Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Nov. 07, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'INTEGRATED BIOPHARMA INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 21,105,174 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001016504 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Sales, net | $8,582 | $9,191 |
Cost of sales | 7,281 | 7,594 |
Gross profit | 1,301 | 1,597 |
Selling and administrative expenses | 852 | 937 |
Operating income | 449 | 660 |
Other income (expense), net: | ' | ' |
Interest expense | -240 | -248 |
Change in fair value of derivative liabilities | 214 | -73 |
Other income, net | 9 | 2 |
Other expense, net | -17 | -319 |
Income before income taxes | 432 | 341 |
Income tax expense, net | 29 | 43 |
Net income | 403 | 298 |
Interest expense on Convertible debt - CD Financial, LLC | 82 | 82 |
Accretion of Convertible debt - CD Financial, LLC | 28 | 27 |
Change in fair value of derivative liabilities | -214 | 73 |
Diluted net income | $299 | $480 |
Basic net income per common share (in Dollars per share) | $0.02 | $0.01 |
Diluted net income per common share (in Dollars per share) | $0.01 | $0.01 |
Weighted average common shares outstanding - basic (in Shares) | 21,105,174 | 21,080,174 |
Add: Stock options (in Shares) | 199,775 | 89,857 |
Shares issuable upon conversion of Convertible Debt - CD Financial, LLC (in Shares) | 8,230,769 | 8,230,769 |
Weighted average common shares outstanding - diluted (in Shares) | 29,535,718 | 29,400,800 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash | $294 | $451 |
Accounts receivable, net | 2,297 | 2,179 |
Inventories | 6,974 | 5,698 |
Investment in iBio, Inc. | 532 | 532 |
Other current assets | 389 | 306 |
Total current assets | 10,486 | 9,166 |
Intangible assets, net | 846 | 880 |
Property and equipment, net | 1,531 | 1,239 |
Security deposits and other assets | 281 | 298 |
Total Assets | 13,144 | 11,583 |
Current Liabilities: | ' | ' |
Advances under revolving credit facility | 4,581 | 4,121 |
Accounts payable (includes $133 and $184 due to related party) | 6,399 | 5,635 |
Accrued expenses and other current liabilities | 1,199 | 1,309 |
Current portion of long term debt | 754 | 588 |
Total current liabilities | 12,933 | 11,653 |
Long term debt | 4,423 | 4,359 |
Subordinated convertible note, net - CD Financial, LLC | 5,037 | 5,009 |
Derivative liabilities | 503 | 717 |
Total liabilities | 22,896 | 21,738 |
Commitments and Contingencies | ' | ' |
Stockholders' Deficiency: | ' | ' |
Common Stock, $0.002 par value; 50,000,000 shares authorized; 21,140,074 and 21,105,174 shares issued and outstanding, respectively | 42 | 42 |
Additional paid-in capital | 44,572 | 44,572 |
Accumulated deficit | -54,267 | -54,670 |
Less: Treasury stock, at cost, 34,900 shares | -99 | -99 |
Total Stockholders' Deficiency | -9,752 | -10,155 |
Total Liabilities and Stockholders' Deficiency | $13,144 | $11,583 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts payable, related party (in Dollars) | $133 | $184 |
Common Stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common Stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 21,140,074 | 21,140,074 |
Common Stock, shares outstanding | 21,105,174 | 21,105,174 |
Treasury stock, shares | 34,900 | 34,900 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows provided by operating activities: | ' | ' |
Net income | $403 | $298 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 95 | 103 |
Accretion of financing instruments and other non cash interest | 60 | 59 |
Change in fair value of derivative liabilities | -214 | 73 |
Decrease (increase) in: | ' | ' |
Accounts receivable | -119 | 441 |
Inventories | -1,276 | -94 |
Other current assets | -83 | -2 |
Security deposits and other assets | -15 | -8 |
(Decrease) increase in: | ' | ' |
Accounts payable | 763 | -258 |
Accrued expenses and other liabilities | -109 | 157 |
Net cash (used in) provided by operating activities | -495 | 769 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -168 | -2 |
Net cash used in investing activities | -168 | -2 |
Cash flows from financing activities: | ' | ' |
Advances under revolving credit facility | 8,792 | 8,890 |
Proceeds from Line of Credit Note | 205 | ' |
Repayments of advances under revolving credit facility | -8,332 | -9,089 |
Repayments under term note payables | -135 | -135 |
Repayments under capitalized lease obligations | -24 | -8 |
Net cash provided by (used in) financing activities | 506 | -342 |
Net (decrease) increase in cash | -157 | 425 |
Cash at beginning of period | 451 | 55 |
Cash at end of period | 294 | 480 |
Cash paid during the periods for: | ' | ' |
Interest | 174 | 183 |
Supplemental disclosures of non-cash transactions: | ' | ' |
Accretion on embedded derivative feature of convertible note payable | 28 | 27 |
Amortization of prepaid financing costs | 32 | 32 |
Financing on capitalized lease obligations | $185 | ' |
Note_1_Principles_of_Consolida
Note 1 - Principles of Consolidation and Basis of Presentation | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||
Note 1. Principles of Consolidation and Basis of Presentation | |||||||||
Basis of Presentation of Interim Financial Statements | |||||||||
The accompanying condensed consolidated financial statements for the interim periods are unaudited and include the accounts of Integrated BioPharma, Inc., a Delaware corporation (together with its subsidiaries, the “Company”). The interim condensed consolidated financial statements have been prepared in conformity with Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and therefore do not include information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States of America. However, all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the periods presented have been included. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto, together with Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014 (“Form 10-K”), as filed with the SEC. The June 30, 2014 balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The results of operations for the three months ended September 30, 2014 are not necessarily indicative of the results for the full fiscal year ending June 30, 2015 or for any other period. | |||||||||
Nature of Operations | |||||||||
The Company is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. The Company’s customers are located primarily in the United States, Luxembourg and Canada. The Company was previously known as Integrated Health Technologies, Inc. and, prior to that, as Chem International, Inc. The Company was reincorporated in its current form in Delaware in 1995. The Company continues to do business as Chem International, Inc. with certain of its customers and certain vendors. | |||||||||
The Company’s business segments include: (a) Contract Manufacturing operated by InB:Manhattan Drug Company, Inc. (“MDC”), which manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and specialized health-care providers; (b) Branded Proprietary Products operated by AgroLabs, Inc. (“AgroLabs”), which distributes healthful nutritional products for sale through major mass market, grocery, drug and vitamin retailers, under the following brands: Naturally Noni, Coconut Water, Aloe Pure, Peaceful Sleep, Green Envy, ACAI Extra, ACAI Cleanse, Wheatgrass and other products which are being introduced into the market (these are referred to as our branded proprietary nutraceutical business and/or products); and (c) Other Nutraceutical Businesses which includes the operations of (i) The Vitamin Factory (the “Vitamin Factory”), which sells private label MDC products, as well as our AgroLabs products, through the Internet, (ii) IHT Health Products, Inc. (“IHT”) a distributor of fine natural botanicals, including multi minerals produced under a license agreement and (iii) Chem International, Inc., a distributor of certain raw materials for DSM Nutritional Products LLC. | |||||||||
Significant Accounting Policies | |||||||||
There have been no material changes during fiscal year 2015 in the Company’s significant accounting policies to those previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014. | |||||||||
