Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | Apr. 26, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | Akoustis Technologies, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 50,374,194 | |
Amendment Flag | false | |
Entity Central Index Key | 0001584754 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-38029 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Assets: | ||
Cash and cash equivalents | $ 90,392 | $ 44,308 |
Accounts receivable | 1,620 | 351 |
Inventory | 1,446 | 136 |
Other current assets | 1,572 | 1,408 |
Total current assets | 95,030 | 46,203 |
Property and equipment, net | 28,755 | 23,605 |
Intangibles, net | 579 | 544 |
Operating lease right-of-use asset, net | 531 | 699 |
Restricted cash | 100 | |
Other assets | 282 | 282 |
Total Assets | 125,177 | 71,433 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 5,163 | 5,899 |
Deferred revenue | 123 | |
Operating lease liability - current | 260 | 231 |
Short term loans payable | 1,218 | |
Total current liabilities | 6,764 | 6,130 |
Long-term Liabilities: | ||
Convertible notes payable, net | 21,628 | |
Operating lease liability - non-current | 274 | 472 |
Long term loans payable | 392 | 1,591 |
Other long-term liabilities | 117 | 117 |
Total long-term liabilities | 783 | 23,808 |
Total Liabilities | 7,547 | 29,938 |
Stockholders’ Equity | ||
Preferred stock, par value $0.001: 5,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 50,374,194 and 37,990,380 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively | 50 | 38 |
Additional paid in capital | 255,230 | 145,072 |
Accumulated deficit | (137,650) | (103,615) |
Total Stockholders’ Equity | 117,630 | 41,495 |
Total Liabilities and Stockholders’ Equity | $ 125,177 | $ 71,433 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 50,374,194 | 37,990,380 |
Common stock, outstanding | 50,374,194 | 37,990,380 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | ||||
Revenue with customers | $ 2,517 | $ 363 | $ 4,461 | $ 1,424 |
Cost of revenue | 2,973 | 217 | 7,224 | 1,340 |
Gross profit (loss) | (456) | 146 | (2,763) | 84 |
Operating expenses | ||||
Research and development | 5,225 | 5,769 | 17,171 | 15,736 |
General and administrative expenses | 3,395 | 2,589 | 9,683 | 8,158 |
Total operating expenses | 8,620 | 8,358 | 26,854 | 23,894 |
Loss from operations | (9,076) | (8,212) | (29,617) | (23,810) |
Other (expense) income | ||||
Interest (expense) income | (2,027) | (1,162) | (5,162) | (3,259) |
Rental income | 54 | 164 | ||
Change in fair value of contingent real estate liability | 480 | 446 | ||
Change in fair value of derivative liabilities | 928 | 1,066 | 744 | 396 |
Total other (expense) income | (1,099) | 438 | (4,418) | (2,253) |
Net loss | $ (10,175) | $ (7,774) | $ (34,035) | $ (26,063) |
Net loss per common share - basic and diluted (in Dollars per share) | $ (0.22) | $ (0.21) | $ (0.83) | $ (0.80) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 45,620,610 | 36,236,779 | 41,047,723 | 32,659,339 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid In Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2019 | $ 30 | $ 93,399 | $ (67,474) | $ 25,955 |
Balance (in Shares) at Jun. 30, 2019 | 30,141 | |||
Common stock issued for cash, net of issuance costs | $ 6 | 32,184 | 32,190 | |
Common stock issued for cash, net of issuance costs (in Shares) | 5,520 | |||
Common stock issued for services | 5,108 | 5,108 | ||
Common stock issued for services (in Shares) | 567 | |||
Common stock issued for exercise of warrants (in Shares) | 74 | |||
ESPP purchase | 168 | 168 | ||
ESPP purchase (in Shares) | 28 | |||
Common stock issued for equipment purchase | 40 | 40 | ||
Common stock issued for equipment purchase (in Shares) | 5 | |||
Vesting of restricted shares | 303 | 303 | ||
Common stock issued for exercise of options | 64 | 64 | ||
Common stock issued for exercise of options (in Shares) | 12 | |||
Common stock issued in payment of note interest | 731 | 731 | ||
Common stock issued in payment of note interest (in Shares) | 106 | |||
Repurchase and retirement of common shares (in Shares) | (101) | |||
Net loss | (26,064) | (26,064) | ||
Balance at Mar. 31, 2020 | $ 36 | 131,997 | (93,538) | 38,495 |
Balance (in Shares) at Mar. 31, 2020 | 36,352 | |||
Balance at Dec. 31, 2019 | $ 36 | 129,922 | (85,764) | 44,194 |
Balance (in Shares) at Dec. 31, 2019 | 36,212 | |||
Common stock issued for cash, net of issuance costs | 19 | 19 | ||
Common stock issued for cash, net of issuance costs (in Shares) | ||||
Common stock issued for services | 1,803 | 1,803 | ||
Common stock issued for services (in Shares) | 105 | |||
Common stock issued for exercise of options | 9 | 9 | ||
Common stock issued for exercise of options (in Shares) | 2 | |||
Common stock issued in payment of note interest | 244 | 244 | ||
Common stock issued in payment of note interest (in Shares) | 34 | |||
Repurchase and retirement of common shares | ||||
Repurchase and retirement of common shares (in Shares) | (1) | |||
Net loss | (7,774) | (7,774) | ||
Balance at Mar. 31, 2020 | $ 36 | 131,997 | (93,538) | 38,495 |
Balance (in Shares) at Mar. 31, 2020 | 36,352 | |||
Balance at Jun. 30, 2020 | $ 38 | 145,072 | (103,615) | 41,495 |
Balance (in Shares) at Jun. 30, 2020 | 37,990 | |||
Common stock issued for cash, net of issuance costs | $ 6 | 75,618 | 75,624 | |
Common stock issued for cash, net of issuance costs (in Shares) | 6,294 | |||
Common stock issued in note conversion | $ 5 | 25,265 | 25,270 | |
Common stock issued in note conversion (in Shares) | 4,984 | |||
Common stock issued for services | $ 1 | 6,083 | 6,084 | |
Common stock issued for services (in Shares) | 574 | |||
Common stock issued for exercise of warrants | 1,109 | 1,109 | ||
Common stock issued for exercise of warrants (in Shares) | 219 | |||
ESPP purchase | 204 | 204 | ||
ESPP purchase (in Shares) | 32 | |||
Common stock issued for exercise of options | 1,270 | 1,270 | ||
Common stock issued for exercise of options (in Shares) | 209 | |||
Common stock issued in payment of note interest | 609 | 609 | ||
Common stock issued in payment of note interest (in Shares) | 72 | |||
Net loss | (34,035) | (34,035) | ||
Balance at Mar. 31, 2021 | $ 50 | 255,230 | (137,650) | 117,630 |
Balance (in Shares) at Mar. 31, 2021 | 50,374 | |||
Balance at Dec. 31, 2020 | $ 41 | 173,918 | (127,475) | 46,484 |
Balance (in Shares) at Dec. 31, 2020 | 41,399 | |||
Common stock issued for cash, net of issuance costs | $ 4 | 52,198 | 52,202 | |
Common stock issued for cash, net of issuance costs (in Shares) | 3,582 | |||
Common stock issued in note conversion | $ 5 | 25,265 | 25,270 | |
Common stock issued in note conversion (in Shares) | 4,984 | |||
Common stock issued for services | 1,991 | 1,991 | ||
Common stock issued for services (in Shares) | 96 | |||
Common stock issued for exercise of warrants | 991 | 991 | ||
Common stock issued for exercise of warrants (in Shares) | 187 | |||
Common stock issued for exercise of options | 746 | 746 | ||
Common stock issued for exercise of options (in Shares) | 118 | |||
Common stock issued in payment of note interest | 121 | 121 | ||
Common stock issued in payment of note interest (in Shares) | 8 | |||
Net loss | (10,175) | (10,175) | ||
Balance at Mar. 31, 2021 | $ 50 | $ 255,230 | $ (137,650) | $ 117,630 |
Balance (in Shares) at Mar. 31, 2021 | 50,374 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (34,035) | $ (26,063) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,284 | 2,194 |
Common stock issued for services | 6,084 | 5,108 |
Amortization of debt discount | 4,405 | 2,333 |
Amortization of operating lease right of use asset | 168 | 91 |
Non cash interest payments | 609 | 731 |
Change in fair value of derivative liabilities | (744) | (396) |
Change in fair value of contingent real estate liability | (446) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,270) | (407) |
Inventory | (1,310) | 18 |
Other current assets | (164) | 477 |
Other assets | (188) | |
Accounts payable and accrued expenses | 961 | 195 |
Lease liabilities | (170) | (85) |
Deferred revenue | 123 | (5) |
Net Cash Used in Operating Activities | (22,059) | (16,443) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for machinery and equipment | (9,884) | (6,340) |
Cash received from sale of fixed assets | 28 | |
Cash paid for intangibles | (50) | (143) |
