Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 11, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'AUTHENTIDATE HOLDING CORP | ' |
Entity Central Index Key | '0000885074 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 35,423,008 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $2,293 | $3,505 |
Restricted cash | 256 | 256 |
Marketable securities | 210 | 210 |
Accounts receivable, net | 630 | 566 |
Inventory | 3,273 | 3,959 |
Prepaid expenses and other current assets | 667 | 688 |
Total current assets | 7,329 | 9,184 |
Property and equipment, net | 654 | 733 |
Other assets | ' | ' |
Licenses, net | 2,026 | 2,082 |
Other assets | 1,173 | 1,194 |
Total assets | 11,182 | 13,193 |
Current liabilities | ' | ' |
Accounts payable, accrued expenses and other liabilities | 3,214 | 3,459 |
Senior secured notes, net of unamortized discount | 819 | 724 |
Deferred revenue | 117 | 150 |
Total current liabilities | 4,150 | 4,333 |
Long-term deferred revenue | 178 | 184 |
Total liabilities | 4,328 | 4,517 |
Commitments and contingencies (Note 11) | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock, $.10 par value; 5,000 shares authorized, Series B, 28 shares and Series D, 665 shares issued and outstanding on September 30, 2013 and June 30, 2013, respectively | 69 | 69 |
Common stock, $.001 par value; 100,000 shares authorized, 35,360 and 35,339 issued and outstanding on September 30, 2013 and June 30, 2013 respectively | 35 | 35 |
Additional paid-in capital | 197,561 | 197,409 |
Accumulated deficit | -190,811 | -188,837 |
Total shareholders' equity | 6,854 | 8,676 |
Total liabilities and shareholders' equity | $11,182 | $13,193 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,360,000 | 35,339,000 |
Common stock, shares outstanding | 35,360,000 | 35,339,000 |
Series B Preferred Stock [Member] | ' | ' |
Preferred stock, shares issued | ' | 28,000 |
Preferred stock, shares outstanding | ' | 28,000 |
Series D Preferred Stock [Member] | ' | ' |
Preferred stock, shares issued | 665,000 | 665,000 |
Preferred stock, shares outstanding | 665,000 | 665,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' |
Hosted software services | $639 | $667 |
Telehealth products and services | 1,166 | 254 |
Total revenues | 1,805 | 921 |
Operating expenses | ' | ' |
Cost of revenues | 1,295 | 700 |
Selling, general and administrative | 1,862 | 1,736 |
Product development | 241 | 248 |
Depreciation and amortization | 186 | 204 |
Total operating expenses | 3,584 | 2,888 |
Operating loss | -1,779 | -1,967 |
Other (expense) income, net | -95 | -548 |
Net loss | -1,874 | -2,515 |
Basic and diluted loss per common share | ($0.09) | ($0.11) |
Comprehensive operations | ' | ' |
Net loss | -1,874 | -2,515 |
Comprehensive loss | ($1,874) | ($2,515) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net loss | ($1,874) | ($2,515) |
Adjustments to reconcile net loss to net cash used by operating activities | ' | ' |
Amortization of debt discount and deferred financing costs | 95 | 549 |
Depreciation and amortization | 186 | 204 |
Share-based compensation | 85 | 86 |
Warrants issued for services | 50 | ' |
Restricted shares and stock options issued for services | 62 | 35 |
Changes in assets and liabilities | ' | ' |
Accounts receivable | -64 | -2 |
Inventory | 686 | -29 |
Prepaid expenses and other current assets | -24 | -75 |
Accounts payable, accrued expenses and other liabilities | -328 | 6 |
Deferred revenue | -39 | 21 |
Net cash used in operating activities | -1,165 | -1,720 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment and other assets | -7 | -79 |
Other intangible assets acquired | -22 | -6 |
Payment for business acquisition | ' | -31 |
Net cash used by investing activities | -29 | -116 |
Cash flows from financing activities | ' | ' |
Net proceeds from issuance of senior secured notes and warrants | ' | 3,260 |
Dividends paid | -18 | -18 |
Net cash (used) provided by financing activities | -18 | 3,242 |
Net (decrease) increase in cash and cash equivalents | -1,212 | 1,406 |
Cash and cash equivalents, beginning of period | 3,505 | 2,036 |
Cash and cash equivalents, end of period | $2,293 | $3,442 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared by the company pursuant to the rules and regulations of the Securities and Exchange Commission and, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The condensed consolidated financial statements include the accounts of Authentidate Holding Corp. (AHC) and its subsidiaries (collectively, the “company”). All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the period ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes thereto included in the company’s Form 10-K for the fiscal year ended June 30, 2013 and the corresponding Management’s Discussion and Analysis of Financial Condition and Results of Operations. | ||
Based on our business plan, we expect our existing resources, including the net proceeds from our November 2013 private placement, revenues generated from operations and proceeds received from the exercise of outstanding warrants (of which there can be no assurance) to satisfy our working capital requirements for at least the next twelve months. If necessary, management of the company believes that it can reduce operating expenses and/or raise additional equity or debt financing to satisfy its working capital requirements. However, no assurances can be given that we will be able to support our costs through revenues derived from operations or generate sufficient cash flow to satisfy our other obligations. In addition, there can be no assurance that the company will be successful in raising additional capital or securing financing when needed or on terms satisfactory to the company. |
Loss_Per_Share
Loss Per Share | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Loss Per Share | ' | ||||||||
2 | Loss Per Share | ||||||||
The following table sets forth the calculation of basic and diluted loss per share for the periods presented (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Net loss | $ | (1,874 | ) | $ | (2,515 | ) | |||
Preferred stock dividends | (100 | ) | (118 | ) | |||||
Deemed preferred stock dividends | (1,074 | ) | (253 | ) | |||||
Net loss applicable to common shareholders | $ | (3,048 | ) | $ | (2,886 | ) | |||
Weighted average shares | 35,360 | 27,022 | |||||||
Basic and diluted loss per common share | $ | (0.09 | ) | $ | (0.11 | ) | |||
The deemed preferred stock dividends included in the loss per share calculation represent the accretion of the fair value of the warrants issued in connection with the extension of the redemption date of the Series C 15% convertible redeemable preferred stock over the period from issuance through the conversion date in April 2013. Beginning in June 2013, the deemed preferred stock dividends also include the accretion of the fair value of approximately $2,150,000 allocated to a non-cash beneficial conversion feature related to the Series D preferred stock issued in June 2013. The beneficial conversion feature is being amortized over the period from issuance through the earliest permitted conversion date in December 2013. The fair value of the warrants was determined using the Black-Scholes option pricing model. All common stock equivalents were excluded from the loss per share calculation for all periods presented because the impact is antidilutive. At September 30, 2013, options (3,274,000), restricted stock units (573,000), warrants (25,516,000), Series D preferred stock (6,125,000) and Series B preferred stock (250,000) were outstanding. At September 30, 2012, options (2,788,000), warrants (13,407,000), Series C preferred stock (2,500,000) and Series B preferred stock (250,000) were outstanding. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
3 | Share-Based Compensation | ||||||||||||||||
Share-based compensation by category is as follows (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
SG&A | $ | 70 | $ | 71 | |||||||||||||
Product development | 10 | 10 | |||||||||||||||
Cost of revenues | 5 | 5 | |||||||||||||||
Share-based compensation expense | $ | 85 | $ | 86 | |||||||||||||
We computed the estimated fair values of all option-based compensation using the Black-Scholes option pricing model and the assumptions set forth in the following table. We based our estimate of the life of these options on historical averages over the past five years and estimates of expected future behavior. The expected volatility was based on the company’s historical stock volatility. The assumptions used in the company’s Black-Scholes calculations for fiscal 2014 and 2013 are as follows: | |||||||||||||||||
Risk Free | Dividend | Volatility | Weighted | ||||||||||||||
Interest Rate | Yield | Factor | Average | ||||||||||||||
Expected | |||||||||||||||||
Option Life | |||||||||||||||||
(Months) | |||||||||||||||||
Fiscal year 2014 | 1.4 | % | 0 | % | 89 | % | 48 | ||||||||||
Fiscal year 2013 | 0.6 | % | 0 | % | 107 | % | 48 | ||||||||||
The Black-Scholes option-pricing model requires the input of highly subjective assumptions. Because the company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models may not provide a reliable single measure of the fair value of share-based compensation for employee stock options. Management will continue to assess the assumptions and methodologies used to calculate estimated fair value of share-based compensation as circumstances change and additional data becomes available over time, which may result in changes to these assumptions and methodologies. Such changes could materially impact the company’s fair value determination. | |||||||||||||||||
