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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0999 | -1.05% | 9.41 | 8.69 | 14.65 | 9.8482 | 9.15 | 9.31 | 9,195 | 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
|
Delaware
|
|
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
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
June 30,
2017 |
||||
Assets
|
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
633
|
|
|
$
|
2,184
|
|
Short-term investments
|
|
7,278
|
|
|
10,900
|
|
||
Accounts receivable, net of allowance
|
|
10
|
|
|
146
|
|
||
Inventory, net
|
|
10
|
|
|
166
|
|
||
Prepaid expenses and other current assets
|
|
272
|
|
|
269
|
|
||
Total current assets
|
|
8,203
|
|
|
13,665
|
|
||
Property and equipment, net
|
|
2,808
|
|
|
3,180
|
|
||
Long-term investments
|
|
1,255
|
|
|
1,990
|
|
||
Other assets, net
|
|
81
|
|
|
—
|
|
||
Total assets
|
|
$
|
12,347
|
|
|
$
|
18,835
|
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
|
||
Accounts payable
|
|
$
|
285
|
|
|
$
|
259
|
|
Payroll related accruals
|
|
549
|
|
|
907
|
|
||
Accrued liabilities and other
|
|
418
|
|
|
641
|
|
||
Income tax payable
|
|
2
|
|
|
2
|
|
||
Total current liabilities
|
|
1,254
|
|
|
1,809
|
|
||
Other liabilities
|
|
228
|
|
|
256
|
|
||
Total liabilities
|
|
1,482
|
|
|
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 December 31, 2017 and June 30, 2017, respectively
|
|
—
|
|
|
—
|
|
||
Common stock, no par value, 15,000,000 shares authorized; 4,505,473 and 4,508,509 shares issued at December 31, 2017 and June 30, 2017, respectively; 4,107,538 and 4,111,281 shares outstanding at December 31, 2017 and June 30, 2017, respectively
|
|
190,491
|
|
|
190,382
|
|
||
Treasury stock, 397,935 and 397,228 shares at cost at December 31, 2017 and June 30, 2017, respectively
|
|
(4,124
|
)
|
|
(4,121
|
)
|
||
Additional paid-in capital
|
|
1,616
|
|
|
1,483
|
|
||
Accumulated deficit
|
|
(177,056
|
)
|
|
(170,913
|
)
|
||
Accumulated other comprehensive loss
|
|
(62
|
)
|
|
(61
|
)
|
||
Total stockholders’ equity
|
|
10,865
|
|
|
16,770
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
12,347
|
|
|
$
|
18,835
|
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
|
$
|
41
|
|
|
$
|
520
|
|
|
$
|
41
|
|
|
$
|
1,526
|
|
Cost of revenue
|
|
24
|
|
|
319
|
|
|
24
|
|
|
1,050
|
|
||||
Gross profit
|
|
17
|
|
|
201
|
|
|
17
|
|
|
476
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
|
1,602
|
|
|
1,636
|
|
|
3,034
|
|
|
4,184
|
|
||||
Research and development
|
|
1,582
|
|
|
1,254
|
|
|
3,226
|
|
|
2,546
|
|
||||
Total operating expenses
|
|
3,184
|
|
|
2,890
|
|
|
6,260
|
|
|
6,730
|
|
||||
Loss from operations
|
|
(3,167
|
)
|
|
(2,689
|
)
|
|
(6,243
|
)
|
|
(6,254
|
)
|
||||
Interest and other income, net
|
|
30
|
|
|
35
|
|
|
100
|
|
|
133
|
|
||||
Loss before income taxes
|
|
(3,137
|
)
|
|
(2,654
|
)
|
|
(6,143
|
)
|
|
(6,121
|
)
|
||||
Income tax benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net loss
|
|
(3,137
|
)
|
|
(2,654
|
)
|
|
(6,143
|
)
|
|
(6,121
|
)
|
||||
Less: Net loss attributable to noncontrolling interest
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
(103
|
)
|
||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(3,137
|
)
|
|
$
|
