Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 05, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | SYNTHESIS ENERGY SYSTEMS INC | |
Entity Central Index Key | 1,375,063 | |
Trading Symbol | symx | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 11,032,120 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 3,428 | $ 7,071 |
Accounts receivable – related party, net | 15 | 287 |
Prepaid expenses | 431 | 172 |
Other currents assets | 381 | 547 |
Total current assets | 4,255 | 8,077 |
Property, plant and equipment, net | 4 | 10 |
Intangible asset, net | 1,064 | 1,038 |
Investment in joint ventures | 5,023 | 5,036 |
Other long-term assets | 135 | 153 |
Total assets | 10,481 | 14,314 |
Current liabilities: | ||
Accrued expenses and accounts payable | 1,655 | 1,681 |
Senior secured debenture principal | 8,000 | |
Less unamortized discount and debt issuance costs | (2,397) | |
Total senior secured debenture | 5,603 | |
Total current liabilities | 7,258 | 1,681 |
Senior secured debenture principal | 8,000 | |
Less unamortized discount and debt issuance costs | (2,610) | |
Total senior secured debenture | 5,390 | |
Derivative liabilities | 454 | 1,964 |
Total long-term liabilities | 454 | 7,354 |
Total liabilities | 7,712 | 9,035 |
Commitment and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value: 20,000 shares authorized – no shares issued and outstanding | ||
Common stock, $0.01 par value: 200,000 shares authorized: 11,022 and 10,999 shares issued and outstanding, respectively | 110 | 110 |
Additional paid-in capital | 265,382 | 265,066 |
Accumulated deficit | (262,894) | (260,068) |
Accumulated other comprehensive income | 244 | 244 |
Total stockholders' equity to SES stockholders | 2,842 | 5,352 |
Noncontrolling interests in subsidiaries | (73) | (73) |
Total stockholders' equity | 2,769 | 5,279 |
Total liabilities and equity | $ 10,481 | $ 14,314 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000 | 20,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 |
Common stock, shares issued (in shares) | 11,022 | 10,999 |
Common stock, shares outstanding (in shares) | 11,022 | 10,999 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | ||||
Revenue | $ 77 | $ 345 | ||
Costs and Expenses: | ||||
Costs of sales and operating | 55 | 146 | ||
General and administrative expenses | 1,793 | 1,470 | 3,257 | 2,917 |
Stock-based expense | 102 | 305 | 316 | 550 |
Depreciation and amortization | 8 | 9 | 19 | 18 |
Total costs and expenses | 1,903 | 1,839 | 3,592 | 3,631 |
Operating loss | (1,903) | (1,762) | (3,592) | (3,286) |
Non-operating (income)/expense: | ||||
Equity losses of Joint Ventures | 100 | 206 | 24 | 321 |
Foreign currency (gain)/ losses, net | (31) | (46) | 91 | (107) |
Interest expense | 329 | 233 | 653 | 233 |
Interest income | (7) | (8) | (24) | (10) |
Gain on fair value adjustments of derivative liabilities | (702) | (439) | (1,510) | (439) |
Other (gain) | (1,689) | (1,689) | ||
Net Loss | (1,592) | (19) | (2,826) | (1,595) |
Less: net loss attributable to noncontrolling interests | ||||
Net income/(loss) attributable to SES stockholders | $ (1,592) | $ (19) | $ (2,826) | $ (1,595) |
Net income/(loss) per share (Basic and Diluted): | ||||
Net income/(loss) attributable to SES stockholders (in dollars per share) | $ (0.14) | $ 0 | $ (0.26) | $ (0.15) |
Weighted average common shares outstanding (Basic): (in shares) | 11,022 | 10,955 | 11,021 | 10,944 |
Technology Licensing, Related Party [Member] | ||||
Revenue: | ||||
Revenue | $ 52 | $ 320 | ||
Technology Licensing and Related Services [Member] | ||||
Revenue: | ||||
Revenue | $ 25 | $ 25 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss, as reported | $ (1,592) | $ (19) | $ (2,826) | $ (1,595) |
Currency translation adjustment | (27) | 184 | 150 | |
Comprehensive income/(loss) | (1,619) | 165 | (2,826) | (1,445) |
Comprehensive income/(loss) attributable to noncontrolling interests | 625 | 652 | ||
Comprehensive loss attributable to the Company | $ (1,619) | $ (460) | $ (2,826) | $ (2,097) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss, as reported | $ (2,826) | $ (1,595) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based expense | 316 | 550 |
Amortization of debenture issuance cost | 213 | 69 |
Depreciation and amortization | 19 | 18 |
Gain on fair value adjustments of derivative liabilities | (1,510) | (439) |
Other (gain) | (1,689) | |
Equity losses of Joint Ventures | 24 | 321 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 272 | (327) |
Prepaid expenses and other current assets | (93) | (162) |
Inventory | 33 | |
Other long-term assets | (21) | (40) |
Accrued expenses and payables | (26) | (129) |
Net cash used in operating activities | (3,632) | (3,390) |
Cash flows from investing activities: | ||
Capital expenditures | ||
Proceeds from TSEC share transfer | 1,689 | |
Equity investment in joint ventures | (11) | (321) |
Net cash provided by/(used in) investing activities | (11) | 1,368 |
Cash flows from financing activities: | ||
Proceeds from issuance of debenture, net | 7,375 | |
Payments on debenture issuance costs | (161) | |
Proceeds from exercise of stock options | ||
Net cash provided by financing activities | 7,214 | |
Net increase (decrease) in cash | (3,643) | 5,192 |
Cash and cash equivalents, beginning of period | 7,071 | 4,988 |
Effect of exchange rates on cash | 153 | |
Cash and cash equivalents, end of period | 3,428 | 10,333 |
Supplemental Disclosures: | ||
Cash paid for interest expense during six months ended 12/31/2018: | $ 440 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) | 6 Months Ended |
Dec. 31, 2017USD ($) | |
AFE [Member] | |
Accounts receivable exchanged | $ 150,000 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Jun. 30, 2017 | 10,930 | |||||
Balance at Jun. 30, 2017 | $ 109 | $ 263,809 | $ (250,464) | $ 831 | $ (724) | $ 13,561 |
Net loss, as reported | (1,575) | (1,575) | ||||
Currency translation adjustment | (60) | 26 | (34) | |||
Stock-based expense (in shares) | 13 | |||||
Stock-based expense | 245 | 245 | ||||
Balance (in shares) at Sep. 30, 2017 | 10,943 | |||||
Balance at Sep. 30, 2017 | $ 109 | 264,054 | (252,039) | 771 | (698) | 12,197 |
Balance (in shares) at Jun. 30, 2017 | 10,930 | |||||
Balance at Jun. 30, 2017 | $ 109 | 263,809 | (250,464) | 831 | (724) | 13,561 |
Net loss, as reported | (1,595) | |||||
Currency translation adjustment | 150 | |||||
Balance (in shares) at Dec. 31, 2017 | 10,966 | |||||
Balance at Dec. 31, 2017 | $ 110 | 264,358 | (252,058) | 329 | (72) | 12,667 |
Balance (in shares) at Sep. 30, 2017 | 10,943 | |||||
Balance at Sep. 30, 2017 | $ 109 | 264,054 | (252,039) | 771 | (698) | 12,197 |
Net loss, as reported | (19) | (19) | ||||
Currency translation adjustment | (44) | 184 | ||||
Stock-based expense (in shares) | 23 | |||||
Stock-based expense | $ 1 | 304 | 305 | |||
Gain on disposition of investment in subsidiary | (398) | 626 | 228 | |||
Balance (in shares) at Dec. 31, 2017 | 10,966 | |||||
Balance at Dec. 31, 2017 | $ 110 | 264,358 | (252,058) | 329 | (72) | 12,667 |
Balance (in shares) at Jun. 30, 2018 | 10,999 | |||||
Balance at Jun. 30, 2018 | $ 110 | 265,066 | (260,068) | 244 | (73) | 5,279 |
Net loss, as reported | (1,234) | (1,234) | ||||
Currency translation adjustment | 27 | 27 | ||||
Stock-based expense (in shares) | 23 | |||||
Stock-based expense | 214 | 214 | ||||
Balance (in shares) at Sep. 30, 2018 | 11,022 | |||||
Balance at Sep. 30, 2018 | $ 110 | 265,280 | (261,302) | 271 | (73) | 4,286 |
Balance (in shares) at Jun. 30, 2018 | 10,999 | |||||
Balance at Jun. 30, 2018 | $ 110 | 265,066 | (260,068) | 244 | (73) | 5,279 |
Net loss, as reported | (2,826) | |||||
Currency translation adjustment | ||||||
Balance (in shares) at Dec. 31, 2018 | 11,022 | |||||
Balance at Dec. 31, 2018 | $ 110 | 265,382 | (262,894) | 244 | (73) | 2,769 |
Balance (in shares) at Sep. 30, 2018 | 11,022 | |||||
Balance at Sep. 30, 2018 | $ 110 | 265,280 | (261,302) | 271 | (73) | 4,286 |
Net loss, as reported | (1,592) | (1,592) | ||||
Currency translation adjustment | (27) | (27) | ||||
Stock-based expense (in shares) | ||||||
Stock-based expense | 102 | 102 | ||||
Balance (in shares) at Dec. 31, 2018 | 11,022 | |||||
Balance at Dec. 31, 2018 | $ 110 | $ 265,382 | $ (262,894) | $ 244 | $ (73) | $ 2,769 |
Note 1 - Business and Liquidity
