Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 10, 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 | --12-31 | |
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) | 9,965,276 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 2,464,000 | $ 3,623,000 |
Accounts receivable, net of allowance for doubtful accounts of $139,000 ($102,000 at June 30, 2017) | 3,404,000 | 3,701,000 |
Inventories, net of reserves of $1,257,000 ($1,230,000 at June 30, 2017) | 4,157,000 | 3,617,000 |
Prepaid expenses and other current assets | 282,000 | 237,000 |
Total current assets | 10,307,000 | 11,178,000 |
Equipment, less accumulated depreciation | 2,971,000 | 2,330,000 |
Preliminary goodwill | 13,794,000 | 13,195,000 |
Intangible assets, net | 21,809,000 | 20,165,000 |
Other assets | 61,000 | 64,000 |
Total assets | 48,942,000 | 46,932,000 |
Current liabilities: | ||
Accounts payable | 2,038,000 | 1,601,000 |
Accrued payroll and related expenses | 429,000 | 385,000 |
Deferred revenue | 603,000 | 597,000 |
Related party payable | 606,000 | 606,000 |
Other current liabilities | 1,319,000 | 1,331,000 |
Total current liabilities | 4,995,000 | 4,520,000 |
Long-term debt-related party | 5,000,000 | 3,500,000 |
Noncurrent deferred tax liability | 6,968,000 | 6,968,000 |
Derivative obligation | 743,000 | 730,000 |
Other non-current liabilities | 403,000 | 377,000 |
Total liabilities | 18,109,000 | 16,095,000 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none outstanding | ||
Common stock, $0.001 par value; 350,000,000 shares authorized; 9,959,943 issued and outstanding (9,915,868 at June 30, 2017) | 10,000 | 10,000 |
Paid in capital in excess of par | 218,801,000 | 216,222,000 |
Accumulated deficit | (187,707,000) | (185,357,000) |
Accumulated other comprehensive loss | (34,000) | (38,000) |
Total Cesca Therapeutics Inc. stockholders’ equity | 31,070,000 | 30,837,000 |
Noncontrolling interests | (237,000) | |
Total equity | 30,833,000 | 30,837,000 |
Total liabilities and stockholders’ equity | $ 48,942,000 | $ 46,932,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Accounts Receivable, Allowance for Doubtful Accounts | $ 139,000 | $ 102,000 |
Inventories, Reserves | $ 1,257,000 | $ 1,230,000 |
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 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) | 9,959,943 | 9,915,868 |
Common stock, shares outstanding (in shares) | 9,959,943 | 9,915,868 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net revenues | $ 3,069,000 | $ 3,767,000 |
Cost of revenues | 2,138,000 | 2,385,000 |
Gross profit | 931,000 | 1,382,000 |
Expenses: | ||
Sales and marketing | 517,000 | 481,000 |
Research and development | 1,063,000 | 670,000 |
General and administrative | 1,701,000 | 2,179,000 |
Total operating expenses | 3,281,000 | 3,330,000 |
Loss from operations | (2,350,000) | (1,948,000) |
Fair value change of derivative instruments | (13,000) | (326,000) |
Amortization of debt discount | (9,851,000) | |
Interest Expense | (198,000) | (10,535,000) |
Other income and (expenses) | (26,000) | 215,000 |
Net loss | (2,587,000) | (22,445,000) |
Loss attributable to noncontrolling interests | (237,000) | |
Net loss attributable to common stockholders | (2,350,000) | (22,445,000) |
Net loss | (2,587,000) | (22,445,000) |
Foreign currency translation adjustments | 4,000 | 2,000 |
Comprehensive loss | (2,583,000) | (22,443,000) |
Comprehensive loss attributable to noncontrolling interests | (237,000) | |
Comprehensive loss attributable to common stockholders | $ (2,346,000) | $ (22,443,000) |
Per share data: | ||
Basic and diluted net loss per common share (in dollars per share) | $ (0.24) | $ (3.71) |
Weighted average common shares outstanding – basic and diluted (in shares) | 9,950,776 | 6,048,982 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (2,587,000) | $ (22,445,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 160,000 | 261,000 |
Stock based compensation expense | 132,000 | 298,000 |
(Recovery of) reserve for excess and slow-moving inventories | 27,000 | (71,000) |
Bad debt expense | 37,000 | 7,000 |
Amortization of debt discount and issue costs | 10,011,000 | |
Change in fair value of derivative | 13,000 | 326,000 |
Non-cash accrued interest | 10,373,000 | |
Net change in operating assets and liabilities: | ||
Accounts receivable | 258,000 | 155,000 |
Inventories | 85,000 | 258,000 |
Prepaid expenses and other current assets | (48,000) | 43,000 |
Accounts payable | 446,000 | (832,000) |
Accrued payroll and related expenses | 44,000 | (77,000) |
Deferred revenue | 6,000 | (224,000) |
Other current liabilities | (53,000) | (122,000) |
Other noncurrent liabilities | 30,000 | 30,000 |
Net cash used in operating activities | (1,450,000) | (2,009,000) |
Net cash flows used in investing activities: | ||
Cash paid for business acquisition | (1,000,000) | |
Capital expenditures | (140,000) | (154,000) |
