Integrated BioPharma (INBP) 10-Q 9 Nov 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2017	Nov. 09, 2017
Document Information [Line Items]
Entity Registrant Name	INTEGRATED BIOPHARMA INC
Entity Central Index Key	1,016,504
Trading Symbol	inbp
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		21,135,174
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Sales, net	$ 9,770	$ 12,681
Cost of sales	8,765	10,529
Gross profit	1,005	2,152
Selling and administrative expenses	794	793
Operating income	211	1,359
Other income (expense), net:
Interest expense	(233)	(232)
Change in fair value of derivative liabilities	(118)	(368)
Impairment on investment in iBio, Inc.	(83)
Other income, net		16
Total other expense, net	(434)	(584)
(Loss) income before income taxes	(223)	775
Income tax (benefit) expense, net	(44)	126
Net (loss) income	$ (179)	$ 649
Basic net (loss) income per common share (in dollars per share)	$ (0.01)	$ 0.03
Diluted net (loss) income per common share (in dollars per share)	$ (0.01)	$ 0.03
Weighted average common shares outstanding - basic (in shares)	21,135,174	21,105,174
Add: Equivalent shares outstanding (in shares)		77,712
Shares issuable upon conversion of Convertible Debt - CD Financial, LLC (in shares)
Weighted average common shares outstanding - diluted (in shares)	21,135,174	21,182,886

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Assets
Cash	$ 284	$ 132
Accounts receivable, net	2,673	4,020
Inventories	7,042	7,645
Other current assets	636	754
Total current assets	10,635	12,551
Property and equipment, net	1,632	1,601
Deferred tax assets, net	877	823
Security deposits and other assets	237	221
Total Assets	13,381	15,196
Current Liabilities:
Advances under revolving credit facility	3,904	4,676
Accounts payable (includes $77 due to related party)	3,722	4,177
Accrued expenses and other current liabilities	1,208	1,184
Current portion of long term debt, net	1,031	1,118
Total current liabilities	9,865	11,155
Convertible Note payable, net - CD Financial, LLC	5,233	5,221
Long term debt, net	3,766	4,246
Derivative liability	621	503
Total liabilities	19,485	21,125
Commitments and Contingencies
Stockholders' Deficiency:
Common Stock, $0.002 par value; 50,000,000 shares authorized; 21,170,074 and 21,135,174 shares issued and outstanding, respectively	42	42
Additional paid-in capital	44,763	44,759
Accumulated deficit	(50,810)	(50,631)
Less: Treasury stock, at cost, 34,900 shares	(99)	(99)
Total Stockholders' Deficiency	(6,104)	(5,929)
Total Liabilities and Stockholders' Deficiency	$ 13,381	$ 15,196

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Accounts payable, due to related parties	$ 77	$ 77
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	21,170,074	21,135,174
Common stock, shares outstanding (in shares)	21,170,074	21,135,174
Common stock, par value (in dollars per share)	$ 0.002	$ 0.002
Treasury stock, shares acquired (in shares)	34,900	34,900

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows provided by operating activities:
Net (loss) income	$ (179)	$ 649
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	100	97
Accretion of financing instruments and other non cash interest	26	26
Stock based compensation	4	4
Change in valuation allowance of deferred tax assets	(54)
Impairment charge on investment in iBio, Inc.	83
Change in fair value of derivative liabilities	118	368
Changes in operating assets and liabilities:
Accounts receivable	1,347	(630)
Inventories	603	(324)
Other current assets	35	17
Security deposits and other assets	(48)
Accounts payable	(455)	(640)
Accrued expenses and other liabilities	24	(93)
Net cash provided by (used in) operating activities	1,604	(526)
Cash flows from investing activities:
Purchase of property and equipment	(107)	(41)
Net cash used in investing activities	(107)	(41)
Cash flows from financing activities:
Advances under revolving credit facility	9,997	12,556
Repayments of advances under revolving credit facility	(10,768)	(11,881)
Repayments under term note payables	(544)	(372)
Repayments under capitalized lease obligations	(30)	(39)
Net cash (used in) provided by financing activities	(1,345)	264
Net increase (decrease) in cash	152	(303)
Cash at beginning of period	132	395
Cash at end of period	284	92
Supplemental disclosures of cash flow information:
Interest paid	198	195
Income taxes paid		$ 117

