Integrated BioPharma (INBP) 10-Q 9 May 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2018	May 09, 2018
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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Revenues, Total	$ 10,575	$ 10,654	$ 31,145	$ 35,707
Cost of sales	9,106	9,315	27,623	30,747
Gross profit	1,469	1,339	3,522	4,960
Selling and administrative expenses	809	910	2,453	2,603
Operating income	660	429	1,069	2,357
Other income (expense), net:
Interest expense	(232)	(225)	(694)	(684)
Change in fair value of derivative liabilities	54	92	121	(639)
Impairment on investment in iBio, Inc.			(251)
Other income, net	9	10	13	41
Other income (expense), net	(169)	(123)	(811)	(1,282)
Income before income taxes	491	306	258	1,075
Income tax expense, net	103	68	397	265
Net income (loss)	388	238	(139)	810
Change in fair value of derivative liability	(54)	(92)
Interest expense on Convertible debt - CD Financial, LLC	55	80
Accretion of Convertible debt - CD Financial, LLC	9	10
Diluted net income (loss)	$ 398	$ 236	$ (139)	$ 810
Basic net income (loss) per common share (in dollars per share)	$ 0.02	$ 0.01	$ (0.01)	$ 0.04
Diluted net income (loss) per common share (in dollars per share)	$ 0.01	$ 0.01	$ (0.01)	$ 0.04
Weighted average common shares outstanding - basic (in shares)	21,135,174	21,125,952	21,135,174	21,113,696
Add: Equivalent shares outstanding - stock options (in shares)	836,428	1,434,853		856,927
Shares issuable upon conversion of Convertible Debt - CD Financial, LLC (in shares)	8,230,769	8,230,769
Weighted average common shares outstanding - diluted (in shares)	30,202,371	30,791,574	21,135,174	21,970,623

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Current Assets:
Cash	$ 62	$ 132
Accounts receivable, net	3,198	4,020
Inventories	8,555	7,645
Other current assets	479	754
Total current assets	12,294	12,551
Property and equipment, net	1,670	1,601
Deferred tax assets, net	533	823
Security deposits and other assets	124	221
Total Assets	14,621	15,196
Current Liabilities:
Advances under revolving credit facility	4,319	4,676
Accounts payable (includes $141 and $77 due to related party)	4,878	4,177
Accrued expenses and other current liabilities	1,264	1,184
Current portion of long term debt, net	852	1,118
Total current liabilities	11,313	11,155
Long term debt	3,725	4,246
Convertible Note payable, net - CD Financial, LLC	5,257	5,221
Derivative liabilities	382	503
Total liabilities	20,677	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	44,771	44,759
Accumulated deficit	(50,770)	(50,631)
Less: Treasury stock, at cost, 34,900 shares	(99)	(99)
Total Stockholders' Deficiency	(6,056)	(5,929)
Total Liabilities and Stockholders' Deficiency	$ 14,621	$ 15,196

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Accounts payable, due to related parties	$ 141	$ 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	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net (loss) income	$ (139)	$ 810
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	264	298
Accretion of financing instruments and other non-cash interest	79	78
Impairment charge on investment in iBio, Inc.	251
Change in deferred tax assets, net	290
Stock based compensation	12	37
Change in fair value of derivative liabilities	(121)	639
Gain on sale of fixed assets	(5)
Changes in operating assets and liabilities:
Accounts receivable	822	429
Inventories	(910)	(124)
Other current assets	24	(69)
Accounts payable	697	(792)
Accrued expenses and other liabilities	79	(91)
Net cash provided by operating activities	1,343	1,215
Cash flows from investing activities:
Purchase of property and equipment	(216)	(310)
Cash proceeds from sale of equipment	6
Net cash used in investing activities	(210)	(310)
Cash flows from financing activities:
Advances under revolving credit facility	30,123	34,454
Proceeds from sales/lease back of equipment	143	158
Proceeds from exercises of stock options		2
Repayments of advances under revolving credit facility	(30,480)	(34,958)
Repayments under term note payables	(814)	(659)
Repayments under capitalized lease obligations	(175)	(101)
Net cash used in financing activities	(1,203)	(1,104)
Net decrease in cash	(70)	(199)
Cash at beginning of period	132	395
Cash at end of period	62	196
Supplemental disclosures of cash flow information:
Interest	596	676
Income taxes	130	294
Supplemental disclosures of non-cash transactions:
Financing on capitalized lease obligations	$ 38

