Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Jan. 25, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | Akoustis Technologies, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 42,392,915 | |
Amendment Flag | false | |
Entity Central Index Key | 0001584754 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-38029 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Assets: | ||
Cash and cash equivalents | $ 47,685 | $ 44,308 |
Accounts receivable | 746 | 351 |
Inventory | 651 | 136 |
Other current assets | 1,851 | 1,408 |
Total current assets | 50,933 | 46,203 |
Property and equipment, net | 25,080 | 23,605 |
Intangibles, net | 586 | 544 |
Operating lease right-of-use asset, net | 589 | 699 |
Restricted cash | 100 | 100 |
Other assets | 282 | 282 |
Total Assets | 77,570 | 71,433 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 4,570 | 5,899 |
Deferred revenue | 57 | |
Operating lease liability - current | 250 | 231 |
Short term loans payable | 594 | |
Current convertible notes payable, net | 9,795 | |
Total current liabilities | 15,266 | 6,130 |
Long-term Liabilities: | ||
Convertible notes payable, net | 14,351 | 21,628 |
Operating lease liability - non-current | 342 | 472 |
Loans payable | 1,010 | 1,591 |
Other long-term liabilities | 117 | 117 |
Total long-term liabilities | 15,820 | 23,808 |
Total Liabilities | 31,086 | 29,938 |
Stockholders’ Equity | ||
Preferred stock, par value $0.001: 5,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 41,399,075 and 37,990,380 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively | 41 | 38 |
Additional paid in capital | 173,918 | 145,072 |
Accumulated deficit | (127,475) | (103,615) |
Total Stockholders’ Equity | 46,484 | 41,495 |
Total Liabilities and Stockholders’ Equity | $ 77,570 | $ 71,433 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2020 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 41,399,075 | 37,990,380 |
Common stock, outstanding | 41,399,075 | 37,990,380 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||
Revenue with customers | $ 1,308 | $ 518 | $ 1,944 | $ 1,061 |
Cost of revenue | 2,602 | 787 | 4,251 | 1,123 |
Gross profit (loss) | (1,294) | (269) | (2,307) | (62) |
Operating expenses | ||||
Research and development | 5,566 | 4,897 | 11,946 | 9,967 |
General and administrative expenses | 3,361 | 2,759 | 6,288 | 5,569 |
Total operating expenses | 8,927 | 7,656 | 18,234 | 15,536 |
Loss from operations | (10,221) | (7,925) | (20,541) | (15,598) |
Other (expense) income | ||||
Interest (expense) income | (1,703) | (1,102) | (3,135) | (2,096) |
Rental income | 55 | 109 | ||
Change in fair value of contingent real estate liability | (16) | (34) | ||
Change in fair value of derivative liabilities | 14 | (326) | (184) | (670) |
Total other (expense) income | (1,689) | (1,389) | (3,319) | (2,691) |
Net loss | $ (11,910) | $ (9,314) | $ (23,860) | $ (18,289) |
Net loss per common share - basic and diluted (in Dollars per share) | $ (0.30) | $ (0.30) | $ (0.61) | $ (0.59) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 39,445,268 | 31,428,233 | 38,810,985 | 30,876,709 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid In Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2019 | $ 30 | $ 93,399 | $ (67,474) | $ 25,955 |
Balance (in Shares) at Jun. 30, 2019 | 30,141 | |||
Common stock issued for services | 1,703 | 1,703 | ||
Common stock issued for services (in Shares) | 283 | |||
Common stock issued for exercise of warrants | ||||
Common stock issued for exercise of warrants (in Shares) | 6 | |||
Vesting of restricted shares | 303 | 303 | ||
Common stock issued in payment of note interest | 244 | 244 | ||
Common stock issued in payment of note interest (in Shares) | 38 | |||
Net loss | (8,975) | (8,975) | ||
Balance at Sep. 30, 2019 | $ 30 | 95,649 | (76,450) | 19,229 |
Balance (in Shares) at Sep. 30, 2019 | 30,468 | |||
Common stock issued for services | 1,602 | 1,602 | ||
Common stock issued for services (in Shares) | 178 | |||
Common stock issued for exercise of warrants | ||||
Common stock issued for exercise of warrants (in Shares) | 68 | |||
Common stock issued for exercise of options | 55 | 55 | ||
Common stock issued for exercise of options (in Shares) | 10 | |||
Common stock issued for equipment purchase | 40 | 40 | ||
Common stock issued for equipment purchase (in Shares) | 5 | |||
ESPP purchase | 168 | 168 | ||
ESPP purchase (in Shares) | 28 | |||
Common stock issued for cash, net of issuance costs | $ 6 | 32,164 | 32,170 | |
Common stock issued for cash, net of issuance costs (in Shares) | 5,520 | |||
Common stock issued in payment of note interest | 244 | 244 | ||
Common stock issued in payment of note interest (in Shares) | 34 | |||
Repurchase and retirement of common shares (in Shares) | (99) | |||
Net loss | (9,314) | (9,314) | ||
Balance at Dec. 31, 2019 | $ 36 | 129,922 | (85,764) | 44,194 |
Balance (in Shares) at Dec. 31, 2019 | 36,212 | |||
Balance at Jun. 30, 2020 | $ 38 | 145,072 | (103,615) | 41,495 |
Balance (in Shares) at Jun. 30, 2020 | 37,990 | |||
Common stock issued for services | 2,027 | 2,027 | ||
Common stock issued for services (in Shares) | 127 | |||
Common stock issued for exercise of options | 102 | 102 | ||
Common stock issued for exercise of options (in Shares) | 18 | |||
Common stock issued for cash, net of issuance costs | 3,267 | 3,267 | ||
Common stock issued for cash, net of issuance costs (in Shares) | 416 | |||
Common stock issued in payment of note interest | $ 1 | 243 | 0 | 244 |
Common stock issued in payment of note interest (in Shares) | 31 | |||
Net loss | (11,950) | (11,950) | ||
Balance at Sep. 30, 2020 | $ 39 | 150,711 | (115,565) | 35,185 |
Balance (in Shares) at Sep. 30, 2020 | 38,582 | |||
Common stock issued for services | 2,066 | 2,066 | ||
Common stock issued for services (in Shares) | 350 | |||
Common stock issued for exercise of warrants | 118 | 118 | ||
Common stock issued for exercise of warrants (in Shares) | 33 | |||
Common stock issued for exercise of options | 422 | 422 | ||
Common stock issued for exercise of options (in Shares) | 73 | |||
ESPP purchase | 204 | 204 | ||
ESPP purchase (in Shares) | 32 | |||
Common stock issued for cash, net of issuance costs | $ 2 | 20,153 | 20,155 | |
Common stock issued for cash, net of issuance costs (in Shares) | 2,296 | |||
Common stock issued in payment of note interest | 244 | 244 | ||
Common stock issued in payment of note interest (in Shares) | 33 | |||
Net loss | (11,910) | (11,910) | ||
Balance at Dec. 31, 2020 | $ 41 | $ 173,918 | $ (127,475) | $ 46,484 |
Balance (in Shares) at Dec. 31, 2020 | 41,399 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (23,860) | $ (18,289) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,080 | 1,419 |
Common stock issued for services | 4,093 | 3,305 |
Amortization of debt discount | 2,346 | 1,490 |
Amortization of operating lease right of use asset | 110 | 55 |
Non cash interest payments | 488 | 488 |
Change in fair value of derivative liabilities | 184 | 670 |
Change in fair value of contingent real estate liability | 34 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (395) | (841) |
Inventory | (515) | |
Other current assets | (443) | 415 |
Other assets | (125) | |
Accounts payable and accrued expenses | (204) | (663) |
Lease liabilities | (111) | (51) |
Deferred revenue | 57 | 43 |
Net Cash Used in Operating Activities | (16,170) | (12,050) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for machinery and equipment | (4,438) | (4,171) |
Cash received from sale of fixed assets | 28 | |
Cash paid for intangibles | (53) | (108) |
Net Cash Used in Investing Activities | (4,491) | (4,251) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 23,192 | 32,277 |
Proceeds from exercise of employee stock options | 524 | 55 |
Proceeds from exercise of warrants | 118 | |
Proceeds from employee stock purchase plan | 204 | 168 |
Net Cash Provided by Financing Activities | 24,038 | 32,500 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 3,377 | 16,199 |
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | 44,408 | 30,154 |
Cash, Cash Equivalents and Restricted Cash - End of Period | 47,785 | 46,353 |
Cash Paid During the Period for: | ||
Interest | 325 | 325 |
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued in payment of interest | 488 | 488 |
Stock compensation payable | 303 | |
Fixed assets included in accounts payable and accrued expenses | 572 | 1,128 |
Stock issuance costs included in accounts payable and accrued expenses | 107 | |
Reclass from assets held for sale | (251) | |
Assets purchased using common stock | $ 40 |
Organization
