Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 08, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ASTROTECH Corp | |
Entity Central Index Key | 1,001,907 | |
Trading Symbol | astc | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 5,664,362 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 2,846 | $ 552 |
Short-term investments | 3,551 | |
Accounts receivable, net of allowance | 8 | 12 |
Prepaid expenses and other current assets | 236 | 161 |
Total current assets | 3,090 | 4,276 |
Property and equipment, net | 595 | 733 |
Long-term investments | 50 | |
Other assets, net | 81 | 81 |
Total assets | 3,766 | 5,140 |
Current liabilities | ||
Accounts payable | 219 | 112 |
Payroll-related accruals | 392 | 412 |
Accrued liabilities and other | 336 | 434 |
Income tax payable | 2 | 2 |
Total current liabilities | 949 | 960 |
Other liabilities | 167 | 188 |
Total liabilities | 1,116 | 1,148 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity | ||
Preferred stock, $0.001 par value, convertible, 2,500,000 shares authorized; no shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively | ||
Common stock, $0.001 par value, 15,000,000 shares authorized; 5,970,885 and 4,496,873 shares issued at December 31, 2018 and June 30, 2018, respectively; 5,570,969 and 4,097,346 shares outstanding at December 31, 2018 and June 30, 2018, respectively | 190,584 | 190,570 |
Treasury stock, 399,916 and 399,527 shares at cost at December 31, 2018 and June 30, 2018, respectively | (4,129) | (4,128) |
Additional paid-in capital | 4,757 | 1,745 |
Accumulated deficit | (188,562) | (184,164) |
Accumulated other comprehensive loss | (31) | |
Total stockholders’ equity | 2,650 | 3,992 |
Total liabilities and stockholders’ equity | $ 3,766 | $ 5,140 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 5,970,885 | 4,496,873 |
Common stock, shares outstanding (in shares) | 5,570,969 | 4,097,346 |
Treasury stock, shares at cost (in shares) | 399,916 | 399,527 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||||
Revenue | $ 7 | $ 41 | $ 40 | $ 41 |
Cost of revenue | 0 | 24 | 11 | 24 |
Gross profit | 7 | 17 | 29 | 17 |
Operating expenses: | ||||
Selling, general and administrative | 1,286 | 1,602 | 2,430 | 3,034 |
Research and development | 897 | 1,582 | 2,000 | 3,226 |
Total operating expenses | 2,183 | 3,184 | 4,430 | 6,260 |
Loss from operations | (2,176) | (3,167) | (4,401) | (6,243) |
Interest and other income, net | 16 | 30 | 3 | 100 |
Loss before income taxes | (2,160) | (3,137) | (4,398) | (6,143) |
Income tax benefit | 0 | 0 | 0 | 0 |
Net loss | $ (2,160) | $ (3,137) | $ (4,398) | $ (6,143) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 4,678 | 4,060 | 4,374 | 4,059 |
Basic and diluted net loss per common share: | ||||
Net loss | $ (0.46) | $ (0.77) | $ (1.01) | $ (1.51) |
Other comprehensive loss, net of tax: | ||||
Net loss | $ (2,160) | $ (3,137) | $ (4,398) | $ (6,143) |
Available-for-sale securities: | ||||
Net unrealized gain | (36) | (35) | ||
Reclassification adjustment for realized loss | 0 | 33 | 31 | 34 |
Total comprehensive loss | $ (2,160) | $ (3,140) | $ (4,367) | $ (6,144) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (4,398) | $ (6,143) |
Adjustments to reconcile net loss from operations to net cash used in operating activities: | ||
Stock-based compensation | 98 | 242 |
Amortization | 6 | 7 |
Depreciation | 136 | 386 |
Net loss on sale of available-for-sale investments | 31 | 34 |
Changes in assets and liabilities: | ||
Accounts receivable | 4 | 136 |
Accounts payable | 107 | 26 |
Other assets and liabilities | (214) | (537) |
Net cash used in operating activities | (4,230) | (5,849) |
Cash flows from investing activities: | ||
Sale of available-for-sale investments | 3,345 | 3,615 |
Maturities of available-for-sale securities | 250 | 700 |
Sale of property and equipment | 2 | 0 |
Purchases of property and equipment | 0 | (14) |
Net cash provided by investing activities | 3,597 | 4,301 |
Cash flows from financing activities: | ||
Payments for purchase of treasury stock | (1) | (3) |
Proceeds from exercise of stock options | 7 | 0 |
Proceeds from issuance of common stock, net of offering costs | 2,921 | 0 |
Net cash provided by (used in) financing activities | 2,927 | (3) |
Net change in cash and cash equivalents | 2,294 | (1,551) |
Cash and cash equivalents at beginning of period | 552 | 2,184 |
Cash and cash equivalents at end of period | 2,846 | 633 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
General Information
General Information | 6 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General Information | Description of the Company – Astrotech Corporation (Nasdaq: ASTC) (“Astrotech,” “the Company,” “we,” “us” or “our”), a Delaware corporation organized in 1984, is a science and technology development and commercialization company that launches, manages, and builds scalable companies based on innovative technology in order to maximize shareholder value. Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared by Astrotech Corporation in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the six months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending June 30, 2019. These financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018. Accounting Pronouncements – In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”) and ASU 2018-10, “Codification Improvements to Topic 842, Leases” (“ASU 2018-10”). ASU 2018-11 provides for an additional optional adoption method of ASU 2016-02, allowing for the application of the new standard as of the adoption date and recognizes a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018-10 provides corrections and updates to the previously issued codification regarding Topic 842. Various areas of the codification were impacted from the update. The two standards follow the effective dates of ASU 2016-02. The Company is currently assessing the impact of the adoption of ASU 2016-02; however, the Company anticipates the adoption of the standard will materially affect its consolidated financial statements given the significance of its leases. