Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2020 | Nov. 09, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | ASTROTECH Corp | |
Entity Central Index Key | 0001001907 | |
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 | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 18,557,754 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-34426 | |
Entity Tax Identification Number | 91-1273737 | |
Entity Address, Address Line One | 2028 E. Ben White Blvd. | |
Entity Address, Address Line Two | Suite 240-9530 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78741 | |
City Area Code | 512 | |
Local Phone Number | 485-9530 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 1,853 | $ 3,349 |
Accounts receivable | 52 | 101 |
Inventory: | ||
Raw materials | 114 | 416 |
Work-in-process | 337 | 38 |
Finished goods | 161 | 222 |
Income tax receivable | 429 | |
Prepaid expenses and other current assets | 283 | 117 |
Total current assets | 2,800 | 4,672 |
Property and equipment, net | 100 | 99 |
Assets held for disposal | 237 | |
Operating leases, right-of-use assets, net | 287 | 851 |
Other assets | 71 | |
Total assets | 3,187 | 5,930 |
Current liabilities | ||
Accounts payable | 75 | 239 |
Payroll related accruals | 473 | 433 |
Accrued expenses and other liabilities | 676 | 627 |
Income tax payable | 2 | 2 |
Term note payable - related party | 2,500 | 2,500 |
Term note payable | 330 | 210 |
Lease liabilities | 198 | 339 |
Total current liabilities | 4,254 | 4,350 |
Term note payable, net of current portion | 211 | 332 |
Lease liabilities, net of current portion | 166 | 623 |
Total liabilities | 4,631 | 5,305 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity (deficit) | ||
Common stock, $0.001 par value, 50,000,000 shares authorized; 8,243,686 and 8,250,286 shares issued at September 30, 2020 and June 30, 2020, respectively; 7,843,770 and 7,850,362 shares outstanding at September 30, 2020 and June 30, 2020, respectively | 190,599 | 190,599 |
Treasury stock, 399,916 shares at cost at September 30, 2020 and June 30, 2020 | (4,129) | (4,129) |
Additional paid-in capital | 13,976 | 13,934 |
Accumulated deficit | (201,890) | (199,779) |
Total stockholders’ equity (deficit) | (1,444) | 625 |
Total liabilities and stockholders’ equity (deficit) | 3,187 | 5,930 |
Convertible Preferred Stock | ||
Stockholders’ equity (deficit) | ||
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at September 30, 2020 and June 30, 2020 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 8,243,686 | 8,250,286 |
Common stock, shares outstanding (in shares) | 7,843,770 | 7,850,362 |
Treasury stock, shares at cost (in shares) | 399,916 | 399,916 |
Convertible Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Series D Convertible Preferred Stock | ||
Preferred stock, shares issued (in shares) | 280,898 | 280,898 |
Preferred stock, shares outstanding (in shares) | 280,898 | 280,898 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 140 | $ 1 |
Cost of revenue | 113 | 0 |
Gross profit | 27 | 1 |
Operating expenses: | ||
Selling, general and administrative | 926 | 1,202 |
Research and development | 609 | 855 |
Disposal of corporate lease | 544 | |
Total operating expenses | 2,079 | 2,057 |
Loss from operations | (2,052) | (2,056) |
Interest and other expense, net | (59) | (12) |
Loss from operations before income taxes | (2,111) | (2,068) |
Income tax benefit | 0 | 0 |
Net loss | $ (2,111) | $ (2,068) |
Weighted average common shares outstanding: | ||
Basic and diluted | 7,719 | 5,591 |
Basic and diluted net loss per common share: | ||
Net loss | $ (0.27) | $ (0.37) |
Total comprehensive loss | $ (2,111) | $ (2,068) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Adjustment to Opening Retained Earnings Related to Adoption ASC Topic 842 | Preferred Stock Class C | Preferred Stock Class D | Common Stock | Treasury Stock Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated DeficitAdjustment to Opening Retained Earnings Related to Adoption ASC Topic 842 |
Balance, beginning of period at Jun. 30, 2019 | $ 2,708 | $ 230 | $ 190,571 | $ (4,129) | $ 7,964 | $ (191,698) | $ 230 | ||
Balance (in shares) at Jun. 30, 2019 | 281 | 281 | 5,775 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201602Member | ||||||
Issuance of shares | $ 321 | 321 | |||||||
Issuance of shares (in shares) | 146 | ||||||||
Stock-based compensation | 78 | 78 | |||||||
Restricted stock issuance | 26 | $ 26 | |||||||
Restricted stock issuance (in shares) | 5 | ||||||||
Net loss | (2,068) | $ (2,068) | |||||||
Balance, end of period at Sep. 30, 2019 | 1,295 | $ 190,597 | (4,129) | 8,363 | (193,536) | ||||
Balance (in shares) at Sep. 30, 2019 | 281 | 281 | 5,926 | ||||||
Balance, beginning of period at Jun. 30, 2020 | 625 | $ 190,599 | (4,129) | 13,934 | (199,779) | ||||
Balance (in shares) at Jun. 30, 2020 | 281 | 7,850 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock offering costs | (2) | (2) | |||||||
Stock-based compensation | 49 | 49 | |||||||
Restricted stock cancellation | (5) | (5) | |||||||
Restricted stock cancellation (in shares) | (6) | ||||||||
Net loss | (2,111) | (2,111) | |||||||
Balance, end of period at Sep. 30, 2020 | $ (1,444) | $ 190,599 | $ (4,129) | $ 13,976 | $ (201,890) | ||||
Balance (in shares) at Sep. 30, 2020 | 281 | 7,844 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Stock offering issuance costs | $ 7 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (2,111) | $ (2,068) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation, net of forfeitures | 44 | 104 |
Depreciation and amortization | 81 | 141 |
Loss on disposal of assets | 194 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | 49 | 0 |
Income tax receivable | 429 | 0 |
Inventory | 64 | 1 |
Accounts payable | (164) | (61) |
Other assets and liabilities | (66) | 53 |
Net cash used in operating activities | (1,480) | (1,830) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (16) | 0 |
Net cash used in investing activities | (16) | 0 |
Cash flows from financing activities: | ||
Proceeds from term note payable - related party | 0 | 1,500 |
Proceeds from issuance of stock, net of offering issuance costs | 0 | 321 |
Net cash provided by financing activities | 0 | 1,821 |
Net change in cash and cash equivalents | (1,496) | (9) |
Cash and cash equivalents at beginning of period | 3,349 | 1,588 |
Cash and cash equivalents at end of period | 1,853 | 1,579 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Income taxes paid | 0 | $ 0 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | |
Operating right-of-use assets and associated liabilities | 0 | $ 1,608 |
Adjustment to Opening Retained Earnings Related to Adoption ASC Topic 842 | ||
Supplemental disclosures of cash flow information: | ||
Impact to retained earnings from adoption of ASC Topic 842 | $ 0 | $ 230 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member |
General Information
General Information | 3 Months Ended |
Sep. 30, 2020 | |
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 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 three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending June 30, 2021. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020. Our Business Units Astrotech Technology, Inc. Astrotech Technology, Inc. (“ATI”) owns and licenses , the platform mass spectrometry technology originally developed by 1 st st along with extensive trade secrets. With a number of diverse market opportunities for the core technology, ATI is structured to license the intellectual property for different fields of use. ATI currently licenses the AMS Technology to three wholly-owned subsidiaries of Astrotech, including to 1 st 1 st 1 st In order to sell the TRACER 1000 to airport and cargo security customers in the European Union, ECAC certification is required. Certain other countries also accept ECAC certification. After receiving ECAC certification for the TRACER 1000 on February 21, 2019, the Company is now marketing to and taking orders from airports and cargo facilities outside of the U.S. that accept ECAC certification. On June 26, 2019, the Company announced the official launch of the TRACER 1000, and on November 22, 2019, also announced the first commercial sale of TRACER 1000 units to a global shipping and logistics company. In the United States, the Company is working with the Transportation Security Administration (“TSA”) towards Air Cargo certification. 