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Subsequent Events | 12 Months Ended
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Jun. 30, 2019
Subsequent Events [Abstract] |
Subsequent Events | (15) Subsequent Events Subsequent to year-end and as of September 24, 2019, the Company has sold an additional 146,466 shares of common stock pursuant to the ATM Offering. In connection with the sales of these shares of common stock, the Company has received net proceeds of $327,891. The weighted-average sale price per shares was $2.24. On September 5, 2019, the Company entered into a private placement transaction with Thomas B. Pickens III, the Chief Executive Officer and Chairman of the Board of Directors of the Company for the issuance and sale of a secured promissory note (the “Note”) to Mr. Pickens with a principal amount of $1,500,000. Interest on the Note shall accrue at 11% per annum. The principal amount and accrued interest on the Note shall become due and payable on September 5, 2020 (the “Maturity Date”). The Company may prepay the principal amount and all accrued interest on the Note at any time prior to the Maturity Date. In connection with the issuance of the Note, the Company, along with 1st Detect Corporation and Astrotech Technologies, Inc. (the “Subsidiaries”), entered into a security agreement, dated as of September 5, 2019, with Mr. Pickens (the “Security Agreement”), pursuant to which the Company and the Subsidiaries granted to Mr. Pickens a security interest in all of the Company’s and the Subsidiaries’ Collateral, as such term is defined in the Security Agreement. In addition, the Subsidiaries jointly and severally agreed to guarantee and act as surety for the Company’s obligation to repay the Note pursuant to a subsidiary guarantee (the “Subsidiary Guarantee”). On September 20, 2019, the Company announced the launch of a new subsidiary company, Agriculture Technology Corporation (“AG-TECH”), in response to a growing number of inquiries from the agriculture industry requiring detection of trace levels of harmful pesticides in agricultural products. AG-TECH licenses its AG-LAB-1000 technology from another newly formed subsidiary of the Company, Astrotech Technology, Inc. (“ATI”). ATI also licenses its mass spectrometry technology to 1st Detect for use in its TRACER 1000.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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