Note 1 - Business and Liquidity | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Liquidity [Text Block] | Note 1 (a) Organization and description of business Synthesis Energy Systems, Inc. (referred to herein as “we”, “us”, and “our”), together with its wholly-owned and majority-owned controlled subsidiaries, is a global clean energy company that owns proprietary technology, SES Gasification Technology (“SGT”), for the low-cost and environmentally responsible production of synthesis gas (referred to as “syngas”). Our focus has been on commercializing our technology both in China and through the regional business platforms we have created with partners in Australia, Australia Future Energy Pty Ltd (“AFE”), and in Poland, SES EnCoal Energy sp. z o.o (“SEE”). Over the past ten five two four first 2015. Our partnership companies, AFE and SEE, are developing energy and resource projects with what we believe to be the necessary commercial and financing structures to deliver attractive financial results. We own approximately 38% 50% Through 2018, three first second third We operate our business from our headquarters located in Houston, Texas and our offices in Shanghai, China. Additionally, our partnership companies, AFE and SEE have independent operations in Brisbane, Australia and Warsaw, Poland respectively. (b) Liquidity, Management’s Plan and Going Concern As of December 31, 2018, $3.4 $3.0 Note 5 $0.1 90 one As of February 13, 2019, $2.9 $0.1 90 one $2.9 $1.6 $1.3 In the quarter ended December 31, 2018, As part of our overall strategy, to the extent possible, we intend to (i) support AFE and SEE in those endeavors to develop energy, chemicals and resource projects where we would own an earned or carried equity interest in the project; (ii) monitor support and facilitate our minority ownership in BFR in order to realize the financial value through dividend income or other means; (iii) work to recover cash and monetize our Yima Joint Venture and TSEC Joint Venture operations; and (iv) taking any additional steps to utilize our existing cash reserves in the most financially productive mean possible. We are undertaking strategies to improve our financial position and preserve our available cash to allow more time to realize the value we believe is in our assets, such as Batchfire Resources Pty Ltd (“BFR”), the Pentland coal resource and AFE. These strategies include the evaluation of a full range of financing, restructuring and strategic alternative options which may 2019 may We believe that with the strategies above, we can continue to operate for the next nine We currently plan to use our available cash for: (i) evaluation and implementing financing, divestitures and strategic restructuring options; (ii) paying the interest related to the Debentures; and (iii) working capital for general corporate and administrative expenses. We currently have very limited financial and human resources to fully implement our plans and due to employee resource reductions, we have limited technology delivery capabilities. We can make no As noted above, we are seeking to improve our financial position and we may may may not may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 (a) Reverse Stock Split On December 4, 2017, 1 8 November 2017. (b) Basis of presentation and principles of consolidation The condensed consolidated financial statements for the periods presented are unaudited. Operating results for the three six December 31, 2018 not June 30, 2019. The condensed consolidated financial statements are in U.S. dollars. Non-controlling interests in consolidated subsidiaries in the consolidated balance sheets represents minority stockholders’ proportionate share of the equity, including any contractual relationships in such subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto reported in the Company’s Annual Report on Form 10 June 30, 2018. 10 June 30, 2018 not The accompanying condensed consolidated interim financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As such, conditions exist the may no Immaterial prior period corrections. three six December 31, 2018, · The allocation of losses to the noncontrolling interests in our subsidiary Synthesis Energy Systems Investments, Inc. (“SESI”), should have excluded certain charges contractually agreed to with the noncontrolling interest shareholder. Accordingly, we made adjustments to increase the net loss attributable to SES stockholders by approximately $374,000 $418,000 three six December 31, 2017 December 31, 2017. · We also adjusted the balances as of June 30, 2017 $477,000, $3.2 $2.7 2013. · We also adjusted the balances on the condensed consolidated balance sheets, statement of operations, comprehensive loss, cash flow and statement of equity related to reversing approximately $67,000 September 30, 2018, not not (c) Accounting for Variable Interest Entities (“VIEs”) and Financial Statement Consolidation Criteria We have equity investments in various privately held entities. We account for these investments either under the equity method or cost method of accounting depending on our ownership interest and the level of our influence in each joint venture. Investments accounted for under the equity method are recorded based upon the amount of our investment and adjusted each period for our share of the investee's income or loss. Cost method investments are recorded at cost less any impairments. All investments are reviewed for changes in circumstance or the occurrence of events that suggest an other-than-temporary event where our investment may not The joint ventures which we have entered into may not not not third (d) Revenue Recognition We may We adopted Accounting Standards Codification No. 606, Revenue from Contracts with Customers 606 July 1, 2018. 606 may not not no (e) Use of estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Management considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the assumptions that are used in the preparation of these consolidated financial statements. Management must apply significant judgment in this process. Among the factors, but not may may (f) Fair value measurements Accounting standards require that fair value measurements be classified and disclosed in one Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no The Company’s financial assets and liabilities are classified based on the lowest level of input that is significant for the fair value measurement. The Company measures equity investments without readily determinable fair value on a non- recurring basis. The fair value of the Yima Joint Venture was determined as of June 30, 2018 no six December 31, 2018, December 31, 2018 June 30, 2018 ( December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Certificates of Deposit $ — $ 50 (1) $ — $ 50 Money Market Funds 1,452 (2) — — 1,452 Liabilities: Derivative Liabilities $ — $ — $ 454 $ 454 June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Certificates of Deposit $ — $ 50 (1) $ — $ 50 Money Market Funds 4,345 (2) — — 4,345 Non-recurring Investment in Yima Joint Venture — — 5,000 5,000 Liabilities: Derivative Liabilities $ — $ — $ 1,964 $ 1,964 ( 1 Amount included in current assets on the Company’s consolidated balance sheets. ( 2 Amount included in cash and cash equivalents on the Company’s consolidated balance sheets. The following table sets forth the changes in the estimated fair value for our Level 3 Derivative liabilities balance - June 30, 2018 $ 1,964 Change in fair value (1,510 ) Derivative liabilities balance – December 31, 2018 $ 454 The carrying values of the certificates of deposit and money market funds approximate fair value, which was estimated using quoted market prices for those or similar investments. The carrying value of other financial instruments, including accounts receivable and accounts payable, approximate their fair values due to the short maturities on those instruments. Our Debentures are recorded at face value of $8.0 Note 6 |
Note 3 - Recently Issued Accoun
Note 3 - Recently Issued Accounting Standards | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 3 In February 2016, No. 2016 02, 842, December 15, 2018. In June 2018, No. 2018 07, 718, 718 718 718 not 1 2 606, December 15, 2018, No. 2018 07 December 31, 2018 no |
Note 4 - Current Projects