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	3 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Basis of Presentation of Interim Financial Statements The accompanying condensed consolidated financial statements for the interim periods are unaudited and include the accounts of Integrated BioPharma, Inc., a Delaware corporation (together with its subsidiaries, the “Company”). The interim condensed consolidated financial statements have been prepared in conformity with Rule 8 03 X not 10 June 30, 2017 ( 10 June 30, 2017 not three September 30, 2017 not June 30, 2018 Nature of Operations The Company is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. The Company’s customers are located primarily in the United States, Luxembourg and Canada. The Company was previously known as Integrated Health Technologies, Inc. and, prior to that, as Chem International, Inc. The Company was reincorporated in its current form in Delaware in 1995. The Company ’s business segments include: (a) Contract Manufacturing operated by InB:Manhattan Drug Company, Inc. (“MDC”), which manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and specialized health-care providers; (b) Branded Proprietary Products operated by AgroLabs, Inc. (“AgroLabs”), which distributes healthful nutritional products for sale through major mass market, grocery, drug and vitamin retailers, under the following brands: Naturally Noni, Peaceful Sleep, Green Envy, FiberCal, Wheatgrass and other products which are being introduced into the market (these are referred to as our branded proprietary nutraceutical business and/or products); and (c) Other Nutraceutical Businesses which includes the operations of (i) The Vitamin Factory (the “Vitamin Factory”), which sells private label MDC products, as well as our AgroLabs products, through the Internet, (ii) IHT Health Products, Inc. (“IHT”) a distributor of fine natural botanicals, including multi minerals produced under a license agreement, (iii) MDC Warehousing and Distribution, Inc., a service provider for warehousing and fulfilment services and (iv) Chem International, Inc. (“Chem”), a distributor of certain raw materials for DSM Nutritional Products LLC. Significant Accounting Policies In July 2015, No. 2015 11, 330 currently exist for market value be eliminated. The standard defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This new guidance was effective for the Company on July 1, 2017. no ’s condensed consolidated financial statements as the result of the adoption of this ASU. Aside from the adoption of ASU No. 2015 11, no 2018 ’s significant accounting policies to those previously disclosed in the Company’s Annual Report on Form 10 June 30, 2017. Investment in iBio, Inc. The Company accounts for its investment in iBio, Inc. (“iBio”) common stock on the cost basis as it retained approximately 6% 1,266,706 August 2008. $2,287. September 30, 2017 $382 September 30, 2017. Pursuant to the Company ’s Loan Agreement with PNC Bank, National Association (“PNC”), as amended on February 16, 2016, all the net proceeds from the sale of any of the iBio Stock is to be used to prepay the outstanding principal of the term loan outstanding under the Amended Loan Agreement. (See Note 4. Earnings Per Share. Basic earnings per common share amounts are based on weighted average number of common shares outstanding. Diluted earnings per share amounts are based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all potentially dilutive stock options, warrants and convertible debt, subject to anti-dilution limitations using the treasury stock method and if converted method. The following options and potentially dilutive shares for convertible notes payable (See Note 4. not three September 30, 2017 2016: Three Months Ended September 30, 2017 2016 Anti-dilutive stock options 2,692,017 674,950 Anti-dilutive shares for convertible notes payable 8,230,769 8,230,769 Total anti-dilutive shares 10,922,786 8,905,719

Note 2 - Inventories

Note 2 - Inventories	3 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 2 . Inventories Inventories are stated at the lower of cost or market using the first first September 30, June 30, 2017 2017 Raw materials $ 3,798 $ 3,847 Work-in-process 1,314 1,963 Finished goods 1,930 1,835 Total $ 7,042 $ 7,645

Note 3 - Property and Equipment

Note 3 - Property and Equipment, Net	3 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 3 . Property and Equipment, net Property and equipment, net consists of the following: September 30, June 30, 2017 2017 Land and building $ 1,250 $ 1,250 Leasehold improvements 1,268 1,268 Machinery and equipment 5,868 5,777 Transportation equipment 11 11 8,397 8,306 Less: Accumulated depreciation and amortization (6,765 ) (6,705 ) Total $ 1,632 $ 1,601 Depreciation and amortization expense recorded on property and equipment for the three September 30, 2017 2016 $75 $72,