Investment in iBio, Inc.The Company accounts for its investment in iBio, Inc. (“iBio”) common stock on the cost basis as it initially retained approximately 6% of its interest in iBio (1,266,706 common shares) (the “iBio Stock”) at the time of the spin-off of this subsidiary in August 2008. The Company reviews its investment in iBio for impairment and records a loss when there is deemed to be an impairment of the investment. To date, there were cumulative impairment charges of $298. The market value of the iBio Stock as of September 30, 2014 was approximately $0.7 million. Pursuant to the Company’s Loan Agreement with PNC Bank, National Association (“PNC”), the Company is required to sell the iBio Stock when the trading price of the iBio Stock is less than $0.88 per share for a period of fifteen (15) consecutive trading days on the applicable exchange and utilize all proceeds from such sale to prepay the outstanding principal of the term loan outstanding under the Loan Agreement at such time. In the fiscal years ended June 30, 2014 and 2013, the trading price of the iBio Stock was less than $0.88 for a period of fifteen (15) consecutive trading days and has continued to have a trading price less than $0.88 through October 10, 2014. Since then and through November 7, 2014, the trading price of the iBio Stock has traded above $0.88. (See Note 5. Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt). As of November 7, 2014, the Company has not sold any shares of the iBio Stock and PNC has not required the Company to sell any of the iBio Stock but continues to reserve the right to do so at any time in the future. | |||||||||
Earnings Per Share. Basic earnings per common share amounts are based on weighted average number of common shares outstanding. Diluted earnings per share amounts are based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all potentially dilutive stock options, warrants and convertible debt, subject to anti-dilution limitations using the treasury stock method. | |||||||||
The following options, warrants and potentially dilutive shares for convertible notes payable (see Note 5. Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt) were not included in the computation of weighted average diluted common shares outstanding as the effect of doing so would be anti-dilutive for the three months ended September 30, 2014 and 2013: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Anti-dilutive stock options | 401,200 | 2,173,588 | |||||||
Anti-dilutive warrants | - | 500,000 | |||||||
Total anti-dilutive shares | 401,200 | 2,673,588 | |||||||
Note_2_Inventories
Note 2 - Inventories | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 2. Inventories | |||||||||
Inventories are stated at the lower of cost or market using the first-in, first-out method and consist of the following: | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Raw materials | $ | 3,573 | $ | 2,851 | |||||
Work-in-process | 1,165 | 1,216 | |||||||
Finished goods | 2,236 | 1,631 | |||||||
Total | $ | 6,974 | $ | 5,698 | |||||
Note_3_Intangible_Assets_Net
Note 3 - Intangible Assets, Net | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Note 3. Intangible Assets, net | |||||||||||||||||||||||||
Intangible assets consist of trade names, license fees from the Branded Proprietary Products Segment, and unpatented technology from the Other Nutraceutical Businesses Segment. The carrying amount of intangible assets, net is as follows as of: | |||||||||||||||||||||||||
30-Sep-14 | 30-Jun-14 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||||||||||
Amount | Amortization | Net | Amount | Amortization | Net | ||||||||||||||||||||
Trade names | $ | 1,525 | $ | 834 | $ | 691 | $ | 1,525 | $ | 815 | $ | 710 | |||||||||||||
Unpatented technology | 547 | 510 | 37 | 547 | 500 | 47 | |||||||||||||||||||
License agreement | 347 | 229 | 118 | 347 | 224 | 123 | |||||||||||||||||||
Total | $ | 2,419 | $ | 1,573 | $ | 846 | $ | 2,419 | $ | 1,539 | $ | 880 | |||||||||||||
Amortization expense recorded on intangible assets for each of the three months ended September 30, 2014 and 2013 was $34. Amortization expense is recorded on the straight-line basis over periods ranging from 13 years to 20 years based on contractual or estimated lives and is included in selling and administrative expenses. Tests for impairment or recoverability are performed at least annually and require significant management judgment and the use of estimates which the Company believes are reasonable and appropriate at the time of the impairment test. Future unanticipated events affecting cash flows and changes in market conditions could affect such estimates and result in the need for an impairment charge. The Company also re-evaluates the periods of amortization to determine whether circumstances warrant revised estimates of current useful lives. No impairment losses were identified or recorded in the three months ended September 30, 2014 and 2013 on the Company’s intangible assets. | |||||||||||||||||||||||||
The estimated annual amortization expense for intangible assets for the five succeeding fiscal years is as follows: | |||||||||||||||||||||||||
Year ending | Amortization | ||||||||||||||||||||||||
June 30, | Expense | ||||||||||||||||||||||||
2015, remaining | $ | 103 | |||||||||||||||||||||||
2016 | 104 | ||||||||||||||||||||||||
2017 | 97 | ||||||||||||||||||||||||
2018 | 97 | ||||||||||||||||||||||||
2019 | 97 | ||||||||||||||||||||||||
2020 | 93 | ||||||||||||||||||||||||
Thereafter | 255 | ||||||||||||||||||||||||
Total | $ | 846 | |||||||||||||||||||||||
Note_4_Property_and_Equipment_
Note 4 - Property and Equipment, Net | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 4. Property and Equipment, net | |||||||||
Property and equipment, net consists of the following: | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Land and building | $ | 1,250 | $ | 1,250 | |||||
Leasehold improvements | 1,164 | 1,135 | |||||||
Machinery and equipment | 5,420 | 5,096 | |||||||
Transportation equipment | 63 | 63 | |||||||
7,897 | 7,544 | ||||||||
Less: Accumulated depreciation and amortization | (6,366 | ) | (6,305 | ) | |||||
Total | $ | 1,531 | $ | 1,239 | |||||
Depreciation and amortization expense recorded on property and equipment for the three months ended September 30, 2014 and 2013 was $61 and $69, respectively. |
Note_5_Senior_Credit_Facility_
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
Note 5. Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt | |||||||||||||||||
As of September 30, 2014 and June 30, 2014, the Company had the following debt outstanding: | |||||||||||||||||
Principal Amount | Interest Rate | Maturity Date | |||||||||||||||
As of | As of | ||||||||||||||||
September 30, | June 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Revolving advances under Senior Credit Facility with PNC Bank, National Association | $ | 4,581 | $ | 4,121 | 3.25 | % | 6/27/17 | ||||||||||
Installment Note with PNC Bank | 2,280 | 2,413 | 3.75 | % | 6/27/17 | ||||||||||||
Line of Credit Note with PNC Equipment Finance | 205 | - | 3.4 | % | 3/31/18 | ||||||||||||
Promissory Note with CD Financial, LLC | 1,714 | 1,714 | 6 | % | 7/7/17 | ||||||||||||
Promissory Note with Vitamin Realty, LLC | 686 | 686 | 4 | % | 7/7/17 | ||||||||||||
Capitalized lease obligations | 243 | 83 | 0.00% - 7.10 | % | 2/28/15 | - | 11/20/16 | ||||||||||
Promissory Note with E. Gerald Kay | 27 | 27 | 4 | % | 7/7/17 | ||||||||||||
Promissory Note with Acura Financial Services | 22 | 24 | 1.9 | % | 4/15/17 | ||||||||||||
Total outstanding debt | 9,758 | 9,068 | |||||||||||||||
Less: Revolving Advances | (4,581 | ) | (4,121 | ) | |||||||||||||
Current portion of long term debt | (754 | ) | (588 | ) | |||||||||||||
Long term debt | $ | 4,423 | $ | 4,359 | |||||||||||||
Convertible Note payable - CD Financial, LLC | $ | 5,350 | $ | 5,350 | 6 | % | 7/7/17 | ||||||||||
Discount for embedded derivative | (313 | ) | (341 | ) | |||||||||||||
Convertible Note payable, net - CD Financial, LLC | $ | 5,037 | $ | 5,009 | |||||||||||||
SENIOR CREDIT FACILITY | |||||||||||||||||
On June 27, 2012, the Company, MDC, AgroLabs, IHT, IHT Properties Corp. (“IHT Properties”) and Vitamin Factory (collectively, the “Borrowers”) entered into a Revolving Credit, Term Loan and Security Agreement (the “Loan Agreement”) with PNC Bank, National Association as agent and lender (“PNC”) and the other lenders party thereto. | |||||||||||||||||
The Loan Agreement provides for a total of $11,727 in senior secured financing (the “Senior Credit Facility”) as follows: (i) discretionary advances (“Revolving Advances”) based on eligible accounts receivable and eligible inventory in the maximum amount of $8,000 (the “Revolving Credit Facility”) and (ii) a term loan in the amount of $3,727 (the “Term Loan”). The Senior Credit Facility is secured by all assets of the Borrowers, including, without limitation, machinery and equipment, real estate owned by IHT Properties, and common stock of iBio owned by the Company. Revolving Advances bear interest at PNC’s Base Rate or the Eurodollar Rate, at Borrowers’ option, plus 2.75% (3.25% as of September 30, 2014 and June 30, 2014). The Term Loan bears interest at PNC’s Base Rate or the Eurodollar Rate, at Borrowers’ option, plus 3.25% (3.75% as of September 30, 2014 and June 30, 2014). Upon and after the occurrence of any event of default under the Loan Agreement, and during the continuation thereof, interest shall be payable at the interest rate then applicable plus 2%. The Senior Credit Facility matures on June 27, 2017 (the “Senior Maturity Date”). | |||||||||||||||||
