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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Astrotech Corporation | NASDAQ:ASTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0201 | 0.22% | 9.0701 | 8.80 | 10.40 | 9.20 | 9.00 | 9.00 | 3,773 | 01:00:00 |
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Washington
|
|
91-1273737
|
State or Other Jurisdiction of
Incorporation or Organization
|
|
I.R.S. Employer Identification No.
|
|
|
|
201 West 5th Street, Suite 1275, Austin, Texas
|
|
78701
|
Address of Principal Executive Offices
|
|
Zip Code
|
Large accelerated filer
¨
|
Accelerated filer
¨
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
þ
|
Emerging growth company
¨
|
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
June 30,
2017 |
||||
Assets
|
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
95
|
|
|
$
|
2,184
|
|
Short-term investments
|
|
10,062
|
|
|
10,900
|
|
||
Accounts receivable, net of allowance
|
|
80
|
|
|
146
|
|
||
Inventory, net
|
|
132
|
|
|
166
|
|
||
Prepaid expenses and other current assets
|
|
246
|
|
|
269
|
|
||
Total current assets
|
|
10,615
|
|
|
13,665
|
|
||
Property and equipment, net
|
|
3,001
|
|
|
3,180
|
|
||
Long-term investments
|
|
1,428
|
|
|
1,990
|
|
||
Other assets, net
|
|
81
|
|
|
—
|
|
||
Total assets
|
|
$
|
15,125
|
|
|
$
|
18,835
|
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
200
|
|
|
$
|
259
|
|
Payroll related accruals
|
|
414
|
|
|
907
|
|
||
Accrued liabilities and other
|
|
382
|
|
|
641
|
|
||
Income tax payable
|
|
2
|
|
|
2
|
|
||
Total current liabilities
|
|
998
|
|
|
1,809
|
|
||
Other liabilities
|
|
242
|
|
|
256
|
|
||
Total liabilities
|
|
1,240
|
|
|
2,065
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Stockholders’ equity
|
|
|
|
|
|
|
||
Preferred stock, no par value, convertible, 2,500,000 shares authorized; no shares issued and outstanding, at September 30, 2017 and June 30, 2017, respectively
|
|
—
|
|
|
—
|
|
||
Common stock, no par value, 15,000,000 shares authorized; 4,506,473 and 4,508,509 shares issued at September 30, 2017 and June 30, 2017, respectively; 4,108,573 and 4,111,281 shares outstanding at September 30, 2017 and June 30, 2017, respectively
|
|
190,437
|
|
|
190,382
|
|
||
Treasury stock, 397,936 and 397,228 shares at cost at September 30, 2017 and June 30, 2017, respectively
|
|
(4,124
|
)
|
|
(4,121
|
)
|
||
Additional paid-in capital
|
|
1,550
|
|
|
1,483
|
|
||
Accumulated deficit
|
|
(173,919
|
)
|
|
(170,913
|
)
|
||
Accumulated other comprehensive loss
|
|
(59
|
)
|
|
(61
|
)
|
||
Total stockholders’ equity
|
|
13,885
|
|
|
16,770
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
15,125
|
|
|
$
|
18,835
|
|
|
|
|
|
Three Months Ended
September 30, |
||||||||
|
|
|
|
|
|
2017
|
|
2016
|
||||
Revenue
|
|
|
|
|
|
$
|
—
|
|
|
$
|
1,006
|
|
Cost of revenue
|
|
|
|
|
|
—
|
|
|
731
|
|
||
Gross profit
|
|
|
|
|
|
—
|
|
|
275
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative
|
|
|
|
|
|
1,407
|
|
|
2,548
|
|
||
Research and development
|
|
|
|
|
|
1,669
|
|
|
1,292
|
|
||
Total operating expenses
|
|
|
|
|
|
3,076
|
|
|
3,840
|
|
||
Loss from operations
|
|
|
|
|
|
(3,076
|
)
|
|
(3,565
|
)
|
||
Interest and other income, net
|
|
|
|
|
|
70
|
|
|
98
|
|
||
Loss before income taxes
|
|
|
|
|
|
(3,006
|
)
|
|
(3,467
|
)
|
||
Income tax benefit
|
|
|
|
|
|
—
|
|
|
—
|
|
||
Net loss
|
|
|
|
|
|
(3,006
|
)
|
|
(3,467