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. This amendment affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of this standard will have on its financial statements. Our Business Units 1 st 1 st st In addition, on March 27, 2018, the Company announced that the TRACER 1000 was accepted into TSA’s Air Cargo Screening Technology Qualification Test (“ACSQT”) and, on April 4, 2018, the Company announced that the TRACER 1000 was beginning testing with TSA for passenger screening at airports. Both programs are currently progressing as expected. With TSA and ECAC having two of the most rigorous technology review programs for ETDs in the world, certification by either program is a significant endorsement that customers in other vertical markets would consider when procuring ETDs. There is no assurance that any of the further steps detailed in the milestones mentioned above will be achieved or that our technology will be approved by any of the programs listed. Astral Images Corporation Astral Images Corporation (“Astral”) is a developer of advanced film restoration and enhancement software. Astral’s intelligent algorithms remove dust, scratches, and defects from film while converting the content to a digital format with significantly enhanced resolution. In addition, Astral employs Artificial Intelligence to automatically extend the color gamut and enhance the dynamic range to be viewed in 4K and/or high-dynamic range (“HDR”), collectively known as ultra-high definition (“UHD”). Astrotech Corporation is at a point whereby its resources must be carefully allocated to optimize the primary objective – setting 1 st st |
Going Concern
Going Concern | 6 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Going Concern | Financial Condition The Company’s consolidated financial statements for the three and six months ended December 31, 2018 have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of December 31, 2018, the Company has working capital of $2.1 million. The Company reported a net loss of $13.3 million for the fiscal year 2018 and a net loss of $4.4 million for the six months ended December 31, 2018, along with net cash used in operating activities of $10.8 million for the fiscal year 2018 and net cash used in operating activities of $4.2 million for the six months ended December 31, 2018. This raises substantial doubt about the Company’s ability to continue as a going concern. Management’s Plans to Continue as a Going Concern The Company remains resolute in identifying the optimal solution to its liquidity issue. The Company is currently evaluating several potential sources for additional liquidity. These include, but are not limited to, selling the Company or a portion thereof, debt financing, equity financing, merging, or engaging in a strategic partnership. On July 3, 2018, management filed Form S-3 to raise funds through the capital markets. On October 9, 2018, the Company raised $3.0 million in a private placement of equity securities through the Company’s Chairman of the Board and Chief Executive Officer, Thomas B. Pickens III, and a long-term accredited investor in the Company. The Company is currently evaluating potential offerings of any combination of common stock, preferred stock, debt securities, warrants to purchase common stock, preferred stock or debt securities, or any combination of the foregoing, either individually or as units comprised of one or more of the other securities. However, additional funding may not be available when needed or on terms acceptable to us. If we are unable to generate funding within a reasonable timeframe, we may have to delay, reduce or terminate our research and development programs, limit strategic opportunities, or curtail our business activities. |
Investments
Investments | 6 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | As of December 31, 2018, the Company did not hold any investments. The following table summarizes unrealized gains and losses related to our investments as of June 30, 2018: June 30, 2018 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 1,751 $ — $ (23 ) $ 1,728 Fixed Income Bonds 1,333 — (5 ) 1,328 Time Deposits 548 — (3 ) 545 Total $ 3,632 $ — $ (31 ) $ 3,601 For information on the unrealized holding losses on available-for-sale investments reclassified out of accumulated other comprehensive loss into the consolidated statements of income, see “Note 8: Other Comprehensive Loss.” As of June 30, 2018, the Company had certain financial instruments on our condensed consolidated balance sheet related to interest-bearing time deposits and fixed income bonds. These time deposits are included in “Short-term Investments” if the maturities at the end of the reporting period were 360 days or less or “Long-term Investments” if the maturities at the end of the reporting period were over 360 days. Fixed income investments, maturing over one to three years, comprised a set of highly diversified bonds issued by various corporations and entities that in aggregate represented an above average investment-grade fixed income portfolio. The following table presents the carrying amounts of certain financial instruments as of December 31, 2018, and June 30, 2018: Carrying Value Short-Term Investments Long-Term Investments (In thousands) December 31, 2018 June 30, 2018 December 31, 2018 June 30, 2018 Mutual Funds - Corporate & Government Debt $ — $ 1,728 $ — $ — Time deposits Maturities from 91-360 days — — — — Maturities over 360 days — 495 — 50 Fixed Income Bonds Maturities