Net cash used in investing activities: | (1,140,000) | (154,000) |
Cash flows from financing activities: | ||
Payments on capital lease obligations | (17,000) | (23,000) |
Cash paid for taxes on vested restricted stock | (52,000) | (134,000) |
Proceeds from long-term debt-related party | 1,500,000 | |
Proceeds from issuance of common stock, net | 2,091,000 | |
Net cash provided by financing activities | 1,431,000 | 1,934,000 |
Effects of foreign currency rate changes on cash and cash equivalents | 2,000 | |
Net decrease in cash and cash equivalents | (1,159,000) | (227,000) |
Cash and cash equivalents at beginning of period | 3,623,000 | 5,835,000 |
Cash and cash equivalents at end of period | 2,464,000 | 5,608,000 |
Supplemental non-cash financing and investing information: | ||
Common stock issued for payment of convertible debentures and interest | 23,905,000 | |
Subsidiary common stock issued for acquisition of net assets | $ 2,499,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Description of Business and Basis of Presentation Organization and Basis of Presentation Cesca Therapeutics Inc. (“Cesca Therapeutics,” “Cesca,” the “Company,” “we,” “our,” “us”), a Delaware corporation, is a regenerative medicine company that was founded in 1986 subsidiary, provides the AutoXpress ® Cesca is an affiliate of the Boya life Group, a China-based industry research alliance encompassing top research institutions for stem cell and regenerative medicine. Liquidit y T he Company has a Revolving Credit Agreement (“Credit Agreement”) with Boyalife Investment Fund II, Inc. (the “Lender”) (Refer to Note 4 September 30, 2017, $5,000,000 $10,000,000 On July 7, 2017, 20% ’ outstanding common shares, and ThermoGenesis also made a one $1,000,000 3 At September 30, 2017, $2,464,000 $5,312,000. September 30, 2017 $187,707,000. 8 Based upon the additional funds available to draw down under the amended Credit Agreement, the Company ’s cash balance, historical trends, expected outflows and projections for revenues, management believes it will have sufficient cash to provide for its projected needs to maintain operations and working capital requirements for at least the next 12 Principles of Consolidation The consolidated financial statements include the accounts of Cesca , its majority-owned subsidiary, ThermoGenesis, and its wholly-owned subsidiaries, TotipotentRX Cell Therapy, Pvt. Ltd. and TotipotentSC Scientific Product Pvt. Ltd. All significant intercompany accounts and transactions have been eliminated upon consolidation. Noncontrolling Interests The 20% ThermoGenesis that is not 80% Interim Reporting The a ccompanying 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 X. three September 30, 2017 not may six December 31, 2017. 10 June 30, 2017. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 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 There is no or customers. 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 may not 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 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: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity ’s own assumptions. The carrying values of cash and cash equivalents, accounts receivabl e and accounts payable 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 Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision making group, whose function is to allocate resources to and assess the performance of the operating segments. The Company has identified its chief executive officer and chief operating officer as the CODM. In determining its reportable segments, the Company considered the markets and the products or services provided to those markets. The Company has two ● T he Clinical Development Division, is devel op ing autologous (utilizing the patient’s own cells) stem cell-based therapeutics that address significant unmet medical needs for applications within the vascular, cardiology and orthopedic markets. ● T he Device Division, engages in the development and commercialization of automated technologies for c ell-based t herapeutics and bio-processing. The device division is operated through the Company’s ThermoGenesis subsidiary. Net Loss per Share Net loss per share is computed by dividing the net loss 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 September 30: 2017 2016 Vested Series A warrants 404,412 404,412 Unvested Series A warrants (1) 698,529 698,529 Warrants – other 3,725,782 3,725,782 Stock options 420,185 270,016 Restricted stock units 9,163 161,170 Total 5,258,071 5,259,909 ( 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 . Recently Adopted Accounting Standards In March 2016, 2016 09, Compensation - Stock Compensation (Topic 718 2016 09 2016 09 July 1, 2017. not In July 2015, No. 2015 11, Inventory: Simplifying the Measurement of Inventory not first 2015 11 July 1, 2017. not Recently Issued Accounting Standards 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 2018 2015 14, Revenue from Contracts with Customers (Topic 606 August 2015 one 2014 09 2015 14 may |
