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Significant Accounting Policies (Policies) | 9 Months Ended
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Mar. 31, 2024
Accounting Policies [Abstract] |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements We did not adopt any accounting pronouncements during the three months ended March 31, 2024. Recently Issued Accounting and Regulatory Pronouncements In October 2023, the FASB issued Accounting Standards Update ("ASU") 2023-06, "Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative". ASU 2023-06 clarifies or improves disclosure and presentation requirements on various disclosure areas, including the statement of cash flows, earnings per share, debt, equity, and derivatives. The amendments will align the requirements in the FASB Accounting Standards Codification (ASC) with the SEC’s regulations. The amendments in this ASU will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will not be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. As we are currently subject to these SEC requirements, this ASU is not expected to have a material impact on our Consolidated Financial Statements or related disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". This amendment improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. This ASU will be adopted in our fiscal 2025. We are currently evaluating the impact of this standard; however, we do not expect it to have a material impact on our Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU will be adopted in our first quarter of fiscal 2026. We are currently evaluating the impact of this standard; however, we do not expect it to have a material impact on our Consolidated Financial Statements. In March 2024, the SEC adopted rules under SEC Release No. 33-11275, "The Enhancement and Standardization of Climate-Related Disclosures for Investors", which require a registrant to disclose information in annual reports and registration statements about climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The information would include disclosure of a registrant's greenhouse gas emissions. In addition, certain disclosures related to severe weather events and other natural conditions will be required in a registrant’s audited financial statements. Annual disclosure requirements would be effective for the Company as early as the fiscal year beginning July 1, 2027. However, in April 2024, the SEC voluntarily stayed the final rules pending certain legal challenges. It is presently unclear what the nature and scope of these requirements may be when and if the stay is lifted. We are evaluating the impact these anticipated types of rules may have on our record keeping and disclosures.
Earnings Per Share, Policy [Policy Text Block] | Net (Loss) Income per Common Share We compute net (loss) income per common share using the weighted average number of common shares outstanding during the period, and diluted net income per common share using the additional dilutive effect of all dilutive securities. The dilutive impact of unvested restricted shares account for the additional weighted average shares of common stock outstanding for our diluted net income per common share computation. We calculated basic and diluted net (loss) income per common share as follows (in thousands, except per share data):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (1,578 | ) |  | $ | (2,381 | ) |  | $ | (5,343 | ) |  | $ | 485 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding |  |  | 5,868 |  |  |  | 5,816 |  |  |  | 5,856 |  |  |  | 5,867 |
Dilutive effect of restricted stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |
Diluted weighted average common shares outstanding |  |  | 5,868 |  |  |  | 5,816 |  |  |  | 5,856 |  |  |  | 5,885 |
Basic net (loss) income per common share |  | $ | (0.27 | ) |  | $ | (0.41 | ) |  | $ | (0.91 | ) |  | $ | 0.08 |
Diluted net (loss) income per common share |  | $ | (0.27 | ) |  | $ | (0.41 | ) |  | $ | (0.91 | ) |  | $ | 0.08 |
We exclude the impact of restricted stock from the calculation of diluted net loss per common share in periods where we have a net loss or when their inclusion would be antidilutive. During the three months ended March 31, 2024, we excluded 173,230 shares of unvested restricted stock. During the nine months ended March 31, 2024, we excluded 215,180 shares of unvested stock. During the three months ended March 31, 2023, we excluded 227,082 shares of restricted stock, and during the nine months ended March 31, 2023, we excluded 151,585 shares of unvested restricted stock.
