Akoustis (AKTSQ) 10-Q 1 Nov 21 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 30, 2021	Oct. 20, 2021
Document Information Line Items
Entity Registrant Name	AKOUSTIS TECHNOLOGIES, INC.
Trading Symbol	AKTS
Document Type	10-Q
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		52,045,019
Amendment Flag	false
Entity Central Index Key	0001584754
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38029
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-1229046
Entity Address, Address Line One	9805 Northcross Center Court
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	Huntersville
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28078
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
City Area Code	1-704
Local Phone Number	997-5735

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Assets:
Cash and cash equivalents	$ 75,681	$ 88,322
Accounts receivable	1,352	1,170
Inventory	2,058	1,390
Other current assets	3,537	2,314
Total current assets	82,628	93,196
Property and equipment, net	36,911	30,730
Intangibles, net	564	572
Operating lease right-of-use asset, net	410	471
Other assets	11	25
Total Assets	120,524	124,994
Current Liabilities:
Accounts payable and accrued expenses	7,601	6,954
Deferred revenue		41
Operating lease liability - current	280	270
Total current liabilities	7,881	7,265
Long-term Liabilities:
Operating lease liability - non-current	128	202
Other long-term liabilities	117	117
Total long-term liabilities	245	319
Total Liabilities	8,126	7,584
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; 52,037,519 and 51,235,764 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively	52	51
Additional paid in capital	272,966	265,130
Accumulated deficit	(160,620)	(147,771)
Total Stockholders’ Equity	112,398	117,410
Total Liabilities and Stockholders’ Equity	$ 120,524	$ 124,994

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
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	52,037,519	51,235,764
Common stock, outstanding	52,037,519	51,235,764

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue with customers	$ 1,868	$ 636
Cost of revenue	2,902	1,649
Gross profit (loss)	(1,034)	(1,013)
Operating expenses
Research and development	7,974	6,380
General and administrative expenses	3,876	2,927
Total operating expenses	11,850	9,307
Loss from operations	(12,884)	(10,320)
Other (expense) income
Interest (expense) income	35	(1,431)
Other (expense)		(1)
Change in fair value of derivative liabilities		(198)
Total other (expense) income	35	(1,630)
Net loss	$ (12,849)	$ (11,950)
Net loss per common share - basic and diluted (in Dollars per share)	$ (0.25)	$ (0.31)
Weighted average common shares outstanding - basic and diluted (in Shares)	51,436,075	38,176,702

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders’ Equity (in Thousands) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid In Capital	Accumulated Deficit	Total
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		3,267		3,267
Common stock issued for cash, net of issuance costs (in Shares)	416
Stock-based compensation		2,027		2,027
Stock-based compensation (in Shares)	127
Common stock issued for exercise of options		102		102
Common stock issued for exercise of options (in Shares)	18
Common stock issued in payment of note interest	$ 1	243		244
Common stock issued in payment of note interest (in Shares)	31
Net loss			(11,950)	(11,950)
Balance at Sep. 30, 2020	$ 39	150,711	(115,565)	35,185
Balance (in Shares) at Sep. 30, 2020	38,582
Balance at Jun. 30, 2021	$ 51	265,130	(147,771)	117,410
Balance (in Shares) at Jun. 30, 2021	51,236
Common stock issued for cash, net of issuance costs	$ 1	5,431		5,432
Common stock issued for cash, net of issuance costs (in Shares)	556
Stock-based compensation		2,348		2,348
Stock-based compensation (in Shares)	237
Common stock issued for exercise of warrants		24		24
Common stock issued for exercise of warrants (in Shares)	4
Common stock issued for exercise of options		33		33
Common stock issued for exercise of options (in Shares)	5
Net loss			(12,849)	(12,849)
Balance at Sep. 30, 2021	$ 52	$ 272,966	$ (160,620)	$ 112,398
Balance (in Shares) at Sep. 30, 2021	52,038