Note 4 - Senior Credit Facility

Note 4 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and Other Long Term Debt	3 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4 . Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt As of September 30, 2017 June 30, 2017, Principal Amount Interest Rate Maturity Date As of September 30, 2017 As of June 30, 2017 Revolving advances under Senior Credit Facility with PNC Bank, National Association $ 3,904 $ 4,676 4.25 % 2/19/2020 Installment Note with PNC Bank 2,039 2,542 4.75 % 2/19/2020 Installment Note with PNC Equipment Finance, LLC 168 190 4.57 % 7/29/2019 Promissory Note with CD Financial, LLC 1,714 1,714 6.00 % 2/29/2020 Promissory Note with Vitamin Realty, LLC 686 686 4.00 % 2/29/2020 Capitalized lease obligations 257 307 3.86% -11.43 % 3/6/2018 -12/08/2020 Total outstanding debt 8,768 10,115 Less: Revolving Advances (3,904 ) (4,676 ) Prepaid financing costs (67 ) (75 ) Current portion of long term debt, net (1,031 ) (1,118 ) Long term debt, net $ 3,766 $ 4,246 Convertible Note payable - CD Financial, LLC $ 5,350 $ 5,350 6.00 % 2/29/2020 Less: Discount for embedded derivative (95 ) (105 ) Prepaid financing costs (22 ) (24 ) Convertible Note payable, net - CD Financial, LLC $ 5,233 $ 5,221 SENIOR CREDIT FACILITY On February 19, 2016, June 27, 2012. The Amended Loan Agreement provides for a total of $11,422 $8,000 $3,422 ’s Base Rate or the Eurodollar Rate, at Borrowers’ option, plus 2.75% 4.25% September 30 June 30, 2017). 3.25% 4.75% September 30 June 30, 2017). 2%. February 19, 2020 ( The principal balance of the Revolving Advances is payable on the Senior Maturity Date, subject to acceleration, based upon a material adverse event clause, as defined, subjective accelerations for borrowing base reserves, as defined or upon the occurrence of any event of default under the Amended Loan Agreement or earlier termination of the Amended Loan Agreement pursuant to the terms thereof. The Term Loan shall be repaid in eighty-four 84 first eighty-three 83 $41, first March, 2016, first The Revolving Advances are subject to the terms and conditions set forth in the Amended Loan Agreement and are made in aggregate amounts at any time equal to the lesser of ( x $8.0 85%, 75%, 85% one may The Amended Loan Agreement contains customary mandatory prepayment provisions, including, without limitation the requirement to use any sales proceeds from the sale of iBio Stock to repay the Term Loan and to prepay the outstanding amount of the Revolving Advances in an amount equal to twenty-five 25% June 30, 2016, not one hundred twenty 120 September 30, 2017, 25% June 30, 2016 . In connection with the Senior Credit Facility, PNC and CD Financial entered into the Intercreditor and Subordination Agreement (the “Intercreditor Agreement”), which was acknowledged by the Borrowers, pursuant to which, among other things, (a) the lien of CD Financial on assets of the Borrowers is subordinated to the lien of PNC on such assets during the effectiveness of the Senior Credit Facility, and (b) priorities for payment of the debt for the Company and its subsidiar ies (as described in this Note 4 In addition, in connection with the Senior Credit Facility, the following loan documents were executed: (i) a Stock Pledge Agreement with PNC, pursuant to which the Company pledged to PNC the iBio Stock; (ii) a Mortgage and Security Agreement with PNC with IHT Properties; and (iii) an Environmental Indemnity Agreement with PNC. CD FINANCIAL, LLC On June 27, 2012, ed and restated the Securities Purchase Agreement, dated as of February 21, 2008, 9.5% $4,500 $5,350 $1,714 July 7, 2017, February 19, 2016, February 29, 2020. The proceeds of the CD Notes were used to refinance (a) the Original CD Note, (b) the CD MDC Note which was assigned by MDC to the Company, (c) past due interest in the aggregate amount of $333 $217. The CD Notes are secured by all assets of the Borrowers, including, without limitation, machinery and equipment, real estate owned by IHT Properties, and iBio Stock owned by the Company. The CD Notes bear interest at an annual rate of 6% 10%. The CD Convertible Note is convertible at the option of CD Financial into common stock of the Company at a conversion price of $0.65 including conversion price protection provisions. Pursuant to the terms of the Amended Loan Agreement and the Intercreditor Agreement, during the effectiveness of the Senior Credit Facility, (i) the principal of the CD Convertible Note may not may may The CD SPA contains customary representations and warranties, covenants and events of default, including, without limitation, an event of default tied to any change of control as defined in the CD SPA. In connection with the CD SPA, the Borrowers entered into an Amended and Restated Security Agreement and Amended and Restated Subsidiary Guaranty. As of September 30, 2017 June 30, 2017, $621 $503, The Company used the following assumptions to calculate the fair value of the derivative liability using the Black-Scholes option pricing model: September 30, June 30, 2017 2017 Risk Free Interest Rate 1.53 % 1.49 % Volatility 101.70 % 98.11 % Term 2 years 5 months 2 years 8 months Dividend Rate 0.00 % 0.00 % Closing Price of Common Stock $ 0.22 $ 0.19 OTHER LONG TERM DEBT Related Party Debt . June 27, 2012, $686 January 10, 1997, 225 6. February 29, 2020, February 19, 2016. 4% first may