Net Cash Used in Investing Activities | (9,934) | (6,455) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 75,394 | 32,189 |
Proceeds from exercise of employee stock options | 1,270 | 64 |
Proceeds from exercise of warrants | 1,109 | |
Proceeds from employee stock purchase plan | 204 | 168 |
Net Cash Provided by Financing Activities | 77,977 | 32,421 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 45,984 | 9,523 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 44,408 | 30,154 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 90,392 | 39,677 |
Cash Paid During the Period for: | ||
Interest | 325 | 488 |
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued in note conversion | (25,270) | |
Stock compensation payable | 303 | |
Fixed assets included in accounts payable and accrued expenses | (1,467) | 290 |
Stock issuance costs included in accounts payable and accrued expenses | (230) | |
Reclass from assets held for sale | (251) | |
Assets purchased using common stock | $ 40 |
Organization
Organization | 9 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization Akoustis Technologies, Inc. (the “Company”) was incorporated on April 10, 2013, and effective December 15, 2016, the Company changed its state of incorporation to the State of Delaware. Through its subsidiary, Akoustis, Inc. (a Delaware corporation), the Company, headquartered in Huntersville, North Carolina, is focused on developing, designing, and manufacturing innovative radio frequency (“RF”) filter products for the wireless industry, including for products such as smartphones and tablets, cellular infrastructure equipment, WiFi Customer Premise Equipment (“CPE”), and military and defense communication applications. Located between the device’s antenna and its digital backend, the RF front-end (“RFFE”) is the circuitry that performs the analog signal processing and contains components such as amplifiers, filters and switches. To construct the resonator devices that are the building blocks for its RF filters, the Company has developed a family of novel, high purity acoustic piezoelectric materials as well as a unique microelectromechanical system (“MEMS”) wafer process, collectively referred to as XBAW ® ® |
Liquidity
Liquidity | 9 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity As of March 31, 2021, the Company had cash and cash equivalents of $90.4 million and working capital of $88.3 million. The Company has historically incurred recurring operating losses and experienced net cash used in operating activities. As of April 26, 2021, the Company had $87.9 million of cash and cash equivalents, which the Company expects to be sufficient to fund its operations beyond the next twelve months from the date of filing of this Form 10-Q. These funds will be used to fund the Company’s operations, including capital expenditures, R&D, commercialization of our technology, development of our patent strategy and expansion of our patent portfolio, as well as to provide working capital and funds for other general corporate purposes. Except pursuant to its ATM Equity Offering SM |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments (consisting of normal accruals) considered necessary for a fair presentation have been included. The Company has evaluated subsequent events through the filing of this Form 10-Q. Operating results for the quarter ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending June 30, 2021 or any future interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Form 10-K filed with the SEC on August 21, 2020 (the “2020 Annual Report”). Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Akoustis, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. Significant Accounting Policies and Estimates The Company’s significant accounting policies are disclosed in Note 3-Summary of Significant Accounting Policies in the 2020 Annual Report. Since the date of the 2020 Annual Report, there have been no material changes to the Company’s significant accounting policies. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the accompanying notes thereto. The policies, estimates and assumptions include valuing equity securities and derivative financial instruments issued in financing transactions, deferred taxes and related valuation allowances, revenue recognition, contingent real estate liability and the fair values of long-lived assets. Actual results could differ from the estimates. Allowance for Doubtful Accounts The Company provides an allowance for doubtful accounts equal to the estimated losses to be incurred in the collection of accounts receivable. Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) valuation method. Inventory consisted of the following as of March 31, 2021 and June 30, 2020 (in thousands): March 31, June 30, Raw Materials $ 44 $ 24 Work in Process 1,092 69 Finished Goods 310 43 Total Inventory $ 1,446 $ 136 Shares of Restricted Stock Outstanding Shares outstanding include shares of restricted stock with respect to which restrictions have not lapsed. Restricted stock included in reportable shares outstanding was the following as of March 31, 2021 and 2020. Shares of restricted stock are included in the calculation of weighted average shares outstanding. March 31, March 31, Restricted stock included in reportable shares outstanding — 116,250 Reclassification Certain prior period amounts have been reclassified to conform to current period presentation. The reclassifications did not have an impact on net loss as previously reported . Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements. |
Revenue Recognition from Contra
Revenue Recognition from Contracts with Customers | 9 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition from Contracts with Customers | Note 4. Revenue Recognition from Contracts with Customers Disaggregation of Revenue The Company’s primary revenue streams include foundry fabrication services and product sales. Foundry Fabrication Services Foundry fabrication services revenue includes Non-Recurring Engineering (“NRE”) and microelectromechanical systems (“MEMS”) foundry services. The Company exited the MEMS business during fiscal year 2020. Under these contracts, products are delivered to the customer at the completion of the service which represents satisfaction of the performance obligation as well as transfer of title. Depending on language with regards to enforceable right to payment for performance completed to date, related revenue will either be recognized over time or at a point in time. Product Sales Product sales revenue consists of sales of RF filters and amps which are sold with contract terms stating that title passes, and the customer takes control at the time of shipment. Revenue is then recognized when the devices are shipped, and the performance obligation has been satisfied. If devices are sold under contract terms that specify that the customer does not take ownership until the goods are received, revenue is recognized when the customer receives the goods. The following table summarizes the revenues of the Company’s reportable segments for the three months ended March 31, 2021 (in thousands): Foundry Product Total NRE - RF Filters $ 1,537 $ — $ 1,537 Filters/Amps — 980 980 Total $ 1,537 $ 980 $ 2,517 The following table summarizes the revenues of the Company’s reportable segments for the nine months ended March 31, 2021 (in thousands): Foundry Product Total NRE - RF Filters $ 2,264 $ — $ 2,264 Filters/Amps — 2,197 2,197 Total $ 2,264 $ 2,197 $ 4,461 The following table summarizes the revenues of the Company’s reportable segments for the three months ended March 31, 2020 (in thousands): Foundry Services Product Total MEMS $ 8 $ — $ 8 NRE - RF Filters 224 — 224 Filters/Amps — 131 131 Total $ 232 $ 131 $ 363 The following table summarizes the revenues of the Company’s reportable segments for the nine months ended March 31, 2020 (in thousands): Foundry Services Product Total MEMS $ 265 $ — $ 265 NRE - RF Filters 652 — 652 Filters/Amps — 507 507 Total $ 917 $ 507 $ 1,424 Performance Obligations The Company has determined that contracts for product sales revenue and foundry fabrication services revenue involve one performance obligation, which is delivery of the final product. Contract Balances The following table summarizes the changes in the opening and closing balances of the Company’s