Organization | 6 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization Akoustis Technologies, Inc. (“the Company”) was incorporated on April 10, 2013, and effective December 15, 2016, the Company changed its state of incorporation to the State of Delaware. Through its subsidiary, Akoustis, Inc. (a Delaware corporation), the Company, headquartered in Huntersville, North Carolina, is focused on developing, designing, and manufacturing innovative radio frequency (“RF”) filter products for the wireless industry, including for products such as smartphones and tablets, cellular infrastructure equipment, WiFi Customer Premise Equipment (“CPE”), and military and defense communication applications. Located between the device’s antenna and its digital backend, the RF front-end (“RFFE”) is the circuitry that performs the analog signal processing and contains components such as amplifiers, filters and switches. To construct the resonator devices that are the building blocks for its RF filters, the Company has developed a family of novel, high purity acoustic piezoelectric materials as well as a unique microelectromechanical system (“MEMS”) wafer process, collectively referred to as XBAW™ technology. The Company leverages its integrated device manufacturing (“IDM”) business model to develop and sell high performance RF filters using its XBAW TM |
Liquidity
Liquidity | 6 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity As of December 31, 2020, the Company had cash and cash equivalents of $47.7 million and working capital of $35.7 million. The Company has historically incurred recurring operating losses and experienced net cash used in operating activities. As of January 25, 2021, the Company had $43.9 million of cash and cash equivalents, which the Company expects to be sufficient to fund its operations beyond the next twelve months from the date of filing of this Form 10-Q. These funds will be used to fund the Company’s operations, including capital expenditures, R&D, commercialization of our technology, development of our patent strategy and expansion of our patent portfolio, as well as to provide working capital and funds for other general corporate purposes. Except pursuant to its ATM Equity Offering SM SM |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments (consisting of normal accruals) considered necessary for a fair presentation have been included. The Company has evaluated subsequent events through the filing of this Form 10-Q. Operating results for the quarter ended December 31, 2020 are not necessarily indicative of the results that may be expected for the year ending June 30, 2021 or any future interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Form 10-K filed with the SEC on August 21, 2020 (the “2020 Annual Report”). Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Akoustis, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. Significant Accounting Policies and Estimates The Company’s significant accounting policies are disclosed in Note 3-Summary of Significant Accounting Policies in the 2020 Annual Report. Since the date of the 2020 Annual Report, there have been no material changes to the Company’s significant accounting policies. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the accompanying notes thereto. The policies, estimates and assumptions include valuing equity securities and derivative financial instruments issued in financing transactions, deferred taxes and related valuation allowances, revenue recognition, contingent real estate liability and the fair values of long-lived assets. Actual results could differ from the estimates. Allowance for Doubtful Accounts The Company provides an allowance for doubtful accounts equal to the estimated losses to be incurred in the collection of accounts receivable. Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) valuation method. Inventory consisted of the following as of December 31, 2020 and June 30, 2020 (in thousands): December 31, June 30, Raw Materials $ 23 $ 24 Work in Process 464 69 Finished Goods 164 43 Total Inventory $ 651 $ 136 Shares of Restricted Stock Outstanding Shares outstanding include shares of restricted stock with respect to which restrictions have not lapsed. Restricted stock included in reportable shares outstanding was the following as of December 31, 2020 and 2019. Shares of restricted stock are included in the calculation of weighted average shares outstanding. December 31, December 31, 2020 2019 Restricted stock included in reportable shares outstanding 10,000 144,750 Reclassification Certain prior period amounts have been reclassified to conform to current period presentation. The reclassifications did not have an impact on net loss as previously reported . Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements. |
Revenue Recognition from Contra
Revenue Recognition from Contracts with Customers | 6 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition from Contracts with Customers | Note 4. Revenue Recognition from Contracts with Customers Disaggregation of Revenue The Company’s primary revenue streams include foundry fabrication services and product sales. Foundry Fabrication Services Foundry fabrication services revenue includes Non-Recurring Engineering (“NRE”) and microelectromechanical systems (“MEMS”) foundry services. The Company exited the MEMS business during fiscal year 2020. Under these contracts, products are delivered to the customer at the completion of the service which represents satisfaction of the performance obligation as well as transfer of title. Depending on language with regards to enforceable right to payment for performance completed to date, related revenue will either be recognized over time or at a point in time. Product Sales Product sales revenue consists of sales of RF filters and amps which are sold with contract terms stating that title passes, and the customer takes control at the time of shipment. Revenue is then recognized when the devices are shipped, and the performance obligation has been satisfied. If devices are sold under contract terms that specify that the customer does not take ownership until the goods are received, revenue is recognized when the customer receives the goods. The following table summarizes the revenues of the Company’s reportable segments for the three months ended December 31, 2020 (in thousands): Foundry Fabrication Services Revenue Product Sales Total NRE - RF Filters $ 670 $ — $ 670 Filters/Amps — 638 638 Total $ 670 638 1,308 The following table summarizes the revenues of the Company’s reportable segments for the six months ended December 31, 2020 (in thousands): Foundry Fabrication Services Revenue Product Sales Total NRE - RF Filters 727 — 727 Filters/Amps — 1,217 1,217 Total $ 727 $ 1,217 $ 1,944 The following table summarizes the revenues of the Company’s reportable segments for the three months ended December 31, 2019 (in thousands): Foundry Fabrication Services Revenue Product Sales Total MEMS $ 12 $ — $ 12 NRE - RF Filters 311 — 311 Filters/Amps — 195 195 Total $ 323 $ 195 $ 518 The following table summarizes the revenues of the Company’s reportable segments for the six months ended December 31, 2019 (in thousands): Foundry Fabrication Services Revenue Product Sales Total MEMS $ 257 $ — $ 257 NRE - RF Filters 427 — 427 Filters/Amps — 377 377 Total $ 684 $ 377 $ 1,061 Performance Obligations The Company has determined that contracts for product sales revenue and foundry fabrication services revenue involve one performance obligation, which is delivery of the final product. Contract Balances The following table summarizes the changes in the opening and closing balances of the Company’s contract asset and liability for the first six months of fiscal year 2020 and 2019 (in thousands): Contract Assets Contract Liability Balance, June 30, 2020 $ 125 $ — Closing, December 31, 2020 383 57 Increase/(Decrease) $ 258 $ 57 Balance, June 30, 2019 $ 140 $ 5 Closing, December 31, 2019 139 13 Increase/(Decrease) $ (1 ) $ 8 The Company records a receivable when the title for goods has transferred. Generally, all sales are contract sales (with either an underlying contract or purchase order), resulting in all receivables being contract receivables. When invoicing occurs prior to revenue recognition a contract liability is recorded (as deferred revenue on the Condensed Consolidated Balance Sheets). On December 31, 2020, the Company recorded a contract liability of $57 thousand related to upfront payments for non-recurring engineering services that will be performed subsequent to December 31, 2020. The amount of revenue recognized in the six months ended