Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 25, 2015 | Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ADAT | ||
Entity Registrant Name | AUTHENTIDATE HOLDING CORP | ||
Entity Central Index Key | 885,074 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 42,194,841 | ||
Entity Public Float | $ 31,900,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets | ||
Cash and cash equivalents | $ 247 | $ 1,084 |
Restricted cash | 256 | 256 |
Marketable securities | 210 | |
Accounts receivable, net | 274 | 508 |
Inventory, net | 603 | 2,937 |
Prepaid expenses and other current assets | 222 | 259 |
Total current assets | 1,602 | 5,254 |
Property and equipment, net | 301 | 448 |
Other assets | ||
Licenses, net | 1,904 | 1,933 |
Other assets, net | 356 | 593 |
Total assets | 4,163 | 8,228 |
Current liabilities | ||
Accounts payable, accrued expenses and other liabilities | 2,109 | 2,806 |
Notes payable, net of unamortized discount | 2,150 | |
Warrant liability | 214 | |
Deferred revenue | 67 | 78 |
Total current liabilities | 4,540 | 2,884 |
Long-term deferred revenue | 88 | 126 |
Total liabilities | $ 4,628 | $ 3,010 |
Commitments and contingencies (Note 13) | ||
Shareholders' (deficit) equity | ||
Preferred stock, $.10 par value; 5,000 shares authorized, Series B, 28 shares and Series D, 665 shares issued and outstanding on June 30, 2015 and 2014, respectively | $ 69 | $ 69 |
Common stock, $.001 par value; 190,000 shares authorized, 42,116 and 38,511 shares issued and outstanding on June 30, 2015 and 2014, respectively | 42 | 39 |
Additional paid-in capital | 205,909 | 201,492 |
Accumulated deficit | (206,485) | (196,382) |
Total shareholders' (deficit) equity | (465) | 5,218 |
Total liabilities and shareholders' (deficit) equity | $ 4,163 | $ 8,228 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Jun. 30, 2014 |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 42,116,000 | 38,511,000 |
Common stock, shares outstanding | 42,116,000 | 38,511,000 |
Series B Redeemable Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued | 28,000 | 28,000 |
Preferred stock, shares outstanding | 28,000 | 28,000 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares issued | 665,000 | 665,000 |
Preferred stock, shares outstanding | 665,000 | 665,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues | |||
Hosted software services | $ 1,928 | $ 2,239 | $ 2,706 |
Telehealth products and services | 1,761 | 3,317 | 2,121 |
Total revenues | 3,689 | 5,556 | 4,827 |
Operating expenses | |||
Cost of revenues | 1,877 | 3,759 | 3,454 |
Selling, general and administrative | 8,379 | 7,040 | 6,816 |
Product development | 1,180 | 1,108 | 1,085 |
Depreciation and amortization | 959 | 766 | 843 |
Total operating expenses | 12,395 | 12,673 | 12,198 |
Operating loss | (8,706) | (7,117) | (7,371) |
Other (expense) income, net | (994) | (26) | (3,978) |
Net loss | $ (9,700) | $ (7,143) | $ (11,349) |
Basic and diluted loss per common share | $ (0.25) | $ (0.26) | $ (0.45) |
Comprehensive operations | |||
Net loss | $ (9,700) | $ (7,143) | $ (11,349) |
Comprehensive loss | $ (9,700) | $ (7,143) | $ (11,349) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' (Deficit) Equity - USD ($) shares in Thousands, $ in Thousands | Total | Series D Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series D Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Series D Preferred Stock [Member] | Accumulated Deficit [Member] |
Balance at Jun. 30, 2012 | $ 2,813 | $ 27 | $ 179,890 | $ (177,104) | ||||
Balance, shares at Jun. 30, 2012 | 26,999 | |||||||
Preferred stock dividends | (384) | (384) | ||||||
Share-based compensation expense | 305 | 305 | ||||||
Restricted shares and stock options issued for services | 217 | 217 | ||||||
Restricted shares and stock options issued for services, shares | 104 | |||||||
Warrants issued with secured debt | 2,895 | 2,895 | ||||||
Warrants issued for services | 180 | 180 | ||||||
Cost for shares issued for business acquisition | (6) | (6) | ||||||
Conversion of Series C preferred stock | 2,842 | $ 4 | 2,838 | |||||
Conversion of Series C preferred stock, shares | 3,552 | |||||||
Issuance of common stock, net | 3,934 | $ 6,529 | $ 66 | $ 4 | 3,930 | $ 6,463 | ||
Issuance of common stock, shares | 665 | 4,684 | ||||||
Net loss | (11,349) | (11,349) | ||||||
Balance at Jun. 30, 2013 | 8,676 | $ 69 | $ 35 | 197,409 | (188,837) | |||
Balance, shares at Jun. 30, 2013 | 693 | 35,339 | ||||||
Reclass Series B preferred stock | 700 | $ 3 | 697 | |||||
Reclass Series B preferred stock, shares | 28 | |||||||
Preferred stock dividends | (402) | (402) | ||||||
Restricted stock issued for preferred stock dividends | 343 | $ 1 | 342 | |||||
Restricted stock issued for preferred stock dividends, shares | 275 | |||||||
Share-based compensation expense | 587 | 587 | ||||||
Restricted shares and stock options issued for services | 216 | 216 | ||||||
Restricted shares and stock options issued for services, shares | 66 | |||||||
Warrants issued for services | 86 | 86 | ||||||
Issuance of common stock, net | 2,396 | $ 3 | 2,393 | |||||
Issuance of common stock, shares | 2,348 | |||||||
Exercise of warrants | 459 | 459 | ||||||
Exercise of warrants, shares | 483 | |||||||
Net loss | (7,143) | (7,143) | ||||||
Balance at Jun. 30, 2014 | 5,218 | $ 69 | $ 39 | 201,492 | (196,382) | |||
Balance, shares at Jun. 30, 2014 | 693 | 38,511 | ||||||
Reclass Series B preferred stock, shares | 665 | |||||||
Preferred stock dividends | (403) | (403) | ||||||
Restricted stock issued for preferred stock dividends | 333 | 333 | ||||||
Restricted stock issued for preferred stock dividends, shares | 306 | |||||||
Share-based compensation expense | 475 | 475 | ||||||
Restricted shares and stock options issued for services | 358 | 358 | ||||||
Share-based compensation expense, shares | 150 | |||||||
Restricted shares and stock options issued for services, shares | 108 | |||||||
Share based severance | 153 | 153 | ||||||
Warrants issued with secured debt | 902 | 902 | ||||||
Warrants issued for services | 81 | 81 | ||||||
Issuance of common stock, net | 2,118 | $ 3 | 2,115 | |||||
Issuance of common stock, shares | 3,041 | |||||||
Net loss | (9,700) | (9,700) | ||||||
Balance at Jun. 30, 2015 | $ (465) | $ 69 | $ 42 | $ 205,909 | $ (206,485) | |||
Balance, shares at Jun. 30, 2015 | 693 | 42,116 | ||||||
Reclass Series B preferred stock, shares | 665 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities | |||
Net loss | $ (9,700,000) | $ (7,143,000) | $ (11,349,000) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Amortization of debt discount and deferred financing costs | 386,000 | 127,000 | 2,931,000 |
Loss on extinguishment of notes | 557,000 | 1,060,000 | |
Inventory reserve | 200,000 | ||
Depreciation and amortization | 959,000 | 766,000 | 843,000 |
Share-based compensation | 475,000 | 587,000 | 305,000 |
Share-based severance | 153,000 | ||
Warrants issued for services | 81,000 | 176,000 | 105,000 |
Restricted shares and stock options issued for services | 358,000 | 216,000 | 217,000 |
Net gain on sale of non-core assets | (101,000) | ||
Changes in assets and liabilities | |||
Accounts receivable | 234,000 | 58,000 | 79,000 |
Inventory | 538,000 | 1,022,000 | 57,000 |
Prepaid expenses and other current assets | 37,000 | 339,000 | 674,000 |
Accounts payable, accrued expenses and other liabilities | 820,000 | (643,000) | (89,000) |
Deferred revenue | (49,000) | (130,000) | (47,000) |
Net cash used in operating activities | (4,951,000) | (4,726,000) | (5,214,000) |
Cash flows from investing activities | |||
Purchases of property and equipment and other assets | (185,000) | (319,000) | (271,000) |
Other intangible assets acquired | (361,000) | (162,000) | (169,000) |
Payment for business acquisition | (31,000) | ||
Sales of marketable securities | 210,000 | ||
Net proceeds from sale of non-core assets | 851,000 | ||
Net cash (used) provided by investing activities | (336,000) | 370,000 | (471,000) |
Cash flows from financing activities | |||
Net proceeds from issuance of preferred and common stock and exercise of warrants | 2,118,000 | 2,855,000 | 3,964,000 |
Proceeds from issuance of short-term promissory notes | 2,550,000 | ||
Repayment of short-term promissory notes | (200,000) | ||
Net (repayments) proceeds from issuance of senior secured notes and warrants | (850,000) | 3,260,000 | |
Dividends paid | (18,000) | (70,000) | (70,000) |
Net cash provided by financing activities | 4,450,000 | 1,935,000 | 7,154,000 |
Net (decrease) increase in cash and cash equivalents | (837,000) | (2,421,000) | 1,469,000 |
Cash and cash equivalents, beginning of year | 1,084,000 | 3,505,000 | 2,036,000 |
Cash and cash equivalents, end of year | $ 247,000 | $ 1,084,000 | $ 3,505,000 |
Description of Business, Liquid
Description of Business, Liquidity and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Description of Business, Liquidity and Summary of Significant Accounting Policies | 1. Description of Business, Liquidity and Summary of Significant Accounting Policies Authentidate Holding Corp. (Authentidate or the company) and its subsidiaries provide secure web-based revenue cycle management applications and telehealth products and services that enable healthcare organizations to increase revenues, improve productivity, reduce costs, coordinate care for patients and enhance related administrative and clinical workflows and compliance with regulatory requirements. Our web-based services are delivered as Software as a Service (SaaS) to our customers interfacing seamlessly with billing, information and records management systems. These solutions incorporate multiple features and security technologies such as business-rules based electronic forms, intelligent routing, transaction management, electronic signatures, identity credentialing, content authentication, automated audit trails and remote patient management capabilities. Both web and fax-based communications are integrated into automated, secure and trusted workflow solutions. Our telehealth solutions provide in-home patient vital signs monitoring systems and services to improve care for patients and reduce the cost of care by delivering results to their healthcare providers via the Internet. Our solutions enable unattended measurements of patients’ vital signs and related health information and are designed to aid wellness and preventative care and deliver better care to specific patient segments that require regular monitoring of medical and behavioral health conditions. Healthcare providers can easily view each specific patient’s vital statistics and make adjustments to the patient’s care plans securely via the Internet. The service provides a combination of care plan schedule reminders and comprehensive disease management education as well as intelligent routing to alert on-duty caregivers whenever a patient’s vital signs are outside of the practitioner’s pre-set ranges. Healthcare providers and health insurers are also expected to benefit by having additional tools to improve patient care and reduce in-person and emergency room patient visits and hospital readmissions. We operate our business in the United States with technology and service offerings that address emerging growth opportunities based on the regulatory and legal requirements specific to each market. Our business is engaged in the development and sale of web-based services largely based on our Inscrybe ® The company has incurred significant recurring losses and negative cash flows from operations and our product development activities have required substantial capital investment to date. These factors, among others, raise substantial doubt about our ability to continue as a going concern. Our consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Additionally, on March 6, 2015 we announced that the Department of Veterans Affairs (VA) informed the company that it did not intend to exercise the fourth and final option year under our contract for telehealth products and services. The company’s contract with the VA was originally awarded in April 2011 and consisted of a base year and four one-year option years which were exercisable at the VA’s sole discretion. The current option year under the contract expired on May 15, 2015 and the transition process with the VA was completed by that date. Our VA revenue included both recurring service revenues as well as hardware sales. As a result of the non-renewal of the VA contract we expect to report significantly reduced revenues over the next several quarters and we have taken steps to reduce our operating costs and better align our resources with the growth opportunities we intend to pursue. The VA had been our largest customer, accounting for approximately 45 % and 58% of our total revenue for the years ended June 30, 2015 and 2014, respectively. As a result, we have implemented a number of changes to our business plan with the ultimate goal to increase revenues and generate positive cash flow from operations, including a recalibration of marketing and sales efforts that have already resulted in growth from existing customers and sales to new customers. These changes include cost reductions from reducing our workforce and use of consultants that we made in the third quarter of fiscal 2015 and additional workforce reductions through August 31, 2015. During the third quarter the company recorded charges of approximately $70,000 related to workforce severance during the period and did not incur any additional severance costs for the additional workforce reductions made through June 30, 2015 or the more recent workforce reductions made in August 2015. These reductions are expected to reduce operating expenses on an annualized basis. The company has also taken actions to realign our data center operations and has executed an agreement with its landlord to relocate its offices, which are expected to result in additional annualized savings. Since February 2015, the company has completed debt financing transactions resulting in total proceeds of approximately $3.5 million, however, the company has an immediate need for additional capital and is exploring additional potential transactions to improve our capital position, ensure we are able to meet our working capital requirements and provide funds to pay these debt obligations which are due in the next twelve months. Based on its business plan, the company expects its existing resources, revenues generated from operations, net proceeds from our debt financing transactions, other transactions we are considering and proceeds received from the exercise of outstanding warrants (of which there can be no assurance) or a restructuring of outstanding debt obligations (of which there can be no assurance) to satisfy its 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 or pay debt obligations through revenues derived from operations or generate sufficient cash flow to satisfy our other obligations. Unless we are able to increase revenues substantially or generate additional capital from other transactions, our current cash resources will only satisfy our working capital needs for a limited period of time and we will need to raise additional funds to meet our obligations in the future. We have an immediate need for additional capital and in addition to our recently announced letter of intent for a business combination transaction, we are continuing to explore additional potential transactions to improve our capital position to ensure we are able to meet our financing and working capital requirements. Currently, the company does not have any definitive agreements with any third parties for such transactions and there can be no assurances that the company will be successful in completing the transaction contemplated by the letter of intent or in raising additional capital or securing financing when needed or on terms satisfactory to the company. Any inability to obtain required financing on sufficiently favorable terms could have a material adverse effect on our business, results of operations and financial condition. At the company’s adjourned annual meeting of stockholders held on June 30, 2015, our stockholders approved an amendment to the company’s certificate of incorporation to increase the number of authorized shares of the company’s common stock from 100 million shares to 190 million shares of common stock. Principles of Consolidation The financial statements include the accounts of Authentidate Holding Corp. and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments where we do not exercise significant influence over the investee are accounted for under the cost method. Cash Equivalents We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. At June 30, 2015 and 2014 cash equivalents consisted primarily of investments in short term investments such as overnight interest bearing deposits. Marketable Securities Our marketable securities as of June 30, 2014 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. All income generated from these investments was recorded as interest income. Accounts Receivable Accounts receivable represent customer obligations due under normal trade terms, net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. The allowance for doubtful accounts is not material for any of the periods presented. Inventory Inventory amounts are stated at the lower of cost or market. Cost is determined based on average cost for the related inventory items. Long-Lived Assets Long-lived assets, including property and equipment, software development costs, patent costs, trademarks and licenses are reviewed for impairment using an undiscounted cash flow approach whenever events or changes in circumstances such as significant changes in the business climate, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are determined using the straight-line method. Estimated useful lives of the assets range from three to seven years. Repairs and maintenance are charged to expense as incurred. Renewals and betterments are capitalized. When assets are sold, retired or otherwise disposed of, the applicable costs and accumulated depreciation or amortization are removed from the accounts and the resulting gain or loss, if any, is recognized. Software Development Costs Software development and modification costs incurred subsequent to establishing technological feasibility are capitalized and amortized based on anticipated revenue for the related product with an annual minimum equal to the straight-line amortization over the remaining economic life of the related product (generally three years). Amortization expense was $0 for the years ended June 30, 2015 and 2014 and $171,000 for the year ended June 30, 2013 which is included in depreciation and amortization expense. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Accrued interest related to unrecognized benefits is recorded as interest expense and penalties are recorded as income tax expense. Revenue Recognition Revenue is derived from web-based hosted software services, telehealth products and post contract customer support services. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed and collectability is reasonably assured. Multiple-element arrangements are assessed to determine whether they can be separated into more than one unit of accounting. A multiple-element arrangement is separated into more than one unit of accounting if all of the following criteria are met: the delivered item has value to the customer on a standalone basis; there is objective and reliable evidence of the fair value of the undelivered items in the arrangement; if the arrangement includes a general right of return relative to the delivered items, and delivery or performance of the undelivered item is considered probable and substantially in our control. If these criteria are not met, then revenue is deferred until such criteria are met or until the period over which the last undelivered element is delivered, which is typically the life of the contract agreement. If these criteria are met, we allocate total revenue among the elements based on the sales price of each element when sold separately which is referred to as vendor specific objective evidence or VSOE. Revenue from web-based hosted software and related services and post contract customer support services is recognized when the related service is provided and, when required, accepted by the customer. Revenue from telehealth products is recognized when such products are delivered. Revenue from multiple element arrangements that cannot be allocated to identifiable items is recognized ratably over the contract term which is generally one year. Warranty Provisions We provide a limited warranty on the web-based hosted software, telehealth products and services sold. Warranty expense was not significant in any of the periods presented. Advertising Expenses We recognize advertising expenses as incurred. Advertising expense was $49,000, $56,000 and $44,000 for the years ended June 30, 2015, 2014 and 2013, respectively. Product Development Expenses These costs represent research and development expenses and include salary and benefits, professional and consultant fees and supplies and are expensed as incurred. Management Estimates Preparing financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Examples include estimates of loss contingencies and product life cycles, assumptions such as elements comprising a software arrangement, including the distinction between upgrades/enhancements and new products; when technological feasibility is achieved for our products; the potential outcome of future tax consequences; and determining when investment or other impairments exist. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We make estimates on the future recoverability of capitalized amounts; we record a valuation allowance against deferred tax assets when we believe it is more likely than not that such deferred tax assets will not be realized and we make assumptions in connection with the calculations of share-based compensation expense. Actual results and outcomes may differ from management’s estimates, judgments and assumptions. We have based our estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances and we evaluate our estimates on a regular basis and make changes accordingly. Historically, our estimates relative to our critical accounting estimates have not differed materially from actual results; however, actual results may differ from these estimates under different conditions. If actual results differ from these estimates and other considerations used in estimating amounts reflected in our consolidated financial statements, the resulting changes could have a material adverse effect on our consolidated statement of operations, and in certain situations, could have a material adverse effect on liquidity and our financial condition. Share-Based Compensation Option-based employee compensation expense is determined using the Black-Scholes option pricing model which values options based on the stock price at the grant date, the exercise price of the option, the expected life of the option, the estimated volatility, expected dividend payments and the risk-free interest rate over the expected life of the options. Restricted stock units granted to employees are valued using the closing stock price of the company’s common stock on the grant date. Concentrations of Credit Risk Financial instruments which subject us to concentrations of credit risk consist of cash and cash equivalents, marketable securities and trade accounts receivable. To reduce credit risk, we place our cash, cash equivalents and investments with several high credit quality financial institutions and typically invest in AA or better rated investments. We monitor our credit customers and establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. We have no significant off-balance sheet arrangements at June 30, 2015. At June 30, 2015, two customers represented 34% of total accounts receivable. At June 30, 2014, one customer represented 20% of total accounts receivable. For the year ended June 30, 2015, one customer accounted for approximately 45% of consolidated revenues. For the year ended June 30, 2014, one customer accounted for approximately 58% of consolidated revenues. For the year ended June 30, 2013, two customers accounted for 52% of consolidated revenues. Present Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” In April 2015, the FASB issued ASU 2015-03 , “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” “Elements of Financial Statements,” “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting.” In April 2015, the FASB issued ASU No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”, |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 2. Share-Based Compensation The accounting guidance requires all share-based payments, including grants of stock options, to be recognized in the statement of operations as compensation expense based on their fair values. Accordingly, the estimated fair value of options granted under the company’s share based compensation plans are recognized as compensation expense over the option-vesting period. On May 1, 2014, the stockholders approved an amendment to the Omnibus Equity Incentive Plan (the 2011 Plan) to increase the number of shares available under the plan by 3,400,000 shares. The 2011 Plan, as amended, provides for the issuance of up to 6,750,000 shares of the company’s common stock in connection with stock options, restricted share awards and other stock compensation vehicles. The 2011 Plan is administered by a committee designated by the board of directors comprised entirely of outside directors. The board or the committee, as the case may be, has the discretion to determine eligible participants and the types of awards and the terms of such awards. Vesting of stock options generally occurs one-third per year over three years or subject to performance based vesting conditions and options generally have a life of ten years. The restricted stock units awarded during fiscal 2013, 2014 and 2015 are subject to performance-based vesting conditions. The board or the committee has full authority to interpret the 2011 Plan and to establish and amend rules and regulations relating thereto. Under the 2011 Plan, the exercise price of an option designated as an ISO may not be less than the fair market value of the company’s common stock on the date the option is granted. However, in the event an option designated as an ISO is granted to a ten percent shareholder, the exercise price shall be at least 110% of such fair market value. The aggregate fair market value on the grant date of shares subject to options which are designated as ISOs which become exercisable in any calendar year, shall not exceed $100,000 per optionee. The board or the committee may in its sole discretion grant bonuses or authorize loans to or guarantee loans obtained by a participant to enable such participant to pay any taxes that may arise in connection with the exercise or cancellation of an option. As of June 30, 2015, 2014 and 2013, no loans had been granted or guaranteed. Loans may not be granted or guaranteed for directors or executive officers. Stock option activity under the company’s stock option plans for employees and non-executive directors for the period ended June 30, 2015 is as follows (in thousands, except per share and average life data): Employees Information Number of Weighted Weighted Aggregate Outstanding, June 30, 2012 2,290 $ 4.06 Granted 233 1.41 Expired/forfeited (252 ) 1.87 Outstanding, June 30, 2013 2,271 3.94 Granted 783 0.92 Expired/forfeited (435 ) 1.11 Outstanding June 30, 2014 2,619 3.59 Granted 727 0.83 Expired/forfeited (1,215 ) 4.25 Outstanding June 30, 2015 2,131 $ 2.27 6.16 $ — Exercisable at June 30, 2015 1,209 $ 2.89 3.87 $ — Expected to vest at June 30, 2015 723 $ 1.42 7.42 $ — Non-Executive Director Information Number of Weighted Weighted Aggregate Outstanding, June 30, 2012 243 $ 3.86 Granted 218 1.01 Expired (89 ) 4.76 Outstanding, June 30, 2013 372 1.97 Granted 379 0.92 Expired (9 ) 6.08 Outstanding, June 30, 2014 742 1.39 Granted 1,498 0.37 Expired (55 ) 3.91 Outstanding June 30, 2015 2,185 $ 0.62 8.20 $ — Non-executive director options are granted at market price and vest on the grant date. As of June 30, 2015, there were approximately 431,295 restricted stock units outstanding that were granted to employees on January 15, 2013 and January 28, 2014, in connection with the company’s compensation modification program. These restricted stock units vest when the company achieves cash flow breakeven, as defined. Under the 2011 Plan, the company’s non-employee directors continued to have the option to elect to receive up to 100% 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 issued at fair value in accordance with the terms of the 2011 Plan. 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. During the year ended June 30, 2015, the company issued 107,776 shares of restricted common stock and 1,363,024 stock options (with a total fair value of approximately $358,000) to certain non-executive directors in connection with this program. In July 2015, the company issued 78,854 shares of restricted common stock (with a fair value of approximately $15,000) to such directors under the program. Share-based compensation expense by category is as follows (in thousands): June 30, 2015 2014 2013 SG&A $ 415 $ 527 $ 245 Product development 40 40 40 Cost of revenues 20 20 20 Share-based compensation expense $ 475 $ 587 $ 305 The accounting guidance requires cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) to be classified as financing cash flows. The company did not realize any tax benefits from the exercise of stock options during the years ended June 30, 2015, 2014 and 2013. 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 our historical stock volatility. The assumptions used in our Black-Scholes calculations for fiscal 2015, 2014 and 2013 are as follows: Risk Free Dividend Volatility Weighted Fiscal year 2015 0.6 % 0 % 84 % 48 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 our 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 and director 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. As of June 30, 2015, there was approximately $452,000 of total unrecognized compensation expense related to unvested share-based compensation arrangements which is expected to be recognized over a weighted-average period of 17 months. The total intrinsic value of options exercised was $0 for each of the fiscal years ended 2015, 2014 and 2013, respectively. The weighted average grant date fair value of options granted during the fiscal years ended June 30, 2015, 2014 and 2013 was approximately $0.40, $0.64 and $0.86. The values were calculated using the Black-Scholes model. The total fair value of shares vested was $807,000, $454,000 and $297,000 for the fiscal years ended June 30, 2015, 2014 and 2013, respectively. |
Loss per Share
Loss per Share | 12 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Loss per Share | 3. 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): June 30, 2015 2014 2013 Net loss $ (9,700 ) $ (7,143 ) $ (11,349 ) Preferred stock dividends (403 ) (402 ) (384 ) Deemed preferred stock dividends — (2,017 ) (906 ) Net loss applicable to common shareholders $ (10,103 ) $ (9,562 ) $ (12,639 ) Weighted average shares 41,182 37,196 28,086 Basic and diluted loss per common share $ (0.25 ) $ (0.26 ) $ (0.45 ) 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 allocated to a non-cash beneficial conversion feature related to the Series D preferred stock issued in June 2013. The beneficial conversion feature was being amortized over the period from issuance through the earliest permitted conversion date in December 2013. As discussed more fully in Note 11 of Notes to Consolidated Financial Statements, 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 June 30, 2015 options (4,316,000), restricted stock units (888,000), warrants (33,669,000), convertible debt (3,600,000), Series D preferred stock (6,125,000) and Series B preferred stock (250,000) were outstanding. At June 30, 2014 options (3,361,000), restricted stock units (910,000), warrants (26,807,000), Series D preferred stock (6,125,000) and Series B preferred stock (250,000) were outstanding. At June 30, 2013 options (2,643,000), restricted stock units (576,000), warrants (24,966,000), Series D preferred stock (6,125,000) and Series B preferred stock (250,000) were outstanding. |
Sale of Non-Core Assets
Sale of Non-Core Assets | 12 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Non-Core Assets | 4. Sale of Non-Core Assets In February 2014, the company completed the sale of all of its shares in Health Fusion, Inc. in connection with a share buy-back program initiated by Health Fusion. Net proceeds from the sale were approximately $851,000 and the company recorded a gain on the sale of this investment of approximately $101,000 which is included in other income. The company made a $750,000 investment in Health Fusion in fiscal 2005. The investment was accounted for using the cost method and was included in other assets through the date of the sale. |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory | 5. 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 appliance. Inventory consists of the following (in thousands): June 30, 2015 2014 Purchased components, net $ 261 $ 2,735 Finished goods 342 202 Total inventory $ 603 $ 2,937 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consists of the following (in thousands): June 30, Estimated 2015 2014 Machinery and equipment $ 5,256 $ 5,071 3-6 Furniture and fixtures 236 236 5-7 Leasehold improvements 240 240 5 5,732 5,547 Less: Accumulated depreciation and amortization (5,431 ) (5,099 ) $ 301 $ 448 Depreciation and amortization expense on property and equipment for the years ended June 30, 2015, 2014 and 2013 was approximately $332,000, $354,000 and $354,000, respectively. Depreciation and amortization reported in the statement of operations also includes amounts related to other assets for the years ended June 30, 2015, 2014 and 2013 of approximately $242,000, $79,000 and $28,000, respectively. These assets generally have three-year lives and are depreciated or amortized using the straight-line method. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 12 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | 7. Accounts Payable, Accrued Expenses and Other Liabilities Accounts payable, accrued expenses and other liabilities consist of the following (in thousands): June 30, 2015 2014 Accounts payable $ 1,410 $ 2,541 Legal 365 — Accrued vacation 130 155 Other accrued expenses 204 110 $ 2,109 $ 2,806 |
Notes Payable
Notes Payable | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | 8. Notes Payable 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 were senior secured promissory notes and were not convertible into equity securities. No interest accrued on the secured notes and they contained covenants and events of default customary for similar transactions. The secured notes were 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 board of directors through May 12, 2013, purchased an aggregate principal amount of $150,000 of secured notes and 119,940 warrants. In addition, our former chief executive officer and a former 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 former 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 fair value of the warrants based on the Black-Scholes option pricing model and the applicable assumptions set forth in Note 2 of Notes to 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 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. In connection with the sale of Series D convertible preferred stock discussed in Note 19 of Notes to 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 is included in other expense for the year ended June 30, 2013. The aggregate principal amounts of $850,000 of senior notes outstanding following the Series D transaction was repaid on October 31, 2013, the stated maturity date. On January 29, 2015, the company received a short-term loan of $200,000 from a strategic lender pursuant to which we issued a secured promissory note to the lender in the aggregate principal amount of $200,000. The note was secured by a first priority lien on certain equipment owned by the company with a net present value equivalent to the face value of the note, was due and payable on March 30, 2015 and accrued interest at the rate of 6% per annum. The note and accrued interest was repaid on the maturity date. On February 17, 2015, the company entered into a securities purchase agreement with an accredited investor pursuant to which we issued a promissory note in the aggregate principal amount of $100,000 and common stock purchase warrants to purchase up to 80,000 shares of common stock for gross proceeds of $100,000. The note was an unsecured obligation of the company, was not convertible into equity securities of the company and accrued interest at a rate of 8% per annum. The note was due and payable on the six month anniversary of the issue date, subject to the right of the investor to extend the maturity date for up to an additional six months. The net proceeds from this transaction were approximately $92,000. The warrants vested in equal monthly installments over twelve months if the notes were outstanding and, subject to vesting requirements, were exercisable for a period of 54 months commencing on the six month anniversary of the issuance date at an initial exercise price of $1.01 per share. Although the securities purchase agreement that the company entered into with this investor contemplated a second closing for $900,000 of additional proceeds, the second closing did not occur and the company did not receive the additional funds. This note and the vested portion of the warrants were exchanged for notes and warrants issued in the June 8, 2015 transaction discussed below and the warrants issued for this transaction were cancelled. On February 17, 2015, in a separate transaction, the company issued a short-term promissory note in the aggregate principal amount of $950,000 and warrants to purchase 99,500 shares of common stock to an accredited investor for gross proceeds of $950,000. The holder of the short-term note is an entity controlled by Douglas B. Luce, the brother of J. David Luce, a member of the board of directors of the company. The short-term note is an unsecured obligation of the company, is not convertible into equity securities of the company and accrues interest at a rate of 5.76% per annum. The short-term note was due and payable on the first to occur of the one month anniversary of the issue date or the date on which the company received at least $950,000 in proceeds from equity or debt financing. The short-term note contains covenants and events of default customary for similar transactions. The net proceeds from this transaction were approximately $940,000. The warrants are exercisable for a period of 54 months commencing on the six month anniversary of the issuance date and have an initial exercise price of $1.01 per share. On April 3, 2015, the company entered into an amendment agreement with the holder of the $950,000 short-term promissory note in order to amend such note to extend its maturity date from March 19, 2015 to July 2, 2015. In addition, pursuant to the amendment agreement, the company also agreed to grant the holder the right to exchange the principal amount of the short-term note (and unpaid interest thereon) into the securities of the company sold in the next financing, as defined in the amendment agreement. This investor subsequently agreed not to participate in the convertible debt financing for which a closing was held June 8, 2015 and in consideration of such election, the participation right was modified to allow him to exchange such note for comparable securities in an alternative transaction. In consideration of waivers previously granted by the holder of potential events of default under the short-term note and the amendment to extend the maturity date, the company agreed to issue the holder warrants to purchase 3,166,667 shares of common stock of the company. The warrants are exercisable for a period of 54 months commencing six months following the date of issuance and have an exercise price equal to $0.31 per share. Through a series of amendment agreements, this note has been extended through October 16, 2015 and the interest rate has been increased to 12% per annum in connection with such extensions. On April 24, 2015, the company issued a promissory note in the aggregate principal amount of $500,000 to Lazarus Investment Partners LLLP, the beneficial owner of approximately 29.3% of the company’s common stock, in a private transaction. The note is an unsecured obligation of the company and is not convertible into equity securities of the company. The note was originally due and payable on the first to occur of July 2, 2015 or the date on which the company received at least $900,000 in proceeds from equity or debt financing transactions. Interest on the note was originally 5.76% per annum payable at maturity. The note contains terms and events of default customary for similar transactions. In consideration of the loan, the company and Lazarus entered into a warrant amendment agreement pursuant to which the company agreed to amend certain of the terms of the existing 6,233,636 common stock purchase warrants held by Lazarus to reduce the exercise price of such warrants to $0.25, which was $0.01 above the most recently reported closing consolidated bid price of the company’s common stock prior to the execution of the transaction documents, and to extend the expiration date of the warrants to October 25, 2019. The warrants amended were issued in various transactions from 2010 through 2013 at exercise prices ranging between $0.88 and $2.00. The fair value related to the warrant modifications recorded as a debt discount and amortized over the term of the new agreement. Through a series of amendment agreements, this note has been extended through October 16, 2015 and the interest rate has been increased to 12% per annum in connection with such extensions. On June 8, 2015, the company entered into definitive agreements relating to a private placement of up to $3.0 million in principal amount of senior secured convertible notes and common stock purchase warrants. An initial closing for an aggregate principal amount of $900,000 of notes and warrants to purchase 3,626,667 shares of common stock was held on June 8, 2015. Subject to certain limitations, the warrants are exercisable on or after the six month anniversary of the date of issuance at an initial exercise price of $0.30 per share and will expire 54 months from the initial exercise date. In addition, subject to certain limitations, the warrants provide that, beginning six months from issuance, the company shall have the right to cause the holder to exercise the warrants provided that the following conditions are satisfied: (i) the closing bid price of the company’s common stock is at least $0.45 for the 20 consecutive trading days prior to the date of the mandatory exercise notice and (ii) all of the warrants issued in the transaction are called by the company for a mandatory exercise. A final closing for up to $2.1 million of debentures and warrants to purchase 8,400,000 shares of common stock has not occurred. As a condition of the initial closing, the holder of an aggregate principal amount of $100,000 of previously issued promissory notes was required to exchange such notes and certain warrants held by it for senior secured notes and warrants issued in this transaction. These notes, subject to certain exceptions, rank senior to existing and future indebtedness of the company and are secured to the extent and as provided in the security agreement entered into between the company and the purchasers. Each note matures on the one-year anniversary of the issuance date thereof and, subject to certain limitations, is convertible at any time at the option of the holder into shares of the company’s common stock at an initial conversion price of $0.25 per share. Subject to certain exemptions, if the company issues or sells shares of its common stock, rights to purchase shares of its common stock, or securities convertible into shares of its common stock for a price per share that is less than the conversion price then in effect, the conversion price then in effect will be decreased to equal 85% of such lower price and the exercise price of the warrants will be decreased to a lower price based on the amount by which the conversion price of the notes was reduced due to such transaction. The foregoing adjustments to the conversion price will not apply to certain exempt issuances, including issuances pursuant to certain employee benefit plans. In addition, the conversion price is subject to adjustment upon stock splits, reverse stock splits, and similar capital changes. The senior secured notes bear interest at 9% per annum with interest payable upon maturity or on any earlier redemption date. At any time after the issuance date, the company will have the right to redeem all or any portion of the outstanding principal balance of the notes, plus all accrued but unpaid interest at a price equal to 110% of such amount and the holders shall have the right to convert any or all of the amount to be redeemed into common stock prior to redemption. The notes are secured by a first priority lien on the company’s assets related to its “Inscrybe Referral and Order Management” and “Inscrybe Hospital Discharge” solutions. Subject to certain exceptions, the notes contain customary covenants against incurring additional indebtedness and granting additional liens and contain customary events of default. Upon the occurrence of an event of default under the notes, a holder may require the