contract asset and liability for the first nine months of fiscal years 2021 and 2020 (in thousands): Contract Assets Contract Liability Balance, June 30, 2020 $ 125 $ — Closing, March 31, 2021 6 123 Increase/(Decrease) $ (119 ) $ 123 Balance, June 30, 2019 $ 140 $ 5 Closing, March 31, 2020 96 — Increase/(Decrease) $ (44 ) $ (5 ) The Company records a receivable when the title for goods has transferred. Generally, all sales are contract sales (with either an underlying contract or purchase order), resulting in all receivables being contract receivables. When invoicing occurs prior to revenue recognition a contract liability is recorded (as deferred revenue on the Condensed Consolidated Balance Sheets). The contract liability balance as of March 31, 2021 comprises various upfront payments for non-recurring engineering services that will be performed subsequent to March 31, 2021. The amount of revenue recognized in the nine months ended March 31, 2020 that was included in the opening contract liability balance was $5 thousand which related to product sales. Contract assets are recorded when revenue recognized exceeds the amount invoiced. The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. The amount of contract assets invoiced in the nine months ended March 31, 2021 and 2020 that was included in the opening contract asset balance was $119 thousand, which primarily related to non-recurring engineering services and $96 thousand, which primarily related to non-recurring engineering services, respectively. Backlog of Remaining Customer Performance Obligations Revenue expected to be recognized and recorded as sales during this fiscal year from the backlog of performance obligations that are unsatisfied (or partially unsatisfied) was $2.8 million at March 31, 2021. |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Note 5. Property and Equipment, net Property and equipment, net consisted of the following as of March 31, 2021 and June 30, 2020 (in thousands): Estimated March 31, June 30, Land n/a $ 1,000 $ 1,000 Building 11 years 3,000 3,000 Equipment 2-10 years 32,098 24,746 Leasehold Improvements * 1,815 964 Software 3 years 479 294 Furniture & Fixtures 5 years 11 11 Computer Equipment 3 years 286 267 Total 38,689 30,282 Less: Accumulated Depreciation (9,934 ) (6,677 ) Total $ 28,755 $ 23,605 (*) Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. The Company recorded depreciation expense of $1.2 million and $0.7 million for the three months ended March 31, 2021 and 2020, respectively. The Company recorded depreciation expense of $3.3 million and $2.2 million for the nine months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, equipment with a net book value totaling $7.0 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2020, fixed assets with a net book value totaling $5.6 million had not been placed in service and therefore was not depreciated during the period. |
Accounts payable and accrued ex
Accounts payable and accrued expenses | 9 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued expenses | Note 6. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following at March 31, 2021 and June 30, 2020 (in thousands): March 31, 2021 June 30, 2020 Accounts payable $ 897 $ 2,135 Accrued salaries and benefits 3,502 2,478 Accrued professional fees 98 193 Accrued utilities 128 138 Accrued interest 14 137 Accrued goods received not invoiced 434 396 Other accrued expenses 90 422 Totals $ 5,163 $ 5,899 |
Derivative Liabilities
Derivative Liabilities | 9 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | Note 7. Derivative Liabilities The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended March 31, 2021 (in thousands): Fair Value Balance, June 30, 2020 $ 1,110 Change in fair value of derivative liabilities (1,110 ) Balance, March 31, 2021 (see note 8) $ — The fair value of the derivative features of the October 2018 Notes and the May 2018 Notes (as defined in Note 8 below) at the balance sheet dates were calculated using the with-and-without method, a form of the income approach, valued with the following assumptions: June 30, 2020 Remaining term (years) 2.92-3.42 Expected volatility 70 % Risk free interest rate 0.18-0.20 % Dividend yield 0.00 % Risk-free interest rate: Dividend yield: Volatility: Remaining term: |
Convertible Notes
Convertible Notes | 9 Months Ended |
Mar. 31, 2021 | |
Convertible Notes Payable Disclosure [Abstract] | |
Convertible Notes | Note 8. Convertible Notes On December 4, 2020, the Company provided a notice of redemption to the holders of the Company’s outstanding $10,000,000 aggregate principal amount of 6.5% Convertible Senior Notes due 2023 (CUSIP No: 00973N AC6) (the “October 2018 Notes”) regarding the Company’s exercise of its option to redeem all October 2018 Notes on February 1, 2021 (the “October Redemption Date”), unless earlier converted as described below, pursuant to the indenture governing the October 2018 Notes. Pursuant to the notice of redemption, the Company would pay holders of the October 2018 Notes that are redeemed a redemption price equal to 100% of the aggregate principal amount of October 2018 Notes being redeemed, plus accrued and unpaid interest as well as an interest make-whole payment with respect to those October 2018 Notes that are redeemed. All of the holders of the October 2018 Notes elected to convert the October 2018 Notes into shares of common stock of the Company prior to the October Redemption Date at a conversion rate equal to 196.08 shares of common stock per $1,000 principal amount of Notes (equivalent to a conversion price of approximately $5.10 per share). During the quarter ended March 31, 2021, the Company converted approximately $10.0 million of principal into approximately 1.96 million shares of the Company’s common stock. The Company also recognized $96 thousand of unamortized debt discount as a reduction to equity. On January 25, 2021, the Company provided a notice of redemption to the holders of the Company’s outstanding $15,000,000 aggregate principal amount of 6.5% Convertible Senior Secured Notes due 2023 (CUSIP No: 00973N AA0) (the “May 2018 Notes”) regarding the Company’s exercise of its option to redeem all Notes on March 1, 2021 (the “May Redemption Date”), unless earlier converted as described below, pursuant to the indenture governing the Notes. Pursuant to the notice of redemption, the Company would pay holders of the Notes that are redeemed a redemption price equal to 100% of the aggregate principal amount of Notes being redeemed, plus accrued and unpaid interest. All of the holders of the May 2018 Notes elected to convert the May 2018 Notes into shares of common stock of the Company prior to the May Redemption Date at a conversion rate equal to 200 shares of common stock per $1,000 principal amount of notes (equivalent to a conversion price of $5.00 per share). The holders of the May 2018 Notes also received an interest make-whole payment at a weighted average rate of 1.52 shares per $1,000 principal amount of notes with respect to those May 2018 Notes that were converted. During the quarter ended March 31, 2021, the Company converted approximately $15.0 million of principal and $366 thousand of make whole payment liability into approximately 3.02 million shares of the Company’s common stock. The Company also recognized $477 thousand of unamortized debt discount as additional interest expense during the conversion. The following table summarizes convertible debt as of June 30, 2020 (in thousands): Maturity Date Stated Conversion Face Remaining Fair Value Carrying Long Term convertible notes payable 6.5% convertible senior secured notes 5/31/2023 6.50 % $ 5.00 $ 15,000 $ (3,918 ) $ 894 $ 11,976 6.5% convertible senior notes 11/30/2023 6.50 % 5.10 10,000 (564 ) 216 9,652 Ending Balance as of June 30, 2020 $ 25,000 $ (4,482 ) $ 1,110 $ 21,628 |
Loans Payable