December 31, 2019 that was included in the opening contract liability balance was $5 thousand which related to product sales. Contract assets are recorded when revenue recognized exceeds the amount invoiced. The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. The amount of contract assets invoiced in the six months ended December 31, 2020 and 2019 that was included in the opening contract asset balance was $54 thousand, which primarily related to non-recurring engineering services and $198 thousand, which primarily related to non-recurring engineering services, respectively. Backlog of Remaining Customer Performance Obligations Revenue expected to be recognized and recorded as sales during this fiscal year from the backlog of performance obligations that are unsatisfied (or partially unsatisfied) was $3.8 million at December 31, 2020. |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Note 5. Property and Equipment, net Property and equipment, net consisted of the following as of December 31, 2020 and June 30, 2020 (in thousands): Estimated Useful Life December 31, 2020 June 30, Land n/a $ 1,000 $ 1,000 Building 11 years 3,000 3,000 Equipment 2-10 years 27,689 24,746 Leasehold Improvements * 1,550 964 Software 3 years 294 294 Furniture & Fixtures 5 years 11 11 Computer Equipment 3 years 281 267 Total 33,825 30,282 Less: Accumulated Depreciation (8,745 ) (6,677 ) Total $ 25,080 $ 23,605 (*) Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. The Company recorded depreciation expense of $1.1 million and $0.7 million for the three months ended December 31, 2020 and 2019, respectively. The Company recorded depreciation expense of $2.1 million and $1.4 million for the six months ended December 31, 2020 and 2019, respectively. As of December 31, 2020, equipment with a net book value totaling $3.8 million had not been placed in service and therefore was not depreciated during the period. As of June 30, 2020, fixed assets with a net book value totaling $5.6 million had not been placed in service and therefore was not depreciated during the period. |
Accounts payable and accrued ex
Accounts payable and accrued expenses | 6 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued expenses | Note 6. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following at December 31, 2020 and June 30, 2020 (in thousands): December 31, 2020 June 30, 2020 Accounts payable $ 936 $ 2,135 Accrued salaries and benefits 2,336 2,478 Accrued professional fees 95 193 Accrued utilities 228 138 Accrued interest 146 137 Accrued goods received not invoiced 792 396 Other accrued expenses 37 422 Totals $ 4,570 $ 5,899 |
Derivative Liabilities
Derivative Liabilities | 6 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | Note 7. Derivative Liabilities The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the six months ended December 31, 2020 (in thousands): Fair Value Balance, June 30, 2020 $ 1,110 Change in fair value of derivative liabilities 184 Balance, December 31, 2020 (see note 8) $ 1,294 The fair value of the derivative features of the convertible note at the balance sheet dates were calculated using the with-and-without method, a form of the income approach, valued with the following assumptions: December 31, 2020 June 30, 2020 Remaining term (years) 2.41 2.92-3.42 Expected volatility 68 % 70 % Risk free interest rate 0.15 % 0.18-0.20 % Dividend yield 0.00 % 0.00 % Risk-free interest rate: Dividend yield: Volatility: Remaining term: |
Convertible Notes
Convertible Notes | 6 Months Ended |
Dec. 31, 2020 | |
Convertible Notes Payable Disclosure [Abstract] | |
Convertible Notes | Note 8. Convertible Notes On December 4, 2020, the Company provided a notice of redemption to the holders of the Company’s outstanding $10,000,000 aggregate principal amount of 6.5% Convertible Senior Notes due 2023 (CUSIP No: 00973N AC6) (the “October 2018 Notes”) regarding the Company’s exercise of its option to redeem all October 2018 Notes on February 1, 2021 (the “Redemption Date”), unless earlier converted as described below, pursuant to the indenture governing the October 2018 Notes. Pursuant to the notice of redemption, the Company would pay holders of the October 2018 Notes that are redeemed a redemption price equal to 100% of the aggregate principal amount of October 2018 Notes being redeemed, plus accrued and unpaid interest as well as an interest make-whole payment with respect to those October 2018 Notes that are redeemed. All of the holders of the October 2018 Notes elected to convert the October 2018 Notes into shares of common stock of the Company prior to the Redemption Date at a conversion rate equal to 196.08 shares of common stock per $1,000 principal amount of Notes (equivalent to a conversion price of approximately $5.10 per share). See Note 16. Subsequent Events. The following table summarizes convertible debt as of December 31, 2020 (in thousands): Stated Remaining Fair Value Interest Conversion Face Debt Conversion Carrying Maturity Date Rate Price Value (Discount) Option Value Short Term convertible notes payable 6.5% convertible senior notes 02/01/2021 6.50 % $ 5.10 $ 10,000 (205 ) — 9,795 Ending Balance as of December 31, 2020 $ 10,000 $ (205 ) $ — $ 9,795 Long Term convertible notes payable 6.5% convertible senior notes 5/31/2023 6.50 % $ 5.00 $ 15,000 (1,943 ) 1,294 14,351 Ending Balance as of December 31, 2020 $ 15,000 $ (1,943 ) $ 1,294 $ 14,351 The following table summarizes convertible debt as of June 30, 2020 (in thousands): Stated Remaining Fair Value Interest Conversion Face Debt Conversion Carrying Maturity Date Rate Price Value (Discount) Option Value Long Term convertible notes payable 6.5% convertible senior secured notes 5/31/2023 6.50 % $ 5.00 $ 15,000 $ (3,918 ) $ 894 $ 11,976 6.5% convertible senior notes 11/30/2023 6.50 % $ 5.10 10,000 (564 ) 216 9,652 Ending Balance as of June 30, 2020 $ 25,000 $ (4,482 ) $ 1,110 $ 21,628 |
Loans Payable
Loans Payable | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Loans Payable | Note 9. Loans Payable Paycheck Protection Program Loan On May 20, 2020, Akoustis, Inc., the operating subsidiary of the Company, issued a promissory note (the “Promissory Note”) in favor of Bank of America, NA (the “Lender”) that provides for a loan in the principal amount of $1.6 million (the “PPP Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which is administered by the United States Small Business Administration (the “SBA”). The PPP Loan is scheduled to mature two years from the date of funding of the PPP Loan (the “Maturity Date”) and accrues interest at a rate of 1.00% per annum. On November 20, 2020, Akoustis, Inc. applied to the Lender for forgiveness of the full amount of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the PPP, including for payroll costs and mortgage interest, rent and utility costs. If the SBA confirms full forgiveness of the unpaid balance of the PPP Loan, and reimburses the Lender for the total outstanding principal and interest due under the PPP Loan, then the loan will be deemed satisfied in full. If the SBA does not confirm full forgiveness of the PPP Loan, then the Lender will establish repayment terms of the outstanding principal and interest due under the PPP Loan. Payments under the PPP Loan are deferred to the date that the SBA remits the PPP Loan forgiveness amount. No assurance is provided that Akoustis, Inc. will obtain forgiveness of the PPP Loan in whole or in part. The Promissory Note contains customary events of default relating to, among other things, payment defaults and provisions of the Promissory Note. The Company treated the PPP Loan as debt and included the future monthly repayment amounts payable within 12 months as a short-term liability and the remainder of the PPP loan as a long-term liability on the balance sheet. The following table summarizes Paycheck Protection Program debt as of December 31, 2020 (in thousands): Stated Remaining Interest Face Debt Carrying Maturity Date Rate Value (Discount) Value Short Term Loans payable Paycheck Protection Program loan 10/31/2021- 12/31/2021 1.00 % $ 619 $ (25 ) $ 594 Ending Balance as of December 31, 2020 $ 619 $ (29 ) $ 594 Long Term Loans payable Paycheck Protection Program loan 05/20/2022 1.00 % $ 1,014 $ (4 ) $ 1,010 Ending Balance as of December 31, 2020 $ 1,014 $ (4 ) $ 1,010 The following table summarizes Paycheck Protection Program debt as of June 30, 2020 (in thousands): Maturity Date Stated Rate Face Remaining (Discount) Carrying Long Term Loans payable Paycheck Protection Plan loan 05/20/2022 1.00 % $ 1,633 $ (42 ) $ 1,591 Ending Balance as of June 30, 2020 $ 1,633 $ (42 ) $ 1,591 The amortization of PPP loan debt discount of $6.4 and $12.8 thousand for the three month and six month period ending December 31, 2020, respectively, was treated as interest expense on the statement of operations. |