Note 4 - Current Projects | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 4 Australian Future Energy Pty Ltd In 2014, On May 10, 2017, $2.0 first five no In August 2017, 266 In July 2018, 350,000 $260,000. three 6%. August 2018. For our ownership interest in AFE, we have been contributing cash and engineering support for AFE’s business development while Ambre contributed cash and services. Additional ownership in AFE has been granted to the AFE management team and staff individuals providing services to AFE. In August 2017 March 2018, $0.47 $0.16 We account for our investment in AFE under the equity method. Our ownership interest of approximately 38% second not December 31, 2018 June 30, 2018 The following summarizes condensed financial information of AFE for the three six December 31, 2018 2017 December 31, 2018 June 30, 2018 ( Three Months Ended Six Months Ended Income Statement data: 2018 2017 2018 2017 Net income/( loss) $ (289 ) $ (522 ) $ 9 $ (1,013 ) Balance sheet data: December 31, 2018 June 30, 2018 Total assets $ 918 $ 725 Total Equity 563 549 Batchfire Resources Pty Ltd As a result of AFE’s early stage business development efforts associated with the Callide coal mine in Central Queensland, Australia, AFE created BFR. BFR was a spin-off company for which ownership interest was distributed to the existing shareholders of AFE and to the new BFR management team in December 2015. one 20 In October 2016, October 2016. We account for our investment in BFR under the cost method. Our limited ownership interest in BFR was approximately 11% not zero December 31, 2018, 11% December 31, 2018 June 30, 2018 Townsville Metals Infrastructure Pty Ltd In August 2018, 38% We account for our investment in TMI under the equity method. Our ownership interest of approximately 38% second may one 15% not December 31, 2018 Cape River Resources Pty Ltd In October 2018, 38% 100% 6.0 9.0 first 4.5 1.5 2022. 2018 We account for our investment in CRR under the equity method. Our ownership interest of approximately 38% second may one 15% not December 31, 2018 SES EnCoal Energy sp. z o. o. In October 2017, For our ownership interest in SEE, we have been contributing cash and assisting in the development of SEE. SEE was funded in January 2018 $6,000 March 2018 $76,000. August 2018 $11,000. We account for our investment in SEE under the equity method. Our ownership interest of 50% two four not December 31, 2018, 50% December 31, 2018 June 30, 2018 $23,000 $36,000, Yima Joint Venture In August 2009, 25% 75% In December 2017 January 2018, 16 $2.3 June 30, 2018, 6.15 $0.9 may not six December 31, 2018. Since 2014, We evaluated the conditions of the Yima Joint Venture to determine whether an other-than-temporary decrease in value had occurred as of June 30, 2018 2017. June 30, 2018, fourth June 30, 2017, may third 2 (e) Use of Estimates June 30, 2018, $3.5 June 30, 2018. $17.7 June 30, 2017. As of December 31, 2018, third 59.8 $8.7 $4.9 April 2019 $3.8 one Management determined that there was not December 31, 2018. $5.0 December 31, 2018 June 30, 2018. Tianwo-SES Clean Energy Technologies Limited Joint Venture Contract In February 2014, one In August 2017, December 2017. 25% 25% 50%. three 11.15 $1.7 1.2 $180,000 TSEC Joint Venture financial data The following summarizes condensed financial information of TSEC Joint Venture for the three six December 31, 2018 2017 December 31, 2018 June 30, 2018 ( Three Months Ended Six Months Ended Income Statement data: 2018 2017 2018 2017 Revenue $ — $ 109 $ — $ 109 Operating loss (259 ) (643 ) (466 ) (1,241 ) Net loss (259 ) (643 ) (466 ) (1,241 ) Balance sheet data: December 31, 2018 June 30, 2018 Current assets $ 4,322 $ 5,918 Noncurrent assets 1,314 5,464 Current liabilities 3,677 3,938 Noncurrent liabilities — — Equity 1,959 7,444 The TSEC Joint Venture is accounted for under the equity method. Our initial capital contribution in the formation of the venture was the Technology Usage and Contribution Agreement (“TUCA”), which is an intangible asset. As such, we did not December 31, 2018 June 30, 2018 zero Under the equity method of accounting, losses in the venture are not no not not $0.1 $0.3 six December 31, 2018 2017 $3.6 TUCA Pursuant to the TUCA, we have contributed to the TSEC Joint Venture certain exclusive rights to our gasification technology in the TSEC Joint Venture territory, including the right to: (i) grant site specific project sub-licenses to third |
Note 5 - Senior Secured Debentu
Note 5 - Senior Secured Debentures | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 5 On October 24, 2017, $8.0 5 11% 18% 1,000,000 $4.00 no January 2, 2018. October 23, 2022. The net offering proceeds to us from the sale of the Debentures and warrants, after deducting the placement agent’s fee and associated costs and expenses, was approximately $7.4 not $0.56 7% 70,000 7% $137,000 $1.0 October 2017. The warrants and Placement Agent Warrants contain provisions providing for the adjustment of the purchase price and number of shares into which the securities are exercisable in certain events. Also, under certain events, we shall, at the holder’s option, purchase the warrants from the holder by paying the holder an amount in cash based on a Black Scholes Option Pricing Model for remaining unexercised warrants. Under U.S. GAAP, this potential cash transaction requires us to record the fair market value of the warrants as a liability as opposed to equity. Management used a Monte Carlo Simulation method to value the warrants with Anti-Dilution Protection with the assistance of a third Valuation Date: October 24, 2017 Warrant Expiration Date: October 31, 2022 Total Number of Warrants Issued: 1,000,000 Contracted Conversion Ratio: 1:1 Warrant Exercise Price (USD) 4.00 Next Capital Raise Date: October 31, 2018 Threshold exercise price post Capital raise: 2.51 Spot Price (USD): 3.28 Expected Life (Years): 5.0 Volatility: 66.0% Volatility (Per-period Equivalent): 19.1% Risk Free Interest Rate: 2.04% Risk Free Rate (Per-period Equivalent): 0.17% Nominal Value (USD Mn): 4.0 No of Shares on conversion (Mn): 8.0 The results of the valuation exercise valued the warrants issued at $1.9528 $2.0 The total proceeds received are first The Company recorded $8.0 $2.0 $0.1 $0.3 $0.2 three December 31, 2018 2017 $0.7 $0.2 six December 31, 2018 2017 The effective annual interest rate of the debentures is approximately 18% $2.0 The Debentures are guaranteed by the U.S. subsidiaries of the Company, as well as the Company’s British Virgin Islands subsidiary, pursuant to a Subsidiary Guarantee, in favor of the holders of the Debentures by the subsidiary guarantors, party thereto, as well as any future subsidiaries which the Company forms or acquires. The Debentures are secured by a lien on substantially all of the assets of the Company and the subsidiary guarantors, other than their equity ownership interest in the Company’s foreign subsidiaries, pursuant to the terms of the Purchase Agreement among the Company, the subsidiary guarantors and the holders of the Debentures. On November 5, 2018, 10 not may not 10 |
Note 6 - Derivative Liabilities
Note 6 - Derivative Liabilities | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | Note 6 The warrants issued to the Debenture investors and the Placement Agent contain provisions providing for the adjustment of the purchase price and number of shares into which the securities are exercisable under certain events. Under certain events, the Company shall, at the holder’s option, purchase the warrants from the holder by paying the holder an amount in cash based on a Black Scholes Option Pricing Model for remaining unexercised warrants. ASC 815, third third June 30, 2018 September 30, 2018 December 31, 2018 To execute the model and value the derivatives, certain assumptions were needed as noted below: Assumptions Year Ended June 30, 2018 Quarter Ended December 31, 2018 Warrant Issue Date: October 24, 2017 October 24, 2017 Valuation Date: June 30, 2018 December 31, 2018 Warrant Expiration Date: October 31, 2022 October 31, 2022 Total Number of Warrants Issued: 1,070,000 1,070,000 Warrant Exercise Price (USD): 4.00 4.00 Next Capital Raise Date: (1) June 30, 2019 September 30, 2019 Threshold Exercise Price Post Capital Raise: (2) 2.15 0.70 Spot Price (USD): 3.28 0.79 Expected Life (Years): 4.3 3.8 Volatility: 65.0% 79.0% Volatility (Per-period Equivalent): 18.8% 22.8% Risk Free Interest Rate: 2.71% 2.49% Risk Free Rate (Per-period Equivalent): 0.22% 0.20% Nominal Value (USD Mn): 4.3 4.3 No. of Shares on Conversion (Mn): 1.1 1.1 Contracted Conversion Ratio: 1:1 1:1 Fair Values (in thousands) Fair Value without Anti-Dilution Protection: $1,704 $199 Fair Value of Embedded Derivative: 260 255 Fair Value of the Warrants Issued: $1,964 $454 Gain/(Loss) on Fair Value Adjustments to Derivative Liabilities $126 $1,510 ( 1 Next Capital Raise Date was assumed to be within a year of the debt offering and each valuation date. This was assumed as the Company has registered some type of capital raise in each year for the past 3 may not ( 2 Threshold Exercise Price Post Capital Raise is assumed to be the 52 not 52 The change in the derivative liability was mostly due to the Company’s stock price movements. Other changes in assumptions are listed above, some change with the passage time, interest rate fluctuations and stock market volatility. |