less than 1 year — 1,328 — — Maturities from 1-3 years — — — — Total $ — $ 3,551 $ — $ 50 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | The following table breaks down the changes in Stockholders’ Equity for the six months ended December 31, 2018: (In thousands) Total Stockholders' Equity Balance at June 30, 2018 $ 3,992 Stock-based compensation 98 Share repurchases (1 ) Exercise of stock options 7 Issuance of stock, net of offering costs 2,921 Net change on available-for-sale investments 31 Net loss (4,398 ) Balance at December 31, 2018 $ 2,650 On October 9, 2018, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Thomas B. Pickens III, the Chief Executive Officer and Chairman of the Board of Directors of the Company, and a long-term accredited investor in the Company (the “Investor”). Pursuant to the Agreement, the Company agreed to sell an aggregate of 866,950 shares of its series B convertible preferred stock, par value $0.001 per share (the “Preferred Shares”) to Mr. Pickens and 409,645 of its shares of common stock, par value $0.001 per share (the “Common Shares”) to the Investor, at a price per share of $2.35 and for aggregate gross proceeds of approximately $3.0 million. The purchase price of $2.35 per share which was equal to the closing price on The NASDAQ Capital Market on October 8, 2018. The Preferred Shares converted into an aggregate of 866,950 on December 7, 2018 upon of shareholder approval in accordance with NASDAQ Listing Rule 5635(b). |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Basic net loss per share is computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of potentially dilutive common shares outstanding during the period using the treasury stock method and the if-converted method. Potentially dilutive common shares include outstanding stock options and share-based awards. Convertible preferred shares issued during the three months ended December 31, 2018 met the definition of participating securities, however, as a result of these participating securities not having a contractual obligation to share in the losses of the Company, they were not included in the computation of basic earnings per share using the two-class method due to the Company reporting a net loss for the three and six months ending December 31, 2018. The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended December 31, Six Months Ended December 31, (In thousands, except per share data) 2018 2017 2018 2017 Numerator: Net loss $ (2,160 ) $ (3,137 ) $ (4,398 ) $ (6,143 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 4,678 4,060 4,374 4,059 Basic and diluted net loss per common share: Net loss $ (0.46 ) $ (0.77 ) $ (1.01 ) $ (1.51 ) All unvested restricted stock awards for the six months ended December 31, 2018 are not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. Options to purchase 333,639 shares of common stock at exercise prices ranging from $1.60 to $8.35 per share outstanding as of December 31, 2018 were not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Astrotech’s revenue recognition methodology is based on contract type and the manner in which products and services are provided. The Company currently employs the following generally accepted revenue recognition methodology. Software Licensing Agreements When recognizing revenue for licensing software for use, the Company will recognize it when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when a firm sales contract or invoice is in place, delivery has occurred or services have been provided, and collectability is reasonably assured. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | The accounting standard for fair value measurements defines fair value, establishes a market-based framework or hierarchy for measuring fair value, and expands disclosures about fair value measurements. The standard is applicable whenever assets and liabilities are measured and included in the financial statements at fair value. The fair value hierarchy established in the standard prioritizes the inputs used in valuation techniques into three levels as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. As of December 31, 2018, the Company did not hold any investments. The following table presents the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of June 30, 2018: June 30, 2018 Carrying Fair Value Measured Using Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Available-for-Sale Securities Mutual Funds - Corporate & Government Debt $ 1,728 $ 1,728 $ — $ — $ 1,728 Bonds: 0-1 year 1,328 — 1,328 — 1,328 Time deposits: 91-360 days 495 — 495 — 495 Time deposits: over 360 days 50 — 50 — 50 Total $ 3,601 $ 1,728 $ 1,873 $ — $ 3,601 The value of available-for-sale investments is based on pricing from third-party pricing vendors, who may use quoted prices in active markets for identical assets (Level 1 inputs). The fair value of our bonds and time deposits with maturities less than 90 days is considered the amortized value; the fair value measurements used for bonds and time deposits with maturities greater than 90 days is considered Level 2 and uses pricing from third-party pricing vendors who use quoted prices for identical or similar securities in both active and inactive markets. |
Other Comprehensive Loss
Other Comprehensive Loss | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive Loss | Changes in the balances of each component included in accumulated other comprehensive loss for the six months ended December 31, 2018, are presented below. (In thousands) Accumulated Other Comprehensive Loss Unrealized Loss in Investments Balance at June 30, 2018 $ (31 ) Reclassification to net loss for realized losses 31 Balance at December 31, 2018 $ — |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 6 Months Ended |
Dec. 31, 2018 | |
