Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | May 12, 2021 | |
Document Information [Line Items] | ||
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 | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 49,487,492 | |
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 | 2105 Donley Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78758 | |
City Area Code | 512 | |
Local Phone Number | 485-9530 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Former Address | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 2028 E. Ben White Blvd. | |
Entity Address, Address Line Two | Suite 240-9530 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78741 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 31,474 | $ 3,349 |
Restricted cash | 542 | |
Accounts receivable | 112 | 101 |
Inventory: | ||
Raw materials | 847 | 416 |
Work-in-process | 100 | 38 |
Finished goods | 201 | 222 |
Income tax receivable | 429 | |
Prepaid expenses and other current assets | 396 | 117 |
Total current assets | 33,672 | 4,672 |
Property and equipment, net | 82 | 99 |
Assets held for disposal | 237 | |
Operating leases, right-of-use assets, net | 26 | 851 |
Other assets | 71 | |
Total assets | 33,780 | 5,930 |
Current liabilities | ||
Accounts payable | 370 | 239 |
Payroll related accruals | 1,179 | 433 |
Accrued expenses and other liabilities | 787 | 627 |
Income tax payable | 2 | 2 |
Term note payable - related party | 2,500 | 2,500 |
Term note payable | 512 | 210 |
Lease liabilities | 32 | 339 |
Total current liabilities | 5,382 | 4,350 |
Term note payable, net of current portion | 30 | 332 |
Lease liabilities, net of current portion | 40 | 623 |
Total liabilities | 5,452 | 5,305 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value, 50,000,000 shares authorized; 25,013,254 and 8,250,286 shares issued at March 31, 2021 and June 30, 2020, respectively; 24,613,338 and 7,850,362 shares outstanding at March 31, 2021 and June 30, 2020, respectively | 190,616 | 190,599 |
Treasury stock, 399,916 shares at cost at March 31, 2021 and June 30, 2020 | (4,129) | (4,129) |
Additional paid-in capital | 47,756 | 13,934 |
Accumulated deficit | (205,915) | (199,779) |
Total stockholders’ equity | 28,328 | 625 |
Total liabilities and stockholders’ equity | 33,780 | 5,930 |
Convertible Preferred Stock | ||
Stockholders’ equity | ||
Convertible preferred stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series D issued and outstanding at March 31, 2021 and June 30, 2020 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | 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) | 25,013,254 | 8,250,286 |
Common stock, shares outstanding (in shares) | 24,613,338 | 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 - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 54,000 | $ 118,000 | $ 324,000 | $ 324,000 |
Cost of revenue | 46,000 | 111,000 | 287,000 | 307,000 |
Gross profit | 8,000 | 7,000 | 37,000 | 17,000 |
Operating expenses: | ||||
Selling, general and administrative | 1,679,000 | 1,193,000 | 3,408,000 | 3,505,000 |
Research and development | 669,000 | 814,000 | 2,036,000 | 2,608,000 |
Disposal of corporate lease | 544,000 | |||
Total operating expenses | 2,348,000 | 2,007,000 | 5,988,000 | 6,113,000 |
Loss from operations | (2,340,000) | (2,000,000) | (5,951,000) | (6,096,000) |
Interest and other expense, net | (63,000) | (68,000) | (185,000) | (123,000) |
Loss from operations before income taxes | (2,403,000) | (2,068,000) | (6,136,000) | (6,219,000) |
Income tax provision | 0 | 0 | 0 | 0 |
Net loss | $ (2,403,000) | $ (2,068,000) | $ (6,136,000) | $ (6,219,000) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 18,171 | 6,107 | 14,649 | 5,934 |
Basic and diluted net loss per common share: | ||||
Net loss | $ (0.13) | $ (0.34) | $ (0.42) | $ (1.05) |
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 Series D | Preferred Stock Series C | 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] | ASU 2016-02 | ASU 2016-02 | |||||||
Issuance of stock, net of offering costs | $ 321 | 321 | |||||||
Issuance of stock, net of offering costs (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, 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] | ASU 2016-02 | ||||||||
Net loss | (6,219) | ||||||||
Balance, end of period at Mar. 31, 2020 | 2,651 | $ 190,599 | (4,129) | 13,868 | (197,687) | ||||
Balance (in shares) at Mar. 31, 2020 | 281 | 281 | 7,575 | ||||||
Balance, beginning 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 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of stock, net of offering costs | 952 | $ 1 | 951 | ||||||
Issuance of stock, net of offering costs (in shares) | 433 | ||||||||
Stock-based compensation | 97 | 97 | |||||||
Cancellation of restricted stock | (11) | (11) | |||||||
Cancellation of restricted stock (in shares) | (11) | ||||||||
Forfeiture of stock-based compensation | (3) | (3) | |||||||
Net loss | (2,083) | (2,083) | |||||||
Balance, end of period at Dec. 31, 2019 | 247 | $ 190,598 | (4,129) | 9,397 | (195,619) | ||||
Balance (in shares) at Dec. 31, 2019 | 281 | 281 | 6,348 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of stock, net of offering costs | 4,377 | $ 1 | 4,376 | ||||||
Issuance of stock, net of offering costs (in shares) | 1,227 | ||||||||
Stock-based compensation | 95 | 95 | |||||||
Net loss | (2,068) | (2,068) | |||||||
Balance, end of period at Mar. 31, 2020 | 2,651 | $ 190,599 | (4,129) | 13,868 | (197,687) | ||||
Balance (in shares) at Mar. 31, 2020 | 281 | 281 | 7,575 | ||||||
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 | |||||||
Cancellation of restricted stock | (5) | (5) | |||||||
Cancellation of restricted stock (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 | |||||||
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] | |||||||||
Net loss | (6,136) | ||||||||
Balance, end of period at Mar. 31, 2021 | 28,328 | $ 190,616 | (4,129) | 47,756 | (205,915) | ||||
Balance (in shares) at Mar. 31, 2021 | 281 | 24,613 | |||||||
Balance, beginning 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 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of stock, net of offering costs | 21,830 | $ 11 | 21,819 | ||||||
Issuance of stock, net of offering costs (in shares) | 10,714 | ||||||||
Stock-based compensation | 47 | 47 | |||||||
Cancellation of restricted stock | (1) | (1) | |||||||
Cancellation of restricted stock (in shares) | (17) | ||||||||
Net loss | (1,622) | (1,622) | |||||||
Balance, end of period at Dec. 31, 2020 | 18,810 | $ 190,610 | (4,129) | 35,841 | (203,512) | ||||