Note 3 - Acquisition of SynGen
Note 3 - Acquisition of SynGen | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Acquisition of SynGen On July 7, 2017, July 7, 2017 ’s operating assets, including its proprietary cell processing platform technology (the “Transaction”). The business acquired in the Transaction excludes certain assets and liabilities of SynGen that ThermoGenesis did not . The acquisition was consummated for the purpose of enhancing the Company’s cord blood product portfolio and settling litigation between the Company and SynGen. The acquisition was accounted for under the acquisition method of accounting for business combinations which requires, among other things that the assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. Acquisition-related costs are not 187,000 three September 30, 2017 July 7, 2017, $47,000 July 7, 2017, no The consideration for t he Transaction consisted of $1,000,000 2,000,000 20% $2,499,000. Preliminary Allocation of Consideration Transferred to Net Assets Acquired The following is the summary of the preliminary fair value of the assets acquired and the liabilities assumed by Cesca in the Transaction, reconciled to the consideration transferred. ThermoGenesis issued 2,000,000 $2,499,000 12 Purchase Price: Cash $ 1,000,000 2,000,000 common shares of ThermoGenesis 2,499,000 Fair value of assets acquired: Inventories 649,000 Developed technology 318,000 Trade name 26,000 In process technology 1,296,000 Customer relationships 41,000 Total intangible assets 1,681,000 Property and equipment 585,000 Total assets 2,915,000 Fair value of liabilities assumed: Other liabilities 15,000 Net assets acquired (2,900,000 ) Preliminary goodwill $ 599,000 Supplemental Pro Forma Data The Company used the acquisition method of accounting to account for the SynGen acquisition and, accordingly, the results of SynGen are included in the Company’s consolidated financial statements for the period subsequent to the date of acquisition. The following unaudited supplemental pro forma data for the quarters ended September 30, 2017 2016 July 1, 2016. Three Months Ended September 30, 2017 2016 Net revenues $ 3,069,000 $ 4,078,000 Net loss $ (2,439,000 ) $ (23,141,000 ) Basic and diluted net loss per common share $ (0.22 ) $ (3.80 ) The unaudited pro forma financial information reflects certain adjustments related to the acquisition, such as the incremental amortization expense in connection with recording acquired identifiable intangible assets at fair value, the revised payroll expense associated with the new salaries of SynGen employees resulting from the merger, the elimination of SynGen expenses related to debt issuance costs, interest and other warrant related expenses, the elimination of the legal fees paid by both parties related to the litigation between Cesca and SynGen as ceasing the litigation was part of the Asset Acquisition Agreement and costs directly related to the acquisition. |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4 . Related Party Transactions Revolving Credit Agreement On March 6, 2017, ’s Chief Executive Officer and Chairman of the Board of Directors. The Credit Agreement grants to the Company the right to borrow up to $5,000,000 $500,000 March 6, 2022 ( $5,000,000 September 30, 2017. 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% not not ’s common stock at a conversion price equal to 90% 10 may not 19.99% On September 13, 2017, No. 1 March 6, 2017, ’s maximum borrowing availability thereunder from $5,000,000 $10,000,000. $10,000,000. 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 No The Company recorded interest expense of $ 197,000 three September 30, 2017 $319,000 $122,000 September 30, 2017 June 30, 2017, Distributo r Agreement On August 21, 2017, ’ AXP ® ® ” ® ® ® ® ” The term of the agreement is for three two Revenues During the three September 30, 2017, $751,000 of revenues from Boyalife and had an accounts receivable balance of $751,000 $308,000 September 30, 2017 June 30, 2017, 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. There is no September 30, 2017, $606,000 |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5 . Commitments and Contingencies Financial Covenants Effective May 15, 2017, one not $2,000,000. September 30, 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 liabilitie s in the unaudited balance sheets. The change in the warranty liability for the three September 30, 2017 Balance at July 1, 2017 $ 588,000 Warranties issued during the period 40,000 Settlements made during the period (297,000 ) Changes in liability for pre-existing warranties during the period (4,000 ) Balance at September 30, 2017 $ 327,000 Contingency In fiscal 2016, transactions. On May 4, 2017, $1,000,000 August 2016. October 2017, $1,000,000 no September 30, 2017. |
Note 6 - Derivative Obligations