(2,603
|
)
|
|
$
|
(6,143
|
)
|
|
$
|
(6,018
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
4,060
|
|
|
4,124
|
|
|
4,059
|
|
|
4,125
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per common share:
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(0.77
|
)
|
|
$
|
(0.63
|
)
|
|
$
|
(1.51
|
)
|
|
$
|
(1.46
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(3,137
|
)
|
|
$
|
(2,603
|
)
|
|
$
|
(6,143
|
)
|
|
$
|
(6,018
|
)
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized loss
|
|
(36
|
)
|
|
(80
|
)
|
|
(35
|
)
|
|
(39
|
)
|
||||
Reclassification adjustment for realized loss
|
|
33
|
|
|
60
|
|
|
34
|
|
|
60
|
|
||||
Total comprehensive loss
|
|
$
|
(3,140
|
)
|
|
$
|
(2,623
|
)
|
|
$
|
(6,144
|
)
|
|
$
|
(5,997
|
)
|
|
|
Six Months Ended
December 31, |
||||||
|
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net loss
|
|
$
|
(6,143
|
)
|
|
$
|
(6,121
|
)
|
Adjustments to reconcile net loss from operations to net cash used in operating activities:
|
|
|
|
|
|
|
||
Stock-based compensation
|
|
242
|
|
|
954
|
|
||
Amortization
|
|
7
|
|
|
8
|
|
||
Depreciation
|
|
386
|
|
|
344
|
|
||
Net loss on sale of available-for-sale investments
|
|
34
|
|
|
60
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
136
|
|
|
(595
|
)
|
||
Cost, estimated earnings and billings, net on uncompleted contracts
|
|
—
|
|
|
451
|
|
||
Accounts payable
|
|
26
|
|
|
(46
|
)
|
||
Other assets and liabilities
|
|
(537
|
)
|
|
168
|
|
||
Net cash used in operating activities
|
|
(5,849
|
)
|
|
(4,777
|
)
|
||
|
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Sale of available-for-sale investments
|
|
3,615
|
|
|
3,744
|
|
||
Maturities of available-for-sale securities
|
|
700
|
|
|
3,090
|
|
||
Purchases of property and equipment
|
|
(14
|
)
|
|
(241
|
)
|
||
Net cash provided by investing activities
|
|
4,301
|
|
|
6,593
|
|
||
|
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
||
Payments for purchase of treasury stock
|
|
(3
|
)
|
|
(1,283
|
)
|
||
Net cash used in financing activities
|
|
(3
|
)
|
|
(1,283
|
)
|
||
|
|
|
|
|
||||
Net change in cash and cash equivalents
|
|
(1,551
|
)
|
|
533
|
|
||
Cash and cash equivalents at beginning of period
|
|
2,184
|
|
|
4,399
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
633
|
|
|
$
|
4,932
|
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
—
|
|
|
$
|
—
|
|
Income taxes paid
|
|
$
|
—
|
|
|
$
|
—
|
|
•
|
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. These IMS systems have many shortcomings - most notably their limited library of detectable compounds, inability to adapt to emerging threats, and significant false positive rates that extend security wait times. The 1
st
Detect TRACER 1000 provides significant enhancements, including:
|
•
|
Considerably expanded list of explosives, narcotics, and other compounds of interest;
|
•
|
Target library that can be instantaneously updated or expanded in the field without requiring hardware configuration changes;
|
•
|
Near-zero false positive rates;
|
•
|
Improved passenger satisfaction due to increased throughput at checkpoints; and
|
•
|
Similar market cost to current IMS explosives trace detectors (“ETD”).
|
•
|
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.