Concentrations
Concentrations | 6 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Note 10. Concentrations Vendors Vendor concentration as a percentage of purchases for the three months ended December 31, 2020 and 2019 are as follows: Three Months Three Months Vendor 1 13 % — Vendor 2 — 19 % Vendor 3 — 12 % Vendor concentration as a percentage of purchases for the six months ended December 31, 2020 and 2019 are as follows: Six Months Six Months Vendor 1 — 18 % Customers Customer concentration as a percentage of revenue for the three months ended December 31, 2020 and 2019 are as follows: Three Months Three Months Customer 1 18 % — Customer 2 29 % — Customer 3 32 % 55 % Customer 4 15 % 29 % Customer concentration as a percentage of revenue for the six months ended December 31, 2020 and 2019 are as follows: Six Months Six Months Customer 1 22 % 30 % Customer 2 — 23 % Customer 3 — 14 % Customer 4 — 13 % Customer 5 — 10 % Customer 6 10 % — Customer 7 44 % — Customer 8 12 % — |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Stockholders' Equity | Note 11. Stockholders’ Equity ATM Program and Offerings On May 8, 2020, the Company entered into an ATM Equity Offering SM During the three months ended September 30, 2020, the Company sold a total of 416,221 shares of its common stock at a price to the public of an average of $8.09 per share through the ATM Program for aggregate gross proceeds of approximately $3.4 million, before deducting compensation paid to the sales agents and other offering expenses payable by the company of approximately $0.1 million. During the three months ended December 31, 2020, the Company sold a total of 2,296,023 shares of its common stock at a price to the public of an average of $8.93 per share through the ATM Program for aggregate gross proceeds of approximately $20.5 million, before deducting compensation paid to the sales agents and other offering expenses payable by the company of approximately $0.4 million. Equity Incentive Plans During the six months ended December 31, 2020, the Company granted employees options to purchase an aggregate of 415,554 shares of common stock with a weighted average grant date fair value of $4.46. The fair values of the Company’s options were estimated at the dates of grant using a Black-Scholes option pricing model with the following assumptions: Six Months Exercise price $ 7.72 - 8.54 Expected term (years) 4.00 – 5.00 Risk-free interest rate 0.25% – 0.42 Volatility 67 - 68% Dividend yield 0% Weighted Average Grant Date Fair Value of Options granted during the period $ 4.46 During the six months ended December 31, 2020 the Company awarded certain employees and directors grants of an aggregate of 634,061 restricted stock units (“RSUs”) with a weighted average grant date fair value of $8.25. The RSUs will be expensed over the requisite service period. The terms of the RSUs include vesting provisions based solely on continued service. If the service criteria are satisfied, the RSUs will generally vest over 4 – 5 years. Compensation expense related to our stock-based awards described above was as follows (in thousands): Three Months Ended Six Months Ended 2020 2019 2020 2019 Research and Development $ 928 $ 790 $ 1,942 $ 1,746 General and Administrative 1,138 812 2,151 1,559 Total $ 2,066 $ 1,602 $ 4,093 $ 3,305 Unrecognized stock-based compensation expense and weighted-average years to be recognized are as follows (in thousands): As of December 31, 2020 Unrecognized Weighted- Options $ 2,887 2.24 Restricted stock awards/units $ 8,443 2.27 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Leases The Company leases office space and office equipment in Huntersville, NC as well as equipment in Canandaigua, NY. Our leases have remaining lease terms of up to five years, some of which include options to extend the leases for up to twenty-four months. Following adoption of ASC 842, lease expense excludes capital area maintenance and property taxes. The components of lease expense were as follows: Three Three Six Months Ended Six Months Ended Operating Lease Expense $ 75 $ 46 $ 150 $ 102 Supplemental balance sheet information related to leases was as follows (in thousands): Classification on the December 31, 2020 Assets Operating lease assets Other non-current assets $ 589 Liabilities Other current liabilities Current liabilities 250 Operating lease liabilities Other non-current liabilities 342 Weighted Average Remaining Lease Term: Operating leases 2.25 Weighted Average Discount Rate: Operating leases 12.47 % The following table outlines the minimum future lease payments for the next five years and thereafter, (in thousands): For the year ending June 30, 2021 $ 154 2022 312 2023 204 2024 7 2025 — Thereafter — Total lease payments (undiscounted cash flows) 677 Less imputed interest (85 ) Total $ 592 Ontario County Industrial Development Authority Agreemen On February 27, 2018, the Company entered into a Lease and Project Agreement (the “Lease and Project Agreement”) and a Company Lease Agreement (the “Company Lease Agreement” and together with the Lease and Project Agreement, the “Agreements”), each dated as of February 1, 2018, with the Ontario County Industrial Development Agency, a public benefit corporation of the State of New York (the “OCIDA”). Pursuant to the Agreements, the Company will lease for $1.00 annually to the OCIDA an approximately 9.995 acre parcel of land in Canandaigua, New York, together with the improvements thereon (including the Company’s New York fabrication facility), and transfer title to certain related equipment and personal property to the OCIDA (collectively, the “Facility”). The OCIDA will lease the Facility back to the Company for annual rent payments specified in the Lease and Project Agreement for the Company’s primary use as research and development, manufacturing, warehouse and professional office space in its business, and to be subleased, in part, by the Company to various existing tenants. The Company estimates substantial tax savings during the term of the Agreements, which expire on December 31, 2028. In addition, subject to the terms of the Lease and Project Agreement, certain purchases and leases of eligible items will be exempt from the imposition of sales and use taxes. Subject to the terms of the Lease and Project Agreement, the OCIDA has also granted to the Company an exemption from certain mortgage recording taxes for one or more mortgages securing an aggregate principal amount not to exceed $12.0 million, or such greater amount as approved by the OCIDA in its sole and absolute discretion. The benefits provided to the Company pursuant to the terms of the Lease and Project Agreement are subject to claw back over the life of the Agreements upon certain recapture events, including certain events of default. Litigation, Claims and Assessments From time to time, the Company may become involved in lawsuits, investigations and claims that arise in the ordinary course of business. The Company believes it has meritorious defenses against all pending claims and intends to vigorously pursue them. While it is not possible to predict or determine the outcomes of any pending actions, the Company believes the amount of liability, if any, with respect to such actions, would not materially affect its financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 13. Related Party Transactions Asset Purchase and Sale On September 30, 2020, Akoustis, Inc. sold to a third party certain of its inventory, together with related warranty obligations, delivery commitments and design data and files (the “Designs”). In connection with such transaction, Akoustis, Inc. entered into an Asset Purchase Agreement, dated September 30, 2020 with Big Red, LLC for the purchase of the Designs for $25,000. Members of Big Red, LLC include the brother of the Company’s Chief Executive Officer and two non-executive employees of the Company. |
Segment Information