Balance (in shares) at Dec. 31, 2020 | 281 | 18,541 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of stock, net of offering costs | 11,727 | $ 4 | 11,723 | ||||||
Issuance of stock, net of offering costs (in shares) | 3,985 | ||||||||
Stock-based compensation | 194 | $ 2 | 192 | ||||||
Stock-based compensation (in shares) | 2,087 | ||||||||
Net loss | (2,403) | (2,403) | |||||||
Balance, end of period at Mar. 31, 2021 | $ 28,328 | $ 190,616 | $ (4,129) | $ 47,756 | $ (205,915) | ||||
Balance (in shares) at Mar. 31, 2021 | 281 | 24,613 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (6,136) | $ (6,219) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation, net of forfeitures | 284 | 282 |
Depreciation and amortization | 197 | 327 |
Loss on disposal of assets | 173 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (11) | (82) |
Inventory | (472) | (262) |
Income tax receivable | 429 | 0 |
Accounts payable | 131 | 28 |
Other assets and liabilities | 541 | 970 |
Net cash used in operating activities | (4,864) | (4,956) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (24) | 0 |
Net cash used in investing activities | (24) | 0 |
Cash flows from financing activities: | ||
Proceeds from term note payable - related party | 0 | 2,500 |
Proceeds from issuance of stock, net of offering issuance costs | 33,555 | 5,650 |
Net cash provided by financing activities | 33,555 | 8,150 |
Net change in cash and cash equivalents | 28,667 | 3,194 |
Cash and cash equivalents at beginning of period | 3,349 | 1,588 |
Cash and cash equivalents at end of period | 32,016 | 4,782 |
Reconciliation of cash and cash equivalents and restricted cash at end of period: | ||
Cash and cash equivalents | 31,474 | 4,660 |
Restricted cash | 542 | 122 |
Total | 32,016 | 4,782 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Income taxes paid | 0 | 0 |
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] | ASU 2016-02 |
General Information
General Information | 9 Months Ended |
Mar. 31, 2021 | |
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 nine months ended March 31, 2021 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 Technologies, Inc. Astrotech Technologies, 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 On March 24, 2021, ATI signed a Letter of Agreement (the “LOA”) effective as of March 24, 2021 by and among ATI and Sanmina Corporation (“Sanmina”). Under the LOA, Sanmina will procure and inspect components, parts, and raw materials and manufacture, assemble, test, inspect, configure, store, and ship the products for any of the licensees of ATI. 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 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 during the summer of 2020, and the Company subsequently announced on September 9, 2020 that the TRACER 1000 passed the non-detection testing portion of the TSA’s ACSQT. TSA cargo detection testing resumed during the fall of 2020 and continues to move forward. This is the next and final step to be listed on the Air Cargo Screening Technology List (“ACSTL”) as an “approved” device and, if approved, thereby approved for cargo sales in the United States. Given the deterioration in air traffic caused by the pandemic, TSA certification testing for passenger checkpoint security was 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 (the “Cleveland Clinic”) 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. On March 31, 2021, BreathTech signed an Investigator-Initiated Study Agreement (the “Study Agreement”) with the Cleveland Clinic. Pursuant to the Study Agreement, the Cleveland Clinic will use BreathTech’s BreathTest-1000™ to compare exhaled breath from individuals who have tested positive on a COVID-19 polymerase chain reaction (“PCR”) test with that from subjects who have had a negative COVID-19 PCR test. The goal of the study will be to analyze different volatile organic compounds from the breath to determine the correlation with different disease states. |
Leases
Leases | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Assets: Operating lease assets Operating leases, right-of-use assets, net $ 26 Financing lease assets Property and equipment, net 46 Total lease assets $ 72 Liabilities: Current: Operating lease obligations Lease liabilities, current $ 22 Financing lease obligations Lease liabilities, current 10 Non-current: Operating lease obligations Lease liabilities, non-current 8 Financing lease obligations Lease liabilities, non-current 32 Total lease liabilities $ 72 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 $ 20 $ 3 $ 23 2022 6 12 18 2023 6 12 18 2024 — 12 12 2025 — 8 8 Thereafter — — — Total lease obligations 32 47 79 Less: imputed interest 2 5 7 Present value of net minimum lease obligations 30 42 72 Less: lease liabilities - current 22 10 32 Lease liabilities - non-current $ 8 $ 32 $ 40 Other information as of March 31, 2021 is as follows: Weighted-average remaining lease term (years): Operating leases 0.1 Financing leases 3.9 Weighted-average discount rate: Operating leases 11.0 % Financing leases 6.2 % Cash payments for operating leases for the three months ended March 31, 2021 and March 31, 2020 totaled $53 thousand and $96 thousand, respectively. Cash payments for operating leases for the nine months ended March 31, 2021 and March 31, 2020 totaled $176 thousand and $288 thousand, respectively. Cash payments for financing leases for the three months ended March 31, 2021 and March 31, 2020 totaled $3 thousand and $1 thousand, respectively. Cash payments for financing leases for the nine months ended March 31, 2021 and March 31, 2020 totaled $9 thousand and $1 thousand, respectively. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (3) Property and Equipment As of March 31, 2021 and June 30, 2020, property and equipment, net consisted of the following: (In thousands) March 31, 2021 June 30, 2020 Furniture, fixtures, equipment & leasehold improvements $ 1,951 $ 2,522 Software 315 326 Capital improvements in progress — — Gross property and equipment 2,266 2,848 Accumulated depreciation (2,184 ) (2,512 ) Property held for disposal, net — (237 ) Property and equipment, net $ 82 $ 99 Depreciation expense of property and equipment for the three months ended March 31, 2021 and March 31, 2020 were $12 thousand and $48 thousand, respectively. Depreciation expense of property and equipment for the nine months ended March 31, 2021 and March 31, 2020 were $48 thousand and $189 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