Note 7 - Risks and Uncertaintie
Note 7 - Risks and Uncertainties | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 7 As of December 31, 2018, $3.4 $3.0 Note 5 As of February 13, 2019, $2.9 $0.1 90 one $2.9 $1.6 $1.3 In the quarter ended December 31, 2018, We are undertaking strategies to improve our financial position and preserve our available cash to allow more time to realize the value we believe is in our assets, such as BFR, the Pentland coal resource and AFE. These strategies include the evaluation of a full range of financing, restructuring and strategic alternative options which may 2019 may We believe that with the strategies above, we can continue to operate for the next nine We currently plan to use our available cash for: (i) evaluation and implementing financing, divestitures and strategic restructuring options; (ii) paying the interest related to the Senior Secured Debentures; and (iii) working capital for general corporate and administrative expenses. We currently have very limited financial and human resources to fully implement our plans and due to employee resource reductions, we have limited technology delivery capabilities. We can make no As noted in Note 1, may may may not may On November 5, 2018, 10 not may Our ability to make payments on and to refinance our indebtedness, including our Debentures, and to fund planned capital expenditures will depend on our ability to generate sufficient cash flow from operations in the future. To a certain extent, this is subject to general economic, financial, competitive, legislative and regulatory conditions and other factors that are beyond our control. We cannot assure you that our business will generate sufficient cash flow from operations in an amount sufficient to enable us to pay principal and interest on our indebtedness, including our Debentures, or to fund our other liquidity needs. If our cash flow and capital resources are insufficient to fund our debt obligations, we may may may may not Pursuant to our joint venture contracts, we are committed to providing technology and related support to our partners. If we do not may We may Note 4 Yima Joint Venture not December 31, 2018. $5.0 December 31, 2018 June 30, 2018. Should general economic, market or business conditions decline further, and continue to have a negative impact on our revenues or other aspects of our business, we may |
Note 8 - GTI License Agreement
Note 8 - GTI License Agreement | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Amended and Restated License Agreement Disclosure [Text Block] | Note 8 In November 2009, August 31, 2006, ® 60%, ® 100% 40% In order to sublicense any U-GAS ® ten not not ten three For each U-GAS ® third third third third third third third third third third third third We are required to make an annual payment to GTI for each year of the term, with such annual payment due by the last day of January not ® six January 31, 2019. For a period of ten May 2016, While the core of our technology is the U-GAS ® 2004, May 2016, first 10 2026. |
Note 9 - Equity
Note 9 - Equity | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 9 Common Stock issued to Consultants for Services Rendered On July 12, 2018, 22,890 July 1, 2018, $3.08 $71,000 September 30, 2018 Stock-Based Compensation As of December 31, 2018, 2015 “2015 2005 “2005 2,625,000 2015 2005 2005 November 7, 2015 no December 31, 2018, 359,787 2015 2015 may one four ten Restricted stock activity during the six December 31, 2018 Restricted stock outstanding December 31, 2018 Unvested shares outstanding at June 30, 2018 9,837 Granted — Vested — Forfeited — Unvested shares outstanding at December 31, 2018 9,837 Stock option activity during the six December 31, 2018 Number of Underlying Stock Options Outstanding at June 30, 2018 1,720,732 Granted — Exercised — Forfeited (16,979 ) Outstanding at December 31, 2018 1,703,753 Exercisable at December 31, 2018 1,687,052 On October 31, 2018, 100,000 $1.30 October 31, 2018, $0.1 Stock warrants activity during the six December 31, 2018 Number of Underlying Warrants Outstanding at June 30, 2018 1,676,021 Granted 100,000 Exercised — Forfeited — Outstanding at December 31, 2018 1,776,021 Exercisable at December 31, 2018 1,701,021 The fair value of the warrants issued during the six December 31, 2018 Risk-free rate of return 3.15% Expected life of award (years) 10 Expected dividend yield 0.00% Expected volatility of stock 94% Weighted-average grant date fair value $1.12 The Company recognizes the stock-based expense related to the Incentive Plan awards and warrants over the requisite service period. The following table presents stock based compensation expense attributable to stock option awards issued under the Incentive Plan and attributable to warrants and common stock issued to consulting firms as compensation (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 2005 and 2015 Incentive Plans $ 75 $ 92 $ 218 $ 337 Warrants and common stock 27 213 98 213 Total stock-based compensation expense $ 102 $ 305 $ 316 $ 550 |
Note 10 - Net Loss Per Share
Note 10 - Net Loss Per Share | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10 All share amounts and number of shares used in the calculation of earnings per share have been adjusted for the 1 8 December 4, 2017. Historical net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding. Basic loss per share excludes dilution and is computed by dividing net loss available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Stock options, warrants and unvested restricted stock are the only potential dilutive share equivalents the Company had outstanding for the periods presented. For the six December 31, 2018 2017, 3.5 3.3 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 11 Litigation The Company is currently not Contractual Obligations In October 2017, 13 January 31, 2019 $18,000 In November 2018, 12 December 31, 2019 $3,300 The Debentures have a term of 5 October 2022. Governmental and Environmental Regulation The Company’s operations are subject to stringent federal, state and local laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Numerous governmental agencies, such as the U.S. Environmental Protection Agency, and various Chinese authorities, issue regulations to implement and enforce such laws, which often require difficult and costly compliance measures that carry substantial administrative, civil and criminal penalties or may may not |
Note 12 - Segment Information
Note 12 - Segment Information | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 The Company’s reportable operating segments have been determined in accordance with internal management reporting structure and include SES Foreign Operating, Technology Licensing and Related Services, and Corporate. The SES Foreign Operating reporting segment includes all of the assets, operations and related administrative costs for China and our equity positions and earnings related to our joint ventures including AFE, BFR, the Yima Joint Venture and the TSEC Joint Venture. The Technology Licensing and Related Services reporting segment includes all operating activities related to our technology group. The Corporate reporting segment includes the executive and administrative expenses of the corporate office in Houston. The Company evaluates performance based upon several factors, of which a primary financial measure is segment operating income or loss. The following table presents statements of operations data and assets by segment (in thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenue: SES Foreign Operating $ — $ 52 $ — $ 144 Technology licensing and related services — 25 — 201 Corporate & other — — — — Total revenue $ — $ 77 $ — $ 345 Depreciation and amortization: SES Foreign Operating $ 2 $ 3 $ 4 $ 6 Technology licensing and related services — — — — Corporate & other 6 6 15 12 Total depreciation and amortization $ 8 $ 9 $ 19 $ 18 Operating loss: SES Foreign Operating $ (243 ) $ (4 ) $ (349 ) $ (258 ) Technology licensing and related services (477 ) (454 ) (972 ) (650 ) Corporate & other (1,182 ) (1,304 ) (2,271 ) (2,378 ) Total operating loss $ (1,902 ) $ (1,762 ) $ (3,592 ) $ (3,286 ) Interest Expense: SES Foreign Operating $ — $ — $ — $ — Technology licensing and related services — — — — Corporate & other 329 233 653 233 Total interest expense $ 329 $ 233 $ 653 $ 233 December 31, June 30, Assets: SES Foreign Operating $ 6,409 $ 7,402 Technology licensing and related services 1,010 984 Corporate 3,062 5,928 Total assets $ 10,481 $ 14,314 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 13 NASDAQ Notification On February 5, 2019, $1.00 30 not no Under NASDAQ Listing Rule 5810 3 180 August 5, 2019, $1.00 ten If we do not August 5, 2019, may may 180 We actively monitor the price of our common stock and will consider all available options to regain compliance with the continued listing standards of the NASDAQ. Management Changes On February 8, 2019, March 1, 2019. February 2016 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Reverse Stock Split, Policy [Policy Text Block] | (a) Reverse Stock Split On December 4, 2017, 1 8 November 2017. |