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation and Basis of Presentation	9 Months Ended
	Mar. 31, 2018
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 nine March 31, 2018 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 July 1, 2017. no Aside from the adoption of ASU No. 2015 11, no 2018 10 June 30, 2017. Investment in iBio, Inc . 6% 1,266,706 August 2008. $2,454. March 31, 2018 $263 March 31, 2018. Pursuant to the Company’s Amended Loan Agreement with PNC Bank, National Association (“PNC”), as amended on February 19, 2016, 4. Earnings Per Share The following options and potentially dilutive shares for convertible notes payable (see Note 4. not three nine March 31, 2018 2017: Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Anti-dilutive stock options 150,000 213,100 2,487,484 313,100 Anti-dilutive shares for convertible note payable - - 8,230,769 8,230,769 Anti-dilutive shares 150,000 213,100 10,718,353 8,543,869

Note 2 - Inventories

Note 2 - Inventories	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 2 . Inventories Inventories are stated at the lower of cost or net realizable value using the first first March 31, June 30, 2018 2017 Raw materials $ 4,438 $ 3,847 Work-in-process 1,993 1,963 Finished goods 2,124 1,835 Total $ 8,555 $ 7,645

Note 3 - Property and Equipment

Note 3 - Property and Equipment, Net	9 Months Ended
	Mar. 31, 2018
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: March 31, June 30, 2018 2017 Land and building $ 1,250 $ 1,250 Leasehold improvements 1,268 1,268 Machinery and equipment 5,889 5,777 Transportation equipment 7 11 8,414 8,306 Less: Accumulated depreciation and amortization (6,744 ) (6,705 ) Total $ 1,670 $ 1,601 Depreciation and amortization expense recorded on property and equipment was $57 $71 three March 31, 2018 2017, $189 $223 nine March 31, 2018 2017, $146 $4 $1 $10 nine March 31, 2018 2017, $3 $2 nine March 31, 2018.

Note 4 - Senior Credit Facility

Note 4 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and Other Long Term Debt	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	N ote 4 . Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt As of March 31, 2018 June 30, 2017, Principal Amount Interest Rate Maturity Date As of As of March 31, June 30, 2018 2017 Revolving advances under Senior Credit Facility with PNC Bank, National Association $ 4,319 $ 4,676 4.75 % 2/19/2020 Installment Note with PNC Bank 1,794 2,542 5.25 % 2/19/2020 Installment Note with PNC Equipment Finance 124 190 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 312 307 3.86% -9.26 % 6/17/2018 - 12/8/2020 Total outstanding debt 8,949 10,115 Less: Revolving Advances (4,319 ) (4,676 ) Prepaid financing costs (53 ) (75 ) Current portion of long term debt (852 ) (1,118 ) Long term debt $ 3,725 $ 4,246 Convertible Note payable - CD Financial, LLC $ 5,350 $ 5,350 6.00 % 2/29/2020 Less: Discount for embedded derivative (76 ) (105 ) Prepaid financing costs (17 ) (24 ) Convertible Note payable, net - CD Financial, LLC $ 5,257 $ 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 2.75% 4.75% 4.25% March 31, 2018 June 30, 2017, 3.25% 5.25% 4.75% March 31, 2018 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 March 31, 2018, 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 subsidiaries (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 between PNC and IHT Properties; and (iii) an Environmental Indemnity Agreement with PNC. CD FINANCIAL, LLC On June 27, 2012, February 21, 2008, 9.5% $4,500 $5,350 $1,714 July 7, 2017, February 19, 2016, February 29, 2020. 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 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 March 31, 2018 June 30, 2017, $382 $503, The Company used the following assumptions to calculate the fair value of the derivative liability using the Black-Scholes option pricing model: March 31, June 30, 2018 2017 Risk Free Interest Rate 2.26 % 1.49 % Volatility 110.80 % 98.11 % Term 1 year 11 months 2 years 8 months Dividend Rate 0.00 % 0.00 % Closing Price of Common Stock $ 0.17 $ 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 Capitalized Lease Obligations. December 22, 2017, $143, December 1, 2019. $143, $143 $6 6.56%. On February 14, 2018 April 17, 2018, two $38 $15, February 25, 2020 April 25, 2020, $2 $1, 9.26%. On March 6, 2018, March 21, 2016, $123, $16 11.43%.