Stockholders' Equity | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Public Offerings of Common Stock On February 11, 2021, the Company entered into a Securities Purchase Agreement (the “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”), 2,845,535 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at an offering price of $3.25 per share. The Registered Offering resulted in gross proceeds of approximately $9.25 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 Registered Offering. The Company has issued to the Placement Agent, or its designees, warrants (the “Placement Agent’s Warrants”) to purchase up to 170,732 shares of Common Stock, which represents 6.0% of the Shares sold in the Registered Offering. The Placement Agent’s Warrants have an exercise price of $4.0625 per share, which represents 125% of the per share offering price of the Shares and a termination date of February 11, 2026. The Placement Agent’s Warrants had a fair value per share of $2.94 as of the date of issuance. At-the-Market Agreements 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 (the “B. Riley 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 B. Riley ATM Agreement. The Company did not incur any termination penalties as a result of its termination of the B. Riley ATM Agreement. On December 18, 2020, the Company entered into an At-the-Market offering agreement (the “Wainwright ATM Agreement”) with H.C. Wainwright & Co., LLC as agent, pursuant to which the Company may offer and sell, from time to time through H.C. Wainwright, shares of the Company’s Common Stock. During the second quarter of fiscal 2021, the Company sold 1,139,323 shares of Common Stock pursuant to the Wainwright ATM Agreement. In connection with the sales of these shares of Common Stock, the Company received gross proceeds of approximately $3.6 million. The weighted-average sale price per shares was $3.14. Warrants A summary of the common stock warrant activity for the three months ended March 31, 2021 is presented below: 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 813 3.08 1,758 4.42 Warrants exercised — — — — Warrants expired — — — — Outstanding March 31, 2021 899 $ 3.28 $ 1,952 4.57 T he 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 March 31, 2021 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 October 23, 2020 Equity $ 2.88 October 21, 2025 469,565 — October 28, 2020 Equity $ 2.69 October 28, 2025 173,274 — February 16, 2021 Equity $ 4.06 February 11, 2026 170,732 — Total Outstanding 899,484 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. Following the successful offerings of the Company’s Common Stock during the current and prior fiscal quarters, the Company is now in compliance with the minimum stockholders’ equity requirement. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, Nine Months Ended March 31, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ (2,403 ) $ (2,068 ) $ (6,136 ) $ (6,219 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 18,171 6,107 14,649 5,934 Basic and diluted net loss per common share: Net loss $ (0.13 ) $ (0.34 ) $ (0.42 ) $ (1.05 ) All unvested restricted stock awards for the nine months ended March 31, 2021 are not included in diluted net loss per share, as the impact to net loss per share would be anti-dilutive. Options to purchase 371,025 shares of common stock at exercise prices ranging from $1.85 to $8.35 per share outstanding as of March 31, 2021 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 | 9 Months Ended |
Mar. 31, 2021 | |
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 and nine months ended March 31, 2021, the Company had two revenue sources. 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 13 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 revenue. 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 | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, t he fair value of the Company’s cash and cash equivalents approximate their carrying value due to their short-term nature. |
Debt
Debt | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | (8) 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. Interest expense related to both notes for the three and nine months ended March 31, 2021 was approximately $68 thousand and $206 thousand, respectively. On April 14, 2020, the Company entered into a promissory note under the Paycheck Protection Program “(PPP”) for $542 thousand (the “PPP Promissory Note”) with a commercial bank (the “Bank”) under t he Coronavirus Aid, Relief, and Economic Security Act (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. On October 19, 2020, as required by the Small Business Administration (the “SBA”) prior to executing a securities purchase agreement on October 21, 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 $542 thousand In connection therewith, t he Company applied for forgiveness under the provisions of the CARES Act. Interest expense related to the PPP Promissory Note for the three and nine months ended March 31, 2021 was approximately $1 thousand and $2 thousand, respectively. |
Business Risk and Credit Risk C
Business Risk and Credit Risk Concentration Involving Cash | 9 Months Ended |
Mar. 31, 2021 | |
Risks And Uncertainties [Abstract] | |
Business Risk and Credit Risk Concentration Involving Cash | For the three and nine months ended March 31, 2021, the Company had two customers that materially comprised all of the Company’s revenue. For the three and nine months ended March 31, 2020, the Company had one customer that materially comprised all of the Company’s revenue. 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. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | Stock Option Activity Summary The Company’s stock option activity for the nine months ended March 31, 2021 is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2020 325 $ 5.68 Granted 50 5.00 Exercised — — Canceled or expired (4 ) 5.19 Outstanding at March 31, 2021 371 $ 5.59 The aggregate intrinsic value of options exercisable at March 31, 2021 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 $88 thousand related to stock options will be recognized over a weighted-average period of 2.96 years. The table below details the Company’s stock options outstanding as of March 31, 2021: 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 76,300 2.03 $ 3.43 69,634 $ 3.35 $5.00 – 5.85 164,725 7.29 5.43 113,203 5.49 $6.00 – 8.35 130,000 3.65 7.19 86,000 6.59 $1.85 – 8.35 371,025 4.93 $ 5.59 268,837 $ 5.29 Compensation costs recognized related to stock option awards were $0 and $43 thousand for the three months ended March 31, 2021, and 2020, respectively and $1 thousand and $128 thousand for the nine months ended March 31, 2021 and 2020, respectively. Restricted Stock The Company’s restricted stock activity for the nine months ended March 31, 2021, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2020 133 $ 3.95 Granted 2,019 2.02 Vested (58 ) 1.84 Canceled or expired (23 ) 5.40 Outstanding at March 31, 2021 $ 2,071 $ 2.07 Stock compensation expenses related to restricted stock were $194 thousand and $52 thousand for the three months ended March 31, 2021, and 2020, respectively and $284 thousand and $154 thousand for the nine months ended March 31, 2021 and 2020, respectively. The remaining stock-based compensation expense of $4.2 million related to restricted stock awards granted will be recognized over a weighted-average period of 2.93 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, the Company established a valuation allowance against all of its net deferred tax assets. For the three months ended March 31, 2021 and 2020, the Company incurred pre-tax losses in the amount of $2.4 million and $2.1 million, respectively. For the nine months ended March 31, 2021 and 2020, the Company incurred pre-tax losses in the amount of $6.1 million and $6.2 million, respectively. 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. Provision for Income Tax The Company’s effective tax rate is 0% for income tax for the nine months ended March 31, 2021 and the Company expects that its effective tax rate for the full fiscal year 2021 year will be 0%. Based on the weight of available evidence, including cumulative losses since inception and expected future losses, the Company has determined that it is more likely than not that its U.S. federal and state deferred tax assets will not be realized and therefore a full valuation allowance has been provided on the U.S. federal and state net deferred tax assets. In general, if the Company experiences a greater than 50 percentage point aggregate change in ownership over a three-year period (a Section 382 ownership change), utilization of its pre-change net operating loss (“NOL”) carryforwards are subject to an annual limitation under Section 382 of the Internal Revenue Code. Generally, U.S. state laws have laws similar to Internal Revenue Code Section 382. The annual limitation generally is determined by multiplying the value of the Company’s stock at the time of such ownership change (subject to certain adjustments) by the applicable long-term tax-exempt rate. Such limitations may result in expiration of a portion of the NOL carryforward before utilization. The Company files U.S. federal and state income tax returns. The Company is not currently subject to any income tax examinations. Since the Company’s inception, the Company had incurred losses from its U.S. operations, which generally allows all tax years to remain open to income tax examinations for all years for which there are loss carryforwards. Uncertain Tax Positions The Company recognizes the financial statement effects of a tax position when it becomes more likely than not, based upon the technical merits, that the position will be sustained upon examination. The Company currently has no unrecognized tax benefits and does not expect any material changes in the next 12 months in unrecognized tax benefits. Income Taxes There is $0 provision for income taxes during the three and nine months ended March 31, 2021. There was $0 provision for income taxes during the three and nine months ended March 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2021 | |
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 On April 15, 2021, a putative stockholder of the Company commenced a class action and derivative lawsuit in the Delaware Court of Chancery, Stein v. Pickens, et al. On April 30, 2021, the Company filed a validation proceeding in the Delaware Court of Chancery, In re Astrotech Corporation Further information regarding the Stein Action and the Section 205 Action is provided in the Schedule 14A proxy statement amendment and supplement filed by the Company with the Securities and Exchange Commission on April 29, 2021. |
Segment Information
Segment Information | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Three Months Ended March 31, 2020 (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ 54 $ 12 $ (1,322 ) $ 118 $ 48 $ (2,068 ) AgLAB — — (1,081 ) — — — Total $ 54 $ 12 $ (2,403 ) $ 118 $ 48 $ (2,068 ) Nine Months Ended March 31, 2021 Nine Months Ended March 31, 2020 (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ 324 $ 48 $ (3,563 ) $ 324 $ 189 $ (6,219 ) AgLAB — — (2,573 ) — — — Total $ 324 $ 48 $ (6,136 ) $ 324 $ 189 $ (6,219 ) March 31, 2021 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 $ 74 $ (16 ) $ 33,740 $ 99 $ — $ 5,930 AgLAB 8 (8 ) 40 — — — Total $ 82 $ (24 ) $ 33,780 $ 99 $ — $ 5,930 (1) Total capital expenditures are for the nine months ended March 31, 2021. (2) Total capital expenditures are for the twelve months ended June 30, 2020. |
Impact of COVID-19 Pandemic
Impact of COVID-19 Pandemic | 9 Months Ended |
Mar. 31, 2021 | |
Impact Of Covid Nineteen Pandemic [Abstract] | |
Impact of COVID-19 Pandemic | (14) 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 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. CARES Act On March 27, 2020, the CARES Act was enacted. The CARES Act, among other things, includes provisions relating to refundable payroll taxes, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. The most significant relief measures which the Company qualifies for are the PPP Promissory Note, alternative minimum tax credit refunds, employee retention credit, and payroll tax deferral. The Company will continue to assess the treatment of the CARES Act to the extent additional guidance and regulations are issued, the further applicability of the CARES Act to the Company, and the potential impacts on the business. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (15) Subsequent Events Offerings of Common Stock On April 7, 2021, the Company entered into an amended and restated underwriting agreement (the “Underwriting Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”) to issue and sell, in an underwritten, firm-commitment public offering (the “Offering”), 21,639,851 shares of the Company’s Common Stock. The offering price to the public in the Offering was $1.50 per share of Common Stock and Wainwright agreed to purchase the shares from the Company pursuant to the Underwriting Agreement at a price of $1.395 per share, representing an underwriting discount of seven percent (7.0%). Pursuant to the Underwriting Agreement, the Company also granted Wainwright an option to purchase, for a period of 30 days from the date of the Underwriting Agreement, up to an additional 3,245,977 shares of Common Stock. On April 12, 2021, Wainwright exercised the option in full. The Offering resulted in aggregate gross proceeds, including the option exercise, of approximately $37.3 million, before deducting underwriting discounts and commissions and estimated offering expenses. Pursuant to the Underwriting Agreement, the Company issued warrants (the “Underwriter Warrants”) to Wainwright (in its capacity as the underwriter of the Offering) or its designees to purchase shares of Common Stock in an amount equal to 6.0% of the aggregate number of shares sold in the Offering, or 1,493,150 shares of Common Stock in the aggregate, at an exercise price of $1.875 per share. The Underwriter Warrants will be exercisable immediately on or after the date the Company receives shareholder approval to increase its number of authorized shares and upon filing its amendment of certificate of incorporation with the Secretary of State of Delaware and will expire five years after the commencement of the sales of this offering. PPP Loan Forgiveness Subsequent to the end of the quarter, the Company received full forgiveness of its PPP Promissory Note in the amount of $541,500 from the SBA. The funds previously held in escrow by the Bank were released to the Company. New Corporate Office Lease On April 27, 2021, the Company entered into a new office lease for approximately 6,000 square feet in Austin, Texas that will include a research and development laboratory, a production shop, and limited offices for staff, as many of the Company’s employees work remotely. |
General Information (Policies)
General Information (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
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 nine months ended March 31, 2021 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 Technologies, Inc. Astrotech Technologies, 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 On March 24, 2021, ATI signed a Letter of Agreement (the “LOA”) effective as of March 24, 2021 by and among ATI and Sanmina Corporation (“Sanmina”). Under the LOA, Sanmina will procure and inspect components, parts, and raw materials and manufacture, assemble, test, inspect, configure, store, and ship the products for any of the licensees of ATI. 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 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 during the summer of 2020, and the Company subsequently announced on September 9, 2020 that the TRACER 1000 passed the non-detection testing portion of the TSA’s ACSQT. TSA cargo detection testing resumed during the fall of 2020 and continues to move forward. This is the next and final step to be listed on the Air Cargo Screening Technology List (“ACSTL”) as an “approved” device and, if approved, thereby approved for cargo sales in the United States. Given the deterioration in air traffic caused by the pandemic, TSA certification testing for passenger checkpoint security was 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 (the “Cleveland Clinic”) 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. On March 31, 2021, BreathTech signed an Investigator-Initiated Study Agreement (the “Study Agreement”) with the Cleveland Clinic. Pursuant to the Study Agreement, the Cleveland Clinic will use BreathTech’s BreathTest-1000™ to compare exhaled breath from individuals who have tested positive on a COVID-19 polymerase chain reaction (“PCR”) test with that from subjects who have had a negative COVID-19 PCR test. The goal of the study will be to analyze different volatile organic compounds from the breath to determine the correlation with different disease states. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 Assets: Operating lease assets Operating leases, right-of-use assets, net $ 26 Financing lease assets Property and equipment, net 46 Total lease assets $ 72 Liabilities: Current: Operating lease obligations Lease liabilities, current $ 22 Financing lease obligations Lease liabilities, current 10 Non-current: Operating lease obligations Lease liabilities, non-current 8 Financing lease obligations Lease liabilities, non-current 32 Total lease liabilities $ 72 |
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 $ 20 $ 3 $ 23 2022 6 12 18 2023 6 12 18 2024 — 12 12 2025 — 8 8 Thereafter — — — Total lease obligations 32 47 79 Less: imputed interest 2 5 7 Present value of net minimum lease obligations 30 42 72 Less: lease liabilities - current 22 10 32 Lease liabilities - non-current $ 8 $ 32 $ 40 |
Schedule of Other Information | Other information as of March 31, 2021 is as follows: Weighted-average remaining lease term (years): Operating leases 0.1 Financing leases 3.9 Weighted-average discount rate: Operating leases 11.0 % Financing leases 6.2 % |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, net | As of March 31, 2021 and June 30, 2020, property and equipment, net consisted of the following: (In thousands) March 31, 2021 June 30, 2020 Furniture, fixtures, equipment & leasehold improvements $ 1,951 $ 2,522 Software 315 326 Capital improvements in progress — — Gross property and equipment 2,266 2,848 Accumulated depreciation (2,184 ) (2,512 ) Property held for disposal, net — (237 ) Property and equipment, net $ 82 $ 99 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Summary of Common Stock Warrant Activity | A summary of the common stock warrant activity for the three months ended March 31, 2021 is presented below: 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 813 3.08 1,758 4.42 Warrants exercised — — — — Warrants expired — — — — Outstanding March 31, 2021 899 $ 3.28 $ 1,952 4.57 |
Schedule of Warrants Outstanding | T he 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 March 31, 2021 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 October 23, 2020 Equity $ 2.88 October 21, 2025 469,565 — October 28, 2020 Equity $ 2.69 October 28, 2025 173,274 — February 16, 2021 Equity $ 4.06 February 11, 2026 170,732 — Total Outstanding 899,484 85,913 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
