ThermoGenesis (THMO) 10-Q 12 May 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 11, 2017
Document Information [Line Items]
Entity Registrant Name	CESCA THERAPEUTICS INC.
Entity Central Index Key	811,212
Trading Symbol	kool
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		9,902,733
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 3,791	$ 5,835
Accounts receivable, net of allowance for doubtful accounts of $86 ($49 at June 30, 2016)	2,956	3,169
Inventories, net of reserves of $1,396 ($1,437 at June 30, 2016)	3,543	3,593
Prepaid expenses and other current assets	334	246
Total current assets	10,624	12,843
Equipment, less accumulated depreciation	2,351	2,962
Goodwill	13,195	13,195
Intangible assets, net	20,543	20,821
Other assets	63	78
Total assets	46,776	49,899
Current liabilities:
Accounts payable	1,926	2,648
Accrued payroll and related expenses	307	449
Deferred revenue	688	783
Related party payable	606
Other current liabilities	1,199	1,662
Total current liabilities	4,726	5,542
Long term debt – related party	1,500
Derivative obligation	774	670
Convertible debentures, net		2,489
Other noncurrent liabilities	325	1,284
Noncurrent deferred tax liability	7,641	7,641
Total liabilities	14,966	17,626
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized; none issued and outstanding
Common stock, $0.001 par value; 350,000,000 shares authorized; 9,902,316 issued and outstanding (3,010,687 at June 30, 2016)	10	3
Paid in capital in excess of par	216,042	188,569
Accumulated deficit	(184,203)	(156,262)
Accumulated other comprehensive loss	(39)	(37)
Total stockholders’ equity	31,810	32,273
Total liabilities and stockholders’ equity	$ 46,776	$ 49,899

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Accounts Receivable, Allowance for Doubtful Accounts	$ 86	$ 49
Inventories, Reserves	$ 1,396	$ 1,437
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	9,902,316	3,010,687
Common stock, shares outstanding (in shares)	9,902,316	3,010,687

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net revenues	$ 3,252	$ 2,832	$ 11,024	$ 8,949
Cost of revenues	1,875	2,424	6,713	7,146
Gross profit	1,377	408	4,311	1,803
Expenses:
Sales and marketing	335	537	1,110	1,696
Research and development	567	708	1,931	2,451
General and administrative	2,591	1,904	8,907	6,279
Total operating expenses	3,493	3,149	11,948	10,426
Loss from operations	(2,116)	(2,741)	(7,637)	(8,623)
Other income (expense):
Amortization of debt discount		(5,137)	(9,851)	(5,189)
Fair value change of derivative instruments	69	(454)	(104)	3,152
Interest expense	(19)		(10,556)
Registration rights liquidated damages				(1,100)
Loss on cashless exercise of warrants		(475)		(1,039)
Loss on extinguishment of debt		(795)		(795)
Loss on modification of Series A warrants		(149)		(149)
Other income and (expenses)	(31)	(1,122)	207	(1,151)
Total other income (expense)	19	(8,132)	(20,304)	(6,271)
Net loss	(2,097)	(10,873)	(27,941)	(14,894)
Net loss	(2,097)	(10,873)	(27,941)	(14,894)
Other comprehensive income:
Foreign currency translation adjustments	(2)	(3)	(2)	(27)
Comprehensive loss	$ (2,099)	$ (10,876)	$ (27,943)	$ (14,921)
Per share data:
Basic and diluted net loss per common share (in dollars per share)	$ (0.21)	$ (4)	$ (3.26)	$ (6.56)
Weighted average common shares outstanding – Basic and diluted (in shares)	9,891,707	2,715,860	8,572,918	2,270,902