Loans Payable | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Loans Payable | Note 9. Loans Payable Promissory Note On May 20, 2020, Akoustis, Inc., the operating subsidiary of the Company, issued a promissory note (the “Promissory Note”) in favor of Bank of America, NA (the “Lender”) that provided for a loan in the principal amount of $1.6 million pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Promissory Note accrued interest at a rate of 1.00% per annum. On November 20, 2020, Akoustis, Inc. applied to the Lender for forgiveness of the full amount of the Promissory Note. The Company treated the Promissory Note as debt and included the future monthly repayment amounts payable within 12 months as a short-term liability and the remainder of the Promissory Note debt as a long-term liability on the balance sheet. As described in Note 16 below, the Promissory Note was forgiven pursuant to the PPP on April 9, 2021. The following table summarizes the Promissory Note debt as of March 31, 2021 (in thousands): Maturity Stated Face Remaining Carrying Short Term Loans payable Promissory Note 10/31/2021 - 12/31/2021 1.00 % $ 1,240 $ (22 ) $ 1.218 Ending Balance as of March 31, 2021 $ 1,240 $ (22 ) $ 1,218 Long Term Loans payable Promissory Note 05/20/2022 1.00 % $ 393 $ (1 ) $ 392 Ending Balance as of March 31, 2021 $ 393 $ (1 ) $ 392 The following table summarizes the Promissory Note debt as of June 30, 2020 (in thousands): Maturity Stated Face Remaining Carrying Long Term Loans payable Promissory Note 05/20/2022 1.00 % $ 1,633 $ (42 ) $ 1,591 Ending Balance as of June 30, 2020 $ 1,633 $ (42 ) $ 1,591 The amortization of the Promissory Note debt discount of $6.3 thousand and $19.1 thousand for the three month and nine month periods ending March 31, 2021, respectively, was treated as interest expense on the statement of operations. |
Concentrations
Concentrations | 9 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Note 10. Concentrations Vendors Vendor concentration as a percentage of purchases for the three months ended March 31, 2021 and 2020 are as follows: Three Months Three Months Vendor 1 18 % — Vendor concentration as a percentage of purchases for the nine months ended March 31, 2021 and 2020 are as follows: Nine Months Nine Months Vendor 1 — 13 % Customers Customer concentration as a percentage of revenue for the three months ended March 31, 2021 and 2020 are as follows: Three Months Three Months Customer 1 57 % — Customer 2 34 % — Customer 3 — 38 % Customer 4 — 33 % Customer 5 — 12 % Customer 6 — 11 % Customer concentration as a percentage of revenue for the nine months ended March 31, 2021 and 2020 are as follows: Nine Months Nine Months Customer 1 43 % 22 % Customer 2 38 % — Customer 3 — 20 % Customer 4 — 11 % Customer 5 — 13 % Customer 6 — 17 % |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 11. Stockholders’ Equity Equity Offering Program On May 8, 2020, the Company entered into an ATM Equity Offering SM Three months ended Avg price Number of Gross Offering Net September 30, 2020 $ 8.09 416,221 $ 3.4 $ 0.1 $ 3.3 December 31, 2020 $ 8.93 2,296,023 $ 20.5 $ 0.4 $ 20.1 March 31, 2021 $ 14.99 2,082,148 $ 31.2 $ 0.5 $ 30.7 Total $ 11.49 4,794,392 $ 55.1 $ 1.0 $ 54.1 February 2021 Registered Direct Offering On February 19, 2021, the Company entered into securities purchase agreements to sell a total of 1,500,000 shares of its common stock to a limited number of institutional investors in a registered direct offering at a purchase price of $14.3592 per share for aggregate gross proceeds of $21.5 million. The offering closed on February 23, 2021. The Company expects to use the proceeds of the offering to fund the Company’s operations and growth of its business, including for capital expenditures, working capital, research and development, the commercialization of its technology and other general corporate purposes. Equity Incentive Plans During the nine months ended March 31, 2021, the Company granted employees options to purchase an aggregate of approximately 0.5 million shares of common stock with a weighted average grant date fair value of $5.05 per share. The fair values of the Company’s options were estimated at the dates of grant using a Black-Scholes option pricing model with the following assumptions: Nine Months Exercise price $ 7.72 – 17.61 Expected term (years) 4.00 – 5.00 Risk-free interest rate 0.25% – 0.78% Volatility 67 – 68% Dividend yield 0% Weighted Average Grant Date Fair Value of Options granted during the period $ 5.05 During the nine months ended March 31, 2021 the Company awarded certain employees and directors grants of an aggregate of approximately 0.8 million restricted stock units (“RSUs”) with a weighted average grant date fair value of $9.74. The RSUs will be expensed over the requisite service period. The terms of the RSUs include vesting provisions based solely on continued service. If the service criteria are satisfied, the RSUs will generally vest over 4 – 5 years. Compensation expense related to our stock-based awards described above was as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Research and Development $ 1,011 $ 929 $ 2,953 $ 2,675 General and Administrative 980 874 3,131 2,433 Total $ 1,991 $ 1,803 $ 6,084 $ 5,108 Unrecognized stock-based compensation expense and weighted-average years to be recognized are as follows (in thousands): As of March 31, 2021 Unrecognized Weighted- Options $ 2,820 2.21 Restricted stock awards/units $ 9,064 2.29 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Leases The Company leases office space and office equipment in Huntersville, NC as well as equipment in Canandaigua, NY. Our leases have remaining lease terms of up to five years, some of which include options to extend the leases for up to twenty-four months. Following adoption of ASC 842, lease expense excludes capital area maintenance and property taxes. The components of lease expense were as follows: Three Three Nine Months Ended Nine Months Ended Operating Lease Expense $ 75 $ 55 $ 225 $ 144 Supplemental balance sheet information related to leases was as follows (in thousands): Classification on the March 31, 2021 Assets Operating lease assets Other non-current assets $ 531 Liabilities Other current liabilities Current liabilities 260 Operating lease liabilities Other non-current liabilities 274 Weighted Average Remaining Lease Term: Operating leases 2.01 Weighted Average Discount Rate Operating leases 12.47 % The following table outlines the minimum future lease payments for the next five years and thereafter, (in thousands): For the year ending June 30, 2021 $ 78 2022 312 2023 204 2024 7 2025 — Thereafter — Total lease payments (undiscounted cash flows) 601 Less imputed interest (67 ) Total $ 534 Ontario County Industrial Development Authority Agreemen On February 27, 2018, the Company entered into a Lease and Project Agreement (the “Lease and Project Agreement”) and a Company Lease Agreement (the “Company Lease Agreement” and together with the Lease and Project Agreement, the “Agreements”), each dated as of February 1, 2018, with the Ontario County Industrial Development Agency, a public benefit corporation of the State of New York (the “OCIDA”). Pursuant to the Agreements, the Company leases for $1.00 annually to the OCIDA an approximately 9.995 acre parcel of land in Canandaigua, New York, together with the improvements thereon (including the Company’s New York fabrication facility), and transfer title to certain related equipment and personal property to the OCIDA (collectively, the “Facility”). The OCIDA leases the Facility back to the Company for annual rent payments specified in the Lease and Project Agreement for the Company’s primary use as research and development, manufacturing, warehouse and professional office space in its business, and to be subleased, in part, by the Company to various existing tenants. The Company estimates substantial tax savings during the term of the Agreements, which expire on December 31, 2028. In addition, subject to the terms of the Lease and Project Agreement, certain purchases and leases of eligible items will be exempt from the imposition of sales and use taxes. Subject to the terms of the Lease and Project Agreement, the OCIDA has also granted to the Company an exemption from certain mortgage recording taxes for one or more mortgages securing an aggregate principal amount not to exceed $12.0 million, or such greater amount as approved by the OCIDA in its sole and absolute discretion. The benefits provided to the Company pursuant to the terms of the Lease and Project Agreement are subject to claw back over the life of the Agreements upon certain recapture events, including certain events of default. Litigation, Claims and Assessments From time to time, the Company may become involved in lawsuits, investigations and claims that arise in the ordinary course of business. The Company believes it has meritorious defenses against all pending claims and intends to vigorously pursue them. While it is not possible to predict or determine the outcomes of any pending actions, the Company believes the amount of liability, if any, with respect to such actions, would not materially affect its financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13. Related Party Transactions Asset Purchase and Sale On September 30, 2020, Akoustis, Inc. sold to a third party certain of its inventory, together with related warranty obligations, delivery commitments and design data and files (the “Designs”) for $215,000. This transaction was enabled by the purchase by Akoustis, Inc. under an Asset Purchase Agreement dated September 30, 2020 with Big Red, LLC of the Designs for $25,000. Members of Big Red, LLC include the brother of the Company’s Chief Executive Officer and two non-executive employees of the Company. |