Note 5 - Significant Risks and

Note 5 - Significant Risks and Uncertainties	3 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 5. ( a ) Major Customers. three September 30, 2017 2016, 91% two two 63% 32% three September 30, 2017 48% two three September 30, 2016. two 88% 61% September 30 June 30, 2017, third not ’s consolidated net sales, represented approximately 10% 67% three September 30, 2017 2016, The loss of any of these customers could have an adverse affect on the Company’s operations. Major customers are those customers who account for more than 10% ( b ) Other Business Risks. 66% September 1, 2015 August 31, 2018.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. (a) Leases Related Party L e ases. 100% January 5, 2012, second 74,898 76,161 January 31, 2026. $533, May 19, 2014, January 5, 2012, 2,700 January 31, 2019 January 1, 2024. $27 Rent expense for the three September 30, 2017 2016 $201 $197 September 30, 2017 June 30, 2017, $786 $763, Other Lease Commitments. The Company has entered into certain non-cancelable operating lease agreements expiring up through January 31, 2026, The minimum rental commitment s for long-term non-cancelable leases are as follows: Operating Related Party Year ending Lease Lease June 30, Commitment Commitment Total 2018, remaining $ 34 $ 422 $ 456 2019 27 563 590 2020 22 563 585 2021 21 563 584 2022 8 563 571 2023 - 563 563 Thereafter - 1,392 1,392 Total $ 112 $ 4,629 $ 4,741 Total rent expense, including real estate taxes and maintenance charges, was approximately $242 $237 three September 30, 2017 2016, ( b ) Legal Proceedings. The Company is subject, from time to time, to claims by third ’s liquidity, financial condition and cash flows. (c) Other Claims. On May 15, 2012, March 17, 2009 ( $0.6 may 0.3 On May 30, 2012, ’s position that it has no June 18, 2012, July 27, 2012, no December 18, 2012, January 15, 2013, no November 9, 2017, not

Note 7 - Related Party Transact

Note 7 - Related Party Transactions	3 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 7. See Note 4 . Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt for related party securities and debt transactions. See Note 6

Note 8 - Segment Information

Note 8 - Segment Information	3 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 8. The basis for presenting segment results generally is consistent with overall Company reporting. The Company reports information about its operating segments in accordance with GAAP which establishes standards for reporting information about a company ’s operating segments. The Company has divided its operations into three Branded Proprietary Products and Other Nutraceutical Businesses. The international sales, concentrated primarily in Europe and Canada, for the three September 30, 2017 2016 $1,658 $2,876, Financial information relating to the three September 30, 2017 2016 Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit Depreciation Expenditures Contract 2017 $ 7,822 $ 1,583 $ 9,405 $ 835 $ 74 $ 93 Manufacturing 2016 9,321 2,711 12,032 1,897 71 41 Branded Proprietary 2017 19 11 30 32 1 13 Products 2016 30 95 125 34 - - Other Nutraceutical 2017 271 64 335 138 - 1 Businesses 2016 454 70 524 221 1 - Total 2017 8,112 1,658 9,770 1,005 75 107 Company 2016 9,805 2,876 12,681 2,152 72 41 Total Assets as of September 30, June 30, 2017 2017 Contract Manufacturing $ 10,426 $ 12,134 Branded Proprietary Products 804 784 Other Nutraceutical Businesses 2,151 2,278 Total Company $ 13,381 $ 15,196