The principal balance of the Revolving Advances is payable on the Senior Maturity Date, subject to acceleration, based upon a material adverse event clause, as defined, subjective accelerations for borrowing base reserves, as defined or upon the occurrence of any event of default under the Loan Agreement or earlier termination of the Loan Agreement pursuant to the terms thereof. The Term Loan shall be repaid in sixty (60) consecutive monthly installments of principal, the first fifty nine (59) of which shall be in the amount of $44, commencing on the first business day of August, 2012, and continuing on the first business day of each month thereafter, with a final payment of any unpaid balance of principal and interest payable on the first business day of July, 2017. The foregoing is subject to customary mandatory prepayment provisions and acceleration upon the occurrence of any event of default under the Loan Agreement or earlier termination of the Loan Agreement pursuant to the terms thereof. | |||||||||||||||||
The Revolving Advances are subject to the terms and conditions set forth in the Loan Agreement and are made in aggregate amounts at any time equal to the lesser of (x) $8.0 million or (y) an amount equal to the sum of: (i) up to 85%, subject to the provisions in the Loan Agreement, of eligible accounts receivables (“Receivables Advance Rate”), plus (ii) up to the lesser of (A) 65%, subject to the provisions in the Loan Agreement, of the value of the eligible inventory (“Inventory Advance Rate” and together with the Receivables Advance Rate, collectively, the “Advance Rates”), (B) 85% of the appraised net orderly liquidation value of eligible inventory (as evidenced by the most recent inventory appraisal reasonably satisfactory to PNC in its sole discretion exercised in good faith) and (C) the inventory sublimit in the aggregate at any one time (“Inventory Advance Rate” and together with the Receivables Advance Rate, collectively, the “Advance Rates”), minus (iii) the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit, minus (iv) such reserves as Agent may reasonably deem proper and necessary from time to time. | |||||||||||||||||
The Loan Agreement contains customary mandatory prepayment provisions, including, without limitation, (i) the requirement that if the trading price per share of the iBio Stock falls below a certain amount, the Company must sell the iBio Stock and use the proceeds to repay the Term Loan and (ii) the requirement to prepay the outstanding amount of all loans in an amount equal to fifty percent (50%) of Excess Cash Flow for each fiscal year commencing with the fiscal year ending June 30, 2014, payable upon delivery of the financial statements to PNC referred to in and required by the Loan Agreement for such fiscal year but in any event not later than one hundred twenty (120) days after the end of each such fiscal year, which prepayment amount shall be applied ratably to the outstanding principal installments of the Term Loan in the inverse order of the maturities thereof until the aggregate amount of payments made with regard to the Term Loan pursuant to the Loan Agreement equals $1.0 million. The Loan Agreement also contains customary representations and warranties, covenants and events of default, including, without limitation, (i) a fixed charge coverage ratio maintenance requirement and (ii) an event of default tied to any change of control as defined in the Loan Agreement. As of September 30, 2014, the Company is in compliance with the fixed charge coverage ratio maintenance requirement. | |||||||||||||||||
During certain periods in the fiscal year ended June 30, 2013 and continuing through the quarter ended September 30, 2014, the trading price of the iBio Stock was less than $0.88 for a period of fifteen (15) consecutive trading days. However, PNC temporarily waived the requirement to sell the iBio Stock due to certain trading rules and restrictions under Rule 144 under the Securities Act of 1933, as amended. As of November 7, 2014, PNC has not required the Company to sell any of the iBio Stock but reserves the right to do so at any time in the future. | |||||||||||||||||
In October, 2013, when the Company delivered its annual financial statements for the fiscal year ended June 30, 2013 to PNC, as required under the Loan Agreement, the Company was required to make a prepayment in respect of loans outstanding under the Loan Agreement of approximately $293, representing 50% of Excess Cash Flows for the fiscal year ended June 30, 2013. This payment, along with the scheduled monthly principal payments of $44 made by the Company in respect of the Term Loan through November 1, 2013 provided for principal payments of $1.0 million in the aggregate. | |||||||||||||||||
In connection with the Senior Credit Facility, each of E. Gerald Kay, an officer, director and major stockholder of the Company, and Carl DeSantis, a director and major stockholder of the Company and a member of CD Financial, LLC (“CD Financial”) (collectively, the “Guarantors”), entered into Continuing Limited Guarantees (collectively, the “Individual Guarantees”) with PNC whereby each Guarantor irrevocably and unconditionally guarantees the full, prompt and unconditional payment, when due, whether by acceleration or otherwise, of any and all obligations of the Borrowers under the Loan Agreement and the other loan documents. The liability of each Guarantor under his respective Individual Guarantee is limited to a maximum of $1.0 million. The Individual Guarantees automatically terminate upon the satisfaction of certain conditions set forth in the Loan Agreement. These conditions included the Company repaying an aggregate amount of $1.0 million of principal on the Term Loan and the Company meeting a minimum EBITDA, as defined in the Loan Agreement, of $1.5 million for the fiscal year ended June 30, 2013. The Company met these requirements on November 1, 2013 and Mr. DeSantis and Mr. Kay were released as guarantors under the Individual Guarantees. | |||||||||||||||||
Also, in connection with the Senior Credit Facility, PNC and CD Financial entered into the Intercreditor and Subordination Agreement (the “Intercreditor Agreement”), which was acknowledged by the Borrowers, pursuant to which, among other things, (a) the lien of CD Financial on assets of the Borrowers is subordinated to the lien of PNC on such assets during the effectiveness of the Senior Credit Facility, and (b) priorities for payment of the debt for the Company and its subsidiaries (as described in this Note 5) are established. | |||||||||||||||||
In addition, in connection with the Senior Credit Facility, the following loan documents were executed: (i) a Stock Pledge Agreement with PNC, pursuant to which the Company pledged to PNC the iBio Stock; (ii) a Mortgage and Security Agreement with PNC with IHT Properties; and (iii) an Environmental Indemnity Agreement with PNC. | |||||||||||||||||
CD FINANCIAL, LLC TROUBLED DEBT RESTRUCTURING | |||||||||||||||||
On June 27, 2012, the Company also entered into an Amended and Restated Securities Purchase Agreement (the “CD SPA”) with CD Financial, which amended and restated the Securities Purchase Agreement, dated as of February 21, 2008, between the Company and CD Financial, pursuant to which the Company issued to CD Financial a 9.5% Convertible Senior Secured Note in the original principal amount of $4,500 (the “Original CD Note”). Pursuant to the CD SPA, the Company issued to CD Financial (i) the Amended and Restated Convertible Promissory Note in the principal amount of $5,350 (the “CD Convertible Note”) and (ii) the Promissory Note in the principal amount of $1,714 (the “Liquidity Note”, and collectively with the CD Convertible Note, the “CD Notes”). The CD Notes mature on July 7, 2017. | |||||||||||||||||
The proceeds of the CD Notes were used to refinance (a) the Original CD Note, (b) a $300,000 note issued by MDC to CD Financial which was assigned by MDC to the Company, (c) past due interest in the aggregate amount of $333 and (d) other expenses owed to CD Financial by the Company in the aggregate amount of approximately $217. | |||||||||||||||||