On August 23, 2011, the stockholders approved the 2011 Omnibus Equity Incentive Plan (the 2011 Plan). The 2011 Plan replaces the 2010 Employee Stock Option Plan and the 2001 Non-Executive Director Stock Option Plan. The 2011 Plan provides for the issuance of up to 3,350,000 shares of the company’s common stock in connection with stock options, restricted share awards and other stock compensation vehicles. | |||||||||||||||||
Stock option activity under the company’s stock option plans for employees and non-executive directors for the period ended September 30, 2013 is as follows (in thousands, except per share and average life data): | |||||||||||||||||
Employees Information | Number of | Weighted | Weighted | Aggregate | |||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life (Years) | |||||||||||||||||
Outstanding, June 30, 2013 | 2,271 | $ | 3.94 | ||||||||||||||
Granted | 600 | 0.89 | |||||||||||||||
Expired/Forfeited | (91 | ) | 1.43 | ||||||||||||||
Outstanding September 30, 2013 | 2,780 | $ | 3.44 | 4.72 | $ | 9 | |||||||||||
Exercisable at September 30, 2013 | 1,272 | $ | 5.55 | 8.3 | $ | 7 | |||||||||||
Expected to vest at September 30, 2013 | 1,204 | $ | 1.67 | 8.3 | $ | 1 | |||||||||||
Non-Executive Director Information | Number of | Weighted | Weighted | Aggregate | |||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life (Years) | |||||||||||||||||
Outstanding, June 30, 2013 | 372 | $ | 1.97 | ||||||||||||||
Granted | 131 | 0.9 | |||||||||||||||
Expired | (9 | ) | 6.08 | ||||||||||||||
Outstanding, September 30, 2013 | 494 | $ | 1.74 | 7.97 | $ | 1 | |||||||||||
Non-executive director options are granted at market price and vest on the grant date. | |||||||||||||||||
As of September 30, 2013, there were approximately 573,000 restricted stock units outstanding that were granted to employees on January 15, 2013 in connection with the company’s compensation modification program. These restricted stock units vest when the company achieves cash flow breakeven, as defined. | |||||||||||||||||
As of September 30, 2013, there was approximately $1,620,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements. Approximately $406,000 of this expense is expected to be recognized over a weighted-average period of 28 months. The remaining expense will be recognized if certain vesting conditions are met. | |||||||||||||||||
The total intrinsic value of options exercised was $0 for the three month periods ended September 30, 2013 and 2012, respectively. The weighted average grant date fair value of options granted during the three month periods ended September 30, 2013 and 2012 was approximately $0.57 and $.98, respectively. These values were calculated using the Black-Scholes option-pricing model. | |||||||||||||||||
The total fair value of options vested was $156,000 and $116,000 for the three month periods ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
In December 2012, the board of directors agreed that all non-employee directors would receive all of their cash director compensation, including amounts payable for committee service, service as a committee chair and per meeting fees, in restricted shares of our common stock or stock options issued at fair value in accordance with the terms of the 2011 Plan for periods ending after December 2012. For prior periods non-employee directors had the option to receive up to 100% of their cash compensation in restricted shares of our common stock. During the three months ended September 30, 2013, the company issued 21,257 shares of restricted common stock and 74,153 stock options (valued at approximately $44,000) to certain non-executive directors in connection with this program. In October 2013 the company issued 12,781 shares of restricted common stock (valued at approximately $11,400) to a director under this program for the quarter ended September 30, 2013. |
Marketable_Securities
Marketable Securities | 3 Months Ended | |
Sep. 30, 2013 | ||
Investments Debt And Equity Securities [Abstract] | ' | |
Marketable Securities | ' | |
4 | Marketable Securities | |
At September 30, 2013, our marketable securities consisted primarily of money market investments. We classify our investments as “available for sale” and they have been recorded at cost which approximates fair market value due to their variable interest rates. As a result, we have had no cumulative gross unrealized holding gains (losses) or gross realized gains (losses) from such investments through September 30, 2013. All income generated from these investments is recorded as interest income. | ||
Business_Acquisition
Business Acquisition | 3 Months Ended | |
Sep. 30, 2013 | ||
Business Combinations [Abstract] | ' | |
Business Acquisition | ' | |
5 | Business Acquisition | |
In June 2008 we formed a joint venture with EncounterCare Solutions, Inc., called ExpressMD™ Solutions LLC to provide in-home patient vital signs monitoring systems and services. The company and EncounterCare Solutions, Inc. each owned fifty percent of the joint venture and neither party had any special rights under the joint venture agreement. ExpressMD Solutions did not have any assets or liabilities and EncounterCare Solutions, Inc. did not have any recourse to our general credit. ExpressMD Solutions was consolidated in our financial statements because the company elected to provide the majority of funding for the joint venture and was deemed to be the primary beneficiary. | ||
On November 21, 2011, the company entered into a definitive joint venture termination agreement with EncounterCare Solutions, Inc. (“ECS”), providing for the assignment and transfer to the company of all of the membership interests held by ECS in ExpressMD Solutions. At the closing on November 21, 2011, the joint venture agreement was terminated, ExpressMD Solutions became a wholly-owned subsidiary of the company and ECS and an affiliated company of ECS entered into an intellectual property license and supply agreement and the company and ECS entered into a registration rights agreement. Pursuant to the license agreement, the company was granted a worldwide, perpetual, irrevocable, royalty-free, non-exclusive license to use the intellectual property of ECS and the affiliated company of ECS to continue to commercialize and develop the remote patient monitoring devices and related software sold by ExpressMD Solutions and to develop improvements and other products based on such intellectual property. Further, pursuant to the license agreement, the company shall supply to ECS, and ECS shall purchase exclusively from the company, such quantities of the ExpressMD Solutions device as is reasonably requested by ECS. Pursuant to the registration rights agreement the company filed a registration statement with the Securities and Exchange Commission to register the resale of the shares of common stock issued at closing which was declared effective on April 5, 2012. The termination agreement also provides that within 90 days immediately prior to the fifth anniversary of the closing date, the company shall assign the trademark “ExpressMD” to ECS. At that time, the company will have a limited period within which to transition to a new trademark for the ExpressMD products. The company believes that this transaction provides it with greater flexibility to meet emerging market needs in the telehealth space and enable it to continue to offer innovative and leading-edge products and solutions to its customers. The transaction was accounted for under the purchase method of accounting and, as discussed above, ExpressMD Solutions will continue to be consolidated in the company’s financial statements. The company paid $1,000,000 in cash, forgave a receivable for approximately $58,000 and issued 750,000 shares of common stock valued at $1,215,000, based on the closing market price for the shares at closing, for a total purchase price of approximately $2,273,000. The company also incurred acquisition related costs of approximately $42,000 which were expensed as selling, general and administrative expenses and approximately $15,000 to cover the registration of the common stock issued in connection with the transaction. The company allocated the entire purchase price to the licensed intangible assets referred to above since the joint venture had no assets or liabilities on the closing date. We estimated the fair value of the license using level 3 inputs for future operating results and present value techniques applied to estimated royalty amounts which is a common method used to value licensed intangible assets. There was no bargain purchase gain or goodwill related to the transaction and no historical or pro-forma financial information was required. |
Inventory
Inventory | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory | ' | ||||||||
6 | Inventory | ||||||||
In connection with our manufacturing and sales plans for our telehealth service, the company has purchased certain components and contract manufacturing services for the production of the monitoring appliances. These inventory amounts are stated at the lower of cost or market and consist of the following (in thousands): | |||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