|
)
|
||
Less: Net loss attributable to noncontrolling interest
|
|
|
|
|
|
—
|
|
|
(52
|
)
|
||
Net loss attributable to Astrotech Corporation
|
|
|
|
|
|
$
|
(3,006
|
)
|
|
$
|
(3,415
|
)
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
||||
Basic and diluted
|
|
|
|
|
|
4,057
|
|
|
4,126
|
|
||
|
|
|
|
|
|
|
|
|
||||
Basic and diluted net loss per common share:
|
|
|
|
|
|
|
|
|
||||
Net loss attributable to Astrotech Corporation
|
|
|
|
|
|
$
|
(0.15
|
)
|
|
$
|
(0.17
|
)
|
|
|
|
|
|
|
|
|
|
||||
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
||||
Net loss attributable to Astrotech Corporation
|
|
|
|
|
|
$
|
(3,006
|
)
|
|
$
|
(3,415
|
)
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
||||
Net unrealized gain
|
|
|
|
|
|
$
|
1
|
|
|
$
|
41
|
|
Reclassification adjustment for realized loss
|
|
|
|
|
|
1
|
|
|
—
|
|
||
Total comprehensive loss
|
|
|
|
|
|
$
|
(3,004
|
)
|
|
$
|
(3,374
|
)
|
|
|
Three Months Ended
September 30, |
||||||
|
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net loss
|
|
$
|
(3,006
|
)
|
|
$
|
(3,467
|
)
|
Adjustments to reconcile net loss from operations to net cash used in operating activities:
|
|
|
|
|
|
|
||
Stock-based compensation
|
|
122
|
|
|
862
|
|
||
Amortization
|
|
12
|
|
|
16
|
|
||
Depreciation
|
|
186
|
|
|
171
|
|
||
Net loss on sale of available-for-sale investments
|
|
1
|
|
|
—
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
66
|
|
|
(862
|
)
|
||
Cost, estimated earnings and billings, net on uncompleted contracts
|
|
—
|
|
|
296
|
|
||
Accounts payable
|
|
(59
|
)
|
|
29
|
|
||
Other assets and liabilities
|
|
(790
|
)
|
|
(161
|
)
|
||
Net cash used in operating activities
|
|
(3,468
|
)
|
|
(3,116
|
)
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Sale of available-for-sale investments
|
|
889
|
|
|
—
|
|
||
Maturities of available-for-sale securities
|
|
500
|
|
|
2,592
|
|
||
Purchases of property and equipment
|
|
(7
|
)
|
|
(24
|
)
|
||
Net cash provided by investing activities
|
|
1,382
|
|
|
2,568
|
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Payments for purchase of treasury stock
|
|
(3
|
)
|
|
(308
|
)
|
||
Net cash used in financing activities
|
|
(3
|
)
|
|
(308
|
)
|
||
|
|
|
|
|
||||
Net change in cash and cash equivalents
|
|
(2,089
|
)
|
|
(856
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
2,184
|
|
|
4,399
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
95
|
|
|
$
|
3,543
|
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
—
|
|
|
$
|
—
|
|
Income taxes paid
|
|
$
|
—
|
|
|
$
|
—
|
|
•
|
MMS-1000™ - the MMS-1000™ is a small, low-power desktop analyzer designed for the laboratory market.
|
•
|
OEM-1000 - the OEM-1000 is an original equipment manufacturer (“OEM”) component that drives the MMS-1000™. It is designed to be integrated into customers’ packaging and enclosures and to be integrated with application-specific sampling or separation technology. Variants of the OEM-1000 have been selected by our partners for integration with their ancillary instrumentation.
|
•
|
MMS-2000™ - the MMS-2000™ is a process gas monitor that provides real-time measurement of specific chemicals in a process stream. It is built for continuous, autonomous monitoring and recording of any excursions or environmental anomalies that can continuously report the abundance of a set of chemicals in order to optimize yield or identify out-of-spec conditions.