Note 6 - Derivative Obligations | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Derivatives and Fair Value [Text Block] | 6 . Derivative Obligation s Series A Warrants Series A warrants to purchase 404,412 June 30, 2016. ’ option in a future fundamental transaction they constituted a derivative liability. The Company has estimated the fair value of the derivative liability, using a Binomial Lattice Valuation Model and the following assumptions: Series A September 30, 2017 June 30, 2017 Market price of common stock $ 3.56 $ 3.17 Expected volatility 102 % 110 % Contractual term (years) 3.4 3.7 Discount rate 1.7 % 1.66 % 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 loss of $13,000 $326,000 three September 30, 2017 2016, T he following table represents the Company’s fair value hierarchy for its financial liabilities measured at fair value on a recurring basis as of September 30, 2017 June 30, 2017: Balance at September 30, 2017 Level 1 Level 2 Level 3 Derivative obligation $ 743,000 $ - $ - $ 743,000 Balance at June 30, 2017 Level 1 Level 2 Level 3 Derivative obligation $ 730,000 $ - $ - $ 730,000 The following table reflects the change in fair value of the Company ’s derivative liabilities for the three September 30, 2017: Amount Balance – July 1, 2017 $ 730,000 Change in fair value of derivative obligation 13,000 Balance – September 30, 2017 $ 743,000 |
Note 7 - Stockholders' Equity
Note 7 - Stockholders' Equity | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 7 . Stockholders ’ Equity Stock Based Compensation The Company recorded stock-based compensation of $132,000 $298,000 three September 30, 2017 2016, The following is a summary of option activity for the Company’s stock option plans: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at June 30, 2017 397,389 $ 5.80 Granted 40,000 $ 3.47 Forfeited (14,765 ) $ 3.52 Expired (2,439 ) $ 27.04 Outstanding at September 30, 2017 420,185 $ 5.54 6 $ 182,000 Vested and expected to v est at September 30, 2017 397,590 $ 5.66 6 $ 175,000 Exercisable at September 30, 2017 278,487 $ 6.64 5.5 $ 128,000 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 three September 30, 2017. The fair value of the Company ’s stock options granted for the three September 30, 2017 Expected life (years) 4 Risk-free interest rate 1.7 % Expected volatility 108 % Dividend yield 0 % Common Stock Restricted Units The following is a summary of restricted stock activity during the three September 30, 2017: Weighted Average Number of Shares Grant Date Fair Value Balance at June 30, 2017 59,694 $ 4.62 Granted 10,000 $ 3.26 Vested (60,531 ) $ 4.54 Forfeited -- -- Outstanding at September 30, 201 7 9,163 $ 3.65 Warrants There was no three September 30, 2017. September 30, 2017, 4,828,723 $9.37 4,130,192 $9.60. At September 30, 2017, $0 |
Note 8 - Segment Reporting
Note 8 - Segment Reporting | 3 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8 . Segment Reporting The Company has two The Clinical Development segment is developing autologous (utilizing the patient’s own cells) stem cell-based therapeutics that address significant unmet medical needs for applications within the vascular, cardiology and orthopedic markets. The device segment is a pioneer and market leader in the development and commercialization of automated technologies for c ell-based t herapeutics and bio-processing. The following table summarizes the operating results of the Company ’s reportable segments: Three Months Ended September 30, 2017 Clinical Development Device Total Net revenues $ 126,000 $ 2,943,000 $ 3,069,000 Cost of revenues 120,000 2,018,000 2,138,000 Gross profit 6,000 925,000 931,000 Operating expenses 1,169,000 2,112,000 3,281,000 Operating loss $ (1,163,000 ) $ (1,187,000 ) $ (2,350,000 ) Depreciation and amortization $ 75,000 $ 85,000 $ 160,000 Stock-based compensation expense $ 85,000 $ 47,000 $ 132,000 Three Months Ended September 30, 2016 Clinical Development Device Total Net revenues $ 156,000 $ 3,611,000 $ 3,767,000 Cost of revenues 142,000 2,243,000 2,385,000 Gross profit 14,000 1,368,000 1,382,000 Operating expenses 1,964,000 1,366,000 3,330,000 Operating profit (loss) $ (1,950,000 ) $ 2,000 $ (1,948,000 ) Depreciation and amortization $ 139,000 $ 122,000 $ 261,000 Stock-based compensation expense $ 190,000 $ 108,000 $ 298,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | 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 There is no or customers. 