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Astrotech Corp (ASTC) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Astrotech Corp

CIK: 1001907 Ticker: ASTC

 

 

Exhibit 99.1

 

 

ASTROTECH REPORTS FISCAL YEAR 2020 FINANCIAL RESULTS

-    AgLAB Introduces the AgLAB-1000-D2™    -

 

 

Austin, Texas September 8, 2020 – Astrotech Corporation (Nasdaq: ASTC) reported its financial results for the fiscal year ended June 30, 2020.

Fiscal year 2020 has been a pivotal year for Astrotech Corporation. We had the first sales of our TRACER 1000™ explosives trace detector (ETD), we completed a number of successful field trials including a live screening with the U.S. Transportation Security Administration (TSA) at Miami International Airport, and we signed a key contract with a global shipping and logistics company. In addition, as much of the research and development is now complete for our core mass spectrometry technology, we looked to diversify our business. In response to a growing number of inquiries from the hemp and cannabis market, we launched AgLAB, Inc. In addition, in response to the COVID-19 pandemic, we launched BreathTech Corporation to continue the foundational research on breath analysis that was conducted in conjunction with UT Health San Antonio, as we look to develop a screening instrument for lung diseases, including COVID-19 and pneumonia. Finally, we consolidated ownership of all mass spec-based intellectual property with Astrotech Technologies, Inc. (ATI) as we look to license the technology to other attractive markets.

“With the sales of our TRACER 1000 product proving the validity of our next generation mass spectrometry technology, we are eager to expand the markets we serve. AgLAB, Inc. has licensed the technology for the agriculture market and is developing the AgLAB-1000™ series of mass spectrometers for the fast-growing hemp and cannabis industry.  In addition, BreathTech Corporation has licensed the technology for the breath analysis market and is developing the BreathTest-1000™ to screen for volatile organic compound (VOC) metabolites in the breath caused by diseased lungs. We hope that 1st Detect will see a growing demand for the TRACER 1000 and that AgLAB and BreathTech will successfully complete the development of the AgLAB-1000 and the BreathTest-1000. We believe that we are positioned well for future growth with highly differentiated products for attractive and growing markets,” stated Thomas B. Pickens, Chairman and Chief Executive Officer of Astrotech Corporation. “This coming fiscal year will be defining for us as we look to expand sales of the TRACER 1000, launch the AgLAB-1000 in the hemp and cannabis market, and offer a game changing breath analysis tool to help in the battle against COVID-19.”

Today, AgLAB is also announcing the official introduction of the AgLAB-1000-D2™. The D2 is a testing device that has been designed to increase consistency, potency, and productivity in the hemp and cannabis oil extraction and distillation process while maximizing the product quality and yield. “We believe it will be the only solution currently on the market that can provide critical information on the extraction and distillation process in near real-time, making it an essential tool for the high-end operator,” said Mr. Pickens.

Financial Highlights

Management continues efforts to optimize our resources while reducing cost and adding financial flexibility.

Revenue generated in fiscal year 2020 was $488 thousand, an increase of 284% from the prior fiscal year.

Total operating expenses decreased by 3.6% for the fiscal year ended June 30, 2020, compared to the fiscal year ended June 30, 2019, due to an ongoing emphasis on optimizing our resources despite the added expenses associated with several capital raises and with launching two new subsidiaries.

 


The following information was filed by Astrotech Corp (ASTC) on Tuesday, September 8, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Astrotech Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Changes In Stockholders' Equity (Deficit)
Condensed Consolidated Statement Of Changes In Stockholders' Equity (Deficit) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Business Risk And Credit Risk Concentration Involving Cash
Business Risk And Credit Risk Concentration Involving Cash - Additional Information (Details)
Commitments And Contingencies
Common Stock Compensation
Common Stock Compensation (Tables)
Common Stock Compensation - Additional Information (Details)
Common Stock Compensation - Schedule Of Restricted Stock Activity (Details)
Common Stock Compensation - Schedule Of Stock Option Activity (Details)
Common Stock Compensation - Schedule Of Stock Options Outstanding (Details)
Debt
Debt - Additional Information (Details)
Fair Value Measurement
General Information
General Information (Policies)
General Information - Additional Information (Details)
Going Concern
Going Concern - Additional Information (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Balance Sheet Presentation Of Operating And Finance Leases (Details)
Leases - Schedule Of Future Minimum Lease Payments (Details)
Leases - Schedule Of Other Information (Details)
Net Loss Per Share
Net Loss Per Share (Tables)
Net Loss Per Share - Narrative (Details)
Net Loss Per Share - Schedule Of Computations Of Basic And Diluted Net Loss Per Share (Details)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Schedule Of Property And Equipment, Net (Details)
Revenue Recognition
Revenue Recognition - Additional Information (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Schedule Of Segment Reporting Information By Segment (Details)
Stockholders' Equity (Deficit) - Additional Information (Details)
Stockholders' Equity (Deficit) - Schedule Of Warrants Outstanding (Details)
Stockholders' Equity (Deficit) - Summary Of Common Stock Warrant Activity (Details)
Stockholders??? Equity (Deficit)
Stockholders??? Equity (Deficit) (Tables)
Subsequent Events
Subsequent Events - Additional Information (Details)

Material Contracts, Statements, Certifications & more

Astrotech Corp provided additional information to their SEC Filing as exhibits

Ticker: ASTC
CIK: 1001907
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-053794
Submitted to the SEC: Fri Nov 13 2020 11:38:58 AM EST
Accepted by the SEC: Fri Nov 13 2020
Period: Wednesday, September 30, 2020
Industry: Laboratory Analytical Instruments

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