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 March 31, Nine Months Ended March 31, (In thousands, except per share data) 2021 2020 2021 2020 Numerator: Net loss $ (2,403 ) $ (2,068 ) $ (6,136 ) $ (6,219 ) Denominator: Denominator for basic and diluted net loss per share — weighted average common stock outstanding 18,171 6,107 14,649 5,934 Basic and diluted net loss per common share: Net loss $ (0.13 ) $ (0.34 ) $ (0.42 ) $ (1.05 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock Option Activity | The Company’s stock option activity for the nine months ended March 31, 2021 is as follows: Shares (in thousands) Weighted Average Exercise Price Outstanding at June 30, 2020 325 $ 5.68 Granted 50 5.00 Exercised — — Canceled or expired (4 ) 5.19 Outstanding at March 31, 2021 371 $ 5.59 |
Schedule of Stock Options Outstanding | The table below details the Company’s stock options outstanding as of March 31, 2021: 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 76,300 2.03 $ 3.43 69,634 $ 3.35 $5.00 – 5.85 164,725 7.29 5.43 113,203 5.49 $6.00 – 8.35 130,000 3.65 7.19 86,000 6.59 $1.85 – 8.35 371,025 4.93 $ 5.59 268,837 $ 5.29 |
Schedule of Restricted Stock Activity | The Company’s restricted stock activity for the nine months ended March 31, 2021, is as follows: Shares (in thousands) Weighted Average Grant-Date Fair Value Outstanding at June 30, 2020 133 $ 3.95 Granted 2,019 2.02 Vested (58 ) 1.84 Canceled or expired (23 ) 5.40 Outstanding at March 31, 2021 $ 2,071 $ 2.07 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | Key financial metrics of the Company’s segments are as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ 54 $ 12 $ (1,322 ) $ 118 $ 48 $ (2,068 ) AgLAB — — (1,081 ) — — — Total $ 54 $ 12 $ (2,403 ) $ 118 $ 48 $ (2,068 ) Nine Months Ended March 31, 2021 Nine Months Ended March 31, 2020 (In thousands) Revenue Depreciation Loss before Income Taxes Revenue Depreciation Loss before Income Taxes 1st Detect $ 324 $ 48 $ (3,563 ) $ 324 $ 189 $ (6,219 ) AgLAB — — (2,573 ) — — — Total $ 324 $ 48 $ (6,136 ) $ 324 $ 189 $ (6,219 ) March 31, 2021 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 $ 74 $ (16 ) $ 33,740 $ 99 $ — $ 5,930 AgLAB 8 (8 ) 40 — — — Total $ 82 $ (24 ) $ 33,780 $ 99 $ — $ 5,930 (1) Total capital expenditures are for the nine months ended March 31, 2021. (2) Total capital expenditures are for the twelve months ended June 30, 2020. |
General Information - Additiona
General Information - Additional Information (Details) | Oct. 28, 2020USD ($) | Mar. 31, 2021USD ($)Patent |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Number of patents granted | Patent | 28 | |
Number of additional patents in process | Patent | 2 | |
Number of wholly-owned subsidiaries | 3 | |
Purchase orders for TRACER 1000 | $ 1,000,000 | |
Additional future service and support commitments | $ 1,000,000 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | Jan. 21, 2020renewal_term | Nov. 30, 2016ft² | Oct. 31, 2014renewal_term | May 31, 2013ft²renewal_term | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Aug. 03, 2020USD ($) | Jun. 30, 2020USD ($) | Jul. 01, 2019USD ($) | Jun. 01, 2018ft² | Feb. 28, 2015ft² |
Leases [Line Items] | ||||||||||||||
Accumulated deficit | $ (205,915) | $ (205,915) | $ (199,779) | |||||||||||
Cash payments for operating leases | 53 | $ 96 | 176 | $ 288 | ||||||||||
Cash payments for financing leases | $ 3 | $ 1 | $ 9 | $ 1 | ||||||||||
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 | Apr. 30, 2021 | 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 | |||||||||||||
Decrease in operating lease right-of-use asset | $ 171 | |||||||||||||
Decrease in operating lease liability | $ 192 | |||||||||||||
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 | Mar. 31, 2021 | Jun. 30, 2020 |
Assets: | ||
Operating leases, right-of-use assets, net | $ 26 | $ 851 |
Financing lease assets | $ 46 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net | |
Total lease assets | $ 72 | |
Liabilities: | ||
Operating lease obligations, Current | $ 22 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Lease liabilities | |
Financing lease obligations, Current | $ 10 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Lease liabilities | |
Operating lease obligations, Non-current | $ 8 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Lease liabilities, net of current portion | |
Financing lease obligations, Non-current | $ 32 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Lease liabilities, net of current portion | |
Total lease liabilities | $ 72 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Leases [Abstract] | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | astc:OperatingAndFinanceLeaseLiabilityCurrentAndNoncurrent | |
Operating Leases | ||
2021 | $ 20 | |
2022 | 6 | |
2023 | 6 | |
Total lease obligations | 32 | |
Less: imputed interest | 2 | |
Present value of net minimum lease obligations | 30 | |
Less: lease liabilities - current | 22 | |
Lease liabilities - non-current | 8 | |
Financing Leases | ||
2021 | 3 | |
2022 | 12 | |
2023 | 12 | |
2024 | 12 | |
2025 | 8 | |
Total lease obligations | 47 | |
Less: imputed interest | 5 | |
Present value of net minimum lease obligations | 42 | |
Less: lease liabilities - current | 10 | |
Lease liabilities - non-current | 32 | |
Total | ||
2021 | 23 | |
2022 | 18 | |
2023 | 18 | |
2024 | 12 | |
2025 | 8 | |
Total lease obligations | 79 | |
Less: imputed interest | 7 | |
Total lease liabilities | 72 | |
Less: lease liabilities - current | 32 | $ 339 |
Lease liabilities - non-current | $ 40 | $ 623 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information (Details) | Mar. 31, 2021 |
Leases [Abstract] | |
Operating leases, Weighted-average remaining lease term | 1 month 6 days |
Financing leases, Weighted-average remaining lease term | 3 years 10 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 | Mar. 31, 2021 | Jun. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 2,266 | $ 2,848 |
Accumulated depreciation | (2,184) | (2,512) |
Property held for disposal, net | (237) | |
Property and equipment, net | 82 | 99 |
Furniture, Fixtures, Equipment & Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | 1,951 | 2,522 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property and equipment | $ 315 | $ 326 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | Aug. 03, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 12 | $ 48 | $ 48 | $ 189 | |
Austin, Texas | |||||
Property, Plant and Equipment [Line Items] | |||||