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 may not 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 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 of Financial Instruments, Policy [Policy Text Block] | 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: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity ’s own assumptions. The carrying values of cash and cash equivalents, accounts receivabl e and accounts payable 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, Policy [Policy Text Block] | Segment Reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”), or decision making group, whose function is to allocate resources to and assess the performance of the operating segments. The Company has identified its chief executive officer and chief operating officer as the CODM. In determining its reportable segments, the Company considered the markets and the products or services provided to those markets. The Company has two ● T he Clinical Development Division, is devel op ing autologous (utilizing the patient’s own cells) stem cell-based therapeutics that address significant unmet medical needs for applications within the vascular, cardiology and orthopedic markets. ● T he Device Division, engages in the development and commercialization of automated technologies for c ell-based t herapeutics and bio-processing. The device division is operated through the Company’s ThermoGenesis subsidiary. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share Net loss per share is computed by dividing the net loss 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 September 30: 2017 2016 Vested Series A warrants 404,412 404,412 Unvested Series A warrants (1) 698,529 698,529 Warrants – other 3,725,782 3,725,782 Stock options 420,185 270,016 Restricted stock units 9,163 161,170 Total 5,258,071 5,259,909 ( 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 . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In March 2016, 2016 09, Compensation - Stock Compensation (Topic 718 2016 09 2016 09 July 1, 2017. not In July 2015, No. 2015 11, Inventory: Simplifying the Measurement of Inventory not first 2015 11 July 1, 2017. not Recently Issued Accounting Standards 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 2018 2015 14, Revenue from Contracts with Customers (Topic 606 August 2015 one 2014 09 2015 14 may |
Note 2 - Summary of Significa15
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2017 2016 Vested Series A warrants 404,412 404,412 Unvested Series A warrants (1) 698,529 698,529 Warrants – other 3,725,782 3,725,782 Stock options 420,185 270,016 Restricted stock units 9,163 161,170 Total 5,258,071 5,259,909 |
Note 3 - Acquisition of SynGen
Note 3 - Acquisition of SynGen (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase Price: Cash $ 1,000,000 2,000,000 common shares of ThermoGenesis 2,499,000 Fair value of assets acquired: Inventories 649,000 Developed technology 318,000 Trade name 26,000 In process technology 1,296,000 Customer relationships 41,000 Total intangible assets 1,681,000 Property and equipment 585,000 Total assets 2,915,000 Fair value of liabilities assumed: Other liabilities 15,000 Net assets acquired (2,900,000 ) Preliminary goodwill $ 599,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended September 30, 2017 2016 Net revenues $ 3,069,000 $ 4,078,000 Net loss $ (2,439,000 ) $ (23,141,000 ) Basic and diluted net loss per common share $ (0.22 ) $ (3.80 ) |
Note 5 - Commitments and Cont17
Note 5 - Commitments and Contingencies (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Balance at July 1, 2017 $ 588,000 Warranties issued during the period 40,000 Settlements made during the period (297,000 ) Changes in liability for pre-existing warranties during the period (4,000 ) Balance at September 30, 2017 $ 327,000 |
Note 6 - Derivative Obligatio18
Note 6 - Derivative Obligations (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Series A September 30, 2017 June 30, 2017 Market price of common stock $ 3.56 $ 3.17 Expected volatility 102 % 110 % Contractual term (years) 3.4 3.7 Discount rate 1.7 % 1.66 % Dividend rate 0 % 0 % Exercise price $ 8.00 $ 8.00 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Balance at September 30, 2017 Level 1 Level 2 Level 3 Derivative obligation $ 743,000 $ - $ - $ 743,000 Balance at June 30, 2017 Level 1 Level 2 Level 3 Derivative obligation $ 730,000 $ - $ - $ 730,000 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount Balance – July 1, 2017 $ 730,000 Change in fair value of derivative obligation 13,000 Balance – September 30, 2017 $ 743,000 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Tables) | 3 Months Ended |
Sep. 30, 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, 2017 397,389 $ 5.80 Granted 40,000 $ 3.47 Forfeited (14,765 ) $ 3.52 Expired (2,439 ) $ 27.04 Outstanding at September 30, 2017 420,185 $ 5.54 6 $ 182,000 Vested and expected to v est at September 30, 2017 397,590 $ 5.66 6 $ 175,000 Exercisable at September 30, 2017 278,487 $ 6.64 5.5 $ 128,000 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Expected life (years) 4 Risk-free interest rate 1.7 % Expected volatility 108 % 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, 2017 59,694 $ 4.62 Granted 10,000 $ 3.26 Vested (60,531 ) $ 4.54 Forfeited -- -- Outstanding at September 30, 201 7 9,163 $ 3.65 |
Note 8 - Segment Reporting (Tab