Risks And Uncertainties [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation (“FDIC”) of $250 thousand per depositor. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in what we believe to be high credit quality financial institutions. The Company has not experienced any losses in such accounts. |
Common Stock Compensation
Common Stock Compensation | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock Compensation | Stock Option Activity Summary The Company’s stock option activity for the six months ended December 31, 2018, is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2018 361 $ 5.48 Granted — — Exercised (3 ) 2.25 Canceled or expired (24 ) 4.02 Outstanding at December 31, 2018 334 $ 5.61 The aggregate intrinsic value of options exercisable at December 31, 2018, was $122 thousand as the fair value of the Company’s common stock is more than the exercise prices of these options. The remaining share-based compensation expense of $236 thousand related to stock options will be recognized over a weighted-average period of 1.36 years. The table below details the Company’s stock options outstanding as of December 31, 2018: Range of exercise prices Number Outstanding Options Outstanding Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Number Exercisable Options Exercisable Weighted- Average Exercise Price $1.60 – 3.55 78,500 3.13 $ 3.21 78,500 $ 3.21 $5.30 – 5.85 125,139 8.36 5.48 42,450 5.47 $6.00 – 8.35 130,000 5.89 7.19 86,000 6.59 $1.60 – 8.35 333,639 6.17 $ 5.61 206,950 $ 5.08 Compensation costs recognized related to stock option awards were $43 thousand and $67 thousand for the three months ended December 31, 2018, and 2017, respectively, and $84 thousand and $134 thousand for the six months ended December 31, 2018 and 2017, respectively. Restricted Stock The Company’s restricted stock activity for the six months ended December 31, 2018, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2018 28 $ 10.16 Granted 199 3.40 Vested (4 ) 8.86 Canceled or expired (5 ) 9.58 Outstanding at December 31, 2018 218 $ 4.03 Stock compensation expenses related to restricted stock were $19 thousand and $54 thousand for the three months ended December 31, 2018, and 2017, respectively, and $14 thousand and $108 thousand for the six months ended December 31, 2018 and 2017, respectively. The remaining share-based compensation expense of $710 thousand related to restricted stock awards granted will be recognized over a weighted-average period of 2.89 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are established, when necessary, to reduce deferred tax assets to amounts that are more likely than not to be realized. As of December 31, 2018 and June 30, 2018, the Company established a full valuation allowance against all of its net deferred tax assets. For the three months ended December 31, 2018 and 2017, the Company incurred pre-tax losses in the amount of $2.2 million and $3.1 million, respectively. For the six months ended December 31, 2018 and 2017, the Company incurred pre-tax losses in the amount of $4.4 million and $6.1 million, respectively. The total effective tax rate was approximately 0% for each of the three and six months ended December 31, 2018 and 2017. For each of the six months ended December 31, 2018 and 2017, the Company’s effective tax rate differed from the federal statutory rate of 21% and 28% respectively, primarily due to the valuation allowance placed against its net deferred tax assets. The Tax Cuts and Jobs Act was enacted on December 22, 2017. The Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and creates new taxes on certain foreign sourced earnings. In the second quarter of fiscal 2018, the Company revised its estimated annual effective rate to reflect a change in its federal statutory rate from 35% to 21%. The rate change was effective on January 1, 2018; therefore, the Company’s blended statutory tax rate for the fiscal year ended June 30, 2018 was 28%. At December 31, 2018, the Company has not completed its accounting for all of the tax effects of enactment of the Act; however, a reasonable estimate has been made. Note that the Company currently has net operating loss carryovers. A valuation allowance has been recorded to fully reserve for net operating loss carryovers, other carryovers, and book/tax differences on the balance sheet. FASB Accounting Standards Codification (“ASC”) 740, “Income Taxes” addresses the accounting for uncertainty in income tax recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The Company had no unrecognized tax benefit for the three and six months ended December 31, 2018 and 2017. Loss carryovers are generally subject to modification by tax authorities until three years after they have been utilized; as such, the Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. The reason for this extended examination period is due to the utilization of the loss carryovers generated by the sale of our Astrotech Space Operations business unit in fiscal year 2015. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates. The Company establishes reserves for the estimated losses on specific contingent liabilities, for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, the Company is not able to make a reasonable estimate of liability because of the uncertainties related to the outcome or the amount or range of potential loss. Litigation, Investigations, and Audits – We are not party to, nor are our properties the subject of, any material pending legal proceedings. |
Segment Information