Basis of Accounting, Policy [Policy Text Block] | (b) Basis of presentation and principles of consolidation The condensed consolidated financial statements for the periods presented are unaudited. Operating results for the three six December 31, 2018 not June 30, 2019. The condensed consolidated financial statements are in U.S. dollars. Non-controlling interests in consolidated subsidiaries in the consolidated balance sheets represents minority stockholders’ proportionate share of the equity, including any contractual relationships in such subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto reported in the Company’s Annual Report on Form 10 June 30, 2018. 10 June 30, 2018 not The accompanying condensed consolidated interim financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As such, conditions exist the may no Immaterial prior period corrections. three six December 31, 2018, · The allocation of losses to the noncontrolling interests in our subsidiary Synthesis Energy Systems Investments, Inc. (“SESI”), should have excluded certain charges contractually agreed to with the noncontrolling interest shareholder. Accordingly, we made adjustments to increase the net loss attributable to SES stockholders by approximately $374,000 $418,000 three six December 31, 2017 December 31, 2017. · We also adjusted the balances as of June 30, 2017 $477,000, $3.2 $2.7 2013. · We also adjusted the balances on the condensed consolidated balance sheets, statement of operations, comprehensive loss, cash flow and statement of equity related to reversing approximately $67,000 September 30, 2018, not not |
Interest in Unincorporated Joint Ventures or Partnerships, Policy [Policy Text Block] | (c) Accounting for Variable Interest Entities (“VIEs”) and Financial Statement Consolidation Criteria We have equity investments in various privately held entities. We account for these investments either under the equity method or cost method of accounting depending on our ownership interest and the level of our influence in each joint venture. Investments accounted for under the equity method are recorded based upon the amount of our investment and adjusted each period for our share of the investee's income or loss. Cost method investments are recorded at cost less any impairments. All investments are reviewed for changes in circumstance or the occurrence of events that suggest an other-than-temporary event where our investment may not The joint ventures which we have entered into may not not not third |
Revenue Recognition, Policy [Policy Text Block] | (d) Revenue Recognition We may We adopted Accounting Standards Codification No. 606, Revenue from Contracts with Customers 606 July 1, 2018. 606 may not not no |
Use of Estimates, Policy [Policy Text Block] | (e) Use of estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Management considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the assumptions that are used in the preparation of these consolidated financial statements. Management must apply significant judgment in this process. Among the factors, but not may may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (f) Fair value measurements Accounting standards require that fair value measurements be classified and disclosed in one Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no The Company’s financial assets and liabilities are classified based on the lowest level of input that is significant for the fair value measurement. The Company measures equity investments without readily determinable fair value on a non- recurring basis. The fair value of the Yima Joint Venture was determined as of June 30, 2018 no six December 31, 2018, December 31, 2018 June 30, 2018 ( December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Certificates of Deposit $ — $ 50 (1) $ — $ 50 Money Market Funds 1,452 (2) — — 1,452 Liabilities: Derivative Liabilities $ — $ — $ 454 $ 454 June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Certificates of Deposit $ — $ 50 (1) $ — $ 50 Money Market Funds 4,345 (2) — — 4,345 Non-recurring Investment in Yima Joint Venture — — 5,000 5,000 Liabilities: Derivative Liabilities $ — $ — $ 1,964 $ 1,964 ( 1 Amount included in current assets on the Company’s consolidated balance sheets. ( 2 Amount included in cash and cash equivalents on the Company’s consolidated balance sheets. The following table sets forth the changes in the estimated fair value for our Level 3 Derivative liabilities balance - June 30, 2018 $ 1,964 Change in fair value (1,510 ) Derivative liabilities balance – December 31, 2018 $ 454 The carrying values of the certificates of deposit and money market funds approximate fair value, which was estimated using quoted market prices for those or similar investments. The carrying value of other financial instruments, including accounts receivable and accounts payable, approximate their fair values due to the short maturities on those instruments. Our Debentures are recorded at face value of $8.0 Note 6 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Certificates of Deposit $ — $ 50 (1) $ — $ 50 Money Market Funds 1,452 (2) — — 1,452 Liabilities: Derivative Liabilities $ — $ — $ 454 $ 454 June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Certificates of Deposit $ — $ 50 (1) $ — $ 50 Money Market Funds 4,345 (2) — — 4,345 Non-recurring Investment in Yima Joint Venture — — 5,000 5,000 Liabilities: Derivative Liabilities $ — $ — $ 1,964 $ 1,964 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Derivative liabilities balance - June 30, 2018 $ 1,964 Change in fair value (1,510 ) Derivative liabilities balance – December 31, 2018 $ 454 |
Note 4 - Current Projects (Tabl
Note 4 - Current Projects (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Equity Method Investment Summarized Financial Information Income Statement [Table Text Block] | Three Months Ended Six Months Ended Income Statement data: 2018 2017 2018 2017 Net income/( loss) $ (289 ) $ (522 ) $ 9 $ (1,013 ) Three Months Ended Six Months Ended Income Statement data: 2018 2017 2018 2017 Revenue $ — $ 109 $ — $ 109 Operating loss (259 ) (643 ) (466 ) (1,241 ) Net loss (259 ) (643 ) (466 ) (1,241 ) |
Equity Method Investment Summarized Financial Information Balance Sheet [Table Text Block] | Balance sheet data: December 31, 2018 June 30, 2018 Total assets $ 918 $ 725 Total Equity 563 549 Balance sheet data: December 31, 2018 June 30, 2018 Current assets $ 4,322 $ 5,918 Noncurrent assets 1,314 5,464 Current liabilities 3,677 3,938 Noncurrent liabilities — — Equity 1,959 7,444 |
Note 5 - Senior Secured Deben_2
Note 5 - Senior Secured Debentures (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Warrant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Valuation Date: October 24, 2017 Warrant Expiration Date: October 31, 2022 Total Number of Warrants Issued: 1,000,000 Contracted Conversion Ratio: 1:1 Warrant Exercise Price (USD) 4.00 Next Capital Raise Date: October 31, 2018 Threshold exercise price post Capital raise: 2.51 Spot Price (USD): 3.28 Expected Life (Years): 5.0 Volatility: 66.0% Volatility (Per-period Equivalent): 19.1% Risk Free Interest Rate: 2.04% Risk Free Rate (Per-period Equivalent): 0.17% Nominal Value (USD Mn): 4.0 No of Shares on conversion (Mn): 8.0 |