Note 8 - Segment Reporting (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended September 30, 2017 Clinical Development Device Total Net revenues $ 126,000 $ 2,943,000 $ 3,069,000 Cost of revenues 120,000 2,018,000 2,138,000 Gross profit 6,000 925,000 931,000 Operating expenses 1,169,000 2,112,000 3,281,000 Operating loss $ (1,163,000 ) $ (1,187,000 ) $ (2,350,000 ) Depreciation and amortization $ 75,000 $ 85,000 $ 160,000 Stock-based compensation expense $ 85,000 $ 47,000 $ 132,000 Three Months Ended September 30, 2016 Clinical Development Device Total Net revenues $ 156,000 $ 3,611,000 $ 3,767,000 Cost of revenues 142,000 2,243,000 2,385,000 Gross profit 14,000 1,368,000 1,382,000 Operating expenses 1,964,000 1,366,000 3,330,000 Operating profit (loss) $ (1,950,000 ) $ 2,000 $ (1,948,000 ) Depreciation and amortization $ 139,000 $ 122,000 $ 261,000 Stock-based compensation expense $ 190,000 $ 108,000 $ 298,000 |
Note 1 - Description of Busin21
Note 1 - Description of Business and Basis of Presentation (Details Textual) - USD ($) | Jul. 07, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 13, 2017 | Jun. 30, 2017 | Mar. 06, 2017 | Jun. 30, 2016 |
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||||||
Cash and Cash Equivalents, at Carrying Value | 2,464,000 | $ 5,608,000 | $ 3,623,000 | $ 5,835,000 | |||
Working Capital | 5,312,000 | ||||||
Retained Earnings (Accumulated Deficit) | $ (187,707,000) | $ (185,357,000) | |||||
ThermoGenesis [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | ||||||
SynGen [Member] | |||||||
Percentage Of Common Stock Issued To Acquiree Shareholders | 20.00% | ||||||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||||||
ThermoGenesis [Member] | SynGen [Member] | |||||||
Percentage Of Common Stock Issued To Acquiree Shareholders | 20.00% | ||||||
Payments to Acquire Businesses, Gross | $ 1,000,000 | ||||||
Boyalife Investment Fund II, Inc. [Member] | Revolving Credit Facility [Member] | |||||||
Long-term Line of Credit | $ 5,000,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 10,000,000 | $ 5,000,000 |
Note 2 - Summary of Significa22
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended |
Sep. 30, 2017 | |
Maximum Period Of Agreement | 21 years |
Number of Reportable Segments | 2 |
Note 2 - Summary of Significa23
Note 2 - Summary of Significant Accounting Policies - Calculation for Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | ||
Anti-dilutive securities (in shares) | 5,258,071 | 5,259,909 | |
Vested Series A Warrants [Member] | |||
Anti-dilutive securities (in shares) | 404,412 | 404,412 | |
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) | 420,185 | 270,016 | |
Restricted Stock Units (RSUs) [Member] | |||
Anti-dilutive securities (in shares) | 9,163 | 161,170 | |
[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 - Acquisition of SynGe24
Note 3 - Acquisition of SynGen (Details Textual) - USD ($) | Jul. 07, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Payments to Acquire Businesses, Gross | $ 1,000,000 | |||
SynGen [Member] | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 47,000 | |||
Payments to Acquire Businesses, Gross | $ 1,000,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,000,000 | |||
Percentage Of Common Stock Issued To Acquiree Shareholders | 20.00% | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 2,499,000 | |||
SynGen [Member] | General and Administrative Expense [Member] | ||||
Business Combination, Acquisition Related Costs | $ 187,000 |
Note 3 - Acquisition of SynGe25
Note 3 - Acquisition of SynGen - Preliminary Allocation of Consideration Transferred to Net Assets Acquired (Details) - USD ($) | Jul. 07, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 |
Cash | $ 1,000,000 | |||
Preliminary goodwill | $ 13,794,000 | $ 13,195,000 | ||
SynGen [Member] | ||||
Cash | $ 1,000,000 | |||
2,000,000 common shares of ThermoGenesis | 2,499,000 | |||
Inventories | 649,000 | |||
Finite-lived intangible assets | 1,681,000 | |||
Property and equipment | 585,000 | |||
Total assets | 2,915,000 | |||
Other liabilities | 15,000 | |||
Net assets acquired | (2,900,000) | |||
Preliminary goodwill | 599,000 | |||
SynGen [Member] | Developed Technology Rights [Member] | ||||
Finite-lived intangible assets | 318,000 | |||
SynGen [Member] | Trade Names [Member] | ||||
Finite-lived intangible assets | 26,000 | |||
SynGen [Member] | In Process Research and Development [Member] | ||||
Finite-lived intangible assets | 1,296,000 | |||
SynGen [Member] | Customer Relationships [Member] | ||||
Finite-lived intangible assets | $ 41,000 |
Note 3 - Acquisition of SynGe26
Note 3 - Acquisition of SynGen - Preliminary Allocation of Consideration Transferred to Net Assets Acquired (Details) (Parentheticals) | Jul. 07, 2017shares |
SynGen [Member] | |
Common shares issued (in shares) | 2,000,000 |
Note 3 - Acquisition of SynGe27