The CD Notes are secured by all assets of the Borrowers, including, without limitation, machinery and equipment, real estate owned by IHT Properties, and iBio Stock owned by the Company. The CD Notes bear interest at an annual rate of 6% and have a default rate of 10%. | |||||||||||||||||
The CD Convertible Note is convertible at the option of CD Financial into common stock of the Company at a conversion price of $0.65 per share, subject to customary adjustments including conversion price protection provisions. | |||||||||||||||||
Pursuant to the terms of the Loan Agreement and the Intercreditor Agreement, during the effectiveness of the Senior Credit Facility, (i) the principal of the CD Convertible Note may not be repaid, (ii) the principal of the Liquidity Note may only be repaid if certain conditions under the Loan Agreement are satisfied, and (iii) interest in respect of the CD Notes may only be paid if certain conditions under the Intercreditor Agreement are satisfied. | |||||||||||||||||
The CD SPA contains customary representations and warranties, covenants and events of default, including, without limitation, an event of default tied to any change of control as defined in the CD SPA. | |||||||||||||||||
In connection with the CD SPA, the Borrowers entered into an Amended and Restated Security Agreement and Amended and Restated Subsidiary Guaranty. | |||||||||||||||||
As of September 30, 2014 and June 30, 2014, the related embedded derivative liability with respect to conversion price protection provisions on the CD Convertible Note has an estimated fair value of $503 and $717, respectively. | |||||||||||||||||
The Company used the following assumptions to calculate the fair value of the derivative liability using the Black-Scholes option pricing model: | |||||||||||||||||
September 30, | June 30, | June 27, | |||||||||||||||
2014 | 2014 | 2012 | |||||||||||||||
Risk Free Interest Rate | 1.07 | % | 0.88 | % | 0.72 | % | |||||||||||
Volatility | 79.4 | % | 88.5 | % | 144.1 | % | |||||||||||
Term (years) | 2.75 | 3 | 5 | ||||||||||||||
Dividend Rate | 0 | % | 0 | % | 0 | % | |||||||||||
Closing Price of Common Stock | $ | 0.24 | $ | 0.25 | $ | 0.09 | |||||||||||
OTHER LONG TERM DEBT | |||||||||||||||||
Related Party Debt. On June 27, 2012, MDC and the Company entered into separate promissory notes with (i) Vitamin Realty Associates, LLC (“Vitamin Realty”), which is 100% owned by E. Gerald Kay, the Company’s Chairman of the Board, President and major shareholder and certain of his family members, who are also executive officers and directors of the Company, and (ii) E. Gerald Kay, in the principal amounts of approximately $686 (the “Vitamin Note”) and $27 (the “Kay Note”), respectively (collectively the “Related Party Notes”). The principal amount of the Vitamin Note represents the aggregate amount of unpaid, past due rent owing by MDC under the Lease Agreement, dated as of January 10, 1997, between MDC, as lessor, and Vitamin Realty, as landlord, pertaining to the real property located at 225 Long Avenue, Hillside, New Jersey. (See Note 7. Commitments and Contingencies (a) Leases – Related Party Leases). The Kay Note represents amounts owed to Mr. Kay for unreimbursed business expenses incurred by Mr. Kay in the fiscal year ended June 30, 2008. The Related Party Notes mature on July 7, 2017 and accrue interest at an annual rate of 4% per annum. Interest in respect of the Related Party Notes is payable on the first business day of each calendar month. Pursuant to the terms of the Loan Agreement, during the effectiveness of the Senior Credit Facility, the Related Party Notes may only be repaid or prepaid if certain conditions set forth in the Loan Agreement are satisfied. | |||||||||||||||||
Capitalized Lease Obligations. On August 22, 2014, the Company entered into a capitalized lease obligation with Marlin Leasing in the amount of $47, which lease is secured by a certain machinery and equipment and matures on August 28, 2016. The lease payment amount of approximately $2 is payable monthly and has an imputed interest rate of 5.6%. | |||||||||||||||||
On August 28, 2014, the Company entered into a capitalized lease obligation with Quantum Analytics in the amount of $138, which lease is secured by a certain machinery and equipment and matures on February 27, 2016. The lease payment amount of approximately $8 is payable monthly and has an imputed interest rate of 0%. | |||||||||||||||||
Equipment Financing Note. On September 22, 2014, MDC entered into a Convertible Line of Credit Note (the “LC Note”) in the amount of $350 with PNC Equipment Finance, LLC (“PNCEF”). The LC Note is convertible into a term note upon completion of the advances under the LC Note. During the period from September 22, 2014 to and including the Conversion Date, (defined below), the Company may borrow up to the full value of the LC Note ($350). The “Conversion Date” is the earliest to occur of (i) July 31, 2015 or (ii) the date when the Company notifies PNCEF that no more advances will be requested or (iii) the date when PNCEF has made advances in an aggregate amount of $350. As of September 30, 2014, the Company has requested and received advances under the LC Note in the amount of $205. Prior to the Conversion Date, amounts outstanding under the LC Note bear interest at a rate per annum (“Floating Rate”) which is at all times equal to the sum of LIBOR Rate plus 325 basis points (3.25%). As of September 30, 2014, the Floating Rate was 3.4%. On October 15, 2014, PNCEF advanced an additional $68 under the LC Note. The Company is expecting to complete the advances no later than the fiscal quarter ending March 31, 2015 and convert the LC Note to a three year term note, at which time the Company will have the option to elect a fixed rate of interest as offered by PNCEF on the Conversion Date. | |||||||||||||||||
In addition, in connection with the LC Note, the following loan documents were executed: (i) a Security Agreement with PNCEF and MDC; (ii) a Guaranty and Security Agreement with PNCEF and the Company; and (iii) a Cross Collateralization Agreement with PNC, PNCEF and MDC. |
Note_6_Significant_Risks_and_U
Note 6 - Significant Risks and Uncertainties | 3 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
Note 6. Significant Risks and Uncertainties | |
(a) Major Customers. For the three months ended September 30, 2014 and 2013, approximately 81% and 79%, respectively of consolidated net sales, were derived from two customers. These two customers are in the Company’s Contract Manufacturing Segment and represent approximately 63% and 26% and 72% and 15% of this Segment’s net sales in the three months ended September 30, 2014 and 2013, respectively. A third customer in the Branded Nutraceutical Segment, while not a significant customer of the Company’s consolidated net sales, represented approximately 78% and 39% of net sales in the three months ended September 30, 2014 and 2013, respectively, of the Branded Nutraceutical Segment. Accounts receivable from these customers represented approximately 81% and 74% of total net accounts receivable as of September 30 and June 30, 2014, respectively. The loss of any of these customers could have an adverse affect on the Company’s operations. Major customers are those customers who account for more than 10% of net sales. | |
(b) Other Business Risks. Approximately 63% of the Company’s employees are covered by a union contract and are employed in its New Jersey facilities. The contract was renewed in May 2012 and expires in August 2015. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||
Note 7. Commitments and Contingencies | |||||||||||||
(a) Leases | |||||||||||||
Related Party Leases. Warehouse and office facilities are leased from Vitamin Realty, which is 100% owned by the Company’s chairman, president and major stockholder and certain of his family members, who are also executive officers and directors of the Company. On January 5, 2012, MDC, a wholly-owned subsidiary of the Company, entered into a second amendment of lease (the “Second Lease Amendment”) with Vitamin Realty for its office and warehouse space in New Jersey increasing its rentable square footage from an aggregate of 74,898 square feet to 76,161 square feet and extending the expiration date to January 31, 2026. This Second Lease Amendment provides for minimum annual rental payments of $533, plus increases in real estate taxes and building operating expenses. On May 19, 2014, AgroLabs entered into an Amendment to the lease agreement entered into on January 5, 2012, with Vitamin Realty for an additional 2,700 square feet of warehouse space in New Jersey, the term of which was to expire on January 31, 2019, to extend the expiration date to January 1, 2024. This additional lease provides for minimum lease payments of $27 with annual increases plus the proportionate share of operating expenses. | |||||||||||||