Segment Information | 6 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14. Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision–making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company operates in two segments, Foundry Fabrication Services which consists of engineering review services and STC-MEMS foundry services, and RF Product which consists of amplifier and filter product sales, and grant revenue. The Company records all general and administrative costs in the RF Product segment. The Company evaluates performance of its operating segments based on revenue and operating profit (loss). Segment information for the three and six months ended December 31, 2020 and 2019 are as follows (in thousands): Foundry/ RF Product Total Three months ended December 31, 2020 Revenue with customers $ 670 $ 638 $ 1,308 Cost of revenue 350 2,252 2,602 Gross margin 320 (1,614 ) (1,294 ) Research and development — 5,566 5,566 General and administrative — 3,361 3,361 Income (Loss) from Operations $ 320 (10,567 ) (10,221 ) Three months ended December 31, 2019 Revenue with customers $ 323 $ 195 $ 518 Cost of revenue 270 517 787 Gross margin 53 (322 ) (269 ) Research and development — 4,897 4,897 General and administrative — 2,759 2,759 Income (Loss) from Operations $ 53 (7,978 ) (7,925 ) Six months ended December 31, 2020 Revenue with customers $ 727 $ 1,217 $ 1,944 Cost of revenue 403 3,848 4,251 Gross margin 324 (2,631 ) (2,307 ) Research and development — 11,946 11,946 General and administrative — 6,288 6,288 Income (Loss) from Operations $ 324 (20,865 ) (20,541 ) Six months ended December 31, 2019 Revenue with customers $ 684 $ 377 $ 1,061 Cost of revenue 407 716 1,123 Gross margin 277 (339 ) (62 ) Research and development — 9,967 9,967 General and administrative — 5,569 5,569 Income (Loss) from Operations $ 277 (15,875 ) (15,598 ) As of December 31, 2020 Accounts receivable $ 488 $ 258 $ 746 Property and equipment, net — $ 25,080 $ 25,080 As of June 30, 2020 Accounts receivable $ 71 $ 280 $ 351 Property and equipment, net $ — $ 23,605 $ 23,605 |
Loss Per Share
Loss Per Share | 6 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 15. Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents. In periods when losses are reported, which is the case for the six months ended December 31, 2020 and December 31, 2019 presented in these condensed consolidated financial statements, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. The Company had the following common stock equivalents at December 31, 2020 and 2019: December 31, December 31, 2020 2019 Convertible Notes 4,960,800 4,960,800 Options 2,589,719 2,242,665 Warrants 359,570 541,999 Total 7,910,089 7,745,464 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note. 16. Subsequent Events October 2018 Note Conversion On January 7, 2021, the Company issued 980,400 shares of its common stock upon the conversion of $5.0 million principal amount of October 2018 Notes. On January 26, 2021, the Company issued 980,400 shares of its common stock upon the conversion of the remaining $5.0 million principal amount of October 2018 Notes. Redemption of May 2018 Notes On January 25, 2021, the Company provided a notice of redemption to the holders of the Company’s outstanding $15,000,000 aggregate principal amount of 6.5% Convertible Senior Secured Notes due 2023 (CUSIP No: 00973N AA0) (the “May 2018 Notes”) regarding the Company’s exercise of its option to redeem all May 2018 Notes on March 1, 2021, unless earlier converted as described below, pursuant to the indenture governing the May 2018 Notes. The Company will pay holders of the May 2018 Notes that are redeemed a redemption price equal to 100% of the aggregate principal amount of October 2018 Notes being redeemed, plus accrued and unpaid interest with respect to those October 2018 Notes that are redeemed. Alternatively, holders of the May 2018 Notes may elect to convert the May 2018 Notes into shares of common stock of the Company at a conversion rate equal to 200 shares of common stock per $1,000 principal amount of May 2018 Notes (equivalent to a conversion price of $5.00 per share) and an interest-make whole payment. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information and the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, all adjustments (consisting of normal accruals) considered necessary for a fair presentation have been included. The Company has evaluated subsequent events through the filing of this Form 10-Q. Operating results for the quarter ended December 31, 2020 are not necessarily indicative of the results that may be expected for the year ending June 30, 2021 or any future interim period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Form 10-K filed with the SEC on August 21, 2020 (the “2020 Annual Report”). |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Akoustis, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Significant Accounting Policies and Estimates | Significant Accounting Policies and Estimates The Company’s significant accounting policies are disclosed in Note 3-Summary of Significant Accounting Policies in the 2020 Annual Report. Since the date of the 2020 Annual Report, there have been no material changes to the Company’s significant accounting policies. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the accompanying notes thereto. The policies, estimates and assumptions include valuing equity securities and derivative financial instruments issued in financing transactions, deferred taxes and related valuation allowances, revenue recognition, contingent real estate liability and the fair values of long-lived assets. Actual results could differ from the estimates. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company provides an allowance for doubtful accounts equal to the estimated losses to be incurred in the collection of accounts receivable. |
Inventory | Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) valuation method. Inventory consisted of the following as of December 31, 2020 and June 30, 2020 (in thousands): December 31, June 30, Raw Materials $ 23 $ 24 Work in Process 464 69 Finished Goods 164 43 Total Inventory $ 651 $ 136 |
Shares of Restricted Stock Outstanding | Shares of Restricted Stock Outstanding Shares outstanding include shares of restricted stock with respect to which restrictions have not lapsed. Restricted stock included in reportable shares outstanding was the following as of December 31, 2020 and 2019. Shares of restricted stock are included in the calculation of weighted average shares outstanding. December 31, December 31, 2020 2019 Restricted stock included in reportable shares outstanding 10,000 144,750 |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform to current period presentation. The reclassifications did not have an impact on net loss as previously reported . |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Inventory, net | December 31, June 30, Raw Materials $ 23 $ 24 Work in Process 464 69 Finished Goods 164 43 Total Inventory $ 651 $ 136 |
Schedule of weighted average shares outstanding restricted stock included in reportable shares outstanding | December 31, December 31, 2020 2019 Restricted stock included in reportable shares outstanding 10,000 144,750 |
Revenue Recognition from Cont_2
Revenue Recognition from Contracts with Customers (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues of reportable segments | Foundry Fabrication Services Revenue Product Sales Total NRE - RF Filters $ 670 $ — $ 670 Filters/Amps — 638 638 Total $ 670 638 1,308 Foundry Fabrication Services Revenue Product Sales Total NRE - RF Filters 727 — 727 Filters/Amps — 1,217 1,217 Total $ 727 $ 1,217 $ 1,944 Foundry Fabrication Services Revenue Product Sales Total MEMS $ 12 $ — $ 12 NRE - RF Filters 311 — 311 Filters/Amps — 195 195 Total $ 323 $ 195 $ 518 Foundry Fabrication Services Revenue Product Sales Total MEMS $ 257 $ — $ 257 NRE - RF Filters 427 — 427 Filters/Amps — 377 377 Total $ 684 $ 377 $ 1,061 |
Schedule of changes in contract asset and liability | Contract Assets Contract Liability Balance, June 30, 2020 $ 125 $ — Closing, December 31, 2020 383 57 Increase/(Decrease) $ 258 $ 57 Balance, June 30, 2019 $ 140 $ 5 Closing, December 31, 2019 139 13 Increase/(Decrease) $ (1 ) $ 8 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | Estimated Useful Life December 31, 2020 June 30, Land n/a $ 1,000 $ 1,000 Building 11 years 3,000 3,000 Equipment 2-10 years 27,689 24,746 Leasehold Improvements * 1,550 964 Software 3 years 294 294 Furniture & Fixtures 5 years 11 11 Computer Equipment 3 years 281 267 Total 33,825 30,282 Less: Accumulated Depreciation (8,745 ) (6,677 ) Total $ 25,080 $ 23,605 (*) Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. |
Accounts payable and accrued _2
Accounts payable and accrued expenses (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued expenses | December 31, 2020 June 30, 2020 Accounts payable $ 936 $ 2,135 Accrued salaries and benefits 2,336 2,478 Accrued professional fees 95 193 Accrued utilities 228 138 Accrued interest 146 137 Accrued goods received not invoiced 792 396 Other accrued expenses 37 422 Totals $ 4,570 $ 5,899 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value on a recurring basis using significant unobservable inputs | Fair Value Balance, June 30, 2020 $ 1,110 Change in fair value of derivative liabilities 184 Balance, December 31, 2020 (see note 8) $ 1,294 |