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (27,941,000)	$ (14,894,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	660,000	876,000
Stock based compensation expense	1,280,000	551,000
(Recovery of) reserve for excess and slow-moving inventories	(37,000)	451,000
Amortization of debt discount	9,851,000	5,189,000
Amortization of debt issue costs	160,000	785,000
Change in fair value of derivative	104,000	(3,152,000)
Non-cash accrued interest	10,373,000
Loss on disposal of equipment	70,000
Loss on cashless exercise of warrants		1,039,000
Loss on extinguishment of debt		795,000
Loss on modification of Series A warrants		149,000
Net change in operating assets and liabilities:
Accounts receivable	224,000	1,040,000
Inventories	599,000	568,000
Prepaid expenses and other current assets	(86,000)	(301,000)
Other assets	16,000
Accounts payable	(738,000)	(1,733,000)
Related party payable	606,000
Accrued payroll and related expenses	(142,000)	(384,000)
Deferred revenue	(96,000)	(87,000)
Other current liabilities	(100,000)	368,000
Other noncurrent liabilities	84,000	391,000
Net cash used in operating activities	(5,113,000)	(8,349,000)
Net cash used in investing activities:
Capital expenditures	(310,000)	(602,000)
Cash flows from financing activities:
Gross proceeds from convertible debentures		18,000,000
Proceeds from long term debt – related party	1,500,000
Payment of financing cost	(13,000)	(961,000)
Repayment of convertible debentures		(6,444,000)
Payment to extinguish derivative obligations		(159,000)
Payments on capital lease obligations	(68,000)	(46,000)
Proceeds from issuance of common stock, net	2,091,000	2,463,000
Repurchase of common stock	(134,000)	(5,000)
Net cash provided by financing activities	3,376,000	12,848,000
Effects of foreign currency rate changes on cash and cash equivalents	3,000	(7,000)
Net increase (decrease) in cash and cash equivalents	(2,044,000)	3,890,000
Cash and cash equivalents at beginning of period	5,835,000	3,357,000
Cash and cash equivalents at end of period	3,791,000	7,247,000
Supplemental non-cash financing and investing information:
Common stock issued for payment of convertible debenture and interest	23,905,000
Derivative obligation related to issuance of warrants		4,282,000
Transfer of equipment to inventories	$ 625,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Basis of Presentation Organization and Basis of Presentation Cesca Therapeutics Inc. (the “Company” or “Cesca”) develops and markets integrated cellular therapies and delivery systems that advance the safe and effective practice of regenerative medicine. Cesca’s product pipeline includes automated blood and bone marrow processing systems that enable the separation, processing and preservation of cell and tissue therapy products. Liquidity At March 31, 2017, $3,791 $5,898. March 31, 2017 $184,203. On March 6, 2017, 3). March 31, 2017, $1,500 $5,000 Based upon the additional $3,500 12 The Company will need additional funding to support its operations and its clinical development programs, in particular the Phase III Critical Limb Ischemia Rapid Stem Cell Treatment (“CLIRST III”) trial. Accordingly, management has been exploring additional funding sources, with a primary focus on strategic partner relationships. The Company cannot assure that such funding will be available on a timely basis, in needed quantities, or on favorable terms, if at all. Principles of Consolidation The condensed consolidated financial statements include the accounts of Cesca Therapeutics Inc. and its wholly-owned subsidiaries, ThermoGenesis Corp., TotipotentRX Cell Therapy, Pvt. Ltd. and TotipotentSC Scientific Product Pvt. Ltd. All significant intercompany accounts and transactions have been eliminated upon consolidation . Interim Reporting The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10 10 nine March 31, 2017, may June 30, 2017. 10 June 30, 2016.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Revenue Recognition Revenues from the sale of the Company’s products and services are recognized when persuasive evidence of an arrangement exists, delivery has occurred (or services have been rendered), the price is fixed or determinable, and collectability is reasonably assured. The Company generally ships products F.O.B. shipping point. There is no conditional evaluation on any product sold and recognized as revenue. Amounts billed in excess of revenue recognized are recorded as deferred revenue on the balance sheet. The Company’s sales are generally through distributors. There is no right of return. For sales of products made to distributors, the Company considers a number of factors in determining whether revenue is recognized upon transfer of title to the distributor, or when payment is received. These factors include, but are not limited to, whether the payment terms offered to the distributor are considered to be non-standard, the distributor history of adhering to the terms of its contractual arrangements with us, the level of inventories maintained by the distributor, whether we have a pattern of granting concessions for the benefit of the distributor, and whether there are other conditions that may Revenue arrangements with multiple deliverables are divided into units of accounting if certain criteria are met, including whether the deliverable item(s) has (have) value to the customer on a stand-alone basis. Revenue for each unit of accounting is recognized as the unit of accounting is delivered. Arrangement consideration is allocated to each unit of accounting based upon the relative estimated selling prices of the separate units of accounting contained within an arrangement containing multiple deliverables. Estimated selling prices are determined using vendor specific objective evidence of value (VSOE), when available, or an estimate of selling price when VSOE is not available for a given unit of accounting. Significant inputs for the estimates of the selling price of separate units of accounting include market and pricing trends and a customer’s geographic location. The Company accounts for training and installation, service agreements, the collection, processing and testing of umbilical cord blood and the storage of umbilical cord blood as separate units of accounting. Service revenue generated from contracts for providing maintenance of equipment is amortized over the life of the agreement. Revenue generated from storage contracts is deferred and recorded ratably over the life of the agreement, up to 21 All other service revenue is recognized at the time the service is completed. Revenues are net of normal discounts. Shipping and handling fees billed to customers are included in net revenues, while the related costs are included in cost of revenues. Fair Value Measurements In accordance with ASC 820, Fair Value Measurements and Disclosures ” The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors that market participants would use in valuing the asset or liability. The guidance establishes three may Level 1: Level 2: Level 3: The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their short duration. The fair value of the Company’s derivative obligation liability is classified as Level 3 Segment Reporting The Company has one Net Loss per Share Net loss per share is computed by dividing the net loss to common stockholders by the weighted average number of common shares outstanding. The calculation of the basic and diluted earnings per share is the same for all periods presented, as the effect of the potential common stock equivalents is anti-dilutive due to the Company’s net loss position for all periods presented. Anti-dilutive securities consisted of the following at March 31: 2017 2016 Common stock equivalents of convertible debentures -- 3,676,471 Vested Series A warrants 404,410 404,410 Unvested Series A warrants 698,529 (1) 698,529 (1) Warrants – other 3,725,782 3,725,782 Stock options 334,190 110,452 Restricted stock units 74,234 56,320 Total 5,237,145 8,671,964 (1) The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second August 2015 February 2021. Reclassifications Certain reclassifications have been made from the fiscal 2016 2017 Recently Adopted Accounting Pronouncements In June 2014, 2014 12, Compensation - Stock Compensation (Topic 718); 2014 12 2014 12 July 1, 2016. 2014 12 2014 12 Recently Issued Accounting Pronouncements In January 2017, 2017 04 2 December 15, 2019. January 1, 2017. 2017 04 In March 2016, 2016 06, Derivatives and Hedging (Topic 815): 2016 06”). January 1, 2017. In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606) 2014 09”). 2014 09 605, 605 35, Revenue Recognition - Construction-Type and Production-Type Contracts 2014 09 2014 09 2014 09 2014 09 two first 2014 09 second 2014 09 2014 09 2019 2015 14, Revenue from Contracts with Customers (Topic 606): August 2015 one 2014 09 2015 14 may There have been four 2014 09, 2016 08, Principal versus Agent Considerations (Reporting Revenue Gross Versus Net) March 2016 2014 09. 2016 10, Identifying Performance Obligations and Licensing April 2016, 2014 09 2016 12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients 2014 09 2014 09. 2016 20, Technical Corrections and Improvements to Topic 606, December 2016, 2014 09, four