Segment Information | 6 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | The Company currently has two reportable business units: 1 st 1 st 1 st Astral Images Corporation Astral Images is a developer of advanced film restoration and enhancement software. All intercompany transactions between business units have been eliminated in consolidation. Key financial metrics of the Company’s segments are as follows: Three Months Ended December 31, 2018 Three Months Ended December 31, 2017 Revenue, Depreciation, and Income (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ — $ 58 $ (1,889 ) $ — $ 87 $ (2,588 ) Astral Images 7 8 (271 ) 41 97 (549 ) Total $ 7 $ 66 $ (2,160 ) $ 41 $ 184 $ (3,137 ) Six Months Ended December 31, 2018 Six Months Ended December 31, 2017 Revenue, Depreciation, and Income (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ — $ 118 $ (3,870 ) $ — $ 207 $ (5,017 ) Astral Images 40 18 (528 ) 41 179 (1,126 ) Total $ 40 $ 136 $ (4,398 ) $ 41 $ 386 $ (6,143 ) December 31, 2018 June 30, 2018 Assets (In thousands) Fixed Assets, Net Total Capital Expenditures (1) Total Assets Fixed Assets, Net Total Capital Expenditures (2) Total Assets 1st Detect $ 572 $ — $ 3,702 $ 699 $ 8 $ 5,075 Astral Images 23 (2 ) 64 34 11 65 Total $ 595 (2 ) $ 3,766 $ 733 $ 19 $ 5,140 (1) Total capital expenditures are for the six months ended December 31, 2018. (2) Total capital expenditures are for the twelve months ended June 30, 2018. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events As of February 8, 2019, the Company has sold 93,393 |
General Information (Policies)
General Information (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared by Astrotech Corporation in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the six months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending June 30, 2019. These financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018. |
Accounting Pronouncements | Accounting Pronouncements – In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record an ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”) and ASU 2018-10, “Codification Improvements to Topic 842, Leases” (“ASU 2018-10”). ASU 2018-11 provides for an additional optional adoption method of ASU 2016-02, allowing for the application of the new standard as of the adoption date and recognizes a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018-10 provides corrections and updates to the previously issued codification regarding Topic 842. Various areas of the codification were impacted from the update. The two standards follow the effective dates of ASU 2016-02. The Company is currently assessing the impact of the adoption of ASU 2016-02; however, the Company anticipates the adoption of the standard will materially affect its consolidated financial statements given the significance of its leases. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For assets held at amortized cost basis, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available-for-sale debt securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. ASU 2016-13 affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. This amendment affects loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of this standard will have on its financial statements. |
Our Business Units | Our Business Units 1 st 1 st st In addition, on March 27, 2018, the Company announced that the TRACER 1000 was accepted into TSA’s Air Cargo Screening Technology Qualification Test (“ACSQT”) and, on April 4, 2018, the Company announced that the TRACER 1000 was beginning testing with TSA for passenger screening at airports. Both programs are currently progressing as expected. With TSA and ECAC having two of the most rigorous technology review programs for ETDs in the world, certification by either program is a significant endorsement that customers in other vertical markets would consider when procuring ETDs. There is no assurance that any of the further steps detailed in the milestones mentioned above will be achieved or that our technology will be approved by any of the programs listed. Astral Images Corporation Astral Images Corporation (“Astral”) is a developer of advanced film restoration and enhancement software. Astral’s intelligent algorithms remove dust, scratches, and defects from film while converting the content to a digital format with significantly enhanced resolution. In addition, Astral employs Artificial Intelligence to automatically extend the color gamut and enhance the dynamic range to be viewed in 4K and/or high-dynamic range (“HDR”), collectively known as ultra-high definition (“UHD”). Astrotech Corporation is at a point whereby its resources must be carefully allocated to optimize the primary objective – setting 1 st st |
Income Taxes | FASB Accounting Standards Codification (“ASC”) 740, “Income Taxes” addresses the accounting for uncertainty in income tax recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return. The Company had no unrecognized tax benefit for the three and six months ended December 31, 2018 and 2017. Loss carryovers are generally subject to modification by tax authorities until three years after they have been utilized; as such, the Company is subject to examination for the fiscal years ended 2000 through present for federal purposes and fiscal years ended 2006 through present for state purposes. The reason for this extended examination period is due to the utilization of the loss carryovers generated by the sale of our Astrotech Space Operations business unit in fiscal year 2015. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of available-for-sale securities | The following table summarizes unrealized gains and losses related to our investments as of June 30, 2018: June 30, 2018 Available-for-Sale Adjusted Unrealized Unrealized Fair (In thousands) Cost Gain Loss Value Mutual Funds - Corporate & Government Debt $ 1,751 $ — $ (23 ) $ 1,728 Fixed Income Bonds 1,333 — (5 ) 1,328 Time Deposits 548 — (3 ) 545 Total $ 3,632 $ — $ (31 ) $ 3,601 |