|
•
|
Tracer 1000 MS-ETD™ - the Tracer 1000 MS-ETD™ is an explosives trace detector (“ETD”) with a linear ion trap mass spectrometer and a swab-based thermal desorption sample inlet system. It is designed to replace the current generation of ion mobility spectrometry-based ETD systems installed at airports and other high security facilities globally.
|
•
|
BreathDetect 1000™ - the BreathDetect 1000™ is a mass spectrometry-based instrument that is being used to analyze human breath in real-time, enabling detection of bacterial infections in the respiratory tract within minutes.
|
Available-for-Sale
|
|
September 30, 2017
|
||||||||||||||
(In thousands)
|
|
Adjusted
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
|
Cost
|
|
Gain
|
|
Loss
|
|
Value
|
||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
8,215
|
|
|
$
|
—
|
|
|
$
|
(57
|
)
|
|
$
|
8,158
|
|
Fixed Income Bonds
|
|
2,536
|
|
|
—
|
|
|
(1
|
)
|
|
2,535
|
|
||||
Time Deposits
|
|
798
|
|
|
1
|
|
|
(2
|
)
|
|
797
|
|
||||
Total
|
|
$
|
11,549
|
|
|
$
|
1
|
|
|
$
|
(60
|
)
|
|
$
|
11,490
|
|
|
|
June 30, 2017
|
||||||||||||||
|
|
Adjusted
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
|
Cost
|
|
Gain
|
|
Loss
|
|
Value
|
||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
9,104
|
|
|
$
|
—
|
|
|
$
|
(61
|
)
|
|
$
|
9,043
|
|
Fixed Income Bonds
|
|
3,048
|
|
|
—
|
|
|
—
|
|
|
3,048
|
|
||||
Time Deposits
|
|
799
|
|
|
—
|
|
|
—
|
|
|
799
|
|
||||
Total
|
|
$
|
12,951
|
|
|
$
|
—
|
|
|
$
|
(61
|
)
|
|
$
|
12,890
|
|
|
|
Carrying Value
|
||||||||||||||
|
|
Short-Term Investments
|
|
Long-Term Investments
|
||||||||||||
(In thousands)
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2017
|
|
June 30, 2017
|
||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
8,158
|
|
|
$
|
9,043
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Time deposits
|
|
|
|
|
|
|
|
|
||||||||
Maturities from 1-90 days
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Maturities from 91-360 days
|
|
250
|
|
|
250
|
|
|
—
|
|
|
—
|
|
||||
Maturities over 360 days
|
|
—
|
|
|
—
|
|
|
547
|
|
|
549
|
|
||||
Fixed Income Bonds
|
|
|
|
|
|
|
|
|
||||||||
Maturities less than 1 year
|
|
1,654
|
|
|
1,607
|
|
|
—
|
|
|
—
|
|
||||
Maturities from 1-3 years
|
|
—
|
|
|
—
|
|
|
881
|
|
|
1,441
|
|
||||
Maturities from 3-5 years
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
10,062
|
|
|
$
|
10,900
|
|
|
$
|
1,428
|
|
|
$
|
1,990
|
|
(In thousands)
|
|
September 30, 2017
|
|
June 30, 2017
|
||||
Raw materials
|
|
$
|
84
|
|
|
$
|
109
|
|
Work in process
|
|
48
|
|
|
57
|
|
||
Total inventory
|
|
$
|
132
|
|
|
$
|
166
|
|
(In thousands)
|
|
Total Stockholders' Equity
|
||
Balance at June 30, 2017
|
|
$
|
16,770
|
|
Stock based compensation
|
|
122
|
|
|
Share repurchases
|
|
(3
|
)
|
|
Net change on available-for-sale investments
|
|
2
|
|
|
Net loss attributable to Astrotech Corporation
|
|
(3,006
|
)
|
|
Balance at September 30, 2017
|
|
$
|
13,885
|
|
|
|
Three Months Ended
September 30, |
||||||
(In thousands, except share data)
|
|
2017
|
|
2016
|
||||
Numerator:
|
|
|
|
|
||||
Amounts attributable to Astrotech Corporation, basic and diluted:
|
|
|
|
|
||||
Loss before income taxes
|
|
$
|
(3,006
|
)
|
|
$
|
(3,467
|
)
|