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (12,849)	$ (11,950)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,473	993
Stock-based compensation	2,348	2,027
Amortization of debt discount		1,038
Amortization of operating lease right of use asset	61	54
Non cash interest payments		244
Change in fair value of derivative liabilities		198
Gain on disposal of fixed assets	(197)
Changes in operating assets and liabilities:
Accounts receivable	(182)	5
Inventory	(668)	(100)
Other current assets	(1,223)	(105)
Other assets
Accounts payable and accrued expenses	(1,345)	(452)
Lease liabilities	(64)	(54)
Deferred revenue	(41)	190
Net Cash Used in Operating Activities	(12,687)	(7,912)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for machinery and equipment	(5,729)	(2,308)
Cash received from sale of fixed assets	286
Cash paid for intangibles		(38)
Net Cash Used in Investing Activities	(5,443)	(2,346)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	5,432	3,037
Proceeds from exercise of employee stock options	33	102
Proceeds from exercise of warrants	24
Net Cash Provided by Financing Activities	5,489	3,139
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(12,641)	(7,119)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	88,322	44,408
Cash, Cash Equivalents and Restricted Cash - End of Period	75,681	37,289
Cash Paid During the Period for:
Interest		163
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock issued in payment of interest		244
Fixed assets included in accounts payable and accrued expenses	1,992	(1,467)
Stock issuance costs included in accounts payable and accrued expenses		$ (230)

Organization

Organization	3 Months Ended
	Sep. 30, 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 TM TM

Liquidity

Liquidity	3 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	Note 2. Liquidity As of September 30, 2021, the Company had cash and cash equivalents of $75.7 million and working capital of $74.7 million. The Company has historically incurred recurring operating losses and experienced net cash used in operating activities. As of October 20, 2021, the Company had $66.0 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	3 Months Ended
	Sep. 30, 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 (“U.S. 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 September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending June 30, 2022 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 30, 2021 (the “2021 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 2021 Annual Report. Since the date of the 2021 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, deferred taxes and related valuation allowances, revenue recognition, 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 September 30, 2021 and June 30, 2021 (in thousands): September 30, June 30, Raw Materials $ 678 $ 124 Work in Process 1,276 1,188 Finished Goods 104 78 Total Inventory $ 2,058 $ 1,390 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 September 30, 2021 and 2020. Shares of restricted stock are included in the calculation of weighted average shares outstanding. September 30, September 30, Restricted stock included in reportable shares outstanding — 28,750 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	3 Months Ended
	Sep. 30, 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. 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 September 30, 2021 (in thousands): Foundry Product Total NRE $ 413 $ — $ 413 Filters/Amps — 1,455 1,455 Total $ 413 $ 1,455 $ 1,868 The following table summarizes the revenues of the Company’s reportable segments for the three months ended September 30, 2020 (in thousands): Foundry Product Total NRE $ 57 $ — $ 57 Filters/Amps — 579 579 Total $ 57 $ 579 $ 636 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 three months of fiscal years 2021 and 2020 (in thousands): Contract Contract Balance, June 30, 2021 $ 411 $ 41 Closing, September 30, 2021 783 — Increase/(Decrease) $ 372 $ (41 ) Balance, June 30, 2020 $ 125 $ — Closing, September 30, 2020 133 190 Increase/(Decrease) $ 8 $ 190 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 amount of revenue recognized in the three months ended September 30, 2021 that was included in the opening contract liability balance was $41 thousand which related to non-recurring engineering services. 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 three months ended September 30, 2020 that was included in the opening contract asset balance was $51 thousand, which primarily related to non-recurring engineering services. 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 $3.4 million at September 30, 2021.

Property and Equipment, net

Property and Equipment, net	3 Months Ended
	Sep. 30, 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 September 30, 2021 and June 30, 2021 (in thousands): Estimated September 30, June 30, Land n/a $ 1,000 $ 1,000 Building 11 years 3,000 3,000 Equipment 2-10 years 40,866 35,120 Leasehold Improvements * 2,941 1,946 Software 3 years 617 580 Furniture & Fixtures 5 years 90 73 Computer Equipment 3 years 489 310 Total 49,003 42,029 Less: Accumulated Depreciation (12,092 ) (11,299 ) Total $ 36,911 $ 30,730 (*) 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 $1.5 million and $1.0 million for the three months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, equipment with a net book value totaling $10.0 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2021, fixed assets with a net book value totaling $4.9 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	3 Months Ended
	Sep. 30, 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 September 30, 2021 and June 30, 2021 (in thousands): September 30, June 30, Accounts payable $ 3,613 $ 1,188 Accrued salaries and benefits 2,479 4,415 Accrued professional fees 95 49 Accrued utilities 156 127 Accrued goods received not invoiced 1,079 761 Other accrued expenses 179 414 Totals $ 7,601 $ 6,954