Schedule of held-to-maturity securities | The following table presents the carrying amounts of certain financial instruments as of December 31, 2018, and June 30, 2018: Carrying Value Short-Term Investments Long-Term Investments (In thousands) December 31, 2018 June 30, 2018 December 31, 2018 June 30, 2018 Mutual Funds - Corporate & Government Debt $ — $ 1,728 $ — $ — Time deposits Maturities from 91-360 days — — — — Maturities over 360 days — 495 — 50 Fixed Income Bonds Maturities less than 1 year — 1,328 — — Maturities from 1-3 years — — — — Total $ — $ 3,551 $ — $ 50 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of changes in stockholders equity | The following table breaks down the changes in Stockholders’ Equity for the six months ended December 31, 2018: (In thousands) Total Stockholders' Equity Balance at June 30, 2018 $ 3,992 Stock-based compensation 98 Share repurchases (1 ) Exercise of stock options 7 Issuance of stock, net of offering costs 2,921 Net change on available-for-sale investments 31 Net loss (4,398 ) Balance at December 31, 2018 $ 2,650 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended December 31, Six Months Ended December 31, (In thousands, except per share data) 2018 2017 2018 2017 Numerator: Net loss $ (2,160 ) $ (3,137 ) $ (4,398 ) $ (6,143 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 4,678 4,060 4,374 4,059 Basic and diluted net loss per common share: Net loss $ (0.46 ) $ (0.77 ) $ (1.01 ) $ (1.51 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of financial instruments | The following table presents the carrying amounts, estimated fair values, and valuation input levels of certain financial instruments as of June 30, 2018: June 30, 2018 Carrying Fair Value Measured Using Fair (In thousands) Amount Level 1 Level 2 Level 3 Value Available-for-Sale Securities Mutual Funds - Corporate & Government Debt $ 1,728 $ 1,728 $ — $ — $ 1,728 Bonds: 0-1 year 1,328 — 1,328 — 1,328 Time deposits: 91-360 days 495 — 495 — 495 Time deposits: over 360 days 50 — 50 — 50 Total $ 3,601 $ 1,728 $ 1,873 $ — $ 3,601 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive loss | Changes in the balances of each component included in accumulated other comprehensive loss for the six months ended December 31, 2018, are presented below. (In thousands) Accumulated Other Comprehensive Loss Unrealized Loss in Investments Balance at June 30, 2018 $ (31 ) Reclassification to net loss for realized losses 31 Balance at December 31, 2018 $ — |
Common Stock Compensation (Tabl
Common Stock Compensation (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of stock option activity | The Company’s stock option activity for the six months ended December 31, 2018, is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2018 361 $ 5.48 Granted — — Exercised (3 ) 2.25 Canceled or expired (24 ) 4.02 Outstanding at December 31, 2018 334 $ 5.61 |
Schedule of stock options by exercise price | The table below details the Company’s stock options outstanding as of December 31, 2018: Range of exercise prices Number Outstanding Options Outstanding Weighted- Average Remaining Contractual Life (years) Weighted- Average Exercise Price Number Exercisable Options Exercisable Weighted- Average Exercise Price $1.60 – 3.55 78,500 3.13 $ 3.21 78,500 $ 3.21 $5.30 – 5.85 125,139 8.36 5.48 42,450 5.47 $6.00 – 8.35 130,000 5.89 7.19 86,000 6.59 $1.60 – 8.35 333,639 6.17 $ 5.61 206,950 $ 5.08 |
Schedule of restricted stock activity | The Company’s restricted stock activity for the six months ended December 31, 2018, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2018 28 $ 10.16 Granted 199 3.40 Vested (4 ) 8.86 Canceled or expired (5 ) 9.58 Outstanding at December 31, 2018 218 $ 4.03 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information by segment | Key financial metrics of the Company’s segments are as follows: Three Months Ended December 31, 2018 Three Months Ended December 31, 2017 Revenue, Depreciation, and Income (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ — $ 58 $ (1,889 ) $ — $ 87 $ (2,588 ) Astral Images 7 8 (271 ) 41 97 (549 ) Total $ 7 $ 66 $ (2,160 ) $ 41 $ 184 $ (3,137 ) Six Months Ended December 31, 2018 Six Months Ended December 31, 2017 Revenue, Depreciation, and Income (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ — $ 118 $ (3,870 ) $ — $ 207 $ (5,017 ) Astral Images 40 18 (528 ) 41 179 (1,126 ) Total $ 40 $ 136 $ (4,398 ) $ 41 $ 386 $ (6,143 ) December 31, 2018 June 30, 2018 Assets (In thousands) Fixed Assets, Net Total Capital Expenditures (1) Total Assets Fixed Assets, Net Total Capital Expenditures (2) Total Assets 1st Detect $ 572 $ — $ 3,702 $ 699 $ 8 $ 5,075 Astral Images 23 (2 ) 64 34 11 65 Total $ 595 (2 ) $ 3,766 $ 733 $ 19 $ 5,140 (1) Total capital expenditures are for the six months ended December 31, 2018. (2) Total capital expenditures are for the twelve months ended June 30, 2018. |
Going Concern (Details)
Going Concern (Details) - USD ($) $ in Thousands | Oct. 09, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||
Working capital | $ 2,100 | $ 2,100 | ||||
Net loss | $ 2,160 | $ 3,137 | 4,398 | $ 6,143 | $ 13,300 | |
Net cash used in operating activities | $ (4,230) | $ (5,849) | $ (10,800) | |||
Proceeds from issuance of private placement of equity securities | $ 3,000 |
Investments (Details)
Investments (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Investments | $ 0 | $ 3,601,000 |
Investments - Available for Sal
Investments - Available for Sale Securities (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Available-for-sale securities | ||
Adjusted Cost | $ 3,632,000 | |
Unrealized Gain | 0 | |
Unrealized Loss | (31,000) | |
Fair Value | $ 0 | 3,601,000 |
Mutual Funds - Corporate & Government Debt | ||
Available-for-sale securities | ||
Adjusted Cost | 1,751,000 | |
Unrealized Gain | 0 | |
Unrealized Loss | (23,000) | |
Fair Value | 1,728,000 | |