|
Available-for-Sale
|
|
December 31, 2017
|
||||||||||||||
(In thousands)
|
|
Adjusted
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
|
|
Cost
|
|
Gain
|
|
Loss
|
|
Value
|
||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
5,454
|
|
|
$
|
—
|
|
|
$
|
(54
|
)
|
|
$
|
5,400
|
|
Fixed Income Bonds
|
|
2,342
|
|
|
1
|
|
|
(7
|
)
|
|
2,336
|
|
||||
Time Deposits
|
|
799
|
|
|
—
|
|
|
(2
|
)
|
|
797
|
|
||||
Total
|
|
$
|
8,595
|
|
|
$
|
1
|
|
|
$
|
(63
|
)
|
|
$
|
8,533
|
|
|
|
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)
|
|
December 31, 2017
|
|
June 30, 2017
|
|
December 31, 2017
|
|
June 30, 2017
|
||||||||
Mutual Funds - Corporate & Government Debt
|
|
$
|
5,400
|
|
|
$
|
9,043
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Time deposits
|
|
|
|
|
|
|
|
|
||||||||
Maturities from 1-90 days
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Maturities from 91-360 days
|
|
251
|
|
|
250
|
|
|
—
|
|
|
—
|
|
||||
Maturities over 360 days
|
|
—
|
|
|
—
|
|
|
546
|
|
|
549
|
|
||||
Fixed Income Bonds
|
|
|
|
|
|
|
|
|
||||||||
Maturities less than 1 year
|
|
1,627
|
|
|
1,607
|
|
|
—
|
|
|
—
|
|
||||
Maturities from 1-3 years
|
|
—
|
|
|
—
|
|
|
709
|
|
|
1,441
|
|
||||
Maturities from 3-5 years
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
7,278
|
|
|
$
|
10,900
|
|
|
$
|
1,255
|
|
|
$
|
1,990
|
|
(In thousands)
|
|
December 31, 2017
|
|
June 30, 2017
|
||||
Raw materials
|
|
$
|
10
|
|
|
$
|
109
|
|
Work in process
|
|
—
|
|
|
57
|
|
||
Total inventory
|
|
$
|
10
|
|
|
$
|
166
|
|
(In thousands)
|
|
Total Stockholders' Equity
|
||
Balance at June 30, 2017
|
|
$
|
16,770
|
|
Stock based compensation
|
|
242
|
|
|
Share repurchases
|
|
(3
|
)
|
|
Net change on available-for-sale investments
|
|
(1
|
)
|
|
Net loss attributable to Astrotech Corporation
|
|
(6,143
|
)
|
|
Balance at December 31, 2017
|
|
$
|
10,865
|
|
|
|
Three Months Ended
December 31, |
|
Six Months Ended
December 31, |
||||||||||||
(In thousands, except per share data)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Amounts attributable to Astrotech Corporation, basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes
|
|
$
|
(3,137
|
)
|
|
$
|
(2,654
|
)
|
|
$
|
(6,143
|
)
|
|
$
|
(6,121
|
)
|
Income tax benefit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net loss
|
|
(3,137
|
)
|
|
(2,654
|
)
|
|
(6,143
|
)
|
|
(6,121
|
)
|
||||
Less: Net loss attributable to noncontrolling interest
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
(103
|
)
|
||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(3,137
|
)
|
|
$
|
(2,603
|
)
|
|
$
|
(6,143
|
)
|
|
$
|
(6,018
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Denominator for basic and diluted net loss per share attributable to Astrotech Corporation — weighted average common stock outstanding
|
|
4,060
|
|
|
4,124
|
|
|
4,059
|
|
|
4,125
|
|
||||
Basic and diluted net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||
Net loss attributable to Astrotech Corporation
|
|
$
|
(0.77
|
)
|
|
$
|
(0.63
|
)
|
|
$
|
(1.51
|
)
|
|
$
|
(1.46
|
)
|
|
|
December 31, 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
|
|
$
|
5,400
|
|
|
$
|
5,400
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,400
|
|
Bonds: 0-1 year
|
|
1,627
|
|
|
—
|
|
|
1,627
|
|
|
—
|
|
|
1,627
|
|
|||||
Bonds: 1-3 years
|
|
709
|
|
|
—
|
|
|
709
|
|
|
—
|
|
|
709
|
|
|||||
Time deposits: 91-360 days
|
|
251
|
|
|
—
|
|
|
251
|
|
|
—
|
|
|
251
|
|
|||||
Time deposits: over 360 days
|
|
546
|
|
|
—
|
|
|
546
|
|
|
—
|
|
|
546
|
|
|||||
Total
|
|
$
|
8,533
|
|
|
$
|
5,400
|
|
|
$
|
3,133
|
|
|
$
|
—
|
|
|
$
|
8,533
|
|
|
|
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
|
|
(35
|
)
|
|
Reclassification to net loss for realized losses
|
|
34
|
|
|
Balance at December 31, 2017
|
|
$
|
(62
|
)
|
|
|
Three Months Ended
December 31, 2017 |
|
Three Months Ended
December 31, 2016 |
||
|
|
Percentage of Total Sales
|
|
Percentage of Total Sales
|
||
Next Generation Chemical Detector Partner
|
|
—
|
%
|
|
37
|
%
|
Department of Homeland Security Science and Technology Directorate Partner
|
|
—
|
%
|
|
63
|
%
|