Concentrations

Concentrations	3 Months Ended
	Sep. 30, 2021
Risks and Uncertainties [Abstract]
Concentrations	Note 7. Concentrations Vendors Vendor concentration as a percentage of purchases for the three months ended September 30, 2021 and 2020 are as follows: Three Months Three Months Vendor 1 — 11 % Customers Customer concentration as a percentage of revenue for the three months ended September 30, 2021 and 2020 are as follows: Three Months Three Months Customer 1 37 % 74 % Customer 2 25 % — Customer 3 11 % — Customer 4 — 10 %

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders’ Equity	Note 8. Stockholders’ Equity Equity Offering Program The Company has in place an ATM Equity Offering SM The following table summarizes sales through the Equity Offering Program during the quarter ended September 30, 2021: Three months ended Avg price Number of Gross Offering Net September 30, 2021 $ 9.99 555,455 $ 5.5 $ 0.1 $ 5.4 Total 555,455 $ 5.5 $ 0.1 $ 5.4 Equity Incentive Plans During the three months ended September 30, 2021, the Company granted employees options to purchase an aggregate of approximately 0.4 million shares of common stock. 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: Three Months Exercise price $ 9.18 –10.15 Expected term (years) 4.75 – 5.00 Volatility 67 % Risk-free interest rate 0.76%–0.81 % Dividend yield 0 % Weighted Average Grant Date Fair Value of Options granted during the period $ 5.53 During the three months ended September 30, 2021 the Company awarded certain employees and directors grants of an aggregate of approximately 0.6 million restricted stock units (“RSUs”) with a weighted average grant date fair value of $9.99. 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 2021 2020 Research and Development $ 1,232 $ 1,014 General and Administrative 1,116 1,013 Total $ 2,348 $ 2,027 Unrecognized stock-based compensation expense and weighted-average years to be recognized are as follows (in thousands): As of September 30, 2021 Unrecognized Weighted- Options $ 4,056 2.55 Restricted stock units $ 12,386 2.51

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 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 Operating Lease Expense $ 75 $ 75 Supplemental balance sheet information related to leases was as follows (in thousands): Classification on the September 30, June 30, Assets Operating lease assets Other non-current assets $ 410 $ 471 Liabilities Other current liabilities Current liabilities 280 270 Operating lease liabilities Other non-current liabilities 128 202 Weighted Average Remaining Lease Term: Operating leases 1.51 1.76 Weighted Average Discount Rate: Operating leases 12.5 % 12.5 % The following table outlines the minimum future lease payments for the next five years and thereafter, (in thousands): For the year ending June 30, 2022 235 2023 204 2024 7 2025 — Thereafter — Total lease payments (undiscounted cash flows) 446 Less imputed interest (38 ) Total $ 408 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 that, as of September 30, 2021, the amount of liability, if any, with respect to such actions, would not materially affect its financial position, results of operations or cash flows and it is currently evaluating the matter described in Note 16.

Segment Information

Segment Information	3 Months Ended
	Sep. 30, 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 months ended September 30, 2021 and 2020 are as follows (in thousands): Foundry RF Total Three months ended September 30, 2021 Revenue with customers $ 413 $ 1,455 $ 1,868 Cost of revenue 570 2,332 2,902 Gross margin (157 ) (877 ) (1,034 ) Research and development — 7,974 7,974 General and administrative — 3,876 3,876 Income (Loss) from Operations $ (157 ) (12,727 ) (12,884 ) Three months ended September 30, 2020 Revenue with customers $ 57 $ 579 $ 636 Cost of revenue 53 1,596 1,650 Gross margin 4 (1,018 ) (1,013 ) Research and development — 6,380 6,380 General and administrative — 2,927 2,927 Income (Loss) from Operations $ 4 (10,324 ) (10,320 ) As of September 30, 2021 Accounts receivable $ 242 $ 1,110 $ 1,352 Property and equipment, net — $ 36,911 $ 36,911 As of June 30, 2021 Accounts receivable $ 242 $ 928 $ 1,170 Property and equipment, net $ — $ 30,730 $ 30,730

Loss Per Share

Loss Per Share	3 Months Ended
	Sep. 30, 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 three months ended September 30, 2021 and September 30, 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 September 30, 2021 and 2020: September 30, September 30, Convertible Notes — 4,960,800 Options 2,851,827 2,633,165 Warrants 162,659 395,700 Total 3,014,486 7,989,665