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. On November 14, 2019, the Company announced that the TRACER 1000 had been selected by the TSA’s Innovation Task Force (“ITF”) to conduct live checkpoint screening at Miami International Airport. With similar protocols as ECAC testing, the Company has received valuable feedback from all programs. Following ECAC certification and the Company's early traction within the cargo market, testing for cargo security continued with the TSA. With the COVID-19 pandemic, all testing within the TSA was put on hold; however, cargo non-detection testing resumed this summer, and the Company subsequently announced on September 9, 2020 that the TRACER 1000 passed the TSA’s ACSQT non-detection testing. TSA cargo detection testing is expected to resume this fall. Given the deterioration in air traffic caused by the pandemic, TSA certification testing for passenger checkpoint security has been put on indefinite hold. Finally, on October 28, 2020, the Company announced that it had surpassed $1.0 million in purchase orders for the TRACER 1000 and an additional $1.0 million in future service and support commitments, also announcing DHL (Deutsche Post AG) as its largest flagship customer. AgLAB Inc. AgLAB is a licensee of ATI and has developed the AgLAB-1000™ series of mass spectrometers for use in the agriculture industry for both process control and the detection of trace amounts of solvents and pesticides. The AgLAB product line is a derivative of the Company’s core AMS Technology. BreathTech Corporation BreathTech is developing the BreathTest-1000 ™ VOC”) metabolites found in a person’s breath that could indicate they may have an infection, including COVID-19 or pneumonia. Development of the BreathTest-1000 follows the Company’s results in pre-clinical trials for the BreathDetect-1000™, a rapid self-serve breathalyzer that is designed to detect bacterial infections in the respiratory tract, including pneumonia. The pre-clinical trials were conducted in collaboration with UT Health San Antonio in 2017. On October 20, 2020, the Company announced a joint development agreement with the Cleveland Clinic Foundation to explore leveraging the BreathTest-1000 to rapidly screen for COVID-19 or related indicators. The goal of the agreement is to develop a non-invasive device that will use breath samples to identify COVID-19 strains, with the potential to provide a low-cost, self-service screening option that could be deployed on a large-scale. |
Going Concern
Going Concern | 3 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Going Concern | 2 The Company’s annual report on Form 10-K for the fiscal year ended June 30, 2020 indicated substantial doubt as to its ability to continue as a going concern. On October 23, 2020, the Company completed a public offering of its common stock, raising gross proceeds of $18.0 million, and on October 30, 2020, the Company also completed a registered direct offering of its common stock, raising gross proceeds of $6.2 million (see Note 15 for more information). The Company believes that this solves its liquidity issue, and the Company no longer has substantial doubt about its ability to continue as a going concern. Impact of COVID-19 Pandemic The Company has taken what it believes are necessary precautions to safeguard its employees from the COVID-19 pandemic. The Company continues to follow the Centers for Disease Control and Prevention’s (“CDC”) guidance and the recommendations and restrictions provided by state and local authorities. All of the Company’s employees who do not work in a lab setting are currently on a telecommunication work arrangement and have been able to successfully work remotely. The Company’s lab requires in-person staffing and the Company has been able to continue to operate its lab, minimizing infection risk to lab staff through a combination of social distancing and appropriate protective equipment. There can be no assurance, however, that key employees will not become ill or that the Company will be able to continue to operate its labs. The continuing impact that the COVID-19 pandemic will have on the Company’s operations, including duration, severity, and scope, remains highly uncertain and cannot be fully predicted at this time. Accordingly, the Company believes that the COVID-19 pandemic could continue to adversely impact its results of operations, cash flows, and financial condition in the future. As the Company’s business operations continue to be impacted by the pandemic, the Company continues to monitor the situation and the guidance that is being provided by relevant federal, state, and local public health authorities. The Company may take additional actions based upon their recommendations. However, it is possible that the Company may have to make further adjustments to its operating plans in reaction to developments that are beyond its control. |
Leases
Leases | 3 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | As of July 1, 2019, the Company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02 Leases: Topic 842 (“Topic 842”), using the modified retrospective method of adoption. Astrotech elected to use the transition option that allowed the Company to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption. The adoption of Topic 842 resulted in an adjustment to accumulated deficit The Company had two existing facility leases and several small equipment leases. Astrotech leased office space consisting of 5,219 square feet in Austin, Texas that housed executive management, finance and accounting, sales, and marketing and communications. The lease began in November 2016 and originally expired in December 2023. On August 3, 2020, the Company decided to terminate the lease. Upon lease termination, the Company recognized a decrease in the related operating right-of-use (“ROU”) asset and operating lease liability of approximately $506 thousand and $540 thousand, respectively. In May 2013, 1 st st On January 21, 2020, the Company entered into its fourth amendment of the original lease, with the amended lease beginning May 1, 2020 and expiring April 30, 2021, with the option to renew and extend the lease for one renewal term of one year. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate in determining the present value of lease payments. Significant judgement is required when determining the Company’s incremental borrowing rate. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Upon the adoption of Topic 842, the Company’s accounting for financing leases, previously referred to as capital leases, remains substantially unchanged from prior guidance. The balance sheet presentation of the Company’s operating and finance leases is as follows: (In thousands) Classification on the Condensed Consolidated Balance Sheet September 30, 2020 Assets: Operating lease assets Operating leases, right-of-use assets, net $ 287 Financing lease assets Property and equipment, net 52 Total lease assets $ 339 Liabilities: Current: Operating lease obligations Lease liabilities, current $ 188 Financing lease obligations Lease liabilities, current 10 Non-current: Operating lease obligations Lease liabilities, non-current 129 Financing lease obligations Lease liabilities, non-current 37 Total lease liabilities $ 364 Future minimum lease payments under non-cancellable leases are as follows: (In thousands) For the Year Ended June 30, Operating Leases Financing Leases Total 2021 $ 160 $ 9 $ 169 2022 182 12 194 2023 6 12 18 2024 — 12 12 2025 — 8 8 Thereafter — — — Total lease obligations 348 53 401 Less: imputed interest 31 6 37 Present value of net minimum lease obligations 317 47 364 Less: lease liabilities - current 188 10 198 Lease liabilities - non-current $ 129 $ 37 $ 166 Other information as of September 30, 2020 is as follows: Weighted-average remaining lease term (years): Operating leases 1.2 Financing leases 4.4 Weighted-average discount rate: Operating leases 11.0 % Financing leases 6.2 % Cash payments for operating leases for the three months ended September 30, 2020 and September 30, 2019 totaled $70 thousand and $96 thousand, respectively. Cash payments for financing leases for the three months ended September 30, 2020 and September 30, 2019 totaled $3 thousand and $0, respectively. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (4) Property and Equipment As of September 30, 2020 and June 30, 2020, property and equipment, net consisted of the following: (In thousands) September 30, 2020 June 30, 2020 Furniture, fixtures, equipment & leasehold improvements $ 1,935 $ 2,522 Software 315 326 Capital improvements in progress 8 — Gross property and equipment 2,258 2,848 Accumulated depreciation (2,158 ) (2,512 ) Property held for disposal, net — (237 ) Property and equipment, net $ 100 $ 99 Depreciation expense of property and equipment for the three months ended September 30, 2020 and September 30, 2019 were $22 thousand and $59 thousand, respectively. On August 3, 2020, the Company terminated its corporate office lease in Austin, Texas and wrote-off the remaining net book value of the related leasehold improvement assets in the amount of $229 thousand. |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) | 3 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | Common Stock From November 9, 2018 through March 25, 2020, the Company sold 793,668 shares of common stock pursuant to an At-the-Market Issuance Sales Agreement (“ATM Agreement”) with B. Riley FBR, under which B. Riley FBR acted as the sales agent. In connection with the sale of these shares of common stock, the Company received net proceeds of $2.3 million. The weighted-average sale price per share was $3.04. No additional shares of the Company’s common stock will be sold pursuant to the ATM Agreement. The Company did not incur any termination penalties as a result of its termination of the ATM Agreement. Warrants A summary of the common stock warrant activity for the three months ended September 30, 2020 Shares (In thousands) Weighted Average Exercise Price Aggregate Fair Market Value at Issuance (In thousands) Weighted Average Remaining Contractual Term (Years) Outstanding June 30, 2020 86 $ 5.14 $ 194 4.74 Warrants issued — — — — Warrants exercised — — — — Warrants expired — — — — Outstanding September 30, 2020 86 $ 5.14 $ 194 4.49 The following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants Issue Date Classification Exercise Price Expiration Date September 30, 2020 June 30, 2020 March 26, 2020 Equity $ 6.25 March 25, 2025 24,780 24,780 March 30, 2020 Equity $ 4.69 March 27, 2025 61,133 61,133 Total Outstanding 85,913 85,913 Nasdaq Compliance As previously noted in our Form 10-K for the fiscal year ended June 30, 2020, the Company was not in compliance with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) for continued listing on The Nasdaq Capital Market because its stockholders’ equity was below the required minimum of $2.5 million at June 30, 2020. On September 11, 2020, the Company received a notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that it was not in compliance with the required stockholder’s equity of $2.5 million. The Notice had no immediate effect on the Company’s listing on The Nasdaq Capital Market. The Company originally had until October 26, 2020 to submit a plan to regain compliance with the minimum stockholders’ equity requirement; however, Nasdaq granted an extension of the deadline to submit a plan until November 2, 2020. On October 23, 2020, the Company closed a public offering of its common stock for gross proceeds of $18.0 million. The Company believes that, following this offering, it is now in compliance with the minimum stockholders’ equity requirement. On October 30, 2020, the Company filed Form 8-K disclosing this information as part of an alternative proposed by Nasdaq to its submitting a plan to regain compliance. See Note 15 for more information. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Sep. 30, 2020 | |
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. The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended September 30, (In thousands, except per share data) 2020 2019 Numerator: Net loss $ (2,111 ) $ (2,068 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 7,719 5,591 Basic and diluted net loss per common share: Net loss $ (0.27 ) $ (0.37 ) All unvested restricted stock awards for the three months ended September 30, 2020 are not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. Options to purchase 324,661 shares of common stock at exercise prices ranging from $1.85 to $8.35 per share outstanding as of September 30, 2020 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 | 3 Months Ended |
Sep. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Astrotech recognizes revenue employing the generally accepted revenue recognition methodologies described under the provisions of Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers” (“Topic 606”), which was adopted by the Company in fiscal year 2019. The methodology used is based on contract type and how products and services are provided. The guidelines of Topic 606 establish a five-step process to govern the recognition and reporting of revenue from contracts with customers. The five steps are: (i) identify the contract with a customer, (ii) identify the performance obligations within the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations within the contract, and (v) recognize revenue when or as the performance obligations are satisfied. An additional factor is reasonable assurance of collectability. This necessitates deferral of all or a portion of revenue recognition until collection. During the three months ended September 30, 2020, the Company had one material revenue source that comprised $134 thousand. During the three months ended September 30, 2019, the Company had one revenue source. Revenue was recognized at a point in time consistent with the guidelines in Topic 606. The Company disaggregates revenue by reporting segment to depict the nature of revenue in a manner consistent with its business operations and to be consistent with other communications and public filings. Refer to Note 14 Contract Assets and Liabilities. The Company enters into contracts to sell products and provide services, and it recognizes contract assets and liabilities that arise from these transactions. The Company recognizes revenue and corresponding accounts receivable according to Topic 606 and, at times, recognize revenue in advance of the time when contracts give us the right to invoice a customer. The Company may also receive consideration, per the terms of a contract, from customers prior to transferring goods to the customer. The Company records customer deposits as deferred revenue. Additionally, the Company may receive payments, most typically for service and warranty contracts, at the onset of the contract and before services have been performed. In such instances, the Company records a deferred revenue liability. The Company recognizes these contract liabilities as sales after all revenue recognition criteria are met. Practical Expedients. In cases where the Company is responsible for shipping after the customer has obtained control of the goods, the Company has elected to treat the shipping activities as fulfillment activities rather than as a separate performance obligation. Additionally, the Company has elected to capitalize the cost to obtain a contract only if the period of amortization would be longer than one year. The Company only gives consideration to whether a customer agreement has a financing component if the period of time between transfer of goods and services and customer payment is greater than one year. Product Sales. T he Company recognizes revenue from sales of products upon shipment or delivery when control of the product transfers to the customer, depending on the terms of each sale, and when collection is probable. In the circumstance where terms of a product sale include subjective customer acceptance criteria, revenue is deferred until the Company has achieved the acceptance criteria unless the customer acceptance criteria are perfunctory or