company to repay all or a portion of its notes in cash, at a price equal to 110% of the principal and accrued and unpaid interest. The company also agreed that if it needs to appoint a new president and/or chief executive officer, it would consult with the holders of a majority in interest of the notes on such matter; provided, however, that the company’s board of directors shall retain full discretion and authority over such matters. The company also agreed to file a registration statement covering the resale of the shares of the company’s common stock issuable upon conversion of the notes and exercise of the warrants and to use commercially reasonable efforts to have the registration declared effective in a timely manner. The Company will be subject to certain monetary penalties, as defined in the agreement if the registration statement is not filed, does not become effective on a timely basis, or does not remain available for the resale, as such term is defined in the registration rights agreement. Except for the June 8, 2015 transaction, the company allocated the proceeds from the note transactions to the notes and the related warrants based on the relative fair values of such instruments using the fair value of the notes at a market rate of interest and the fair value of the warrants based on the Black-Scholes option pricing model and the applicable assumptions set forth in Note 2 of Notes to Consolidated Financial Statements. As a result of the ratchet provision included in the June 8, 2015 transaction, the company recorded a warrant liability and a debt discount based on the fair value of the warrants issued in connection with the new senior secured note. These allocations resulted in effective interest rates for the $100,000 note of approximately 39% per annum, for the $950,000 note of approximately 65% per annum, for the $500,000 note of approximately 313% per annum and for the $800,000 senior secured note of approximately 36% per annum, respectively. However, since the subjective nature of the inputs for the option pricing and other models used to calculate fair values 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 note transactions the company recorded promissory notes of $2,350,000, debt discount of $560,000, warrant liability of $214,000 and additional paid-in-capital of $902,000 related to the fair value of the warrants. In connection with the modifications of the $950,000 and $100,000 short-term notes discussed above, the company issued additional warrants and agreed to modifications that, for accounting purposes, resulted in the extinguishment of the old notes and the creation of new notes. Accordingly, the company recorded non-cash losses on extinguishment of approximately $557,000 as other expense in the fourth quarter ended June 30, 2015. The non-cash amortization of the debt discount and deferred financing costs of $386,000, $127,000 and $2,931,000 is included in other expense for the years ended June 30, 2015, 2014 and 2013, respectively. The following table sets forth the secured notes and unamortized debt discount (in thousands): June 30, 2015 2014 Notes payable Secured notes payable $ 900 $ — Unsecured notes patable 1,450 — Unamortized debt discount (200 ) — Notes payable $ 2,150 $ — |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes At June 30, 2015, the company had federal and state net operating loss carryforwards for tax purposes of approximately $162,000,000 and $60,000,000, respectively. Approximately $5,300,000 of the federal net operating loss carryforwards are Separate Return Limitation Year (SRLY) and can only be used by the entity that generated these losses in the separate return years. Federal net operating losses expire in various years between fiscal 2019 and fiscal 2035 and state net operating losses expire in various years between fiscal 2016 and fiscal 2035. The company also has a capital loss carryforward for tax purposes of approximately $13,600,000 related to the sale of its German subsidiary which expires in fiscal 2016 and can only be applied towards capital gains. The provision for income taxes differs from the amount computed by applying the federal statutory rate of 34% as follows (in thousands): Year Ended June 30, 2015 2014 2013 Computed expected tax benefit $ (3,298 ) $ (2,429 ) $ (3,859 ) Benefit attributable to net operating loss and tax credit carryforwards and other deductible temporary differences not recognized 3,298 2,429 3,859 Income tax expense $ — $ — $ — The components of deferred tax assets and liabilities consist of the following (in thousands): June 30, 2015 2014 Deferred tax asset: Intangible assets $ 619 $ 690 Deferred compensation 742 775 Accrued expenses and other 583 262 Net operating loss and tax credit carryforwards 64,544 61,831 Total gross deferred tax assets 66,488 63,558 Less: Valuation allowance (66,488 ) (63,558 ) Net deferred tax assets $ — $ — The company has recorded a full valuation allowance of an amount equal to its deferred tax assets since it believes it is more likely than not that such deferred tax assets will not be realized. The net change in the total valuation allowance for the years ended June 30, 2015, 2014 and 2013 was an increase of approximately $2,930,000 for 2015, a decrease of approximately $1,741,000 for 2014 and an increase of approximately $3,131,000 for 2013 , respectively. As of June 30, 2015, the company has not recorded any unrecognized tax benefits, which remains unchanged from previous years. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Lease Commitments | 10. Lease Commitments The company is obligated under operating leases for facilities and equipment expiring at various dates through the year 2017. Future minimum payments are as follows (in thousands): Operating Year Ending June 30: 2016 $ 512 2017 299 2018 — 2019 — 2020 — Thereafter — $ 811 Rental expense was approximately $481,000, $481,000 and $477,000 for the years ended June 30, 2015, 2014 and 2013, respectively. At June 30, 2015 and 2014, restricted cash was being held as collateral for a letter of credit securing certain lease payments. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Preferred Stock | 11. Preferred Stock The board of directors is authorized to issue shares of preferred stock, $.10 par value per share, from time to time in one or more series. The board may issue a series of preferred stock having the right to vote on any matter submitted to shareholders including, without limitation, the right to vote by itself as a series, or as a class together with any other or all series of preferred stock. The board of directors may determine that the holders of preferred stock voting as a class will have the right to elect one or more additional members of the board of directors, or the majority of the members of the board of directors. At a special meeting of stockholders held on April 5, 2013, our stockholders approved the automatic conversion of outstanding shares of Series C preferred stock into an aggregate of 3,551,541 shares of common stock, including 1,051,541 shares of common stock issued in lieu of accrued but unpaid dividends on the Series C preferred stock. In connection with amendments to the Series C preferred stock in April 2012, the company issued warrants to purchase 825,000 shares of common stock to the holders of the Series C 15% convertible redeemable preferred stock. These warrants are exercisable commencing six months following their issuance for the period of 54 months at an exercise price of $1.60 per share, which is equal to 101% of the closing bid price of the company’s common stock, as reported on the Nasdaq Stock Market, on the trading day immediately before the stockholders’ meeting on April 9, 2012. The warrants are exercisable for cash or by net exercise and the number of shares of common stock issuable upon exercise of these warrants is subject to adjustment in the case of stock splits, stock dividends, combinations and similar recapitalization transactions. As of June 30, 2015, 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 June 30, 2015, the company accrued dividends in the amount of $70,000 which have been paid. As of June 30, 2015, 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 holder of such shares has the right to convert the preferred shares at any time 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. The company paid accrued dividends for fiscal 2015 and 2014 of $332,500 and $342,521, respectively, through the issuance of 306,254 and 275,228 shares of restricted common stock, respectively, to holders of outstanding shares of Series D convertible preferred stock in accordance with the applicable terms of the Series D convertible preferred stock. At June 30, 2015, the company has no accrued dividends. |
Common Stock Warrants
Common Stock Warrants | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Common Stock Warrants | 12. Common Stock Warrants As discussed more fully in Notes 8, 11 and 19 of Notes to Consolidated Financial Statements, during fiscal 2012 the company issued warrants to purchase shares of the company’s common stock as follows: 3,022,388 warrants to accredited investors in connection with the issuance of senior secured notes, 825,000 warrants to the holders of Series C preferred stock in connection with the extension of the maturity date for such securities and 1,468,752 warrants to institutional and accredited investors in a registered direct offering. These warrants are fully vested and have exercise prices of $1.34, $1.60 and $2.00, respectively. As discussed more fully in Notes 8 and 19 of Notes to Consolidated Financial Statements, during fiscal 2013 the company issued warrants to purchase shares of the company’s common stock as follows: 2,558,139 warrants to accredited investors in connection with the issuance of senior secured notes, 2,197,674 warrants to accredited investors in connection with the extension of the maturity date of the senior secured notes issued in fiscal 2012, 6,650,000 warrants to accredited investors in connection with the sale of Series D preferred stock and 4,683,685 warrants to institutional and accredited investors in an underwritten offering. These warrants are fully vested and have exercise prices of $1.34, $1.34, $0.95 and $0.95, respectively. During fiscal 2013, the company also issued warrants to purchase 225,000 shares of the company’s common stock to a consultant for services. These warrants vested on a pro-rata basis through August 31, 2013 and have an exercise price of $1.34 per share. The fair value of these warrants, as determined by the Black Scholes Model was charged to operations over the twelve month term of the contract which expired on November 30, 2013. As discussed more fully in Note 19 of Notes to Consolidated Financial Statements, during fiscal 2014, the company issued warrants to purchase 774,716 shares of the company’s common stock to accredited investors in connection with a private placement in November 2013. These warrants are fully vested and are exercisable at $1.38 per share. In addition, during fiscal 2014, the company issued warrants to purchase shares of the company’s 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, (ii) 500,000 warrants to a consultant for services with an exercise price of $1.34 per share, and (iii) 1,000,000 warrants to a consultant for services with an exercise price of $1.76 per share. These warrants vest in equal installments of 50,000 warrants and 100,000 warrants, respectively, based on performance-based targets related to service revenues recognized by the company from customers covered by such agreements, 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. During fiscal year 2014, 100,000 warrants vested and the fair value of those warrants of $59,000 was charged to operations. During fiscal 2015 the company issued warrants to purchase shares of the company’s common stock as follows: 150,000 warrants to a consultant for services with an exercise price of $0.84 per share. These warrants vest monthly in arrears through March 31, 2015, have a two year life and, 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. Further, as discussed more fully in Notes 8 and 19 of Notes to Consolidated Financial Statements, the company issued warrants to purchase 6,972,834 shares of the company’s common stock, of which 80,000 warrants were cancelled, in connection with the issuance and modification of promissory notes and 1,003,678 shares of the company’s common stock in a registered direct offering in August 2014. These warrants are fully vested and have exercise prices ranging from $0.30 to $1.01 per share. A schedule of common stock warrant activity is as follows (in thousands, except per share and average life data): Number of Weighted Weighted Aggregate Outstanding, June 30, 2012 8,651 $ 1.53 Warrants issued 16,315 1.03 Outstanding, June 30, 2013 24,966 1.23 Warrants issued 2,324 1.52 Warrants exercised (483 ) 0.95 Outstanding, June 30, 2014 26,807 1.26 Warrants issued 8,127 0.40 Warrants expired (1,265 ) 1.86 Outstanding, June 30, 2015 33,669 $ 0.84 3.40 $ — Exercisable, June 30, 2015 26,276 $ 0.97 3.01 $ — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies On May 22, 2015, the company, together with its subsidiary Express MD Solutions, LLC entered into a license and settlement agreement with Robert Bosch Healthcare Systems, Inc. providing for the resolution and dismissal, with prejudice, of the purported patent infringement lawsuit filed by Bosch against Express MD in January 2012 in the U.S. District Court for the Northern District of California, Case No. 5:12-cv-00068-JW. While the company does not believe that it is infringing any of the asserted patents, in order to mitigate its risk and avoid further costs and distractions of litigation, it entered into the license and settlement agreement. As previously reported by the company, the complaint alleged that the company’s “Electronic House Call” product infringes one or more claims of certain patents allegedly owned by Bosch. The agreement provides for the company to be granted by Bosch a worldwide, non-exclusive, non-assignable, royalty bearing license under the patents and a covenant not to be sued under certain other patents owned by Bosch. In consideration thereof, the company agreed to pay Bosch for the license and related matters and to pay certain royalties to Bosch for a three year period thereafter. During fiscal 2009, the company purchased certain inventory components under arrangements that required payment only after such components where actually used in production. Based on the company’s current production plans we have determined that these components will not be used and we offset the inventory balance for undelivered items against the related accounts payable balance during the quarter ended March 31, 2015. Additionally, we intend to return approximately $0.2 million of such items that are included in the inventory and accounts payable balances as of June 30, 2015. The vendor that provided these components is currently disputing this arrangement and is requesting payment for these items. The company believes the amount at issue is approximately $1.2 million and intends to vigorously contest this assertion. Management does not believe that the ultimate resolution of this matter will have a material adverse effect on our consolidated financial position, results of operations or cash flows. 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 June 30, 2015, we are not aware of any obligations under such indemnification agreements that would require material payments. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Supplemental Cash Flow Information | 14. Supplemental Cash Flow Information We did not pay any income taxes during the fiscal years ended June 30, 2015, 2014 and 2013. See Notes 8, 11, 18 and 21 of Notes to Consolidated Financial Statements for supplemental cash flow information regarding debt discount, the non-cash loss on extinguishment of certain notes, the non-cash dividends paid in connection with the Series C and Series D preferred stock, the reclassification of the Series B preferred stock to shareholders equity, acquired licenses and interest expense, respectively. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Jun. 30, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | 15. Employee Benefit Plan The company maintains a qualified defined contribution 401(k) profit sharing plan for all eligible employees and may make discretionary contributions in percentages of compensation, or amounts as determined by our board of directors. The company did not make any contributions to the plan for the years ended June 30, 2015, 2014 and 2013. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | 16. Other Intangible Assets The following table set forth licenses, net and other intangible assets that are included in other assets as follows (in thousands): June 30, 2015 June 30, 2014 Useful Life Gross Accumulated Net Book Gross Accumulated Net Book Patents $ 357 $ 276 $ 81 $ 353 $ 256 $ 97 17 Trademarks 214 108 106 205 97 108 20 Acquired technologies 95 72 23 72 72 — 2 Licenses 4,212 2,308 1,904 3,887 1,954 1,933 3-10 Total $ 4,878 $ 2,764 $ 2,114 $ 4,517 $ 2,379 $ 2,138 As of June 30, 2015 and 2014 goodwill amounted to $50,000 and is included in other assets. The company amortizes other intangible assets using the straight line method. Amortization expense was approximately $385,000, $333,000 and $291,000 for the years ended June 30, 2015, 2014 and 2013, respectively. Amortization expense for the next five fiscal years and thereafter is expected to be as follows (in thousands): June 30, 2016 $ 518 2017 423 2018 331 2019 303 2020 276 Thereafter 263 $ 2,114 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 17. Financial Instruments We use a variety of methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value, including cash and cash equivalents, marketable securities, accounts receivable, other currents assets, accounts payable and accrued expenses and other current liabilities. To date, the carrying amount of these assets and liabilities approximates fair value because of the short maturity of these instruments. For additional information regarding marketable securities see Note 1 of Notes to Consolidated Financial Statements. |
Business Acquisition
Business Acquisition | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition | 18. 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 |
Equity Offerings
Equity Offerings | 12 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Equity Offerings | 19. Equity Offerings In February 2004, the company completed a private sale of its common stock to certain accredited investors pursuant to Section 4(2) of the Securities Act of 1933 (the “Securities Act”), as amended and Regulation D, promulgated thereunder. The company sold a total of 2,680,185 common shares at a price of $27.50 per share and realized gross proceeds of $73.7 million. After payment of offering expenses and broker commissions the company realized $69.1 million in net proceeds. The shares of common stock issued are restricted securities and have not been registered under the Securities Act, or any state securities law, and unless so registered, may not be offered or sold in the United States absent a registration or applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. During fiscal 2000, the company sold 50,000 shares of a newly created class of Series B convertible cumulative preferred stock (the “Series B preferred stock”). The Series B preferred stock was sold at $25.00 per share for an aggregate offering price of $1.2 million. Dividends on the Series B Preferred Stock are payable at the rate of 10% per annum, semi-annually in cash. Each share of Series B preferred stock is convertible into shares of the company’s common stock or is converted into such number of shares of the common stock as shall equal $25.00 divided by the conversion price of $3.75 per share, subject to adjustment under certain circumstances. Commencing three years after the closing, the conversion price shall be the lower of $3.75 per share or the average of the closing bid and asked price of the company’s common stock for the 10 consecutive trading days immediately ending one trading day prior to the notice of the date of conversion; provided, however, that the holders are not entitled to convert more than 20% per month of the Series B preferred shares held by such holder on the third anniversary of the date of issuance. The Series B preferred stock is redeemable at the option of the company at any time commencing one year after issuance or not less than 30 nor more than 60 days after written notice at a redemption price of $25.00 per share plus accrued and unpaid dividends provided; (i) the public sale of the shares of common stock issuable upon conversion of the Series B preferred stock (the “Conversion Shares”) are covered by an effective registration statement or are otherwise exempt from registration; and (ii) during the immediately preceding 20 consecutive trading days ending within 10 days of the date of the notice of redemption, the closing bid price of the company’s common stock is not less than $7.50 per share. The Series B voting rights are limited to any issue which would adversely affect their rights. On October 30, 2002, the company filed a Certificate of Amendment of the Certificate of Designations, Preferences and Rights and Number of Shares of Series B preferred stock with the Secretary of State of the State of Delaware. The amendment provides that the conversion rate applicable to the outstanding shares of Series B preferred stock will be fixed at $2.80. Previously, the conversion rate was equal to the lower of $3.75 and the average of the closing bid and asked prices of the company’s common stock for the immediately preceding ten consecutive trading days ending one day prior to the notice of conversion; provided, however, that the conversion rate would not be below $1.75. Accordingly, the outstanding 28,000 shares of Series B preferred stock are presently convertible into an aggregate of 250,000 shares of the company’s common stock. Prior to the amendment, the outstanding shares of Series B preferred stock were convertible into a maximum of 400,000 shares of the company’s common stock. In consideration of obtaining the consent of the holder of the outstanding Series B preferred stock, the company agreed to defer its ability to redeem those shares for a period of two years. The outstanding shares of Series B Preferred Stock are held in the name of Greener Fairways, Inc., an entity affiliated with Douglas B. Luce, who is the brother of J. David Luce, a member of our board of directors. As of June 30, 2015, 22,000 Series B preferred shares have been converted leaving 28,000 shares outstanding. Commencing October 2004, the Series B preferred stock is redeemable at the option of the company without regard to the closing price of the company’s common stock. During the fiscal