Purchased components | $ | 3,061 | $ | 3,094 | |||||
Finished goods | 212 | 865 | |||||||
Total inventory | $ | 3,273 | $ | 3,959 |
Other_Intangible_Assets
Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Other Intangible Assets | ' | ||||||||||||||||||||||||||
7 | Other Intangible Assets | ||||||||||||||||||||||||||
The following table sets forth licenses, net and other intangible assets that are included in other assets as follows (in thousands): | |||||||||||||||||||||||||||
September 30, 2013 | June 30, 2013 | ||||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | Useful Life | |||||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | In Years | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||
Patents | $ | 353 | $ | 241 | $ | 112 | $ | 350 | $ | 236 | $ | 114 | 17 | ||||||||||||||
Trademarks | 203 | 89 | 114 | 201 | 87 | 114 | 20 | ||||||||||||||||||||
Acquired technologies | 72 | 72 | — | 72 | 72 | — | 2 | ||||||||||||||||||||
Licenses | 3,750 | 1,724 | 2,026 | 3,733 | 1,651 | 2,082 | 3 - 10 | ||||||||||||||||||||
Total | $ | 4,378 | $ | 2,126 | $ | 2,252 | $ | 4,356 | $ | 2,046 | $ | 2,310 | |||||||||||||||
As of September 30, 2013 and June 30, 2013 goodwill amounted to approximately $50,000 and is included in other assets. | |||||||||||||||||||||||||||
The company amortizes licenses and other intangible assets under the straight line method. Amortization expense was approximately $80,000 and $69,000 for the three months ended September 30, 2013 and 2012, respectively. Amortization expense for the next five fiscal years and thereafter is expected to be as follows (in thousands): | |||||||||||||||||||||||||||
2014 | $ | 253 | |||||||||||||||||||||||||
2015 | 317 | ||||||||||||||||||||||||||
2016 | 346 | ||||||||||||||||||||||||||
2017 | 265 | ||||||||||||||||||||||||||
2018 | 266 | ||||||||||||||||||||||||||
Thereafter | 805 | ||||||||||||||||||||||||||
$ | 2,252 | ||||||||||||||||||||||||||
Senior_Secured_Notes
Senior Secured Notes | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Senior Secured Notes | ' | ||||||||
8 | Senior Secured Notes | ||||||||
On March 9, 2012 and September 24, 2012, the company entered into securities purchase agreements with certain accredited investors pursuant to which we sold an aggregate principal amount of $7,350,000 of senior secured promissory notes and warrants to purchase a total of 5,580,527 shares of common stock for gross proceeds of $7,350,000. The secured notes are senior secured promissory notes and are not convertible into equity securities. The secured notes, as amended, are due and payable on the first to occur of October 31, 2013 or a subsequent financing, as defined. No interest shall accrue on the secured notes and they contain covenants and events of default customary for similar transactions. The secured notes are collateralized by a first priority lien on all of the company’s assets in accordance with, and subject to, a security agreement. The warrants are exercisable for a period of 54 months commencing on the six month anniversary of the issue date of such warrants at an initial exercise price of $1.34 per share, which is 101% of the consolidated closing bid price reported by the Nasdaq Stock Market on March 9, 2012. The closing of these financings occurred on March 14, 2012 and September 28, 2012 and the net proceeds to us from these transactions, after deducting offering expenses, were approximately $7,260,000. The following investors that participated in these financings are related parties to us. J. David Luce, a member of our board of directors, and his spouse purchased an aggregate principal amount of $2,650,000 of secured notes and 2,010,876 warrants through affiliated entities, John J. Waters, who was a member of our boards of directors through May 12, 2013, purchased an aggregate principal amount of $150,000 of secured notes and 119,940 warrants. In addition, our chief executive officer and a member of our board of directors, O’Connell Benjamin, and our chief financial officer, William Marshall, each purchased an aggregate principal amount of $100,000 of secured notes and 76,073 warrants. Further, Lazarus Investment Partners LLLP, which was the beneficial owner of approximately 16.2% and 23.8% of our outstanding shares of common stock immediately prior to these offerings, respectively purchased an aggregate principal amount of $2,000,000 of secured notes and 1,521,463 warrants. The manager of the general partner of Lazarus Investment Partners, LLLP is the brother of Dr. Todd A. Borus, a member of our board of directors. The participation by these investors was on the same terms as the other investors in these transactions. | |||||||||
On September 24, 2012, we also entered into a transaction with the holders of the $4,050,000 senior secured promissory notes issued in March 2012, to extend the maturity date of such notes to October 31, 2013 and grant pari passu rights to the new notes issued on September 28, 2012. In connection with and in consideration of this extension, we issued the holders of the notes issued in March 2012 warrants to purchase an aggregate of 2,197,674 shares of common stock with the same terms as the warrants issued to the new note holders. Due to their ownership of secured notes issued in March 2012, extension warrants were issued to the following related parties: entities affiliated with Mr. Luce were issued a total of 813,953 extension warrants; John Waters, a director through May 12, 2013, was issued 81,395 extension warrants, each of the company’s chief executive officer and chief financial officer were issued 27,131 extension warrants and Lazarus Investment Partners was issued 542,636 extension warrants. | |||||||||
The company allocated the proceeds from the secured note transactions to the secured notes and the warrants based on the relative fair values of such instruments using the present value of the secured notes at a market rate of interest and the value of the warrants based on the Black-Scholes option pricing model and the applicable assumptions set forth in Note 3 of Notes to Condensed Consolidated Financial Statements. This allocation resulted in an effective interest rate for the secured notes from March 2012 through September 2012 of approximately 54% per annum. Following the extension of the secured notes issued in March 2012 the effective interest rate for the remaining term of such notes was approximately 47% per annum. The effective interest rate for the secured notes issued in September 2012 was approximately 41% per annum. However, since the subjective nature of the inputs for the option pricing models can materially affect fair value estimates, in management’s opinion, such models may not provide a reliable single measure of the fair value of the warrants and the resulting effective interest rates. In connection with the secured note transactions the company recorded senior secured promissory notes of $7,350,000, debt discount of $4,726,000 and additional paid-in-capital of $4,676,000 related to the fair value of the warrants. The non-cash amortization of the debt discount and deferred financing costs of $95,000 and $549,000 is included in the other (expense) income for the three months ended September 30, 2013 and 2012, respectively. The aggregate principal amount of $850,000 of senior notes outstanding, were repaid on their stated maturity date. | |||||||||
In connection with the sale of Series D convertible preferred stock discussed in Note 9 of Notes to Condensed Consolidated Financial Statements, holders of $6,500,000 of secured notes agreed to cancel their notes in exchange for the Series D shares and warrants issued in the sale. The company completed this transaction on June 20, 2013 and recorded the reduction in secured notes and the related unamortized debt discount and deferred financing costs on such date. The early extinguishment of the secured notes resulted in a non-cash loss on extinguishment of approximately $1,060,000 which is equal to the remaining unamortized debt discount and deferred financing costs related to the cancelled notes as of the extinguishment date. The loss on extinguishment was included in other (expense) income for the quarter ended June 30, 2013. | |||||||||
The following table sets forth the secured notes and unamortized debt discount (in thousands): | |||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
Senior secured notes | $ | 850 | $ | 850 | |||||
Unamortized debt discount | (31 | ) | (126 | ) | |||||
Senior secured notes, net | $ | 819 | $ | 724 | |||||
Preferred_Stock
Preferred Stock | 3 Months Ended | |
Sep. 30, 2013 | ||
Equity [Abstract] | ' | |
Preferred Stock | ' | |
9 | Preferred Stock | |
As of September 30, 2013, there are 28,000 shares of Series B preferred stock outstanding. The Series B preferred stock was originally issued in a private financing in October 1999 and the conversion and redemption features were amended in October 2002 to provide for the rights and obligations described in this note. The company has the right to repurchase the outstanding Series B preferred stock at a redemption price equal to $25.00 per share, plus accrued and unpaid dividends. The holder of such shares has the right to convert shares of preferred stock into an aggregate of 250,000 shares of our common stock at a conversion rate of $2.80 per share. In the event the company elects to redeem these securities, the holder will be able to exercise its conversion right subsequent to the date that we issue a notice of redemption but prior to the deemed redemption date as would be set forth in such notice. At September 30, 2013, the company has accrued dividends in the amount of $17,500 which remain unpaid. | ||
