers as they successfully process complex communication, earth observation and deep space satellites in preparation for their launch on a variety of launch vehicles. | ||||||||||||||||||
Our Spacetech business unit is a technology incubator designed to commercialize space-industry technologies. This business unit is currently pursuing two distinct opportunities: 1st Detect and Astrogenetix. Our 1st Detect platform develops, manufactures and sells ultra-small mass spectrometers and related equipment. Our Astrogenetix platform is a biotechnology company formed to commercialize products processed in the unique environment of microgravity. | ||||||||||||||||||
Management’s primary financial and operating reviews focus on ASO, the core business unit. All intercompany transactions between business units have been eliminated in consolidation. | ||||||||||||||||||
Key financial metrics for the three and nine months ended March 31, 2014 are as follows (in thousands): | ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Loss before | Loss before | |||||||||||||||||
Revenue and Income | Revenue | income taxes | Revenue | income taxes | ||||||||||||||
ASO | $ | 1,508 | $ | -1,521 | $ | 4,565 | $ | 655 | ||||||||||
Spacetech | $ | 48 | $ | -1,530 | $ | — | $ | -893 | ||||||||||
$ | 1,556 | $ | -3,051 | $ | 4,565 | $ | -238 | |||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Loss before | Loss before | |||||||||||||||||
Revenue and Income | Revenue | income taxes | Revenue | income taxes | ||||||||||||||
ASO | $ | 10,653 | $ | 49 | $ | 14,682 | $ | 14 | ||||||||||
Spacetech | $ | 130 | $ | -4,861 | $ | 133 | $ | -2,736 | ||||||||||
$ | 10,783 | $ | -4,812 | $ | 14,815 | $ | -2,722 | |||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||||||
Assets | Fixed | Total Assets | Fixed | Total Assets | ||||||||||||||
Assets, net | Assets, net | |||||||||||||||||
ASO | $ | 34,290 | $ | 40,705 | $ | 35,625 | $ | 46,159 | ||||||||||
Spacetech | $ | 1,300 | $ | 2,158 | $ | 1,410 | $ | 1,843 | ||||||||||
$ | 35,590 | $ | 42,863 | $ | 37,035 | $ | 48,002 | |||||||||||
State_of_Texas_Funding
State of Texas Funding | 9 Months Ended |
Mar. 31, 2014 | |
State Of Texas Funding [Abstract] | ' |
State of Texas Funding | ' |
(10) State of Texas Funding | |
In March 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the security, healthcare, environmental and industrial markets. In exchange for the award, 1st Detect granted a stock purchase right and a note payable to the State of Texas. As of March 31, 2014, 1st Detect has received $1.8 million in disbursements. The proceeds from the award can only be used to fund development of the Miniature Chemical Detector at 1st Detect, not for repaying existing debt or for use in other Company subsidiaries. | |
The stock purchase right is exercisable at the first Qualifying Financing Event (“QFE”), which is generally a change in control or third party equity investment in 1st Detect. The number of shares of stock (common stock or the class or series issued in the financing) of 1st Detect available for purchase by the State of Texas, at the price $0.001 per share (par value), is calculated as the total disbursements of $1.8 million (numerator) divided by 80% of the stock price established in the QFE (denominator). If a QFE has not occurred before June 30, 2014, the number of shares of common stock of 1st Detect available for purchase would equal the total disbursements of $1.8 million (numerator) divided by $100 (denominator). As of March 31, 2014 no QFE has occurred. | |
The principal value of the note is equal to the total disbursements to 1st Detect to date of $1.8 million, accrues interest at 8% per year and cancels automatically at the earlier of (1) selling substantially all of the assets of 1st Detect, (2) selling more than 50% of common stock of 1st Detect, or (3) March 2020. No payments of interest or principal are due on the note unless there is a default, which would occur if 1st Detect moves its operations or headquarters outside of Texas at any time before March 2020. 1st Detect has the option to pay back the principal plus accrued interest by June 30, 2014, but repayment does not cancel the State of Texas’ stock purchase right. | |