Note 5 - Significant Risks and

Note 5 - Significant Risks and Uncertainties	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 5. (a) Major Customers. three March 31, 2018 2017, 91% 87%, two two 74% 21% 65% 24% three March 31, 2018 2017, not 21% 5% three March 31, 2018 and 2017, respectively. For the nine March 31, 2018 2017, 91% 90%, two two 72% 22% 58% 37% nine March 31, 2018 2017, two 86% 61% March 31, 2018 June 30, 2017, not 33% 13% 73% 0% nine March 31, 2018 2017, 10% (b) Other Business Risks. 68% September 1, 2015 August 31, 2018.

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. (a) Leases Related Party Leases. 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 March 31, 2018 2017 $204 $195, nine March 31, 2018 2017, $619 $606, March 31, 2018 June 30, 2017, $827 $763, Other Lease Commitments. January 31, 2026, The minimum rental commitments for long-term non-cancelable leases are as follows: Operating Related Party Year ending Lease Lease June 30, Commitment Commitment Total 2018, remaining $ 16 $ 141 $ 157 2019 31 563 594 2020 22 563 585 2021 21 563 584 2022 8 563 571 2023 - 563 563 Thereafter - 1,392 1,392 Total $ 98 $ 4,348 $ 4,446 Total rent expense, including real estate taxes and maintenance charges, was approximately $245 $226 $741 $718 three nine March 31, 2018 2017, (b) Legal Proceedings. The Company is subject, from time to time, to claims by third (c) Other Claims. On May 15, 2012, March 17, 2009 ( $0.6 may $0.3 On May 30, 2012, no June 18, 2012, July 27, 2012, no December 18, 2012, January 15, 2013, no May 9, 2018, not

Note 7 - Related Party Transact

Note 7 - Related Party Transactions	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	Note 7. See Note 4. See Note 6

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8. On December 22, 2017, 35% 21% January 1, 2018. three nine March 31, 2018, $103 $397, $250 nine 31, 2018, one No. 118. one $250 $263 The Company re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse. In addition, the Company elected to record certain deferred tax assets and liabilities related to the alternative minimum tax carry forward credits now allowed to be utilized in future taxable years. The provisional estimate of $263 may

Note 9 - Segment Information

Note 9 - Segment Information	9 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 9. 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 three March 31, 2018 2017 $891 $2,005, nine March 31, 2018 2017 $3,797 $6,678, Financial information relating to the three March 31, 2018 2017 Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit (loss) Depreciation Expenditures Contract 2018 $ 9,333 $ 879 $ 10,212 $ 1,363 $ 55 $ 42 Manufacturing 2017 8,358 1,983 10,341 1,243 70 219 Branded Proprietary 2018 - 9 9 (2 ) 1 - Products 2017 31 4 35 (20 ) - - Other Nutraceutical 2018 351 3 354 108 1 - Businesses 2017 260 18 278 116 1 7 Total 2018 9,684 891 10,575 1,469 57 42 Company 2017 8,649 2,005 10,654 1,339 71 226 Financial information relating to the nine March 31, 2018 2017 Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit (loss) Depreciation Expenditures Contract 2018 $ 26,314 $ 3,661 $ 29,975 $ 3,094 $ 184 $ 244 Manufacturing 2017 27,885 6,381 34,266 4,483 222 302 Branded Proprietary 2018 181 30 211 95 3 13 Products 2017 123 199 322 30 - - Other Nutraceutical 2018 853 106 959 333 2 1 Businesses 2017 1,021 98 1,119 447 1 7 Total 2018 27,348 3,797 31,145 3,522 189 258 Company 2017 29,029 6,678 35,707 4,960 223 309 Total Assets as of March 31, June 30, 2018 2017 Contract Manufacturing $ 12,251 $ 12,134 Branded Proprietary Products 589 784 Other Nutraceutical Businesses 1,781 2,278 Total Company $ 14,621 $ 15,196