inconsequential. T he Company generally offers customers payment terms of less than one year. Freight. T he Company records shipping and handling fees that it charges to its customers as revenue and related costs as cost of goods sold. Multiple Performance Obligations. Certain agreements with customers include the sale of equipment involving multiple elements in cases where obligations in a contract are distinct and thus require separation into multiple performance obligations, revenue recognition guidance requires that contract consideration be allocated to each distinct performance obligation based on its relative standalone selling price. The value allocated to each performance obligation is then recognized as revenue when the revenue recognition criteria for each distinct promise or bundle of promises has been met. The standalone selling price for each performance obligation is an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the good or service. When there is only one performance obligation associated with a contract, the entire amount of consideration is attributed to that obligation. When a contract contains multiple performance obligations the standalone selling price is first estimated using the observable price, which is generally a list price net of applicable discount or the price used to sell the good or service in similar circumstances. In circumstances when a selling price is not directly observable, the Company will estimate the standalone selling price using information available to it including its market assessment and expected cost plus margin. The timetable for fulfilment of each of the distinct performance obligations can range from completion in a short amount of time and entirely within a single reporting period to completion over several reporting periods. The timing of revenue recognition for each performance obligation may be dependent upon several milestones, including physical delivery of equipment, completion of site acceptance test, and in the case of after-market consumables and service deliverables, the passage of time. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020, t he fair value of the Company’s cash and cash equivalents approximate their carrying value due to their short-term nature. |
Debt
Debt | 3 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | (9) Debt On September 5, 2019, the Company entered into a private placement transaction with Thomas B. Pickens III, the Chief Executive Officer and Chairman of the Board of Directors of the Company for the issuance and sale of a secured promissory note (“Note No. 1”) to Mr. Pickens with a principal amount of $1.5 million. Interest on Note No. 1 shall accrue at 11% per annum. The principal amount and accrued interest on Note No. 1 shall become due and payable on September 5, 2020 (the “Maturity Date”). The Company may prepay the principal amount and all accrued interest on Note No. 1 at any time prior to the Maturity Date. In connection with the issuance of Note No. 1, the Company, along with 1 st On February 13, 2020, the Company entered into a second private placement transaction with Mr. Pickens for the issuance and sale of a secured promissory note (“Note No. 2”) to Mr. Pickens with a principal amount of $1.0 million. Interest on Note No. 2 shall accrue at 11% per annum. The principal amount and accrued interest on Note No. 2 shall become due and payable on the Maturity Date. The Company may prepay the principal amount and all accrued interest on Note No. 2 at any time prior to the Maturity Date. In connection with the issuance of Note No. 2, the Company, along with the Subsidiaries, entered into a second security agreement, dated as of February 13, 2020, with Mr. Pickens (the “Security Agreement No. 2”), pursuant to which the Company and the Subsidiaries granted to Mr. Pickens a security interest in all of the Company’s and the Subsidiaries’ Collateral, as such term is defined in Security Agreement No. 2. In addition, the Subsidiaries jointly and severally agreed to guarantee and act as surety for the Company’s obligation to repay Note No. 2 pursuant to a subsidiary guarantee. On August 24, 2020, the Company and Mr. Pickens agreed to extend the Maturity Date of both the notes and payment of accrued interest to September 5, 2021. On April 14, 2020, the Company entered into the PPP Promissory Note for $542 thousand with a commercial bank under the CARES Act. The PPP Promissory Note bears interest at a rate of 1.0% per annum. Payments are due monthly beginning November 10, 2020. The remaining principal amount of the PPP Promissory Note along with any unpaid interest is due on April 1, 2022. The principal and interest may be forgiven if the proceeds are used for forgivable purposes as defined by the terms in the PPP Promissory Note, and the Company has used the proceeds from the PPP Promissory Note for forgivable purposes as defined by the terms of the PPP Promissory Note. Interest expense for the three months ended September 30, 2020 was approximately $1 thousand. Subsequent to the end of the quarter, t |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 3 Months Ended |
Sep. 30, 2020 | |
Risks And Uncertainties [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | For the three months ended September 30, 2020, the Company had one customer that materially comprised all of the Company’s revenue. All of the Company’s revenue for the three months ended September 30, 2019 came from a single different customer. The Company maintains funds in bank accounts that may exceed the limit insured by the Federal Deposit Insurance Corporation 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 | 3 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Common Stock Compensation | Stock Option Activity Summary The Company’s stock option activity for the three months ended September 30, 2020 is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2020 325 $ 5.68 Granted — — Exercised — — Canceled or expired (1 ) 5.30 Outstanding at September 30, 2020 324 $ 5.68 The aggregate intrinsic value of options exercisable at September 30, 2020 was $0, as the fair value of the Company’s common stock is less than the exercise prices of these options. The remaining stock-based compensation expense of $2 thousand related to stock options will be recognized over a weighted-average period of 2.03 years. The table below details the Company’s stock options outstanding as of September 30, 2020: 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 $1.85 – 3.55 76,500 2.53 $ 3.43 66,500 $ 3.43 $5.30 – 5.85 118,161 6.61 5.49 113,203 5.49 $6.00 – 8.35 130,000 4.14 7.19 86,000 6.59 $1.85 – 8.35 324,661 4.66 $ 5.68 265,703 $ 5.33 Compensation costs recognized related to stock option awards were $0 and $44 thousand for the three months ended September 30, 2020, and 2019, respectively. Restricted Stock The Company’s restricted stock activity for the three months ended September 30, 2020, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2020 133 $ 3.95 Granted — — Vested (1 ) 2.47 Canceled or expired (7 ) 3.59 Outstanding at September 30, 2020 125 $ 3.99 Stock compensation expenses related to restricted stock were $44 thousand and $60 thousand for the three months ended September 30, 2020, and 2019, respectively. The remaining stock-based compensation expense of $232 thousand related to restricted stock awards granted will be recognized over a weighted-average period of 1.23 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020, the Company established a valuation allowance against all of its net deferred tax assets. For the each of the three months ended September 30, 2020 and 2019, the Company incurred pre-tax losses in the amount of $2.1 million. The total effective tax rate was approximately 0% for the each of the three months ended September 30, 2020 and 2019. For the each of the three months ended September 30, 2020 and 2019, the Company’s effective tax rate differed from the federal statutory rate of 21%, primarily due to the valuation allowance placed against its net deferred tax assets. The CARES Act was signed into law on March 27, 2020. The CARES Act provided certain tax relief measures including the acceleration of the alternative minimum tax (“AMT”) credit previously paid. The CARES Act allows for the acceleration of the refundable AMT credit up to 100% of the AMT credit. In response to the impact of the CARES Act, the Company received the remaining AMT credit of $429 thousand for AMT previously paid during the three months ended September 30, 2020. FASB 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 months ended September 30, 2020 or 2019. 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 2001 through present for federal purposes and fiscal years ended 2006 through present for state purposes. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2020 | |