Rent expense for the three months ended September 30, 2014 and 2013 on these leases were $210 and $206 respectively, and are included in both cost of sales and selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. As of September 30, 2014 and June 30, 2014, the Company had an outstanding obligation to Vitamin Realty of $858 and $902, respectively, included in accounts payable, accrued expenses and other liabilities and long term debt in the accompanying Condensed Consolidated Balance Sheet. | |||||||||||||
Other Lease Commitments. The Company has entered into certain non-cancelable operating lease agreements expiring up through January 31, 2026, related to office and warehouse space, equipment and vehicles (inclusive of the related party lease with Vitamin Realty). | |||||||||||||
The minimum rental commitments for long-term non-cancelable leases are as follows: | |||||||||||||
Operating | Related Party | ||||||||||||
Year ending | Lease | Lease | |||||||||||
June 30, | Commitment | Commitment | Total | ||||||||||
2015, remaining | $ | 35 | $ | 422 | $ | 457 | |||||||
2016 | 36 | 563 | 599 | ||||||||||
2017 | 15 | 563 | 578 | ||||||||||
2018 | 8 | 563 | 571 | ||||||||||
2019 | - | 563 | 563 | ||||||||||
2020 | - | 563 | 563 | ||||||||||
Thereafter | - | 3,080 | 3,080 | ||||||||||
Total | $ | 94 | $ | 6,317 | $ | 6,411 | |||||||
Total rent expense, including real estate taxes and maintenance charges, was approximately $252 and $247 for the three months ended September 30, 2014 and 2013, respectively. Rent expense is included in cost of sales and selling and administrative expenses in the accompanying Condensed Consolidated Statements of Operations. | |||||||||||||
(b) Legal Proceedings. | |||||||||||||
The Company is subject, from time to time, to claims by third parties under various legal theories. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition and cash flows. | |||||||||||||
(c) Other Claims. | |||||||||||||
On May 15, 2012, Cedarburg Pharmaceuticals, Inc. ("Cedarburg") sent the Company a letter (the "Demand Letter") setting forth a demand for indemnification under the Stock Purchase Agreement, dated March 17, 2009 (the "Cedarburg SPA"), by and among Cedarburg, InB: Hauser Pharmaceutical Services, Inc., InB: Paxis Pharmaceuticals, Inc. and the Company. In the Demand Letter, Cedarburg demanded payment by the Company of $0.6 million in respect of the Company's indemnification obligations under the Cedarburg SPA. In addition, in the Demand Letter, Cedarburg informed the Company that there are also environmental issues pending which may lead to additional costs to Cedarburg which will likely be in excess of $0.3 million. | |||||||||||||
On May 30, 2012, the Company sent a letter responding to the Demand Letter and setting forth the Company’s position that it has no obligation to indemnify Cedarburg as demanded. On June 18, 2012, Cedarburg responded to the Company’s letter and, on July 27, 2012, the Company sent another letter to Cedarburg reiterating its position that the Company has no obligation to indemnify Cedarburg as demanded. On December 18, 2012, Cedarburg responded to the Company’s letter and, on January 15, 2013, the Company sent another letter to Cedarburg reiterating its position that the Company has no obligation to indemnify Cedarburg as demanded. As of November 7, 2014, the Company has not received any further communication from Cedarburg with respect to its demand for indemnification as set forth in the Demand Letter. The Company intends to vigorously contest Cedarburg's demand as set forth in the Demand Letter. |
Note_8_Related_Party_Transacti
Note 8 - Related Party Transactions | 3 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 8. Related Party Transactions | |
On June 27, 2012, Carl DeSantis, a director and major shareholder of the Company and a member of CD Financial and E. Gerald Kay, the Company’s Chief Executive Officer, Chairman of the Board, President and a major shareholder each entered into Limited Guaranty Agreements with PNC in the amount of $1.0 million each. (See Note 5. Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt). | |
Neither Mr. DeSantis nor Mr. Kay received any compensation from the Company in connection with these guarantees. The Individual Guarantees automatically terminated upon the satisfaction of certain conditions set forth in the Loan Agreement which included the Company repaying an aggregate amount of $1.0 million of principal on the Term Loan and the Company meeting a minimum EBITDA, as defined in the Loan Agreement, of $1.5 million for the fiscal year ended June 30, 2013. These two conditions were met by the Company on November 1, 2013 and Mr. DeSantis and Mr. Kay were released as guarantors under the Individual Guarantees. | |
See Note 5. Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt for related party securities transactions. | |
See Note 7(a). Leases for related party lease transactions. |
Note_9_Segment_Information
Note 9 - Segment Information | 3 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||||||||
Note 9. Segment Information | ||||||||||||||||||||||||||
The basis for presenting segment results generally is consistent with overall Company reporting. The Company reports information about its operating segments in accordance with GAAP which establishes standards for reporting information about a company’s operating segments. | ||||||||||||||||||||||||||
The Company has divided its operations into three reportable segments as follows: Contract Manufacturing, Branded Proprietary Products and Other Nutraceutical Businesses. The international sales, concentrated primarily in Europe and Canada, for the three months ended September 30, 2014 and 2013 were $2,283 and $3,085, respectively. | ||||||||||||||||||||||||||
Financial information relating to the three months ended September 30, 2014 and 2013 operations by business segment are as follows: | ||||||||||||||||||||||||||
Sales, Net | Segment | |||||||||||||||||||||||||
U.S. | International | Gross | Capital | |||||||||||||||||||||||
Customers | Customers | Total | Profit | Depreciation | Expenditures | |||||||||||||||||||||
Contract Manufacturing | 2014 | $ | 5,743 | $ | 2,065 | $ | 7,808 | $ | 1,151 | $ | 60 | $ | 351 | |||||||||||||
2013 | 5,429 | 2,862 | 8,291 | 1,366 | 66 | - | ||||||||||||||||||||
Branded Proprietary Products | 2014 | 129 | 210 | 339 | 6 | - | 1 | |||||||||||||||||||
2013 | 132 | 160 | 292 | 57 | 1 | - | ||||||||||||||||||||
Other Nutraceutical Businesses | 2014 | 427 | 8 | 435 | 144 | 1 | - | |||||||||||||||||||
2013 | 545 | 63 | 608 | 174 | 2 | 2 | ||||||||||||||||||||
Total Company | 2014 | 6,299 | 2,283 | 8,582 | 1,301 | 61 | 352 | |||||||||||||||||||
2013 | 6,106 | 3,085 | 9,191 | 1,597 | 69 | 2 | ||||||||||||||||||||
Total Assets as of | ||||||||||||||||||||||||||
September 30, | June 30, | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Contract Manufacturing | $ | 9,683 | $ | 7,752 | ||||||||||||||||||||||
Branded Proprietary Products | 1,553 | 1,781 | ||||||||||||||||||||||||
Other Nutraceutical Businesses | 1,908 | 2,050 | ||||||||||||||||||||||||
Total Company | $ | 13,144 | $ | 11,583 | ||||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Equity Method Investments, Policy [Policy Text Block] | ' | ||||||||
Investment in iBio, Inc.The Company accounts for its investment in iBio, Inc. (“iBio”) common stock on the cost basis as it initially retained approximately 6% of its interest in iBio (1,266,706 common shares) (the “iBio Stock”) at the time of the spin-off of this subsidiary in August 2008. The Company reviews its investment in iBio for impairment and records a loss when there is deemed to be an impairment of the investment. To date, there were cumulative impairment charges of $298. The market value of the iBio Stock as of September 30, 2014 was approximately $0.7 million. Pursuant to the Company’s Loan Agreement with PNC Bank, National Association (“PNC”), the Company is required to sell the iBio Stock when the trading price of the iBio Stock is less than $0.88 per share for a period of fifteen (15) consecutive trading days on the applicable exchange and utilize all proceeds from such sale to prepay the outstanding principal of the term loan outstanding under the Loan Agreement at such time. In the fiscal years ended June 30, 2014 and 2013, the trading price of the iBio Stock was less than $0.88 for a period of fifteen (15) consecutive trading days and has continued to have a trading price less than $0.88 through October 10, 2014. Since then and through November 7, 2014, the trading price of the iBio Stock has traded above $0.88. (See Note 5. Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt). As of November 7, 2014, the Company has not sold any shares of the iBio Stock and PNC has not required the Company to sell any of the iBio Stock but continues to reserve the right to do so at any time in the future. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||