Note 6 - Derivative Liabiliti_2
Note 6 - Derivative Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Derivative [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Assumptions Year Ended June 30, 2018 Quarter Ended December 31, 2018 Warrant Issue Date: October 24, 2017 October 24, 2017 Valuation Date: June 30, 2018 December 31, 2018 Warrant Expiration Date: October 31, 2022 October 31, 2022 Total Number of Warrants Issued: 1,070,000 1,070,000 Warrant Exercise Price (USD): 4.00 4.00 Next Capital Raise Date: (1) June 30, 2019 September 30, 2019 Threshold Exercise Price Post Capital Raise: (2) 2.15 0.70 Spot Price (USD): 3.28 0.79 Expected Life (Years): 4.3 3.8 Volatility: 65.0% 79.0% Volatility (Per-period Equivalent): 18.8% 22.8% Risk Free Interest Rate: 2.71% 2.49% Risk Free Rate (Per-period Equivalent): 0.22% 0.20% Nominal Value (USD Mn): 4.3 4.3 No. of Shares on Conversion (Mn): 1.1 1.1 Contracted Conversion Ratio: 1:1 1:1 Fair Values (in thousands) Fair Value without Anti-Dilution Protection: $1,704 $199 Fair Value of Embedded Derivative: 260 255 Fair Value of the Warrants Issued: $1,964 $454 Gain/(Loss) on Fair Value Adjustments to Derivative Liabilities $126 $1,510 |
Note 9 - Equity (Tables)
Note 9 - Equity (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Restricted stock outstanding December 31, 2018 Unvested shares outstanding at June 30, 2018 9,837 Granted — Vested — Forfeited — Unvested shares outstanding at December 31, 2018 9,837 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Underlying Stock Options Outstanding at June 30, 2018 1,720,732 Granted — Exercised — Forfeited (16,979 ) Outstanding at December 31, 2018 1,703,753 Exercisable at December 31, 2018 1,687,052 |
Stock Warrants Activity [Table Text Block] | <table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">Number of Underlying</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Warrants</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt">Outstanding at June 30, 2018</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,676,021</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Granted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Exercised</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Outstanding at December 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,776,021</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Exercisable at December 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,701,021</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>" id="sjs-B6"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center">Number of Underlying</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Warrants</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt">Outstanding at June 30, 2018</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,676,021</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Granted</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Exercised</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Outstanding at December 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,776,021</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Exercisable at December 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,701,021</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div> |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Risk-free rate of return 3.15% Expected life of award (years) 10 Expected dividend yield 0.00% Expected volatility of stock 94% Weighted-average grant date fair value $1.12 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Three Months Ended Six Months Ended 2018 2017 2018 2017 2005 and 2015 Incentive Plans $ 75 $ 92 $ 218 $ 337 Warrants and common stock 27 213 98 213 Total stock-based compensation expense $ 102 $ 305 $ 316 $ 550 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended Six Months Ended 2018 2017 2018 2017 Revenue: SES Foreign Operating $ — $ 52 $ — $ 144 Technology licensing and related services — 25 — 201 Corporate & other — — — — Total revenue $ — $ 77 $ — $ 345 Depreciation and amortization: SES Foreign Operating $ 2 $ 3 $ 4 $ 6 Technology licensing and related services — — — — Corporate & other 6 6 15 12 Total depreciation and amortization $ 8 $ 9 $ 19 $ 18 Operating loss: SES Foreign Operating $ (243 ) $ (4 ) $ (349 ) $ (258 ) Technology licensing and related services (477 ) (454 ) (972 ) (650 ) Corporate & other (1,182 ) (1,304 ) (2,271 ) (2,378 ) Total operating loss $ (1,902 ) $ (1,762 ) $ (3,592 ) $ (3,286 ) Interest Expense: SES Foreign Operating $ — $ — $ — $ — Technology licensing and related services — — — — Corporate & other 329 233 653 233 Total interest expense $ 329 $ 233 $ 653 $ 233 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, June 30, Assets: SES Foreign Operating $ 6,409 $ 7,402 Technology licensing and related services 1,010 984 Corporate 3,062 5,928 Total assets $ 10,481 $ 14,314 |
Note 1 - Business and Liquidi_2
Note 1 - Business and Liquidity (Details Textual) - USD ($) $ in Thousands | Feb. 05, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 3,428 | $ 7,071 | $ 10,333 | $ 4,988 | |
Working Capital | (3,000) | ||||
Subsequent Event [Member] | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,900 | ||||
Subsequent Event [Member] | UNITED STATES | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 1,600 | ||||
Subsequent Event [Member] | CHINA | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 1,300 | ||||
Chinese Bank Acceptance Notes [Member] | |||||
Short-term Investments, Total | $ 100 | ||||
Chinese Bank Acceptance Notes [Member] | Subsequent Event [Member] | |||||
Short-term Investments, Total | $ 100 | ||||
AFE [Member] | |||||
Equity Method Investment, Ownership Percentage | 38.00% | ||||
SEE [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) | Dec. 04, 2017 | Dec. 31, 2018USD ($) |
Debentures [Member] | ||
Debt Instrument, Face Amount | $ 8,000,000 | |
Increase in Accumulated Deficit and Noncontrolling Interest [Member] | Three Months Ended Dec. 31, 2017 [Member] | ||
Prior Period Reclassification Adjustment | 374,000 | |
Increase in Accumulated Deficit and Noncontrolling Interest [Member] | Six Months Ended Dec. 31, 2017 [Member] | ||
Prior Period Reclassification Adjustment | 418,000 | |
Increase in Noncontrolling Interest [Member] | June 30, 2017 [Member] | ||
Prior Period Reclassification Adjustment | 477,000 | |
Decrease in Accumulated Other Comprehensive Income [Member] | June 30, 2017 [Member] | ||
Prior Period Reclassification Adjustment | 3,200,000 | |
Decrease in Accumulated Deficit [Member] | June 30, 2017 [Member] | ||
Prior Period Reclassification Adjustment | 2,700,000 | |
Decrease in Revenue [Member] | Three Months Ended Sept. 30, 2018 [Member] | ||
Prior Period Reclassification Adjustment | $ 67,000 | |
Reverse Stock Split [Member] | ||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 | |
Fair Value, Measurements, Recurring [Member] | |||
Derivative Liabilities | $ 1,964 | ||
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Derivative Liabilities | $ 454 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Derivative Liabilities | 1,964 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Derivative Liabilities | 454 | ||
Certificates of Deposit [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, fair value | 50 | 50 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, fair value | [1] | 50 | 50 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, fair value | 1,452 | 4,345 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Assets, fair value | [2] | $ 1,452 | 4,345 |
Investment in Yima Joint Ventures [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets, fair value | 5,000 | ||
Investment in Yima Joint Ventures [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Assets, fair value | $ 5,000 | ||
[1] | Amount included in current assets on the Company's consolidated balance sheets. | ||
[2] | Amount included in cash and cash equivalents on the Company's consolidated balance sheets. |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Fair Value of Derivative Liabilities (Details) - Derivative Financial Instruments, Liabilities [Member] $ in Thousands | 6 Months Ended |
Dec. 31, 2018USD ($) | |
Derivative liabilities balance | $ 1,964 |
Change in fair value | (1,510) |
Derivative liabilities balance | $ 454 |
Note 4 - Current Projects (Deta