As of September 30, 2013, there are 665,000 shares of Series D convertible preferred stock outstanding. The Series D preferred stock was issued in June 2013 and can be converted by the holders into an aggregate of 6,125,024 shares of common stock at an initial conversion rate of $1.08571 per share. The holders of such shares have the right to convert the preferred shares at anytime commencing on the six month anniversary of the issue date; however, the shares received upon conversion may not be offered or sold except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The company has the right to repurchase the outstanding Series D preferred stock at a redemption price equal to $10.00 per share, plus accrued and unpaid dividends, beginning two years after issuance and to require holders to convert their Series D preferred stock beginning three years after issuance. Dividends on the Series D preferred stock accrue at a rate of 5% per annum and are payable semi-annually in cash or stock at the company’s option. At September 30, 2013, the company has accrued dividends in the amount of $93,285 which remain unpaid. |
Shareholders_Equity
Shareholder's Equity | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Shareholder's Equity | ' | ||||||||||||||||||||
10 | Shareholder’s Equity | ||||||||||||||||||||
The changes in shareholders’ equity for the three months ended September 30, 2013 are summarized as follows (in thousands): | |||||||||||||||||||||
(in thousands) | Preferred | Common | Additional | Accumulated | Total | ||||||||||||||||
Stock | Stock | Paid-in | Deficit | Shareholders’ | |||||||||||||||||
Capital | Equity (Deficit) | ||||||||||||||||||||
Balance, June 30, 2013 | $ | 69 | $ | 35 | $ | 197,409 | $ | (188,837 | ) | $ | 8,676 | ||||||||||
Preferred stock dividends | (100 | ) | (100 | ) | |||||||||||||||||
Share-based compensation expense | 85 | 85 | |||||||||||||||||||
Restricted shares and stock options issued for services | 62 | 62 | |||||||||||||||||||
Warrants issued for services | 5 | 5 | |||||||||||||||||||
Net loss | (1,874 | ) | (1,874 | ) | |||||||||||||||||
Balance, September 30, 2013 | $ | 69 | $ | 35 | $ | 197,561 | $ | (190,811 | ) | $ | 6,854 | ||||||||||
During the three months ended September 30, 2013 there were no stock options and no common stock warrants exercised. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
11 | Commitments and Contingencies | |
On January 6, 2012, ExpressMD Solutions LLC, a subsidiary of the company, was served with a summons and complaint in a purported patent infringement lawsuit filed by Robert Bosch Healthcare Systems, Inc. (“Plaintiff”) against ExpressMD Solutions LLC, in the U.S. District Court for the Northern District of California, Case No. 5:12-cv-00068-JW. The complaint alleges that the ExpressMD Solutions’ “Electronic House Call” product infringes one or more claims of certain patents allegedly owned by the Plaintiff. Plaintiff is seeking injunctive relief, damages, punitive damages, interest, and other costs and expenses. ExpressMD Solutions filed an answer to the complaint on January 27, 2012 and asserted counterclaims seeking declarations that the patents are invalid and not infringed. On May 11, 2012, Plaintiff filed an amended complaint, dropping two patents previously asserted and adding one new patent. Express MD Solutions filed a motion to dismiss on June 15, 2012, which the Court granted with leave for Plaintiff to amend the complaint. Plaintiff filed a second amended complaint on July 24, 2012. Express MD filed an answer on August 7, 2012 and asserted counterclaims seeking invalidity of the patents and a declaration of non-infringement. On September 6, 2012 the case was reassigned to a new judge. An initial case management conference was held before the court on January 11, 2013. On January 21, 2013, Express MD Solutions filed a request for reexamination of one of the four patents asserted by Plaintiff. On February 27, 2013, the U.S. Patent and Trademark Office issued an order granting the request for reexamination. Additionally, two of the remaining three patents asserted by Plaintiff were placed into reexamination at the end of 2012 based on requests filed by a third party. The fourth patent asserted by Plaintiff expired on November 17, 2012. On January 22, 2013, Express MD Solutions filed a motion to stay the case pending the conclusion of the reexamination of Plaintiff’s three unexpired asserted patents. On January 22, 2013, Plaintiff filed a motion with the court for leave to file a third amended complaint and first amended infringement contentions. Express MD Solutions filed a response in opposition to Plaintiff’s motion on February 5, 2013 and on such date Plaintiff filed an opposition to Express MD Solutions’ motion to stay the case. On February 12, 2013, Express MD Solutions filed a reply in further support of its motion for a stay and Plaintiff filed a reply in further support of its motion to amend. On February 27, 2013, the Court granted Express MD Solutions’ motion and issued an order staying the case until final decision on all of the reexaminations, including through appeals. We believe that we have strong defenses to Plaintiff’s allegations and we intend to continue to vigorously defend the litigation. In addition, we intend to exercise our rights of set-off and indemnification as against EncounterCare Solutions, Inc. and the co-licensor to us of the patents in issue. Based on the facts of which we are currently aware, management believes that this matter will not have a material adverse effect on our financial position, results of operations, or cash flows. However, this matter is subject to inherent uncertainties and management’s assessment may change in the future. | ||
We are also subject to claims and litigation arising in the ordinary course of business. Our management considers that any liability from any reasonably foreseeable disposition of such claims and litigation, individually or in the aggregate, would not have a material adverse effect on our consolidated financial position, results of operations or cash flows. | ||
We are not currently engaged in any other litigation which would be anticipated to have a material adverse effect on our financial condition or results of operations. | ||
We have entered into employment agreements with our chief executive officer and chief financial officer that specify the executive’s current compensation, benefits and perquisites, the executive’s entitlements upon termination of employment, and other employment rights and responsibilities. | ||
We have entered into various agreements by which we may be obligated to indemnify the other party with respect to certain matters. Generally, these indemnification provisions are included in contracts arising in the normal course of business under which we customarily agree to hold the indemnified party harmless against losses arising from a breach of representations related to such matters as intellectual property rights. Payments by us under such indemnification clauses are generally conditioned on the other party making a claim. Such claims are generally subject to challenge by us and to dispute resolution procedures specified in the particular contract. Further, our obligations under these arrangements may be limited in terms of time and/or amount and, in some instances, we may have recourse against third parties for certain payments made by us. It is not possible to predict the maximum potential amount of future payments under these indemnification agreements due to the conditional nature of our obligations and the unique facts of each particular agreement. Historically, we have not made any payments under these agreements that have been material individually or in the aggregate. As of September 30, 2013, we are not aware of any obligations under such indemnification agreements that would require material payments. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
12 | Income Taxes | |
The company continues to fully recognize its tax benefits which are offset by a valuation allowance due to the uncertainty that the deferred tax assets will be realized. We will continue to evaluate the realizability of our net deferred tax assets and may record additional benefits in future earnings if we determine the realization of these assets is more likely than not. |
Other_Expense_Income
Other (Expense) Income | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Income And Expenses [Abstract] | ' | ||||||||
Other (Expense) Income | ' | ||||||||
13 | Other (Expense) Income | ||||||||
Other (expense) income consists of the following (in thousands): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Amortization of debt discount | $ | (94 | ) | $ | (549 | ) | |||
Amortization of deferred financing costs | (1 | ) | — | ||||||
Miscellaneous income | — | 1 | |||||||
Total other (expense) income | $ | (95 | ) | $ | (548 | ) | |||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
14 | Fair Value Measurements | ||||||||||||||||
