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Stockholders' Equity | 9 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Stockholders' Equity | (4) Stockholders’ Equity Public Offerings of Common Stock On February 11, 2021, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers named therein, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “Registered Offering”), 2,845,535 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at an offering price of $3.25 per share. The Registered Offering resulted in gross proceeds of approximately $9.25 million before deducting the placement agent’s fees and related offering expenses. Pursuant to an engagement agreement, dated July 23, 2020, as amended, the Company engaged H.C. Wainwright & Co., LLC (the “Placement Agent”) to act as the Company’s exclusive placement agent in connection with the Registered Offering. The Company has issued to the Placement Agent, or its designees, warrants (the “Placement Agent’s Warrants”) to purchase up to 170,732 shares of Common Stock, which represents 6.0% of the Shares sold in the Registered Offering. The Placement Agent’s Warrants have an exercise price of $4.0625 per share, which represents 125% of the per share offering price of the Shares and a termination date of February 11, 2026. The Placement Agent’s Warrants had a fair value per share of $2.94 as of the date of issuance. At-the-Market Agreements From November 9, 2018 through March 25, 2020, the Company sold 793,668 shares of Common Stock pursuant to an At-the-Market Issuance Sales Agreement (the “B. Riley ATM Agreement”) with B. Riley FBR, under which B. Riley FBR acted as the sales agent. In connection with the sale of these shares of Common Stock, the Company received net proceeds of $2.3 million. The weighted-average sale price per share was $3.04. No additional shares of the Company’s Common Stock will be sold pursuant to the B. Riley ATM Agreement. The Company did not incur any termination penalties as a result of its termination of the B. Riley ATM Agreement. On December 18, 2020, the Company entered into an At-the-Market offering agreement (the “Wainwright ATM Agreement”) with H.C. Wainwright & Co., LLC as agent, pursuant to which the Company may offer and sell, from time to time through H.C. Wainwright, shares of the Company’s Common Stock. During the second quarter of fiscal 2021, the Company sold 1,139,323 shares of Common Stock pursuant to the Wainwright ATM Agreement. In connection with the sales of these shares of Common Stock, the Company received gross proceeds of approximately $3.6 million. The weighted-average sale price per shares was $3.14. Warrants A summary of the common stock warrant activity for the three months ended March 31, 2021 is presented below:
| Shares (In thousands) |  |  | Weighted Average Exercise Price |  |  | Aggregate Fair Market Value at Issuance (In thousands) |  |  | Weighted Average Remaining Contractual Term (Years) |
Outstanding June 30, 2020 |  | 86 |  |  | $ | 5.14 |  |  | $ | 194 |  |  |  | 4.74 |
Warrants issued |  | 813 |  |  |  | 3.08 |  |  |  | 1,758 |  |  |  | 4.42 |
Warrants exercised |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Warrants expired |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding March 31, 2021 |  | 899 |  |  | $ | 3.28 |  |  | $ | 1,952 |  |  |  | 4.57 |
The following represents a summary of the warrants outstanding at each of the dates identified:
|  |  |  |  |  |  |  |  |  | Number of Shares Underlying Warrants |
Issue Date |  | Classification |  | Exercise Price |  |  | Expiration Date |  | March 31, 2021 |  |  | June 30, 2020 |
March 26, 2020 |  | Equity |  | $ | 6.25 |  |  | March 25, 2025 |  |  | 24,780 |  |  |  | 24,780 |
March 30, 2020 |  | Equity |  | $ | 4.69 |  |  | March 27, 2025 |  |  | 61,133 |  |  |  | 61,133 |
October 23, 2020 |  | Equity |  | $ | 2.88 |  |  | October 21, 2025 |  |  | 469,565 |  |  |  | — |
October 28, 2020 |  | Equity |  | $ | 2.69 |  |  | October 28, 2025 |  |  | 173,274 |  |  |  | — |
February 16, 2021 |  | Equity |  | $ | 4.06 |  |  | February 11, 2026 |  |  | 170,732 |  |  |  | — |
Total Outstanding |  |  |  |  |  |  |  |  |  |  | 899,484 |  |  |  | 85,913 |
Nasdaq Compliance As previously noted in our Form 10-K for the fiscal year ended June 30, 2020, the Company was not in compliance with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) for continued listing on The Nasdaq Capital Market because its stockholders’ equity was below the required minimum of $2.5 million at June 30, 2020. On September 11, 2020, the Company received a notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that it was not in compliance with the required stockholder’s equity of $2.5 million. The notice had no immediate effect on the Company’s listing on The Nasdaq Capital Market. The Company originally had until October 26, 2020 to submit a plan to regain compliance with the minimum stockholders’ equity requirement; however, Nasdaq granted an extension of the deadline to submit a plan until November 2, 2020. Following the successful offerings of the Company’s Common Stock during the current and prior fiscal quarters, the Company is now in compliance with the minimum stockholders’ equity requirement.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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