Schedule of weighted average assumptions | December 31, 2020 June 30, 2020 Remaining term (years) 2.41 2.92-3.42 Expected volatility 68 % 70 % Risk free interest rate 0.15 % 0.18-0.20 % Dividend yield 0.00 % 0.00 % |
Convertible Notes (Tables)
Convertible Notes (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Convertible Notes Payable Disclosure [Abstract] | |
Schedule of convertible debt | Stated Remaining Fair Value Interest Conversion Face Debt Conversion Carrying Maturity Date Rate Price Value (Discount) Option Value Short Term convertible notes payable 6.5% convertible senior notes 02/01/2021 6.50 % $ 5.10 $ 10,000 (205 ) — 9,795 Ending Balance as of December 31, 2020 $ 10,000 $ (205 ) $ — $ 9,795 Long Term convertible notes payable 6.5% convertible senior notes 5/31/2023 6.50 % $ 5.00 $ 15,000 (1,943 ) 1,294 14,351 Ending Balance as of December 31, 2020 $ 15,000 $ (1,943 ) $ 1,294 $ 14,351 Stated Remaining Fair Value Interest Conversion Face Debt Conversion Carrying Maturity Date Rate Price Value (Discount) Option Value Long Term convertible notes payable 6.5% convertible senior secured notes 5/31/2023 6.50 % $ 5.00 $ 15,000 $ (3,918 ) $ 894 $ 11,976 6.5% convertible senior notes 11/30/2023 6.50 % $ 5.10 10,000 (564 ) 216 9,652 Ending Balance as of June 30, 2020 $ 25,000 $ (4,482 ) $ 1,110 $ 21,628 |
Loans Payable (Tables)
Loans Payable (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of paycheck protection program debt | Stated Remaining Interest Face Debt Carrying Maturity Date Rate Value (Discount) Value Short Term Loans payable Paycheck Protection Program loan 10/31/2021- 12/31/2021 1.00 % $ 619 $ (25 ) $ 594 Ending Balance as of December 31, 2020 $ 619 $ (29 ) $ 594 Long Term Loans payable Paycheck Protection Program loan 05/20/2022 1.00 % $ 1,014 $ (4 ) $ 1,010 Ending Balance as of December 31, 2020 $ 1,014 $ (4 ) $ 1,010 Maturity Date Stated Rate Face Remaining (Discount) Carrying Long Term Loans payable Paycheck Protection Plan loan 05/20/2022 1.00 % $ 1,633 $ (42 ) $ 1,591 Ending Balance as of June 30, 2020 $ 1,633 $ (42 ) $ 1,591 |
Concentrations (Tables)
Concentrations (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedule of vendor concentration as a percentage of non-grant related revenue | Three Months Three Months Vendor 1 13 % — Vendor 2 — 19 % Vendor 3 — 12 % Six Months Six Months Vendor 1 — 18 % |
Schedule of customer concentration as a percentage of non-grant related revenue | Three Months Three Months Customer 1 18 % — Customer 2 29 % — Customer 3 32 % 55 % Customer 4 15 % 29 % Six Months Six Months Customer 1 22 % 30 % Customer 2 — 23 % Customer 3 — 14 % Customer 4 — 13 % Customer 5 — 10 % Customer 6 10 % — Customer 7 44 % — Customer 8 12 % — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Black-Scholes option pricing model with weighted average assumptions | Six Months Exercise price $ 7.72 - 8.54 Expected term (years) 4.00 – 5.00 Risk-free interest rate 0.25% – 0.42 Volatility 67 - 68% Dividend yield 0% Weighted Average Grant Date Fair Value of Options granted during the period $ 4.46 |
Schedule of stock-based compensation expense | Three Months Ended Six Months Ended 2020 2019 2020 2019 Research and Development $ 928 $ 790 $ 1,942 $ 1,746 General and Administrative 1,138 812 2,151 1,559 Total $ 2,066 $ 1,602 $ 4,093 $ 3,305 |
Schedule of unrecognized stock-based compensation expense and weighted-average years | As of December 31, 2020 Unrecognized Weighted- Options $ 2,887 2.24 Restricted stock awards/units $ 8,443 2.27 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of operating lease expense | Three Three Six Months Ended Six Months Ended Operating Lease Expense $ 75 $ 46 $ 150 $ 102 |
Schedule of balance sheet information related to leases | Classification on the December 31, 2020 Assets Operating lease assets Other non-current assets $ 589 Liabilities Other current liabilities Current liabilities 250 Operating lease liabilities Other non-current liabilities 342 Weighted Average Remaining Lease Term: Operating leases 2.25 Weighted Average Discount Rate: Operating leases 12.47 % |
Schedule of minimum future lease payments | For the year ending June 30, 2021 $ 154 2022 312 2023 204 2024 7 2025 — Thereafter — Total lease payments (undiscounted cash flows) 677 Less imputed interest (85 ) Total $ 592 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of operating segments based on revenue and operating profit (loss) | Foundry/ RF Product Total Three months ended December 31, 2020 Revenue with customers $ 670 $ 638 $ 1,308 Cost of revenue 350 2,252 2,602 Gross margin 320 (1,614 ) (1,294 ) Research and development — 5,566 5,566 General and administrative — 3,361 3,361 Income (Loss) from Operations $ 320 (10,567 ) (10,221 ) Three months ended December 31, 2019 Revenue with customers $ 323 $ 195 $ 518 Cost of revenue 270 517 787 Gross margin 53 (322 ) (269 ) Research and development — 4,897 4,897 General and administrative — 2,759 2,759 Income (Loss) from Operations $ 53 (7,978 ) (7,925 ) Six months ended December 31, 2020 Revenue with customers $ 727 $ 1,217 $ 1,944 Cost of revenue 403 3,848 4,251 Gross margin 324 (2,631 ) (2,307 ) Research and development — 11,946 11,946 General and administrative — 6,288 6,288 Income (Loss) from Operations $ 324 (20,865 ) (20,541 ) Six months ended December 31, 2019 Revenue with customers $ 684 $ 377 $ 1,061 Cost of revenue 407 716 1,123 Gross margin 277 (339 ) (62 ) Research and development — 9,967 9,967 General and administrative — 5,569 5,569 Income (Loss) from Operations $ 277 (15,875 ) (15,598 ) As of December 31, 2020 Accounts receivable $ 488 $ 258 $ 746 Property and equipment, net — $ 25,080 $ 25,080 As of June 30, 2020 Accounts receivable $ 71 $ 280 $ 351 Property and equipment, net $ — $ 23,605 $ 23,605 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of common stock equivalents | December 31, December 31, 2020 2019 Convertible Notes 4,960,800 4,960,800 Options 2,589,719 2,242,665 Warrants 359,570 541,999 Total 7,910,089 7,745,464 |
Liquidity (Details)
Liquidity (Details) - USD ($) $ in Thousands | Jan. 25, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Liquidity (Details) [Line Items] | |||
Cash | $ 47,700 | ||
Working capital | 35,700 | ||
Cash and cash equivalents | $ 47,685 | $ 44,308 | |
Subsequent Event [Member] | |||
Liquidity (Details) [Line Items] | |||
Cash and cash equivalents | $ 43,900 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - Schedule of Inventory, net - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of Inventory, net [Abstract] | ||
Raw Materials | $ 23 | $ 24 |
Work in Process | 464 | 69 |
Finished Goods | 164 | 43 |
Total Inventory | $ 651 | $ 136 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of weighted average shares outstanding restricted stock included in reportable shares outstanding - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Stock Units (RSUs) [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of weighted average shares outstanding restricted stock included in reportable shares outstanding [Line Items] | ||
Restricted stock included in reportable shares outstanding | 10,000 | 144,750 |
Revenue Recognition from Cont_3
Revenue Recognition from Contracts with Customers (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Recognition from Contracts with Customers (Details) [Line Items] | ||
Contract liabilities related to sale of amplifiers | $ 57 | |
Opening contract liability | $ 5 | |
Opening contract asset balance | 54 | |
Revenue expected to be recognized | $ 3,800 | |
Non-recurring engineering services [Member] | ||
Revenue Recognition from Contracts with Customers (Details) [Line Items] | ||
Opening contract liability | $ 198 |
Revenue Recognition from Cont_4
Revenue Recognition from Contracts with Customers (Details) - Schedule of revenues of reportable segments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Major Customer [Line Items] | ||||
NRE - RF Filters | $ 670 | $ 311 | $ 727 | $ 427 |
Filters/Amps | 638 | 195 | 1,217 | 377 |
Total | 1,308 | 518 | 1,944 | 1,061 |
MEMS | 12 | 257 | ||
Foundry Fabrication Services Revenue [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
NRE - RF Filters | 670 | 311 | 727 | 427 |
Filters/Amps | ||||
Total | 670 | 323 | 727 | 684 |
MEMS | 12 | 257 | ||
Product Sales Revenue [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