Subsequent Events

Subsequent Events	3 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note. 16. Subsequent Events On October 15, 2021, Akoustis Technologies, Inc. (the “Company”) acquired a majority ownership position in RFM Integrated Device, Inc. (“RFMi”), a fabless supplier of acoustic wave RF resonators and filters. The Company acquired a 51% ownership interest in RFMi from Tai-Saw Technology Co., Ltd. (“TST”) in exchange for $6.0 million in cash and approximately $2.5 million payable in common stock of the Company. The Company has the option to acquire the remaining 49% ownership interest in RFMi from TST on or before June 30, 2022, for an additional $3.5 million in cash and approximately $4.0 million in common stock of the Company. Additionally, earn-out payments aggregating up to $3.0 million payable in cash and/or shares of common stock of the Company may be payable to TST based on the future operating results of RFMi. On October 4, 2021, the Company and its subsidiary, Akoustis, Inc., were named as defendants in a complaint filed by Qorvo, Inc. in the United States District Court for the District of Delaware alleging, among other things, patent infringement, false advertising, false patent marking, and unfair competition. The complaint alleges that the defendants misappropriated proprietary information, made misleading statements about the characteristics of certain of its products, and sold products infringing on the certain of the plaintiff’s patents. The plaintiff seeks an injunction enjoining the defendants from the alleged infringement and damages, including punitive and statutory enhanced damages, in an unspecified amount. The Company believes this lawsuit is without merit and intends to defend against it vigorously. However, it can provide no assurance as to the outcome of such dispute, and such action may result in judgments against the Company for an injunction, significant damages or other relief, such as future royalty payments to Qorvo, Inc. Even if ultimately settled or resolved in the Company’s favor, this action may result in significant expenses, diversion of management and technical personnel attention and disruptions and delays in the Company’s business, all of which could have a material adverse effect on its business, financial condition and results of operations.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Sep. 30, 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 (“U.S. 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 September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending June 30, 2022 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 30, 2021 (the “2021 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 2021 Annual Report. Since the date of the 2021 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, deferred taxes and related valuation allowances, revenue recognition, 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 September 30, 2021 and June 30, 2021 (in thousands): September 30, June 30, Raw Materials $ 678 $ 124 Work in Process 1,276 1,188 Finished Goods 104 78 Total Inventory $ 2,058 $ 1,390
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 September 30, 2021 and 2020. Shares of restricted stock are included in the calculation of weighted average shares outstanding. September 30, September 30, Restricted stock included in reportable shares outstanding — 28,750
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)	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Schedule of inventory, net of reserves	September 30, June 30, Raw Materials $ 678 $ 124 Work in Process 1,276 1,188 Finished Goods 104 78 Total Inventory $ 2,058 $ 1,390
Schedule of weighted average shares outstanding restricted stock included in reportable shares outstanding	September 30, September 30, Restricted stock included in reportable shares outstanding — 28,750

Revenue Recognition from Cont_2

Revenue Recognition from Contracts with Customers (Tables)	3 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of revenues of reportable segments	Foundry Product Total NRE $ 413 $ — $ 413 Filters/Amps — 1,455 1,455 Total $ 413 $ 1,455 $ 1,868 Foundry Product Total NRE $ 57 $ — $ 57 Filters/Amps — 579 579 Total $ 57 $ 579 $ 636
Schedule of changes in contract asset and liability	Contract Contract Balance, June 30, 2021 $ 411 $ 41 Closing, September 30, 2021 783 — Increase/(Decrease) $ 372 $ (41 ) Balance, June 30, 2020 $ 125 $ — Closing, September 30, 2020 133 190 Increase/(Decrease) $ 8 $ 190

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	3 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Estimated September 30, June 30, Land n/a $ 1,000 $ 1,000 Building 11 years 3,000 3,000 Equipment 2-10 years 40,866 35,120 Leasehold Improvements * 2,941 1,946 Software 3 years 617 580 Furniture & Fixtures 5 years 90 73 Computer Equipment 3 years 489 310 Total 49,003 42,029 Less: Accumulated Depreciation (12,092 ) (11,299 ) Total $ 36,911 $ 30,730

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	September 30, June 30, Accounts payable $ 3,613 $ 1,188 Accrued salaries and benefits 2,479 4,415 Accrued professional fees 95 49 Accrued utilities 156 127 Accrued goods received not invoiced 1,079 761 Other accrued expenses 179 414 Totals $ 7,601 $ 6,954