Management considers the likelihood of voluntarily repaying the note or of a default event as remote due to the fact that the covenants that would necessitate repayment are within the control of the Company. As such, the $1.8 million, which was received in two installments of $0.9 million and $0.9 million prior to the period ended March 31, 2014, was accounted for as a contribution to equity. As of March 31, 2014, no default events have occurred. |
Equity_and_Other_Long_Term_Inc
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014, the Company has established a full valuation allowance against all of its net deferred tax assets. | |
FASB ASC 740, Income Taxes (FASB ASC 740) addresses the accounting for uncertainty in income taxes recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The Company has an unrecognized tax benefit of $0.1 million for the nine months ended March 31, 2014 and 2013. | |
For the three and nine months ended March 31, 2014 and 2013, the Company’s effective tax rate differed from the federal statutory rate of 35%, primarily due to recording changes to the valuation allowance placed against its net deferred tax assets. | |
Loss carryovers are generally subject to modification by tax authorities until 3 years after they have been utilized; as such, the Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. | |
The Company’s examination by the Internal Revenue Service (“IRS”) for its fiscal years ended June 30, 2008 through 2010, has been closed with no tax due or refund. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
(13) Commitments and Contingencies | |
The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. | |
The Company establishes reserves for the estimated losses on specific contingent liabilities, for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, the Company is not able to make a reasonable estimate of liability because of the uncertainties related to the outcome or the amount or range of potential loss. | |
Litigation, Investigations and Audits — We are not party to, nor are our properties the subject of, any material pending legal proceedings, other than as set forth below: | |
On January 10, 2013, a lawsuit was filed against Astrotech Corporation by John Porter, the former Senior Vice President, Chief Financial Officer, Treasurer and Secretary of the Company. In the lawsuit, Mr. Porter alleged various breaches of contract claims in connection with his termination from the Company on August 3, 2012. On April 28, 2014, the Company reached a settlement of all claims asserted by Mr. Porter in this lawsuit. The Company has accrued a liability for this settlement as of March 31, 2014. | |
On February 20, 2013, a shareholder derivative lawsuit was filed in the District Court of Travis County, Texas against the current directors and chief executive officer of Astrotech Corporation and against the Company, as nominal defendant. The complaint alleged, among other things, that the directors and chief executive officer breached fiduciary duties to the Company in connection with certain corporate transactions, including loans to subsidiaries and purchases of outstanding shares of the Company’s common stock. On February 25, 2014 the Texas Court of Appeals dismissed this lawsuit. | |
Astrotech has been named as a party to a suit filed in the Circuit Court of the Eighteenth Judicial Circuit for Brevard County, Florida. This is an action for foreclosure of certain real estate and for debt. The Company is named as a party because it holds an inferior lien against the property at issue and must be named in the foreclosure action. No monetary relief has been requested against Astrotech. | |
Contingent obligation related to State of Texas Funding | |
In March 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the security, healthcare, environmental and industrial markets (See Note 10). As of June 30, 2012, 1st Detect had received $1.8 million in disbursements. The disbursed amount of $1.8 million represents a contingency through March 2020, the date of cancellation. If an event of default should occur, the Company would calculate and expense accrued interest and reclassify principal from equity to notes payable in the consolidated financial statements as amounts due to the State of Texas. Management considers the likelihood of an event of default to be remote. As of March 31, 2014, no default events have occurred. | |
Contingent obligation related to our five-meter high-bay at VAFB in California | |