Fixed Income Bonds | ||
Available-for-sale securities | ||
Adjusted Cost | 1,333,000 | |
Unrealized Gain | 0 | |
Unrealized Loss | (5,000) | |
Fair Value | 1,328,000 | |
Time Deposits | ||
Available-for-sale securities | ||
Adjusted Cost | 548,000 | |
Unrealized Gain | 0 | |
Unrealized Loss | (3,000) | |
Fair Value | $ 545,000 |
Investments - Carrying Value (D
Investments - Carrying Value (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |
Available-for-sale securities, short-term investments | $ 3,551 |
Available-for-sale securities, long-term investments | 50 |
Mutual Funds - Corporate & Government Debt | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |
Available-for-sale securities, short-term investments | 1,728 |
Time Deposits | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |
Available-for-sale securities maturities over 360 days, short-term investments | 495 |
Available-for-sale securities maturities over 360 days, long-term investments | 50 |
Fixed Income Bonds | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | |
Available-for-sale securities maturities less than 1 year, short-term investments | $ 1,328 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | $ 3,992 | ||||
Stock-based compensation | 98 | ||||
Share repurchases | (1) | ||||
Exercise of stock options | 7 | ||||
Issuance of stock, net of offering costs | 2,921 | ||||
Net change on available-for-sale investments | 31 | ||||
Net loss | $ (2,160) | $ (3,137) | (4,398) | $ (6,143) | $ (13,300) |
Balance, end of period | $ 2,650 | $ 2,650 | $ 3,992 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - Securities Purchase Agreement $ / shares in Units, $ in Millions | Oct. 09, 2018USD ($)$ / sharesshares |
Class Of Stock [Line Items] | |
Purchase price per share | $ 2.35 |
Conversion of preferred stock to common stock | shares | 866,950 |
Thomas B. Pickens III | Preferred Shares | |
Class Of Stock [Line Items] | |
Shares agreed to sell upon agreement | shares | 866,950 |
Preferred stock, par value | $ 0.001 |
Common Stock | Other Investor | |
Class Of Stock [Line Items] | |
Shares agreed to sell upon agreement | shares | 409,645 |
Common stock, par value | $ 0.001 |
Purchase price per share | $ 2.35 |
Aggregate gross proceeds from agreement on sale of shares | $ | $ 3 |
Net Loss per Share - Basic and
Net Loss per Share - Basic and Diluted Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | ||||
Net loss | $ (2,160) | $ (3,137) | $ (4,398) | $ (6,143) |
Denominator: | ||||
Denominator for basic and diluted net loss per share — weighted average common stock outstanding | 4,678 | 4,060 | 4,374 | 4,059 |
Basic and diluted net loss per common share: | ||||
Net loss | $ (0.46) | $ (0.77) | $ (1.01) | $ (1.51) |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase (in shares) | shares | 333,639 |
Exercise price lower range (in dollars per share) | $ 1.60 |
Exercise price upper range (in dollars per share) | $ 8.35 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value Disclosures [Abstract] | ||
Investments | $ 0 | $ 3,601,000 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Available-for-Sale Securities | ||
Mutual funds | $ 1,728,000 | |
Held-to-maturity securities, maturities less than 1 year | 1,328,000 | |
Held-to-maturity securities, maturities from 91-360 days | 495,000 | |
Held-to-maturity securities, maturities over 360 days | 50,000 | |
Investments | 3,601,000 | |
Mutual funds, fair value | 1,728,000 | |
Held-to-maturity securities, maturities less than 1 year, fair value | 1,328,000 | |
Held-to-maturity securities, maturities from 91-360 days, fair value | 495,000 | |
Held-to-maturity securities, maturities over 360 days, fair value | 50,000 | |
Investments, fair value | $ 0 | 3,601,000 |
Level 1 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 1,728,000 | |
Held-to-maturity securities, maturities less than 1 year, fair value | 0 | |
Held-to-maturity securities, maturities from 91-360 days, fair value | 0 | |
Held-to-maturity securities, maturities over 360 days, fair value | 0 | |
Investments, fair value | 1,728,000 | |
Level 2 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 0 | |
Held-to-maturity securities, maturities less than 1 year, fair value | 1,328,000 | |
Held-to-maturity securities, maturities from 91-360 days, fair value | 495,000 | |
Held-to-maturity securities, maturities over 360 days, fair value | 50,000 | |
Investments, fair value | 1,873,000 | |
Level 3 | ||
Available-for-Sale Securities | ||
Mutual funds, fair value | 0 | |
Held-to-maturity securities, maturities less than 1 year, fair value | 0 | |
Held-to-maturity securities, maturities from 91-360 days, fair value | 0 | |
Held-to-maturity securities, maturities over 360 days, fair value | 0 | |
Investments, fair value | $ 0 |
Other Comprehensive Loss (Detai
Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Reclassification to net loss for realized losses | $ 0 | $ 33 | $ 31 | $ 34 |
Unrealized Loss in Investments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, beginning of period | (31) | |||
Balance, end of period | $ 0 | $ 0 |
Business Risk and Credit Risk_2
Business Risk and Credit Risk Concentration Involving Cash - Narrative (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Risks And Uncertainties [Abstract] | |
FDIC insurance amount per depositor | $ 250 |
Common Stock Compensation - Sto
Common Stock Compensation - Stock Option Activity (Details) shares in Thousands | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Shares (in thousands) | |
Outstanding, beginning of period (in shares) | shares | 361 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (3) |
Canceled or expired (in shares) | shares | (24) |
Outstanding, end of period (in shares) | shares | 334 |
Weighted Average Exercise Price | |