Write off of net leasehold improvement assets | $ 229 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 11, 2021 | Dec. 18, 2020 | Jul. 23, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 25, 2020 | Sep. 11, 2020 | Jun. 30, 2020 |
Class Of Stock [Line Items] | |||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Proceeds from sale of common stock | $ 33,555 | $ 5,650 | |||||||||||
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 | $ 28,328 | $ 28,328 | $ 2,500 | $ 625 | |||||||||
Maximum | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stockholders' equity | $ 2,500 | ||||||||||||
Second Purchase Agreement | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock, par value | $ 0.001 | ||||||||||||
Common Stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of common stock registered direct offering | 3,985,000 | 10,714,000 | 1,227,000 | 433,000 | 146,000 | ||||||||
Gross proceeds before deducting placement agent’s fees and related offering expenses | $ 9,250 | ||||||||||||
Common Stock | Second Purchase Agreement | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of common stock registered direct offering | 2,845,535 | ||||||||||||
Common stock offering price per share | $ 3.25 | ||||||||||||
Common Stock | Market Issuance Sales Agreement | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of common stock registered direct offering | 793,668 | ||||||||||||
Proceeds from sale of common stock | $ 2,300 | ||||||||||||
Average sale price per share | $ 3.04 | ||||||||||||
Additional common stock shares sold | 0 | ||||||||||||
Common Stock | At-the-Market Offering Agreement | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issuance of common stock registered direct offering | 1,139,323 | ||||||||||||
Proceeds from sale of common stock | $ 3,600 | ||||||||||||
Average sale price per share | $ 3.14 | ||||||||||||
Warrants | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants issued | 899,484 | 899,484 | 85,913 | ||||||||||
Warrants | Second Purchase Agreement | Placement Agent | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants issued | 170,732 | ||||||||||||
Percentage of shares sold in offering | 6.00% | ||||||||||||
Exercise price of warrants | $ 4.0625 | ||||||||||||
Percentage of per share offering price of shares | 125.00% | ||||||||||||
Warrants maturity date | Feb. 11, 2026 | ||||||||||||
Fair value per share of warrants | $ 2.94 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Warrant Activity (Details) - Warrants - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Jun. 30, 2020 | |
Class Of Stock [Line Items] | ||
Shares, Outstanding June 30, 2020 | 85,913 | |
Shares, Warrants issued | 813,000 | |
Shares, Outstanding December 31, 2020 | 899,484 | 85,913 |
Weighted Average Exercise Price, Outstanding June 30, 2020 | $ 5.14 | |
Weighted Average Exercise Price, Warrants Issued | 3.08 | |
Weighted Average Exercise Price, Outstanding March 31, 2021 | $ 3.28 | $ 5.14 |
Aggregate Fair Market Value at Issuance, Outstanding June 30, 2020 | $ 194 | |
Aggregate Fair Market Value at Issuance, Warrants Issued | 1,758 | |
Aggregate Fair Market Value at Issuance, Outstanding March 31, 2020 | $ 1,952 | $ 194 |
Weighted Average Remaining Contractual Term (Years), Outstanding | 4 years 6 months 25 days | 4 years 8 months 26 days |
Warrants issued | 4 years 5 months 1 day |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Warrants Outstanding (Details) - $ / shares | Feb. 16, 2021 | Oct. 28, 2020 | Oct. 23, 2020 | Mar. 30, 2020 | Mar. 26, 2020 | Mar. 31, 2021 | 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 issued on October 23, 2020 | |||||||
Class Of Stock [Line Items] | |||||||
Issue Date | Oct. 23, 2020 | ||||||
Classification | Equity | ||||||
Exercise Price | $ 2.88 | ||||||
Expiration Date | Oct. 21, 2025 | ||||||
Number of Shares Underlying Warrants | 469,565 | ||||||
Warrants | |||||||
Class Of Stock [Line Items] | |||||||
Number of Shares Underlying Warrants | 899,484 | 85,913 | |||||
Warrants issued on October 28, 2020 | |||||||
Class Of Stock [Line Items] | |||||||
Issue Date | Oct. 28, 2020 | ||||||
Classification | Equity | ||||||
Exercise Price | $ 2.69 | ||||||
Expiration Date | Oct. 28, 2025 | ||||||
Number of Shares Underlying Warrants | 173,274 | ||||||
Warrants issued on February 16, 2021 | |||||||
Class Of Stock [Line Items] | |||||||
Issue Date | Feb. 16, 2021 | ||||||
Classification | Equity | ||||||
Exercise Price | $ 4.06 | ||||||
Expiration Date | Feb. 11, 2026 | ||||||
Number of Shares Underlying Warrants | 170,732 |
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 | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||||
Net loss | $ (2,403) | $ (2,068) | $ (6,136) | $ (6,219) |
Denominator: | ||||
Denominator for basic and diluted net loss per share — weighted average common stock outstanding | 18,171 | 6,107 | 14,649 | 5,934 |
Basic and diluted net loss per common share: | ||||
Net loss | $ (0.13) | $ (0.34) | $ (0.42) | $ (1.05) |
Net Loss per Share - Narrative
Net Loss per Share - Narrative (Details) | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Earnings Per Share [Abstract] | |
Options to purchase (in shares) | shares | 371,025 |
Exercise price lower range | $ 1.85 |
Exercise price upper range | $ 8.35 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - Source | 3 Months Ended | 9 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | ||
Number of revenue resources | 2 | 2 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | Aug. 24, 2020 | Apr. 14, 2020 | Sep. 05, 2019 | Mar. 31, 2021 | Mar. 31, 2021 | Oct. 19, 2020 | Feb. 13, 2020 |
Private Placement | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense on both notes | $ 68 | $ 206 | |||||
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 | $ 2 | |||||
PPP Promissory Note | Cash Reserve Agreement | Commercial Bank | |||||||
Debt Instrument [Line Items] | |||||||
Cash amount held in separate account | $ 542 |
Business Risk and Credit Risk_2
Business Risk and Credit Risk Concentration Involving Cash - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021USD ($)Customer | Mar. 31, 2020Customer | Mar. 31, 2021USD ($)Customer | Mar. 31, 2020Customer | |
Risks And Uncertainties [Abstract] | ||||
Revenue from number of customers | Customer | 2 | 1 | 2 | 1 |
Federal Deposit Insurance Corporation amount per depositor | $ | $ 250 | $ 250 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) shares in Thousands | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 325 |
Granted | shares | 50 |
Exercised | shares | 0 |