Note 3 - Long-term Debt - Relat

Note 3 - Long-term Debt - Related Party	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	3. Long Term Debt – Related Party Bill Payment Arrangement The Company entered into a bill payment arrangement whereby Boyalife Group Ltd. (“Payor”), the Company’s largest shareholder, agreed to pay the Company’s legal expenses payable to the Company’s attorney related to certain litigation involving SynGen Inc. (the “Bill Payment Arrangement”), although the Company remains jointly and severally liable for the payment of such legal fees. The terms of the Bill Payment Arrangement provided that the Company will reimburse Payor for any and all amounts paid by Payor in connection with the Bill Payment Arrangement under certain specified events. As of March 31, 2017, $606 Revolving Credit Agreement On March 6, 2017, $5,000 $500 March 6, 2022 $1,500. The Credit Agreement and the Convertible Promissory Note issued thereunder (the “Note”) provide that the principal and all accrued and unpaid interest under the Loan will be due and payable on the Maturity Date, with payments of interest-only due on the last day of each calendar year. The Loan bears interest at 22% 90% 10 may 19.99% The Maturity Date of the Note is subject to acceleration at the option of the Lender upon customary events of default, which include a breach of the Loan documents, termination of operations, or bankruptcy. The Lender’s obligation to make advances under the Loan is subject to the Company’s representations and warranties in the Credit Agreement continuing to be true at all times and there being no continuing event of default under the Note. The Credit Agreement provides that if the Lender at any time in the future purchases the Company’s blood and bone marrow processing device business, the Lender would refund to the Company legal fees expended by the Company in connection with certain litigation expenses funded by the Company with proceeds of the Loan. The Company recorded interest expense of $19 three March 31, 2017.