Earnings Per Share. Basic earnings per common share amounts are based on weighted average number of common shares outstanding. Diluted earnings per share amounts are based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all potentially dilutive stock options, warrants and convertible debt, subject to anti-dilution limitations using the treasury stock method. | |||||||||
The following options, warrants and potentially dilutive shares for convertible notes payable (see Note 5. Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt) were not included in the computation of weighted average diluted common shares outstanding as the effect of doing so would be anti-dilutive for the three months ended September 30, 2014 and 2013: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Anti-dilutive stock options | 401,200 | 2,173,588 | |||||||
Anti-dilutive warrants | - | 500,000 | |||||||
Total anti-dilutive shares | 401,200 | 2,673,588 |
Note_1_Principles_of_Consolida1
Note 1 - Principles of Consolidation and Basis of Presentation (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Anti-dilutive stock options | 401,200 | 2,173,588 | |||||||
Anti-dilutive warrants | - | 500,000 | |||||||
Total anti-dilutive shares | 401,200 | 2,673,588 |
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Raw materials | $ | 3,573 | $ | 2,851 | |||||
Work-in-process | 1,165 | 1,216 | |||||||
Finished goods | 2,236 | 1,631 | |||||||
Total | $ | 6,974 | $ | 5,698 |
Note_3_Intangible_Assets_Net_T
Note 3 - Intangible Assets, Net (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||||||||||||||
30-Sep-14 | 30-Jun-14 | ||||||||||||||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||||||||||||||||||
Amount | Amortization | Net | Amount | Amortization | Net | ||||||||||||||||||||
Trade names | $ | 1,525 | $ | 834 | $ | 691 | $ | 1,525 | $ | 815 | $ | 710 | |||||||||||||
Unpatented technology | 547 | 510 | 37 | 547 | 500 | 47 | |||||||||||||||||||
License agreement | 347 | 229 | 118 | 347 | 224 | 123 | |||||||||||||||||||
Total | $ | 2,419 | $ | 1,573 | $ | 846 | $ | 2,419 | $ | 1,539 | $ | 880 | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||||||||||
Year ending | Amortization | ||||||||||||||||||||||||
June 30, | Expense | ||||||||||||||||||||||||
2015, remaining | $ | 103 | |||||||||||||||||||||||
2016 | 104 | ||||||||||||||||||||||||
2017 | 97 | ||||||||||||||||||||||||
2018 | 97 | ||||||||||||||||||||||||
2019 | 97 | ||||||||||||||||||||||||
2020 | 93 | ||||||||||||||||||||||||
Thereafter | 255 | ||||||||||||||||||||||||
Total | $ | 846 |
Note_4_Property_and_Equipment_1
Note 4 - Property and Equipment, Net (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Land and building | $ | 1,250 | $ | 1,250 | |||||
Leasehold improvements | 1,164 | 1,135 | |||||||
Machinery and equipment | 5,420 | 5,096 | |||||||
Transportation equipment | 63 | 63 | |||||||
7,897 | 7,544 | ||||||||
Less: Accumulated depreciation and amortization | (6,366 | ) | (6,305 | ) | |||||
Total | $ | 1,531 | $ | 1,239 |
Note_5_Senior_Credit_Facility_1
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Principal Amount | Interest Rate | Maturity Date | |||||||||||||||
As of | As of | ||||||||||||||||
September 30, | June 30, | ||||||||||||||||
2014 | 2014 | ||||||||||||||||
Revolving advances under Senior Credit Facility with PNC Bank, National Association | $ | 4,581 | $ | 4,121 | 3.25 | % | 6/27/17 | ||||||||||
Installment Note with PNC Bank | 2,280 | 2,413 | 3.75 | % | 6/27/17 | ||||||||||||
Line of Credit Note with PNC Equipment Finance | 205 | - | 3.4 | % | 3/31/18 | ||||||||||||
Promissory Note with CD Financial, LLC | 1,714 | 1,714 | 6 | % | 7/7/17 | ||||||||||||
Promissory Note with Vitamin Realty, LLC | 686 | 686 | 4 | % | 7/7/17 | ||||||||||||
Capitalized lease obligations | 243 | 83 | 0.00% - 7.10 | % | 2/28/15 | - | 11/20/16 | ||||||||||
Promissory Note with E. Gerald Kay | 27 | 27 | 4 | % | 7/7/17 | ||||||||||||
Promissory Note with Acura Financial Services | 22 | 24 | 1.9 | % | 4/15/17 | ||||||||||||
Total outstanding debt | 9,758 | 9,068 | |||||||||||||||
Less: Revolving Advances | (4,581 | ) | (4,121 | ) | |||||||||||||
Current portion of long term debt | (754 | ) | (588 | ) | |||||||||||||
Long term debt | $ | 4,423 | $ | 4,359 | |||||||||||||
Convertible Note payable - CD Financial, LLC | $ | 5,350 | $ | 5,350 | 6 | % | 7/7/17 | ||||||||||
Discount for embedded derivative | (313 | ) | (341 | ) | |||||||||||||
Convertible Note payable, net - CD Financial, LLC | $ | 5,037 | $ | 5,009 | |||||||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||||||||||||||
September 30, | June 30, | June 27, | |||||||||||||||
2014 | 2014 | 2012 | |||||||||||||||
Risk Free Interest Rate | 1.07 | % | 0.88 | % | 0.72 | % | |||||||||||
Volatility | 79.4 | % | 88.5 | % | 144.1 | % | |||||||||||
Term (years) | 2.75 | 3 | 5 | ||||||||||||||
Dividend Rate | 0 | % | 0 | % | 0 | % | |||||||||||
Closing Price of Common Stock | $ | 0.24 | $ | 0.25 | $ | 0.09 |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||||||
Operating | Related Party | ||||||||||||
Year ending | Lease | Lease | |||||||||||
June 30, | Commitment | Commitment | Total | ||||||||||
2015, remaining | $ | 35 | $ | 422 | $ | 457 | |||||||
2016 | 36 | 563 | 599 | ||||||||||
2017 | 15 | 563 | 578 | ||||||||||
2018 | 8 | 563 | 571 | ||||||||||
2019 | - | 563 | 563 | ||||||||||
2020 | - | 563 | 563 | ||||||||||
Thereafter | - | 3,080 | 3,080 | ||||||||||
Total | $ | 94 | $ | 6,317 | $ | 6,411 |
Note_9_Segment_Information_Tab
Note 9 - Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||||||||
Sales, Net | Segment | |||||||||||||||||||||||||
U.S. | International | Gross | Capital | |||||||||||||||||||||||
Customers | Customers | Total | Profit | Depreciation | Expenditures | |||||||||||||||||||||
Contract Manufacturing | 2014 | $ | 5,743 | $ | 2,065 | $ | 7,808 | $ | 1,151 | $ | 60 | $ | 351 | |||||||||||||
2013 | 5,429 | 2,862 | 8,291 | 1,366 | 66 | - | ||||||||||||||||||||
Branded Proprietary Products | 2014 | 129 | 210 | 339 | 6 | - | 1 | |||||||||||||||||||
2013 | 132 | 160 | 292 | 57 | 1 | - | ||||||||||||||||||||
Other Nutraceutical Businesses | 2014 | 427 | 8 | 435 | 144 | 1 | - | |||||||||||||||||||
2013 | 545 | 63 | 608 | 174 | 2 | 2 | ||||||||||||||||||||
Total Company | 2014 | 6,299 | 2,283 | 8,582 | 1,301 | 61 | 352 | |||||||||||||||||||
2013 | 6,106 | 3,085 | 9,191 | 1,597 | 69 | 2 | ||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||||||||||||
Total Assets as of | ||||||||||||||||||||||||||
September 30, | June 30, | |||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||
Contract Manufacturing | $ | 9,683 | $ | 7,752 | ||||||||||||||||||||||
Branded Proprietary Products | 1,553 | 1,781 | ||||||||||||||||||||||||
Other Nutraceutical Businesses | 1,908 | 2,050 | ||||||||||||||||||||||||
Total Company | $ | 13,144 | $ | 11,583 |
Note_1_Principles_of_Consolida2
Note 1 - Principles of Consolidation and Basis of Presentation (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 27, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
Minimum Share Price Acceptable Before Required to Sell [Member] | iBio, Inc. [Member] | ||||
iBio, Inc. [Member] | |||||
Note 1 - Principles of Consolidation and Basis of Presentation (Details) [Line Items] | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | 6.00% |
Investment Owned, Balance, Shares (in Shares) | ' | ' | ' | ' | 1,266,706 |
Asset Impairment Charges | ' | ' | ' | ' | $298,000 |
Investment Owned, at Fair Value | ' | ' | ' | ' | $700,000 |
Share Price (in Dollars per share) | $0.24 | $0.25 | $0.09 | $0.88 | ' |
Note_1_Principles_of_Consolida3
Note 1 - Principles of Consolidation and Basis of Presentation (Details) - Antidilutive Securities Excluded from Computation of Earnings Per Share | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares | 401,200 | 2,673,588 |