Canceled or expired | shares | (4) |
Outstanding, end of period | shares | 371 |
Weighted Average Exercise Price | |
Outstanding, beginning of period | $ / shares | $ 5.68 |
Granted | $ / shares | 5 |
Exercised | $ / shares | 0 |
Canceled or expired | $ / shares | 5.19 |
Outstanding, end of period | $ / shares | $ 5.59 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate intrinsic value of options exercisable | $ 0 | $ 0 | ||
Remaining stock-based compensation expense | 88 | $ 88 | ||
Weighted average recognition period on remaining share-based compensation expense | 2 years 11 months 15 days | |||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | 0 | $ 43 | $ 1 | $ 128 |
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 11 months 4 days | |||
Compensation expense recognized | 194 | $ 52 | $ 284 | $ 154 |
Remaining stock-based compensation expense | $ 4,200 | $ 4,200 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Stock Options Outstanding (Details) | 9 Months Ended |
Mar. 31, 2021$ / 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 | 371,025 |
Options Outstanding Weighted- Average Remaining Contractual Life | 4 years 11 months 4 days |
Weighted average exercise price | $ 5.59 |
Number exercisable | shares | 268,837 |
Options exercisable weighted average exercise price | $ 5.29 |
$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 | 76,300 |
Options Outstanding Weighted- Average Remaining Contractual Life | 2 years 10 days |
Weighted average exercise price | $ 3.43 |
Number exercisable | shares | 69,634 |
Options exercisable weighted average exercise price | $ 3.35 |
$5.00 – 5.85 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price lower range | 5 |
Exercise price upper range | $ 5.85 |
Number outstanding | shares | 164,725 |
Options Outstanding Weighted- Average Remaining Contractual Life | 7 years 3 months 14 days |
Weighted average exercise price | $ 5.43 |
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 | 3 years 7 months 24 days |
Weighted average exercise price | $ 7.19 |
Number exercisable | shares | 86,000 |
Options exercisable weighted average exercise price | $ 6.59 |
Stock-Based Compensation - Sc_3
Stock-Based Compensation - Schedule of Restricted Stock Activity (Details) - Restricted Stock shares in Thousands | 9 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shares | |
Outstanding, beginning of period | shares | 133 |
Granted | shares | 2,019 |
Vested | shares | (58) |
Canceled or expired | shares | (23) |
Outstanding, end of period | shares | 2,071 |
Weighted Average Grant-Date Fair Value | |
Outstanding, beginning of period | $ / shares | $ 3.95 |
Granted | $ / shares | 2.02 |
Vested | $ / shares | 1.84 |
Canceled or expired | $ / shares | 5.40 |
Outstanding, end of period | $ / shares | $ 2.07 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Mar. 27, 2020 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 |
Income Tax [Line Items] | |||||||
Loss before income taxes | $ (2,403,000) | $ (2,068,000) | $ (6,136,000) | $ (6,219,000) | |||
Effective tax rate for continuing operations | 0.00% | ||||||
Unrecognized tax benefits | $ 0 | ||||||
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 | |||
Scenario Forecast | |||||||
Income Tax [Line Items] | |||||||
Effective tax rate for continuing operations | 0.00% | ||||||
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) | 9 Months Ended |
Mar. 31, 2021segment | |
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 | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 54 | $ 118 | $ 324 | $ 324 | |
Depreciation | 12 | 48 | 48 | 189 | |
Loss before Income Taxes | (2,403) | (2,068) | (6,136) | (6,219) | |
Fixed Assets, Net | 82 | 82 | $ 99 | ||
Total Capital Expenditures | (24) | 0 | |||
Total Assets | 33,780 | 33,780 | 5,930 | ||
1st Detect | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 54 | 118 | 324 | 324 | |
Depreciation | 12 | 48 | 48 | 189 | |
Loss before Income Taxes | (1,322) | $ (2,068) | (3,563) | $ (6,219) | |
Fixed Assets, Net | 74 | 74 | 99 | ||
Total Capital Expenditures | (16) | ||||
Total Assets | 33,740 | 33,740 | $ 5,930 | ||
AgLAB | |||||
Segment Reporting Information [Line Items] | |||||
Loss before Income Taxes | (1,081) | (2,573) | |||
Fixed Assets, Net | 8 | 8 | |||
Total Capital Expenditures | (8) | ||||
Total Assets | $ 40 | $ 40 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Apr. 27, 2021USD ($)ft² | Apr. 07, 2021USD ($)$ / sharesshares | Apr. 01, 2021USD ($) | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Jun. 30, 2020shares | Nov. 30, 2016ft² |
Subsequent Event [Line Items] | |||||||
Proceeds from issuance of stock, net of offering issuance costs | $ 33,555,000 | $ 5,650,000 | |||||
Austin, Texas | |||||||
Subsequent Event [Line Items] | |||||||
Leased premises | ft² | 5,219 | ||||||
Underwriter Warrants | |||||||
Subsequent Event [Line Items] | |||||||
Warrants issued | shares | 899,484 | 85,913 | |||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from issuance of stock, net of offering issuance costs | $ 37,300,000 | ||||||
Subsequent Event | Austin, Texas | Research and Development Laboratory | |||||||
Subsequent Event [Line Items] | |||||||
Leased premises | ft² | 6,000 | ||||||
Lease term | 36 months | ||||||
Lease commencement date | Jun. 1, 2021 | ||||||
Lease rates per month for first 12 months | $ 7,950 | ||||||
Lease rates per month for final year | $ 8,400 | ||||||
Subsequent Event | PPP Promissory Note | |||||||
Subsequent Event [Line Items] | |||||||
Funds released to Company | $ 541,500 | ||||||
Subsequent Event | Placement Agent | |||||||
Subsequent Event [Line Items] | |||||||
Common stock offering price per share | $ / shares | $ 1.395 | ||||||
Percentage of underwriting discount price per share | 7.00% | ||||||
Option to purchase for period from date of underwriting agreement | 30 days | ||||||
Subsequent Event | Placement Agent | Underwriter Warrants | |||||||
Subsequent Event [Line Items] | |||||||
Warrants issued | shares | 1,493,150 | ||||||
Percentage of shares sold in offering | 6.00% | ||||||
Exercise price of warrants | $ / shares | $ 1.875 | ||||||
Warrants maturity term | 5 years | ||||||
Subsequent Event | Underwritten Public Offering | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of common stock | shares | 21,639,851 | ||||||
Common stock offering price per share | $ / shares | $ 1.50 | ||||||
Subsequent Event | Over-Allotment Option | Maximum | |||||||
Subsequent Event [Line Items] | |||||||
Issuance of common stock | shares | 3,245,977 |