Concentrations (Tables)

Concentrations (Tables)	3 Months Ended
	Sep. 30, 2021
Risks and Uncertainties [Abstract]
Schedule of vendor concentration as a percentage of purchases	Three Months Three Months Vendor 1 — 11 %
Schedule of customer concentration as a percentage of revenue	Three Months Three Months Customer 1 37 % 74 % Customer 2 25 % — Customer 3 11 % — Customer 4 — 10 %

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of sales through equity offering program	Three months ended Avg price Number of Gross Offering Net September 30, 2021 $ 9.99 555,455 $ 5.5 $ 0.1 $ 5.4 Total 555,455 $ 5.5 $ 0.1 $ 5.4
Schedule of Black-Scholes option pricing model with weighted average assumptions	Three Months Exercise price $ 9.18 –10.15 Expected term (years) 4.75 – 5.00 Volatility 67 % Risk-free interest rate 0.76%–0.81 % Dividend yield 0 % Weighted Average Grant Date Fair Value of Options granted during the period $ 5.53
Schedule of stock-based compensation expense	Three Months Ended 2021 2020 Research and Development $ 1,232 $ 1,014 General and Administrative 1,116 1,013 Total $ 2,348 $ 2,027
Schedule of unrecognized stock-based compensation expense and weighted-average years	As of September 30, 2021 Unrecognized Weighted- Options $ 4,056 2.55 Restricted stock units $ 12,386 2.51

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of operating lease expense	Three Three Operating Lease Expense $ 75 $ 75
Schedule of balance sheet information related to leases	Classification on the September 30, June 30, Assets Operating lease assets Other non-current assets $ 410 $ 471 Liabilities Other current liabilities Current liabilities 280 270 Operating lease liabilities Other non-current liabilities 128 202 Weighted Average Remaining Lease Term: Operating leases 1.51 1.76 Weighted Average Discount Rate: Operating leases 12.5 % 12.5 %
Schedule of minimum future lease payments	For the year ending June 30, 2022 235 2023 204 2024 7 2025 — Thereafter — Total lease payments (undiscounted cash flows) 446 Less imputed interest (38 ) Total $ 408

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule operating segments based on revenue and operating profit (loss)	Foundry RF Total Three months ended September 30, 2021 Revenue with customers $ 413 $ 1,455 $ 1,868 Cost of revenue 570 2,332 2,902 Gross margin (157 ) (877 ) (1,034 ) Research and development — 7,974 7,974 General and administrative — 3,876 3,876 Income (Loss) from Operations $ (157 ) (12,727 ) (12,884 ) Three months ended September 30, 2020 Revenue with customers $ 57 $ 579 $ 636 Cost of revenue 53 1,596 1,650 Gross margin 4 (1,018 ) (1,013 ) Research and development — 6,380 6,380 General and administrative — 2,927 2,927 Income (Loss) from Operations $ 4 (10,324 ) (10,320 ) As of September 30, 2021 Accounts receivable $ 242 $ 1,110 $ 1,352 Property and equipment, net — $ 36,911 $ 36,911 As of June 30, 2021 Accounts receivable $ 242 $ 928 $ 1,170 Property and equipment, net $ — $ 30,730 $ 30,730

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of common stock equivalents	September 30, September 30, Convertible Notes — 4,960,800 Options 2,851,827 2,633,165 Warrants 162,659 395,700 Total 3,014,486 7,989,665

Liquidity (Details)

Liquidity (Details) - USD ($) $ in Millions	Oct. 20, 2021	Sep. 30, 2021
Liquidity (Details) [Line Items]
Cash and cash equivalents		$ 75.7
Working capital		$ 74.7
Subsequent Event [Member]
Liquidity (Details) [Line Items]
Cash and cash equivalents	$ 66

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - Schedule of inventory, net of reserves - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Schedule of inventory, net of reserves [Abstract]
Raw Materials	$ 678	$ 124
Work in Process	1,276	1,188
Finished Goods	104	78
Total Inventory	$ 2,058	$ 1,390

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	Sep. 30, 2021	Sep. 30, 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		28,750

Revenue Recognition from Cont_3

Revenue Recognition from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Contract liability	$ 41
Contract assets		$ 51
Revenue expected to be recognized	$ 3,400