Note 4 - Convertible Debentures

Note 4 - Convertible Debentures	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	4 . Convertible Debentures In February 2016 $15, 000, 735,294 $3.40 $2,500 , (ii) Secured Convertible Debentures for $12,500 3,676,471 , and (iii) warrants to purchase 3,529,412 $8.00 five 80% August 13, 2016 March 31, 2017. On August 22, 2016, $12,500 $8,250 6,102,941 2,426,470 $11,404 August 22, 2016. $3,154 At the time of the conversion, the remaining debt discount of $9,538 $155

Note 5 - Derivative Obligations

Note 5 - Derivative Obligations	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	5. Derivative Obligations Series A Warrants Series A warrants to purchase 404,410 June 30, 2016. Series A March 31, 2017 June 30, 2016 Market price of common stock $ 3.25 $ 2.93 Expected volatility 109 % 99 % Contractual term (years) 3.9 4.7 Discount rate 1.69 % 1.01 % Dividend rate 0 % 0 % Exercise price $ 8.00 $ 8.00 Expected volatilities are based on the historical volatility of the Company’s common stock. Contractual term is based on remaining term of the respective warrants. The discount rate represents the yield on U.S. Treasury bonds with a maturity equal to the contractual term. The Company recorded a gain (loss) of $69 ($454) three March 31, 2017 2016, ($104 $3,152 nine March 31, 2017 2016, The following table represents the Company’s fair value hierarchy for its financial liabilities measured at fair value on a recurring basis as of March 31, 2017 June 30, 2016: Balance at March 31, 2017 Level 1 Level 2 Level 3 Derivative obligation $ 774 $ - $ - $ 774 Balance at June 30, 2016 Level 1 Level 2 Level 3 Derivative obligation $ 670 $ - $ - $ 670 The following table reflects the change in fair value of the Company’s derivative liabilities for the nine March 31, 2017: Amount Balance – July 1, 2016 $ 670 Change in fair value of derivative obligation 104 Balance – March 31, 2017 $ 774

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6 . Commitments and Contingencies Financial Covenants Effective September 30, 2015, one $2,000. March 31, 2017. Warranty The Company offers a warranty on all of its non-disposable products of one two The warranty liability is included in other current liabilities in the unaudited condensed consolidated balance sheet. The change in the warranty liability for the nine March 31, 2017 Balance at July 1, 2016 $ 566 Warranties issued during the period 81 Settlements made during the period (74 ) Changes in liability for pre-existing warranties during the period (36 ) Balance at March 31, 2017 $ 537 Contingency In fiscal 2016, May 4, 2017, $1,000 August 2016. March 31, 2017. Potential Severance Payments As of March 31, 2017, twelve March 31, 2017, $320.