Equity Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares | 401,200 | 2,173,588 |
Warrant [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares | ' | 500,000 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventory (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ' | ' |
Raw materials | $3,573 | $2,851 |
Work-in-process | 1,165 | 1,216 |
Finished goods | 2,236 | 1,631 |
Total | $6,974 | $5,698 |
Note_3_Intangible_Assets_Net_D
Note 3 - Intangible Assets, Net (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Note 3 - Intangible Assets, Net (Details) [Line Items] | ' | ' |
Amortization of Intangible Assets | $34,000 | $34,000 |
Impairment of Intangible Assets (Excluding Goodwill) | $0 | $0 |
Minimum [Member] | ' | ' |
Note 3 - Intangible Assets, Net (Details) [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '13 years | ' |
Maximum [Member] | ' | ' |
Note 3 - Intangible Assets, Net (Details) [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' |
Note_3_Intangible_Assets_Net_D1
Note 3 - Intangible Assets, Net (Details) - Finite-Lived Intangible Assets (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carring Amount | $2,419 | $2,419 |
Accumulated Amortization | 1,573 | 1,539 |
Net | 846 | 880 |
Trade Names and Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carring Amount | 1,525 | 1,525 |
Accumulated Amortization | 834 | 815 |
Net | 691 | 710 |
Unpatented Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carring Amount | 547 | 547 |
Accumulated Amortization | 510 | 500 |
Net | 37 | 47 |
Licensing Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carring Amount | 347 | 347 |
Accumulated Amortization | 229 | 224 |
Net | $118 | $123 |
Note_3_Intangible_Assets_Net_D2
Note 3 - Intangible Assets, Net (Details) - Estimated Annual Amortization Expense for Intangible Assets (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Estimated Annual Amortization Expense for Intangible Assets [Abstract] | ' | ' |
2015, remaining | $103 | ' |
2016 | 104 | ' |
2017 | 97 | ' |
2018 | 97 | ' |
2019 | 97 | ' |
2020 | 93 | ' |
Thereafter | 255 | ' |
Total | $846 | $880 |
Note_4_Property_and_Equipment_2
Note 4 - Property and Equipment, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation | $61 | $69 |
Note_4_Property_and_Equipment_3
Note 4 - Property and Equipment, Net (Details) - Property and Equipment, Net (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | $7,897 | $7,544 |
Less: Accumulated depreciation and amortization | -6,366 | -6,305 |
Total | 1,531 | 1,239 |
Land and Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | 1,250 | 1,250 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | 1,164 | 1,135 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | 5,420 | 5,096 |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, Gross | $63 | $63 |
Note_5_Senior_Credit_Facility_2
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||
Jun. 27, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Oct. 31, 2013 | Jun. 27, 2012 | Jun. 27, 2012 | Oct. 15, 2014 | Sep. 30, 2014 | Aug. 22, 2014 | Aug. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 27, 2012 | Jun. 27, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 27, 2012 | Sep. 22, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 22, 2014 | Aug. 22, 2014 | Aug. 22, 2014 | Aug. 28, 2014 | Aug. 28, 2014 | Oct. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 27, 2012 | Feb. 21, 2008 | Sep. 30, 2014 | Sep. 30, 2014 | |
Default Rate [Member] | Subsequent Event [Member] | Scenario, Event of Default [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | iBio, Inc. [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Advances [Member] | Promissory Note [Member] | CD MDC Note [Member] | E Gerald Kay [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Convertible Line of Credit Note [Member] | Convertible Line of Credit Note [Member] | Convertible Line of Credit Note [Member] | Convertible Line of Credit Note [Member] | Marlin Leasing [Member] | Marlin Leasing [Member] | Quantum Analytics [Member] | Quantum Analytics [Member] | PNC Bank [Member] | CD Financial LLC [Member] | CD Financial LLC [Member] | CD Financial LLC [Member] | CD Financial LLC [Member] | Vitamin Realty LLC [Member] | E Gerald Kay [Member] | ||||||||
CD Financial LLC [Member] | Convertible Line of Credit Note [Member] | Term Loan [Member] | Marlin Leasing [Member] | Quantum Analytics [Member] | Minimum [Member] | CD Financial LLC [Member] | Vitamin Realty LLC [Member] | PNC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | PNC Bank [Member] | |||||||||||||||||||||||||||||
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | $11,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable, Noncurrent | ' | ' | ' | ' | ' | ' | 3,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | 3.75% | ' | ' | ' | ' | 3.25% | 3.25% | 3.25% | ' | ' | 3.40% | 3.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment | ' | 44,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant, Maximum Aggregate Revolving Advance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant, Aggregate Revolving Advance, Receivables Advance Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant, Aggregate Revolving Advance, Inventory Advance Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant, Aggregate Revolving Advance, Percentage of Appraised Net Orderly Liquidation Value of Eligible Inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant, Prepayment Provisions, Percentage of Excess Cashflow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan Agreement, Mandatory Repayment Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | $0.24 | ' | ' | $0.25 | ' | $0.09 | ' | ' | ' | ' | ' | $0.88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of Loans Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 293,000 | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum EBITDA | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | 5.60% | 0.00% | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 9.50% | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,714,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | 686,000 | 27,000 |
Convertible Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,350,000 | ' | ' | ' |
Repayments of Notes Payable | ' | 135,000 | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | 333,000 | 174,000 | 183,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Expenses | 217,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.65 | ' | ' | ' |
Embedded Derivative, Fair Value of Embedded Derivative Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 503,000 | 717,000 | ' | ' | ' | ' |
Capital Lease Obligations | ' | 243,000 | ' | ' | 83,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,000 | ' | 138,000 | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligation, Monthly Lease Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Aggregate Amount Advanced Trigger | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | ' | ' | ' | ' | ' | ' | ' | ' | $68,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $205,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_5_Senior_Credit_Facility_3
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | $4,581 | $4,121 |
Current portion of long term debt | -754 | -588 |
Discount for embedded derivative | -313 | -341 |
Convertible Note payable, net - CD Financial, LLC | 5,037 | 5,009 |
Total outstanding debt | 9,758 | 9,068 |
Less: Revolving Advances | -4,581 | -4,121 |
Current portion of long term debt | -754 | -588 |
Long term debt | 4,423 | 4,359 |
Capitalized lease obligations | 243 | 83 |
Convertible Debt [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | 5,350 | 5,350 |
Interest Rate | 6.00% | ' |
Maturity Date | 7-Jul-17 | ' |
Revolving Credit Facility [Member] | PNC Bank [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | 4,581 | 4,121 |
Interest Rate | 3.25% | ' |
Maturity Date | 27-Jun-17 | ' |
Less: Revolving Advances | -4,581 | -4,121 |
Revolving Credit Facility [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Interest Rate | 3.25% | 3.25% |
Convertible Line of Credit Note [Member] | PNC Bank [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | 205 | ' |
Interest Rate | 3.40% | ' |
Maturity Date | 31-Mar-18 | ' |
Less: Revolving Advances | -205 | ' |
Convertible Line of Credit Note [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Interest Rate | 3.40% | ' |
Minimum [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Capitalized lease obligations | 0.00% | ' |
Capitalized lease obligations | 28-Feb-15 | ' |
Maximum [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Capitalized lease obligations | 7.10% | ' |