Revenue [Policy Text Block] | Revenue Recognition We record revenue based on a five-step model which includes: (1) identifying a contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price among the performance obligations; and (5) recognizing revenue as each of the various performance obligations are satisfied. Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling one or more performance obligations. We identify purchase orders from customers as contracts. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, including estimates for early payment discounts and volume rebates. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. We review and update these estimates at the end of each reporting period and the impact of any adjustments is recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, we consider both the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, which is typically 30 days from the invoice date. Invoices are generally issued on the date of transfer of control of the products ordered to the customer. Revenue is recognized at the point in time that each of our performance obligations is fulfilled, and control of the ordered products is transferred to the customer. This transfer occurs when the product is shipped, or in some cases, when the product is delivered to the customer. We recognize revenue in certain circumstances before delivery to the customer has occurred (commonly referred to as bill-and-hold transactions). Products sold under bill-and-hold arrangements are recorded as revenue when risk of ownership has been transferred to the customer, but the product has not shipped due to a substantive reason, typically at the customer’s request. The product must be separately identified as belonging to the customer, ready for physical transfer to the customer, and we cannot have the ability to redirect the product to another customer. We provide early payment discounts to certain customers. Based on historical payment trends, we expect that these customers will take advantage of these early payment discounts. The cost of these discounts is reported as a reduction to the transaction price. If the actual discounts differ from those estimated, the difference is also reported as a change in the transaction price. We require prepayment from certain customers. We record any payments received in advance of contract fulfillment as a contract liability and they are classified as customer deposits on the consolidated balance sheet. Contract liabilities and revenue recognized were as follows (in thousands):
|  | June 30, 2023 |  |  | Additions |  |  | Revenue Recognized |  |  | Customer Refunds |  |  | March 31, 2024 |
Contract Liabilities (Customer Deposits) |  | $ | 317 |  |  | $ | 1,406 |  |  | $ | (1,336 | ) |  | $ | — |  |  | $ | 387 |
|  | June 30, 2022 |  |  | Additions |  |  | Revenue Recognized |  |  | Customer Refunds |  |  | March 31, 2023 |
Contract Liabilities (Customer Deposits) |  | $ | 140 |  |  | $ | 326 |  |  | $ | (137 | ) |  | $ | (3 | ) |  | $ | 326 |
Except for product defects, no right of return exists on the sale of our products. We estimate returns based on historical experience and recognize a returns liability for any estimated returns. As of March 31, 2024, we had no estimated returns liability. We currently own certain U.S. patents, and each patent’s corresponding foreign patent applications. All of these patents and patent rights relate to the ingredient known as beta-alanine marketed and sold under our CarnoSyn® and SR CarnoSyn® trade names. We recorded beta-alanine raw material sales and royalty and licensing income as a component of revenue in the amount of $2.7 million during the three months ended March 31, 2024, and $6.6 million during the nine months ended March 31, 2024. We similarly recorded $2.3 million during the three months ended March 31, 2023, and $5.2 million during the nine months ended March 31, 2023. These royalty income and raw material sale amounts resulted in royalty expense paid to the original patent holders from whom NAI acquired its patents and patent rights. We recognized royalty expense as a component of cost of goods sold in the amount of approximately $96,000 during the three months ended March 31, 2024, and $278,000 during the nine months ended March 31, 2024. We recorded approximately $107,000 of royalty expense during the three months ended March 31, 2023, and $213,000 during the nine months ended March 31, 2023.
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Board of Directors approved our current omnibus equity incentive plan that became effective January 1, 2021 (the “2020 Plan”). The 2020 Plan was approved by our stockholders at the Annual Meeting of Stockholders on December 4, 2020. Under the 2020 Plan, we may grant nonqualified and incentive stock options, restricted stock grants, restricted stock units, stock appreciation rights, and other stock-based awards to employees, non-employee directors and consultants. We did not have any stock option activity or stock options outstanding during the three and nine months ended March 31, 2024, or March 31, 2023. During the three months ended March 31, 2024 we granted a total of 151,500 restricted stock shares to members of our Board of Directors and key members of our management team. During the nine months ended March 31, 2024, we granted a total of 166,500 restricted stock shares to members of our Board of Directors and key members of our management team. During the three and nine months ended March 31, 2023, we granted a total of 118,000 restricted stock shares to members of our Board of Directors and key members of our management team. During the three and nine months ended March 31, 2024, 3,000 restricted stock shares were forfeited. During the three and nine months ended March 31, 2023, 5,999 restricted stock shares were forfeited. Our net loss included stock-based compensation expense with the vesting of prior restricted stock grants of approximately $0.3 million for the three months ended March 31, 2024 and $0.9 million for the nine months ended March 31, 2024. Our net income included stock-based compensation expense in connection with the vesting of prior restricted stock grants of approximately $0.3 million for the three months ended March 31, 2023, and $0.7 million for the nine months ended March 31, 2023.