Segment Information
Segment Information | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14. Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision–making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company operates in two segments, Foundry Fabrication Services, which consists of engineering review services and STC-MEMS foundry services, and RF Product, which consists of amplifier and filter product sales, and grant revenue. The Company records all general and administrative costs in the RF Product segment. The Company evaluates performance of its operating segments based on revenue and operating profit (loss). Segment information for the three and nine months ended March 31, 2021 and 2020 are as follows (in thousands): Foundry/ RF Total Three months ended March 31, 2021 Revenue with customers $ 1,537 $ 980 $ 2,517 Cost of revenue 400 2,573 2,973 Gross margin 1,137 (1,593 ) (456 ) Research and development — 5,225 5,225 General and administrative — 3,395 3,395 Income (Loss) from Operations $ 1,137 $ (10,213 ) $ (9,076 ) Three months ended March 31, 2020 Revenue with customers $ 232 $ 131 $ 363 Cost of revenue 138 79 217 Gross margin 94 52 146 Research and development — 5,769 5,769 General and administrative — 2,589 2,589 Income (Loss) from Operations $ 94 $ (8,306 ) $ (8,212 ) Nine months ended March 31, 2021 Revenue with customers $ 2,264 $ 2,197 $ 4,461 Cost of revenue 803 6,421 7,224 Gross margin 1,461 (4,224 ) (2,763 ) Research and development — 17,171 17,171 General and administrative — 9,683 9,683 Income (Loss) from Operations $ 1,461 $ (31,078 ) $ (29,617 ) Nine months ended March 31, 2020 Revenue with customers $ 917 $ 507 $ 1,424 Cost of revenue 545 795 1,340 Gross margin 372 (288 ) 84 Research and development — 15,736 15,736 General and administrative — 8,158 8,158 Income (Loss) from Operations $ 372 $ (24,182 ) $ (23,810 ) As of March 31, 2021 Accounts receivable $ 1,498 $ 122 $ 1,620 Property and equipment, net — $ 28,755 $ 28,755 As of June 30, 2020 Accounts receivable $ 71 $ 280 $ 351 Property and equipment, net $ — $ 23,605 $ 23,605 |
Loss Per Share
Loss Per Share | 9 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 15. Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, which is the case for the nine months ended March 31, 2021 and March 31, 2020 presented in these condensed consolidated financial statements, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. The Company had the following common stock equivalents at March 31, 2021 and 2020: March 31, March 31, Convertible Notes — 4,960,800 Options 2,484,477 2,265,165 Warrants 167,809 541,999 Total 2,652,286 7,767,964 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note. 16. Subsequent Events On April 9, 2021, Akoustis, Inc. received notice from the Lender that the full amount of the Promissory Note was forgiven pursuant to the PPP Loan. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments (consisting of normal accruals) considered necessary for a fair presentation have been included. The Company has evaluated subsequent events through the filing of this Form 10-Q. Operating results for the quarter ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending June 30, 2021 or any future interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Form 10-K filed with the SEC on August 21, 2020 (the “2020 Annual Report”). |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Akoustis, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Significant Accounting Policies and Estimates | Significant Accounting Policies and Estimates The Company’s significant accounting policies are disclosed in Note 3-Summary of Significant Accounting Policies in the 2020 Annual Report. Since the date of the 2020 Annual Report, there have been no material changes to the Company’s significant accounting policies. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the accompanying notes thereto. The policies, estimates and assumptions include valuing equity securities and derivative financial instruments issued in financing transactions, deferred taxes and related valuation allowances, revenue recognition, contingent real estate liability and the fair values of long-lived assets. Actual results could differ from the estimates. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company provides an allowance for doubtful accounts equal to the estimated losses to be incurred in the collection of accounts receivable. |
Inventory | Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) valuation method. Inventory consisted of the following as of March 31, 2021 and June 30, 2020 (in thousands): March 31, June 30, Raw Materials $ 44 $ 24 Work in Process 1,092 69 Finished Goods 310 43 Total Inventory $ 1,446 $ 136 |
Shares of Restricted Stock Outstanding | Shares of Restricted Stock Outstanding Shares outstanding include shares of restricted stock with respect to which restrictions have not lapsed. Restricted stock included in reportable shares outstanding was the following as of March 31, 2021 and 2020. Shares of restricted stock are included in the calculation of weighted average shares outstanding. March 31, March 31, Restricted stock included in reportable shares outstanding — 116,250 |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to current period presentation. The reclassifications did not have an impact on net loss as previously reported . |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, net | March 31, June 30, Raw Materials $ 44 $ 24 Work in Process 1,092 69 Finished Goods 310 43 Total Inventory $ 1,446 $ 136 |
Schedule of weighted average shares outstanding restricted stock included in reportable shares outstanding | March 31, March 31, Restricted stock included in reportable shares outstanding — 116,250 |
Revenue Recognition from Cont_2
Revenue Recognition from Contracts with Customers (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues of reportable segments | Foundry Product Total NRE - RF Filters $ 1,537 $ — $ 1,537 Filters/Amps — 980 980 Total $ 1,537 $ 980 $ 2,517 Foundry Product Total NRE - RF Filters $ 2,264 $ — $ 2,264 Filters/Amps — 2,197 2,197 Total $ 2,264 $ 2,197 $ 4,461 Foundry Services Product Total MEMS $ 8 $ — $ 8 NRE - RF Filters 224 — 224 Filters/Amps — 131 131 Total $ 232 $ 131 $ 363 Foundry Services Product Total MEMS $ 265 $ — $ 265 NRE - RF Filters 652 — 652 Filters/Amps — 507 507 Total $ 917 $ 507 $ 1,424 |
Schedule of changes in contract asset and liability | Contract Assets Contract Liability Balance, June 30, 2020 $ 125 $ — Closing, March 31, 2021 6 123 Increase/(Decrease) $ (119 ) $ 123 Balance, June 30, 2019 $ 140 $ 5 Closing, March 31, 2020 96 — Increase/(Decrease) $ (44 ) $ (5 ) |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | Estimated March 31, June 30, Land n/a $ 1,000 $ 1,000 Building 11 years 3,000 3,000 Equipment 2-10 years 32,098 24,746 Leasehold Improvements * 1,815 964 Software 3 years 479 294 Furniture & Fixtures 5 years 11 11 Computer Equipment 3 years 286 267 Total 38,689 30,282 Less: Accumulated Depreciation (9,934 ) (6,677 ) Total $ 28,755 $ 23,605 |
Accounts payable and accrued _2