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 | 3 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | The Company currently has two reportable business units: 1 st 1 st 1 st AgLAB Inc. AgLAB is developing a series of mass spectrometers for use in the agriculture market for process control and the detection of trace amounts of solvents and pesticides. 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 September 30, 2020 Three Months Ended September 30, 2019 (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ 140 $ 22 $ (1,410 ) $ 1 $ 59 $ (2,068 ) AgLAB — — (701 ) — — — Total $ 140 $ 22 $ (2,111 ) $ 1 $ 59 $ (2,068 ) September 30, 2020 June 30, 2020 (In thousands) Fixed Assets, Net Total Capital Expenditures (1) Total Assets Fixed Assets, Net Total Capital Expenditures (2) Total Assets 1st Detect $ 100 $ 16 $ 3,187 $ 99 $ — $ 5,930 AgLAB — — — — — — Total $ 100 $ 16 $ 3,187 $ 99 $ — $ 5,930 (1) Total capital expenditures are for the three months ended September 30, 2020. (2) Total capital expenditures are for the twelve months ended June 30, 2020. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | (15) Subsequent Events Cash Reserve Agreement As previously reported, on April 14, 2020, the Company entered into the PPP Promissory Note with a commercial bank (the “Bank”) under the CARES Act. On October 19, 2020, the Company and the Bank entered into a Cash Reserve Agreement wherein the Company agreed to deliver to the Bank an amount equal to $541,500 (the “Cash Amount”), to be held in in a separate account in accordance with the terms and conditions of the Cash Reserve Agreement for the purpose of establishing a source of payment for the Company’s obligations to repay and/or obtain forgiveness of the PPP Promissory Note. The Cleveland Clinic Agreement On October 20, 2020, the Company issued a press release announcing that its subsidiary BreathTech Corporation signed a joint development and option agreement (the “Agreement”) with the Cleveland Clinic Foundation (the “Cleveland Clinic”). Pursuant to the Agreement, the Company and the Cleveland Clinic will collaborate in efforts to develop a rapid breath test for coronavirus infection or related indicators, using the Company’s mass spectrometry technology and collection of data related thereto through an investigator initiated clinical study performed by the Cleveland Clinic. Public Offerings of Common Stock On October 21, 2020, the Company entered into a Securities Purchase Agreement (the “First Purchase Agreement”) with certain purchasers named therein, pursuant to which the Company agreed to issue and sell 7,826,086 shares (the “Public Offering Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at an offering price of $2.30 per share (the “Public Offering”). The Public Offering resulted in gross proceeds of approximately $18.0 million before deducting the placement agent’s fees and related offering expenses. Pursuant to an engagement agreement dated July 23, 2020, as amended, the Company engaged H.C. Wainwright & Co., LLC (the “Placement Agent”) to act as the Company’s exclusive placement agent in connection with the Public Offering. The Company will issue to the Placement Agent, or its designees, warrants (the “Placement Agent’s Warrants No. 1”) to purchase up to 469,565 shares of Common Stock, which represents 6.0% of the Public Offering Shares sold in the Public Offering. The Placement Agent’s Warrants No. 1 have an exercise price of $2.875 per share, which represents 125% of the per share offering price of the Public Offering Shares and a termination date of October 21, 2025. On October 28, 2020, the Company entered into a Securities Purchase Agreement (the “Second Purchase Agreement”) with certain purchasers named therein, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “Registered Offering”), 2,887,906 shares (the “Registered Offering Shares”) of the Company’s Common Stock, at an offering price of $2 per share. The Registered Offering resulted in gross proceeds of approximately $6.2 million before deducting the placement agent’s fees and related offering expenses. Pursuant to an engagement agreement dated July 23, 2020, as amended, the Company engaged the Placement Agent to act as the Company’s exclusive placement agent in connection with the Registered Offering. The Company will also issue to the Placement Agent, or its designees, warrants (the “Placement Agent’s Warrants No. 2”) to purchase up to 173,274 shares of Common Stock, which represents 6.0% of the Registered Offering Shares sold in the Registered Offering. The Placement Agent’s Warrants No. 2 have an exercise price of $2.6875 per share, which represents 125% of the per share offering price of the Registered Offering Shares and a termination date of October 28, 2025. NASDAQ Compliance On November 3, 2020, the Company received a letter from NASDAQ stating that based on the Form 8-K filed by the Company on October 30, 2020, Nasdaq has determined that the Company complies with the Listing Rule 5550(b)(1). |
General Information (Policies)
General Information (Policies) | 3 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation – The accompanying unaudited condensed consolidated financial statements have been prepared 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 three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending June 30, 2021. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020. |
Our Business Units | Our Business Units Astrotech Technology, Inc. Astrotech Technology, Inc. (“ATI”) owns and licenses , the platform mass spectrometry technology originally developed by 1 st st along with extensive trade secrets. With a number of diverse market opportunities for the core technology, ATI is structured to license the intellectual property for different fields of use. ATI currently licenses the AMS Technology to three wholly-owned subsidiaries of Astrotech, including to 1 st 1 st 1 st In order to sell the TRACER 1000 to airport and cargo security customers in the European Union, ECAC certification is required. Certain other countries also accept ECAC certification. After receiving ECAC certification for the TRACER 1000 on February 21, 2019, the Company is now marketing to and taking orders from airports and cargo facilities outside of the U.S. that accept ECAC certification. On June 26, 2019, the Company announced the official launch of the TRACER 1000, and on November 22, 2019, also announced the first commercial sale of TRACER 1000 units to a global shipping and logistics company. In the United States, the Company is working with the Transportation Security Administration (“TSA”) towards Air Cargo certification. 