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Note 5 - Stockholders' Equity | 9 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Equity [Text Block] | (5) Stockholders’ Equity Common Stock On November 22, 2022, the Company filed a third amendment (the “Amendment”) to the Company’s Certificate of Incorporation (as amended, the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware to effect a 1-for-30 reverse stock split of all of the Company’s issued and outstanding shares of Common Stock. The Amendment provided that, at the effective time of the Reverse Stock Split, every 30 shares of the Company’s issued and outstanding Common Stock were automatically combined into one validly issued, fully paid and non-assessable share of Common Stock, without effecting a change to the par value per share. The Reverse Stock Split affected all shares of the Company’s Common Stock outstanding immediately prior to the effective time of the Reverse Stock Split, as well as the number of shares of Common Stock available for issuance under the Company’s equity incentive plans. In addition, the Reverse Stock Split effected a reduction in the number of shares of Common Stock issuable upon the exercise of stock options and warrants outstanding immediately prior to the effectiveness of the Reverse Stock Split with a corresponding increase in exercise price per share. The Reverse Stock Split also triggered a proportionate adjustment to the number of shares of Common Stock issuable upon the conversion of our Series D convertible preferred stock, par value of $0.001 per share (“Series D Preferred Shares”). All historical per share data, number of shares outstanding, and other common stock equivalents for the periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split. Preferred Stock The Company has issued 280,898 shares of Series D Preferred shares, all of which are issued and outstanding. Series D Preferred Shares are convertible to common stock on a one-to-thirty basis. Series D Preferred Shares are not callable by the Company. The holder of the preferred stock is entitled to receive, and we shall pay, dividends on shares equal to and in the same form as dividends actually paid on shares of common stock when, and if, such dividends are paid on shares of common stock. No other dividends are paid on the preferred shares. Preferred shares have no voting rights. Upon liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary, the preferred shares have preference over common stock. The holder of the Series D preferred shares has the option to convert at a ratio of 30 shares to one of common stock at the holder's discretion. Share Repurchase Program On November 9, 2022, the Company’s Board of Directors authorized a share repurchase program that allows the Company to repurchase up to $1.0 million of the Company’s common stock beginning November 17, 2022, and continuing through and including November 17, 2023. The shares may be repurchased from time to time in the open market or privately negotiated transactions or by other means in accordance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases with available working capital. During the three and nine months ended March 31, 2023, 5,821 shares of the Company’s common stock were repurchased at an aggregate cost of $69,070. Rights Plan On December 21, 2022, the Company’s Board of Directors adopted a limited duration stockholder rights plan (the “Rights Plan”) expiring December 20, 2023 and declared a dividend of one preferred share purchase right for each outstanding share of common stock to stockholders of record on January 5, 2023 to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.001 per share, of the Company for an exercise price of $58.00 once the rights become exercisable, subject to the terms of and adjustment as provided in the related rights agreement. Warrants A summary of the common stock warrant activity for the nine months ended March 31, 2023, is presented below:
|  | Number of Shares Underlying Warrants (In thousands) |  |  | Weighted Average Exercise Price |  |  | Aggregate Fair Market Value at Issuance (In thousands) |  |  | Weighted Average Remaining Contractual Term (Years) |
Outstanding June 30, 2022 |  |  | 80 |  |  | $ | 72.10 |  |  | $ | 3,747 |  |  |  | 3.60 |
Warrants issued |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Warrants exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Warrants expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding March 31, 2023 |  |  | 80 |  |  | $ | 72.10 |  |  | $ | 3,747 |  |  |  | 2.85 |
The following represents a summary of the warrants outstanding at each of the dates identified:
|  |  |  |  |  |  |  |  | Number of Shares Underlying Warrants (In thousands) |
Issue Date |  | Classification |  | Exercise Price |  | Expiration Date |  | March 31, 2023 |  |  | June 30, 2022 |
March 26, 2020 |  | Equity |  | $ | 187.50 |  | March 25, 2025 |  |  | 1 |  |  |  | 1 |
March 30, 2020 |  | Equity |  | $ | 140.63 |  | March 27, 2025 |  |  | 2 |  |  |  | 2 |
October 23, 2020 |  | Equity |  | $ | 86.25 |  | October 21, 2025 |  |  | 15 |  |  |  | 15 |
October 28, 2020 |  | Equity |  | $ | 80.63 |  | October 28, 2025 |  |  | 6 |  |  |  | 6 |
February 16, 2021 |  | Equity |  | $ | 121.88 |  | February 11, 2026 |  |  | 6 |  |  |  | 6 |
April 12, 2021 |  | Equity |  | $ | 56.25 |  | April 7, 2026 |  |  | 50 |  |  |  | 50 |
Total Outstanding |  |  |  |  |  |  |  | 80 |  |  |  | 80 |
Nasdaq Compliance The Reverse Stock Split was primarily intended to bring the Company into compliance with the minimum bid price requirements for maintaining its listing on The Nasdaq Stock Market LLC (“Nasdaq”). On December 19, 2022, the Company received written notice from the Listing Qualifications Department of Nasdaq stating that, because the Company’s Common Stock had a closing bid price at or above $1.00 per share for a minimum of 10 consecutive business days, the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2), and that the matter is now closed.

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