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2018
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 nine March 31, 2018 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.
New Accounting Pronouncements, Policy [Policy Text Block]	Significant Accounting Policies In July 2015, No. 2015 11, 330 July 1, 2017. no Aside from the adoption of ASU No. 2015 11, no 2018 10 June 30, 2017.
Cost Method Investments, Policy [Policy Text Block]	Investment in iBio, Inc . 6% 1,266,706 August 2008. $2,454. March 31, 2018 $263 March 31, 2018. Pursuant to the Company’s Amended Loan Agreement with PNC Bank, National Association (“PNC”), as amended on February 19, 2016, 4.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share The following options and potentially dilutive shares for convertible notes payable (see Note 4. not three nine March 31, 2018 2017: Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Anti-dilutive stock options 150,000 213,100 2,487,484 313,100 Anti-dilutive shares for convertible note payable - - 8,230,769 8,230,769 Anti-dilutive shares 150,000 213,100 10,718,353 8,543,869

Note 1 - Principles of Consol16

Note 1 - Principles of Consolidation and Basis of Presentation (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended Nine Months Ended March 31, March 31, 2018 2017 2018 2017 Anti-dilutive stock options 150,000 213,100 2,487,484 313,100 Anti-dilutive shares for convertible note payable - - 8,230,769 8,230,769 Anti-dilutive shares 150,000 213,100 10,718,353 8,543,869

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, June 30, 2018 2017 Raw materials $ 4,438 $ 3,847 Work-in-process 1,993 1,963 Finished goods 2,124 1,835 Total $ 8,555 $ 7,645

Note 3 - Property and Equipme18

Note 3 - Property and Equipment, Net (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, June 30, 2018 2017 Land and building $ 1,250 $ 1,250 Leasehold improvements 1,268 1,268 Machinery and equipment 5,889 5,777 Transportation equipment 7 11 8,414 8,306 Less: Accumulated depreciation and amortization (6,744 ) (6,705 ) Total $ 1,670 $ 1,601

Note 4 - Senior Credit Facili19

Note 4 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and Other Long Term Debt (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Debt [Table Text Block]	Principal Amount Interest Rate Maturity Date As of As of March 31, June 30, 2018 2017 Revolving advances under Senior Credit Facility with PNC Bank, National Association $ 4,319 $ 4,676 4.75 % 2/19/2020 Installment Note with PNC Bank 1,794 2,542 5.25 % 2/19/2020 Installment Note with PNC Equipment Finance 124 190 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 312 307 3.86% -9.26 % 6/17/2018 - 12/8/2020 Total outstanding debt 8,949 10,115 Less: Revolving Advances (4,319 ) (4,676 ) Prepaid financing costs (53 ) (75 ) Current portion of long term debt (852 ) (1,118 ) Long term debt $ 3,725 $ 4,246 Convertible Note payable - CD Financial, LLC $ 5,350 $ 5,350 6.00 % 2/29/2020 Less: Discount for embedded derivative (76 ) (105 ) Prepaid financing costs (17 ) (24 ) Convertible Note payable, net - CD Financial, LLC $ 5,257 $ 5,221
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	March 31, June 30, 2018 2017 Risk Free Interest Rate 2.26 % 1.49 % Volatility 110.80 % 98.11 % Term 1 year 11 months 2 years 8 months Dividend Rate 0.00 % 0.00 % Closing Price of Common Stock $ 0.17 $ 0.19

Note 6 - Commitments and Cont20

Note 6 - Commitments and Contingencies (Tables)	9 Months Ended
	Mar. 31, 2018
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 $ 16 $ 141 $ 157 2019 31 563 594 2020 22 563 585 2021 21 563 584 2022 8 563 571 2023 - 563 563 Thereafter - 1,392 1,392 Total $ 98 $ 4,348 $ 4,446