Compensation Related Costs, Policy [Policy Text Block] | Deferred Compensation Plan Effective July 16, 2020, the Board of Directors approved and adopted a Non-Qualified Incentive Plan (the “Incentive Plan”). Pursuant to the Incentive Plan, the Human Resources Committee and the Board of Directors may make deferred cash payments or other cash awards (“Awards”) to directors, officers, employees and eligible consultants of NAI (“Participants”). These Awards are made subject to conditions precedent that must be met before NAI is obligated to make the payment. The purpose of the Incentive Plan is to enhance the long-term stockholder value of NAI by providing the Human Resources Committee and the Board of Directors the ability to make deferred cash payments or other cash awards to encourage Participants to serve NAI or to remain in the service of NAI, or to assist NAI to achieve results determined by the Human Resources Committee or the Board of Directors to be in NAI's best interest. The Incentive Plan authorizes the Human Resources Committee or the Board of Directors to grant to, and administer, unsecured and deferred cash Awards to Participants and to subject each Award to whatever conditions are determined appropriate by the Human Resources Committee or the Board of Directors. The terms of each Award, including the amount and any conditions that must be met to be entitled to payment of the Award are set forth in an Award Agreement between each Participant and NAI. The Incentive Plan provides the Board of Directors with the discretion to set aside assets to fund the Incentive Plan although that has not been done to date. During the three and nine months ended March 31, 2024, we granted a total of $0.9 million in deferred cash awards to members or our Board of Directors and certain key members or our management team. During the three and nine months ended March 31, 2023, we granted a total of $0.6 million in deferred cash awards to members or our Board of Directors and certain key members or our management team. Each deferred cash award provides for three equal cash payments to the applicable Participant to be paid on the one year, two year, and three year anniversaries of the date of the grant of such Awards, (the “Award Date”); provided on the date of each payment (the “Payment Date”), the Participant has been since Award Date, and continues to be through the Payment Date, a member of our Board of Directors or an employee of NAI. In the event a Participant ceases to be an employee of NAI or a member of our Board of Directors prior to any Payment Date, no further payments are to be made in connection with the Award. No deferred cash awards were forfeited during the three and nine months ended March 31, 2024, and March 31, 2023.
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Except for cash and cash equivalents, as of March 31, 2024, and June 30, 2023, we did not have any financial assets or liabilities classified as Level 1. We classify derivative forward exchange and interest rate swap contracts as Level 2 assets and liabilities. The fair values were determined by obtaining pricing from our bank and corroborating those values with a third-party bank or pricing service. Fair value of derivative instruments classified as Level 2 assets and liabilities consisted of the following (in thousands):
|  | March 31, 2024 |  |  | June 30, 2023 |
Euro Forward Contract– Current Assets |  | $ | 335 |  |  | $ | 250 |
Swiss Franc Forward Contract – Current Assets |  |  | — |  |  |  | 140 |
Total Derivative Contracts – Current Assets |  |  | 335 |  |  |  | 390 |
Interest Swap – Other noncurrent Assets |  |  | 221 |  |  |  | 532 |
Euro Forward Contract– Other noncurrent Assets |  |  | — |  |  |  | 15 |
Total Derivative Contracts – Other noncurrent Assets |  |  | 221 |  |  |  | 547 |
Euro Forward Contract– Current Liabilities |  |  | — |  |  |  | — |
Swiss Franc Forward Contract – Current Liabilities |  |  | (345 | ) |  |  | — |
Total Derivative Contracts – Current Liabilities |  |  | (345 | ) |  |  | — |
Fair Value Net Asset – all Derivative Contracts |  | $ | 211 |  |  | $ | 937 |
We also classify any outstanding line of credit and term loan balance as a Level 2 liability. As of March 31, 2024, and June 30, 2023, we did not have any financial assets or liabilities classified as Level 3. We did not transfer any assets or liabilities between these levels during fiscal 2023 or the three and nine months ended March 31, 2024.

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