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation of Interim Financial Statements The accompanying condensed consolidated financial statements for the interim periods are unaudited and include the accounts of Integrated BioPharma, Inc., a Delaware corporation (together with its subsidiaries, the “Company”). The interim condensed consolidated financial statements have been prepared in conformity with Rule 8 03 X not 10 June 30, 2017 ( 10 June 30, 2017 not three September 30, 2017 not June 30, 2018 Nature of Operations The Company is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. The Company’s customers are located primarily in the United States, Luxembourg and Canada. The Company was previously known as Integrated Health Technologies, Inc. and, prior to that, as Chem International, Inc. The Company was reincorporated in its current form in Delaware in 1995. The Company ’s business segments include: (a) Contract Manufacturing operated by InB:Manhattan Drug Company, Inc. (“MDC”), which manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and specialized health-care providers; (b) Branded Proprietary Products operated by AgroLabs, Inc. (“AgroLabs”), which distributes healthful nutritional products for sale through major mass market, grocery, drug and vitamin retailers, under the following brands: Naturally Noni, Peaceful Sleep, Green Envy, FiberCal, Wheatgrass and other products which are being introduced into the market (these are referred to as our branded proprietary nutraceutical business and/or products); and (c) Other Nutraceutical Businesses which includes the operations of (i) The Vitamin Factory (the “Vitamin Factory”), which sells private label MDC products, as well as our AgroLabs products, through the Internet, (ii) IHT Health Products, Inc. (“IHT”) a distributor of fine natural botanicals, including multi minerals produced under a license agreement, (iii) MDC Warehousing and Distribution, Inc., a service provider for warehousing and fulfilment services and (iv) Chem International, Inc. (“Chem”), a distributor of certain raw materials for DSM Nutritional Products LLC.
Cost Method Investments, Policy [Policy Text Block]	Investment in iBio, Inc. The Company accounts for its investment in iBio, Inc. (“iBio”) common stock on the cost basis as it retained approximately 6% 1,266,706 August 2008. $2,287. September 30, 2017 $382 September 30, 2017. Pursuant to the Company ’s Loan Agreement with PNC Bank, National Association (“PNC”), as amended on February 16, 2016, all the net proceeds from the sale of any of the iBio Stock is to be used to prepay the outstanding principal of the term loan outstanding under the Amended Loan Agreement. (See Note 4.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share. Basic earnings per common share amounts are based on weighted average number of common shares outstanding. Diluted earnings per share amounts are based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all potentially dilutive stock options, warrants and convertible debt, subject to anti-dilution limitations using the treasury stock method and if converted method. The following options and potentially dilutive shares for convertible notes payable (See Note 4. not three September 30, 2017 2016: Three Months Ended September 30, 2017 2016 Anti-dilutive stock options 2,692,017 674,950 Anti-dilutive shares for convertible notes payable 8,230,769 8,230,769 Total anti-dilutive shares 10,922,786 8,905,719

Note 1 - Principles of Consol15

Note 1 - Principles of Consolidation and Basis of Presentation (Tables)	3 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended September 30, 2017 2016 Anti-dilutive stock options 2,692,017 674,950 Anti-dilutive shares for convertible notes payable 8,230,769 8,230,769 Total anti-dilutive shares 10,922,786 8,905,719

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	3 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, June 30, 2017 2017 Raw materials $ 3,798 $ 3,847 Work-in-process 1,314 1,963 Finished goods 1,930 1,835 Total $ 7,042 $ 7,645

Note 3 - Property and Equipme17

Note 3 - Property and Equipment, Net (Tables)	3 Months Ended
	Sep. 30, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, June 30, 2017 2017 Land and building $ 1,250 $ 1,250 Leasehold improvements 1,268 1,268 Machinery and equipment 5,868 5,777 Transportation equipment 11 11 8,397 8,306 Less: Accumulated depreciation and amortization (6,765 ) (6,705 ) Total $ 1,632 $ 1,601