Note 9 - Segment Information (T

Note 9 - Segment Information (Tables)	9 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit (loss) Depreciation Expenditures Contract 2018 $ 9,333 $ 879 $ 10,212 $ 1,363 $ 55 $ 42 Manufacturing 2017 8,358 1,983 10,341 1,243 70 219 Branded Proprietary 2018 - 9 9 (2 ) 1 - Products 2017 31 4 35 (20 ) - - Other Nutraceutical 2018 351 3 354 108 1 - Businesses 2017 260 18 278 116 1 7 Total 2018 9,684 891 10,575 1,469 57 42 Company 2017 8,649 2,005 10,654 1,339 71 226 Sales, Net Segment U.S. International Gross Capital Customers Customers Total Profit (loss) Depreciation Expenditures Contract 2018 $ 26,314 $ 3,661 $ 29,975 $ 3,094 $ 184 $ 244 Manufacturing 2017 27,885 6,381 34,266 4,483 222 302 Branded Proprietary 2018 181 30 211 95 3 13 Products 2017 123 199 322 30 - - Other Nutraceutical 2018 853 106 959 333 2 1 Businesses 2017 1,021 98 1,119 447 1 7 Total 2018 27,348 3,797 31,145 3,522 189 258 Company 2017 29,029 6,678 35,707 4,960 223 309
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	Total Assets as of March 31, June 30, 2018 2017 Contract Manufacturing $ 12,251 $ 12,134 Branded Proprietary Products 589 784 Other Nutraceutical Businesses 1,781 2,278 Total Company $ 14,621 $ 15,196

Note 1 - Principles of Consol22

Note 1 - Principles of Consolidation and Basis of Presentation (Details Textual) - IBio Inc [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Aug. 31, 2008
Cost Method Investment, Ownership Percentage		6.00%
Investment Owned, Balance, Shares		1,266,706
Asset Impairment Charges, Total	$ 2,454
Investment Owned, at Fair Value	$ 263

Note 1 - Principles of Consol23

Note 1 - Principles of Consolidation and Basis of Presentation - Antidilutive Securities Excluded From Weighted Average Diluted Common Shares Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Anti-dilutive securities (in shares)	150,000	213,100	10,718,353	8,543,869
Employee Stock Option [Member]
Anti-dilutive securities (in shares)	150,000	213,100	2,487,484	313,100
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	Mar. 31, 2018	Jun. 30, 2017
Raw materials	$ 4,438	$ 3,847
Work-in-process	1,993	1,963
Finished goods	2,124	1,835
Total	$ 8,555	$ 7,645

Note 3 - Property and Equipme25

Note 3 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Depreciation, Total	$ 57	$ 71	$ 189	$ 223
Property, Plant and Equipment, Disposals				10
Property, Plant and Equipment, Net, Ending Balance	1,670		1,670		$ 1,601
Gain (Loss) on Disposition of Property Plant Equipment, Total			5
Machinery and Equipment [Member]
Property, Plant and Equipment, Disposals			146
Gain (Loss) on Disposition of Property Plant Equipment, Total			2
Transportation Equipment [Member]
Property, Plant and Equipment, Disposals			4
Property, Plant and Equipment, Net, Ending Balance	$ 1		1
Gain (Loss) on Disposition of Property Plant Equipment, Total			$ 3

Note 3 - Property and Equipme26

Note 3 - Property and Equipment, Net - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Property and equipment, gross	$ 8,414	$ 8,306
Less: Accumulated depreciation and amortization	(6,744)	(6,705)
Total	1,670	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	5,889	5,777
Transportation Equipment [Member]
Property and equipment, gross	7	$ 11
Total	$ 1