Note 7 - Stockholders' Equity

Note 7 - Stockholders' Equity	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7 . Stockholders’ Equity Common Stock On August 3, 2016, 600,000 $4.10 $369, $2,091. In July 2016, 118,288 2016 46,879 2016 On May 5, 2017, 2016 2016 600,000 may March 31, 2017, 255,942 2016 Stock Based Compensation The Company recorded stock-based compensation of $247 $1,280 three nine March 31, 2017, $247 $551 three nine March 31, 2016. Upon the termination of the employment of the Company’s Chief Executive Officer (“CEO”) in November 2016 March 2017, $539 December 31, 2016, 72,496 79,720 $94 March 31, 2017 16,248 15,914 90 The following is a summary of option activity for our stock option plans: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at June 30, 2016 104,378 $ 14.85 Granted 251,325 $ 2.92 Forfeited (19,013 ) $ 6.78 Expired (2,500 ) $ 18.46 Outstanding at March 31, 2017 334,190 $ 6.31 5.8 $ 89 Vested and Expected to Vest at March 31, 2017 309,878 $ 6.55 5.7 $ 81 Exercisable at March 31, 2017 208,534 $ 8.08 5.3 $ 48 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock. There were no options exercised during the nine March 31, 2017 2016. On February 24, 2017, 25,000 25,000 2016 (“2016 four 25% March 31, 25% June 30, 25% September 30 25% December 31 February 2017 $2.89, In December 2016, 50,000 2016 $2.91, five December 16, 2016, February 4, 2017, May 4, 2017, August 4, 2017 November 4, 2017 seven On July 7, 2016, 156,100 2016 $2.86, six three seven The fair value of the Company’s stock options granted during the nine March 31, 2017 Expected life (years) 4.2 Risk-free interest rate 1.1 % Expected volatility 103 % Dividend yield 0 % The weighted average grant date fair value of options granted during the nine March 31, 2017 $2.09. At March 31, 2017, $211 two Common Stock Restricted Units The following is a summary of restricted stock activity during the nine March 31, 2017: Weighted Average Number of Shares Grant Date Fair Value Balance at June 30, 2016 63,566 $ 14.96 Granted 247,168 $ 2.27 Vested (235,567 ) $ 4.77 Forfeited (933 ) $ 26.37 Outstanding at March 31, 2017 74,234 $ 4.91 On July 26, 2016, 98,417 eight July 1, 2017 July 1, 2017 eight nine March 31, 2017, 51,636 Warrants There was no warrant activity for the nine March 31, 2017. March 31, 2017, 4,828,721 $9.37 4,130,192 $9.60. At March 31, 2017, $0.

Note 2 - Summary of Significa13

Note 2 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	2017 2016 Common stock equivalents of convertible debentures -- 3,676,471 Vested Series A warrants 404,410 404,410 Unvested Series A warrants 698,529 (1) 698,529 (1) Warrants – other 3,725,782 3,725,782 Stock options 334,190 110,452 Restricted stock units 74,234 56,320 Total 5,237,145 8,671,964

Note 5 - Derivative Obligatio14

Note 5 - Derivative Obligations (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	Series A March 31, 2017 June 30, 2016 Market price of common stock $ 3.25 $ 2.93 Expected volatility 109 % 99 % Contractual term (years) 3.9 4.7 Discount rate 1.69 % 1.01 % Dividend rate 0 % 0 % Exercise price $ 8.00 $ 8.00
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Balance at March 31, 2017 Level 1 Level 2 Level 3 Derivative obligation $ 774 $ - $ - $ 774 Balance at June 30, 2016 Level 1 Level 2 Level 3 Derivative obligation $ 670 $ - $ - $ 670
Derivative Instruments, Gain (Loss) [Table Text Block]	Amount Balance – July 1, 2016 $ 670 Change in fair value of derivative obligation 104 Balance – March 31, 2017 $ 774

Note 6 - Commitments and Cont15

Note 6 - Commitments and Contingencies (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Balance at July 1, 2016 $ 566 Warranties issued during the period 81 Settlements made during the period (74 ) Changes in liability for pre-existing warranties during the period (36 ) Balance at March 31, 2017 $ 537

Note 7 - Stockholders' Equity (

Note 7 - Stockholders' Equity (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at June 30, 2016 104,378 $ 14.85 Granted 251,325 $ 2.92 Forfeited (19,013 ) $ 6.78 Expired (2,500 ) $ 18.46 Outstanding at March 31, 2017 334,190 $ 6.31 5.8 $ 89 Vested and Expected to Vest at March 31, 2017 309,878 $ 6.55 5.7 $ 81 Exercisable at March 31, 2017 208,534 $ 8.08 5.3 $ 48
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Expected life (years) 4.2 Risk-free interest rate 1.1 % Expected volatility 103 % Dividend yield 0 %
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Weighted Average Number of Shares Grant Date Fair Value Balance at June 30, 2016 63,566 $ 14.96 Granted 247,168 $ 2.27 Vested (235,567 ) $ 4.77 Forfeited (933 ) $ 26.37 Outstanding at March 31, 2017 74,234 $ 4.91

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015
Cash and Cash Equivalents, at Carrying Value	$ 3,791	$ 5,835	$ 7,247	$ 3,357
Working Capital	5,898
Retained Earnings (Accumulated Deficit)	(184,203)	$ (156,262)
Line of Credit Facility, Maximum Borrowing Capacity	5,000
Revolving Credit Facility [Member] | Boyalife Investment Fund II, Inc. [Member]
Proceeds from Long-term Lines of Credit	$ 1,500

