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AUSTIN, TX / ACCESSWIRE / May 13, 2020 / Astrotech Corporation (ASTC) appear its banking after-effects for the third division of budgetary year 2020, which concluded March 31, 2020.



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This division was cardinal for the Company, as we connected to accomplish absorption for our new AgLAB-1000™ artefact that is actuality advised for action ascendancy and pesticide apprehension in the hemp and cannabis industries. In addition, our 1st Detect accessory connected its sales of the TRACER 1000TM explosives trace detector (ETD) to a all-around aircraft and acumen company. Although the COVID-19 communicable has acquired some near-term ambiguity for the biking industry, all-around aircraft has been beneath impacted and this is area we see connected appeal for our product. Finally, we additionally launched a new company, BreathTech Corporation, to focus on the animation assay bazaar to potentially aid in the action adjoin COVID-19 and pneumonia.



“With both our hemp and cannabis product, the AgLAB-1000™, and our animation assay product, the BreathTest-1000™, we acquire we will be alms awful differentiated solutions compared to added currently accessible options,” declared Thomas B. Pickens, Chairman and Chief Executive Officer of Astrotech Corporation. “Regarding the BreathTest-1000, abounding accepted COVID-19 tests crave either a saliva or claret sample to be beatific to a class for testing, which can booty canicule to get the results, or crave a connected besom to be amid abysmal into the nasal cavity, which is afflictive and not applied for every day testing. We are hopeful that, already absolutely developed and approved, this could advice accomplish accessible accustomed accumulation testing for factories, cruise lines, air travel, sports or added domains area bodies besiege in awash spaces.”



No assurances can be accustomed that we will be able to auspiciously advance the BreathTest-1000 or the AgLAB-1000. The authoritative approval action could be lengthy, time arresting and is inherently unpredictable, and we cannot agreement that these articles will anytime be accustomed for auction and marketing.

During the third quarter, the Aggregation aloft about $5.5 actor in disinterestedness offerings and borrowings as it looks to aggrandize into the agronomics and animation assay markets.

Third Division Budgetary Year 2020 Banking Highlights

Management continues efforts to optimize our assets while abbreviation amount and abacus banking flexibility.

About Astrotech

Astrotech (ASTC) is a science and technology development and commercialization aggregation that launches, manages, and builds scalable companies based on avant-garde technology in acclimation to aerate actor value. 1st Detect develops, manufactures, and sells trace detectors for use in the aegis and apprehension market. AgLAB is developing actinic analyzers for use in the agronomics market. BreathTech is developing a animation assay apparatus to accommodate aboriginal apprehension of lung diseases. Astrotech is headquartered in Austin, Texas. For information, amuse appointment www.astrotechcorp.com.

About AgLAB-1000™ and BreathTest-1000™

This columnist absolution contains advice about our new articles beneath development, AgLAB-1000 and BreathTest-1000. Artefact development involves a aerial amount of accident and uncertainty, and there can be no affirmation that our new articles will be auspiciously developed, accomplish their advised benefits, acquire abounding bazaar authorization, or be commercially successful. In addition, FDA approval will be appropriate to bazaar BreathTest-1000 in the United States. Obtaining FDA approval is a circuitous and diffuse process, and there can be no affirmation that FDA approval for BreathTest-1000 will be accepted on a appropriate base or at all.

Forward-Looking Statements

This columnist absolution contains advanced statements that are fabricated pursuant to the Safe Harbor accoutrement of the Private Securities Litigation Reform Act of 1995. Such advanced statements are accountable to risks, trends, and uncertainties that could account absolute after-effects to be materially altered from the advanced statement. These factors include, but are not bound to, the severity and continuance of the COVID-19 communicable and its appulse on the U.S. and accepted economy, the timing, ambit and aftereffect of added U.S. and all-embracing governmental, regulatory, fiscal, budgetary and accessible bloom responses to the COVID-19 pandemic, the Company’s use of gain from the accepted banal offerings, whether we can auspiciously complete the development of our new articles and proprietary technologies, whether we can access the FDA and added authoritative approvals appropriate to bazaar our articles beneath development in the United States or abroad, and whether the bazaar will acquire our articles and services, as able-bodied as added accident factors and business considerations declared in the Company’s Securities and Exchange Commission filings including the anniversary address on Form 10-K. Any advanced statements in this certificate should be evaluated in ablaze of these important accident factors. In addition, any advanced statements included in this columnist absolution represent the Company’s angle alone as of the date of its advertisement and should not be relied aloft as apery its angle as of any consecutive date. The Aggregation assumes no obligation to amend these advanced statements.

Story continues

Company Contact:

Eric StoberChief Banking OfficerAstrotech Corporation(512) 485-9530

Tables follow

ASTROTECH CORPORATIONConsolidated Statements of Operations and Absolute Loss(In thousands, except per allotment data)(Unaudited)

Three Months Concluded

March 31,

Nine Months Concluded

March 31,

Acquirement

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Amount of acquirement

Gross accumulation

Operating expenses:

Selling, accepted and authoritative

Research and development

Absolute operating costs

Accident from operations

Absorption and added expense, net

Accident from operations afore assets taxes

Assets tax account

Net accident

Weighted boilerplate accepted shares outstanding:

Basic and adulterated

Basic and adulterated net accident per accepted share:

Net accident

Added absolute loss, net of tax:

Net accident

Available-for-sale securities:

Reclassification acclimation for accomplished accident

Absolute absolute accident

ASTROTECH CORPORATIONConsolidated Balance Sheets(In thousands, except allotment and per allotment data)

March 31,

2020

June 30,

2019

Assets

Accepted assets

Banknote and banknote equivalents

Restricted banknote

Accounts receivable, net of allowance of $0

Inventory:

Raw abstracts

Work-in-process

Finished appurtenances

Assets tax receivable

Prepaid costs and added accepted assets

Absolute accepted assets

Property and equipment, net

Operating leases, right-of-use assets, net

Long-term tax receivable

Added assets

Absolute assets

Liabilities and stockholders’ disinterestedness

Accepted liabilities

Accounts payable

Payroll accompanying accruals

Accrued costs and added liabilities

Assets tax payable

Term agenda payable – accompanying affair

Lease liabilities, accepted

Absolute accepted liabilities

Lease liabilities, non-current

Added liabilities

Absolute liabilities

Commitments and contingencies

Stockholders’ disinterestedness

Convertible adopted stock, $0.001 par value, 2,500,000 shares authorized; 280,898 shares of Series C and 280,898 shares of Series D issued and outstanding at March 31, 2020 and June 30, 2019, appropriately

Accepted stock, $0.001 par value, 15,000,000 shares authorized; 7,975,388 and 6,184,698 shares issued at March 31, 2020 and June 30, 2019, respectively; 7,575,742 and 5,775,171 shares outstanding at March 31, 2020 and June 30, 2019, appropriately

Treasury stock, 399,916 shares at amount at March 31, 2020 and June 30, 2019, appropriately

Additional paid-in basic

Accumulated arrears

Absolute stockholders’ disinterestedness

Absolute liabilities and stockholders’ disinterestedness

SOURCE: Astrotech Corporation

View antecedent adaptation on accesswire.com: https://www.accesswire.com/589700/Astrotech-Reports-Third-Quarter-of-Fiscal-Year-2020-Financial-Results

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Last Updated: May 21st, 2020 by admin
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