Large Post-Production Film Company
|
|
100
|
%
|
|
—
|
%
|
|
|
Six Months Ended
December 31, 2017 |
|
Six Months Ended
December 31, 2016 |
||
|
|
Percentage of Total Sales
|
|
Percentage of Total Sales
|
||
Next Generation Chemical Detector Partner
|
|
—
|
%
|
|
53
|
%
|
Department of Homeland Security Science and Technology Directorate Partner
|
|
—
|
%
|
|
47
|
%
|
Large Post-Production Film Company
|
|
100
|
%
|
|
—
|
%
|
|
|
December 31, 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
|
2
|
|
|
5.30
|
|
|
Outstanding at December 31, 2017
|
363
|
|
|
$
|
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
|
|
|
2.86
|
|
$
|
3.11
|
|
|
77,550
|
|
|
$
|
3.11
|
|
$5.30 – 8.35
|
|
268,507
|
|
|
8.17
|
|
6.30
|
|
|
86,000
|
|
|
6.59
|
|
||
$16.00 – 16.00
|
|
17,000
|
|
|
7.27
|
|
16.00
|
|
|
12,264
|
|
|
16.00
|
|
||
$1.60 – 16.00
|
|
363,057
|
|
|
6.99
|
|
$
|
6.07
|
|
|
175,814
|
|
|
$
|
5.57
|
|
|
|
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
|
|
3
|
|
|
8.35
|
|
|
Outstanding at December 31, 2017
|
|
47
|
|
|
$
|
10.16
|
|
|
|
Three Months Ended
December 31, 2017 |
|
Three Months Ended
December 31, 2016 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||||
Revenue, Depreciation, and Income
(In thousands) |
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
||||||||||||
Astro Scientific
|
|
$
|
—
|
|
|
$
|
87
|
|
|
$
|
(2,588
|
)
|
|
$
|
520
|
|
|
$
|
93
|
|
|
$
|
(1,976
|
)
|
Astral
|
|
41
|
|
|
97
|
|
|
(549
|
)
|
|
—
|
|
|
80
|
|
|
(678
|
)
|
||||||
Total
|
|
$
|
41
|
|
|
$
|
184
|
|
|
$
|
(3,137
|
)
|
|
$
|
520
|
|
|
$
|
173
|
|
|
$
|
(2,654
|
)
|
|
|
Six Months Ended
December 31, 2017 |
|
Six Months Ended
December 31, 2016 |
||||||||||||||||||||
|
|
|
||||||||||||||||||||||
Revenue, Depreciation, and Income
(In thousands) |
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
|
Revenue
|
|
Depreciation
|
|
Loss before Income Taxes
|
||||||||||||
Astro Scientific
|
|
$
|
—
|
|
|
$
|
207
|
|
|
$
|
(5,017
|
)
|
|
$
|
1,526
|
|
|
$
|
184
|
|
|
$
|
(4,762
|
)
|
Astral
|
|
41
|
|
|
179
|
|
|
(1,126
|
)
|
|
—
|
|
|
160
|
|
|
(1,359
|
)
|
||||||
Total
|
|
$
|
41
|
|
|
$
|
386
|
|
|
$
|
(6,143
|
)
|
|
$
|
1,526
|
|
|
$
|
344
|
|
|
$
|
(6,121
|
)
|
|
|
December 31, 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
|
|
$
|
1,025
|
|
|
$
|
8
|
|
|
$
|
10,478
|
|
|
$
|
1,224
|
|
|
$
|
468
|
|
|
$
|
16,833
|
|
Astral
|
|
1,783
|
|
|
6
|
|
|
1,869
|
|
|
1,956
|
|
|
31
|
|
|
2,002
|
|
||||||
Total
|
|
$
|
2,808
|
|
|
$
|
14
|
|
|
$
|
12,347
|
|
|
$
|
3,180
|
|
|
$
|
499
|
|
|
$
|
18,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(1) Total capital expenditures are for the six months ended December 31, 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;
|
•
|
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; and
|
•
|
Our ability to meet technological development milestones and overcome development challenges.
|
•
|
1
st
Detect Corporation (“1
st
Detect”) is a manufacturer 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”) is a developer of advanced film restoration and enhancement software. Astral is working with movie studios to convert their film assets to the latest 4K high dynamic range (“HDR”) standards while restoring the film in automation. We are also working with film archives and museums to preserve their treasured film assets by converting the content to a digital format and using our artificial intelligence (“AI”) platform to restore the assets. Finally, we are employing the same technology to digitize the 1.7 trillion photographs, negatives, and slides that are deteriorating in attics, basements, and cupboards around the world.
|
•
|
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. These IMS systems have many shortcomings -
|
•
|
Considerably expanded list of explosives, narcotics, and other compounds of interest;
|
•
|
Target library that can be instantaneously updated or expanded in the field without requiring hardware configuration changes;
|
•
|
Near-zero false positive rates;
|
•
|
Improved passenger satisfaction due to increased throughput at checkpoints; and
|
•
|
Similar market cost to current IMS ETDs.