The company measures fair value for financial assets and liabilities in accordance with the provisions of the accounting guidance regarding fair value measurements. The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows: | |||||||||||||||||
• | Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2: Inputs other than quoted prices for identical assets or liabilities that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||
• | Level 3: Significant unobservable inputs. | ||||||||||||||||
The company’s assets subject to fair value measurements as of September 30, 2013 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Fair Value Hierarchy | |||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||
September 30, 2013 | |||||||||||||||||
Current marketable securities - available for sale | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||
Total | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||
June 30, 2013 | |||||||||||||||||
Current marketable securities - available for sale | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||
Total | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||
For the three months ended September 30, 2013 and 2012, no gains or losses resulting from the fair value measurement of financial assets were included in the company’s earnings. | |||||||||||||||||
The accounting guidance regarding fair value measurements permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value and establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar assets and liabilities. The company has elected not to measure any eligible items at fair value. |
Accounting_Standards_Adopted_i
Accounting Standards Adopted in Fiscal 2014 | 3 Months Ended | |||
Sep. 30, 2013 | ||||
Accounting Changes And Error Corrections [Abstract] | ' | |||
Accounting Standards Adopted in Fiscal 2014 | ' | |||
15 | Accounting Standards Adopted in Fiscal 2014 | |||
The company adopted the following FASB Accounting Standards Update (ASU) during fiscal 2014: | ||||
• | (ASU 2011-11 “Balance Sheet (Topic 210) – Disclosures about Offsetting Assets and Liabilities” which requires disclosure of net and gross positions in covered financial instruments which are (1) offset in accordance with ASC Sections 210-20-45 or 815-10-45, or (2) subject to an enforceable netting or other similar arrangement. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and are required for all prior comparative periods presented. | |||
The adoption of the ASU described above had no impact on the company’s results of operations or financial position. |
Common_Stock_Warrants
Common Stock Warrants | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Common Stock Warrants | ' | ||||||||||||||||
16 | Common Stock Warrants | ||||||||||||||||
During the quarter ended September 30, 2013 the company issued warrants to purchase shares of its common stock as follows: (i) 50,000 warrants to a consultant for services with an exercise price of $0.89 per share. These warrants vest monthly in arrears through July 31, 2014, have a five year life and, subject to vesting requirements, are exercisable beginning six months after the grant date, and (ii) 500,000 warrants to consultant for services with an exercise price of $1.34 per share. These warrants vest in equal installments of 50,000 warrants based on performance-based targets related to service revenues recognized by the company from customers covered by such agreement, have a five year life, and, subject to vesting requirements, are exercisable beginning six months after the grant date. The fair value of these warrants, as determined by the Black Scholes Model, is being charged to operations over the service period for the time based warrants and for the performance based warrants costs will be recognized during the periods that performance targets are achieved. | |||||||||||||||||
Except for the 6,650,000 warrants issued with the Series D preferred stock in June 2013, and the warrants issued to consultants during the quarter ended September 30, 2013, all of the outstanding warrants are exercisable. A schedule of common stock warrant activity is as follows (in thousands, except per share and average life data): | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Per Share | Contractual Life | ||||||||||||||||
(Years) | |||||||||||||||||
Outstanding, June 30, 2013 | 24,966 | $ | 1.23 | ||||||||||||||
Warrants issued | 550 | 1.3 | |||||||||||||||
Outstanding, September 30, 2013 | 25,516 | $ | 1.23 | 3.95 | $ | — |
Recent_Equity_Offering
Recent Equity Offering | 3 Months Ended | |
Sep. 30, 2013 | ||
Text Block [Abstract] | ' | |
Recent Equity Offering | ' | |
17 | Recent Equity Offerings | |
On June 20, 2013, the company completed the sale of 665,000 shares of Series D convertible preferred stock and warrants to purchase 6,650,000 shares of common stock to a number of holders of its senior secured notes and other investors in consideration for the cancellation of $6.5 million of senior secured notes and $0.15 million in additional cash proceeds. After deducting offering expenses, the company received net proceeds of approximately $0.03 million. The terms of the Series D preferred stock are discussed in Note 9 of Notes to Condensed Consolidated Financial Statements. The warrants issued with the Series D preferred stock are exercisable commencing six months following their issuance for a period of 54 months at an exercise price of $0.95 per share. The company allocated the proceeds from the transaction to the Series D preferred stock and the warrants based on the relative fair values of such instruments using the fair value of the common stock issuable on conversion of the Series D preferred stock and the fair value of the warrants based on the Black Scholes Model. This allocation assigned approximately $2.98 million of the proceeds to the fair value of the warrants and resulted in a beneficial conversion feature related to the Series D preferred stock of approximately $2.15 million since the effective conversion rate was below the fair value of the common stock issuable on conversion. As discussed in Note 2 of Notes to Condensed Consolidated Financial Statements, the beneficial conversion feature is being treated as a deemed dividend in the company’s loss per share calculation. In connection with the Series D preferred stock transaction, the company also entered into a registration rights agreement with the holders of the Series D preferred stock and warrants dated June 11, 2013, pursuant to which we granted the holders a right to require us to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock issuable under the Series D preferred stock and exercise of the warrants. We also agreed to grant piggyback registration rights to the purchasers of the Series D preferred stock and warrants. | ||
On June 17, 2013, the company completed an underwritten public offering of 4,683,685 units (including the full exercise by the underwriter of the over-allotment option) of securities at a price of $0.95 per unit. Each unit consists of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $0.95 per share. The warrants are exercisable for a period of five years from the date of issuance. The value of these warrants using the Black-Scholes Model was approximately $3.33 million. J.P. Turner & Company, LLC served as the underwriter for this transaction and the securities were offered by the company pursuant to a shelf registration statement that was previously filed by the company and declared effective by the Securities and Exchange Commission. The company received net proceeds, after deducting underwriting fees and expenses and the company’s offering expenses, of approximately $3.93 million. | ||
On November 12, 2013, the company completed a private placement transaction with certain accredited and/or institutional investors of 2,347,625 shares of common stock and warrants to purchase 774,716 shares of common stock at a unit price of $1.05 per share and warrant. The warrants are exercisable commencing six months following their issuance for a period of 54 months at an exercise price of $1.38 per share. The fair value of these warrants using the Black-Scholes Model was approximately $0.5 million. After deducting offering expenses, the company received net proceeds of approximately $2.4 million. In connection with the offering the company also entered into a registration rights agreement with the investors pursuant to which we granted the investors a right, commencing on the one-year anniversary of the closing, to require us to file a registration statement with the Securities and Exchange Commission covering the resale of the common stock and the shares issuable upon the exercise of the warrants. We also agreed to grant the investors piggyback registration rights related to these securities. |
Accounting_Standards_Adopted_i1
Accounting Standards Adopted in Fiscal 2014 (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Balance Sheet | ' |
(ASU 2011-11 “Balance Sheet (Topic 210) – Disclosures about Offsetting Assets and Liabilities” which requires disclosure of net and gross positions in covered financial instruments which are (1) offset in accordance with ASC Sections 210-20-45 or 815-10-45, or (2) subject to an enforceable netting or other similar arrangement. The new disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and are required for all prior comparative periods presented. |