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. On November 14, 2019, the Company announced that the TRACER 1000 had been selected by the TSA’s Innovation Task Force (“ITF”) to conduct live checkpoint screening at Miami International Airport. With similar protocols as ECAC testing, the Company has received valuable feedback from all programs. Following ECAC certification and the Company's early traction within the cargo market, testing for cargo security continued with the TSA. With the COVID-19 pandemic, all testing within the TSA was put on hold; however, cargo non-detection testing resumed this summer, and the Company subsequently announced on September 9, 2020 that the TRACER 1000 passed the TSA’s ACSQT non-detection testing. TSA cargo detection testing is expected to resume this fall. Given the deterioration in air traffic caused by the pandemic, TSA certification testing for passenger checkpoint security has been put on indefinite hold. Finally, on October 28, 2020, the Company announced that it had surpassed $1.0 million in purchase orders for the TRACER 1000 and an additional $1.0 million in future service and support commitments, also announcing DHL (Deutsche Post AG) as its largest flagship customer. AgLAB Inc. AgLAB is a licensee of ATI and has developed the AgLAB-1000™ series of mass spectrometers for use in the agriculture industry for both process control and the detection of trace amounts of solvents and pesticides. The AgLAB product line is a derivative of the Company’s core AMS Technology. BreathTech Corporation BreathTech is developing the BreathTest-1000 ™ VOC”) metabolites found in a person’s breath that could indicate they may have an infection, including COVID-19 or pneumonia. Development of the BreathTest-1000 follows the Company’s results in pre-clinical trials for the BreathDetect-1000™, a rapid self-serve breathalyzer that is designed to detect bacterial infections in the respiratory tract, including pneumonia. The pre-clinical trials were conducted in collaboration with UT Health San Antonio in 2017. On October 20, 2020, the Company announced a joint development agreement with the Cleveland Clinic Foundation to explore leveraging the BreathTest-1000 to rapidly screen for COVID-19 or related indicators. The goal of the agreement is to develop a non-invasive device that will use breath samples to identify COVID-19 strains, with the potential to provide a low-cost, self-service screening option that could be deployed on a large-scale. |
Income Taxes | FASB 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 months ended September 30, 2020 or 2019. 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 2001 through present for federal purposes and fiscal years ended 2006 through present for state purposes. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Balance Sheet Presentation of Operating and Finance Leases | The balance sheet presentation of the Company’s operating and finance leases is as follows: (In thousands) Classification on the Condensed Consolidated Balance Sheet September 30, 2020 Assets: Operating lease assets Operating leases, right-of-use assets, net $ 287 Financing lease assets Property and equipment, net 52 Total lease assets $ 339 Liabilities: Current: Operating lease obligations Lease liabilities, current $ 188 Financing lease obligations Lease liabilities, current 10 Non-current: Operating lease obligations Lease liabilities, non-current 129 Financing lease obligations Lease liabilities, non-current 37 Total lease liabilities $ 364 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases are as follows: (In thousands) For the Year Ended June 30, Operating Leases Financing Leases Total 2021 $ 160 $ 9 $ 169 2022 182 12 194 2023 6 12 18 2024 — 12 12 2025 — 8 8 Thereafter — — — Total lease obligations 348 53 401 Less: imputed interest 31 6 37 Present value of net minimum lease obligations 317 47 364 Less: lease liabilities - current 188 10 198 Lease liabilities - non-current $ 129 $ 37 $ 166 |
Schedule of Other Information | Other information as of September 30, 2020 is as follows: Weighted-average remaining lease term (years): Operating leases 1.2 Financing leases 4.4 Weighted-average discount rate: Operating leases 11.0 % Financing leases 6.2 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, net | As of September 30, 2020 and June 30, 2020, property and equipment, net consisted of the following: (In thousands) September 30, 2020 June 30, 2020 Furniture, fixtures, equipment & leasehold improvements $ 1,935 $ 2,522 Software 315 326 Capital improvements in progress 8 — Gross property and equipment 2,258 2,848 Accumulated depreciation (2,158 ) (2,512 ) Property held for disposal, net — (237 ) Property and equipment, net $ 100 $ 99 |
Stockholders_ Equity (Deficit)
Stockholders’ Equity (Deficit) (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Summary of Common Stock Warrant Activity | A summary of the common stock warrant activity for the three months ended September 30, 2020 Shares (In thousands) Weighted Average Exercise Price Aggregate Fair Market Value at Issuance (In thousands) Weighted Average Remaining Contractual Term (Years) Outstanding June 30, 2020 86 $ 5.14 $ 194 4.74 Warrants issued — — — — Warrants exercised — — — — Warrants expired — — — — Outstanding September 30, 2020 86 $ 5.14 $ 194 4.49 |
Schedule of Warrants Outstanding | The following represents a summary of the warrants outstanding at each of the dates identified: Number of Shares Underlying Warrants Issue Date Classification Exercise Price Expiration Date September 30, 2020 June 30, 2020 March 26, 2020 Equity $ 6.25 March 25, 2025 24,780 24,780 March 30, 2020 Equity $ 4.69 March 27, 2025 61,133 61,133 Total Outstanding 85,913 85,913 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Basic and Diluted Net Loss Per Share | The following table reconciles the numerators and denominators used in the computations of both basic and diluted net loss per share: Three Months Ended September 30, (In thousands, except per share data) 2020 2019 Numerator: Net loss $ (2,111 ) $ (2,068 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 7,719 5,591 Basic and diluted net loss per common share: Net loss $ (0.27 ) $ (0.37 ) |
Common Stock Compensation (Tabl
Common Stock Compensation (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock Option Activity | The Company’s stock option activity for the three months ended September 30, 2020 is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2020 325 $ 5.68 Granted — — Exercised — — Canceled or expired (1 ) 5.30 Outstanding at September 30, 2020 324 $ 5.68 |
Schedule of Stock Options Outstanding | The table below details the Company’s stock options outstanding as of September 30, 2020: 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 $1.85 – 3.55 76,500 2.53 $ 3.43 66,500 $ 3.43 $5.30 – 5.85 118,161 6.61 5.49 113,203 5.49 $6.00 – 8.35 130,000 4.14 7.19 86,000 6.59 $1.85 – 8.35 324,661 4.66 $ 5.68 265,703 $ 5.33 |
Schedule of Restricted Stock Activity | The Company’s restricted stock activity for the three months ended September 30, 2020, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2020 133 $ 3.95 Granted — — Vested (1 ) 2.47 Canceled or expired (7 ) 3.59 Outstanding at September 30, 2020 125 $ 3.99 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Key financial metrics of the Company’s segments are as follows: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ 140 $ 22 $ (1,410 ) $ 1 $ 59 $ (2,068 ) AgLAB — — (701 ) — — — Total $ 140 $ 22 $ (2,111 ) $ 1 $ 59 $ (2,068 ) September 30, 2020 June 30, 2020 (In thousands) Fixed Assets, Net Total Capital Expenditures (1) Total Assets Fixed Assets, Net Total Capital Expenditures (2) Total Assets 1st Detect $ 100 $ 16 $ 3,187 $ 99 $ — $ 5,930 AgLAB — — — — — — Total $ 100 $ 16 $ 3,187 $ 99 $ — $ 5,930 (1) Total capital expenditures are for the three months ended September 30, 2020. (2) Total capital expenditures are for the twelve months ended June 30, 2020. |
General Information - Additiona
General Information - Additional Information (Details) | Oct. 28, 2020USD ($) | Sep. 30, 2020USD ($)Patent |
General Information [Line Items] | ||
Number of patents granted | Patent | 37 | |
Number of additional patents in process | Patent | 3 | |
Number of wholly-owned subsidiaries | 3 | |
Subsequent Event | ||
General Information [Line Items] | ||
Purchase orders for TRACER 1000 | $ 1,000,000 | |
Additional future service and support commitments | $ 1,000,000 |
Going Concern - Additional Info
Going Concern - Additional Information (Details) - Common Stock - Subsequent Event - USD ($) $ in Millions | Oct. 30, 2020 | Oct. 23, 2020 |
Public Offering Purchase Agreement | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Gross proceeds from public offering of common stock | $ 18 | |
Registered Offering Purchase Agreement | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Gross proceeds from public offering of common stock | $ 6.2 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Jan. 21, 2020renewal_term | Nov. 30, 2016ft² | Oct. 31, 2014renewal_term | May 31, 2013ft²renewal_term | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Aug. 03, 2020USD ($) | Jun. 30, 2020USD ($) | Jul. 01, 2019USD ($) | Jun. 01, 2018ft² | Feb. 28, 2015ft² |