Note 4 - Senior Credit Facili27

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	Apr. 17, 2018	Feb. 14, 2018	Dec. 22, 2017	Mar. 21, 2016	Feb. 19, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jun. 30, 2017	Jun. 27, 2012	Feb. 21, 2008
Debt Instrument, Periodic Payment, Total					$ 41
Capital Lease Obligations, Total						$ 312			$ 307
Sale Leaseback Transaction, Net Proceeds, Financing Activities, Total						143	$ 158
First American Equipment Finance [Member]
Capital Lease Obligations, Total			$ 143
Sale Leaseback Transaction, Net Proceeds, Financing Activities, Total			143
Sale Leaseback Transaction, Monthly Rental Payments			$ 6
Sale Leaseback Transaction, Imputed Interest Rate			6.56%
Regents [Member]
Capital Lease Obligations, Total				$ 123
Regents [Member] | Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment, Total				$ 16
Debt Instrument, Interest Rate, Stated Percentage				11.43%
CD Financial LLC [Member]
Debt Instrument, Interest Rate, Stated Percentage										6.00%	9.50%
Debt Instrument, Face Amount											$ 4,500
Convertible Notes Payable, Total										$ 5,350
Debt Instrument, Convertible, Conversion Price										$ 0.65
Embedded Derivative, Fair Value of Embedded Derivative Liability						$ 382			$ 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						4.75%			4.25%
Term Loan [Member] | Eurodollar [Member]
Debt Instrument, Basis Spread on Variable Rate					3.25%
Line of Credit Facility, Interest Rate at Period End						5.25%			4.75%
Amended Loan Agreement [Member]
Senior Notes, Total					$ 11,422
Loans Payable, Noncurrent, Total					$ 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%
Capital Lease Entered into on February 14, 2018 [Member] | Marlin Equipment Finance [Member]
Capital Lease Obligations, Total		$ 38
Capital Lease Entered into on February 14, 2018 [Member] | Marlin Equipment Finance [Member] | Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment, Total		$ 2
Debt Instrument, Interest Rate, Stated Percentage		9.26%
Capital Lease Entered into on April 17, 2018 [Member] | Marlin Equipment Finance [Member]
Capital Lease Obligations, Total	$ 15
Capital Lease Entered into on April 17, 2018 [Member] | Marlin Equipment Finance [Member] | Capital Lease Obligations [Member]
Debt Instrument, Periodic Payment, Total	$ 1
Debt Instrument, Interest Rate, Stated Percentage	9.26%

Note 4 - Senior Credit Facili28

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
	Mar. 31, 2018	Jun. 30, 2017
Capitalized lease obligations	$ 312	$ 307
Capitalized lease obligations, maturity date	Jun. 17, 2018
Total outstanding debt	$ 8,949	10,115
Prepaid financing costs	(53)	(75)
Current portion of long term debt	(852)	(1,118)
Long term debt	3,725	4,246
Convertible Note payable, net - CD Financial, LLC	$ 5,257	5,221
Convertible Debt [Member]
Interest Rate	6.00%
Maturity Date	Feb. 29, 2020
Notes Payable	$ 5,350	5,350
Prepaid financing costs	(17)	(24)
Less: Discount for embedded derivative	(76)	(105)
Convertible Note payable, net - CD Financial, LLC	$ 5,257	5,221
Maximum [Member]
Capitalized lease obligations, interest rate	9.26%
Revolving Advances [Member]
Line of Credit Facility	$ 4,319	4,676
Interest Rate	4.75%
Maturity Date	Feb. 19, 2020
Less: Revolving Advances	$ (4,319)	(4,676)
Installment Note with PNC Bank [Member]
Interest Rate	5.25%
Maturity Date	Feb. 19, 2020
Notes Payable	$ 1,794	2,542
PNC Equipment Finance LLC [Member]
Interest Rate	4.57%
Maturity Date	Jul. 29, 2019
Notes Payable	$ 124	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 Facili29

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)	Dec. 31, 2017$ / shares	Jun. 30, 2017$ / shares
Closing Price of Common Stock (in dollars per share)	$ 0.17	$ 0.19
Measurement Input, Risk Free Interest Rate [Member]
Measurement input	2.26	1.49
Measurement Input, Price Volatility [Member]
Measurement input	1.108	0.9811
Measurement Input, Expected Term [Member]
Measurement input	23	32
Measurement Input, Expected Dividend Rate [Member]
Measurement input	0	0

Note 5 - Significant Risks an30

Note 5 - Significant Risks and Uncertainties (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Number of Major Customers	2	2	2	2
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Contract Manufacturing [Member]
Number of Major Customers	2	2	2	2
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Branded Nutraceutical [Member]
Concentration Risk, Percentage		5.00%
Number of Major Customers	2		2	2
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Two Customers [Member]
Concentration Risk, Percentage	91.00%	87.00%	91.00%	90.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Major Customer 1 [Member] | Contract Manufacturing [Member]
Concentration Risk, Percentage	74.00%	65.00%	72.00%	58.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Major Customer 1 [Member] | Branded Nutraceutical [Member]
Concentration Risk, Percentage	21.00%		33.00%	73.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Major Customer 2 [Member] | Contract Manufacturing [Member]
Concentration Risk, Percentage	21.00%	24.00%	22.00%	37.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Major Customer 2 [Member] | Branded Nutraceutical [Member]
Concentration Risk, Percentage	34.00%		13.00%	0.00%
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			86.00%		61.00%
Number of Employees, Geographic Area [Member] | Unionized Employees Concentration Risk [Member]
Concentration Risk, Percentage			68.00%