Note 4 - Senior Credit Facili18

Note 4 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and Other Long Term Debt (Tables)	3 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Debt [Table Text Block]	Principal Amount Interest Rate Maturity Date As of September 30, 2017 As of June 30, 2017 Revolving advances under Senior Credit Facility with PNC Bank, National Association $ 3,904 $ 4,676 4.25 % 2/19/2020 Installment Note with PNC Bank 2,039 2,542 4.75 % 2/19/2020 Installment Note with PNC Equipment Finance, LLC 168 190 4.57 % 7/29/2019 Promissory Note with CD Financial, LLC 1,714 1,714 6.00 % 2/29/2020 Promissory Note with Vitamin Realty, LLC 686 686 4.00 % 2/29/2020 Capitalized lease obligations 257 307 3.86% -11.43 % 3/6/2018 -12/08/2020 Total outstanding debt 8,768 10,115 Less: Revolving Advances (3,904 ) (4,676 ) Prepaid financing costs (67 ) (75 ) Current portion of long term debt, net (1,031 ) (1,118 ) Long term debt, net $ 3,766 $ 4,246 Convertible Note payable - CD Financial, LLC $ 5,350 $ 5,350 6.00 % 2/29/2020 Less: Discount for embedded derivative (95 ) (105 ) Prepaid financing costs (22 ) (24 ) Convertible Note payable, net - CD Financial, LLC $ 5,233 $ 5,221
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	September 30, June 30, 2017 2017 Risk Free Interest Rate 1.53 % 1.49 % Volatility 101.70 % 98.11 % Term 2 years 5 months 2 years 8 months Dividend Rate 0.00 % 0.00 % Closing Price of Common Stock $ 0.22 $ 0.19

Note 6 - Commitments and Cont19

Note 6 - Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Operating Related Party Year ending Lease Lease June 30, Commitment Commitment Total 2018, remaining $ 34 $ 422 $ 456 2019 27 563 590 2020 22 563 585 2021 21 563 584 2022 8 563 571 2023 - 563 563 Thereafter - 1,392 1,392 Total $ 112 $ 4,629 $ 4,741

Note 8 - Segment Information (T

Note 8 - Segment Information (Tables)	3 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit Depreciation Expenditures Contract 2017 $ 7,822 $ 1,583 $ 9,405 $ 835 $ 74 $ 93 Manufacturing 2016 9,321 2,711 12,032 1,897 71 41 Branded Proprietary 2017 19 11 30 32 1 13 Products 2016 30 95 125 34 - - Other Nutraceutical 2017 271 64 335 138 - 1 Businesses 2016 454 70 524 221 1 - Total 2017 8,112 1,658 9,770 1,005 75 107 Company 2016 9,805 2,876 12,681 2,152 72 41
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Total Assets as of September 30, June 30, 2017 2017 Contract Manufacturing $ 10,426 $ 12,134 Branded Proprietary Products 804 784 Other Nutraceutical Businesses 2,151 2,278 Total Company $ 13,381 $ 15,196

Note 1 - Principles of Consol21

Note 1 - Principles of Consolidation and Basis of Presentation (Details Textual) - IBio Inc [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Aug. 31, 2008
Cost Method Investment, Ownership Percentage		6.00%
Investment Owned, Balance, Shares		1,266,706
Asset Impairment Charges	$ 2,287
Investment Owned, at Fair Value	$ 382

Note 1 - Principles of Consol22

Note 1 - Principles of Consolidation and Basis of Presentation - Antidilutive Securities Excluded From Weighted Average Diluted Common Shares Outstanding (Details) - shares	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Anti-dilutive securities (in shares)	10,922,786	8,905,719
Employee Stock Option [Member]
Anti-dilutive securities (in shares)	2,692,017	674,950
Convertible Debt Securities [Member]
Anti-dilutive securities (in shares)	8,230,769	8,230,769

Note 2 - Inventories - Inventor

Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Raw materials	$ 3,798	$ 3,847
Work-in-process	1,314	1,963
Finished goods	1,930	1,835
Total	$ 7,042	$ 7,645

Note 3 - Property and Equipme24

Note 3 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Depreciation	$ 75	$ 72

Note 3 - Property and Equipme25

Note 3 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Property and equipment, gross	$ 8,397	$ 8,306
Less: Accumulated depreciation and amortization	(6,765)	(6,705)
Total	1,632	1,601
Land and Building [Member]
Property and equipment, gross	1,250	1,250
Leasehold Improvements [Member]
Property and equipment, gross	1,268	1,268
Machinery and Equipment [Member]
Property and equipment, gross	5,868	5,777
Transportation Equipment [Member]
Property and equipment, gross	$ 11	$ 11