Leases [Line Items] | |||||||||||
Accumulated deficit | $ (201,890) | $ (199,779) | |||||||||
Cash payments for operating leases | 70 | $ 96 | |||||||||
Cash payments for financing leases | $ 3 | $ 0 | |||||||||
1st Detect | |||||||||||
Leases [Line Items] | |||||||||||
Lease, expiration date | Apr. 30, 2020 | ||||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||||||
Number of renewal terms | renewal_term | 2 | ||||||||||
Renewal term | 5 years | ||||||||||
Leased premises, right of first refusal exercised | ft² | 9,138 | ||||||||||
Austin, Texas | |||||||||||
Leases [Line Items] | |||||||||||
Leased premises | ft² | 5,219 | ||||||||||
Lease, expiration date | Dec. 31, 2023 | ||||||||||
Decrease in operating lease right-of-use asset | $ 506 | ||||||||||
Decrease in operating lease liability | $ 540 | ||||||||||
Webster, Texas | |||||||||||
Leases [Line Items] | |||||||||||
Lease, expiration date | Apr. 30, 2021 | ||||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||||||
Number of renewal terms | renewal_term | 1 | ||||||||||
Renewal term | 1 year | ||||||||||
Original lease area of land removed | ft² | 8,118 | ||||||||||
Leased premises remaining area | ft² | 17,560 | ||||||||||
Webster, Texas | 1st Detect | Research and Development and Production Facility | |||||||||||
Leases [Line Items] | |||||||||||
Leased premises | ft² | 16,540 | ||||||||||
Lease, expiration date | Jun. 30, 2018 | ||||||||||
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | ||||||||||
Number of renewal terms | renewal_term | 2 | ||||||||||
Renewal term | 5 years | ||||||||||
Lease term | 62 months | ||||||||||
Adjustment to Opening Retained Earnings Related to Adoption ASC Topic 842 | ASU 2016-02 | |||||||||||
Leases [Line Items] | |||||||||||
Accumulated deficit | $ 230 |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Assets: | ||
Operating leases, right-of-use assets, net | $ 287 | $ 851 |
Financing lease assets | $ 52 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | |
Total lease assets | $ 339 | |
Liabilities: | ||
Operating lease obligations, Current | $ 188 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityCurrent | |
Financing lease obligations, Current | $ 10 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityCurrent | |
Operating lease obligations, Non-current | $ 129 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityNoncurrent | |
Financing lease obligations, Non-current | $ 37 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityNoncurrent | |
Total lease liabilities | $ 364 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Leases [Abstract] | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityCurrentAndNoncurrent | |
Operating Leases | ||
2021 | $ 160 | |
2022 | 182 | |
2023 | 6 | |
Total lease obligations | 348 | |
Less: imputed interest | 31 | |
Present value of net minimum lease obligations | 317 | |
Less: lease liabilities - current | 188 | |
Lease liabilities - non-current | 129 | |
Financing Leases | ||
2021 | 9 | |
2022 | 12 | |
2023 | 12 | |
2024 | 12 | |
2025 | 8 | |
Total lease obligations | 53 | |
Less: imputed interest | 6 | |
Present value of net minimum lease obligations | 47 | |
Less: lease liabilities - current | 10 | |
Lease liabilities - non-current | 37 | |
Total | ||
2021 | 169 | |
2022 | 194 | |
2023 | 18 | |
2024 | 12 | |
2025 | 8 | |
Total lease obligations | 401 | |
Less: imputed interest | 37 | |
Total lease liabilities | 364 | |
Less: lease liabilities - current | 198 | $ 339 |
Lease liabilities - non-current | $ 166 | $ 623 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information (Details) | Sep. 30, 2020 |
Leases [Abstract] | |
Operating leases, Weighted-average remaining lease term | 1 year 2 months 12 days |
Financing leases, Weighted-average remaining lease term | 4 years 4 months 24 days |
Operating leases, Weighted-average discount rate | 11.00% |
Financing leases, Weighted-average discount rate | 6.20% |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 2,258 | $ 2,848 |
Accumulated depreciation | (2,158) | (2,512) |
Property held for disposal, net | (237) | |
Property and equipment, net | 100 | 99 |
Furniture, Fixtures, Equipment & Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 1,935 | 2,522 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 315 | $ 326 |
Capital Improvements in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 8 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | Aug. 03, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 22 | $ 59 | |
Austin, Texas | |||
Property, Plant and Equipment [Line Items] | |||
Write off of net leasehold improvement assets | $ 229 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 23, 2020 | Oct. 21, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 25, 2020 | Sep. 11, 2020 | Jun. 30, 2020 |
Class Of Stock [Line Items] | |||||||
Net proceeds from sale of common stock | $ 0 | $ 321 | |||||
Description of listing compliance | On September 11, 2020, the Company received a notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that it was not in compliance with the required stockholder’s equity of $2.5 million. | ||||||
Stockholders’ equity | $ (1,444) | $ 2,500 | $ 625 | ||||
Maximum | |||||||
Class Of Stock [Line Items] | |||||||
Stockholders’ equity | $ 2,500 | ||||||
Common Stock | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock registered direct offering | 146,000 | ||||||
Common Stock | Market Issuance Sales Agreement | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock registered direct offering | 793,668 | ||||||
Net proceeds from sale of common stock | $ 2,300 | ||||||
Average sale price per share | $ 3.04 | ||||||
Additional common stock shares sold | 0 | ||||||
Common Stock | Public Offering Purchase Agreement | Subsequent Event | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common stock registered direct offering | 7,826,086 | ||||||
Gross proceeds from public offering of common stock | $ 18,000 |
Stockholders' Equity (Deficit_2
Stockholders' Equity (Deficit) - Summary of Common Stock Warrant Activity (Details) - Warrants - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Jun. 30, 2020 | |
Class Of Stock [Line Items] | ||
Shares, Outstanding June 30, 2020 | 85,913 | |
Shares, Outstanding September 30, 2020 | 85,913 | 85,913 |
Weighted Average Exercise Price, Outstanding June 30, 2020 | $ 5.14 | |
Weighted Average Exercise Price, Outstanding September 30, 2020 | $ 5.14 | $ 5.14 |
Aggregate Fair Market Value at Issuance, Outstanding June 30, 2020 | $ 194 | |
Aggregate Fair Market Value at Issuance, Outstanding September 30, 2020 | $ 194 | $ 194 |
Weighted Average Remaining Contractual Term (Years), Outstanding | 4 years 5 months 26 days | 4 years 8 months 26 days |
Stockholders' Equity (Deficit_3
Stockholders' Equity (Deficit) - Schedule of Warrants Outstanding (Details) - $ / shares | Mar. 30, 2020 | Mar. 26, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Warrants issued on March 26, 2020 | ||||
Class Of Stock [Line Items] | ||||
Issue Date | Mar. 26, 2020 | |||
Classification | Equity | |||
Exercise Price | $ 6.25 | |||
Expiration Date | Mar. 25, 2025 | |||
Number of Shares Underlying Warrants | 24,780 | 24,780 | ||
Warrants issued on March 30, 2020 | ||||
Class Of Stock [Line Items] | ||||
Issue Date | Mar. 30, 2020 | |||
Classification | Equity | |||
Exercise Price | $ 4.69 | |||
Expiration Date | Mar. 27, 2025 | |||
Number of Shares Underlying Warrants | 61,133 | 61,133 | ||
Warrants | ||||
Class Of Stock [Line Items] | ||||
Number of Shares Underlying Warrants | 85,913 | 85,913 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Computations of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||
Net loss | $ (2,111) | $ (2,068) |
Denominator: | ||
Denominator for basic and diluted net loss per share — weighted average common stock outstanding | 7,719 | 5,591 |
Basic and diluted net loss per common share: | ||
Net loss | $ (0.27) | $ (0.37) |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) | 3 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase (in shares) | shares | 324,661 |