years ended June 30, 2015 and 2014, no Series B preferred stock was redeemed. In December 2009, the company completed a registered direct offering with certain institutional and/or accredited investors pursuant to which the company agreed to sell an aggregate of 1,700,000 shares of its common stock and warrants to purchase a total of 1,700,000 shares of its common stock to the investors for gross proceeds of $3.4 million. The purchase price of a share of common stock and warrant was $2.00 per share. The warrants were exercisable for a period of 90 days following the closing date of the offering at an exercise price of $2.00. Through March 10, 2010, the expiration date of these warrants, an aggregate of 349,493 warrants were exercised and the remainder expired on the stated expiration date. The company received proceeds of $0.7 million from the exercise of such warrants. The net proceeds to the company from the offering and subsequent warrant exercises, after deducting placement agent fees and the company’s offering expenses, were approximately $3.54 million. The company also issued the placement agent a warrant to purchase 85,000 shares of common stock at a per share exercise price of $2.50, which warrants will be exercisable for a period of five years from the effective date of the registration statement. The common stock, warrants to purchase common stock and shares of common stock issuable upon exercise of the warrants were issued pursuant to a prospectus supplement filed with the Securities and Exchange Commission on December 9, 2009 in connection with a takedown from the company’s shelf registration statement on Form S-3 (File No. 333-161220), which was declared effective by the Securities and Exchange Commission on September 30, 2009. On October 12, 2010, the company entered into a securities purchase agreement with selected institutional and accredited investors to sell and issue $5.0 million of units of its securities in a private placement under Section 4(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated thereunder. In the aggregate, the company agreed to sell 1,250,000 units of securities, at a price of $4.00 per unit, with the units consisting of a total of 3,750,000 shares of common stock, 1,250,000 shares of Series C 15% convertible redeemable preferred stock, and warrants to purchase an additional 3,125,000 shares of common stock. Each individual unit consists of three shares of common stock, one share of preferred stock and two and one half warrants. The transaction closed on October 13, 2010 and the company received net proceeds from the private placement of approximately $4.46 million. The terms of the Series C 15% convertible redeemable preferred stock are discussed in Note 11 of Notes to Consolidated Financial Statements. The warrants issued in this 2010 private placement are exercisable for shares of the company’s common stock at an exercise price of $1.40 per share for a period of 54 months and will be exercisable for cash or by net exercise in the event that there is no effective registration statement covering the resale of the shares of common stock underlying the warrants. The value of these warrants using the Black-Scholes option pricing model was approximately $2.85 million. In connection with the 2010 private placement, the company entered into a registration rights agreement with the investors. Pursuant to the registration rights agreement, the company agreed to file a registration statement with the Securities and Exchange Commission within 45 days from closing to register the resale of the shares of common stock to be issued at closing and the shares of common stock underlying the preferred stock and the warrants (collectively the “Registrable Securities”). The company also agreed to use its best efforts to have the registration statement declared effective as promptly as possible after the filing thereof, but in any event within 90 days from the filing date. This registration statement was declared effective on December 9, 2010. In the event it ceases to remain continuously effective as required by the registration rights agreement (each such event, a “Registration Default”), then the company has agreed to pay each investor as liquidated damages an amount equal to 1.0% of the purchase price paid by each such investor with respect to any Registrable Securities then held and not registered pursuant to an effective registration statement, per 30-day period or portion thereof during which the Registration Default remains uncured thereafter, subject to a limitation of 6% per Registration Default. In addition, the company agreed to keep the registration statement continuously effective until the earlier to occur of (i) the date after which all of the Registrable Shares registered thereunder shall have been sold and (ii) the date on which 100% of the Registrable Securities covered by such registration statement may be sold without volume restrictions pursuant to Rule 144 under the Securities Act of 1933, as amended. On October 7, 2011, the company entered into a Placement Agency Agreement (the “Placement Agency Agreement”) with C.K. Cooper & Co., Inc. (“CKCC”) and an Engagement Agreement (the “Engagement Agreement”) with Rodman & Renshaw LLC (“Rodman”) whereby it engaged them as co-placement agents (the “Placement Agents”) relating to a registered direct offering by the Company to select investors. In addition, as of October 7, 2011, the company entered into a securities purchase agreement with certain institutional and/or accredited investors pursuant to which the company agreed to sell an aggregate of 2,937,497 shares of its common stock, par value $0.001 per share, and warrants to purchase a total of 1,468,752 shares of common stock to the investors for gross proceeds of $4.1 million. The purchase price of a share of common stock and warrant was $1.40. The warrants are exercisable for a period of four years commencing on the six month anniversary of the date on which they were issued and will have an initial exercise price of $2.00 per share. The value of these warrants using the Black Scholes option pricing model was approximately $1.83 million. The transaction closed on October 13, 2011 and the net proceeds to the company, after deducting placement agent fees and expenses and the company’s offering expenses, are approximately $3.6 million. 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 11 of Notes to 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 option pricing model and the applicable assumptions set forth in Note 2 of Notes to Consolidated Financial Statements. 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 3 of Notes to 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 option pricing 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. On August 28, 2014, we entered into securities purchase agreements with certain institutional and/or accredited investors, including certain affiliated persons, pursuant to which we sold an aggregate of 3,041,454 shares of common stock and warrants to purchase up to an aggregate of 1,003,678 shares of common stock for gross proceeds of $2,169,040 in a registered direct offering. The purchase price for a unit consisting of one share of common stock and a warrant to purchase 0.33 shares of common stock was $0.71, except that such purchase price per unit was $0.75125 for those investors that are our officers or directors. The warrants are exercisable for a period of 54 months commencing on the six month anniversary of the date on which they are issued and have an exercise price of $0.8875 per share. The net proceeds to us from this transaction, after deducting offering expenses, are approximately $2.18 million. One of the investors in the offering, Lazarus Investment Partners LLLP, was the beneficial owner of approximately 29.6% of our outstanding shares of common stock immediately prior to the offering, agreed to purchase $500,000 worth of shares of common stock and warrants (704,225 shares and 232,394 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. Dr. Borus agreed to purchase 33,278 shares of common stock and 10,982 warrants (subscription proceeds of $25,000). Further, Sarah Trent Harris, a family member of Charles C. Lucas, the Chairman of our Board, agreed to purchase 211,268 shares of common stock and 69,718 warrants (subscription proceeds of $150,000). In addition, an entity controlled by Douglas B. Luce, the brother of J. David Luce, a member of our board of directors, agreed to purchase 352,113 shares of common stock and 116,197 warrants (subscription proceeds of $250,000). O’Connell Benjamin, our former chief executive officer agreed to purchase 133,111 shares of common stock and 43,927 warrants (subscription proceeds of $100,000) and William A. Marshall, our chief financial officer, agreed to purchase 66,556 shares of common stock and 21,963 warrants (subscription proceeds of $50,000). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. Related Party Transactions As described in greater detail in Note 8 of Notes to Consolidated Financial Statements, J. David Luce, a member of our board of directors, John J. Waters, who was a member of our board of directors at the time of the transactions, O’Connell Benjamin, our former chief executive officer and a former member of our board of directors, William Marshall, our chief financial officer and Lazarus Investment Partners LLLP, the manager of which is the brother of Dr. Todd A. Borus a member of our board of directors, participated in one or both of the company’s senior secured note transactions completed in March 2012 and September 2012 and the agreement to extend the maturity date of the March 2012 notes. On September 25, 2012, the company entered into a Board Nomination and Observer Agreement (the “Board Agreement”) with Lazarus Investment Partners, LLLP (“Lazarus Investment”) pursuant to which the company granted Lazarus Investment the right to appoint either an observer to its board of directors or to nominate an individual for election to its board of directors. So long as Lazarus Investment owns 5% or more of the company’s outstanding common stock it may designate an observer to attend all meetings of our board in a non-voting capacity for a period of two years. In addition, in lieu of designating an observer, so long as it owns at least 10% of the company’s outstanding common stock, Lazarus Investment shall have the right to designate one person to be nominated for election to the board. If Lazarus Investment nominates an individual for election to the board, the company shall promptly increase the size of the board, appoint such nominee as a member of the board and, subject to the terms of the Board Agreement, use best efforts to include such nominee in the slate of nominees recommended for election as a director for three years. On March 22, 2013, the company entered into an agreement with certain purchasers that were a party to the securities purchase agreement dated October 12, 2010 and who held a majority of the currently outstanding securities sold by us in our October 2010 private placement, to amend the terms of the 2010 purchase agreement, in order to provide for a six-month restriction on the transferability of the shares of common stock issuable upon conversion of the Series C preferred stock. We entered into this amendment agreement with the purchasers holding a majority of the outstanding securities which were issued under the 2010 purchase agreement, including Lazarus Investment Partners, LLLP, which as of the record date for our special meeting held on April 5, 2013, owned approximately 23.8% of our common stock and 40% of our Series C preferred stock. In connection with the execution of this amendment agreement, on March 22, 2013, we also amended the Board Agreement discussed above to extend for 90 days the time period within which Lazarus Investment Partners must decide whether to nominate an individual for election to our board of directors. At the special meeting of stockholders held on April 5, 2013, our stockholders approved the automatic conversion of the outstanding shares of Series C preferred stock into an aggregate of 3,551,541 shares of common stock, including 1,051,541 shares of common stock issued in lieu of accrued but unpaid dividends on the Series C preferred stock. Lazarus Investment Partners was issued 1,420,616 shares of common stock upon conversion of the shares of Series C preferred stock held by it. As described in greater detail in Note 19 of Notes to Consolidated Financial Statements, in June 2013, we entered into a securities purchase agreement with certain accredited investors pursuant to which we agreed to issue a total of 665,000 shares of Series D preferred stock and warrants to purchase 6,650,000 shares of common stock. The shares of Series D preferred stock and warrants were sold as units, with each unit consisting of one share of Series D preferred stock and ten warrants. Investors that held an aggregate principal amount of $6,500,000 of senior notes agreed to surrender their notes in consideration of the issuance of the shares of Series D preferred stock and warrants and other investors purchased $150,000 of such securities. At closing, which occurred on June 20, 2013, we received an aggregate of $6,650,000 in cancellation of indebtedness and additional funds. An aggregate principal amount of $4,850,000 of the senior notes surrendered in this transaction were held by certain of our officers, directors and our largest stockholder, as follows: an entity affiliated with J. David Luce, a member of our board of directors, and his spouse, held an aggregate principal amount of $2,650,000 of senior notes, and O’Connell Benjamin, our former chief executive officer and a former member of our board of directors, and our chief financial officer, William Marshall, each held an aggregate principal amount of $100,000 of senior notes. The parties affiliated with Mr. Luce acquired 265,000 shares of Series D preferred stock and 2,650,000 warrants and each of Mr. Benjamin and Mr. Marshall acquired 10,000 shares of Series D preferred stock and 100,000 warrants. Further, Lazarus Investment Partners LLLP, which was the beneficial owner of approximately 24.9% of our outstanding shares of common stock immediately prior to this transaction, held an aggregate principal amount of $2,000,000 of senior notes. We issued to Lazarus Investment Partners a total of 200,000 shares of Series D preferred stock and 2,000,000 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. In addition, Dr. Todd A. Borus participated in this transaction as an investor and purchased 2,500 shares of Series D preferred stock and 25,000 warrants. As previously reported by the company and as described elsewhere herein, the company has issued the holders of its Series D preferred stock including the related persons noted above, shares of common stock in lieu of the cash payment of dividends on the outstanding shares of Series D preferred stock. In addition, in connection with the foregoing, we further amended our Board Agreement with Lazarus Investment Partners LLLP. Under this amendment, we again extended by 90 days, to September 19, 2013, the time period within which Lazarus Investment Partners must decide whether to nominate an individual for election to our board of directors. Subsequently, on September 19, 2013, we further amended the Board Agreement to extend by an additional 90 days, to December 18, 2013, the time period within which Lazarus Investment Partners must decide whether to nominate an individual for election to our board of directors. In October 2013, Lazarus Investment Partners exercised its appointment right and nominated Mr. Jeffrey A. Beunier to our board. Our board subsequently increased its size to six members and elected Mr. Beunier to serve as a director on October 31, 2013. He was subsequently elected to serve as a director by the company’s stockholders at our May 2014 annual meeting. Mr. Beunier subsequently resigned from the board on July 1, 2015 In connection with the Series D preferred stock transaction, our former chief executive officer, O’Connell Benjamin and a member of our board of directors, David Luce, agreed to grant a holder of senior notes an option to require them to purchase from him, commencing October 15, 2013, an aggregate of $350,000 of shares of Series D preferred stock and 350,000 warrants pursuant to the terms and conditions of a Put/Call Option Agreement. Under the Put/Call Option Agreement, if the holder declines to exercise its right to require the sale of these securities to Messrs. Luce and Benjamin, then they shall thereafter have a 30-day right to purchase all of such securities from the holder. Following the exercise of the option right by the holder in November 2013, each of Mr. Luce and Mr. Benjamin acquired 50% of these additional securities. Mr. Luce subsequently transferred the securities acquired upon exercise of this right to an entity affiliated with his sibling. As described more fully in Note19 of Notes to the Consolidated Financial Statements, on August 28, 2014, the company entered into securities purchase agreements with certain institutional and/or accredited investors pursuant to which we sold an aggregate of 3,041,454 shares of common stock and warrants to purchase up to an aggregate of 1,003,678 shares of common stock. One of the investors in the offering, Lazarus Investment Partners LLLP, was the beneficial owner of approximately 29.6% of our outstanding shares of common stock immediately prior to the offering, agreed to purchase $500,000 worth of shares of common stock and warrants (704,225 shares and 232,394 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. Dr. Borus agreed to purchase 33,278 shares of common stock and 10,982 warrants (subscription proceeds of $25,000). Further, Sarah Trent Harris, a family member of Charles C. Lucas, the Chairman of our Board, agreed to purchase 211,268 shares of common stock and 69,718 warrants (subscription proceeds of $150,000). In addition, an entity controlled by Douglas B. Luce, the brother of J. David Luce, a member of our board of directors, agreed to purchase 352,113 shares of common stock and 116,197 warrants (subscription proceeds of $250,000). O’Connell Benjamin, our former chief executive officer agreed to purchase 133,111 shares of common stock and 43,927 warrants (subscription proceeds of $100,000) and William A. Marshall, our chief financial officer, agreed to purchase 66,556 shares of common stock and 21,963 warrants (subscription proceeds of $50,000). As described more fully in Note 8 of Notes to the Consolidated Financial Statements, on February 17, 2015, the company issued a short-term promissory note in the aggregate principal amount of $950,000 and warrants to purchase 99,500 shares of common stock to an accredited investor for gross proceeds of $950,000. The holder of the short-term note is an entity controlled by Douglas B. Luce, the brother of J. David Luce, a member of the board of directors of the company. On April 3, 2015, the company entered into an amendment agreement with the holder of the $950,000 short-term promissory note in order to amend such note to extend its maturity date from March 19, 2015 to July 2, 2015. In addition, pursuant to the amendment agreement, the company also agreed to grant the holder the right to exchange the principal amount of the short-term note (and unpaid interest thereon) into the securities of the company sold in the next financing, as defined in the amendment agreement. This investor subsequently agreed not to participate in the convertible debt financing for which a closing was held June 8, 2015 and in consideration of such election, the participation right was modified to allow him to exchange such note for comparable securities in an alternative transaction. In consideration of waivers previously granted by the holder of potential events of default under the short-term note and the amendment to extend the maturity date, the company agreed to issue the holder warrants to purchase 3,166,667 shares of common stock of the company. The warrants are exercisable for a period of 54 months commencing six months following the date of issuance and have an exercise price equal to $0.31 per share. As discussed more fully in Note 25 of Notes to the Consolidated Financial Statements, the parties have entered into several amendment agreements to extend the maturity date of this loan. On April 24, 2015, the company issued a promissory note in the aggregate principal amount of $500,000 to Lazarus Investment Partners LLLP, the beneficial owner of approximately 29.3% of the company’s common stock, in a private transaction. The note was originally due and payable on the first to occur of July 2, 2015 or the date on which the company received at least $900,000 in proceeds from equity or debt financing transactions and has been extended several times. In consideration of the loan, the company and Lazarus entered into a warrant amendment agreement pursuant to which the company agreed to amend certain of the terms of the existing 6,233,636 common stock purchase warrants held by Lazarus to reduce the exercise price of such warrants to $0.25, which was $0.01 above the most recently reported closing consolidated bid price of the company’s common stock prior to the execution of the transaction documents, and to extend the expiration date of the warrants to October 25, 2019. The warrants amended were issued in various transactions from 2010 through 2013 at exercise prices ranging between $0.88 and $2.00. As discussed more fully in Note 25 of Notes to the Consolidated Financial Statements, the parties have entered into several amendment agreements to extend the maturity date of this loan. |
Other Expense, Net
Other Expense, Net | 12 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other Expense, Net | 21. Other Expense, Net Other income (expense) consists of the following (in thousands): June 30, 2015 2014 2013 Amortization of debt discount $ (361 ) $ (126 ) $ (2,904 ) Loss on extinguishment of notes (557 ) — (1,060 ) Amortization of deferred financing costs (25 ) (1 ) (27 ) Interest expense (35 ) — — Net gain from sale of non-core assets — 101 — Miscellaneous income (16 ) — 13 Total other (expense) income, net $ (994 ) $ (26 ) $ (3,978 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 22. 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 June 30, 2015 and 2014 are as follows (in thousands): Fair Value Measurements Using Fair Value Hierarchy Fair value Level 1 Level 2 Level 3 June 30, 2015 Current marketable securities—available for sale $ — $ — $ — $ — Total $ — $ — $ — $ — June 30, 2014 Current marketable securities—available for sale $ 210 $ 210 $ — $ — Total $ 210 $ 210 $ — $ — For the years ended June 30, 2015 and 2014, 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 in