Outstanding weighted average exercise price, beginning of period (in dollars per share) | $ / shares | $ 5.48 |
Granted weighted average exercise price (in dollars per share) | $ / shares | 0 |
Exercised weighted average exercise price (in dollars per share) | $ / shares | 2.25 |
Canceled or expired weighted average exercise price (in dollars per share) | $ / shares | 4.02 |
Outstanding weighted average exercise price, end of period (in dollars per share) | $ / shares | $ 5.61 |
Common Stock Compensation - Nar
Common Stock Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of options exercisable | $ 122 | $ 122 | ||
Remaining share-based compensation expense | 236 | $ 236 | ||
Weighted average recognition period on remaining share-based compensation expense | 1 year 4 months 9 days | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | 43 | $ 67 | $ 84 | $ 134 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average recognition period on remaining share-based compensation expense | 2 years 10 months 20 days | |||
Compensation expense recognized | 19 | $ 54 | $ 14 | $ 108 |
Remaining share-based compensation expense | $ 710 | $ 710 |
Common Stock Compensation - S_2
Common Stock Compensation - Stock Options by Exercise Price (Details) | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | $ 1.60 |
Exercise price upper range (in dollars per share) | $ 8.35 |
Number outstanding (in shares) | shares | 333,639 |
Options Outstanding Weighted- Average Remaining Contractual Life | 6 years 2 months 1 day |
Weighted average exercise price (in dollars per share) | $ 5.61 |
Number exercisable (in shares) | shares | 206,950 |
Options exercisable weighted average exercise price (in dollars per share) | $ 5.08 |
$1.60 – 3.55 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 1.60 |
Exercise price upper range (in dollars per share) | $ 3.55 |
Number outstanding (in shares) | shares | 78,500 |
Options Outstanding Weighted- Average Remaining Contractual Life | 3 years 1 month 17 days |
Weighted average exercise price (in dollars per share) | $ 3.21 |
Number exercisable (in shares) | shares | 78,500 |
Options exercisable weighted average exercise price (in dollars per share) | $ 3.21 |
$5.30 – 5.85 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 5.30 |
Exercise price upper range (in dollars per share) | $ 5.85 |
Number outstanding (in shares) | shares | 125,139 |
Options Outstanding Weighted- Average Remaining Contractual Life | 8 years 4 months 9 days |
Weighted average exercise price (in dollars per share) | $ 5.48 |
Number exercisable (in shares) | shares | 42,450 |
Options exercisable weighted average exercise price (in dollars per share) | $ 5.47 |
$6.00 – 8.35 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range (in dollars per share) | 6 |
Exercise price upper range (in dollars per share) | $ 8.35 |
Number outstanding (in shares) | shares | 130,000 |
Options Outstanding Weighted- Average Remaining Contractual Life | 5 years 10 months 20 days |
Weighted average exercise price (in dollars per share) | $ 7.19 |
Number exercisable (in shares) | shares | 86,000 |
Options exercisable weighted average exercise price (in dollars per share) | $ 6.59 |
Common Stock Compensation - Res
Common Stock Compensation - Restricted Stock (Details) - Restricted Stock shares in Thousands | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Shares | |
Outstanding, beginning of period (in shares) | shares | 28 |
Granted (in shares) | shares | 199 |
Vested (in shares) | shares | (4) |
Canceled or expired (in shares) | shares | (5) |
Outstanding, end of period (in shares) | shares | 218 |
Weighted Average Grant-Date Fair Value | |
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 10.16 |
Granted (in dollars per share) | $ / shares | 3.40 |
Vested (in dollars per share) | $ / shares | 8.86 |
Canceled or expired (in dollars per share) | $ / shares | 9.58 |
Outstanding, end of period (in dollars per share) | $ / shares | $ 4.03 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Income Tax [Line Items] | ||||||
Loss before income taxes | $ (2,160) | $ (3,137) | $ (4,398) | $ (6,143) | ||
Effective tax rate for continuing operations | 0.00% | 0.00% | 0.00% | 0.00% | ||
Federal statutory effective tax rate | 21.00% | 21.00% | 35.00% | 28.00% | ||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | $ 0 | ||
Weighted Average (Blended) | ||||||
Income Tax [Line Items] | ||||||
Federal statutory effective tax rate | 28.00% |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Dec. 31, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 7 | $ 41 | $ 40 | $ 41 | |
Depreciation | 66 | 184 | 136 | 386 | |
Loss before Income Taxes | (2,160) | (3,137) | (4,398) | (6,143) | |
Fixed Assets, Net | 595 | 595 | $ 733 | ||
Total Capital Expenditures | (2) | (2) | 19 | ||
Total Assets | 3,766 | 3,766 | 5,140 | ||
1st Detect | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Depreciation | 58 | 87 | 118 | 207 | |
Loss before Income Taxes | (1,889) | (2,588) | (3,870) | (5,017) | |
Fixed Assets, Net | 572 | 572 | 699 | ||
Total Capital Expenditures | 8 | ||||
Total Assets | 3,702 | 3,702 | 5,075 | ||
Astral Images | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 7 | 41 | 40 | 41 | |
Depreciation | 8 | 97 | 18 | 179 | |
Loss before Income Taxes | (271) | $ (549) | (528) | $ (1,126) | |
Fixed Assets, Net | 23 | 23 | 34 | ||
Total Capital Expenditures | (2) | (2) | 11 | ||
Total Assets | $ 64 | $ 64 | $ 65 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Common Stock - Market Issuance Sales Agreement - Subsequent Events $ / shares in Units, $ in Thousands | Feb. 08, 2019USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Shares agreed to sell upon agreement | shares | 93,393 |
Net proceeds from sale of common stock | $ | $ 460,538 |
Average sale price per share | $ / shares | $ 5.08 |