|
•
|
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.
|
|
|
Quarter Ended December 31,
|
||||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Revenue
|
|
$
|
41
|
|
|
$
|
520
|
|
Cost of revenue
|
|
24
|
|
|
319
|
|
||
Gross profit
|
|
17
|
|
|
201
|
|
||
Gross margin
|
|
41
|
%
|
|
39
|
%
|
||
Operating expenses:
|
|
|
|
|
||||
Selling, general and administrative
|
|
1,602
|
|
|
1,636
|
|
||
Research and development
|
|
1,582
|
|
|
1,254
|
|
||
Total operating expenses
|
|
3,184
|
|
|
2,890
|
|
||
Loss from operations
|
|
(3,167
|
)
|
|
(2,689
|
)
|
||
Interest and other income, net
|
|
30
|
|
|
35
|
|
||
Income tax benefit
|
|
—
|
|
|
—
|
|
||
Net loss
|
|
(3,137
|
)
|
|
(2,654
|
)
|
||
Less: Net loss attributable to noncontrolling interest
|
|
—
|
|
|
(51
|
)
|
||
Net loss attributable to Astrotech Corporation
|
|
$
|
(3,137
|
)
|
|
$
|
(2,603
|
)
|
|
|
Six Months Ended
December 31, |
||||||
|
|
2017
|
|
2016
|
||||
Revenue
|
|
$
|
41
|
|
|
$
|
1,526
|
|
Cost of revenue
|
|
24
|
|
|
1,050
|
|
||
Gross profit
|
|
17
|
|
|
476
|
|
||
Gross margin
|
|
41
|
%
|
|
31
|
%
|
||
Operating expenses:
|
|
|
|
|
||||
Selling, general and administrative
|
|
3,034
|
|
|
4,184
|
|
||
Research and development
|
|
3,226
|
|
|
2,546
|
|
||
Total operating expenses
|
|
6,260
|
|
|
6,730
|
|
||
Loss from operations
|
|
(6,243
|
)
|
|
(6,254
|
)
|
||
Interest and other expense, net
|
|
100
|
|
|
133
|
|
||
Income tax benefit
|
|
—
|
|
|
—
|
|
||
Net loss
|
|
(6,143
|
)
|
|
(6,121
|
)
|
||
Less: Net loss attributable to noncontrolling interest
|
|
—
|
|
|
(103
|
)
|
||
Net loss attributable to Astrotech Corporation
|
|
$
|
(6,143
|
)
|
|
$
|
(6,018
|
)
|
|
|
Six Months Ended
December 31, |
||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
change
|
||||||
Change in cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|||
Net cash used in operating activities
|
|
$
|
(5,849
|
)
|
|
$
|
(4,777
|
)
|
|
$
|
(1,072
|
)
|
Net cash provided by investing activities
|
|
4,301
|
|
|
6,593
|
|
|
(2,292
|
)
|
|||
Net cash used in financing activities
|
|
(3
|
)
|
|
(1,283
|
)
|
|
1,280
|
|
|||
Net change in cash and cash equivalents
|
|
$
|
(1,551
|
)
|
|
$
|
533
|
|
|
$
|
(2,084
|
)
|
•
|
Our internal controls over the mathematical accuracy of disclosed amounts failed, resulting in an inadvertent error in the calculation of “Net Loss per Common Share” in the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended September 30, 2017 and 2016.
|
•
|
Design a remediation action for the review and analysis of earnings per share and improve the related policy and procedures;
|
•
|
Expand review of financial disclosures; and
|
•
|
Further document our tie out to our internal calculations.
|
Exhibit No.
|
|
Description
|
|
Incorporation by Reference
|
|
3.1
|
|
|
|
Exhibit 3.1 to our Current Report on Form 8-K, filed on December 28, 2017.
|
|
|
|
|
|
|
|
3.2
|
|
|
|
Exhibit 3.2 to our Current Report on Form 8-K, filed on December 28, 2017.
|
|
|
|
|
|
|
|
3.3
|
|
|
|
Exhibit 3.3 to our Current Report on Form 8-K, filed on December 28, 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 December 31, 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
|
|
|
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Date: February 12, 2018
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/s/ Eric Stober
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Eric Stober
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Chief Financial Officer and Principal Accounting Officer
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