In September 2009, we completed construction of a 23,000 square foot payload processing facility at VAFB in California which enhanced our capability to process five-meter class satellite payloads. Additionally, in December 2009, we completed construction of a 5,600 square foot office building used by customers for administrative and operational support of teams processing satellites in the new five-meter payload facility. ASO presently leases the 60-acre site located on VAFB in California, where we own four buildings totaling over 50,000 square feet of space. The Company has extended the original land lease, which expired in September 2013. The new lease expires in September 2018, with provisions to extend the lease at the request of the lessee and the concurrence of the lessor. Upon final expiration of the land lease, all improvements on the property revert, at the lessor’s option, to the lessor at no cost or we will be required to return the land to the original condition at our cost. We currently have not accrued anything for this potential obligation because we view the likelihood of this happening as remote. |
Description_of_the_Company_and1
Description of the Company and Liquidity (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Schedule of debt repayments | ' | ||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||
2014(1) | 2015 | 2016 | Thereafter | ||||||||||
Term Note | $ | 98 | $ | 403 | $ | 418 | $ | 4,834 | |||||
(1) Represents remaining three months in fiscal year 2014. | |||||||||||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 9 Months Ended | ||
Mar. 31, 2014 | |||
Noncontrolling Interest [Abstract] | ' | ||
Schedule of noncontrolling interest | ' | ||
(In thousands) | |||
Beginning balance at June 30, 2013 | $ | 2,788 | |
Net loss attributable to noncontrolling interest | -681 | ||
Capital contribution | 789 | ||
Stock based compensation | 1 | ||
Ending balance at March 31, 2014 | $ | 2,897 |
Net_Loss_per_Share_Tables
Net Loss per Share (Tables) | 9 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of computations of basic and diluted net loss per share | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
March 31, | March 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Numerator: | ||||||||||||
Net loss attributable to Astrotech Corporation, basic and diluted | $ | -2,837 | $ | -113 | $ | -4,140 | $ | -2,340 | ||||
Denominator: | ||||||||||||
Denominator for basic net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding | 19,486 | 19,463 | 19,479 | 19,279 | ||||||||
Dilutive common stock equivalents — common stock options and share-based awards | — | — | — | — | ||||||||
Denominator for diluted net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding and dilutive common stock equivalents | 19,486 | 19,463 | 19,479 | 19,279 | ||||||||
Basic net loss per share attributable to Astrotech Corporation | $ | -0.15 | $ | -0.01 | $ | -0.21 | $ | -0.12 | ||||
Diluted net loss per share attributable to Astrotech Corporation | $ | -0.15 | $ | -0.01 | $ | -0.21 | $ | -0.12 |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Schedule of carrying amounts, estimated fair values and valuation input levels of financial instruments | ' | |||||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||
Carrying | Fair | Carrying | Fair | Valuation | ||||||||||
Amount | Value | Amount | Value | Inputs | ||||||||||
Debt | $ | 5,753 | $ | 5,753 | $ | 6,042 | $ | 6,042 | Level 2 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Schedule of key financial metrics | ' | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Loss before | Loss before | |||||||||||||||||
Revenue and Income | Revenue | income taxes | Revenue | income taxes | ||||||||||||||
ASO | $ | 1,508 | $ | -1,521 | $ | 4,565 | $ | 655 | ||||||||||
Spacetech | $ | 48 | $ | -1,530 | $ | — | $ | -893 | ||||||||||
$ | 1,556 | $ | -3,051 | $ | 4,565 | $ | -238 | |||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||||||||
Loss before | Loss before | |||||||||||||||||
Revenue and Income | Revenue | income taxes | Revenue | income taxes | ||||||||||||||
ASO | $ | 10,653 | $ | 49 | $ | 14,682 | $ | 14 | ||||||||||
Spacetech | $ | 130 | $ | -4,861 | $ | 133 | $ | -2,736 | ||||||||||
$ | 10,783 | $ | -4,812 | $ | 14,815 | $ | -2,722 | |||||||||||
31-Mar-14 | 30-Jun-13 | |||||||||||||||||
Assets | Fixed | Total Assets | Fixed | Total Assets | ||||||||||||||