Note 4 - Current Projects (Details Textual) ¥ in Thousands | May 10, 2017USD ($) | Oct. 31, 2018 | Aug. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Jul. 31, 2018AUD ($) | Mar. 31, 2018USD ($) | Jan. 31, 2018USD ($) | Aug. 31, 2017USD ($) | Aug. 31, 2017CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Jan. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Income (Loss) from Equity Method Investments, Total | $ (100,000) | $ (206,000) | $ (24,000) | $ (321,000) | |||||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | 5,023,000 | 5,023,000 | $ 5,036,000 | $ 5,023,000 | $ 5,023,000 | ||||||||||||||||
Yima Joint Venture [Member] | Third Parties [Member] | |||||||||||||||||||||
Long-term Debt, Total | 8,700,000 | 8,700,000 | 8,700,000 | 8,700,000 | ¥ 59,800 | ||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Four Months | 4,900,000 | 4,900,000 | 4,900,000 | 4,900,000 | |||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3,800,000 | $ 3,800,000 | 3,800,000 | 3,800,000 | |||||||||||||||||
Batchfire [Member] | |||||||||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 11.00% | ||||||||||||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total | $ 0 | $ 0 | 0 | $ 0 | $ 0 | ||||||||||||||||
Pentland Coal Mine [Member] | GNE [Member] | |||||||||||||||||||||
Variable Interest Entity Ownership Percentage, Sold | 100.00% | ||||||||||||||||||||
AFE [Member] | |||||||||||||||||||||
Services Revenue, Delivery of a Process Design Package | $ 2,000,000 | ||||||||||||||||||||
Origination of Notes Receivable from Related Parties | $ 260,000 | $ 350,000 | |||||||||||||||||||
Loan Receivable, Term | 90 days | 90 days | |||||||||||||||||||
Loan Receivable, State Interest Rate | 6.00% | 6.00% | |||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 160,000 | $ 470,000 | |||||||||||||||||||
Equity Method Investment, Ownership Percentage | 38.00% | 38.00% | 38.00% | 38.00% | 38.00% | ||||||||||||||||
Townsville Metals Infrastructure Pty Ltd [Member] | AFE [Member] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 38.00% | ||||||||||||||||||||
Cape River Resources Pty Ltd [Member] | AFE [Member] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 38.00% | ||||||||||||||||||||
SES EnCoal Energy [Member] | |||||||||||||||||||||
Payments to Acquire Equity Method Investments | $ 11,000 | $ 76,000 | $ 6,000 | ||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||
Equity Method Investments | $ 23,000 | $ 23,000 | 36,000 | $ 23,000 | $ 23,000 | ||||||||||||||||
Yima Joint Venture [Member] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||||
Due from Joint Ventures | $ 2,300,000 | $ 2,300,000 | 2,300,000 | ¥ 16,000 | ¥ 16,000 | ||||||||||||||||
Proceeds from Reimbursement of Construction Costs by Joint Venture | $ 900,000 | ¥ 6,150 | |||||||||||||||||||
Cost-method Investments, Other than Temporary Impairment | 3,500,000 | $ 17,700,000 | |||||||||||||||||||
Cost Method Investments | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||||||||||||||||
Yima Joint Venture [Member] | Yima [Member] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||||||
TSEC Joint Venture [Member] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||||||||||
TSEC Joint Venture [Member] | Pro Forma [Member] | |||||||||||||||||||||
Income (Loss) from Equity Method Investments, Total | $ 0.10 | $ 300,000 | $ (3,600,000) | ||||||||||||||||||
TSEC Joint Venture [Member] | Payments of Remaining Funds Related to the Restructuring Agreement [Member] | |||||||||||||||||||||
Revenue from Related Parties | $ 1,700,000 | ¥ 11,150 | |||||||||||||||||||
TSEC Joint Venture [Member] | Payments of Outstanding Invoices for Services [Member] | |||||||||||||||||||||
Revenue from Related Parties | $ 180,000 | ¥ 1,200 | |||||||||||||||||||
TSEC Joint Venture [Member] | Innovative Coal Chemical Design Institute [Member] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | |||||||||||||||||||
TSEC Joint Venture [Member] | Suzhou Tianwo Science and Technology Co Ltd [Member] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Note 4 - Current Projects - Equ
Note 4 - Current Projects - Equity Method Investment, Summarized Financial Information, Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
AFE [Member] | ||||
Net income/( loss) | $ (289) | $ (522) | $ 9 | $ (1,013) |
TSEC Joint Venture [Member] | ||||
Net income/( loss) | (259) | (643) | (466) | (1,241) |
Revenue | 109 | 109 | ||
Operating loss | $ (259) | $ (643) | $ (466) | $ (1,241) |
Note 4 - Current Projects - E_2
Note 4 - Current Projects - Equity Method Investment, Summarized Financial Information, Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
AFE [Member] | ||
Total assets | $ 918 | $ 725 |
Total Equity | 563 | 549 |
TSEC Joint Venture [Member] | ||
Total Equity | 1,959 | 7,444 |
Current assets | 4,322 | 5,918 |
Noncurrent assets | 1,314 | 5,464 |
Current liabilities | 3,677 | 3,938 |
Noncurrent liabilities |
Note 5 - Senior Secured Deben_3
Note 5 - Senior Secured Debentures (Details Textual) - USD ($) | Oct. 24, 2017 | Oct. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,070,000 | 1,070,000 | 1,070,000 | ||||
Proceeds from Sale of Debentures | $ 7,400,000 | ||||||
Interest Expense, Total | $ 329,000 | $ 233,000 | $ 653,000 | $ 233,000 | |||
T.R. Winston and Company, LLC [Member] | |||||||
Payment of Financing and Stock Issuance Costs, Total | $ 560,000 | ||||||
Percentage of Face Amount of Debentures | 7.00% | ||||||
Percentage of Shares to Purchaser | 7.00% | ||||||
Warrants Issued, Securities Purchase Agreement [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,000,000 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4 | ||||||
Warrants and Rights Outstanding | $ 2,000,000 | ||||||
Warrants Issued, Securities Purchase Agreement [Member] | Measurement Input, Exercise Price [Member] | |||||||
Warrants and Rights Outstanding, Measurement Input | 1.9528 | ||||||
Placement Agent Warrant [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 70,000 | ||||||
Warrants and Rights Outstanding | $ 137,000 | ||||||
Senior Secured Debentures [Member] | |||||||
Debt Instrument, Face Amount | $ 8,000,000 | ||||||
Debt Instrument, Term | 5 years | 5 years | |||||
Debt Instrument, Interest Rate, Stated Percentage | 11.00% | ||||||
Debt Instrument, Interest Rate, In the Event of Default | 18.00% | ||||||
Debt Issuance Costs, Net, Total | $ 1,000,000 | 100,000 | 100,000 | ||||
Debt Instrument, Unamortized Discount, Total | $ 2,000,000 | ||||||
Interest Expense, Total | $ 300,000 | $ 200,000 | $ 700,000 | $ 200,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 18.00% | 18.00% |
Note 5 - Senior Secured Deben_4
Note 5 - Senior Secured Debentures - Warrant Valuation (Details) $ / shares in Units, $ in Millions | Oct. 24, 2017USD ($)yr$ / sharesshares | Dec. 31, 2018shares | Jun. 30, 2018shares |
Total Number of Warrants Issued: (in shares) | 1,070,000 | 1,070,000 | |
Contracted Conversion Ratio: | 1 | 1 | |
Warrants Issued, Securities Purchase Agreement [Member] | |||
Total Number of Warrants Issued: (in shares) | 1,000,000 | ||
Contracted Conversion Ratio: | 1 | ||
Warrant Exercise Price (USD) (in dollars per share) | $ / shares | $ 4 | ||
Nominal Value (USD Mn): | $ | $ 4 | ||
No of Shares on conversion (Mn): (in shares) | 8,000,000 | ||
Warrants Issued, Securities Purchase Agreement [Member] | Measurement Input, Threshold Exercise Price Post Capital Raise [Member] | |||
Threshold exercise price post Capital raise: | 2.51 | ||
Warrants Issued, Securities Purchase Agreement [Member] | Measurement Input, Share Price [Member] | |||
Threshold exercise price post Capital raise: | 3.28 | ||
Warrants Issued, Securities Purchase Agreement [Member] | Measurement Input, Expected Term [Member] | |||
Threshold exercise price post Capital raise: | yr | 5 | ||
Warrants Issued, Securities Purchase Agreement [Member] | Measurement Input, Price Volatility [Member] | |||
Threshold exercise price post Capital raise: | 0.66 | ||
Warrants Issued, Securities Purchase Agreement [Member] | Measurement Input, Price Volatility Per-period Equivalent [Member] | |||
Threshold exercise price post Capital raise: | 0.191 | ||
Warrants Issued, Securities Purchase Agreement [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Threshold exercise price post Capital raise: | 0.0204 | ||
Warrants Issued, Securities Purchase Agreement [Member] | Measurement Input, Risk Free Interest Rate Per-period Equivalent [Member] | |||
Threshold exercise price post Capital raise: | 0.0017 |
Note 6 - Derivative Liabiliti_3
