Stockholders' Equity

6 Months Ended

Dec. 31, 2018

(4) Stockholders’ Equity

The following table breaks down the changes in Stockholders’ Equity for the six months ended December 31, 2018:

(In thousands)	Total Stockholders' Equity
Balance at June 30, 2018	$	3,992
Stock-based compensation		98
Share repurchases		(1	)
Exercise of stock options		7
Issuance of stock, net of offering costs		2,921
Net change on available-for-sale investments		31
Net loss		(4,398	)
Balance at December 31, 2018	$	2,650

On October 9, 2018, the Company entered into a Securities Purchase Agreement (the “Agreement”) with Thomas B. Pickens III, the Chief Executive Officer and Chairman of the Board of Directors of the Company, and a long-term accredited investor in the Company (the “Investor”).

Pursuant to the Agreement, the Company agreed to sell an aggregate of 866,950 shares of its series B convertible preferred stock, par value $0.001 per share (the “Preferred Shares”) to Mr. Pickens and 409,645 of its shares of common stock, par value $0.001 per share (the “Common Shares”) to the Investor, at a price per share of $2.35 and for aggregate gross proceeds of approximately $3.0 million. The purchase price of $2.35 per share which was equal to the closing price on The NASDAQ Capital Market on October 8, 2018. The Preferred Shares converted into an aggregate of 866,950 shares of common stock on December 7, 2018 upon receipt of shareholder approval in accordance with NASDAQ Listing Rule 5635(b).