Assets, net | Assets, net | |||||||||||||||||
ASO | $ | 34,290 | $ | 40,705 | $ | 35,625 | $ | 46,159 | ||||||||||
Spacetech | $ | 1,300 | $ | 2,158 | $ | 1,410 | $ | 1,843 | ||||||||||
$ | 35,590 | $ | 42,863 | $ | 37,035 | $ | 48,002 | |||||||||||
Description_of_the_Company_and2
Description of the Company and Liquidity (Details) (USD $) | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Long-Term Debt, Rolling Maturity | ' | |
Term note repayment due fiscal year 2014 | $98 | [1] |
Term note repayment due fiscal year 2015 | 403 | |
Term note repayment due fiscal year 2016 | 418 | |
Term note repayment due thereafter | $4,834 | |
[1] | Represents remaining three months in fiscal year 2014. |
Description_of_the_Company_and3
Description of the Company and Liquidity (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2014 | Oct. 11, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | |
Shuttle_missions | ||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' |
Number of spacecraft launch successfully supported | ' | 'More than 300 spacecraft | ' | ' | ' | ' |
Number of shuttle missions successfully supported | ' | 23 | ' | ' | ' | ' |
Percentage of consolidated revenue accounted by ASO | 97.00% | 99.00% | ' | ' | ' | ' |
Cash and cash equivalents | $4,552,000 | $4,552,000 | ' | $5,096,000 | $8,034,000 | $10,177,000 |
Working capital | -3,900,000 | -3,900,000 | ' | ' | ' | ' |
Outstanding debt | 5,800,000 | 5,800,000 | ' | ' | ' | ' |
Minimum debt service coverage ratio maintenance | ' | '1.00 to 1.00 | ' | ' | ' | ' |
Maximum leverage ratio maintenance | ' | '0.50 to 1.00 | ' | ' | ' | ' |
Minimum tangible net worth maintenance | 32,500,000 | 32,500,000 | ' | ' | ' | ' |
Amendment in debt agreement, credit limit for third quarter | ' | ' | 500,000 | ' | ' | ' |
Amendment in debt agreement, credit limit for fourth quarter | ' | ' | 2,250,000 | ' | ' | ' |
Minimum tangible net worth requirement reduced to for third and fourth quarter | ' | ' | 32,000,000 | ' | ' | ' |
Minimum cash balance at bank | ' | ' | 2,000,000 | ' | ' | ' |
Minimum cash balance at bank thereafter certain period | ' | ' | $750,000 | ' | ' | ' |
Debt instrument covenant compliance | ' | ' | ' | ' | ' | ' |
In October, 2013 we were notified by a customer that a previously booked payload processing contract would be deferred several weeks. Consequently, our financial projections for fiscal year 2014 indicated that we would likely not be in compliance with our debt service coverage ratio and minimum tangible net worth covenants by the third quarter ended March 31, 2014. As such, on October 11, 2013, we amended the debt agreement with our bank that updated the following with respect to our debt covenants: 1) provided a credit of $0.50 million and $2.25 million for the third and fourth quarter of fiscal year 2014, respectively, to our debt service coverage calculation, 2) reduced our minimum tangible net worth requirement to $32.0 million for the third and fourth fiscal quarter of fiscal year 2014, and 3) required that we maintain a minimum cash balance at the bank of $2.0 million through June 30, 2014 and $0.75 million thereafter. In November, 2013 we were subsequently notified by the same customer that this mission would be deferred several additional weeks. | ||||||
Astrogenetix | ' | ' | ' | ' | ' | ' |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' |
Minimum number of space flights negotiated with NASA | ' | 28 | ' | ' | ' | ' |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Movement In Minority Interest [Roll Forward] | ' | ' | ' | ' |
Beginning balance at June 30, 2013 | ' | ' | $2,788 | ' |
Net loss attributable to noncontrolling interest | -216 | -125 | -681 | -382 |
Capital contribution | ' | ' | 789 | ' |
Stock based compensation | ' | ' | 1 | ' |
Ending balance at March 31, 2014 | $2,897 | ' | $2,897 | ' |
Noncontrolling_Interest_Detail1
Noncontrolling Interest (Detail Textuals) | 9 Months Ended |
Mar. 31, 2014 | |
Minority Interest [Line Items] | ' |
Ownership percentage description in subsidiaries | ' |
less than 100% | |
1st Detect | ' |
Minority Interest [Line Items] | ' |
Company share of income and losses of subsidiaries | 86.00% |
Astrogenetix | ' |
Minority Interest [Line Items] | ' |
Company share of income and losses of subsidiaries | 84.00% |
Net_Loss_per_Share_Details