Note 6 - Derivative Liabilities - Assumptions Used to Value Derivatives (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Jun. 30, 2018USD ($)shares | ||
Total Number of Warrants Issued: (in shares) | shares | 1,070,000 | 1,070,000 | 1,070,000 | |||
Nominal Value (USD Mn): | $ 4,300 | $ 4,300 | $ 4,300 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,070,000 | 1,070,000 | 1,070,000 | |||
Contracted Conversion Ratio: | 1 | 1 | ||||
Fair Value without Anti-Dilution Protection: | $ 199 | $ 199 | $ 1,704 | |||
Fair Value of Embedded Derivative: | 255 | 255 | 260 | |||
Fair Value of the Warrants Issued: | 454 | 454 | 1,964 | |||
Gain/(Loss) on Fair Value Adjustments to Derivative Liabilities | $ 702 | $ 439 | $ 1,510 | $ 439 | $ 126 | |
Measurement Input, Exercise Price [Member] | ||||||
Derivative liability, measurement input | 4 | 4 | 4 | |||
Measurement Input, Threshold Exercise Price Post Capital Raise [Member] | ||||||
Derivative liability, measurement input | [1],[2] | 0.7 | 0.7 | 2.15 | ||
Measurement Input, Share Price [Member] | ||||||
Derivative liability, measurement input | 0.79 | 0.79 | 3.28 | |||
Measurement Input, Expected Term [Member] | ||||||
Derivative liability, measurement input | 3.8 | 3.8 | 4.3 | |||
Measurement Input, Price Volatility [Member] | ||||||
Derivative liability, measurement input | 0.79 | 0.79 | 0.65 | |||
Measurement Input, Price Volatility Per-period Equivalent [Member] | ||||||
Derivative liability, measurement input | 0.228 | 0.228 | 0.188 | |||
Measurement Input, Risk Free Interest Rate [Member] | ||||||
Derivative liability, measurement input | 0.0249 | 0.0249 | 0.0271 | |||
Measurement Input, Risk Free Interest Rate Per-period Equivalent [Member] | ||||||
Derivative liability, measurement input | 0.002 | 0.002 | 0.0022 | |||
[1] | Next Capital Raise Date was assumed to be within a year of the debt offering and each valuation date. This was assumed as the Company has registered some type of capital raise in each year for the past 3 years. The Company may not have executed the capital raise but did register. | |||||
[2] | Threshold Exercise Price Post Capital Raise is assumed to be the 52-week low closing price, not to be confused with the 52-week low of the stock price. |
Note 7 - Risks and Uncertaint_2
Note 7 - Risks and Uncertainties (Details Textual) - USD ($) | Feb. 05, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 3,428,000 | $ 7,071,000 | $ 10,333,000 | $ 4,988,000 | |
Working Capital | (3,000,000) | ||||
Yima Joint Venture [Member] | |||||
Cost Method Investments | 5,000,000 | $ 5,000,000 | |||
Chinese Bank Acceptance Notes [Member] | |||||
Short-term Investments, Total | $ 100,000 | ||||
Subsequent Event [Member] | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,900,000 | ||||
Subsequent Event [Member] | UNITED STATES | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 1,600,000 | ||||
Subsequent Event [Member] | CHINA | |||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 1,300,000 | ||||
Subsequent Event [Member] | Chinese Bank Acceptance Notes [Member] | |||||
Short-term Investments, Total | $ 100,000 |
Note 8 - GTI License Agreement
Note 8 - GTI License Agreement (Details Textual) - GTI License Agreement [Member] | Nov. 01, 2009 |
Percentage of Coal Content in Biomass Mixture | 60.00% |
Percentage of Biomass | 100.00% |
Percentage of Coal Biomass Blends | 40.00% |
Number of Business Days to Provide Approval Or Nonapproval Notice Regarding Sublicense | 10 days |
Period of Updates On Any Potential Subsidiaries | 90 days |
Period of Restriction from Disclosing Confidential Information | 10 years |
Note 9 - Equity (Details Textua
Note 9 - Equity (Details Textual) - USD ($) | Jul. 12, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Oct. 31, 2018 | Jun. 30, 2018 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,070,000 | 1,070,000 | |||
Warrants Issued to MDC [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 100,000 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.30 | ||||
Warrants and Rights Outstanding | $ 100,000 | ||||
The 2015 and 2005 Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,625,000 | ||||
The 2015 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 359,787 | ||||
The 2015 Plan [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
The 2015 Plan [Member] | Employee Stock Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
The 2015 Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
ILL-Sino Development Inc [Member] | |||||
Stock Issued During Period, Shares, Issued for Services | 22,890 | ||||
Shares Issued, Price Per Share | $ 3.08 | ||||
Stock Issued During Period, Value, Issued for Services | $ 71,000 |
Note 9 - Equity - Restricted St
Note 9 - Equity - Restricted Stock Activity (Details) - Restricted Stock [Member] | 6 Months Ended |
Dec. 31, 2018shares | |
Unvested shares outstanding, beginning balance (in shares) | 9,837 |
Unvested shares granted (in shares) | |
Unvested shares vested (in shares) | |
Unvested shares forfeited (in shares) | |
nvested shares outstanding, ending balance (in shares) | 9,837 |
Note 9 - Equity - Stock Option
Note 9 - Equity - Stock Option Activity (Details) | 6 Months Ended |
Dec. 31, 2018shares | |
Outstanding, beginning balance (in shares) | 1,720,732 |
Granted (in shares) | |
Exercised (in shares) | |
Forfeited (in shares) | (16,979) |
Outstanding, ending balance (in shares) | 1,703,753 |
Exercisable (in shares) | 1,687,052 |
Note 9 - Equity - Stock Warrant
Note 9 - Equity - Stock Warrants Activity (Details) | 6 Months Ended |
Dec. 31, 2018shares | |
Outstanding, beginning balance (in shares) | 1,676,021 |
Granted (in shares) | 100,000 |
Exercised (in shares) | |
Forfeited (in shares) | |
Outstanding at December 31, 2018 (in shares) | 1,776,021 |
Exercisable at December 31, 2018 (in shares) | 1,701,021 |
Note 9 - Equity - Weighted Aver
Note 9 - Equity - Weighted Average Assumptions (Details) - Stock Warrants [Member] | 6 Months Ended |
Dec. 31, 2018$ / shares | |
Risk-free rate of return | 3.15% |
Expected life of award (years) (Year) | 10 years |
Expected dividend yield | 0.00% |
Expected volatility of stock | 94.00% |
Weighted-average grant date fair value (in dollars per share) | $ 1.12 |
Note 9 - Equity - Stock-based C
Note 9 - Equity - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based expense | $ 102 | $ 305 | $ 316 | $ 550 |
Incentive Plan [Member] | ||||
Stock-based expense | 75 | 92 | 218 | 337 |
Warrants and Stock [Member] | ||||
Stock-based expense | $ 27 | $ 213 | $ 98 | $ 213 |
Note 10 - Net Loss Per Share (D
Note 10 - Net Loss Per Share (Details Textual) shares in Millions | Dec. 04, 2017 | Dec. 31, 2018shares | Dec. 31, 2017shares |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.5 | 3.3 | |
Reverse Stock Split [Member] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | Nov. 30, 2018 | Oct. 24, 2017 | Oct. 31, 2017 |
Senior Secured Debentures [Member] | |||
Debt Instrument, Term | 5 years | 5 years | |
Corporate Office [Member] | |||
Lessee, Operating Lease, Term of Contract | 1 year 30 days | ||
Operating Leases, Rent Expense, Per Month | $ 18,000 | ||
Office Lease [Member] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Operating Leases, Rent Expense, Per Month | $ 3,300 |
Note 12 - Segment Information -
Note 12 - Segment Information - Statement of Operations Data by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 77 | $ 345 | ||
Depreciation and amortization | 8 | 9 | 19 | 18 |
SES Foreign Operating | (1,903) | (1,762) | (3,592) | (3,286) |
Interest expense | 329 | 233 | 653 | 233 |
SES China [Member] | ||||
Revenue | 52 | 144 | ||
Depreciation and amortization | 2 | 3 | 4 | 6 |
SES Foreign Operating | (243) | (4) | (349) | (258) |
Interest expense | ||||
Technology Licensing and Related Services [Member] | ||||
Revenue | 25 | 201 | ||
Depreciation and amortization | ||||
SES Foreign Operating | (477) | (454) | (972) | (650) |
Interest expense | ||||
Corporate and Other [Member] | ||||
Revenue | ||||
Depreciation and amortization | 6 | 6 | 15 | 12 |
SES Foreign Operating | (1,182) | (1,304) | (2,271) | (2,378) |
Interest expense | $ 329 | $ 233 | $ 653 | $ 233 |
Note 12 - Segment Information_2
Note 12 - Segment Information - Assets Data by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Assets | $ 10,481 | $ 14,314 |
SES Foreign Operating [Member] | ||
Assets | 6,409 | 7,402 |
Technology Licensing and Related Services [Member] | ||
Assets | 1,010 | 984 |
Corporate Segment [Member] | ||
Assets | $ 3,062 | $ 5,928 |