Accounting Standards Adopted in Fiscal 2015 | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Adopted in Fiscal 2015 | 23. Accounting Standards Adopted in Fiscal 2015 The company adopted the following FASB Accounting Standards Update (ASU) during fiscal 2015: • ASU No. 2013-11, Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward or Tax Credit Carryforward Exists (a consensus of FASB Emerging Issues Task Force), The adoption of the ASU described above had no impact on the company’s results of operations or financial position. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 24. Quarterly Financial Data (Unaudited) (in thousands) Fiscal Year Ended June 30, First Second Third Fourth 2015 Revenues $ 1,052 $ 1,347 $ 769 $ 521 Operating expenses 3,163 3,435 3,148 2,649 Net loss (2,111 ) (2,088 ) (2,449 ) (3,052 ) Loss per share $ (0.06 ) $ (0.05 ) $ (0.06 ) $ (0.08 ) 2014 Revenues $ 1,805 $ 1,461 $ 1,221 $ 1,070 Operating expenses 3,584 3,006 2,903 3,181 Net loss (1,874 ) (1,577 ) (1,581 ) (2,111 ) Loss per share $ (0.09 ) $ (0.07 ) $ (0.04 ) $ (0.06 ) 2013 Revenues $ 921 $ 1,051 $ 1,410 $ 1,445 Operating expenses 2,888 2,960 3,268 3,082 Net loss (2,515 ) (2,733 ) (2,670 ) (3,431 ) Loss per share $ (0.11 ) $ (0.11 ) $ (0.11 ) $ (0.12 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events On August 7, 2015, the company issued a senior secured promissory note in the aggregate principal amount of $320,000 to an accredited investor in a private transaction dated August 7, 2015. The note is due and payable on December 31, 2015 and interest shall accrue on the note at the rate of 10.0% per annum. The note is not convertible into equity securities of the company and it contains terms and events of default customary for similar transactions. The note is secured by a first priority lien on certain of our assets, as described in a security agreement entered into between the company and the purchaser dated as of August 7, 2015. In consideration of the loan, the company and the purchaser entered into a warrant amendment agreement pursuant to which the company agreed to amend certain of the terms of the existing 5,474,829 common stock purchase warrants currently held by the purchaser and an affiliate to reduce the exercise price of such warrants to $0.17 and to extend the expiration date of the warrants to December 13, 2019. The warrants amended were issued in various transactions from 2012 through 2013 at exercise prices ranging between $0.95 and $1.34. The purchaser is an entity affiliated with J. David Luce, a member of our board of directors. The company is using the net proceeds from the transaction for general business and working capital purposes. On August 24, 2015 the company entered into an employment agreement with Mr. Henry which sets forth the terms of Mr. Henry’s employment as interim chief strategy officer. The start date of Mr. Henry’s employment as an interim officer was July 23, 2015 and the employment letter is retroactive to that date and provides that Mr. Henry shall serve as our interim chief strategy officer on an at-will basis on the following terms and conditions: Mr. Henry will be entitled to receive a base salary payable at the rate of $250,000 per year, which will be payable upon the expiration of the term of the employment letter. In addition, Mr. Henry will be entitled to a bonus of $200,000 in the event the company completes a transaction resulting in a “change in control” during the term of the employment letter or within 150 days thereafter. Mr. Henry was granted an initial equity award under the company’s 2011 Omnibus Equity Incentive Plan of 475,000 stock options that vest and are exercisable immediately upon the execution of the employment letter. These options are exercisable for a period of ten years, subject to the terms of the plan and the stock option agreement, at an exercise price of $0.25 per share. On August 24, 2015, the closing bid price of the company’s common stock was $0.12 per share. Mr. Henry will also be eligible to receive grants of additional stock options under the plan based on the duration of the term of the employment letter. Under this arrangement, commencing on August 24, 2015, Mr. Henry shall be granted one or more additional awards of 125,000 stock options under the plan for each thirty (30) day period thereafter while the employment letter remains in effect. Awards of additional options shall be granted on (i) August 24, 2015 and (ii) each monthly anniversary thereafter during the term of the employment letter. Each grant of additional options shall vest on the thirty (30) day anniversary date following the date on which such award was granted. Each grant of additional options shall be subject to the terms and conditions of the plan and each stock option agreement issued to evidence such award. Further, each award of additional options is exercisable immediately upon the approval of the company’s shareholders of an amendment to the plan to increase the number of shares of common stock available for awards to be issued thereunder. The exercise price of each grant of additional options shall be equal to the greater of $0.25 per share or fair market value as determined under the plan, and, to the extent exercisable, such additional options shall be exercisable for a term of ten years. The company will reimburse Mr. Henry for reasonable business-related expenditures. Mr. Henry has also entered into the company’s standard form of employee invention assignment and confidentiality agreement. If Mr. Henry’s employment with the company is terminated for any reason, the company shall pay him all accrued compensation due and owing to him and he is not entitled to any severance or other benefits following any termination of his employment with the company except that if his employment is terminated for any reason other than cause (as defined in the employment letter), any unvested option awards granted under the employment letter shall automatically vest and the exercise period of the options granted under the employment letter shall be extended to the duration of their original term. Further, Mr. Henry, who also serves as a member of the company’s board of directors, will not receive remuneration for serving as a director while he is also serving as an executive officer. On August 25, 2015 the company announced that it had entered into a non-binding letter of intent with Peachstate Health Management, LLC d/b/a AEON Clinical Laboratories, an expanding clinical laboratory based in Gainesville, GA (“AEON”) for the acquisition of all of the outstanding membership interests of AEON in exchange for shares of a newly created class of Series E preferred stock of Authentidate (the “Series E Shares”). The letter of intent contemplates the AEON members will be issued Series E Shares convertible into 19.9% of the outstanding shares of the company’s common stock on the date of the closing of the merger transaction, and an additional number of Series E Shares convertible into 5% of the outstanding shares of the company’s common stock upon approval of the merger transaction by the shareholders of the company. Additional Series E Shares will be issued to AEON members in 2016 and 2020 if AEON achieves certain financial results. The additional 2016 Series E Shares will be convertible into 24% of the outstanding shares of the company’s common stock on the date of the closing and will be issued provided AEON achieves $16 million of EBITDA in calendar year 2015. The AEON members will be issued another tranche of Series E Shares in 2020 which, including the previously issued Series E Shares, will be convertible into 85% of the outstanding shares of the company’s common stock (on a partially diluted basis as defined) provided AEON achieves $65.9 million in EBITDA, in the aggregate, in calendar years 2017 and 2018, or $99 million in EBITDA, in the aggregate, for calendar years 2016, 2017 and 2018. The letter of intent also provides for the issuance of Series E Shares as bonus shares for the achievement of $117 million in net income for the four fiscal years ending December 31, 2019, convertible into 5% of the outstanding shares of the company’s common stock (on a partially diluted basis as defined ). The holders of the Series E Shares will have certain preferential rights, including the right to vote separately as a class to nominate and elect one director for each 10% of the outstanding shares of the company’s common stock into which the outstanding Series E Shares shall be convertible. On August 26, 2015, the company issued promissory notes in the aggregate principal amount of $400,000 to Lazarus Investment Partners LLLP, the beneficial owner of approximately 29.3% of the company’s common stock, and an entity affiliated with J. David Luce, a member of our board of directors, in a private transaction. The notes are unsecured obligations of the company and are not convertible into equity securities of the company. The notes bear interest at 20% per annum, payable in arrears, and are due upon the earlier of (i) August 26, 2016, or (ii) within 30 days of the closing of the contemplated acquisition, merger or similar transaction with Peachstate Health Management, LLC (d/b/a AEON Clinical Laboratories) as described above, or a similar alternative acquisition, merger or similar transaction with an unaffiliated third party, or (iii) the closing of a sale of equity or debt securities of the company, or series of closings, as part of the same transaction, of equity or debt securities within a period of 90 days, in the gross amount of at least $5,000,000 in cash proceeds. The holders have the right, at their option, to convert interest and principal due on the note into any alternative financing that may be undertaken by the company while the notes are outstanding. In September 2015, the company issued promissory notes in the aggregate principal amount of $525,000 to accredited investors in a private transaction. The notes are unsecured and are not convertible into equity securities of the company. The notes bear interest at 20% per annum, payable in arrears, and are due upon the earlier of (i) September 18, 2016, or (ii) within 30 days of the closing of a sale of equity or debt securities of the company, or series of closings, as part of the same transaction, of equity or debt securities within a period of 90 days, in the gross amount of at least $5,000,000 in cash proceeds. The company also issued the investors warrants to purchase an aggregate of 1,050,000 shares of common stock. The warrants are exercisable commencing twelve months following their issuance for a period of 54 months at an exercise price of $0.30 per share. These closings are part of an offering of up to $1 million of notes and 2 million warrants. |
Description of Business, Liqu32
Description of Business, Liquidity and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The financial statements include the accounts of Authentidate Holding Corp. and its subsidiaries. Intercompany transactions and balances have been eliminated. Equity investments where we do not exercise significant influence over the investee are accounted for under the cost method. |
Cash Equivalents | Cash Equivalents We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. At June 30, 2015 and 2014 cash equivalents consisted primarily of investments in short term investments such as overnight interest bearing deposits. |
Marketable Securities | Marketable Securities Our marketable securities as of June 30, 2014 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. All income generated from these investments was recorded as interest income. |
Accounts Receivable | Accounts Receivable Accounts receivable represent customer obligations due under normal trade terms, net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. The allowance for doubtful accounts is not material for any of the periods presented. |
Inventory | Inventory Inventory amounts are stated at the lower of cost or market. Cost is determined based on average cost for the related inventory items. |
Long-Lived Assets | Long-Lived Assets Long-lived assets, including property and equipment, software development costs, patent costs, trademarks and licenses are reviewed for impairment using an undiscounted cash flow approach whenever events or changes in circumstances such as significant changes in the business climate, changes in product offerings, or other circumstances indicate that the carrying amount may not be recoverable. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are determined using the straight-line method. Estimated useful lives of the assets range from three to seven years. Repairs and maintenance are charged to expense as incurred. Renewals and betterments are capitalized. When assets are sold, retired or otherwise disposed of, the applicable costs and accumulated depreciation or amortization are removed from the accounts and the resulting gain or loss, if any, is recognized. |
Software Development Costs | Software Development Costs Software development and modification costs incurred subsequent to establishing technological feasibility are capitalized and amortized based on anticipated revenue for the related product with an annual minimum equal to the straight-line amortization over the remaining economic life of the related product (generally three years). Amortization expense was $0 for the years ended June 30, 2015 and 2014 and $171,000 for the year ended June 30, 2013 which is included in depreciation and amortization expense. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Accrued interest related to unrecognized benefits is recorded as interest expense and penalties are recorded as income tax expense. |
Revenue Recognition | Revenue Recognition Revenue is derived from web-based hosted software services, telehealth products and post contract customer support services. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the selling price is fixed and collectability is reasonably assured. Multiple-element arrangements are assessed to determine whether they can be separated into more than one unit of accounting. A multiple-element arrangement is separated into more than one unit of accounting if all of the following criteria are met: the delivered item has value to the customer on a standalone basis; there is objective and reliable evidence of the fair value of the undelivered items in the arrangement; if the arrangement includes a general right of return relative to the delivered items, and delivery or performance of the undelivered item is considered probable and substantially in our control. If these criteria are not met, then revenue is deferred until such criteria are met or until the period over which the last undelivered element is delivered, which is typically the life of the contract agreement. If these criteria are met, we allocate total revenue among the elements based on the sales price of each element when sold separately which is referred to as vendor specific objective evidence or VSOE. Revenue from web-based hosted software and related services and post contract customer support services is recognized when the related service is provided and, when required, accepted by the customer. Revenue from telehealth products is recognized when such products are delivered. Revenue from multiple element arrangements that cannot be allocated to identifiable items is recognized ratably over the contract term which is generally one year. |
Warranty Provisions | Warranty Provisions We provide a limited warranty on the web-based hosted software, telehealth products and services sold. Warranty expense was not significant in any of the periods presented. |
Advertising Expenses | Advertising Expenses We recognize advertising expenses as incurred. Advertising expense was $49,000, $56,000 and $44,000 for the years ended June 30, 2015, 2014 and 2013, respectively. |
Product Development Expenses | Product Development Expenses These costs represent research and development expenses and include salary and benefits, professional and consultant fees and supplies and are expensed as incurred. |
Management Estimates | Management Estimates Preparing financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Examples include estimates of loss contingencies and product life cycles, assumptions such as elements comprising a software arrangement, including the distinction between upgrades/enhancements and new products; when technological feasibility is achieved for our products; the potential outcome of future tax consequences; and determining when investment or other impairments exist. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. We make estimates on the future recoverability of capitalized amounts; we record a valuation allowance against deferred tax assets when we believe it is more likely than not that such deferred tax assets will not be realized and we make assumptions in connection with the calculations of share-based compensation expense. Actual results and outcomes may differ from management’s estimates, judgments and assumptions. We have based our estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances and we evaluate our estimates on a regular basis and make changes accordingly. Historically, our estimates relative to our critical accounting estimates have not differed materially from actual results; however, actual results may differ from these estimates under different conditions. If actual results differ from these estimates and other considerations used in estimating amounts reflected in our consolidated financial statements, the resulting changes could have a material adverse effect on our consolidated statement of operations, and in certain situations, could have a material adverse effect on liquidity and our financial condition. |
Share-Based Compensation | Share-Based Compensation Option-based employee compensation expense is determined using the Black-Scholes option pricing model which values options based on the stock price at the grant date, the exercise price of the option, the expected life of the option, the estimated volatility, expected dividend payments and the risk-free interest rate over the expected life of the options. Restricted stock units granted to employees are valued using the closing stock price of the company’s common stock on the grant date. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments which subject us to concentrations of credit risk consist of cash and cash equivalents, marketable securities and trade accounts receivable. To reduce credit risk, we place our cash, cash equivalents and investments with several high credit quality financial institutions and typically invest in AA or better rated investments. We monitor our credit customers and establish an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. We have no significant off-balance sheet arrangements at June 30, 2015. At June 30, 2015, two customers represented 34% of total accounts receivable. At June 30, 2014, one customer represented 20% of total accounts receivable. For the year ended June 30, 2015, one customer accounted for approximately 45% of consolidated revenues. For the year ended June 30, 2014, one customer accounted for approximately 58% of consolidated revenues. For the year ended June 30, 2013, two customers accounted for 52% of consolidated revenues. |
Present Accounting Standards Not Yet Adopted | Present Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” In June 2014, the FASB issued ASU No. 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” In April 2015, the FASB issued ASU 2015-03 , “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” “Elements of Financial Statements,” “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting.” In April 2015, the FASB issued ASU No. 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement”, |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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 June 30, 2015 is as follows (in thousands, except per share and average life data): Employees Information Number of Weighted Weighted Aggregate Outstanding, June 30, 2012 2,290 $ 4.06 Granted 233 1.41 Expired/forfeited (252 ) 1.87 Outstanding, June 30, 2013 2,271 3.94 Granted 783 0.92 Expired/forfeited (435 ) 1.11 Outstanding June 30, 2014 2,619 3.59 Granted 727 0.83 Expired/forfeited (1,215 ) 4.25 Outstanding June 30, 2015 2,131 $ 2.27 6.16 $ — Exercisable at June 30, 2015 1,209 $ 2.89 3.87 $ — Expected to vest at June 30, 2015 723 $ 1.42 7.42 $ — Non-Executive Director Information Number of Weighted Weighted Aggregate Outstanding, June 30, 2012 243 $ 3.86 Granted 218 1.01 Expired (89 ) 4.76 Outstanding, June 30, 2013 372 1.97 Granted 379 0.92 Expired (9 ) 6.08 Outstanding, June 30, 2014 742 1.39 Granted 1,498 0.37 Expired (55 ) 3.91 Outstanding June 30, 2015 2,185 $ 0.62 8.20 $ — |
Summary of Share-Based Compensation Expense by Category | Share-based compensation expense by category is as follows (in thousands): June 30, 2015 2014 2013 SG&A $ 415 $ 527 $ 245 Product development 40 40 40 Cost of revenues 20 20 20 Share-based compensation expense $ 475 $ 587 $ 305 |
Summary of Estimated Fair Value of Share-Based Compensation Using Black-Scholes Option Pricing Model and Assumptions | The assumptions used in our Black-Scholes calculations for fiscal 2015, 2014 and 2013 are as follows: Risk Free Dividend Volatility Weighted Fiscal year 2015 0.6 % 0 % 84 % 48 Fiscal year 2014 1.4 % 0 % 89 % 48 Fiscal year 2013 0.6 % 0 % 107 % 48 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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): June 30, 2015 2014 2013 Net loss $ (9,700 ) $ (7,143 ) $ (11,349 ) Preferred stock dividends (403 ) (402 ) (384 ) Deemed preferred stock dividends — (2,017 ) (906 ) Net loss applicable to common shareholders $ (10,103 ) $ (9,562 ) $ (12,639 ) Weighted average shares 41,182 37,196 28,086 Basic and diluted loss per common share $ (0.25 ) $ (0.26 ) $ (0.45 ) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory consists of the following (in thousands): June 30, 2015 2014 Purchased components, net $ 261 $ 2,735 Finished goods 342 202 Total inventory $ 603 $ 2,937 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): June 30, Estimated 2015 2014 Machinery and equipment $ 5,256 $ 5,071 3-6 Furniture and fixtures 236 236 5-7 Leasehold improvements 240 240 5 5,732 5,547 Less: Accumulated depreciation and amortization (5,431 ) (5,099 ) $ 301 $ 448 |
Accounts Payable, Accrued Exp37
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities | Accounts payable, accrued expenses and other liabilities consist of the following (in thousands): June 30, 2015 2014 Accounts payable $ 1,410 $ 2,541 Legal 365 — Accrued vacation 130 155 Other accrued expenses 204 110 $ 2,109 $ 2,806 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Notes and Unamortized Debt Discount | The following table sets forth the secured notes and unamortized debt discount (in thousands): June 30, 2015 2014 Notes payable Secured notes payable $ 900 $ — Unsecured notes patable 1,450 — Unamortized debt discount (200 ) — Notes payable $ 2,150 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes differs from the amount computed by applying the federal statutory rate of 34% as follows (in thousands): Year Ended June 30, 2015 2014 2013 Computed expected tax benefit $ (3,298 ) $ (2,429 ) $ (3,859 ) Benefit attributable to net operating loss and tax credit carryforwards and other deductible temporary differences not recognized 3,298 2,429 3,859 Income tax expense $ — $ — $ — |