Accounts payable and accrued expenses (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued expenses | March 31, 2021 June 30, 2020 Accounts payable $ 897 $ 2,135 Accrued salaries and benefits 3,502 2,478 Accrued professional fees 98 193 Accrued utilities 128 138 Accrued interest 14 137 Accrued goods received not invoiced 434 396 Other accrued expenses 90 422 Totals $ 5,163 $ 5,899 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value on a recurring basis using significant unobservable inputs | Fair Value Balance, June 30, 2020 $ 1,110 Change in fair value of derivative liabilities (1,110 ) Balance, March 31, 2021 (see note 8) $ — |
Schedule of weighted average assumptions | June 30, 2020 Remaining term (years) 2.92-3.42 Expected volatility 70 % Risk free interest rate 0.18-0.20 % Dividend yield 0.00 % |
Convertible Notes (Tables)
Convertible Notes (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Convertible Notes Payable Disclosure [Abstract] | |
Schedule of convertible debt | Maturity Date Stated Conversion Face Remaining Fair Value Carrying Long Term convertible notes payable 6.5% convertible senior secured notes 5/31/2023 6.50 % $ 5.00 $ 15,000 $ (3,918 ) $ 894 $ 11,976 6.5% convertible senior notes 11/30/2023 6.50 % 5.10 10,000 (564 ) 216 9,652 Ending Balance as of June 30, 2020 $ 25,000 $ (4,482 ) $ 1,110 $ 21,628 |
Loans Payable (Tables)
Loans Payable (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of paycheck protection program debt | Maturity Stated Face Remaining Carrying Short Term Loans payable Promissory Note 10/31/2021 - 12/31/2021 1.00 % $ 1,240 $ (22 ) $ 1.218 Ending Balance as of March 31, 2021 $ 1,240 $ (22 ) $ 1,218 Long Term Loans payable Promissory Note 05/20/2022 1.00 % $ 393 $ (1 ) $ 392 Ending Balance as of March 31, 2021 $ 393 $ (1 ) $ 392 Maturity Stated Face Remaining Carrying Long Term Loans payable Promissory Note 05/20/2022 1.00 % $ 1,633 $ (42 ) $ 1,591 Ending Balance as of June 30, 2020 $ 1,633 $ (42 ) $ 1,591 |
Concentrations (Tables)
Concentrations (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of customer concentration as a percentage of non-grant related revenue | Three Months Three Months Vendor 1 18 % — Nine Months Nine Months Vendor 1 — 13 % |
Schedule of customer concentration as a percentage of non-grant related revenue | Three Months Three Months Customer 1 57 % — Customer 2 34 % — Customer 3 — 38 % Customer 4 — 33 % Customer 5 — 12 % Customer 6 — 11 % Nine Months Nine Months Customer 1 43 % 22 % Customer 2 38 % — Customer 3 — 20 % Customer 4 — 11 % Customer 5 — 13 % Customer 6 — 17 % |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of aggregate offering price | Three months ended Avg price Number of Gross Offering Net September 30, 2020 $ 8.09 416,221 $ 3.4 $ 0.1 $ 3.3 December 31, 2020 $ 8.93 2,296,023 $ 20.5 $ 0.4 $ 20.1 March 31, 2021 $ 14.99 2,082,148 $ 31.2 $ 0.5 $ 30.7 Total $ 11.49 4,794,392 $ 55.1 $ 1.0 $ 54.1 |
Schedule of Black-Scholes option pricing model with weighted average assumptions | Nine Months Exercise price $ 7.72 – 17.61 Expected term (years) 4.00 – 5.00 Risk-free interest rate 0.25% – 0.78% Volatility 67 – 68% Dividend yield 0% Weighted Average Grant Date Fair Value of Options granted during the period $ 5.05 |
Schedule of aggregate offering price | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Research and Development $ 1,011 $ 929 $ 2,953 $ 2,675 General and Administrative 980 874 3,131 2,433 Total $ 1,991 $ 1,803 $ 6,084 $ 5,108 |
Schedule of unrecognized stock-based compensation expense and weighted-average years | As of March 31, 2021 Unrecognized Weighted- Options $ 2,820 2.21 Restricted stock awards/units $ 9,064 2.29 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of operating lease expense | Three Three Nine Months Ended Nine Months Ended Operating Lease Expense $ 75 $ 55 $ 225 $ 144 |
Schedule of balance sheet information related to leases | Classification on the March 31, 2021 Assets Operating lease assets Other non-current assets $ 531 Liabilities Other current liabilities Current liabilities 260 Operating lease liabilities Other non-current liabilities 274 Weighted Average Remaining Lease Term: Operating leases 2.01 Weighted Average Discount Rate Operating leases 12.47 % |
Schedule of minimum future lease payments | For the year ending June 30, 2021 $ 78 2022 312 2023 204 2024 7 2025 — Thereafter — Total lease payments (undiscounted cash flows) 601 Less imputed interest (67 ) Total $ 534 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of operating segments based on revenue and operating profit (loss) | Foundry/ RF Total Three months ended March 31, 2021 Revenue with customers $ 1,537 $ 980 $ 2,517 Cost of revenue 400 2,573 2,973 Gross margin 1,137 (1,593 ) (456 ) Research and development — 5,225 5,225 General and administrative — 3,395 3,395 Income (Loss) from Operations $ 1,137 $ (10,213 ) $ (9,076 ) Three months ended March 31, 2020 Revenue with customers $ 232 $ 131 $ 363 Cost of revenue 138 79 217 Gross margin 94 52 146 Research and development — 5,769 5,769 General and administrative — 2,589 2,589 Income (Loss) from Operations $ 94 $ (8,306 ) $ (8,212 ) Nine months ended March 31, 2021 Revenue with customers $ 2,264 $ 2,197 $ 4,461 Cost of revenue 803 6,421 7,224 Gross margin 1,461 (4,224 ) (2,763 ) Research and development — 17,171 17,171 General and administrative — 9,683 9,683 Income (Loss) from Operations $ 1,461 $ (31,078 ) $ (29,617 ) Nine months ended March 31, 2020 Revenue with customers $ 917 $ 507 $ 1,424 Cost of revenue 545 795 1,340 Gross margin 372 (288 ) 84 Research and development — 15,736 15,736 General and administrative — 8,158 8,158 Income (Loss) from Operations $ 372 $ (24,182 ) $ (23,810 ) As of March 31, 2021 Accounts receivable $ 1,498 $ 122 $ 1,620 Property and equipment, net — $ 28,755 $ 28,755 As of June 30, 2020 Accounts receivable $ 71 $ 280 $ 351 Property and equipment, net $ — $ 23,605 $ 23,605 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of common stock equivalents | March 31, March 31, Convertible Notes — 4,960,800 Options 2,484,477 2,265,165 Warrants 167,809 541,999 Total 2,652,286 7,767,964 |
Liquidity (Details)
Liquidity (Details) - USD ($) $ in Thousands | Apr. 26, 2021 | Mar. 31, 2021 | Jun. 30, 2020 |
Liquidity (Details) [Line Items] | |||
Cash and cash equivalents | $ 90,400 | ||
Working capital | 88,300 | ||
Cash and cash equivalents | $ 90,392 | $ 44,308 | |
Subsequent Event [Member] | |||
Liquidity (Details) [Line Items] | |||
Cash and cash equivalents | $ 87,900 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - Schedule of Inventory, net - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Schedule of Inventory, net [Abstract] | ||
Raw Materials | $ 44 | $ 24 |
Work in Process | 1,092 | 69 |
Finished Goods | 310 | 43 |
Total Inventory | $ 1,446 | $ 136 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of weighted average shares outstanding restricted stock included in reportable shares outstanding - shares | Mar. 31, 2021 | Mar. 31, 2020 |
Restricted Stock Units (RSUs) [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of weighted average shares outstanding restricted stock included in reportable shares outstanding [Line Items] | ||
Restricted stock included in reportable shares outstanding | 116,250 |
Revenue Recognition from Cont_3
Revenue Recognition from Contracts with Customers (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||||
Contract liability | $ 123 | $ 5 | ||
Increase (Decrease) contract asset | 119 | 44 | ||
Contract assets | 6 | $ 96 | $ 125 | $ 140 |
Revenue expected to be recognized | $ 2,800 |
Revenue Recognition from Cont_4
Revenue Recognition from Contracts with Customers (Details) - Schedule of revenues of reportable segments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue, Major Customer [Line Items] | ||||
NRE - RF Filters | $ 1,537 | $ 224 | $ 2,264 | $ 652 |
Filters/Amps | 980 | 131 | 2,197 | 507 |
Total | 2,517 | 363 | 4,461 | 1,424 |
MEMS | 8 | 265 | ||
Foundry Fabrication Services Revenue [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
NRE - RF Filters | 1,537 | 224 | 2,264 | 652 |
Filters/Amps | ||||
Total | 1,537 | 232 | 2,264 | 917 |
MEMS | 8 | 265 | ||
Product Sales Revenue [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
NRE - RF Filters | ||||
Filters/Amps | 980 | 131 | 2,197 | 507 |
Total | $ 980 | 131 | $ 2,197 | 507 |
MEMS |
Revenue Recognition from Cont_5
Revenue Recognition from Contracts with Customers (Details) - Schedule of changes in contract asset and liability - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of changes in contract asset and liability [Abstract] | ||