Net Loss per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' | ' | ' |
Net loss attributable to Astrotech Corporation, basic and diluted | ($2,837) | ($113) | ($4,140) | ($2,340) |
Denominator: | ' | ' | ' | ' |
Denominator for basic net loss per share attributable to Astrotech Corporation - weighted average common stock outstanding | 19,486 | 19,463 | 19,479 | 19,279 |
Dilutive common stock equivalents - common stock options and share-based awards | ' | ' | ' | ' |
Denominator for diluted net loss per share attributable to Astrotech Corporation - weighted average common stock outstanding and dilutive common stock equivalents | 19,486 | 19,463 | 19,479 | 19,279 |
Basic net loss per share attributable to Astrotech Corporation (in dollars per share) | ($0.15) | ($0.01) | ($0.21) | ($0.12) |
Diluted net loss per share attributable to Astrotech Corporation (in dollars per share) | ($0.15) | ($0.01) | ($0.21) | ($0.12) |
Net_Loss_per_Share_Detail_Text
Net Loss per Share (Detail Textuals) (Options, USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive options to purchase shares of common stock | 1,119,150 | 1,147,850 | 1,119,150 | 1,147,850 |
Exercise price lower range | $0.32 | $0.30 | $0.32 | $0.30 |
Exercise price upper range | $24.10 | $24.10 | $24.10 | $24.10 |
Debt_Detail_Textuals
Debt (Detail Textuals) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Oct. 11, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2010 | Mar. 31, 2014 | Oct. 31, 2010 |
Term Loan Note | Term Loan Note | Term Loan Note | Revolving Credit Facility | Revolving Credit Facility | |||
Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | $7 | ' | $3 |
Credit facility balance | ' | ' | 5.8 | 6.1 | ' | ' | ' |
Credit facilities financing arrangements | ' | ' | ' | ' | ' | ' | ' |
The term loan requires monthly payments of principal plus interest at the rate of prime plus 0.25%, but not less than 4.0%. The bank financing facilities are secured by the assets of ASO, including accounts receivable, and require us to comply with designated covenants. | |||||||
Credit facilities interest rate description | ' | ' | 'At the rate of prime plus 0.25%, but not less than 4.0%. | ' | ' | ' | ' |
Credit facilities minimum interest rate | ' | ' | 4.00% | ' | ' | ' | ' |
Credit facility initiation date | ' | ' | 1-Oct-10 | ' | ' | 1-Oct-10 | ' |
Credit facility expiration date | ' | ' | 31-Oct-15 | ' | ' | 31-Oct-12 | ' |
Credit facility compliance | ' | ' | ' | ' | ' | ' | ' |
As of March 31, 2014, we were not in compliance with the debt service coverage ratio and minimum tangible net worth debt covenants. However, on May 7, 2014, the Company received a waiver for the existing defaults. | |||||||
Minimum debt service coverage ratio maintenance | '1.00 to 1.00 | ' | ' | ' | ' | ' | ' |
Minimum tangible net worth maintenance | 32.5 | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio maintenance | '0.50 to 1.00 | ' | ' | ' | ' | ' | ' |
Amendment in debt agreement, credit limit for third quarter | ' | 0.5 | ' | ' | ' | ' | ' |
Amendment in debt agreement, credit limit for fourth quarter | ' | 2.25 | ' | ' | ' | ' | ' |
Minimum tangible net worth requirement reduced to for third and fourth quarter | ' | 32 | ' | ' | ' | ' | ' |
Minimum cash balance at bank | ' | 2 | ' | ' | ' | ' | ' |
Minimum cash balance at bank thereafter certain period | ' | $0.75 | ' | ' | ' | ' | ' |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (Fair Value Inputs Level 2, USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs Level 2 | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Debt, carrying amount | $5,753 | $6,042 |
Debt, fair value | $5,753 | $6,042 |
Business_and_Credit_Risk_Conce1
Business and Credit Risk Concentration (Detail Textuals) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
U.S. Government contracts | U.S. Government contracts | |||
Risks and Uncertainties [Abstract] | ' | ' | ' | ' |
Government contracts, account receivable | $2,146,000 | $5,317,000 | ' | ' |
FDIC insurance amount per depositor | $250,000 | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Government contracts, revenue, percent | ' | ' | 53.00% | 64.00% |
Government contracts, account receivable, percent | ' | ' | 29.00% | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | $1,556 | $4,565 | $10,783 | $14,815 | ' |
Loss before income taxes | -3,051 | -238 | -4,812 | -2,722 | ' |