NRE - RF Filters | ||||
Filters/Amps | 638 | 195 | 1,217 | 377 |
Total | $ 638 | 195 | $ 1,217 | 377 |
MEMS |
Revenue Recognition from Cont_5
Revenue Recognition from Contracts with Customers (Details) - Schedule of changes in contract asset and liability - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Contract Assets [Member] | ||||
Revenue Recognition from Contracts with Customers (Details) - Schedule of changes in contract asset and liability [Line Items] | ||||
Balance | $ 125 | $ 140 | ||
Closing | $ 383 | $ 139 | ||
Increase/(Decrease) | 258 | (1) | ||
Contract Liability [Member] | ||||
Revenue Recognition from Contracts with Customers (Details) - Schedule of changes in contract asset and liability [Line Items] | ||||
Balance | $ 5 | |||
Closing | 57 | 13 | ||
Increase/(Decrease) | $ 57 | $ 8 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation expense | $ 1.1 | $ 0.7 | $ 2.1 | $ 1.4 | |
Net book value | $ 3.8 | $ 3.8 | $ 5.6 |
Property and Equipment, net (_2
Property and Equipment, net (Details) - Schedule of property and equipment, net - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 31, 2020 | Jun. 30, 2020 | ||
Property, Plant and Equipment [Line Items] | |||
Gross total | $ 33,825 | $ 30,282 | |
Less: Accumulated Depreciation | (8,745) | (6,677) | |
Total | $ 25,080 | 23,605 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | |||
Gross total | $ 1,000 | 1,000 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 11 years | ||
Gross total | $ 3,000 | 3,000 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross total | $ 27,689 | 24,746 | |
Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 2 years | ||
Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 10 years | ||
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | [1] | ||
Gross total | $ 1,550 | 964 | |
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 3 years | ||
Gross total | $ 294 | 294 | |
Furniture & Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 5 years | ||
Gross total | $ 11 | 11 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 3 years | ||
Gross total | $ 281 | $ 267 | |
[1] | Leasehold improvements are amortized on a straight-line basis over the term of the lease or the estimated useful lives, whichever is shorter. |
Accounts payable and accrued _3
Accounts payable and accrued expenses (Details) - Schedule of accounts payable and accrued expenses - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of accounts payable and accrued expenses [Abstract] | ||
Accounts payable | $ 936 | $ 2,135 |
Accrued salaries and benefits | 2,336 | 2,478 |
Accrued professional fees | 95 | 193 |
Accrued utilities | 228 | 138 |
Accrued interest | 146 | 137 |
Accrued goods received not invoiced | 792 | 396 |
Other accrued expenses | 37 | 422 |
Totals | $ 4,570 | $ 5,899 |
Derivative Liabilities (Details
Derivative Liabilities (Details) | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Dividend yield interest rate | 0.00% |
Derivative Liabilities (Detai_2
Derivative Liabilities (Details) - Schedule of fair value on a recurring basis using significant unobservable inputs - Fair Value Measurement Using Level 3 Inputs Total [Member] $ in Thousands | 6 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance, June 30, 2020 | $ 1,110 |
Change in fair value of derivative liabilities | 184 |
Balance, December 31, 2020 (see note 8) | $ 1,294 |
Derivative Liabilities (Detai_3
Derivative Liabilities (Details) - Schedule of weighted average assumptions | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2020 | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Expected volatility | 70.00% | |
Dividend yield | 0.00% | |
Minimum [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Remaining term (years) | 2 years 149 days | 2 years 335 days |
Expected volatility | 68.00% | |
Risk free interest rate | 0.15% | 0.18% |
Dividend yield | 0.00% | |
Maximum [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Remaining term (years) | 3 years 153 days | |
Risk free interest rate | 0.20% |
Convertible Notes (Details)
Convertible Notes (Details) - USD ($) | Dec. 04, 2020 | Dec. 31, 2020 |
Convertible Notes (Details) [Line Items] | ||
Principal amount | $ 10,000,000 | |
Interest rate | 0.00% | |
Debt instrument maturity | 2023 years | |
Debt instrument, redemption price, percentage | 100.00% | |
Debt conversion rate | $ 196.08 | |
Notes Payable [Member] | ||
Convertible Notes (Details) [Line Items] | ||
Interest rate | 6.50% | |
Convertible Notes Payable [Member] | ||
Convertible Notes (Details) [Line Items] | ||
Principal amount | $ 1,000 | |
Debt conversion rate | $ 5.10 |
Convertible Notes (Details) - S
Convertible Notes (Details) - Schedule of convertible debt - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2020 | |
Convertible Notes (Details) - Schedule of convertible debt [Line Items] | ||
Conversion price (in Dollars per share) (in Dollars per share) | $ 196.08 | |
Face Value | $ 25,000 | |
Remaining Debt (Discount) | (4,482) | |
Fair Value of Embedded Conversion Option | 1,110 | |
Carrying Value | $ 21,628 | |
6.5% Convertible Senior Notes [Member] | ||
Convertible Notes (Details) - Schedule of convertible debt [Line Items] | ||
Maturity date | May 31, 2023 | Nov. 30, 2023 |
Stated Interested Rate | 6.50% | 6.50% |
Conversion price (in Dollars per share) (in Dollars per share) | $ 5 | $ 5.10 |
Face Value | $ 15,000 | $ 10,000 |
Remaining Debt (Discount) | (1,943) | (564) |
Fair Value of Embedded Conversion Option | 1,294 | 216 |
Carrying Value | 14,351 | $ 9,652 |
6.5% convertible senior secured notes [Member] | ||
Convertible Notes (Details) - Schedule of convertible debt [Line Items] | ||
Maturity date | May 31, 2023 | |
Stated Interested Rate | 6.50% | |
Conversion price (in Dollars per share) (in Dollars per share) | $ 5 | |
Face Value | 15,000 | $ 15,000 |
Remaining Debt (Discount) | (1,943) | (3,918) |
Fair Value of Embedded Conversion Option | 1,294 | 894 |
Carrying Value | $ 14,351 | $ 11,976 |
Six Point Five Percentage convertible senior notes [Member] | ||
Convertible Notes (Details) - Schedule of convertible debt [Line Items] | ||
Maturity date | Feb. 1, 2021 | |
Stated Interested Rate | 6.50% | |
Conversion price (in Dollars per share) (in Dollars per share) | $ 5.10 | |
Face Value | $ 10,000 | |
Remaining Debt (Discount) | (205) | |
Fair Value of Embedded Conversion Option | ||
Carrying Value | $ 9,795 |
Loans Payable (Details)
Loans Payable (Details) - PPP Loan [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
May 20, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | |
Loans Payable (Details) [Line Items] | |||
Principal amount | $ 1,600,000 | ||
Maturity term | 2 years | ||
Accrues interest | 1.00% | ||
Amortization debt discount | $ 6,400 | $ 12,800 |
Loans Payable (Details) - Sched
Loans Payable (Details) - Schedule of paycheck protection program debt - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Jun. 30, 2020 | |
Long Term Loans payable [Member] | ||
Short Term Loans payable | ||
Face Value | $ 1,014 | $ 1,633 |
Remaining Debt (Discount) | (4) | (42) |
Carrying Value | 1,010 | $ 1,591 |
Short Term Loans payable [Member] | ||
Short Term Loans payable | ||
Face Value | 619 | |
Remaining Debt (Discount) | (29) | |
Carrying Value | $ 594 | |
Paycheck Protection Plan Loan [Member] | Long Term Loans payable [Member] | ||
Short Term Loans payable | ||
Maturity Date | May 20, 2022 | May 20, 2022 |
Stated Interest Rate | 1.00% | 1.00% |
Face Value | $ 1,014 | $ 1,633 |
Remaining Debt (Discount) | (4) | (42) |
Carrying Value | $ 1,010 | $ 1,591 |
Paycheck Protection Plan Loan [Member] | Short Term Loans payable [Member] | ||
Short Term Loans payable | ||
Stated Interest Rate | 1.00% | |
Face Value | $ 619 | |
Remaining Debt (Discount) | (25) | |
Carrying Value | $ 594 | |
Paycheck Protection Plan Loan [Member] | Short Term Loans payable [Member] | Minimum [Member] | ||
Short Term Loans payable | ||
Maturity Date | Oct. 31, 2021 | |
Paycheck Protection Plan Loan [Member] | Short Term Loans payable [Member] | Maximum [Member] | ||
Short Term Loans payable | ||
Maturity Date | Dec. 31, 2021 |
Concentrations (Details) - Sche
Concentrations (Details) - Schedule of concentration risk percentage | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Vendor 1 [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 13.00% | 18.00% | ||
Vendor 2 [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 19.00% | |||
Vendor 3 [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 12.00% |
Concentrations (Details) - Sc_2