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities consist of the following (in thousands): June 30, 2015 2014 Deferred tax asset: Intangible assets $ 619 $ 690 Deferred compensation 742 775 Accrued expenses and other 583 262 Net operating loss and tax credit carryforwards 64,544 61,831 Total gross deferred tax assets 66,488 63,558 Less: Valuation allowance (66,488 ) (63,558 ) Net deferred tax assets $ — $ — |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Future Minimum Payments under Operating Leases | Future minimum payments are as follows (in thousands): Operating Year Ending June 30: 2016 $ 512 2017 299 2018 — 2019 — 2020 — Thereafter — $ 811 |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
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 Exercise Price Per Share Weighted Aggregate Outstanding, June 30, 2012 8,651 $ 1.53 Warrants issued 16,315 1.03 Outstanding, June 30, 2013 24,966 1.23 Warrants issued 2,324 1.52 Warrants exercised (483 ) 0.95 Outstanding, June 30, 2014 26,807 1.26 Warrants issued 8,127 0.40 Warrants expired (1,265 ) 1.86 Outstanding, June 30, 2015 33,669 $ 0.84 3.40 $ — Exercisable, June 30, 2015 26,276 $ 0.97 3.01 $ — |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Net Licenses and Other Intangible Assets | The following table set forth licenses, net and other intangible assets that are included in other assets as follows (in thousands): June 30, 2015 June 30, 2014 Useful Life Gross Accumulated Net Book Gross Accumulated Net Book Patents $ 357 $ 276 $ 81 $ 353 $ 256 $ 97 17 Trademarks 214 108 106 205 97 108 20 Acquired technologies 95 72 23 72 72 — 2 Licenses 4,212 2,308 1,904 3,887 1,954 1,933 3-10 Total $ 4,878 $ 2,764 $ 2,114 $ 4,517 $ 2,379 $ 2,138 |
Amortization Expense | Amortization expense for the next five fiscal years and thereafter is expected to be as follows (in thousands): June 30, 2016 $ 518 2017 423 2018 331 2019 303 2020 276 Thereafter 263 $ 2,114 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Summary of Other Income (Expense) | Other income (expense) consists of the following (in thousands): June 30, 2015 2014 2013 Amortization of debt discount $ (361 ) $ (126 ) $ (2,904 ) Loss on extinguishment of notes (557 ) — (1,060 ) Amortization of deferred financing costs (25 ) (1 ) (27 ) Interest expense (35 ) — — Net gain from sale of non-core assets — 101 — Miscellaneous income (16 ) — 13 Total other (expense) income, net $ (994 ) $ (26 ) $ (3,978 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Subject to Fair Value Measurements | The company’s assets subject to fair value measurements as of June 30, 2015 and 2014 are as follows (in thousands): Fair Value Measurements Using Fair Value Hierarchy Fair value Level 1 Level 2 Level 3 June 30, 2015 Current marketable securities—available for sale $ — $ — $ — $ — Total $ — $ — $ — $ — June 30, 2014 Current marketable securities—available for sale $ 210 $ 210 $ — $ — Total $ 210 $ 210 $ — $ — |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | (in thousands) Fiscal Year Ended June 30, First Second Third Fourth 2015 Revenues $ 1,052 $ 1,347 $ 769 $ 521 Operating expenses 3,163 3,435 3,148 2,649 Net loss (2,111 ) (2,088 ) (2,449 ) (3,052 ) Loss per share $ (0.06 ) $ (0.05 ) $ (0.06 ) $ (0.08 ) 2014 Revenues $ 1,805 $ 1,461 $ 1,221 $ 1,070 Operating expenses 3,584 3,006 2,903 3,181 Net loss (1,874 ) (1,577 ) (1,581 ) (2,111 ) Loss per share $ (0.09 ) $ (0.07 ) $ (0.04 ) $ (0.06 ) 2013 Revenues $ 921 $ 1,051 $ 1,410 $ 1,445 Operating expenses 2,888 2,960 3,268 3,082 Net loss (2,515 ) (2,733 ) (2,670 ) (3,431 ) Loss per share $ (0.11 ) $ (0.11 ) $ (0.11 ) $ (0.12 ) |
Description of Business, Liqu46
Description of Business, Liquidity and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($)Customershares | Jun. 30, 2014USD ($)Customershares | Jun. 30, 2013USD ($)Customer | |
Restructuring Cost and Reserve [Line Items] | ||||
Workforce severance charges | $ 70,000 | $ 153,000 | ||
Proceeds from debt financing transactions | $ 3,500,000 | |||
Common stock, shares authorized | shares | 190,000,000 | 190,000,000 | ||
Highly liquid investments maturity period | 3 months | |||
Amortization period of software development | 3 years | |||
Amortization expense | $ 385,000 | $ 333,000 | $ 291,000 | |
Percentage of tax benefit likelihood to be settled | 50.00% | |||
Contract term | 1 year | |||
Advertising expense | $ 49,000 | $ 56,000 | $ 44,000 | |
Number of customers for accounts receivable | Customer | 2 | 1 | ||
Percentage of accounts receivable | 34.00% | 20.00% | ||
Number of customers for consolidated revenues | Customer | 1 | 1 | 2 | |
Percentage of consolidated revenues | 45.00% | 58.00% | 52.00% | |
Software Development Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Amortization expense | $ 0 | $ 0 | $ 171,000 | |
Minimum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated useful life | 3 years | |||
Maximum [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Estimated useful life | 7 years | |||
Prior to Amendment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Common stock, shares authorized | shares | 100,000,000 | |||
Veterans Affairs [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Concentration risk percentage | 45.00% | 58.00% |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | May. 01, 2014 | Jul. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Loan granted or guaranteed | $ 0 | $ 0 | $ 0 | ||
Tax benefit from exercise of stock options | $ 0 | 0 | 0 | ||
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 | $ 452,000 | ||||
Unrecognized compensation expense expected to be recognized over a weighted average period | 17 months | ||||
Total intrinsic value of options exercised | $ 0 | $ 0 | $ 0 | ||
Weighted average grant date fair value of options granted | $ 0.40 | $ 0.64 | $ 0.86 | ||
Total fair value of options vested | $ 807,000 | $ 454,000 | $ 297,000 | ||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units outstanding | 431,295 | ||||
2011 Omnibus Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares available for issuance | 6,750,000 | ||||
Increase the number of shares of common stock available for issuance | 3,400,000 | ||||
Vesting period of awards | One-third | ||||
Options vesting period | 3 years | ||||
Expected life of stock options | 10 years | ||||
Percentage of exercise price on fair market value | 110.00% | ||||
Aggregate fair market value on the grant date of shares subject to options which are designated as ISOs which become exercisable in any calendar year, shall not exceed per option | $ 100,000 | ||||
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% | ||||
Stock options issued | 1,363,024 | ||||
Fair value of stock options issued | $ 358,000 | ||||
Fair value of restricted common stock issued | $ 358,000 | ||||
2011 Plan [Member] | Non-Executive [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted common stock shares issued | 107,776 | ||||
2011 Plan [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of restricted common stock issued | $ 15,000 | ||||
2011 Plan [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted common stock shares issued | 78,854 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity under Stock Option Plans for Employees and Non-Executive Directors (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Employees Information [Member] | |||
Number of Options | |||
Outstanding, Balance | 2,619 | 2,271 | 2,290 |
Granted | 727 | 783 | 233 |
Expired/forfeited | (1,215) | (435) | (252) |
Outstanding, Balance | 2,131 | 2,619 | 2,271 |
Exercisable, Balance | 1,209 | ||
Expected to vest, Balance | 723 | ||
Weighted Average Remaining Contractual Life (Years) | |||
Outstanding, Balance | 6 years 1 month 28 days | ||
Exercisable, Balance | 3 years 10 months 13 days | ||
Expected to vest, Balance | 7 years 5 months 1 day | ||
Aggregate Intrinsic Value | |||
Outstanding June 30, 2015 | $ 0 | ||
Exercisable, Balance | 0 | ||
Expected to vest, Balance | $ 0 | ||
Weighted Average Exercise Price | |||
Outstanding, Balance | $ 3.59 | $ 3.94 | $ 4.06 |
Granted | 0.83 | 0.92 | 1.41 |
Expired/forfeited | 4.25 | 1.11 | 1.87 |
Outstanding, Balance | 2.27 | $ 3.59 | $ 3.94 |
Exercisable, Balance | 2.89 | ||
Expected to vest, Balance | $ 1.42 | ||
Non-Executive Director Information [Member] | |||
Number of Options | |||
Outstanding, Balance | 742 | 372 | 243 |
Granted | 1,498 | 379 | 218 |
Expired | (55) | (9) | (89) |
Outstanding, Balance | 2,185 | 742 | 372 |
Weighted Average Remaining Contractual Life (Years) | |||
Outstanding, Balance | 8 years 2 months 12 days | ||
Aggregate Intrinsic Value | |||
Outstanding June 30, 2015 | $ 0 | ||
Weighted Average Exercise Price | |||
Outstanding, Balance | $ 1.39 | $ 1.97 | $ 3.86 |
Granted | 0.37 | 0.92 | 1.01 |
Expired | 3.91 | 6.08 | 4.76 |
Outstanding, Balance | $ 0.62 | $ 1.39 | $ 1.97 |
Share-Based Compensation - Su49
Share-Based Compensation - Summary of Share-Based Compensation Expense by Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 475 | $ 587 | $ 305 |
SG&A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 415 | 527 | 245 |
Product Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | 40 | 40 | 40 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Share-based compensation expense | $ 20 | $ 20 | $ 20 |
Share-Based Compensation - Su50
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, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk Free Interest Rate | 0.60% | 1.40% | 0.60% |
Dividend Yield | 0.00% | 0.00% | 0.00% |
Volatility Factor | 84.00% | 89.00% | 107.00% |
Weighted Average Expected Option Life (Months) | 48 months |
Loss Per Share - Calculation of
Loss Per Share - Calculation of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | |||||||||||||||
Net loss | $ (3,052) | $ (2,449) | $ (2,088) | $ (2,111) | $ (2,111) | $ (1,581) | $ (1,577) | $ (1,874) | $ (3,431) | $ (2,670) | $ (2,733) | $ (2,515) | $ (9,700) | $ (7,143) | $ (11,349) |
Preferred stock dividends | (403) | (402) | (384) | ||||||||||||
Deemed preferred stock dividends | (2,017) | (906) | |||||||||||||
Net loss applicable to common shareholders | $ (10,103) | $ (9,562) | $ (12,639) | ||||||||||||
Weighted average shares | 41,182 | 37,196 | 28,086 | ||||||||||||
Basic and diluted loss per common share | $ (0.08) | $ (0.06) | $ (0.05) | $ (0.06) | $ (0.06) | $ (0.04) | $ (0.07) | $ (0.09) | $ (0.12) | $ (0.11) | $ (0.11) | $ (0.11) | $ (0.25) | $ (0.26) | $ (0.45) |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2000 | |
Convertible Debt [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities outstanding | (3,600,000) | |||
Options [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities outstanding | (4,316,000) | (3,361,000) | (2,643,000) | |
Restricted Stock Units [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities outstanding | (888,000) | (910,000) | (576,000) | |
Warrants [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities outstanding | (33,669,000) | (26,807,000) | (24,966,000) | |
Series D Preferred Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Convertible redeemable preferred stock dividend | 5.00% | |||
Antidilutive securities outstanding | (6,125,000) | (6,125,000) | (6,125,000) | |
Series B Preferred Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Convertible redeemable preferred stock dividend | 10.00% | |||
Antidilutive securities outstanding | (250,000) | (250,000) | (250,000) | |
Series C 15% Convertible Redeemable Preferred Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Convertible redeemable preferred stock dividend | 15.00% |
Sale of Non-Core Assets - Addit
Sale of Non-Core Assets - Additional Information (Detail) - Health Fusion Inc [Member] - USD ($) | 1 Months Ended | 12 Months Ended |
Feb. 28, 2014 | Jun. 30, 2005 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net proceeds from sale | $ 851,000 | |
Gain on sale of investment | $ 101,000 | |
Company's investment | $ 750,000 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Inventory Disclosure [Abstract] | ||
Purchased components, net | $ 261 | $ 2,735 |
Finished goods | 342 | 202 |
Total inventory | $ 603 | $ 2,937 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Machinery and equipment | $ 5,256 | $ 5,071 |
Furniture and fixtures | 236 | 236 |
Leasehold improvements | 240 | 240 |
Property and equipment, gross | 5,732 | 5,547 |
Less: Accumulated depreciation and amortization | (5,431) | (5,099) |
Property and equipment, net | $ 301 | $ 448 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Estimated Useful Life | 5 years | |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Estimated Useful Life | 3 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Estimated Useful Life | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Estimated Useful Life | 5 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Estimated Useful Life | 7 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Estimated Useful Life | 6 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Estimated Useful Life | 7 years |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 959,000 | $ 766,000 | $ 843,000 |
Property and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | 332,000 | 354,000 | 354,000 |
Other Property Plant and Equipment Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 242,000 | $ 79,000 | $ 28,000 |
Estimated useful life | 3 years |
Accounts Payable, Accrued Exp57
Accounts Payable, Accrued Expenses and Other Liabilities - Schedule of Accounts Payable, Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 1,410 | $ 2,541 |
Legal | 365 | |
Accrued vacation | 130 | 155 |
Other accrued expenses | 204 | 110 |
Accounts payable, accrued expenses and other liabilities | $ 2,109 | $ 2,806 |
Notes Payable - Additional Info
Notes Payable - Additional Information 1 (Detail) - USD ($) | Aug. 28, 2014 | Sep. 28, 2012 | Mar. 14, 2012 | Mar. 09, 2012 | Oct. 13, 2011 | Mar. 10, 2010 | Oct. 07, 2011 | Sep. 28, 2012 | Sep. 24, 2012 | Jun. 30, 2013 | Jun. 30, 2015 |
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 | $ 7,350,000 | ||||||||||
Interest accrued on secured notes | $ 0 | ||||||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | ||||||||
Exercise price of warrants | $ 0.8875 | $ 2.50 | $ 1.34 | $ 0.84 | |||||||
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 | $ 3,600,000 | $ 3,540,000 | $ 7,260,000 | ||||||||
Issuance of warrants to purchase common stock | 225,000 | ||||||||||
J. David Luce [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sale of senior secured promissory notes | $ 2,650,000 | ||||||||||
Issuance of warrants to purchase common stock | 2,010,876 | ||||||||||
John J. Waters [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sale of senior secured promissory notes | $ 150,000 | ||||||||||
Issuance of warrants to purchase common stock | 119,940 | ||||||||||
Chief Executive Officer [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sale of senior secured promissory notes | $ 100,000 | ||||||||||
Issuance of warrants to purchase common stock | 43,927 | 76,073 | |||||||||
Chief Financial Officer [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sale of senior secured promissory notes | $ 100,000 | ||||||||||
Issuance of warrants to purchase common stock | 21,963 | 76,073 | |||||||||
Beneficial Owner [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Sale of senior secured promissory notes | $ 2,000,000 | ||||||||||
Issuance of warrants to purchase common stock | 1,521,463 | ||||||||||
Percentage of ownership in common stock | 23.80% | 16.20% | |||||||||
Institutional and Accredited Investors [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exercise price of warrants | $ 1.34 | $ 2 | $ 0.95 | ||||||||
Issuance of warrants to purchase common stock | 1,468,752 | 4,683,685 |
Notes Payable - Additional In59
Notes Payable - Additional Information 2 (Detail) - USD ($) | Apr. 24, 2015 | Sep. 24, 2012 | Jun. 30, 2015 | Jun. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Mar. 14, 2012 |
Debt Instrument [Line Items] | |||||||
Extended maturity date | Oct. 31, 2013 | ||||||
Date of new notes issued | Sep. 28, 2012 | ||||||
Senior secured promissory notes | $ 4,050,000 | ||||||
Warrants to purchase aggregate shares of common stock | 2,197,674 | ||||||
Debt discount at issuance | $ 4,726,000 | ||||||
Additional paid-in-capital related to fair value of warrants | $ 4,676,000 | ||||||
Sale of Series D convertible preferred stock | $ 900,000 | ||||||
Loss on extinguishment of secured notes | (557,000) | $ (1,060,000) | |||||
Aggregate principal amount outstanding for repayment | 200,000 | ||||||
Series D Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Sale of Series D convertible preferred stock | $ 6,500,000 | ||||||
Loss on extinguishment of secured notes | $ (1,060,000) | ||||||
Convertible preferred stock notes transaction closing date | Jun. 20, 2013 | ||||||
J. David Luce [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Extension warrants issued | 813,953 | ||||||
John J. Waters [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Extension warrants issued | 81,395 | ||||||
Chief Executive Officer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Extension warrants issued | 27,131 | ||||||
Chief Financial Officer [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Extension warrants issued | 27,131 | ||||||
Lazarus Investment Partners LLLP [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior secured promissory notes | $ 500,000 | $ 500,000 | |||||
Extension warrants issued | 542,636 | ||||||
Interest rate of secured notes | 313.00% | ||||||
Debt instrument maturity date | Jul. 2, 2015 | Oct. 16, 2015 | |||||
Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount outstanding for repayment | $ 850,000 | ||||||
Debt instrument maturity date | Oct. 31, 2013 | ||||||
Senior Secured Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior secured promissory notes | $ 7,350,000 | ||||||
Interest rate of secured notes | 36.00% | 54.00% | 47.00% | 41.00% | |||
Interest rate description | This allocation resulted in an effective interest rate for the secured notes from March 2012 through September 2012 of approximately 54% per annum. |
Notes Payable - Additional In60
Notes Payable - Additional Information 3 (Detail) - USD ($) | Apr. 24, 2015 | Apr. 03, 2015 | Feb. 17, 2015 | Jan. 29, 2015 | Aug. 28, 2014 | Apr. 05, 2013 | Sep. 25, 2012 | Mar. 09, 2012 | Mar. 10, 2010 | Jun. 30, 2015 | Jun. 30, 2013 | Jun. 20, 2013 | Sep. 24, 2012 |
Debt Instrument [Line Items] | |||||||||||||
Short term loan | $ 200,000 | $ 2,550,000 | |||||||||||
Aggregate principal amount of promissory notes | $ 4,050,000 | ||||||||||||
Issuance of warrants | 6,650,000 | ||||||||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | ||||||||||
Warrant exercise price per share | $ 0.8875 | $ 2.50 | $ 0.84 | $ 1.34 | |||||||||
Lazarus Investment Partners LLLP [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument maturity date | Jul. 2, 2015 | Oct. 16, 2015 | |||||||||||
Debt instrument interest rate | 5.76% | 12.00% | |||||||||||
Aggregate principal amount of promissory notes | $ 500,000 | $ 500,000 | |||||||||||
Warrant exercise price per share | $ 0.25 | ||||||||||||
Proceeds to be raised from other financing sources to repay the note | $ 900,000 | ||||||||||||
Percentage of ownership on common stock | 29.30% | 29.60% | 23.80% | 5.00% | |||||||||
Warrants held by related party | 6,233,636 | ||||||||||||
Increase in exercise price of warrant | $ 0.01 | ||||||||||||
Warrant expiration date | Jul. 2, 2015 | Oct. 25, 2019 | |||||||||||
Promissory Note, With 8% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument interest rate | 8.00% | ||||||||||||
Aggregate principal amount of promissory notes | $ 100,000 | $ 100,000 | |||||||||||
Issuance of warrants | 80,000 | ||||||||||||
Gross proceeds from issuance of common stock and warrants | $ 100,000 | ||||||||||||
Debt instrument expiration period | 6 months | ||||||||||||
Net proceeds from issuance of short term promissory notes | $ 92,000 | ||||||||||||
Warrants, exercisable period | 54 months | ||||||||||||
Warrant exercise price per share | $ 1.01 | ||||||||||||
Additional proceeds from notes payable | $ 900,000 | ||||||||||||
Promissory Note 5.76% Interest Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument interest rate | 5.76% | ||||||||||||
Aggregate principal amount of promissory notes | $ 950,000 | $ 950,000 | |||||||||||
Issuance of warrants | 3,166,667 | 99,500 | |||||||||||
Net proceeds from issuance of short term promissory notes | $ 940,000 | ||||||||||||
Warrants, exercisable period | 54 months | 54 months | |||||||||||
Warrant exercise price per share | $ 0.31 | $ 1.01 | |||||||||||
Proceeds to be raised from other financing sources to repay the note | $ 950,000 | ||||||||||||
Promissory Note 5.76% Interest Rate [Member] | Prior to Amendment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument maturity date | Mar. 19, 2015 | ||||||||||||
Promissory Note 5.76% Interest Rate [Member] | Post Amendment [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument maturity date | Jul. 2, 2015 | ||||||||||||
Promissory Note 12% Interest Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument interest rate | 12.00% | ||||||||||||
Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant exercise price per share | $ 0.30 | 0.95 | |||||||||||
Minimum [Member] | Lazarus Investment Partners LLLP [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant exercise price per share | 0.88 | ||||||||||||
Percentage of ownership on common stock | 10.00% | ||||||||||||
Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant exercise price per share | $ 1.01 | 1.34 | |||||||||||
Maximum [Member] | Lazarus Investment Partners LLLP [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Warrant exercise price per share | $ 2 | ||||||||||||
Secured Promissory Note [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issuance of secured promissory notes | $ 200,000 | ||||||||||||
Debt instrument maturity date | Mar. 30, 2015 | ||||||||||||
Debt instrument interest rate | 6.00% |
Notes Payable - Additional In61
Notes Payable - Additional Information 4 (Detail) - USD ($) | Jun. 08, 2015 | Aug. 28, 2014 | Nov. 12, 2013 | Mar. 09, 2012 | Oct. 12, 2010 | Mar. 10, 2010 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 20, 2013 | Sep. 24, 2012 |
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of promissory notes | $ 4,050,000 | ||||||||||
Issuance of warrants to purchase common stock | 6,650,000 | ||||||||||
Warrant exercise price per share | $ 0.8875 | $ 2.50 | $ 0.84 | $ 1.34 | |||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | ||||||||