Note 3 - Acquisition of SynGen - Supplemental Pro Forma Data (Details) - SynGen [Member] - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net revenues | $ 3,069,000 | $ 4,078,000 |
Net loss | $ (2,439,000) | $ (23,141,000) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.22) | $ (3.80) |
Note 4 - Related Party Transa28
Note 4 - Related Party Transactions (Details Textual) - USD ($) | Aug. 21, 2017 | Mar. 06, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 13, 2017 | Jun. 30, 2017 |
Interest Expense | $ 198,000 | $ 10,535,000 | ||||
Boyalife Investment Fund II, Inc. [Member] | Convertible Promissory Note [Member] | ||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||
Boyalife Investment Fund II, Inc. [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | 10,000,000 | $ 10,000,000 | |||
Line of Credit Facility, Amount of Unsecured Debt Per Advance | $ 500,000 | |||||
Proceeds from Long-term Lines of Credit | 5,000,000 | |||||
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% | |||||
Interest Expense | 197,000 | |||||
Interest Payable | 319,000 | $ 122,000 | ||||
Boyalife W.S.N. [Member] | ||||||
Distributor Agreement Term | 3 years | |||||
Distributor Agreement, Renewal Term | 2 years | |||||
Boyalife Group Ltd. [Member] | ||||||
Revenue from Related Parties | 751,000 | |||||
Accounts Receivable, Related Parties | 751,000 | $ 308,000 | ||||
Due to Related Parties | $ 606,000 |
Note 5 - Commitments and Cont29
Note 5 - Commitments and Contingencies (Details Textual) - USD ($) | May 04, 2017 | Oct. 31, 2017 | Sep. 30, 2017 |
Short Term Investment Minimum | $ 2,000,000 | ||
Litigation Related to Strategic Advisory Services [Member] | |||
Loss Contingency, Damages Sought, Value | $ 1,000,000 | ||
Litigation Related to Strategic Advisory Services [Member] | Subsequent Event [Member] | |||
Loss Contingency, Negotiation Condition Bond | $ 1,000,000 | ||
Minimum [Member] | |||
Period Of Warranty On Products | 1 year | ||
Maximum [Member] | |||
Period Of Warranty On Products | 2 years |
Note 5 - Commitments and Cont30
Note 5 - Commitments and Contingencies - Changes In Product Liability Included In Accrued Liabilities (Details) | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Beginning balance | $ 588,000 |
Warranties issued during the period | 40,000 |
Settlements made during the period | (297,000) |
Changes in liability for pre-existing warranties during the period | (4,000) |
Ending balance | $ 327,000 |
Note 6 - Derivative Obligatio31
Note 6 - Derivative Obligations (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | |
Class of Warrant or Right, Outstanding | 4,828,723 | ||
Derivative, Gain (Loss) on Derivative, Net | $ (13,000) | $ (326,000) | |
Series A Warrant [Member] | |||
Class of Warrant or Right, Outstanding | 404,412 |
Note 6 - Derivative Obligatio32
Note 6 - Derivative Obligations - Fair Value Assumptions (Details) - Series A Warrant [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Jun. 30, 2017 | |
Market price of common stock (in dollars per share) | $ 3.56 | $ 3.17 |
Expected volatility | 102.00% | 110.00% |
Contractual term (years) (Year) | 3 years 146 days | 3 years 255 days |
Discount rate | 1.70% | 1.66% |
Dividend rate | 0.00% | 0.00% |
Exercise price (in dollars per share) | $ 8 | $ 8 |
Note 6 - Derivative Obligatio33
Note 6 - Derivative Obligations - Fair Value Hierarchy (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 |
Derivative obligation | $ 743,000 | $ 730,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative obligation | ||
Fair Value, Inputs, Level 2 [Member] | ||
Derivative obligation | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative obligation | $ 743,000 | $ 730,000 |
Note 6 - Derivative Obligatio34
Note 6 - Derivative Obligations - Change In Fair Value of Derivative Liabilities (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Balance | $ 730,000 | |
Change in fair value of derivative obligation | 13,000 | $ 326,000 |
Balance | $ 743,000 |
Note 7 - Stockholders' Equity35
Note 7 - Stockholders' Equity (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Class of Warrant or Right, Outstanding | 4,828,723 | |
Class Of Warrant Or Right, Weighted Average Exercise Price Of Warrants Or Rights | $ 9.37 | |
Class of Warrant or Right, Exercisable | 4,130,192 | |
Class of Warrant Or Right, Exercisable, Weighted-Average Exercise Price | $ 9.60 | |
Class of Warrant or Right, Outstanding, Intrinsic Value | $ 0 | |
Class of Warrant or Right, Exercisable, Intrinsic Value | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | |
Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | $ 132,000 | $ 298,000 |
Note 7 - Stockholders' Equity -
Note 7 - Stockholders' Equity - Option Activity for Stock Option Plans (Details) - Employee Stock Option [Member] | 3 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Outstanding, options (in shares) | shares | 397,389 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 5.80 |