Note 2 - Summary of Significa18

Note 2 - Summary of Significant Accounting Policies (Details Textual)	9 Months Ended
	Mar. 31, 2017
Maximum Period Of Agreement	21 years
Number of Reportable Segments	1

Note 2 - Summary of Significa19

Note 2 - Summary of Significant Accounting Policies - Calculation for Basic and Diluted Earnings Per Share (Details) - shares		9 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Anti-dilutive securities (in shares)		5,237,145	8,671,964
Convertible Debt Securities [Member]
Anti-dilutive securities (in shares)			3,676,471
Vested Series A Warrants [Member]
Anti-dilutive securities (in shares)		404,410	404,410
Unvested Series A Warrants [Member]
Anti-dilutive securities (in shares)	[1]	698,529	698,529
Warrant, Other [Member]
Anti-dilutive securities (in shares)		3,725,782	3,725,782
Employee Stock Option [Member]
Anti-dilutive securities (in shares)		334,190	110,452
Restricted Stock Units (RSUs) [Member]
Anti-dilutive securities (in shares)		74,234	56,320
[1]	The unvested Series A warrants were subject to vesting based upon the amount of funds actually received by the Company in the second close of the August 2015 financing which never occurred. The warrants will remain outstanding but unvested until they expire in February 2021.

Note 3 - Long-term Debt - Rel20

Note 3 - Long-term Debt - Related Party (Details Textual) - USD ($) $ in Thousands	Mar. 06, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000		$ 5,000
Interest Expense		19		10,556
Boyalife Group Ltd. [Member]
Due to Related Parties		$ 606		$ 606
Boyalife Investment Fund II, Inc. [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000
Line of Credit Facility, Amount of Unsecured Debt Per Advance	500
Proceeds from Long-term Lines of Credit	$ 1,500
Debt Instrument, Interest Rate, Stated Percentage	22.00%
Debt Instrument, Convertible, Percentage of Conversion Price	90.00%
Debt Instrument, Number of Trading Days Prior to the Maturity Date	10 days
Debt Instrument, Maximum Number of Shares Issued Upon Conversion, Percent	19.99%

Note 4 - Convertible Debentur21

Note 4 - Convertible Debentures (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Aug. 22, 2016	Aug. 03, 2016	Feb. 29, 2016	Mar. 31, 2017	Mar. 31, 2016
Stock Issued During Period, Shares, New Issues		600,000
Amortization of Debt Discount (Premium)				$ 9,851	$ 5,189
Amortization of Debt Issuance Costs				$ 160	$ 785
Warrants Issued in Connection with Convertible Debentures [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			3,529,412
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 8
Warrant Expiration Period			5 years
Number of Warrants, Percentage of Shares Issued or to Be Issued			80.00%
Boyalife Investment Inc. [Member]
Stock Issued During Period, Shares, New Issues			735,294
Sale of Stock, Price Per Share			$ 3.40
Stock Issued During Period, Value, New Issues			$ 2,500
Debt Instrument, Face Amount			$ 12,500
Convertible Debt [Member] | Boyalife Investment Inc. [Member]
Debt Conversion, Original Debt Principal, Amount	$ 12,500
Debt Conversion, Original Debt Interest, Amount	8,250
Additional Interest Expense, Debt	3,154
Amortization of Debt Discount (Premium)	9,538
Amortization of Debt Issuance Costs	$ 155
Convertible Debt [Member] | Boyalife Investment Inc. [Member] | Common Stock [Member]
Debt Conversion, Convertible Shares			3,676,471
Debt Conversion, Converted Instrument, Shares Issued	6,102,941
Convertible Debt [Member] | Boyalife Investment Inc. [Member] | Common Stock [Member] | Conversion of Interest [Member]
Debt Conversion, Converted Instrument, Shares Issued	2,426,470
Debt Conversion, Converted Instrument, Amount	$ 11,404
Convertible Debt [Member] | Boyalife Investment Inc. [Member]
Gross Proceeds from Financing Transaction			$ 15,000

Note 5 - Derivative Obligatio22

Note 5 - Derivative Obligations (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Derivative, Gain (Loss) on Derivative, Net	$ 69	$ (454)	$ (104)	$ 3,152
Series A Warrant [Member]
Class of Warrant or Right, Outstanding		404,410		404,410