Common stock price per share | 0.001 | $ 0.001 | |||||||||
Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrant exercise price per share | $ 0.30 | $ 0.95 | |||||||||
Senior Secured Convertible Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of promissory notes | $ 900,000 | ||||||||||
Issuance of warrants to purchase common stock | 3,626,667 | ||||||||||
Warrant exercise price per share | $ 0.30 | ||||||||||
Warrants, exercisable period | 54 months | ||||||||||
Debt instrument consecutive trading days | 20 days | ||||||||||
Class of warrant of right exercised | $ 2,100,000 | ||||||||||
Issuance of warrants to purchase common stock | 8,400,000 | ||||||||||
Debt instrument expiration period | 1 year | ||||||||||
Debt instrument conversion price | $ 0.25 | ||||||||||
Debt instrument conversion price percentage decreased | 85.00% | ||||||||||
Debt instrument interest rate | 9.00% | ||||||||||
Debt instrument redemption price percentage | 110.00% | ||||||||||
Senior Secured Convertible Notes [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Common stock price per share | $ 0.45 | ||||||||||
Promissory Note, With 8% [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of promissory notes | $ 100,000 | ||||||||||
Private Placement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount of promissory notes | $ 3,000,000 | ||||||||||
Warrant exercise price per share | $ 1.38 | $ 1.40 | |||||||||
Warrants, exercisable period | 54 months | 54 months |
Notes Payable - Additional In62
Notes Payable - Additional Information 5 (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 24, 2015 | Feb. 17, 2015 | Sep. 30, 2012 | Sep. 24, 2012 | Mar. 31, 2012 | Mar. 14, 2012 | |
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of promissory notes | $ 4,050,000 | |||||||||
Debt instrument carrying amount | ||||||||||
Debt discount | $ 200,000 | $ 200,000 | ||||||||
Additional paid-in-capital related to issuance of warrants | 81,000 | $ 86,000 | $ 180,000 | |||||||
Warrant liability | $ 214,000 | 214,000 | ||||||||
Gain or loss on the extinguishment | 557,000 | 1,060,000 | ||||||||
Amortization of debt discount and deferred financing costs | $ 386,000 | $ 127,000 | $ 2,931,000 | |||||||
Lazarus Investment Partners LLLP [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate of notes | 313.00% | 313.00% | ||||||||
Aggregate principal amount of promissory notes | $ 500,000 | $ 500,000 | $ 500,000 | |||||||
Senior Secured Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate of notes | 36.00% | 36.00% | 54.00% | 47.00% | 41.00% | |||||
Aggregate principal amount of promissory notes | $ 7,350,000 | $ 7,350,000 | ||||||||
Warrant liability | $ 214,000 | $ 214,000 | ||||||||
Promissory Note, With 8% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate of notes | 39.00% | 39.00% | ||||||||
Aggregate principal amount of promissory notes | $ 100,000 | $ 100,000 | $ 100,000 | |||||||
Promissory Note 5.76% Interest Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Effective interest rate of notes | 65.00% | 65.00% | ||||||||
Aggregate principal amount of promissory notes | $ 950,000 | $ 950,000 | $ 950,000 | |||||||
Debt instrument carrying amount | 2,350,000 | 2,350,000 | ||||||||
Debt discount | 560,000 | 560,000 | ||||||||
Additional paid-in-capital related to issuance of warrants | $ 902,000 | |||||||||
Promissory Note 5.76% and 8% Interest Rate[Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gain or loss on the extinguishment | $ 557,000 |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes and Unamortized Debt Discount (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Disclosure [Abstract] | ||
Notes payable | ||
Secured notes payable | $ 900 | |
Unsecured notes patable | 1,450 | |
Unamortized debt discount | (200) | |
Notes payable | $ 2,150 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Schedule Of Income Taxes [Line Items] | |||
Capital loss carryforward for tax purposes related to sale | $ 13,600,000 | ||
Capital loss carryforwards expiration years | 2,016 | ||
Federal statutory rate | 34.00% | ||
Increase (decrease) in valuation allowance | $ 2,930,000 | $ (1,741,000) | $ 3,131,000 |
Separate Return Limitation Year [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforwards | 5,300,000 | ||
Federal [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 162,000,000 | ||
Federal [Member] | Earliest Tax Year [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration years | 2,019 | ||
Federal [Member] | Latest Tax Year [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration years | 2,035 | ||
State [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 60,000,000 | ||
State [Member] | Earliest Tax Year [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration years | 2,016 | ||
State [Member] | Latest Tax Year [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration years | 2,035 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Computed expected tax benefit | $ (3,298) | $ (2,429) | $ (3,859) |
Benefit attributable to net operating loss and tax credit carryforwards and other deductible temporary differences not recognized | 3,298 | 2,429 | 3,859 |
Income tax expense | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax asset: | ||
Intangible assets | $ 619 | $ 690 |
Deferred compensation | 742 | 775 |
Accrued expenses and other | 583 | 262 |
Net operating loss and tax credit carryforwards | 64,544 | 61,831 |
Total gross deferred tax assets | 66,488 | 63,558 |
Less: Valuation allowance | (66,488) | (63,558) |
Net deferred tax assets | $ 0 | $ 0 |
Lease Commitments - Future Mini
Lease Commitments - Future Minimum Payments under Operating Leases (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 512 |
2,017 | 299 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 811 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Leases [Abstract] | |||
Rental expense | $ 481,000 | $ 481,000 | $ 477,000 |
Preferred Stock - Additional In
Preferred Stock - Additional Information (Detail) - USD ($) | Aug. 28, 2014 | Jun. 20, 2013 | Apr. 05, 2013 | Mar. 09, 2012 | Mar. 10, 2010 | Apr. 30, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2000 | Oct. 30, 2002 |
Preferred Stock [Line Items] | ||||||||||||
Preferred stock par value per share | $ 0.10 | $ 0.10 | ||||||||||
Issued dividends of Series C preferred stock | 1,051,541 | |||||||||||
Company issued warrants to purchase common stock | 225,000 | |||||||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | |||||||||
Exercise price of warrants | $ 0.8875 | $ 2.50 | $ 0.84 | $ 1.34 | ||||||||
Percentage of exercise price of warrants of consolidated bid price of common stock | 101.00% | |||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Preferred stock, shares outstanding | 28,000 | 28,000 | ||||||||||
Preferred stock redemption price per share | $ 25 | $ 25 | ||||||||||
Conversion rate of common stock per share | $ 2.80 | |||||||||||
Conversion of preferred stock and accrued dividends into common stock shares | 250,000 | |||||||||||
Accrued dividend | $ 70,000 | |||||||||||
Accrued dividend rate | 10.00% | |||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Conversion of the preferred stock and accrued dividends into common stock shares | 3,551,541 | |||||||||||
Company issued warrants to purchase common stock | 825,000 | 825,000 | ||||||||||
Warrants, exercisable period | 54 months | |||||||||||
Exercise price of warrants | $ 1.60 | $ 1.60 | ||||||||||
Percentage of exercise price of warrants of consolidated bid price of common stock | 101.00% | |||||||||||
Series D Preferred Stock [Member] | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Company issued warrants to purchase common stock | 6,650,000 | |||||||||||
Warrants, exercisable period | 54 months | |||||||||||
Exercise price of warrants | $ 0.95 | $ 0.95 | ||||||||||
Preferred stock, shares outstanding | 665,000 | 665,000 | ||||||||||
Preferred stock redemption price per share | $ 10 | |||||||||||
Conversion rate of common stock per share | $ 1.08571 | |||||||||||
Conversion of preferred stock and accrued dividends into common stock shares | 6,125,024 | |||||||||||
Accrued dividend | $ 0 | |||||||||||
Accrued dividend rate | 5.00% | |||||||||||
Preferred stock repurchased period | 2 years | |||||||||||
Preferred stock conversion period | 3 years | |||||||||||
Series D Preferred Stock [Member] | Dividend Paid [Member] | ||||||||||||
Preferred Stock [Line Items] | ||||||||||||
Issued dividends of Series C preferred stock | 306,254 | 275,228 | ||||||||||
Payment of accrued dividend | $ 332,500 | $ 342,521 |
Common Stock Warrants - Additio
Common Stock Warrants - Additional Information (Detail) | Aug. 28, 2014$ / sharesshares | Apr. 30, 2012$ / sharesshares | Mar. 09, 2012$ / sharesshares | Oct. 07, 2011$ / sharesshares | Jun. 30, 2015$ / sharesshares | Jun. 30, 2014USD ($)$ / shares$ / Warrantshares | Jun. 30, 2013$ / sharesshares | Jun. 30, 2012$ / sharesshares | Feb. 28, 2015shares | Jun. 20, 2013$ / sharesshares | Mar. 10, 2010$ / shares |
Class of Warrant or Right [Line Items] | |||||||||||
Issuance of warrants to purchase common stock | 225,000 | ||||||||||
Exercise price of warrants | $ / shares | $ 0.8875 | $ 0.84 | $ 1.34 | $ 2.50 | |||||||
Warrants expiration date | Nov. 30, 2013 | ||||||||||
Warrants issued to consultant for services under condition one | 50,000 | ||||||||||
Exercise price per share under condition one | $ / Warrant | 0.89 | ||||||||||
Warrants vesting start date | Mar. 31, 2015 | Jul. 31, 2014 | |||||||||
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 | $ / Warrant | 1.34 | ||||||||||
Warrants issued to consultant for services under condition three | 1,000,000 | ||||||||||
Exercise price per share under condition three | $ / Warrant | 1.76 | ||||||||||
Warrants vesting per installment under condition two | 50,000 | ||||||||||
Warrants vesting per installment under condition three | 100,000 | ||||||||||
Warrants life under condition two | 5 years | ||||||||||
Warrants life under condition three | 5 years | ||||||||||
Warrants vested | 100,000 | ||||||||||
Fair value of warrants vested | $ | $ 59,000 | ||||||||||
Warrants issued to consultant for services | 150,000 | ||||||||||
Warrants life | 2 years | ||||||||||
Issuance of warrants to purchase common stock | 6,650,000 | ||||||||||
Series C Preferred Stock [Member] | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Issuance of warrants to purchase common stock | 825,000 | 825,000 | |||||||||
Exercise price of warrants | $ / shares | $ 1.60 | $ 1.60 | |||||||||
Series D Preferred Stock [Member] | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Issuance of warrants to purchase common stock | 6,650,000 | ||||||||||
Exercise price of warrants | $ / shares | $ 0.95 | $ 0.95 | |||||||||
Accredited Investors [Member] | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Issuance of warrants to purchase common stock | 3,022,388 | 774,716 | 2,558,139 | 2,197,674 | |||||||
Exercise price of warrants | $ / shares | $ 1.38 | $ 1.34 | $ 1.34 | ||||||||
Issuance of warrants to purchase common stock | 6,650,000 | ||||||||||
Institutional and Accredited Investors [Member] | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Issuance of warrants to purchase common stock | 1,468,752 | 4,683,685 | |||||||||
Exercise price of warrants | $ / shares | $ 1.34 | $ 2 | $ 0.95 | ||||||||
Minimum [Member] | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Exercise price of warrants | $ / shares | $ 0.30 | 0.95 | |||||||||
Maximum [Member] | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Exercise price of warrants | $ / shares | $ 1.01 | $ 1.34 | |||||||||
Institutional Investors [Member] | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Issuance of warrants to purchase common stock | 1,003,678 | ||||||||||
Promissory Note [Member] | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Issuance of warrants to purchase common stock | 6,972,834 | ||||||||||
Warrants cancelled | 80,000 |
Common Stock Warrants - Schedul
Common Stock Warrants - Schedule of Common Stock Warrant Activity (Detail) - Warrants [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Number of Shares | |||
Outstanding, Beginning balance | 26,807 | 24,966 | 8,651 |
Warrants issued | 8,127 | 2,324 | 16,315 |
Warrants expired | (1,265) | ||
Warrants exercised | (483) | ||
Outstanding, Ending balance | 33,669 | 26,807 | 24,966 |
Exercisable, June 30, 2015 | 26,276 | ||
Weighted Average Exercise Price Per Share | |||
Outstanding, Beginning balance | $ 1.26 | $ 1.23 | $ 1.53 |
Warrants issued | 0.40 | 1.52 | 1.03 |
Warrants expired | 1.86 | ||
Outstanding, Ending balance | 0.84 | 1.26 | $ 1.23 |
Exercisable, June 30, 2015 | $ 0.97 | $ 0.95 | |
Weighted Average Remaining Contractual Life (Years) | |||
Outstanding, June 30, 2015 | 3 years 4 months 24 days | ||
Exercisable, June 30, 2015 | 3 years 4 days | ||
Aggregate Intrinsic Value | |||
Outstanding, June 30, 2015 | $ 0 | ||
Exercisable, June 30, 2015 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | May. 22, 2015 | Jun. 30, 2015 |
Contingencies And Commitments [Line Items] | ||
Royalty period | 3 years | |
Amount at issue with regard to purchase arrangement | $ 1.2 | |
Inventory and Accounts Payable [Member] | ||
Contingencies And Commitments [Line Items] | ||
Amount intended to be returned | $ 0.2 |
Supplemental Cash Flow Inform73
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Income taxes paid | $ 0 | $ 0 | $ 0 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Contributions to the plan | $ 0 | $ 0 | $ 0 |
Other Intangible Assets - Net L
Other Intangible Assets - Net Licenses and Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,878 | $ 4,517 |
Accumulated Amortization | 2,764 | 2,379 |
Net Book Value | 2,114 | 2,138 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 357 | 353 |
Accumulated Amortization | 276 | 256 |
Net Book Value | $ 81 | 97 |
Useful Life In Years | 17 years | |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 214 | 205 |
Accumulated Amortization | 108 | 97 |
Net Book Value | $ 106 | 108 |
Useful Life In Years | 20 years | |
Acquired Technologies [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 95 | 72 |
Accumulated Amortization | 72 | 72 |
Net Book Value | $ 23 | |
Useful Life In Years | 2 years | |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,212 | 3,887 |
Accumulated Amortization | 2,308 | 1,954 |
Net Book Value | $ 1,904 | $ 1,933 |
Minimum [Member] | Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life In Years | 3 years | |
Maximum [Member] | Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life In Years | 10 years |
Other Intangible Assets - Addit
Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 50,000 | $ 50,000 | |
Amortization expense | $ 385,000 | $ 333,000 | $ 291,000 |
Other Intangible Assets - Amort
Other Intangible Assets - Amortization Expense (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 518 | |
2,017 | 423 | |
2,018 | 331 | |
2,019 | 303 | |
2,020 | 276 | |
Thereafter | 263 | |
Net Book Value | $ 2,114 | $ 2,138 |
Business Acquisition - Addition
Business Acquisition - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2015USD ($)shares | |
Business Acquisition [Line Items] | |
Effective date of acquisition agreement | Apr. 5, 2012 |
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 | 36,000 |
Registration expenses in connection with transaction | $ 15,000 |
Common stock issued pursuant to the agreement | shares | 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% |
Date of acquisition agreement | Nov. 21, 2011 |
Authentidate Holding Corp. [Member] | |
Business Acquisition [Line Items] | |
Ownership interest in joint venture | 50.00% |
Equity Offerings - Additional I
Equity Offerings - Additional Information 1 (Detail) - USD ($) | Oct. 13, 2011 | Oct. 12, 2010 | Mar. 10, 2010 | Oct. 30, 2002 | Feb. 29, 2004 | Sep. 28, 2012 | Jun. 30, 2015 | Dec. 31, 2000 | Jun. 30, 2014 |
Conversion of Stock [Line Items] | |||||||||
Aggregate direct offerings of common stock | 42,116,000 | 38,511,000 | |||||||
Net proceeds after deducting placement agent fees and offering expenses | $ 3,600,000 | $ 3,540,000 | $ 7,260,000 | ||||||
Series B Preferred Stock [Member] | |||||||||
Conversion of Stock [Line Items] | |||||||||
Number of shares convertible cumulative preferred stock sold | 50,000 | ||||||||
Preferred stock, selling price per share | $ 25 | ||||||||
Aggregate offering price of preferred stock | $ 1,200,000 | ||||||||
Preferred stock, dividends payable rate per annum | 10.00% | ||||||||
Preferred stock, conversion price | $ 2.80 | $ 3.75 | |||||||
Number of consecutive trading days | 10 days | 10 days | |||||||
Number of trading day prior to notice of conversion | 1 day | ||||||||
Maximum percentage of preferred stock can be converted per month | 20.00% | ||||||||
Preferred stock redeemable period at the option of issuer | The Series B preferred stock is redeemable at the option of the company at any time commencing one year after issuance or not less than 30 nor more than 60 days after written notice | ||||||||
Preferred stock redemption price per share | $ 25 | $ 25 | |||||||
Number of consecutive trading days | 20 days | ||||||||
Number of consecutive trading days prior to notice of redemption | 10 days | ||||||||
Maximum closing bid price of common stock | $ 7.50 | ||||||||
Preferred stock, shares outstanding | 28,000 | 28,000 | |||||||
Agreed to defer its ability to redeem preferred shares for a period | In consideration of obtaining the consent of the holder of the outstanding Series B preferred stock, the company agreed to defer its ability to redeem those shares for a period of two years. | ||||||||
Series B Preferred Stock [Member] | Minimum [Member] | |||||||||
Conversion of Stock [Line Items] | |||||||||
Preferred stock, conversion price | $ 1.75 | ||||||||
Number of shares issued upon conversion of preferred stock | 250,000 | ||||||||
Series B Preferred Stock [Member] | Maximum [Member] | |||||||||
Conversion of Stock [Line Items] | |||||||||
Number of shares issued upon conversion of preferred stock | 400,000 | ||||||||
Private Placement [Member] | |||||||||
Conversion of Stock [Line Items] | |||||||||
Aggregate direct offerings of common stock | 2,680,185 | ||||||||
Common shares, selling price per share | $ 27.50 | ||||||||
Gross proceeds from sale of common stock | $ 73,700,000 | ||||||||
Net proceeds after deducting placement agent fees and offering expenses | $ 4,460,000 | $ 69,100,000 |
Equity Offerings - Additional80
Equity Offerings - Additional Information 2 (Detail) | Aug. 28, 2014$ / shares | Nov. 12, 2013USD ($)$ / shares | Mar. 09, 2012 | Oct. 13, 2011USD ($) | Oct. 07, 2011USD ($)$ / sharesshares | Oct. 12, 2010USD ($)$ / shares$ / Securityshares | Mar. 10, 2010USD ($)$ / sharesshares | Dec. 31, 2009USD ($)$ / sharesshares | Feb. 29, 2004USD ($)shares | Sep. 28, 2012USD ($) | Jun. 30, 2015$ / sharesshares | Jun. 30, 2014shares | Dec. 31, 2000 | Jun. 30, 2013$ / shares | Mar. 14, 2012USD ($) |
Conversion of Stock [Line Items] | |||||||||||||||
Aggregate direct offerings of common stock | 42,116,000 | 38,511,000 | |||||||||||||
Common stock purchase warrants to purchase common stock | 85,000 | ||||||||||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | ||||||||||||
Exercise price of warrants | $ / shares | $ 0.8875 | $ 2.50 | $ 0.84 | $ 1.34 | |||||||||||
Proceeds from exercise of warrants | $ | $ 700,000 | ||||||||||||||
Net proceeds after deducting placement agent fees and offering expenses | $ | $ 3,600,000 | $ 3,540,000 | $ 7,260,000 | ||||||||||||
Fair value of warrants | $ | $ 4,676,000 | ||||||||||||||
Effective declaration statement of registration statement | December 9, 2010 | ||||||||||||||
Percentage of liquidation damages to investors | 1.00% | ||||||||||||||
Limitation on Registration Default, percentage | 6.00% | ||||||||||||||
Percentage of registrable securities covered by registration statement | 100.00% | ||||||||||||||
Institutional Investors [Member] | |||||||||||||||
Conversion of Stock [Line Items] | |||||||||||||||
Aggregate direct offerings of common stock | 1,700,000 | ||||||||||||||
Common stock purchase warrants to purchase common stock | 1,700,000 | ||||||||||||||
Gross proceeds from sale of common stock | $ | $ 3,400,000 | ||||||||||||||
Purchase price of common stock and warrants | $ / shares | $ 2 | ||||||||||||||
Warrants, exercisable period | 90 days | ||||||||||||||
Exercise price of warrants | $ / shares | $ 2 | ||||||||||||||
Number of warrants exercised | 349,493 | ||||||||||||||
Institutional and Accredited Investors [Member] | |||||||||||||||
Conversion of Stock [Line Items] | |||||||||||||||
Aggregate direct offerings of common stock | 2,937,497 | 3,750,000 | |||||||||||||
Common stock purchase warrants to purchase common stock | 1,468,752 | ||||||||||||||
Purchase price of common stock and warrants | $ / shares | $ 1.40 | ||||||||||||||
Warrants, exercisable period | 4 years | ||||||||||||||
Exercise price of warrants | $ / shares | $ 2 | ||||||||||||||
Value of securities issued or sold In private placement | $ | $ 5,000,000 | ||||||||||||||
Number of units of securities sold | 1,250,000 | ||||||||||||||
Private placement securities, price per unit | $ / Security | 4 | ||||||||||||||
Number of preferred stock issued | 1,250,000 | ||||||||||||||
Preferred stock, dividends payable rate per annum | 15.00% | ||||||||||||||
Warrants to purchase additional shares of common stock | 3,125,000 | ||||||||||||||
Fair value of warrants | $ | $ 1,830,000 | ||||||||||||||
Number of common stock consist in each unit | 3 | ||||||||||||||
Number of preferred stock consist in each unit | 1 | ||||||||||||||
Number of warrant consist in each unit | 2.5 | ||||||||||||||
Private Placement [Member] | |||||||||||||||
Conversion of Stock [Line Items] | |||||||||||||||
Aggregate direct offerings of common stock | 2,680,185 | ||||||||||||||
Warrants, exercisable period | 54 months | 54 months | |||||||||||||
Exercise price of warrants | $ / shares | $ 1.38 | $ 1.40 | |||||||||||||
Net proceeds after deducting placement agent fees and offering expenses | $ | $ 4,460,000 | $ 69,100,000 | |||||||||||||
Fair value of warrants | $ | $ 500,000 | $ 2,850,000 | |||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||
Conversion of Stock [Line Items] | |||||||||||||||
Number of preferred stock, shares converted | 22,000 | ||||||||||||||
Number of preferred stock, shares outstanding | 28,000 | ||||||||||||||
Preferred stock redeemed | 0 | 0 | |||||||||||||
Preferred stock, dividends payable rate per annum | 10.00% |
Equity Offerings - Additional81
Equity Offerings - Additional Information 3 (Detail) - USD ($) | Aug. 28, 2014 | Nov. 12, 2013 | Jun. 20, 2013 | Jun. 17, 2013 | Mar. 09, 2012 | Oct. 13, 2011 | Oct. 07, 2011 | Oct. 12, 2010 | Mar. 10, 2010 | Feb. 29, 2004 | Sep. 28, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 14, 2012 |
Conversion of Stock [Line Items] | |||||||||||||||