Income tax benefit
|
|
—
|
|
|
—
|
|
||
Net loss
|
|
(3,006
|
)
|
|
(3,467
|
)
|
||
Less: Net loss attributable to noncontrolling interest
|
|
—
|
|
|
(52
|
)
|
||
Net loss attributable to Astrotech Corporation
|
|
$
|
(3,006
|
)
|
|
$
|
(3,415
|
)
|
Denominator:
|
|
|
|
|
|
|
||
Denominator for basic and diluted net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding
|
|
4,057
|
|
|
4,126
|
|
||
Basic and diluted net loss per common share:
|
|
|
|
|
|
|
||
Net loss attributable to Astrotech Corporation
|
|
$
|
(0.15
|
)
|
|
$
|
(0.17
|
)
|
|
|
September 30, 2017
|
||||||||||||||||||
|
|
Carrying
|
|
Fair Value Measured Using
|
|
Fair
|
||||||||||||||
(in thousands)
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Value
|
||||||||||
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
8,158
|
|
|
$
|
8,158
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,158
|
|
Bonds: 0-1 year
|
|
1,654
|
|
|
—
|
|
|
1,654
|
|
|
—
|
|
|
1,654
|
|
|||||
Bonds: 1-3 years
|
|
881
|
|
|
—
|
|
|
881
|
|
|
—
|
|
|
881
|
|
|||||
Time deposits: 91-360 days
|
|
250
|
|
|
—
|
|
|
250
|
|
|
—
|
|
|
250
|
|
|||||
Time deposits: over 360 days
|
|
547
|
|
|
—
|
|
|
547
|
|
|
—
|
|
|
547
|
|
|||||
Total
|
|
$
|
11,490
|
|
|
$
|
8,158
|
|
|
$
|
3,332
|
|
|
$
|
—
|
|
|
$
|
11,490
|
|
|
|
June 30, 2017
|
||||||||||||||||||
|
|
Carrying
|
|
Fair Value Measured Using
|
|
Fair
|
||||||||||||||
(in thousands)
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Value
|
||||||||||
Available-for-Sale Securities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
9,043
|
|
|
$
|
9,043
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,043
|
|
Bonds: 0-1 year
|
|
1,607
|
|
|
—
|
|
|
1,607
|
|
|
—
|
|
|
1,607
|
|
|||||
Bonds: 1-3 years
|
|
1,441
|
|
|
—
|
|
|
1,441
|
|
|
—
|
|
|
1,441
|
|
|||||
Time deposits: 91-360 days
|
|
250
|
|
|
—
|
|
|
250
|
|
|
—
|
|
|
250
|
|
|||||
Time deposits: over 360 days
|
|
549
|
|
|
—
|
|
|
549
|
|
|
—
|
|
|
549
|
|
|||||
Total
|
|
$
|
12,890
|
|
|
$
|
9,043
|
|
|
$
|
3,847
|
|
|
$
|
—
|
|
|
$
|
12,890
|
|
(In thousands)
|
|
Accumulated Other Comprehensive Loss
|
||
Unrealized Loss in Investments
|
|
|
||
Balance at June 30, 2017
|
|
$
|
(61
|
)
|
Current period change in other comprehensive loss before reclassifications
|
|
1
|
|
|
Reclassification to net loss for realized losses
|
|
1
|
|
|
Balance at September 30, 2017
|
|
$
|
(59
|
)
|
|
|
Three Months Ended
September 30, 2017 |
|
Three Months Ended
September 30, 2016 |
||
|
|
Percentage of Total Sales
|
|
Percentage of Total Sales
|
||
Next Generation Chemical Detector Partner
|
|
—
|
%
|
|
62
|
%
|
Department of Homeland Security Science and Technology Directorate Partner
|
|
—
|
%
|
|
38
|
%
|
|
|
September 30, 2017
|
|
June 30, 2017
|
||
|
|
Percentage of Trade A/R
|
|
Percentage of Trade A/R
|
||
Department of Homeland Security Science and Technology Directorate Partner
|
|
—
|
%
|
|
100
|
%
|
|
Shares
(in thousands) |
|
Weighted Average
Exercise Price
|
|||
Outstanding at June 30, 2017
|
365
|
|
|
$
|
6.07
|
|
Granted
|
—
|
|
|
—
|
|
|
Exercised
|
—
|
|
|
—
|
|
|
Canceled or expired
|
—
|
|
|
—
|
|
|
Outstanding at September 30, 2017
|
365
|
|
|
$
|
6.07
|
|
Range of exercise prices
|
|
Number
Outstanding
|
|