Note 5 - Derivative Obligatio23

Note 5 - Derivative Obligations - Fair Value Assumptions (Details) - Series A Warrant [Member] - $ / shares	9 Months Ended	12 Months Ended
	Mar. 31, 2017	Jun. 30, 2016
Market price of common stock (in dollars per share)	$ 3.25	$ 2.93
Expected volatility	109.00%	99.00%
Contractual term (years) (Year)	3 years 328 days	4 years 255 days
Discount rate	1.69%	1.01%
Dividend rate	0.00%	0.00%
Exercise price (in dollars per share)	$ 8	$ 8

Note 5 - Derivative Obligatio24

Note 5 - Derivative Obligations - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Derivative obligation	$ 774	$ 670
Fair Value, Inputs, Level 1 [Member]
Derivative obligation
Fair Value, Inputs, Level 2 [Member]
Derivative obligation
Fair Value, Inputs, Level 3 [Member]
Derivative obligation	$ 774	$ 670

Note 5 - Derivative Obligatio25

Note 5 - Derivative Obligations - Change In Fair Value of Derivative Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Balance			$ 670
Change in fair value of derivative obligation	$ (69)	$ 454	104	$ (3,152)
Balance	$ 774		$ 774

Note 6 - Commitments and Cont26

Note 6 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Sep. 30, 2015
Short Term Investment Minimum			$ 2,000
Payment Terms, Severance Compensation		1 year
Potential Severance Cost for Chief Operating Officer [Member]
Loss Contingency, Estimate of Possible Loss	$ 320	$ 320
Litigation Related to Strategic Advisory Services [Member]
Loss Contingency, Damages Sought, Value	1,000
Loss Contingency Accrual	$ 0	$ 0
Minimum [Member]
Period Of Warranty On Products		1 year
Maximum [Member]
Period Of Warranty On Products		2 years

Note 6 - Commitments and Cont27

Note 6 - Commitments and Contingencies - Changes In Product Liability Included In Accrued Liabilities (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)
Beginning balance	$ 566
Warranties issued during the period	81
Settlements made during the period	(74)
Changes in liability for pre-existing warranties during the period	(36)
Ending balance	$ 537

Note 7 - Stockholders' Equity28

Note 7 - Stockholders' Equity (Details Textual)

Feb. 24, 2017$ / sharesshares

Dec. 16, 2016$ / shares

Aug. 03, 2016USD ($)$ / sharesshares

Jul. 26, 2016shares

Jul. 07, 2016$ / sharesshares

Jul. 31, 2016shares

Mar. 31, 2017USD ($)$ / sharesshares

Dec. 31, 2016USD ($)shares

Mar. 31, 2016USD ($)

Mar. 31, 2017USD ($)$ / sharesshares

Mar. 31, 2016USD ($)shares

May 05, 2017shares

Stock Issued During Period, Shares, New Issues

600,000

Shares Issued, Price Per Share | $ / shares

$ 4.10

Payments of Stock Issuance Costs | $

$ 369,000

Proceeds from Issuance of Common Stock | $

$ 2,091,000

$ 2,091,000

$ 2,463,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares

$ 2.09

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number

4,828,721

4,828,721

Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights | $ / shares

$ 9.37

$ 9.37

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised

4,130,192

Share Based Compensation Arrangements By Share Based Payment Award Warrants Exercised In Period, Weighted Average Exercise Price | $ / shares

$ 9.60

Class of Warrant or Right, Exercisable, Intrinsic Value | $

$ 0

$ 0

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

0

0

Former Chief Executive Officer [Member] | General and Administrative Expense [Member]

Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $

$ 539,000

Former Chief Financial Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $

94,000

Employee Stock Option [Member]

Allocated Share-based Compensation Expense | $

247,000

$ 247,000

$ 1,280,000

$ 551,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

251,325

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 2.92

Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $

$ 211,000

$ 211,000

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition

2 years

Employee Stock Option [Member] | Former Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number

72,496

Employee Stock Option [Member] | Former Chief Financial Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number

16,248

Employee Stock Option [Member] | Former Chief Executive Officer and Former Chief Financial Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Pre-Modification of Agreement

90 days

Employee Stock Option [Member] | Chief Operating Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