Balance, Contract Assets | $ 125 | $ 140 |
Balance, Contract Liability | 5 | |
Closing, Contract Assets | 6 | 96 |
Closing, Contract Liability | 123 | |
Increase/(Decrease), Contract Assets | (119) | (44) |
Increase/(Decrease), Contract Liability | $ 123 | $ (5) |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation expense | $ 1.2 | $ 0.7 | $ 3.3 | $ 2.2 | |
Net book value | $ 7 | $ 7 | $ 5.6 |
Property and Equipment, net (_2
Property and Equipment, net (Details) - Schedule of property and equipment, net - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2020 | ||
Property, Plant and Equipment [Line Items] | |||
Gross total | $ 38,689 | $ 30,282 | |
Less: Accumulated Depreciation | (9,934) | (6,677) | |
Total | $ 28,755 | 23,605 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | |||
Gross total | $ 1,000 | 1,000 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 11 years | ||
Gross total | $ 3,000 | 3,000 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross total | $ 32,098 | 24,746 | |
Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 2 years | ||
Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 10 years | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | [1] | ||
Gross total | $ 1,815 | 964 | |
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 3 years | ||
Gross total | $ 479 | 294 | |
Furniture & Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 5 years | ||
Gross total | $ 11 | 11 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 3 years | ||
Gross total | $ 286 | $ 267 | |
[1] | Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. |
Accounts payable and accrued _3
Accounts payable and accrued expenses (Details) - Schedule of accounts payable and accrued expenses - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Schedule of accounts payable and accrued expenses [Abstract] | ||
Accounts payable | $ 897 | $ 2,135 |
Accrued salaries and benefits | 3,502 | 2,478 |
Accrued professional fees | 98 | 193 |
Accrued utilities | 128 | 138 |
Accrued interest | 14 | 137 |
Accrued goods received not invoiced | 434 | 396 |
Other accrued expenses | 90 | 422 |
Totals | $ 5,163 | $ 5,899 |
Derivative Liabilities (Details
Derivative Liabilities (Details) | Mar. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Dividend yield interest rate | 0.00% |
Derivative Liabilities (Detai_2
Derivative Liabilities (Details) - Schedule of fair value on a recurring basis using significant unobservable inputs - Fair Value Measurement Using Level 3 Inputs Total [Member] $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance, June 30, 2020 | $ 1,110 |
Change in fair value of derivative liabilities | (1,110) |
Balance, March 31, 2021 (see note 8) |
Derivative Liabilities (Detai_3
Derivative Liabilities (Details) - Schedule of weighted average assumptions | 12 Months Ended |
Jun. 30, 2020 | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Expected volatility | 70.00% |
Dividend yield | 0.00% |
Minimum [Member] | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Remaining term (years) | 2 years 335 days |
Risk free interest rate | 0.18% |
Maximum [Member] | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Remaining term (years) | 3 years 153 days |
Risk free interest rate | 0.20% |
Convertible Notes (Details)
Convertible Notes (Details) - USD ($) | Dec. 04, 2020 | Jan. 25, 2021 | May 31, 2018 | Mar. 31, 2021 | Oct. 31, 2018 |
Convertible Notes (Details) [Line Items] | |||||
Principal amount | $ 10,000,000 | $ 15,000,000 | $ 1,000 | $ 1,000 | |
Interest rate | 6.50% | ||||
Debt instrument maturity | 2023 years | 2023 years | |||
Debt instrument, redemption price, percentage | 100.00% | 100.00% | |||
Debt conversion rate share (in Shares) | 200 | 196.08 | |||
Debt conversion price (in Dollars per share) | $ 5 | $ 5.10 | |||
Convertiable principal value | $ 10,000,000 | ||||
Shares issued (in Shares) | 3,020,000 | ||||
Unamortized debt discount | $ 96,000 | ||||
Weighted average rate, per share (in Dollars per share) | $ 1.52 | ||||
Converted of debt | $ 1,000 | ||||
Principal amount | 15,000,000 | ||||
Repayments of Convertible Debt | 366,000 | ||||
Recognized of unamortized debt discount | $ 477,000 | ||||
Common Stock [Member] | |||||
Convertible Notes (Details) [Line Items] | |||||
Shares issued (in Shares) | 1,960,000 | ||||
Notes Payable [Member] | |||||
Convertible Notes (Details) [Line Items] | |||||
Interest rate | 6.50% |
Convertible Notes (Details) - S
Convertible Notes (Details) - Schedule of convertible debt $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2020USD ($)$ / shares | |
Long Term convertible notes payable | |
Face Value | $ 25,000 |
Remaining Debt (Discount) | (4,482) |
Fair Value of Embedded Conversion Option | 1,110 |
Carrying Value | $ 21,628 |
6.5% convertible senior secured notes [Member] | |
Long Term convertible notes payable | |
Maturity date | May 31, 2023 |
Stated Interested Rate | 6.50% |
Conversion price (in Dollars per share) | $ / shares | $ 5 |
Face Value | $ 15,000 |
Remaining Debt (Discount) | (3,918) |
Fair Value of Embedded Conversion Option | 894 |
Carrying Value | $ 11,976 |
6.5% Convertible Senior Notes [Member] | |
Long Term convertible notes payable | |
Maturity date | Nov. 30, 2023 |
Stated Interested Rate | 6.50% |
Conversion price (in Dollars per share) | $ / shares | $ 5.10 |
Face Value | $ 10,000 |
Remaining Debt (Discount) | (564) |
Fair Value of Embedded Conversion Option | 216 |
Carrying Value | $ 9,652 |
Loans Payable (Details)
Loans Payable (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2021 | Jan. 25, 2021 | Jun. 30, 2020 | May 20, 2020 | |
Loans Payable (Details) [Line Items] | |||||
Principal amount | $ 25,000,000 | ||||
Accrued interest rate | 6.50% | ||||
PPP Loan [Member] | |||||
Loans Payable (Details) [Line Items] | |||||
Principal amount | $ 1,600,000 | ||||
Promissory Note [Member] | |||||
Loans Payable (Details) [Line Items] | |||||
Accrued interest rate | 1.00% | ||||
Amortization debt discount | $ 6,300 | $ 19,100 |
Loans Payable (Details) - Sched
Loans Payable (Details) - Schedule of paycheck promissory note debt - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Long Term Loans payable [Member] | ||
Loans Payable (Details) - Schedule of paycheck promissory note debt [Line Items] | ||
Face Value | $ 393,000 | $ 1,633,000 |
Remaining Debt (Discount) | (1,000) | (42,000) |
Carrying Value | $ 392,000 | $ 1,591,000 |
Promissory Note [Member] | Long Term Loans payable [Member] | ||
Loans Payable (Details) - Schedule of paycheck promissory note debt [Line Items] | ||
Maturity Date | May 20, 2022 | May 20, 2022 |
Stated Interest Rate | 1.00% | 1.00% |
Face Value | $ 393,000 | $ 1,633,000 |
Remaining Debt (Discount) | (1,000) | (42,000) |
Carrying Value | 392,000 | $ 1,591,000 |
Short Term Loans payable [Member] | ||
Loans Payable (Details) - Schedule of paycheck promissory note debt [Line Items] | ||
Face Value | 1,240,000 | |
Remaining Debt (Discount) | (22,000) | |
Carrying Value | $ 1,218,000 | |
Short Term Loans payable [Member] | Promissory Note [Member] | ||
Loans Payable (Details) - Schedule of paycheck promissory note debt [Line Items] | ||
Stated Interest Rate | 1.00% | |
Face Value | $ 1,240,000 | |
Remaining Debt (Discount) | (22,000) | |
Carrying Value | $ 1,218 | |
Short Term Loans payable [Member] | Minimum [Member] | Promissory Note [Member] | ||
Loans Payable (Details) - Schedule of paycheck promissory note debt [Line Items] | ||
Maturity Date | Oct. 31, 2021 | |
Short Term Loans payable [Member] | Maximum [Member] | Promissory Note [Member] | ||
Loans Payable (Details) - Schedule of paycheck promissory note debt [Line Items] | ||
Maturity Date | Dec. 31, 2021 |
Concentrations (Details) - Sche
Concentrations (Details) - Schedule of vendor concentration as a percentage of non-grant related revenue | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Vendor 1 [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 18.00% | 13.00% |
Concentrations (Details) - Sc_2
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Customer 1 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 57.00% | 43.00% | 22.00% | |
Customer 2 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 34.00% | 38.00% | ||
Customer 3 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 38.00% | 20.00% | ||