Options
Outstanding
Weighted-
Average
Remaining
Contractual
Life (years)
|
|
Weighted-
Average
Exercise
Price
|
|
Number
Exercisable
|
|
Options
Exercisable
Weighted-
Average
Exercise
Price
|
||||||
$1.60 – 3.55
|
|
77,550
|
|
|
3.11
|
|
$
|
3.11
|
|
|
77,550
|
|
|
$
|
3.11
|
|
$5.03 – 8.35
|
|
270,702
|
|
|
8.43
|
|
6.29
|
|
|
86,000
|
|
|
6.59
|
|
||
$16.00 – 16.00
|
|
17,000
|
|
|
7.52
|
|
16.00
|
|
|
12,267
|
|
|
16.00
|
|
||
$1.60 – 16.00
|
|
365,252
|
|
|
7.26
|
|
$
|
6.07
|
|
|
175,817
|
|
|
$
|
5.56
|
|
|
|
Shares
(in thousands) |
|
Weighted
Average Grant-Date Fair Value |
|||
Outstanding at June 30, 2017
|
|
56
|
|
|
$
|
9.95
|
|
Granted
|
|
—
|
|
|
—
|
|
|
Vested
|
|
6
|
|
|
9.22
|
|
|
Canceled or expired
|
|
2
|
|
|
8.35
|
|
|
Outstanding at September 30, 2017
|
|
48
|
|
|
$
|
10.12
|
|
|
|
Three Months Ended
September 30, 2017 |
|
Three Months Ended
September 30, 2016 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||||
Revenue, Depreciation, and Income
(In thousands) |
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
||||||||||||
Astro Scientific
|
|
$
|
—
|
|
|
$
|
104
|
|
|
$
|
(2,424
|
)
|
|
$
|
1,006
|
|
|
$
|
91
|
|
|
$
|
(2,786
|
)
|
Astral
|
|
—
|
|
|
82
|
|
|
(582
|
)
|
|
—
|
|
|
80
|
|
|
(681
|
)
|
||||||
Total
|
|
$
|
—
|
|
|
$
|
186
|
|
|
$
|
(3,006
|
)
|
|
$
|
1,006
|
|
|
$
|
171
|
|
|
$
|
(3,467
|
)
|
|
|
September 30, 2017
|
|
June 30, 2017
|
||||||||||||||||||||
Assets (In thousands)
|
|
Fixed Assets, Net
|
|
Total Capital Expenditures (1)
|
|
Total Assets
|
|
Fixed Assets, Net
|
|
Total Capital Expenditures (2)
|
|
Total Assets
|
||||||||||||
Astro Scientific
|
|
$
|
1,127
|
|
|
$
|
7
|
|
|
$
|
13,201
|
|
|
$
|
1,224
|
|
|
$
|
468
|
|
|
$
|
16,833
|
|
Astral
|
|
1,874
|
|
|
—
|
|
|
1,924
|
|
|
1,956
|
|
|
31
|
|
|
2,002
|
|
||||||
Total
|
|
$
|
3,001
|
|
|
$
|
7
|
|
|
$
|
15,125
|
|
|
$
|
3,180
|
|
|
$
|
499
|
|
|
$
|
18,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Total capital expenditures are for the three months ended September 30, 2017.
|
||||||||||||||||||||||||
(2) Total capital expenditures are for the twelve months ended June 30, 2017.
|
•
|
The effect of economic and political conditions in the United States or other nations that could impact our ability to sell our products and services or gain customers;
|
•
|
Our ability to continue as a going concern;
|
•
|
Our ability to raise sufficient capital to meet our long- and short-term liquidity requirements;
|
•
|
Our ability to successfully pursue our business plan and execute our strategy;
|
•
|
Whether we will fully realize the economic benefits under our customer contracts;
|
•
|
Technological difficulties and potential legal claims arising from any technological difficulties;
|
•
|
Product demand and market acceptance risks, including our ability to develop and sell products and services to be used by governmental or commercial customers;
|
•
|
Uncertainty in government funding and support for key programs, grant opportunities, or procurements;
|
•
|
The impact of competition on our ability to win new contracts;
|
•
|
Delays in the timing of performance under our contracts; and
|
•
|
Our ability to meet technological development milestones and overcome development challenges.