Note 4 - Senior Credit Facili26

Note 4 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and Other Long Term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Feb. 19, 2016	Jun. 27, 2012	Sep. 30, 2017	Jun. 30, 2017	Feb. 21, 2008
Debt Instrument, Periodic Payment	$ 41
Interest Paid		$ 333
Other Expenses		$ 217
CD Financial LLC [Member]
Debt Instrument, Interest Rate, Stated Percentage		6.00%			9.50%
Debt Instrument, Face Amount					$ 4,500
Convertible Notes Payable		$ 5,350
Debt Instrument, Convertible, Conversion Price		$ 0.65
Embedded Derivative, Fair Value of Embedded Derivative Liability			$ 621	$ 503
CD Financial LLC [Member] | Default Rate [Member]
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Vitamin Realty LLC [Member]
Debt Instrument, Face Amount		$ 686
Revolving Credit Facility [Member] | Eurodollar [Member]
Line of Credit Facility, Interest Rate at Period End			4.25%	4.25%
Term Loan [Member] | Eurodollar [Member]
Line of Credit Facility, Interest Rate at Period End	3.25%		4.75%	4.75%
Amended Loan Agreement [Member]
Senior Notes	$ 11,422
Loans Payable, Noncurrent	$ 3,422
Line of Credit Facility Covenant Prepayment Provisions Percentage of Excess Cash flow	25.00%		25.00%
Amended Loan Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,000
Amended Loan Agreement [Member] | Revolving Credit Facility [Member] | Eurodollar [Member]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Term Loan [Member] | Scenario Event of Default [Member]
Debt Instrument, Interest Rate, Increase (Decrease)	2.00%
Number of Consecutive Monthly Installments	84
Number of Consecutive Monthly Installments, Fixed Amount	83
Revolving Advances [Member]
Line of Credit Facility Covenant Maximum Aggregate Revolving Advance	$ 8,000
Line of Credit Facility Covenant Aggregate Revolving Advance Receivables Advance Rate	85.00%
Line of Credit Facility Covenant Aggregate Revolving Advance Inventory Advance Rate	75.00%
Promissory Note [Member] | CD Financial LLC [Member]
Debt Instrument, Face Amount		$ 1,714
E. Gerald Kay [Member] | Vitamin Realty LLC [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.00%

Note 4 - Senior Credit Facili27

Note 4 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and Other Long Term Debt - Debt Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Capitalized lease obligations	$ 257	$ 307
Total outstanding debt	8,768	10,115
Prepaid financing costs	(67)	(75)
Current portion of long term debt, net	(1,031)	(1,118)
Long term debt, net	3,766	4,246
Convertible Note payable, net - CD Financial, LLC	$ 5,233	5,221
Convertible Debt [Member]
Interest Rate	6.00%
Maturity Date	Feb. 29, 2020
Notes Payable	$ 5,350	5,350
Prepaid financing costs	(22)	(24)
Less: Discount for embedded derivative	(95)	(105)
Convertible Note payable, net - CD Financial, LLC	$ 5,233	5,221
Minimum [Member]
Capitalized lease obligations, interest rate	3.86%
Capitalized lease obligations, maturity date	Mar. 6, 2018
Maximum [Member]
Capitalized lease obligations, interest rate	11.43%
Capitalized lease obligations, maturity date	Dec. 8, 2020
Revolving Advances [Member]
Line of Credit Facility	$ 3,904	4,676
Interest Rate	4.25%
Maturity Date	Feb. 19, 2020
Less: Revolving Advances	$ (3,904)	(4,676)
Installment Note with PNC Bank [Member]
Interest Rate	4.75%
Maturity Date	Feb. 19, 2020
Notes Payable	$ 2,039	2,542
PNC Equipment Finance LLC [Member]
Interest Rate	4.57%
Maturity Date	Jul. 29, 2019
Notes Payable	$ 168	190
CD Financial LLC [Member]
Interest Rate	6.00%
Maturity Date	Feb. 29, 2020
Notes Payable	$ 1,714	1,714
Vitamin Realty LLC [Member]
Interest Rate	4.00%
Maturity Date	Feb. 29, 2020
Notes Payable	$ 686	$ 686

Note 4 - Senior Credit Facili28

Note 4 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and Other Long Term Debt - Calculation of Fair Value of Derivative Liability (Details) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Closing Price of Common Stock (in dollars per share)	$ 0.22	$ 0.19
Derivative [Member]
Risk Free Interest Rate	1.53%	1.49%
Volatility	101.70%	98.11%
Term (Month)	2 years 150 days	2 years 240 days
Dividend Rate	0.00%	0.00%