Loss_Per_Share_Tables
Loss Per Share (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Calculation of Basic and Diluted Loss Per Share | ' | ||||||||
The following table sets forth the calculation of basic and diluted loss per share for the periods presented (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Net loss | $ | (1,874 | ) | $ | (2,515 | ) | |||
Preferred stock dividends | (100 | ) | (118 | ) | |||||
Deemed preferred stock dividends | (1,074 | ) | (253 | ) | |||||
Net loss applicable to common shareholders | $ | (3,048 | ) | $ | (2,886 | ) | |||
Weighted average shares | 35,360 | 27,022 | |||||||
Basic and diluted loss per common share | $ | (0.09 | ) | $ | (0.11 | ) |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Share-Based Compensation Expense by Category | ' | ||||||||||||||||
Share-based compensation by category is as follows (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
SG&A | $ | 70 | $ | 71 | |||||||||||||
Product development | 10 | 10 | |||||||||||||||
Cost of revenues | 5 | 5 | |||||||||||||||
Share-based compensation expense | $ | 85 | $ | 86 | |||||||||||||
Summary of Estimated Fair Value of Share-Based Compensation using Black-Scholes Option Pricing Model and Assumptions | ' | ||||||||||||||||
The assumptions used in the company’s Black-Scholes calculations for fiscal 2014 and 2013 are as follows: | |||||||||||||||||
Risk Free | Dividend | Volatility | Weighted | ||||||||||||||
Interest Rate | Yield | Factor | Average | ||||||||||||||
Expected | |||||||||||||||||
Option Life | |||||||||||||||||
(Months) | |||||||||||||||||
Fiscal year 2014 | 1.4 | % | 0 | % | 89 | % | 48 | ||||||||||
Fiscal year 2013 | 0.6 | % | 0 | % | 107 | % | 48 | ||||||||||
Summary of Stock Option Activity under Stock Option Plans for Employees and Non-Executive Directors | ' | ||||||||||||||||
Stock option activity under the company’s stock option plans for employees and non-executive directors for the period ended September 30, 2013 is as follows (in thousands, except per share and average life data): | |||||||||||||||||
Employees Information | Number of | Weighted | Weighted | Aggregate | |||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life (Years) | |||||||||||||||||
Outstanding, June 30, 2013 | 2,271 | $ | 3.94 | ||||||||||||||
Granted | 600 | 0.89 | |||||||||||||||
Expired/Forfeited | (91 | ) | 1.43 | ||||||||||||||
Outstanding September 30, 2013 | 2,780 | $ | 3.44 | 4.72 | $ | 9 | |||||||||||
Exercisable at September 30, 2013 | 1,272 | $ | 5.55 | 8.3 | $ | 7 | |||||||||||
Expected to vest at September 30, 2013 | 1,204 | $ | 1.67 | 8.3 | $ | 1 | |||||||||||
Non-Executive Director Information | Number of | Weighted | Weighted | Aggregate | |||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life (Years) | |||||||||||||||||
Outstanding, June 30, 2013 | 372 | $ | 1.97 | ||||||||||||||
Granted | 131 | 0.9 | |||||||||||||||
Expired | (9 | ) | 6.08 | ||||||||||||||
Outstanding, September 30, 2013 | 494 | $ | 1.74 | 7.97 | $ | 1 | |||||||||||
Inventory_Tables
Inventory (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
These inventory amounts are stated at the lower of cost or market and consist of the following (in thousands): | |||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
Purchased components | $ | 3,061 | $ | 3,094 | |||||
Finished goods | 212 | 865 | |||||||
Total inventory | $ | 3,273 | $ | 3,959 |
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Net Licenses and Other Intangible Assets | ' | ||||||||||||||||||||||||||
The following table sets forth licenses, net and other intangible assets that are included in other assets as follows (in thousands): | |||||||||||||||||||||||||||
September 30, 2013 | June 30, 2013 | ||||||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | Useful Life | |||||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | In Years | |||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||
Patents | $ | 353 | $ | 241 | $ | 112 | $ | 350 | $ | 236 | $ | 114 | 17 | ||||||||||||||
Trademarks | 203 | 89 | 114 | 201 | 87 | 114 | 20 | ||||||||||||||||||||
Acquired technologies | 72 | 72 | — | 72 | 72 | — | 2 | ||||||||||||||||||||
Licenses | 3,750 | 1,724 | 2,026 | 3,733 | 1,651 | 2,082 | 3 - 10 | ||||||||||||||||||||
Total | $ | 4,378 | $ | 2,126 | $ | 2,252 | $ | 4,356 | $ | 2,046 | $ | 2,310 | |||||||||||||||
Amortization Expense | ' | ||||||||||||||||||||||||||
Amortization expense for the next five fiscal years and thereafter is expected to be as follows (in thousands): | |||||||||||||||||||||||||||
2014 | $ | 253 | |||||||||||||||||||||||||
2015 | 317 | ||||||||||||||||||||||||||
2016 | 346 | ||||||||||||||||||||||||||
2017 | 265 | ||||||||||||||||||||||||||
2018 | 266 | ||||||||||||||||||||||||||
Thereafter | 805 | ||||||||||||||||||||||||||
$ | 2,252 | ||||||||||||||||||||||||||
Senior_Secured_Notes_Tables
Senior Secured Notes (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Secured Notes and Unamortized Debt Discount | ' | ||||||||
The following table sets forth the secured notes and unamortized debt discount (in thousands): | |||||||||
September 30, | June 30, | ||||||||
2013 | 2013 | ||||||||
Senior secured notes | $ | 850 | $ | 850 | |||||
Unamortized debt discount | (31 | ) | (126 | ) | |||||
Senior secured notes, net | $ | 819 | $ | 724 | |||||
Shareholders_Equity_Tables
Shareholder's Equity (Tables) | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Changes in Shareholders' Equity | ' | ||||||||||||||||||||
The changes in shareholders’ equity for the three months ended September 30, 2013 are summarized as follows (in thousands): | |||||||||||||||||||||
(in thousands) | Preferred | Common | Additional | Accumulated | Total | ||||||||||||||||
Stock | Stock | Paid-in | Deficit | Shareholders’ | |||||||||||||||||
Capital | Equity (Deficit) | ||||||||||||||||||||
Balance, June 30, 2013 | $ | 69 | $ | 35 | $ | 197,409 | $ | (188,837 | ) | $ | 8,676 | ||||||||||
Preferred stock dividends | (100 | ) | (100 | ) | |||||||||||||||||
Share-based compensation expense | 85 | 85 | |||||||||||||||||||
Restricted shares and stock options issued for services | 62 | 62 | |||||||||||||||||||
Warrants issued for services | 5 | 5 | |||||||||||||||||||
Net loss | (1,874 | ) | (1,874 | ) | |||||||||||||||||
Balance, September 30, 2013 | $ | 69 | $ | 35 | $ | 197,561 | $ | (190,811 | ) | $ | 6,854 | ||||||||||
Other_Expense_Income_Tables
Other (Expense) Income (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Other Income And Expenses [Abstract] | ' | ||||||||
Summary of Other (Expense) Income | ' | ||||||||
Other (expense) income consists of the following (in thousands): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Amortization of debt discount | $ | (94 | ) | $ | (549 | ) | |||
Amortization of deferred financing costs | (1 | ) | — | ||||||
Miscellaneous income | — | 1 | |||||||
Total other (expense) income | $ | (95 | ) | $ | (548 | ) | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets Subject to Fair Value Measurements | ' | ||||||||||||||||
The company’s assets subject to fair value measurements as of September 30, 2013 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Using Fair Value Hierarchy | |||||||||||||||||
Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||
September 30, 2013 | |||||||||||||||||
Current marketable securities - available for sale | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||
Total | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||
June 30, 2013 | |||||||||||||||||
Current marketable securities - available for sale | $ | 210 | $ | 210 | $ | — | $ | — | |||||||||
Total | $ | 210 | $ | 210 | $ | — | $ | — |
Common_Stock_Warrants_Tables
Common Stock Warrants (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Common Stock Warrant Activity | ' | ||||||||||||||||
A schedule of common stock warrant activity is as follows (in thousands, except per share and average life data): | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Per Share | Contractual Life | ||||||||||||||||
(Years) | |||||||||||||||||
Outstanding, June 30, 2013 | 24,966 | $ | 1.23 | ||||||||||||||
Warrants issued | 550 | 1.3 | |||||||||||||||
Outstanding, September 30, 2013 | 25,516 | $ | 1.23 | 3.95 | $ | — |
Loss_Per_Share_Calculation_of_
Loss Per Share - Calculation of Basic and Diluted Loss Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' |
Net loss | ($1,874) | ($2,515) |
Preferred stock dividends | -100 | -118 |
Deemed preferred stock dividends | -1,074 | -253 |
Net loss applicable to common shareholders | ($3,048) | ($2,886) |
Weighted average shares | 35,360 | 27,022 |
Basic and diluted loss per common share | ($0.09) | ($0.11) |
Loss_Per_Share_Additional_Info
Loss Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |
Option [Member] | Option [Member] | Restricted Stock Units [Member] | Warrant [Member] | Warrant [Member] | Series D Preferred Stock [Member] | Series C Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C 15% Convertible Redeemable Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | |
Net Loss Per Class Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible redeemable preferred stock dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | 5.00% |
Accretion of the fair value allocated to a non-cash beneficial conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,150,000 | ' |