Aggregate direct offerings of common stock | 42,116,000 | 38,511,000 | |||||||||||||
Common stock purchase warrants to purchase common stock | 85,000 | ||||||||||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | ||||||||||||
Exercise price of warrants | $ 0.8875 | $ 2.50 | $ 0.84 | $ 1.34 | |||||||||||
Fair value of warrants | $ 4,676,000 | ||||||||||||||
Net proceeds after deducting placement agent fees and offering expenses | $ 3,600,000 | $ 3,540,000 | $ 7,260,000 | ||||||||||||
Common stock purchased by sale of Series D convertible preferred stock and warrants | 6,650,000 | ||||||||||||||
Proceeds from senior secured notes | $ 6,500,000 | ||||||||||||||
Additional cash proceeds | 150,000 | ||||||||||||||
Net proceeds after deducting placement agent fees and offering expenses | $ 30,000 | ||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||
Conversion of Stock [Line Items] | |||||||||||||||
Warrants, exercisable period | 54 months | ||||||||||||||
Exercise price of warrants | $ 0.95 | $ 0.95 | |||||||||||||
Number of preferred stock issued | 665,000 | ||||||||||||||
Warrants exercisable period from issuance date | 6 months | ||||||||||||||
Allocation of proceeds to fair value of warrants | $ 2,980,000 | ||||||||||||||
Beneficial conversion feature in preferred stock | $ 2,150,000 | ||||||||||||||
Institutional and Accredited Investors [Member] | |||||||||||||||
Conversion of Stock [Line Items] | |||||||||||||||
Aggregate direct offerings of common stock | 2,937,497 | 3,750,000 | |||||||||||||
Common shares, selling price per share | $ 0.001 | ||||||||||||||
Common stock purchase warrants to purchase common stock | 1,468,752 | ||||||||||||||
Gross proceeds from sale of common stock | $ 4,100,000 | ||||||||||||||
Purchase price of common stock and warrants | $ 1.40 | ||||||||||||||
Warrants, exercisable period | 4 years | ||||||||||||||
Exercise price of warrants | $ 2 | ||||||||||||||
Fair value of warrants | $ 1,830,000 | ||||||||||||||
Number of common stock consist in each unit | 3 | ||||||||||||||
Number of warrant consist in each unit | 2.5 | ||||||||||||||
Underwritten Public Offering [Member] | |||||||||||||||
Conversion of Stock [Line Items] | |||||||||||||||
Warrants, exercisable period | 5 years | ||||||||||||||
Exercise price of warrants | $ 0.95 | ||||||||||||||
Fair value of warrants | $ 3,330,000 | ||||||||||||||
Underwritten public offering | 4,683,685 | ||||||||||||||
Underwritten public offering price per unit | $ 0.95 | ||||||||||||||
Net proceeds after deducting placement agent fees and offering expenses | $ 3,930,000 | ||||||||||||||
Number of common stock consist in each unit | 1 | ||||||||||||||
Number of warrant consist in each unit | 1 | ||||||||||||||
Private Placement [Member] | |||||||||||||||
Conversion of Stock [Line Items] | |||||||||||||||
Aggregate direct offerings of common stock | 2,680,185 | ||||||||||||||
Common shares, selling price per share | $ 27.50 | ||||||||||||||
Gross proceeds from sale of common stock | $ 73,700,000 | ||||||||||||||
Warrants, exercisable period | 54 months | 54 months | |||||||||||||
Exercise price of warrants | $ 1.38 | $ 1.40 | |||||||||||||
Fair value of warrants | $ 500,000 | $ 2,850,000 | |||||||||||||
Net proceeds after deducting placement agent fees and offering expenses | $ 4,460,000 | $ 69,100,000 | |||||||||||||
Warrants exercisable period from issuance date | 6 months | ||||||||||||||
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 |
Equity Offerings - Additional82
Equity Offerings - Additional Information 4 (Detail) - USD ($) | Apr. 24, 2015 | Aug. 28, 2014 | Apr. 05, 2013 | Sep. 25, 2012 | Mar. 09, 2012 | Mar. 10, 2010 | Sep. 28, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Conversion of Stock [Line Items] | ||||||||||
Gross proceeds from issuance of common stock and warrants | $ 2,169,040 | |||||||||
Issuance of warrants to purchase common stock | 225,000 | |||||||||
Common stock, shares issued | 42,116,000 | 38,511,000 | ||||||||
Purchase price per unit | $ 0.71 | |||||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | |||||||
Exercise price of warrants | $ 0.8875 | $ 2.50 | $ 0.84 | $ 1.34 | ||||||
Warrants, Not exercisable period from issuance date | 6 months | |||||||||
Net proceeds from issuance of warrants | $ 2,180,000 | |||||||||
Proceeds from sale of common stock and warrants | $ 2,118,000 | $ 2,855,000 | $ 3,964,000 | |||||||
Institutional and Accredited Investors [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Issuance of warrants to purchase common stock | 0.33 | |||||||||
Common stock, shares issued | 3,041,454 | |||||||||
Institutional Investors [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Issuance of warrants to purchase common stock | 1,003,678 | |||||||||
Director [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Issuance of warrants to purchase common stock | 10,982 | |||||||||
Common stock, shares issued | 33,278 | |||||||||
Purchase price per unit | $ 0.75125 | |||||||||
Proceeds from sale of common stock and warrants | $ 25,000 | |||||||||
Lazarus Investment Partners LLLP [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Issuance of warrants to purchase common stock | 232,394 | |||||||||
Common stock, shares issued | 704,225 | |||||||||
Exercise price of warrants | $ 0.25 | |||||||||
Percentage of ownership on common stock | 29.30% | 29.60% | 23.80% | 5.00% | ||||||
Purchase amount | $ 500,000 | |||||||||
Board of Directors Chairman [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Issuance of warrants to purchase common stock | 69,718 | |||||||||
Common stock, shares issued | 211,268 | |||||||||
Proceeds from sale of common stock and warrants | $ 150,000 | |||||||||
Director One [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Issuance of warrants to purchase common stock | 116,197 | |||||||||
Common stock, shares issued | 352,113 | |||||||||
Proceeds from sale of common stock and warrants | $ 250,000 | |||||||||
Former Chief Executive Officer [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Issuance of warrants to purchase common stock | 43,927 | |||||||||
Common stock, shares issued | 133,111 | |||||||||
Proceeds from sale of common stock and warrants | $ 100,000 | |||||||||
Chief Financial Officer [Member] | ||||||||||
Conversion of Stock [Line Items] | ||||||||||
Issuance of warrants to purchase common stock | 21,963 | 76,073 | ||||||||
Common stock, shares issued | 66,556 | |||||||||
Proceeds from sale of common stock and warrants | $ 50,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information 1 (Detail) - shares | Apr. 24, 2015 | Aug. 28, 2014 | Apr. 05, 2013 | Sep. 25, 2012 | Jun. 30, 2015 |
Related Party Transaction [Line Items] | |||||
Common stock issued for unpaid dividend | 1,051,541 | ||||
Series C Preferred Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Restriction period on transferability | 6 months | ||||
Common stock issued upon conversion | 3,551,541 | ||||
Lazarus Investment Partners LLLP [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership in common stock | 29.30% | 29.60% | 23.80% | 5.00% | |
Election nomination time period | 90 days | ||||
Common stock issued upon conversion | 1,420,616 | ||||
Lazarus Investment Partners LLLP [Member] | Series C Preferred Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage | 40.00% | ||||
Lazarus Investment Partners LLLP [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership in common stock | 10.00% |
Related Party Transactions - 84
Related Party Transactions - Additional Information 2 (Detail) | Apr. 24, 2015 | Aug. 28, 2014 | Oct. 15, 2013USD ($) | Apr. 05, 2013 | Sep. 25, 2012 | Nov. 30, 2013 | Jun. 30, 2013USD ($)$ / EquityUnitshares | Jun. 30, 2015 | Jun. 20, 2013shares |
Related Party Transaction [Line Items] | |||||||||
Issuance of warrants to purchase common stock | 6,650,000 | ||||||||
Lazarus Investment Partners LLLP [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Warrants acquired | 2,000,000 | ||||||||
Percentage of ownership in common stock | 29.30% | 29.60% | 23.80% | 5.00% | |||||
Extended duration to nominate an individual for election | 90 days | ||||||||
Additional extended duration to nominate an individual for election | 90 days | ||||||||
Todd A. Borus [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred stock acquired | 2,500 | ||||||||
Warrants acquired | 25,000 | ||||||||
Chief Executive Officer And Board Of Director [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Option to purchase warrants | $ | $ 350,000 | ||||||||
Number of days right to purchase securities | 30 days | ||||||||
Percentage of additional securities acquired | 50.00% | ||||||||
Accredited Investors [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of warrants | $ / EquityUnit | 10 | ||||||||
Issuance of warrants to purchase common stock | 6,650,000 | ||||||||
Aggregate principal amount of senior notes surrendered | $ | $ 6,500,000 | ||||||||
Securities purchased by other investors | $ | 150,000 | ||||||||
Amount received in cancellation of indebtedness | $ | 6,650,000 | ||||||||
Accredited Investors [Member] | Officer Director And Largest Stockholder [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Aggregate principal amount of senior notes surrendered | $ | 4,850,000 | ||||||||
Accredited Investors [Member] | J. David Luce [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Aggregate principal amount of senior notes surrendered | $ | $ 2,650,000 | ||||||||
Warrants acquired | 2,650,000 | ||||||||
Accredited Investors [Member] | Chief Executive Officer [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Aggregate principal amount of senior notes surrendered | $ | $ 100,000 | ||||||||
Preferred stock acquired | 10,000 | ||||||||
Warrants acquired | 100,000 | ||||||||
Accredited Investors [Member] | Chief Financial Officer [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Aggregate principal amount of senior notes surrendered | $ | $ 100,000 | ||||||||
Preferred stock acquired | 10,000 | ||||||||
Warrants acquired | 100,000 | ||||||||
Accredited Investors [Member] | Lazarus Investment Partners LLLP [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of ownership in common stock | 24.90% | ||||||||
Aggregate principal amount of senior notes held by LLLP | $ | $ 2,000,000 | ||||||||
Series D Preferred Stock [Member] | Chief Executive Officer And Board Of Director [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Option to purchase preferred stock | $ | $ 350,000 | ||||||||
Series D Preferred Stock [Member] | Lazarus Investment Partners LLLP [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred stock acquired | 200,000 | ||||||||
Series D Preferred Stock [Member] | Accredited Investors [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred stock issued | 665,000 | ||||||||
Number of share consisting with each unit | $ / EquityUnit | 1 | ||||||||
Series D Preferred Stock [Member] | Accredited Investors [Member] | J. David Luce [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred stock acquired | 265,000 |
Related Party Transactions - 85
Related Party Transactions - Additional Information 3 (Detail) - USD ($) | Apr. 24, 2015 | Apr. 03, 2015 | Feb. 17, 2015 | Aug. 28, 2014 | Apr. 05, 2013 | Sep. 25, 2012 | Mar. 09, 2012 | Mar. 10, 2010 | Sep. 28, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 20, 2013 | Sep. 24, 2012 |
Related Party Transaction [Line Items] | ||||||||||||||
Common stock, shares issued | 42,116,000 | 38,511,000 | ||||||||||||
Issuance of warrants to purchase common stock | 225,000 | |||||||||||||
Proceeds from sale of common stock and warrants | $ 2,118,000 | $ 2,855,000 | $ 3,964,000 | |||||||||||
Aggregate principal amount of promissory notes | $ 4,050,000 | |||||||||||||
Issuance of warrants | 6,650,000 | |||||||||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | |||||||||||
Warrant exercise price per share | $ 0.8875 | $ 2.50 | $ 0.84 | $ 1.34 | ||||||||||
Promissory Note 5.76% Interest Rate [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Aggregate principal amount of promissory notes | $ 950,000 | $ 950,000 | ||||||||||||
Issuance of warrants | 3,166,667 | 99,500 | ||||||||||||
Proceeds to be raised from other financing sources to repay the note | $ 950,000 | |||||||||||||
Warrants, exercisable period | 54 months | 54 months | ||||||||||||
Warrant exercise price per share | $ 0.31 | $ 1.01 | ||||||||||||
Promissory Note 5.76% Interest Rate [Member] | Prior to Amendment [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt instrument maturity date | Mar. 19, 2015 | |||||||||||||
Promissory Note 5.76% Interest Rate [Member] | Post Amendment [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt instrument maturity date | Jul. 2, 2015 | |||||||||||||
Lazarus Investment Partners LLLP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock, shares issued | 704,225 | |||||||||||||
Issuance of warrants to purchase common stock | 232,394 | |||||||||||||
Percentage of ownership on common stock | 29.30% | 29.60% | 23.80% | 5.00% | ||||||||||
Purchase amount | $ 500,000 | |||||||||||||
Aggregate principal amount of promissory notes | $ 500,000 | $ 500,000 | ||||||||||||
Proceeds to be raised from other financing sources to repay the note | $ 900,000 | |||||||||||||
Debt instrument maturity date | Jul. 2, 2015 | Oct. 16, 2015 | ||||||||||||
Warrant exercise price per share | $ 0.25 | |||||||||||||
Warrants held by related party | 6,233,636 | |||||||||||||
Warrant expiration date | Jul. 2, 2015 | Oct. 25, 2019 | ||||||||||||
Institutional and Accredited Investors [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock, shares issued | 3,041,454 | |||||||||||||
Issuance of warrants to purchase common stock | 0.33 | |||||||||||||
Institutional Investors [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Issuance of warrants to purchase common stock | 1,003,678 | |||||||||||||
Director [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock, shares issued | 33,278 | |||||||||||||
Issuance of warrants to purchase common stock | 10,982 | |||||||||||||
Proceeds from sale of common stock and warrants | $ 25,000 | |||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock, shares issued | 211,268 | |||||||||||||
Issuance of warrants to purchase common stock | 69,718 | |||||||||||||
Proceeds from sale of common stock and warrants | $ 150,000 | |||||||||||||
Director One [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock, shares issued | 352,113 | |||||||||||||
Issuance of warrants to purchase common stock | 116,197 | |||||||||||||
Proceeds from sale of common stock and warrants | $ 250,000 | |||||||||||||
Chief Executive Officer [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock, shares issued | 133,111 | |||||||||||||
Issuance of warrants to purchase common stock | 43,927 | 76,073 | ||||||||||||
Proceeds from sale of common stock and warrants | $ 100,000 | |||||||||||||
Chief Financial Officer [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Common stock, shares issued | 66,556 | |||||||||||||
Issuance of warrants to purchase common stock | 21,963 | 76,073 | ||||||||||||
Proceeds from sale of common stock and warrants | $ 50,000 |
Other Expense , Net - Summary o
Other Expense , Net - Summary of Other Income (Expense) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other Income and Expenses [Abstract] | |||
Amortization of debt discount | $ (361) | $ (126) | $ (2,904) |
Loss on extinguishment of notes | (557) | (1,060) | |
Amortization of deferred financing costs | (25) | (1) | (27) |
Interest expense | (35) | ||
Net gain from sale of non-core assets | 101 | ||
Miscellaneous income | (16) | 13 | |
Total other (expense) income, net | $ (994) | $ (26) | $ (3,978) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Subject to Fair Value Measurements (Detail) $ in Thousands | Jun. 30, 2014USD ($) |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Current marketable securities - available for sale | $ 210 |
Marketable Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Current marketable securities - available for sale | 210 |
Level 1 [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Current marketable securities - available for sale | 210 |
Level 1 [Member] | Marketable Securities [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Current marketable securities - available for sale | $ 210 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Gains or losses resulting from fair value measurement of financial assets included in earnings | $ 0 | $ 0 |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Revenues | $ 521 | $ 769 | $ 1,347 | $ 1,052 | $ 1,070 | $ 1,221 | $ 1,461 | $ 1,805 | $ 1,445 | $ 1,410 | $ 1,051 | $ 921 | $ 3,689 | $ 5,556 | $ 4,827 |
Operating expenses | 2,649 | 3,148 | 3,435 | 3,163 | 3,181 | 2,903 | 3,006 | 3,584 | 3,082 | 3,268 | 2,960 | 2,888 | |||
Net loss | $ (3,052) | $ (2,449) | $ (2,088) | $ (2,111) | $ (2,111) | $ (1,581) | $ (1,577) | $ (1,874) | $ (3,431) | $ (2,670) | $ (2,733) | $ (2,515) | $ (9,700) | $ (7,143) | $ (11,349) |
Loss per share | $ (0.08) | $ (0.06) | $ (0.05) | $ (0.06) | $ (0.06) | $ (0.04) | $ (0.07) | $ (0.09) | $ (0.12) | $ (0.11) | $ (0.11) | $ (0.11) | $ (0.25) | $ (0.26) | $ (0.45) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Aug. 26, 2015 | Aug. 25, 2015 | Aug. 24, 2015 | Aug. 07, 2015 | Apr. 24, 2015 | Aug. 28, 2014 | Mar. 09, 2012 | Mar. 10, 2010 | Sep. 18, 2015 | Jun. 30, 2015 | Jun. 30, 2013 | Feb. 28, 2015 | Jun. 20, 2013 | Sep. 24, 2012 |
Subsequent Event [Line Items] | ||||||||||||||
Aggregate principal amount of promissory notes | $ 4,050,000 | |||||||||||||
Common stock purchase warrants | 6,650,000 | |||||||||||||
Exercise price of warrants | $ 0.8875 | $ 2.50 | $ 0.84 | $ 1.34 | ||||||||||
Issuance of warrants to purchase common stock | 225,000 | |||||||||||||
Warrants, exercisable period | 54 months | 54 months | 5 years | |||||||||||
Minimum [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Exercise price of warrants | 0.30 | $ 0.95 | ||||||||||||
Maximum [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Exercise price of warrants | $ 1.01 | 1.34 | ||||||||||||
Promissory Note [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Common stock purchase warrants | 6,972,834 | |||||||||||||
Lazarus Investment Partners LLLP [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt instrument interest rate | 5.76% | 12.00% | ||||||||||||
Aggregate principal amount of promissory notes | $ 500,000 | $ 500,000 | ||||||||||||
Exercise price of warrants | $ 0.25 | |||||||||||||
Warrant expiration date | Jul. 2, 2015 | Oct. 25, 2019 | ||||||||||||
Issuance of warrants to purchase common stock | 232,394 | |||||||||||||
Lazarus Investment Partners LLLP [Member] | Minimum [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Exercise price of warrants | 0.88 | |||||||||||||
Lazarus Investment Partners LLLP [Member] | Maximum [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Exercise price of warrants | $ 2 | |||||||||||||
2011 Omnibus Equity Incentive Plan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock option exercisable period | 3 years | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Common stock purchase warrants | 5,474,829 | |||||||||||||
Exercise price of warrants | $ 0.17 | $ 0.3 | ||||||||||||
Warrant expiration date | Dec. 13, 2019 | |||||||||||||
Issuance of warrants to purchase common stock | 1,050,000 | |||||||||||||
Warrants exercisable commencing period | 12 months | |||||||||||||
Warrants, exercisable period | 54 months | |||||||||||||
Proceeds from notes | $ 1,000,000 | |||||||||||||
Warrants offered or issued | 2,000,000 | |||||||||||||
Subsequent Event [Member] | Peachstate Health Management, LLC [Member] | Series E Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Preferred stock conversion percentage on closing of merger transaction | 19.90% | |||||||||||||
Preferred stock conversion percentage on approval of merger transaction | 5.00% | |||||||||||||
Preferred stock conversion percentage | 5.00% | |||||||||||||
Net income target for four fiscal years | $ 117,000,000 | |||||||||||||
Preferred stock minimum holding percentage for preferential rights | 10.00% | |||||||||||||
Subsequent Event [Member] | Peachstate Health Management, LLC [Member] | 2016 Series E Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Preferred stock conversion percentage on closing of merger transaction | 24.00% | |||||||||||||
EBITDA target | $ 16,000,000 | |||||||||||||
Subsequent Event [Member] | Peachstate Health Management, LLC [Member] | 2020 Series E Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Preferred stock conversion percentage | 85.00% | |||||||||||||
EBITDA target in calendar years 2017 and 2018 | $ 65,900,000 | |||||||||||||
EBITDA target in calendar years 2016, 2017 and 2018 | $ 99,000,000 | |||||||||||||
Subsequent Event [Member] | Lazarus Investment Partners LLLP [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Ownership percentage by noncontrolling owners | 29.30% | |||||||||||||
Subsequent Event [Member] | Chief Strategy Officer [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Salary expenses payable | $ 250,000 | |||||||||||||
Contingent bonus payable | $ 200,000 | |||||||||||||
Stock option exercisable period | 10 years | |||||||||||||
Stock option exercise price | $ 0.25 | |||||||||||||
Additional stock option award available for grant | 125,000 | |||||||||||||
Closing bid price of common stock per share | $ 0.12 | |||||||||||||
Additional stock option exercisable term | 10 days | |||||||||||||
Subsequent Event [Member] | Chief Strategy Officer [Member] | Minimum [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock option exercise price | $ 0.25 | |||||||||||||
Subsequent Event [Member] | Chief Strategy Officer [Member] | 2011 Omnibus Equity Incentive Plan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock option award granted | 475,000 | |||||||||||||
Subsequent Event [Member] | Senior Secured Promissory Note 10.0% Interest Rate [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt instrument interest rate | 10.00% | |||||||||||||
Aggregate principal amount of promissory notes | $ 320,000 | |||||||||||||
Subsequent Event [Member] | 20% Promissory Note [Member] | Promissory Note [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt instrument interest rate | 20.00% | 20.00% | ||||||||||||
Aggregate principal amount of promissory notes | $ 400,000 | $ 525,000 | ||||||||||||
Maturity date, description | (i) August 26, 2016, or (ii) within 30 days of the closing of the contemplated acquisition, merger or similar transaction with Peachstate Health Management, LLC (d/b/a AEON Clinical Laboratories) as described above, or a similar alternative acquisition, merger or similar transaction with an unaffiliated third party, or (iii) the closing of a sale of equity or debt securities of the company, or series of closings, as part of the same transaction, of equity or debt securities within a period of 90 days, in the gross amount of at least $5,000,000 in cash proceeds. |