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Customer 1 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 18.00% | 22.00% | 30.00% | |
Customer 2 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 29.00% | 23.00% | ||
Customer 3 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 32.00% | 55.00% | 14.00% | |
Customer 4 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 15.00% | 29.00% | 13.00% | |
Customer 5 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 10.00% | |||
Customer 6 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 10.00% | |||
Customer 7 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 44.00% | |||
Customer 8 [Member] | ||||
Concentrations (Details) - Schedule of customer concentration as a percentage of non-grant related revenue [Line Items] | ||||
Concentration risk, percentage | 12.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | May 08, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 |
Stockholders' Equity (Details) [Line Items] | ||||
Sale of stock (in Shares) | 2,296,023 | 416,221 | ||
Shares issued price per share (in Dollars per share) | $ 8.93 | $ 8.09 | $ 8.93 | |
Aggregate gross proceeds | $ 20,500,000 | $ 3,400,000 | ||
Offering expenses payable | $ 400,000 | $ 100,000 | ||
Weighted average grant fair value (in Dollars per share) | $ 4.46 | |||
ATM Equity Offering [Member] | ||||
Stockholders' Equity (Details) [Line Items] | ||||
Aggregate offering price | $ 50,000,000 | |||
Restricted Stock Units [Member] | ||||
Stockholders' Equity (Details) [Line Items] | ||||
Number of shares granted (in Shares) | 634,061 | |||
Weighted average grant fair value (in Dollars per share) | $ 8.25 | |||
Restricted Stock Units [Member] | Minimum [Member] | ||||
Stockholders' Equity (Details) [Line Items] | ||||
Vesting period | 4 years | |||
Restricted Stock Units [Member] | Maximum [Member] | ||||
Stockholders' Equity (Details) [Line Items] | ||||
Vesting period | 5 years | |||
Employees [Member] | ||||
Stockholders' Equity (Details) [Line Items] | ||||
Number of shares granted (in Shares) | 415,554 | |||
Weighted average grant fair value (in Dollars per share) | $ 4.46 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions | 6 Months Ended |
Dec. 31, 2020$ / shares | |
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items] | |
Dividend yield | 0.00% |
Weighted Average Grant Date Fair Value of Options granted during the period (in Dollars per share) | $ 4.46 |
Minimum [Member] | |
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items] | |
Exercise price (in Dollars per share) | $ 7.72 |
Expected term (years) | 4 years |
Risk-free interest rate | 0.25% |
Volatility | 67.00% |
Maximum [Member] | |
Stockholders' Equity (Details) - Schedule of Black-Scholes option pricing model with weighted average assumptions [Line Items] | |
Exercise price (in Dollars per share) | $ 8.54 |
Expected term (years) | 5 years |
Risk-free interest rate | 0.42% |
Volatility | 68.00% |
Stockholders' Equity (Details_2
Stockholders' Equity (Details) - Schedule of stock-based compensation expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of stock-based compensation expense [Abstract] | ||||
Research and Development | $ 928 | $ 790 | $ 1,942 | $ 1,746 |
General and Administrative | 1,138 | 812 | 2,151 | 1,559 |
Total | $ 2,066 | $ 1,602 | $ 4,093 | $ 3,305 |
Stockholders' Equity (Details_3
Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years $ in Thousands | 6 Months Ended |
Dec. 31, 2020USD ($) | |
Options [Member] | |
Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years [Line Items] | |
Unrecognized stock-based compensation | $ 2,887 |
Weighted-average years to be recognized | 2 years 87 days |
Restricted stock awards/units [Member] | |
Stockholders' Equity (Details) - Schedule of unrecognized stock-based compensation expense and weighted-average years [Line Items] | |
Unrecognized stock-based compensation | $ 8,443 |
Weighted-average years to be recognized | 2 years 98 days |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 1 Months Ended |
Feb. 27, 2018USD ($)m² | |
Commitments and Contingencies (Details) [Line Items] | |
Commitments and contingencies, description | The Company estimates substantial tax savings during the term of the Agreements, which expire on December 31, 2028. |
OCIDA [Member] | Lease and Project Agreement [Member] | Canandaigua, New York [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Lease | $ 1 |
Acre parcel of land (in Square Meters) | m² | 9.995 |
Mortgages securing an aggregate principal amount | $ 12,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of operating lease expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of operating lease expense [Abstract] | ||||
Operating Lease Expense | $ 75 | $ 46 | $ 150 | $ 102 |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - Schedule of balance sheet information related to leases - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 30, 2020 |
Assets | ||
Operating lease assets | $ 589 | $ 699 |
Liabilities | ||
Other current liabilities | 250 | 231 |
Operating lease liabilities | $ 342 | $ 472 |
Weighted Average Remaining Lease Term: | ||
Operating leases | 2 years 3 months | |
Weighted Average Discount Rate: | ||
Operating leases | 12.47% | |
Other Noncurrent Assets [Member] | ||
Assets | ||
Operating lease assets | $ 589 |
Commitments and Contingencies_5
Commitments and Contingencies (Details) - Schedule of minimum future lease payments $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of minimum future lease payments [Abstract] | |
2021 | $ 154 |
2022 | 312 |
2023 | 204 |
2024 | 7 |
2025 | |
Thereafter | |
Total lease payments (undiscounted cash flows) | 677 |
Less imputed interest | (85) |
Total | $ 592 |
Related Party Transactions (Det
Related Party Transactions (Details) | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Related Party Transactions [Abstract] | |
Asset purchase and sale | $ 25,000 |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Number of segments | 2 |
Segment Information (Details) -
Segment Information (Details) - Schedule operating segments based on revenue and operating profit (loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Foundry/Fabrication Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue with customers | $ 670 | $ 323 | $ 727 | $ 684 | |
Cost of revenue | 350 | 270 | 403 | 407 | |
Gross margin | 320 | 53 | 324 | 277 | |
Research and development | |||||
General and administrative | |||||
Income (Loss) from Operations | 320 | 53 | 324 | 277 | |
Accounts receivable | 488 | 488 | $ 71 | ||
Property and equipment, net | |||||
RF Product [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue with customers | 638 | 195 | 1,217 | 377 | |
Cost of revenue | 2,252 | 517 | 3,848 | 716 | |
Gross margin | (1,614) | (322) | (2,631) | (339) | |
Research and development | 5,566 | 4,897 | 11,946 | 9,967 | |
General and administrative | 3,361 | 2,759 | 6,288 | 5,569 | |
Income (Loss) from Operations | (10,567) | (7,978) | (20,865) | (15,875) | |
Accounts receivable | 258 | 258 | 280 | ||
Property and equipment, net | 25,080 | 25,080 | 23,605 | ||
Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue with customers | 1,308 | 518 | 1,944 | 1,061 | |
Cost of revenue | 2,602 | 787 | 4,251 | 1,123 | |
Gross margin | (1,294) | (269) | (2,307) | (62) | |
Research and development | 5,566 | 4,897 | 11,946 | 9,967 | |
General and administrative | 3,361 | 2,759 | 6,288 | 5,569 | |
Income (Loss) from Operations | (10,221) | $ (7,925) | (20,541) | $ (15,598) | |
Accounts receivable | 746 | 746 | 351 | ||
Property and equipment, net | $ 25,080 | $ 25,080 | $ 23,605 |
Loss Per Share (Details) - Sche
Loss Per Share (Details) - Schedule of common stock equivalents - shares | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of common stock equivalents [Abstract] | ||
Convertible Notes | 4,960,800 | 4,960,800 |
Options | 2,589,719 | 2,242,665 |
Warrants | 359,570 | 541,999 |
Total | 7,910,089 | 7,745,464 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | Jan. 07, 2021 | Jan. 26, 2021 | Jan. 25, 2021 |
October 2018 Notes [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Conversion of common stock shares (in Shares) | 980,400 | 980,400 | |
Conversion of common stock principal amount | $ 5,000,000 | $ 5,000,000 | |
May 2018 Notes [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Conversion of common stock shares (in Shares) | 200 | ||
Conversion of common stock principal amount | $ 1,000 | ||
Principal amount | $ 15,000,000 | ||
Aggregate principal convertible percentage | 6.50% | ||
Aggregate principal amount redemption percentage | 100.00% | ||
Conversion price per share (in Dollars per share) | $ 5 |