Antidilutive securities outstanding | -3,274,000 | -2,788,000 | -573,000 | -25,516,000 | -13,407,000 | -6,125,000 | -2,500,000 | -250,000 | -250,000 | ' | ' | ' |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Share-Based Compensation Expense by Category (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation expense | $85 | $86 |
SG&A [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation expense | 70 | 71 |
Product Development [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation expense | 10 | 10 |
Cost of Revenues [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based compensation expense | $5 | $5 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Assumptions for estimated fair value of share based compensation | 'Historical averages over the past five years and estimates of expected future behavior. | ' |
Unrecognized compensation expense related to unvested share-based compensation arrangements | $1,620,000 | ' |
Unrecognized compensation expense expected to be recognized, amount | 406,000 | ' |
Unrecognized compensation expense expected to be recognized over a weighted average period | '28 months | ' |
Total intrinsic value of options exercised | 0 | 0 |
Weighted average grant date fair value of options granted | $0.57 | $0.98 |
Total fair value of options vested | 156,000 | 116,000 |
Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units outstanding | 573,000 | ' |
2011 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Common stock shares available for issuance | 3,350,000 | ' |
Restricted common stock shares issued | 12,781 | ' |
Restricted common stock value of shares issued | 11,400 | ' |
2011 Plan [Member] | Non-Executive [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Percentage of cash director compensation received | 100.00% | ' |
Restricted common stock shares issued | 21,257 | ' |
Stock options issued | 74,153 | ' |
Restricted common stock value of shares issued | $44,000 | ' |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Estimated Fair Value of Share-Based Compensation using Black-Scholes Option Pricing Model and Assumptions (Detail) | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2014 | |
Forecast [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk Free Interest Rate | 0.60% | 1.40% |
Dividend Yield | 0.00% | 0.00% |
Volatility Factor | 107.00% | 89.00% |
Weighted Average Expected Option Life (Months) | '48 months | '48 months |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of Stock Option Activity under Stock Option Plans for Employees and Non-Executive Directors (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Employee Stock Option [Member] | ' |
Number of Options | ' |
Outstanding, Balance | 2,271 |
Granted | 600 |
Expired/Forfeited | -91 |
Outstanding, Balance | 2,780 |
Exercisable, Balance | 1,272 |
Expected to vest, Balance | 1,204 |
Weighted Average Exercise Price | ' |
Outstanding, Balance | $3.94 |
Granted | $0.89 |
Expired/Forfeited | $1.43 |
Outstanding, Balance | $3.44 |
Exercisable, Balance | $5.55 |
Expected to vest, Balance | $1.67 |
Weighted Average Remaining Contractual Life (Years) | ' |
Outstanding, Balance | '4 years 8 months 19 days |
Exercisable, Balance | '8 years 3 months 18 days |
Expected to vest, Balance | '8 years 3 months 18 days |
Aggregate Intrinsic Value | ' |
Outstanding, Balance | $9 |
Exercisable, Balance | 7 |
Expected to vest, Balance | 1 |
Non-Executive [Member] | ' |
Number of Options | ' |
Outstanding, Balance | 372 |
Granted | 131 |
Expired | -9 |
Outstanding, Balance | 494 |
Weighted Average Exercise Price | ' |
Outstanding, Balance | $1.97 |
Granted | $0.90 |
Expired | $6.08 |
Outstanding, Balance | $1.74 |
Weighted Average Remaining Contractual Life (Years) | ' |
Outstanding, Balance | '7 years 11 months 19 days |
Aggregate Intrinsic Value | ' |
Outstanding, Balance | $1 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' |
Cumulative gross unrealized holding gains (losses) | $0 |
Gross realized gains (losses) | $0 |
Business_Acquisition_Additiona
Business Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Business Acquisition [Line Items] | ' |
Date of acquisition agreement | 21-Nov-11 |
Effective date of acquisition agreement | 5-Apr-12 |
Maximum period under agreement to provide trademark to seller prior to fifth anniversary | '90 days |
Business acquisition, cost of acquired entity, cash paid | $1,000,000 |
Accounts receivable forgiven | 58,000 |
Issued common stock value | 1,215,000 |
Total purchase price | 2,273,000 |
Acquisition related selling, general and administrative expenses | 42,000 |
Registration expenses in connection with transaction | 15,000 |
Common stock issued pursuant to the agreement | 750,000 |
Bargain purchase gain or goodwill related to the transaction | $0 |
EncounterCare Solutions, Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Ownership interest in joint venture | 50.00% |
Inventory_Schedule_of_Inventor
Inventory - Schedule of Inventory (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Purchased components | $3,061 | $3,094 |
Finished goods | 212 | 865 |
Total inventory | $3,273 | $3,959 |
Other_Intangible_Assets_Net_Li
Other Intangible Assets - Net Licenses and Other Intangible Assets (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Goodwill And Other Intangibles [Line Items] | ' | ' |
Gross Carrying Amount | $4,378 | $4,356 |
Accumulated Amortization | 2,126 | 2,046 |
Net Book Value | 2,252 | 2,310 |
Patents [Member] | ' | ' |
Goodwill And Other Intangibles [Line Items] | ' | ' |
Gross Carrying Amount | 353 | 350 |
Accumulated Amortization | 241 | 236 |
Net Book Value | 112 | 114 |
Useful Life In Years | '17 years | ' |
Trademarks [Member] | ' | ' |
Goodwill And Other Intangibles [Line Items] | ' | ' |
Gross Carrying Amount | 203 | 201 |
Accumulated Amortization | 89 | 87 |
Net Book Value | 114 | 114 |
Useful Life In Years | '20 years | ' |
Acquired Technologies [Member] | ' | ' |
Goodwill And Other Intangibles [Line Items] | ' | ' |
Gross Carrying Amount | 72 | 72 |
Accumulated Amortization | 72 | 72 |
Useful Life In Years | '2 years | ' |
Licenses [Member] | ' | ' |
Goodwill And Other Intangibles [Line Items] | ' | ' |
Gross Carrying Amount | 3,750 | 3,733 |
Accumulated Amortization | 1,724 | 1,651 |
Net Book Value | $2,026 | $2,082 |
Minimum [Member] | Licenses [Member] | ' | ' |
Goodwill And Other Intangibles [Line Items] | ' | ' |
Useful Life In Years | '3 years | ' |
Maximum [Member] | Licenses [Member] | ' | ' |
Goodwill And Other Intangibles [Line Items] | ' | ' |
Useful Life In Years | '10 years | ' |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Goodwill | $50,000 | ' | $50,000 |
Amortization expenses | $80,000 | $69,000 | ' |
Other_Intangible_Assets_Amorti
Other Intangible Assets - Amortization Expense (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $253 | ' |
2015 | 317 | ' |
2016 | 346 | ' |
2017 | 265 | ' |
2018 | 266 | ' |
Thereafter | 805 | ' |
Net Book Value | $2,252 | $2,310 |
Senior_Secured_Notes_Additiona
Senior Secured Notes - Additional Information (Detail) (USD $) | 1 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||
Jun. 20, 2013 | Mar. 09, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 28, 2012 | Sep. 24, 2012 | Mar. 14, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Mar. 14, 2012 | Sep. 30, 2013 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 28, 2012 | Sep. 30, 2013 | Sep. 28, 2012 | Sep. 30, 2013 | Mar. 14, 2012 | Sep. 28, 2012 | Sep. 28, 2012 | Sep. 30, 2013 | Mar. 09, 2012 | Sep. 30, 2013 | |
Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Senior Notes [Member] | J. David Luce [Member] | J. David Luce [Member] | John J. Waters [Member] | John J. Waters [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Financial Officer [Member] | Chief Financial Officer [Member] | Beneficial Owner [Member] | Beneficial Owner [Member] | Beneficial Owner [Member] | Lazarus Investment Partners LLLP [Member] | Institutional and Accredited Investors [Member] | Series D Preferred Stock [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of senior secured promissory notes | ' | ' | ' | ' | ' | $7,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock, shares | ' | ' | ' | ' | ' | 5,580,527 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from senior secured promissory notes and warrants | ' | ' | ' | 3,260,000 | ' | 7,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise period of warrants | '54 months | '54 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.34 | ' |
Percentage of exercise price of warrants of consolidated bid price of common stock | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from secured notes after deducting estimated offering expenses | ' | ' | ' | ' | 7,260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of senior secured promissory notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,650,000 | ' | 150,000 | ' | 100,000 | ' | 100,000 | ' | ' | ' | 2,000,000 | ' | ' | ' |
Issuance of warrants to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,010,876 | ' | 119,940 | ' | 76,073 | ' | 76,073 | ' | ' | ' | 1,521,463 | ' | ' | ' |
Percentage of ownership in common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.20% | 23.80% | ' | ' | ' | ' |
Extended maturity date | ' | ' | 31-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants to purchase aggregate shares of common stock | ' | ' | 2,197,674 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 813,953 | ' | 81,395 | ' | 27,131 | ' | 27,131 | ' | ' | ' | 542,636 | ' | ' |