Note 5 - Significant Risks an29

Note 5 - Significant Risks and Uncertainties (Details Textual)	3 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Number of Major Customers	2	2
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Two Customers [Member]
Concentration Risk, Percentage	91.00%	91.00%
Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | Major Customer 1 [Member] | Contract Manufacturing [Member]
Concentration Risk, Percentage	63.00%	48.00%
Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | Major Customer 2 [Member] | Contract Manufacturing [Member]
Concentration Risk, Percentage	32.00%	48.00%
Sales Revenue, Segment [Member] | Customer Concentration Risk [Member] | Major Customer 3 [Member] | Branded Nutraceutical [Member]
Concentration Risk, Percentage	10.00%	67.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Number of Major Customers	2		2
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member]
Concentration Risk, Percentage	88.00%		61.00%
Number of Employees, Geographic Area [Member] | Unionized Employees Concentration Risk [Member]
Concentration Risk, Percentage	66.00%

Note 6 - Commitments and Cont30

Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands	May 19, 2014USD ($)ft²	Jan. 05, 2012USD ($)ft²	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2017USD ($)	May 15, 2012USD ($)
Operating Leases, Rent Expense			$ 242	$ 237
Stock Purchase Agreement [Member]
Loss Contingency, Estimate of Possible Loss						$ 600
Environmental Issues [Member]
Loss Contingency, Estimate of Possible Loss						$ 300
Manhattan Drug Company [Member]
Payments for Rent		$ 533
Manhattan Drug Company [Member] | Minimum [Member]
Area of Real Estate Property | ft²		74,898
Manhattan Drug Company [Member] | Maximum [Member]
Area of Real Estate Property | ft²		76,161
AgroLabs [Member]
Area of Real Estate Property | ft²	2,700
Payments for Rent	$ 27
Chairman, Chief Executive Office and Major Stockholder [Member]
Percent of Ownership for Warehouse and Office Facilities Leased			100.00%
Vitamin Realty LLC [Member]
Operating Leases, Rent Expense			$ 201	$ 197
Accrued Rent			$ 786		$ 763

Note 6 - Commitments and Cont31

Note 6 - Commitments and Contingencies - Minimum Rental Commitment for Long-term Non-cancelable Leases (Details) $ in Thousands	Sep. 30, 2017USD ($)
2018, remaining	$ 456
2,019	590
2,020	585
2,021	584
2,022	571
2,023	563
Thereafter	1,392
Total	4,741
Operating Lease Commitment [Member]
2018, remaining	34
2,019	27
2,020	22
2,021	21
2,022	8
2,023
Thereafter
Total	112
Related Party Lease Commitment [Member]
2018, remaining	422
2,019	563
2,020	563
2,021	563
2,022	563
2,023	563
Thereafter	1,392
Total	$ 4,629

Note 8 - Segment Information (D

Note 8 - Segment Information (Details Textual) $ in Thousands	3 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Number of Reportable Segments	3
Europe and Canada [Member]
Revenues	$ 1,658	$ 2,876

Note 8 - Segment Information -

Note 8 - Segment Information - Operations by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Sales, net	$ 9,770	$ 12,681
Gross Profit	1,005	2,152
Depreciation	75	72
Capital Expenditures	107	41
UNITED STATES
Sales, net	8,112	9,805
International Customers [Member]
Sales, net	1,658	2,876
Contract Manufacturing [Member]
Sales, net	9,405	12,032
Gross Profit	835	1,897
Depreciation	74	71
Capital Expenditures	93	41
Contract Manufacturing [Member] | UNITED STATES
Sales, net	7,822	9,321
Contract Manufacturing [Member] | International Customers [Member]
Sales, net	1,583	2,711
Branded Proprietary Products [Member]
Sales, net	30	125
Gross Profit	32	34
Depreciation	1
Capital Expenditures	13
Branded Proprietary Products [Member] | UNITED STATES
Sales, net	19	30
Branded Proprietary Products [Member] | International Customers [Member]
Sales, net	11	95
Other Nutraceutical Business [Member]
Sales, net	335	524
Gross Profit	138	221
Depreciation		1
Capital Expenditures	1
Other Nutraceutical Business [Member] | UNITED STATES
Sales, net	271	454
Other Nutraceutical Business [Member] | International Customers [Member]
Sales, net	$ 64	$ 70

Note 8 - Segment Operations - T

Note 8 - Segment Operations - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Total Assets	$ 13,381	$ 15,196
Contract Manufacturing [Member]
Total Assets	10,426	12,134
Branded Proprietary Products [Member]
Total Assets	804	784
Other Nutraceutical Business [Member]
Total Assets	$ 2,151	$ 2,278