Granted, options (in shares) | shares | 40,000 |
Granted, weighted average exercise price, options (in dollars per share) | $ / shares | $ 3.47 |
Forfeited (in shares) | shares | (14,765) |
Forfeited (in dollars per share) | $ / shares | $ 3.52 |
Expired, options (in shares) | shares | (2,439) |
Expired, weighted average exercise price, options (in dollars per share) | $ / shares | $ 27.04 |
Outstanding, options (in shares) | shares | 420,185 |
Outstanding, weighted average exercise price, options (in dollars per share) | $ / shares | $ 5.54 |
Outstanding, weighted average remaining contractual life, options (Year) | 6 years |
Outstanding, aggregate intrinsic value, options | $ | $ 182,000 |
Vested and Expected to Vest, options (in shares) | shares | 397,590 |
Vested and Expected to Vest, weighted average exercise price, options (in dollars per share) | $ / shares | $ 5.66 |
Vested and Expected to Vest, weighted average remaining contractual life, options (Year) | 6 years |
Vested and Expected to Vest, aggregate intrinsic value, options | $ | $ 175,000 |
Exercisable, options (in shares) | shares | 278,487 |
Exercisable, weighted average exercise price, options (in dollars per share) | $ / shares | $ 6.64 |
Exercisable, weighted average remaining contractual life, options (Year) | 5 years 182 days |
Exercisable, aggregate intrinsic value, options | $ | $ 128,000 |
Note 7 - Stockholders' Equity37
Note 7 - Stockholders' Equity - Schedule of Assumptions (Details) | 3 Months Ended |
Sep. 30, 2017 | |
Expected life (years) (Year) | 4 years |
Risk-free interest rate | 1.70% |
Expected volatility | 108.00% |
Dividend yield | 0.00% |
Note 7 - Stockholders' Equity38
Note 7 - Stockholders' Equity - Restricted Stock Unit Activity Granted to Employees (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Balance, Number of Shares (in shares) | shares | 59,694 |
Balance, Weighted Average Grant Date Fair Value, (in dollars per share) | $ / shares | $ 4.62 |
Granted, Number of Shares (in shares) | shares | 10,000 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 3.26 |
Vested, Number of Shares (in shares) | shares | (60,531) |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 4.54 |
Forfeited, Number of Shares (in shares) | shares | |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | |
Outstanding, Number of Shares (in shares) | shares | 9,163 |
Outstanding, Weighted Average Grant Date Fair Value, (in dollars per share) | $ / shares | $ 3.65 |
Note 8 - Segment Reporting (Det
Note 8 - Segment Reporting (Details Textual) | 3 Months Ended |
Sep. 30, 2017 | |
Number of Reportable Segments | 2 |
Note 8 - Segment Reporting - Su
Note 8 - Segment Reporting - Summary of Operating Results by Reportable Segments (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net revenues | $ 3,069,000 | $ 3,767,000 |
Cost of revenues | 2,138,000 | 2,385,000 |
Gross profit | 931,000 | 1,382,000 |
Operating expenses | 3,281,000 | 3,330,000 |
Operating loss | (2,350,000) | (1,948,000) |
Depreciation and amortization | 160,000 | 261,000 |
Stock-based compensation expense | 132,000 | 298,000 |
Operating profit (loss) | (2,350,000) | (1,948,000) |
Intersegment Eliminations [Member] | ||
Net revenues | 3,069,000 | 3,767,000 |
Cost of revenues | 2,138,000 | 2,385,000 |
Gross profit | 931,000 | 1,382,000 |
Operating expenses | 3,281,000 | 3,330,000 |
Operating loss | (2,350,000) | (1,948,000) |
Depreciation and amortization | 160,000 | 261,000 |
Stock-based compensation expense | 132,000 | 298,000 |
Operating profit (loss) | (2,350,000) | (1,948,000) |
Clinical Development [Member] | Operating Segments [Member] | ||
Net revenues | 126,000 | |
Cost of revenues | 120,000 | |
Gross profit | 6,000 | |
Operating expenses | 1,169,000 | |
Operating loss | (1,163,000) | |
Depreciation and amortization | 75,000 | |
Stock-based compensation expense | 85,000 | |
Operating profit (loss) | (1,163,000) | |
Clinical Protocols [Member] | Operating Segments [Member] | ||
Net revenues | 156,000 | |
Cost of revenues | 142,000 | |
Gross profit | 14,000 | |
Operating expenses | 1,964,000 | |
Operating loss | (1,950,000) | |
Depreciation and amortization | 139,000 | |
Stock-based compensation expense | 190,000 | |
Operating profit (loss) | (1,950,000) | |
Device [Member] | Operating Segments [Member] | ||
Net revenues | 2,943,000 | |
Cost of revenues | 2,018,000 | |
Gross profit | 925,000 | |
Operating expenses | 2,112,000 | |
Operating loss | (1,187,000) | |
Depreciation and amortization | 85,000 | |
Stock-based compensation expense | 47,000 | |
Operating profit (loss) | $ (1,187,000) | |
Device Registration [Member] | Operating Segments [Member] | ||
Net revenues | 3,611,000 | |
Cost of revenues | 2,243,000 | |
Gross profit | 1,368,000 | |
Operating expenses | 1,366,000 | |
Operating loss | 2,000 | |
Depreciation and amortization | 122,000 | |
Stock-based compensation expense | 108,000 | |
Operating profit (loss) | $ 2,000 |