Revenue Recognition from Cont_4

Revenue Recognition from Contracts with Customers (Details) - Schedule of revenues of reportable segments - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenue, Major Customer [Line Items]
NRE	$ 413	$ 57
Filters/Amps	1,455	579
Total	1,868	636
Foundry Fabrication Services Revenue [Member]
Revenue, Major Customer [Line Items]
NRE	413	57
Filters/Amps
Total	413	57
Product Sales Revenue [Member]
Revenue, Major Customer [Line Items]
NRE
Filters/Amps	1,455	579
Total	$ 1,455	$ 579

Revenue Recognition from Cont_5

Revenue Recognition from Contracts with Customers (Details) - Schedule of changes in contract asset and liability - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of changes in contract asset and liability [Abstract]
Balance, Contract Assets			$ 411	$ 125
Balance, Contract Liability			$ 41
Closing, Contract Assets	$ 783	$ 133
Closing, Contract Liability		190
Increase/(Decrease), Contract Assets	372	8
Increase/(Decrease), Contract Liability	$ (41)	$ 190

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1.5	$ 1
Net book value	$ 10	$ 4.9

Property and Equipment, net (_2

Property and Equipment, net (Details) - Schedule of property and equipment - USD ($) $ in Thousands		3 Months Ended
		Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Gross total			$ 49,003	$ 42,029
Less: Accumulated Depreciation			(12,092)	(11,299)
Total			36,911	30,730
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			40,866	35,120
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life	[1]
Gross total			2,941	1,946
Furniture & Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life		5 years
Gross total			90	73
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life		3 years
Gross total			489	310
Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life		3 years
Gross total			$ 617	$ 580
Minimum [Member] | Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life		2 years
Maximum [Member] | Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life		10 years
[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	Sep. 30, 2021	Jun. 30, 2020
Schedule of accounts payable and accrued expenses [Abstract]
Accounts payable	$ 3,613	$ 1,188
Accrued salaries and benefits	2,479	4,415
Accrued professional fees	95	49
Accrued utilities	156	127
Accrued goods received not invoiced	1,079	761
Other accrued expenses	179	414
Totals	$ 7,601	$ 6,954

Concentrations (Details) - Sche

Concentrations (Details) - Schedule of vendor concentration as a percentage of purchases	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Vendor 1 [Member] | Revenue Benchmark [Member]
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%

Concentrations (Details) - Sc_2

Concentrations (Details) - Schedule of customer concentration as a percentage of revenue	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Customer 1 [Member]
Concentrations (Details) - Schedule of customer concentration as a percentage of revenue [Line Items]
Concentration risk, percentage	37.00%	74.00%
Customer 2 [Member]
Concentrations (Details) - Schedule of customer concentration as a percentage of revenue [Line Items]
Concentration risk, percentage	25.00%
Customer 3 [Member]
Concentrations (Details) - Schedule of customer concentration as a percentage of revenue [Line Items]
Concentration risk, percentage	11.00%
Customer 4 [Member]
Concentrations (Details) - Schedule of customer concentration as a percentage of revenue [Line Items]
Concentration risk, percentage		10.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions	May 08, 2020	Sep. 30, 2021
Stockholders' Equity (Details) [Line Items]
Options to purchase		0.6
Weighted average grant date fair value		$ 9.99
ATM Equity Offering [Member]
Stockholders' Equity (Details) [Line Items]
Aggregate offering price	$ 100,000,000
Minimum [Member]
Stockholders' Equity (Details) [Line Items]
Vesting period		4 years
Maximum [Member]
Stockholders' Equity (Details) [Line Items]
Vesting period		5 years
Equity incentive plan [Member]
Stockholders' Equity (Details) [Line Items]
Options to purchase		0.4

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Schedule of sales through equity offering program $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares
Stockholders' Equity (Details) - Schedule of sales through equity offering program [Line Items]
Avg price per share (in Dollars per share) | $ / shares	$ 9.99
Number of Shares (in Shares) | shares	555,455
Gross Proceeds	$ 5.5
Offering Expenses	0.1
Net Proceeds	$ 5.4
Total [Member]
Stockholders' Equity (Details) - Schedule of sales through equity offering program [Line Items]
Number of Shares (in Shares) | shares	555,455
Gross Proceeds	$ 5.5
Offering Expenses	0.1
Net Proceeds	$ 5.4