Fixed assets, net | 35,590 | ' | 35,590 | ' | 37,035 |
Total assets | 42,863 | ' | 42,863 | ' | 48,002 |
ASO | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 1,508 | 4,565 | 10,653 | 14,682 | ' |
Loss before income taxes | -1,521 | 655 | 49 | 14 | ' |
Fixed assets, net | 34,290 | ' | 34,290 | ' | 35,625 |
Total assets | 40,705 | ' | 40,705 | ' | 46,159 |
Spacetech | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenue | 48 | ' | 130 | 133 | ' |
Loss before income taxes | -1,530 | -893 | -4,861 | -2,736 | ' |
Fixed assets, net | 1,300 | ' | 1,300 | ' | 1,410 |
Total assets | $2,158 | ' | $2,158 | ' | $1,843 |
State_of_Texas_Funding_Detail_
State of Texas Funding (Detail Textuals) (Texas emerging technology fund, 1st Detect, USD $) | 1 Months Ended | 9 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2010 | Mar. 31, 2014 | Jun. 30, 2012 |
Installment | |||
Texas emerging technology fund | 1st Detect | ' | ' | ' |
State Of Texas Funding [Line Items] | ' | ' | ' |
Funds awarded for development and marketing | $1.80 | ' | ' |
Description of purpose for funds awarded | ' | ' | ' |
In March 2010, the Texas Emerging Technology Fund awarded 1st Detect $1.8 million for the development and marketing of the Miniature Chemical Detector, a portable mass spectrometer designed to serve the security, healthcare, environmental and industrial markets. | |||
Disbursement of fund for development and marketing | ' | 1.8 | 1.8 |
Stock purchase right per share | ' | $0.00 | ' |
Stock purchase right value, total | ' | 1.8 | ' |
Percentage of stock price established in qualifying financing event | ' | 80.00% | ' |
Value of shares of common stock available for purchase | ' | 1.8 | ' |
Stock purchase right denominator if no qualifying financing event happens | ' | $100 | ' |
Principal value of note payable | ' | 1.8 | ' |
Note payable interest rate | ' | 8.00% | ' |
Percentage of common stock sales criteria for automatic cancellation of note | ' | 50.00% | ' |
Number of installment | ' | 2 | ' |
Funds awarded in first installment | ' | 0.9 | ' |
Funds awarded in second installment | ' | $0.90 | ' |
Equity_and_Other_Long_Term_Inc1
Equity and Other Long Term Incentive Plans (Detail Textuals) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Common stock shares available for future issuance | 1,472,501 |
Number of stock incentive plans | 'Four |
The 1994 Plan ("1994 Plan") | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Stock incentive plan vesting period | '4 years |
Stock incentive plan expiration period | '10 years |
Number of common stock shares reserved for issuance | 395,000 |
The Directors' Stock Option Plan ("Director's Plan") | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Stock incentive plan vesting period | '1 year |
Stock incentive plan expiration period | '7 years |
Number of common stock shares reserved for issuance | 50,000 |
Common stock shares available for future issuance | 44,000 |
2008 Stock Incentive Plan ("2008 Plan") | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Stock incentive plan vesting period | '3 years |
Stock incentive plan expiration period | '10 years |
Number of common stock shares reserved for issuance | 5,500,000 |
Common stock shares available for future issuance | 362,501 |
Closing price of stock for vesting of stock award | 1.5 |
Restricted shares award vesting percentage over a three year period | 33.33% |
2011 Stock Incentive Plan ("2011 Plan") | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Stock incentive plan expiration period | '10 years |
Number of common stock shares reserved for issuance | 1,750,000 |
Common stock shares available for future issuance | 1,066,000 |
Additional stock options award granted | 200,000 |
Closing price of stock for vesting of stock award | 1.5 |
1st Detect 2011 Stock Incentive Plan | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Stock incentive plan expiration period | '10 years |
Number of common stock shares reserved for issuance | 2,500 |
Common stock shares available for future issuance | 1,800 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits | $0.10 | $0.10 |
Federal statutory effective tax rate | 35.00% | ' |
Tax examination description | ' | ' |
The Company’s examination by the Internal Revenue Service (“IRS”) for its fiscal years ended June 30, 2008 through 2010, has been closed with no tax due. |