Note 6 - Commitments and Cont31

Note 6 - Commitments and Contingencies (Details Textual) $ in Thousands	May 19, 2014USD ($)ft²	Jan. 05, 2012USD ($)ft²	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)	May 15, 2012USD ($)
Operating Leases, Rent Expense, Net, Total			$ 245	$ 226	$ 741	$ 718
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, Net, Total			204	$ 195	$ 619	$ 606
Accrued Rent			$ 827		$ 827		$ 763

Note 6 - Commitments and Cont32

Note 6 - Commitments and Contingencies - Minimum Rental Commitment for Long-term Non-cancelable Leases (Details) $ in Thousands	Mar. 31, 2018USD ($)
2018, remaining	$ 157
2,019	594
2,020	585
2,021	584
2,022	571
2,023	563
Thereafter	1,392
Total	4,446
Operating Lease Commitment [Member]
2018, remaining	16
2,019	31
2,020	22
2,021	21
2,022	8
2,023
Thereafter
Total	98
Related Party Lease Commitment [Member]
2018, remaining	141
2,019	563
2,020	563
2,021	563
2,022	563
2,023	563
Thereafter	1,392
Total	$ 4,348

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
Income Tax Expense (Benefit), Total	$ 103	$ 68	$ 397	$ 397	$ 265
Tax Adjustments, Settlements, and Unusual Provisions			250
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			$ 263

Note 9 - Segment Information (D

Note 9 - Segment Information (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)
Number of Reportable Segments			3
Revenues, Total	$ 10,575	$ 10,654	$ 31,145	$ 35,707	$ 31,145	$ 35,707
Europe and Canada [Member]
Revenues, Total	$ 891	$ 2,005	$ 3,797	$ 6,678

Note 9 - Segment Information -

Note 9 - Segment Information - Operations by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Sales, net	$ 10,575	$ 10,654	$ 31,145	$ 35,707	$ 31,145	$ 35,707
Gross Profit	1,469	1,339	3,522	4,960	$ 3,522	$ 4,960
Depreciation	57	71	189	223
Capital Expenditures	42	226	258	309
UNITED STATES
Sales, net	9,684	8,649	27,348	29,029
International Customers [Member]
Sales, net	891	2,005	3,797	6,678
Contract Manufacturing [Member]
Sales, net	10,212	10,341	29,975	34,266
Gross Profit	1,363	1,243	3,094	4,483
Depreciation	55	70	184	222
Capital Expenditures	42	219	244	302
Contract Manufacturing [Member] | UNITED STATES
Sales, net	9,333	8,358	26,314	27,885
Contract Manufacturing [Member] | International Customers [Member]
Sales, net	879	1,983	3,661	6,381
Branded Proprietary Products [Member]
Sales, net	9	35	211	322
Gross Profit	(2)	(20)	95	30
Depreciation	1		3
Capital Expenditures			13
Branded Proprietary Products [Member] | UNITED STATES
Sales, net		31	181	123
Branded Proprietary Products [Member] | International Customers [Member]
Sales, net	9	4	30	199
Other Nutraceutical Business [Member]
Sales, net	354	278	959	1,119
Gross Profit	108	116	333	447
Depreciation	1	1	2	1
Capital Expenditures		7	1	7
Other Nutraceutical Business [Member] | UNITED STATES
Sales, net	351	260	853	1,021
Other Nutraceutical Business [Member] | International Customers [Member]
Sales, net	$ 3	$ 18	$ 106	$ 98

Note 9 - Segment Information 36

Note 9 - Segment Information - Total Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Jun. 30, 2017
Total Assets	$ 14,621	$ 15,196
Contract Manufacturing [Member]
Total Assets	12,251	12,134
Branded Proprietary Products [Member]
Total Assets	589	784
Other Nutraceutical Business [Member]
Total Assets	$ 1,781	$ 2,278