|
•
|
1
st
Detect Corporation (“1
st
Detect”) is a supplier of chemical detection and analysis instrumentation. Our next-generation solutions enable high performance trace detection of critical threats or compounds of interest to the security, defense, and healthcare markets using a small, fast, and inexpensive platform. The Company has engaged Chardan Capital Markets, LLC to help maximize shareholder value at 1
st
Detect by investigating strategic alternatives and these efforts are ongoing.
|
•
|
Astrogenetix, Inc. (“Astrogenetix”) is developing next-generation vaccines using the unique environment of microgravity.
|
•
|
Astral Images Corporation (“Astral”) restores, enhances, and digitizes film using its powerful artificial intelligence (“AI”) algorithms to remove dust, scratches, and defects while restoring and enhancing the original color and optimizing the resolution to be viewed in ultra-high definition (“UHD” or “4K”) high dynamic range (“HDR”). We are facilitating the shift from high definition (“HD,” “2K,” or “1080p”) resolution to 4K HDR, the format in which the latest generation of digital video content is being distributed to the home.
|
•
|
Security - Explosive device detection in airports:
There are currently approximately 25,000 ion mobility spectrometer (“IMS”) instruments installed today, with most nearing their end of life. As the current generation of IMS technology is replaced, we are positioning the Company to be the best next-generation solution for this market. We have partnered with an incumbent provider of IMS instrumentation to airports to deliver an instrument to the Transportation and Security Administration (“TSA”) with far greater capabilities than IMS. Together with our partner, we were awarded a grant for the Air Cargo and Next Generation Checkpoint program with the Department of Homeland Security Science and Technology Directorate (“DHS S&T”), whereby we delivered the mass spectrometer portion of the instrument. We recently completed the first phase of the program and our technology was well received by TSA, but there is no guarantee
|
•
|
Defense - Military:
The military is also looking to enhance its chemical detection capabilities and, on September 11, 2014, we announced that, together with Battelle Memorial Institute (“Battelle”), one of the leading providers of instrumentation to the military, we were awarded a grant for the Next Generation Chemical Detector (“NGCD”) program with the Department of Defense’s (“DOD”) Joint Program Executive Office for Chemical and Biological Defense (“JPEO-CBD”) for one of the three variants in the NGCD program called the Multi-Sample Identifier/Multi-Sample Identifier Collector variant. The first stage of the three stage program was completed in the fourth quarter of fiscal year 2017. Our portion of the contract was successfully completed; however, Battelle has indicated that they do not plan to pursue the next phase of the program. We are currently evaluating our options for remaining in the competition.
|
•
|
Healthcare - Breath analysis:
We have partnered with UT Health San Antonio (“UTHSA”) in the development of the BreathDetect 1000, a mass spectrometry-based instrument that is being used to analyze human breath in real-time, enabling detection of bacterial infections in the respiratory tract within minutes. We have entered pre-clinical trials working with cystic fibrosis patients at UTHSA, focusing on identifying hospital-acquired pneumonia (“HAP”), one of the biggest and most expensive problems in hospitals with over 150,000 cases reported annually. Such identification can significantly enhance the physicians’ ability to treat patients correctly. With current diagnosis methods, physicians wait up to three days for the lab to identify the organism, and another two days to receive the antibiotic resistance profile. In the meantime, they prescribe broad-spectrum antibiotics, leading to the urgent public health threat of antibiotic resistance and contributing to the re-emergence of deadly diseases such as methicillin-resistant
Staphylococcus aureus
(“MRSA”). The appropriate real-time diagnosis can lead to immediate administration of the appropriate antibiotics, reduce antibiotic resistance, decrease the length of hospital stays, and most importantly, save lives.
|
•
|
MMS-1000™ - the MMS-1000™ is a small, low-power desktop analyzer designed for the laboratory market.