Exercise price lower range | $ 1.85 |
Exercise price upper range | $ 8.35 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020USD ($)Source | Sep. 30, 2019Source | |
Revenue From Contract With Customer [Abstract] | ||
Total revenue | $ | $ 134 | |
Number of revenue resources | Source | 1 | 1 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | Aug. 24, 2020 | Apr. 14, 2020 | Sep. 05, 2019 | Sep. 30, 2020 | Feb. 13, 2020 |
Secured Promissory Note | Private Placement | |||||
Debt Instrument [Line Items] | |||||
Secured note principal amount | $ 1,500 | $ 1,000 | |||
Interest on the Note | 11.00% | 11.00% | |||
Maturity date | Sep. 5, 2020 | ||||
Extended maturity date | Sep. 5, 2021 | ||||
PPP Promissory Note | |||||
Debt Instrument [Line Items] | |||||
Interest on the Note | 1.00% | ||||
Maturity date | Apr. 1, 2022 | ||||
Proceeds from term note payable | $ 542 | ||||
Debt instrument, frequency of periodic payment | monthly | ||||
Debt instrument, payment terms | Payments are due monthly beginning November 10, 2020. The remaining principal amount of the PPP Promissory Note along with any unpaid interest is due on April 1, 2022. | ||||
Interest expense | $ 1 |
Business Risk and Credit Risk_2
Business Risk and Credit Risk Concentration Involving Cash - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020USD ($)Customer | Sep. 30, 2019Customer | |
Risks And Uncertainties [Abstract] | ||
Revenue from number of customers | Customer | 1 | 1 |
Federal Deposit Insurance Corporation amount per depositor | $ | $ 250 |
Common Stock Compensation - Sch
Common Stock Compensation - Schedule of Stock Option Activity (Details) shares in Thousands | 3 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 325 |
Granted | shares | 0 |
Exercised | shares | 0 |
Canceled or expired | shares | (1) |
Outstanding, end of period | shares | 324 |
Weighted Average Exercise Price | |
Outstanding, beginning of period | $ / shares | $ 5.68 |
Granted | $ / shares | 0 |
Exercised | $ / shares | 0 |
Canceled or expired | $ / shares | 5.30 |
Outstanding, end of period | $ / shares | $ 5.68 |
Common Stock Compensation - Add
Common Stock Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercisable | $ 0 | |
Remaining stock-based compensation expense | $ 2 | |
Weighted average recognition period on remaining share-based compensation expense | 2 years 10 days | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense recognized | $ 0 | $ 44 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average recognition period on remaining share-based compensation expense | 1 year 2 months 23 days | |
Compensation expense recognized | $ 44 | $ 60 |
Remaining stock-based compensation expense | $ 232 |
Common Stock Compensation - S_2
Common Stock Compensation - Schedule of Stock Options Outstanding (Details) | 3 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | $ 1.85 |
Exercise price upper range | $ 8.35 |
Number outstanding | shares | 324,661 |
Options Outstanding Weighted- Average Remaining Contractual Life | 4 years 7 months 28 days |
Weighted average exercise price | $ 5.68 |
Number exercisable | shares | 265,703 |
Options exercisable weighted average exercise price | $ 5.33 |
$1.85 – 3.55 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 1.85 |
Exercise price upper range | $ 3.55 |
Number outstanding | shares | 76,500 |
Options Outstanding Weighted- Average Remaining Contractual Life | 2 years 6 months 10 days |
Weighted average exercise price | $ 3.43 |
Number exercisable | shares | 66,500 |
Options exercisable weighted average exercise price | $ 3.43 |
$5.30 – 5.85 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 5.30 |
Exercise price upper range | $ 5.85 |
Number outstanding | shares | 118,161 |
Options Outstanding Weighted- Average Remaining Contractual Life | 6 years 7 months 9 days |
Weighted average exercise price | $ 5.49 |
Number exercisable | shares | 113,203 |
Options exercisable weighted average exercise price | $ 5.49 |
$6.00 – 8.35 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 6 |
Exercise price upper range | $ 8.35 |
Number outstanding | shares | 130,000 |
Options Outstanding Weighted- Average Remaining Contractual Life | 4 years 1 month 20 days |
Weighted average exercise price | $ 7.19 |
Number exercisable | shares | 86,000 |
Options exercisable weighted average exercise price | $ 6.59 |
Common Stock Compensation - S_3
Common Stock Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock shares in Thousands | 3 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 133 |
Granted | shares | 0 |
Vested | shares | (1) |
Canceled or expired | shares | (7) |
Outstanding, end of period | shares | 125 |
Weighted Average Grant-Date Fair Value | |
Outstanding, beginning of period | $ / shares | $ 3.95 |
Granted | $ / shares | 0 |
Vested | $ / shares | 2.47 |
Canceled or expired | $ / shares | 3.59 |
Outstanding, end of period | $ / shares | $ 3.99 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Mar. 27, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Income Tax [Line Items] | |||
Loss before income taxes | $ (2,111,000) | $ (2,068,000) | |
Effective tax rate for continuing operations | 0.00% | 0.00% | |
Federal statutory effective tax rate | 21.00% | 21.00% | |
Unrecognized tax benefits | $ 0 | $ 0 | |
CARES Act | |||
Income Tax [Line Items] | |||
Refundable tax credit due to AMT credits | $ 429,000 | ||
CARES Act | Maximum | |||
Income Tax [Line Items] | |||
Percentage of refundable AMT credit | 100.00% |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Sep. 30, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 140 | $ 1 | |
Depreciation | 22 | 59 | |
Loss before Income Taxes | (2,111) | (2,068) | |
Fixed Assets, Net | 100 | $ 99 | |
Total Capital Expenditures | 16 | 0 | |
Total Assets | 3,187 | 5,930 | |
1st Detect | |||
Segment Reporting Information [Line Items] | |||
Revenue | 140 | 1 | |
Depreciation | 22 | 59 | |
Loss before Income Taxes | (1,410) | $ (2,068) | |
Fixed Assets, Net | 100 | 99 | |
Total Capital Expenditures | 16 | ||
Total Assets | 3,187 | $ 5,930 | |
AgLAB | |||
Segment Reporting Information [Line Items] | |||
Loss before Income Taxes | $ (701) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Oct. 30, 2020 | Oct. 28, 2020 | Oct. 23, 2020 | Oct. 21, 2020 | Jul. 23, 2020 | Sep. 30, 2019 | Oct. 19, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Issuance of common stock | 146,000 | ||||||||
Warrants | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants issued | 85,913 | 85,913 | |||||||
Public Offering Purchase Agreement | Warrants | Placement Agent | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants issued | 469,565 | ||||||||
Percentage of shares sold in offering | 6.00% | ||||||||
Exercise price of warrants | $ 2.875 | ||||||||
Percentage of per share offering price of shares | 125.00% | ||||||||
Warrants maturity date | Oct. 21, 2025 | ||||||||
Second Purchase Agreement | Warrants | Placement Agent | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants issued | 173,274 | ||||||||
Percentage of shares sold in offering | 6.00% | ||||||||
Exercise price of warrants | $ 2.6875 | ||||||||
Percentage of per share offering price of shares | 125.00% | ||||||||
Warrants maturity date | Oct. 28, 2025 | ||||||||
Subsequent Event | Public Offering Purchase Agreement | Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Issuance of common stock | 7,826,086 | ||||||||
Common stock par value | $ 0.001 | ||||||||
Common stock offering price per share | $ 2.30 | ||||||||
Gross proceeds before deducting placement agent’s fees and related offering expenses | $ 18,000,000 | ||||||||
Subsequent Event | Second Purchase Agreement | Common Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Issuance of common stock | 2,887,906 | ||||||||
Common stock offering price per share | $ 2.15 | ||||||||
Gross proceeds before deducting placement agent’s fees and related offering expenses | $ 6,200,000 | ||||||||
Subsequent Event | PPP Promissory Note | Cash Reserve Agreement | Commercial Bank | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash amount held in separate account | $ 541,500 |