Capitalized lease obligations | 20-Nov-16 | ' |
PNC Bank [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | 2,280 | 2,413 |
Interest Rate | 3.75% | ' |
Maturity Date | 27-Jun-17 | ' |
CD Financial LLC [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | 1,714 | 1,714 |
Interest Rate | 6.00% | ' |
Maturity Date | 7-Jul-17 | ' |
Vitamin Realty LLC [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | 686 | 686 |
Interest Rate | 4.00% | ' |
Maturity Date | 7-Jul-17 | ' |
E Gerald Kay [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | 27 | 27 |
Interest Rate | 4.00% | ' |
Maturity Date | 7-Jul-17 | ' |
Acura Financial Services [Member] | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Debt Outstanding [Line Items] | ' | ' |
Principal Amount | $22 | $24 |
Interest Rate | 1.90% | ' |
Maturity Date | 15-Apr-17 | ' |
Note_5_Senior_Credit_Facility_4
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Calculation of Fair Value of Derivative Liability (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Jun. 30, 2014 | Jun. 27, 2012 | |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Calculation of Fair Value of Derivative Liability [Line Items] | ' | ' | ' |
Closing Price of Common Stock (in Dollars per share) | 0.24 | 0.25 | 0.09 |
Derivative [Member] | ' | ' | ' |
Note 5 - Senior Credit Facility, Subordinated Convertible Note, Net - CD Financial, LLC and other Long Term Debt (Details) - Calculation of Fair Value of Derivative Liability [Line Items] | ' | ' | ' |
Risk Free Interest Rate | 1.07% | 0.88% | 0.72% |
Volatility | 79.40% | 88.50% | 144.10% |
Term (years) | '2 years 9 months | '3 years | '5 years |
Dividend Rate | 0.00% | 0.00% | 0.00% |
Note_6_Significant_Risks_and_U1
Note 6 - Significant Risks and Uncertainties (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
Two Customers [Member] | Two Customers [Member] | Major Customer 1 [Member] | Major Customer 1 [Member] | Major Customer 2 [Member] | Major Customer 2 [Member] | Non-Major Customer [Member] | Non-Major Customer [Member] | Three Customers [Member] | Three Customers [Member] | Number of Employees, Geographic Area [Member] | |
Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Contract Manufacturing [Member] | Contract Manufacturing [Member] | Contract Manufacturing [Member] | Contract Manufacturing [Member] | Branded Proprietary Products [Member] | Branded Proprietary Products [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | Unionized Employees Concentration Risk [Member] | |
Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | ||
Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | ||||||
Note 6 - Significant Risks and Uncertainties (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | 81.00% | 79.00% | 63.00% | 26.00% | 72.00% | 15.00% | 78.00% | 39.00% | 81.00% | 74.00% | 63.00% |
Note_7_Commitments_and_Conting2
Note 7 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | 15-May-12 | 15-May-12 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jan. 05, 2012 | Jan. 04, 2012 | Sep. 30, 2014 | 19-May-14 | |
Principal Owner [Member] | Principal Owner [Member] | Stock Purchase Agreement [Member] | Environmental Issues [Member] | Vitamin Realty LLC [Member] | Vitamin Realty LLC [Member] | Manhattan Drug Company [Member] | Manhattan Drug Company [Member] | Manhattan Drug Company [Member] | AgroLabs [Member] | AgroLabs [Member] | ||||
sqft | sqft | sqft | ||||||||||||
Note 7 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,161 | 74,898 | ' | 2,700 |
Payments for Rent | ' | ' | ' | ' | ' | ' | ' | ' | ' | $533,000 | ' | ' | $27,000 | ' |
Operating Leases, Rent Expense | 252,000 | 247,000 | ' | 210,000 | 206,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | 243,000 | ' | 83,000 | ' | ' | ' | ' | 858,000 | 902,000 | ' | ' | ' | ' | ' |
Loss Contingency, Estimate of Possible Loss | ' | ' | ' | ' | ' | $600,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' |
Note_7_Commitments_and_Conting3
Note 7 - Commitments and Contingencies (Details) - Minimum Rental Commitment for Long-term Non-cancelable Leases (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Note 7 - Commitments and Contingencies (Details) - Minimum Rental Commitment for Long-term Non-cancelable Leases [Line Items] | ' |
2015, remaining | $457 |
2016 | 599 |
2017 | 578 |
2018 | 571 |
2019 | 563 |
2020 | 563 |
Thereafter | 3,080 |
Total | 6,411 |
Principal Owner [Member] | Capital Lease Obligations [Member] | ' |
Note 7 - Commitments and Contingencies (Details) - Minimum Rental Commitment for Long-term Non-cancelable Leases [Line Items] | ' |
2015, remaining | 422 |
2016 | 563 |
2017 | 563 |
2018 | 563 |
2019 | 563 |
2020 | 563 |
Thereafter | 3,080 |
Total | 6,317 |
Capital Lease Obligations [Member] | ' |
Note 7 - Commitments and Contingencies (Details) - Minimum Rental Commitment for Long-term Non-cancelable Leases [Line Items] | ' |
2015, remaining | 35 |
2016 | 36 |
2017 | 15 |
2018 | 8 |
2019 | 0 |
2020 | 0 |
Thereafter | 0 |
Total | $94 |
Note_8_Related_Party_Transacti1
Note 8 - Related Party Transactions (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2014 | Jun. 27, 2012 | Jun. 27, 2012 |
Term Loan [Member] | Chief Executive Officer [Member] | Director [Member] | ||
Note 8 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' |
Guarantor Obligations, Current Carrying Value | ' | ' | $1 | $1 |
Due to Related Parties | ' | 1 | ' | ' |
Earnings Before Interest, Taxes, Depreciation and Amortization | $1.50 | ' | ' | ' |
Note_9_Segment_Information_Det
Note 9 - Segment Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Note 9 - Segment Information (Details) [Line Items] | ' | ' |
Number of Reportable Segments | 3 | ' |
Europe and Canada [Member] | ' | ' |
Note 9 - Segment Information (Details) [Line Items] | ' | ' |
Revenues | $2,283 | $3,085 |
Note_9_Segment_Information_Det1
Note 9 - Segment Information (Details) - Operations by Business Segment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Gross Profit | $1,301 | $1,597 |
Depreciation | 61 | 69 |
Capital Expenditures | 168 | 2 |
Operating Segments [Member] | Contract Manufacturing [Member] | U. S. Customers [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 5,743 | 5,429 |
Operating Segments [Member] | Contract Manufacturing [Member] | International Customers [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 2,065 | 2,862 |
Operating Segments [Member] | Contract Manufacturing [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 7,808 | 8,291 |
Gross Profit | 1,151 | 1,366 |
Depreciation | 60 | 66 |
Capital Expenditures | 351 | ' |
Operating Segments [Member] | Branded Proprietary Products [Member] | U. S. Customers [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 129 | 132 |
Operating Segments [Member] | Branded Proprietary Products [Member] | International Customers [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 210 | 160 |
Operating Segments [Member] | Branded Proprietary Products [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 339 | 292 |
Gross Profit | 6 | 57 |
Depreciation | ' | 1 |
Capital Expenditures | 1 | ' |
Operating Segments [Member] | Other Nutraceutical Business [Member] | U. S. Customers [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 427 | 545 |
Operating Segments [Member] | Other Nutraceutical Business [Member] | International Customers [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 8 | 63 |
Operating Segments [Member] | Other Nutraceutical Business [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 435 | 608 |
Gross Profit | 144 | 174 |
Depreciation | 1 | 2 |
Capital Expenditures | ' | 2 |
Operating Segments [Member] | U. S. Customers [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 6,299 | 6,106 |
Operating Segments [Member] | International Customers [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 2,283 | 3,085 |
Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Sales, Net | 8,582 | 9,191 |
Gross Profit | 1,301 | 1,597 |
Depreciation | 61 | 69 |
Capital Expenditures | $352 | $2 |
Note_9_Segment_Information_Det2
Note 9 - Segment Information (Details) - Reconciliation of Assets from Segment to Consolidated (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $13,144 | $11,583 |
Operating Segments [Member] | Contract Manufacturing [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 9,683 | 7,752 |
Operating Segments [Member] | Branded Proprietary Products [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,553 | 1,781 |
Operating Segments [Member] | Other Nutraceutical Business [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $1,908 | $2,050 |