Customer 4 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 33.00% | 11.00% | ||
Customer 5 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 12.00% | 13.00% | ||
Customer 6 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 11.00% | 17.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | May 08, 2020 | Feb. 22, 2021 | Feb. 19, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2021 |
Stockholders' Equity (Details) [Line Items] | |||||||
Sale of stock | 2,082,148 | 2,296,023 | 416,221 | ||||
Aggregate gross proceeds | $ 31,200,000 | $ 20,500,000 | $ 3,400,000 | ||||
Weighted average grant fair value | $ 5.05 | ||||||
ATM Equity Offering [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Aggregate offering price | $ 50,000,000 | ||||||
Equity Offering Program [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Increase decrease amount of common stock | $ 50,000,000 | ||||||
February 2021 Registered Direct Offering [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Sale of stock | 1,500,000 | ||||||
Shares issued price per share | $ 14.3592 | ||||||
Aggregate gross proceeds | $ 21,500,000 | ||||||
Offering closed date | Feb. 23, 2021 | ||||||
Restricted Stock Units [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Number of shares granted | 800,000 | ||||||
Weighted average grant fair value | $ 9.74 | ||||||
Restricted Stock Units [Member] | Minimum [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Vesting period | 4 years | ||||||
Restricted Stock Units [Member] | Maximum [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Vesting period | 5 years | ||||||
Employees [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Number of shares granted | 500,000 | ||||||
Weighted average grant fair value | $ 5.05 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of aggregate offering price - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Stockholders' Equity (Details) - Schedule of aggregate offering price [Line Items] | |||
Avg price per share (in Dollars per share) | $ 14.99 | $ 8.93 | $ 8.09 |
Number of Shares (in Shares) | 2,082,148 | 2,296,023 | 416,221 |
Gross Proceeds | $ 31.2 | $ 20.5 | $ 3.4 |
Offering Expenses | 0.5 | 0.4 | 0.1 |
Net Proceeds | $ 30.7 | $ 20.1 | $ 3.3 |
Total [Member] | |||
Stockholders' Equity (Details) - Schedule of aggregate offering price [Line Items] | |||
Avg price per share (in Dollars per share) | $ 11.49 | ||
Number of Shares (in Shares) | 4,794,392 | ||
Gross Proceeds | $ 55.1 | ||
Offering Expenses | 1 | ||
Net Proceeds | $ 54.1 |
Stockholders' Equity (Details_2
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions | 9 Months Ended |
Mar. 31, 2021$ / shares | |
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items] | |
Dividend yield | 0.00% |
Weighted Average Grant Date Fair Value of Options granted during the period (in Dollars per share) | $ 5.05 |
Minimum [Member] | |
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items] | |
Exercise price (in Dollars per share) | $ 7.72 |
Expected term (years) | 4 years |
Risk-free interest rate | 0.25% |
Volatility | 67.00% |
Maximum [Member] | |
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items] | |
Exercise price (in Dollars per share) | $ 17.61 |
Expected term (years) | 5 years |
Risk-free interest rate | 0.78% |
Volatility | 68.00% |
Stockholders' Equity (Details_3
Stockholders' Equity (Details) - Schedule of stock-based compensation expense - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of stock-based compensation expense [Abstract] | ||||
Research and Development | $ 1,011 | $ 929 | $ 2,953 | $ 2,675 |
General and Administrative | 980 | 874 | 3,131 | 2,433 |
Total | $ 1,991 | $ 1,803 | $ 6,084 | $ 5,108 |
Stockholders' Equity (Details_4
Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years $ in Thousands | 9 Months Ended |
Mar. 31, 2021USD ($) | |
Options [Member] | |
Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years [Line Items] | |
Unrecognized stock-based compensation | $ 2,820 |
Weighted-average years to be recognized | 2 years 76 days |
Restricted stock awards/units [Member] | |
Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years [Line Items] | |
Unrecognized stock-based compensation | $ 9,064 |
Weighted-average years to be recognized | 2 years 105 days |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 1 Months Ended |
Feb. 27, 2018USD ($)m² | |
Commitments and Contingencies (Details) [Line Items] | |
Commitments and contingencies, description | The Company estimates substantial tax savings during the term of the Agreements, which expire on December 31, 2028. |
Canandaigua, New York [Member] | OCIDA [Member] | Lease and Project Agreement [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Lease | $ 1 |
Acre parcel of land (in Square Meters) | m² | 9.995 |
Mortgages securing an aggregate principal amount | $ 12,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of operating lease expense - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of operating lease expense [Abstract] | ||||
Operating Lease Expense | $ 75 | $ 55 | $ 225 | $ 144 |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - Schedule of balance sheet information related to leases - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Assets | ||
Operating lease assets | $ 531 | $ 699 |
Liabilities | ||
Other current liabilities | 260 | 231 |
Operating lease liabilities | $ 274 | $ 472 |
Weighted Average Remaining Lease Term: | ||
Operating leases | 2 years 3 days | |
Weighted Average Discount Rate: | ||
Operating leases | 12.47% | |
Other Noncurrent Assets [Member] | ||
Assets | ||
Operating lease assets | $ 531 |
Commitments and Contingencies_5
Commitments and Contingencies (Details) - Schedule of minimum future lease payments $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of minimum future lease payments [Abstract] | |
2021 | $ 78 |
2022 | 312 |
2023 | 204 |
2024 | 7 |
2025 | |
Thereafter | |
Total lease payments (undiscounted cash flows) | 601 |
Less imputed interest | (67) |
Total | $ 534 |
Related Party Transactions (Det
Related Party Transactions (Details) | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Related Party Transactions [Abstract] | |
Assets sold to related party | $ 215,000 |
Asset purchase and sale | $ 25,000 |
Segment Information (Details)
Segment Information (Details) | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
Segment Information (Details) -
Segment Information (Details) - Schedule operating segments based on revenue and operating profit (loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Foundry/Fabrication Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue with customers | $ 1,537 | $ 232 | $ 2,264 | $ 917 | |
Cost of revenue | 400 | 138 | 803 | 545 | |
Gross margin | 1,137 | 94 | 1,461 | 372 | |
Research and development | |||||
General and administrative | |||||
Income (Loss) from Operations | 1,137 | 94 | 1,461 | 372 | |
Accounts receivable | 1,498 | 1,498 | $ 71 | ||
Property and equipment, net | |||||
RF Product [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue with customers | 980 | 131 | 2,197 | 507 | |
Cost of revenue | 2,573 | 79 | 6,421 | 795 | |
Gross margin | (1,593) | 52 | (4,224) | (288) | |
Research and development | 5,225 | 5,769 | 17,171 | 15,736 | |
General and administrative | 3,395 | 2,589 | 9,683 | 8,158 | |
Income (Loss) from Operations | (10,213) | (8,306) | (31,078) | (24,182) | |
Accounts receivable | 122 | 122 | 280 | ||
Property and equipment, net | 28,755 | 28,755 | 23,605 | ||
Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue with customers | 2,517 | 363 | 4,461 | 1,424 | |
Cost of revenue | 2,973 | 217 | 7,224 | 1,340 | |
Gross margin | (456) | 146 | (2,763) | 84 | |
Research and development | 5,225 | 5,769 | 17,171 | 15,736 | |
General and administrative | 3,395 | 2,589 | 9,683 | 8,158 | |
Income (Loss) from Operations | (9,076) | $ (8,212) | (29,617) | $ (23,810) | |
Accounts receivable | 1,620 | 1,620 | 351 | ||
Property and equipment, net | $ 28,755 | $ 28,755 | $ 23,605 |
Loss Per Share (Details) - Sche
Loss Per Share (Details) - Schedule of common stock equivalents - shares | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of common stock equivalents [Abstract] | ||
Convertible Notes | 4,960,800 | |
Options | 2,484,477 | 2,265,165 |
Warrants | 167,809 | 541,999 |
Total | 2,652,286 | 7,767,964 |