|
•
|
OEM-1000 - the OEM-1000 is an original equipment manufacturer (“OEM”) component that drives the MMS-1000™. It is designed to be integrated into customers’ packaging and enclosures and to be integrated with application-specific sampling or separation technology. Variants of the OEM-1000 have been selected by our partners for integration with their ancillary instrumentation.
|
•
|
MMS-2000™ - the MMS-2000™ is a process gas monitor that provides real-time measurement of specific chemicals in a process stream. It is built for continuous, autonomous monitoring and recording of any excursions or environmental anomalies that can continuously report the abundance of a set of chemicals in order to optimize yield or identify out-of-spec conditions.
|
•
|
Tracer 1000 MS-ETD™ - the Tracer 1000 MS-ETD™ is an explosives trace detector with a linear ion trap mass spectrometer and a swab-based thermal desorption sample inlet system. It is designed to replace the current generation of ion mobility spectrometry-based ETD systems installed at airports and other high security facilities globally.
|
•
|
BreathDetect 1000™ - the BreathDetect 1000™ is a mass spectrometry-based instrument that is being used to analyze human breath in real-time, enabling detection of bacterial infections in the respiratory tract within minutes.
|
|
|
Quarter Ended September 30,
|
||||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Revenue
|
|
$
|
—
|
|
|
$
|
1,006
|
|
Cost of revenue
|
|
—
|
|
|
731
|
|
||
Gross profit
|
|
—
|
|
|
275
|
|
||
Gross margin
|
|
—
|
%
|
|
27
|
%
|
||
Operating expenses:
|
|
|
|
|
||||
Selling, general and administrative
|
|
1,407
|
|
|
2,548
|
|
||
Research and development
|
|
1,669
|
|
|
1,292
|
|
||
Total operating expenses
|
|
3,076
|
|
|
3,840
|
|
||
Loss from operations
|
|
(3,076
|
)
|
|
(3,565
|
)
|
||
Interest and other income, net
|
|
70
|
|
|
98
|
|
||
Income tax benefit
|
|
—
|
|
|
—
|
|
||
Net loss
|
|
(3,006
|
)
|
|
(3,467
|
)
|
||
Less: Net loss attributable to noncontrolling interest
|
|
—
|
|
|
(52
|
)
|
||
Net loss attributable to Astrotech Corporation
|
|
$
|
(3,006
|
)
|
|
$
|
(3,415
|
)
|
|
|
Three Months Ended
September 30, |
||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
change
|
||||||
Cash flows from operations:
|
|
|
|
|
|
|
|
|
|
|||
Net cash used in operating activities
|
|
$
|
(3,468
|
)
|
|
$
|
(3,116
|
)
|
|
$
|
(352
|
)
|
Net cash provided by investing activities
|
|
1,382
|
|
|
2,568
|
|
|
(1,186
|
)
|
|||
Net cash used in financing activities
|
|
(3
|
)
|
|
(308
|
)
|
|
305
|
|
|||
Net cash used in operations
|
|
$
|
(2,089
|
)
|
|
$
|
(856
|
)
|
|
$
|
(1,233
|
)
|
Exhibit No.
|
|
Description
|
|
Incorporation by Reference
|
|
4.1
|
|
|
|
Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed July 25, 2017.
|
|
|
|
|
|
|
|
31.1
|
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
31.2
|
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
32.1
|
|
|
|
Filed herewith.
|
|
|
|
|
|
|
|
101
|
|
|
The following financial information from the Company’s Quarterly Report on Form 10-Q, for the period ended September 30, 2017 formatted in eXtensible Business Reporting Language: (i) Unaudited Condensed Consolidated Balance Sheets, (ii) Unaudited Condensed Consolidated Statements of Operations, (iii) Unaudited Condensed Consolidated Statements of Cash Flows, (iv) Notes to Unaudited Condensed Consolidated Financial Statements.
|
|
Filed herewith.
|
|
|
Astrotech Corporation
|
|
|
|
|
|
Date: November 9, 2017
|
|
/s/ Eric Stober
|
|
|
|
Eric Stober
|
|
|
|
Chief Financial Officer and Principal Accounting Officer
|
|
1 Year Astrotech Chart |
1 Month Astrotech Chart |
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