25,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 2.89

Employee Stock Option [Member] | Interim Chief Executive Officer [Member]

Number Of Installments

5

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 2.91

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period

7 years

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number

51,636

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

98,417

247,168

Restricted Stock [Member] | Former Chief Executive Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number

79,720

Restricted Stock [Member] | Former Chief Financial Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number

15,914

Restricted Stock Units (RSUs) [Member] | Chief Operating Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

25,000

Restricted Stock Units (RSUs) [Member] | Chief Operating Officer [Member] | Share-based Compensation Award, Tranche One [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

25.00%

Restricted Stock Units (RSUs) [Member] | Chief Operating Officer [Member] | Share-based Compensation Award, Tranche Two [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

25.00%

Restricted Stock Units (RSUs) [Member] | Chief Operating Officer [Member] | Share-based Compensation Award, Tranche Three [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

25.00%

Restricted Stock Units (RSUs) [Member] | Chief Operating Officer [Member] | Share-based Compensation Award, Tranche Four [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

25.00%

Employee Stock Options and Restricted Stock Units (RSUs) [Member] | Chief Operating Officer [Member]

Number Of Installments

4

Short Term Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period

118,288

Shares Paid for Tax Withholding for Share Based Compensation

46,879

Amended 2016 Plan [Member

Share-based Compensation Arrangement by Share-based Payment Award, Accumulated Shares Issued

255,942

255,942

Amended 2016 Plan [Member | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

600,000

The 2016 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

156,100

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 2.86

The 2016 Plan [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period

7 years

Share-based Compensation Arrangement by Share-based Payment Award, Award Ratable Vesting Period

180 days

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Note 7 - Stockholders' Equity -

Note 7 - Stockholders' Equity - Option Activity for Stock Option Plans (Details) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Outstanding, options (in shares) | shares	104,378
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares	$ 14.85
Granted, options (in shares) | shares	251,325
Granted, weighted average exercise price, options (in dollars per share) | $ / shares	$ 2.92
Forfeited, options (in shares) | shares	(19,013)
Forfeited, weighted average exercise price, options (in dollars per share) | $ / shares	$ 6.78
Expired, options (in shares) | shares	(2,500)
Expired, weighted average exercise price, options (in dollars per share) | $ / shares	$ 18.46
Outstanding, options (in shares) | shares	334,190
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares	$ 6.31
Outstanding, weighted average remaining contractual life, options (Year)	5 years 292 days
Outstanding, aggregate intrinsic value, options | $	$ 89
Vested and Expected to Vest, options (in shares) | shares	309,878
Vested and Expected to Vest, weighted average exercise price, options (in dollars per share) | $ / shares	$ 6.55
Vested and Expected to Vest, weighted average remaining contractual life, options (Year)	5 years 255 days
Vested and Expected to Vest, aggregate intrinsic value, options | $	$ 81
Exercisable, options (in shares) | shares	208,534
Exercisable, weighted average exercise price, options (in dollars per share) | $ / shares	$ 8.08
Exercisable, weighted average remaining contractual life, options (Year)	5 years 109 days
Exercisable, aggregate intrinsic value, options | $	$ 48

Note 7 - Stockholders' Equity30

Note 7 - Stockholders' Equity - Schedule of Assumptions (Details)	9 Months Ended
	Mar. 31, 2017
Expected life (years) (Year)	4 years 73 days
Risk-free interest rate	1.10%
Expected volatility	103.00%
Dividend yield	0.00%

Note 7 - Stockholders' Equity31

Note 7 - Stockholders' Equity - Restricted Stock Activity Granted to Employees (Details) - Restricted Stock [Member] - $ / shares	Jul. 26, 2016	Mar. 31, 2017
Balance, Number of Shares, (in shares)		63,566
Balance, Weighted Average Grant Date Fair Value, (in dollars per share)		$ 14.96
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	98,417	247,168
Granted, Weighted Average Grant Date Fair Value (in dollars per share)		$ 2.27
Vested, Number of Shares (in shares)		(235,567)
Vested, Weighted Average Grant Date Fair Value (in dollars per share)		$ 4.77
Forfeited, Number of Shares (in shares)		(933)
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)		$ 26.37
Outstanding, Number of Shares, (in shares)		74,234
Outstanding, Weighted Average Grant Date Fair Value, (in dollars per share)		$ 4.91