Interest rate of secured notes | ' | ' | ' | ' | ' | ' | ' | ' | 41.00% | 47.00% | 54.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt discount at issuance | ' | ' | ' | ' | ' | ' | 4,726,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in-capital related to fair value of warrants | ' | ' | ' | ' | ' | ' | 4,676,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt discount | ' | ' | 95,000 | 549,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured promissory notes | ' | ' | ' | ' | ' | ' | ' | 7,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount outstanding for repayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Series D convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 |
Loss on extinguishment of secured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,060,000 |
Senior_Secured_Notes_Schedule_
Senior Secured Notes - Schedule of Secured Notes and Unamortized Debt Discount (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Senior secured notes | $850 | $850 |
Unamortized debt discount | -31 | -126 |
Senior secured notes, net | $819 | $724 |
Preferred_Stock_Additional_Inf
Preferred Stock - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | |
Series B Preferred Stock [Member] | ' | ' |
Preferred Stock [Line Items] | ' | ' |
Preferred stock shares outstanding | 28,000 | ' |
Redemption price of preferred stock per share | $25 | ' |
Conversion rate of common stock per share | $2.80 | ' |
Conversion of the preferred stock and accrued dividends into common stock shares | 250,000 | ' |
Accrued dividend | $17,500 | ' |
Series D Preferred Stock [Member] | ' | ' |
Preferred Stock [Line Items] | ' | ' |
Preferred stock shares outstanding | 665,000 | 665,000 |
Redemption price of preferred stock per share | $10 | ' |
Conversion rate of common stock per share | $1.09 | ' |
Conversion of the preferred stock and accrued dividends into common stock shares | 6,125,024 | ' |
Accrued dividend | $93,285 | ' |
Accrued dividend rate | 5.00% | ' |
Preferred stock repurchased period | '2 years | ' |
Preferred stock conversion period | '3 years | ' |
Shareholders_Equity_Changes_in
Shareholder's Equity - Changes in Shareholders' Equity (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity [Line Items] | ' | ' |
Beginning balance | $8,676 | ' |
Preferred stock dividends | -100 | -118 |
Share-based compensation expense | 85 | ' |
Restricted shares and stock options issued for services | 62 | ' |
Warrants issued for services | 5 | ' |
Net loss | -1,874 | -2,515 |
Ending balance | 6,854 | ' |
Preferred Stock [Member] | ' | ' |
Stockholders Equity [Line Items] | ' | ' |
Beginning balance | 69 | ' |
Preferred stock dividends | ' | ' |
Share-based compensation expense | ' | ' |
Restricted shares and stock options issued for services | ' | ' |
Warrants issued for services | ' | ' |
Net loss | ' | ' |
Ending balance | 69 | ' |
Common Stock [Member] | ' | ' |
Stockholders Equity [Line Items] | ' | ' |
Beginning balance | 35 | ' |
Preferred stock dividends | ' | ' |
Share-based compensation expense | ' | ' |
Restricted shares and stock options issued for services | ' | ' |
Warrants issued for services | ' | ' |
Net loss | ' | ' |
Ending balance | 35 | ' |
Additional Paid-in Capital [Member] | ' | ' |
Stockholders Equity [Line Items] | ' | ' |
Beginning balance | 197,409 | ' |
Preferred stock dividends | ' | ' |
Share-based compensation expense | 85 | ' |
Restricted shares and stock options issued for services | 62 | ' |
Warrants issued for services | 5 | ' |
Net loss | ' | ' |
Ending balance | 197,561 | ' |
Accumulated Deficit [Member] | ' | ' |
Stockholders Equity [Line Items] | ' | ' |
Beginning balance | -188,837 | ' |
Preferred stock dividends | -100 | ' |
Share-based compensation expense | ' | ' |
Restricted shares and stock options issued for services | ' | ' |
Warrants issued for services | ' | ' |
Net loss | -1,874 | ' |
Ending balance | ($190,811) | ' |
Shareholders_Equity_Additional
Shareholder's Equity - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stock options exercised | 0 |
Common stock warrants exercised | 0 |
Other_Expense_Income_Summary_o
Other (Expense) Income - Summary of Other (Expense) Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Other Income And Expenses [Abstract] | ' | ' |
Amortization of debt discount | ($94) | ($549) |
Amortization of deferred financing costs | -1 | ' |
Miscellaneous income | ' | 1 |
Total other (expense) income | ($95) | ($548) |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Subject to Fair Value Measurements (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current marketable securities - available for sale | $210 | $210 |
Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current marketable securities - available for sale | 210 | 210 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current marketable securities - available for sale | 210 | 210 |
Level 1 [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current marketable securities - available for sale | 210 | 210 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current marketable securities - available for sale | ' | ' |
Level 2 [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current marketable securities - available for sale | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current marketable securities - available for sale | ' | ' |
Level 3 [Member] | Marketable Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Current marketable securities - available for sale | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' |
Gain or loss resulting from fair value measurement of financial assets included in earnings | $0 | $0 |
Common_Stock_Warrants_Addition
Common Stock Warrants - Additional Information (Detail) | 3 Months Ended | ||
Sep. 30, 2013 | Jun. 20, 2013 | Jun. 30, 2013 | |
Series D Preferred Stock [Member] | |||
Class of Warrant or Right [Line Items] | ' | ' | ' |
Warrants issued to consultant for services under condition one | 50,000 | ' | ' |
Exercise price per share under condition one | 0.89 | ' | ' |
Warrants vesting start date | 31-Jul-14 | ' | ' |
Warrants life under condition one | '5 years | ' | ' |
Warrants issued to consultant for services under condition two | 500,000 | ' | ' |
Exercise price per share under condition two | 1.34 | ' | ' |
Warrants vesting per installment | 50,000 | ' | ' |
Warrants life under condition two | '5 years | ' | ' |
Warrants issued with Series D preferred stock | ' | 6,650,000 | 6,650,000 |
Common_Stock_Warrants_Schedule
Common Stock Warrants - Schedule of Common Stock Warrant Activity (Detail) (Warrant [Member], Series D Preferred Stock [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Warrant [Member] | Series D Preferred Stock [Member] | ' |
Number of Shares | ' |
Outstanding, beginning | 24,966 |
Warrants issued | 550 |
Outstanding, ending | 25,516 |
Weighted Average Exercise Price Per Share | ' |
Outstanding, beginning | $1.23 |
Warrants issued | $1.30 |
Outstanding, ending | $1.23 |
Weighted Average Remaining Contractual Life (Years) | ' |
Outstanding, September 30, 2013 | '3 years 11 months 12 days |
Aggregate Intrinsic Value | ' |
Outstanding, September 30, 2013 | ' |
Recent_Equity_Offering_Additio
Recent Equity Offering - Additional Information (Detail) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | ||
Jun. 20, 2013 | Mar. 09, 2012 | Mar. 14, 2012 | Jun. 20, 2013 | Jun. 30, 2013 | Jun. 17, 2013 | Nov. 12, 2013 | |
Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Underwritten Public Offering [Member] | Private Placement [Member] | ||||
Subsequent Event [Member] | |||||||
Equity Offering Program [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of preferred stock issued | ' | ' | ' | 665,000 | ' | ' | ' |
Common stock purchased by sale of Series D convertible preferred stock and warrants | 6,650,000 | ' | ' | ' | 6,650,000 | ' | ' |
Proceeds from senior secured note | $6,500,000 | ' | ' | ' | ' | ' | ' |
Additional cash proceeds | 150,000 | ' | ' | ' | ' | ' | ' |
Net proceeds after deducting placement agent fees and offering expenses | 30,000 | ' | ' | ' | ' | ' | ' |
Warrants exercisable period from issuance date | ' | ' | ' | '6 months | ' | ' | '6 months |
Exercisable period of warrants | '54 months | '54 months | ' | ' | ' | '5 years | '54 months |
Exercise price of common stock | 0.95 | ' | ' | ' | ' | 0.95 | 1.38 |
Allocation of proceeds to fair value of warrants | ' | ' | ' | 2,980,000 | ' | ' | ' |
Beneficial conversion feature in preferred stock | ' | ' | ' | 2,150,000 | ' | ' | ' |
Underwritten public offering | ' | ' | ' | ' | ' | 4,683,685 | ' |
Underwritten public offering price per unit | ' | ' | ' | ' | ' | $0.95 | ' |
Fair value of warrants | ' | ' | 4,676,000 | ' | ' | 3,330,000 | 500,000 |
Net proceeds after deducting placement agent fees and and offering expenses | ' | ' | ' | ' | ' | 3,930,000 | ' |
Number of common stock consist in each unit | ' | ' | ' | ' | ' | 1 | ' |
Number of warrant consist in each unit | ' | ' | ' | ' | ' | 1 | ' |
Shares issued during period | ' | ' | ' | ' | ' | ' | 2,347,625 |
Number of securities called by warrants issued during period | ' | ' | ' | ' | ' | ' | 774,716 |
Unit price per share and warrant | ' | ' | ' | ' | ' | ' | $1.05 |
Net proceeds after deducting offering expenses | ' | ' | ' | ' | ' | ' | $2,400,000 |