Stockholders' Equity (Details_2

Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions	3 Months Ended
	Sep. 30, 2021$ / shares
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items]
Volatility	67.00%
Dividend yield	0.00%
Weighted Average Grant Date Fair Value of Options granted during the period (in Dollars per share)	$ 5.53
Minimum [Member]
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items]
Exercise price (in Dollars per share)	$ 9.18
Expected term (years)	4 years 9 months
Risk-free interest rate	0.76%
Maximum [Member]
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items]
Exercise price (in Dollars per share)	$ 10.15
Expected term (years)	5 years
Risk-free interest rate	0.81%

Stockholders' Equity (Details_3

Stockholders' Equity (Details) - Schedule of stock-based compensation expense - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule of stock-based compensation expense [Abstract]
Research and Development	$ 1,232	$ 1,014
General and Administrative	1,116	1,013
Total	$ 2,348	$ 2,027

Stockholders' Equity (Details_4

Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years $ in Thousands	12 Months Ended
	Sep. 30, 2021USD ($)
Options [Member]
Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years [Line Items]
Unrecognized stock-based compensation	$ 4,056
Weighted-average years to be recognized	2 years 6 months 18 days
Restricted stock units [Member]
Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years [Line Items]
Unrecognized stock-based compensation	$ 12,386
Weighted-average years to be recognized	2 years 6 months 3 days

Commitments and Contingencies_2

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended
	Feb. 27, 2018	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Lease term, description		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.
Remaining lease term		5 years
Future lease payments term		5 years
Lease, description	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.

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Schedule of operating lease expense - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule of operating lease expense [Abstract]
Operating Lease Expense	$ 75	$ 75

Commitments and Contingencies_4

Commitments and Contingencies (Details) - Schedule of balance sheet information related to leases - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021
Assets
Operating lease assets	$ 410	$ 471
Liabilities
Other current liabilities	280	270
Operating lease liabilities	$ 128	$ 202
Weighted Average Remaining Lease Term:
Operating leases	1 year 6 months 3 days	1 year 9 months 3 days
Weighted Average Discount Rate:
Operating leases	12.50%	12.50%

Commitments and Contingencies_5

Commitments and Contingencies (Details) - Schedule of minimum future lease payments $ in Thousands	Jun. 30, 2021USD ($)
Schedule of minimum future lease payments [Abstract]
2022	$ 235
2023	204
2024	7
2025
Thereafter
Total lease payments (Undiscounted cash flows)	446
Less imputed interest	(38)
Total	$ 408

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Sep. 30, 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
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Foundry/Fabrication Services [Member]
Segment Reporting Information [Line Items]
Revenue with customers	$ 413	$ 57
Cost of revenue	570	53
Gross margin	(157)	4
Research and development
General and administrative
Income (Loss) from Operations	(157)	4
Accounts receivable	242		$ 242
Property and equipment, net
RF Product [Member]
Segment Reporting Information [Line Items]
Revenue with customers	1,455	579
Cost of revenue	2,332	1,596
Gross margin	(877)	(1,018)
Research and development	7,974	6,380
General and administrative	3,876	2,927
Income (Loss) from Operations	(12,727)	(10,324)
Accounts receivable	1,110		928
Property and equipment, net	36,911		30,730
Total [Member]
Segment Reporting Information [Line Items]
Revenue with customers	1,868	636
Cost of revenue	2,902	1,650
Gross margin	(1,034)	(1,013)
Research and development	7,974	6,380
General and administrative	3,876	2,927
Income (Loss) from Operations	(12,884)	$ (10,320)
Accounts receivable	1,352		1,170
Property and equipment, net	$ 36,911		$ 30,730

Loss Per Share (Details) - Sche

Loss Per Share (Details) - Schedule of common stock equivalents - shares	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule of common stock equivalents [Abstract]
Convertible Notes		4,960,800
Options	2,851,827	2,633,165
Warrants	162,659	395,700
Total	3,014,486	7,989,665

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ in Millions	Oct. 15, 2021USD ($)
Subsequent Events (Details) [Line Items]
Ownership percentage	51.00%
Exchange amount in cash	$ 6
Unregistered shares of common stock amount payable	$ 2.5
Subsequent event, description	The Company has the option to acquire the remaining 49% ownership interest in RFMi from TST on or before June 30, 2022, for an additional $3.5 million in cash and approximately $4.0 million in common stock of the Company. Additionally, earn-out payments aggregating up to $3.0 million payable in cash and/or shares of common stock of the Company may be payable to TST based on the future operating results of RFMi.