0001437749-20-023378 | 10-Q | XBRL Viewer | Natural Alternatives International INC

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

A. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form

-Q and with applicable rules and regulations. Pursuant to such rules and regulations, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) have been condensed or omitted. In management's opinion, all adjustments necessary for a fair presentation of the financial position, results of operations, stockholders' equity, and cash flows have been included and are of a normal, recurring nature. The results of operations for the

three

months ended

September 30, 2020

are

not

necessarily indicative of the operating results for the full fiscal year or for any future periods.

You should read the financial statements and these notes, which notes are an integral part of the financial statements, together with our audited financial statements included in our Annual Report on Form

-K for the fiscal year ended

June 30, 2020 (

“2020

Annual Report”). The accounting policies used to prepare the financial statements included in this Report are the same policies described in the notes to the consolidated financial statements in our

2020

Annual Report unless otherwise noted below.

Recently Adopted Accounting Pronouncements

We did

not

adopt any accounting pronouncements during the

three

months ended

September 30, 2020.

Recently Issued Accounting and Regulatory Pronouncements

November 2020,

the SEC issued Release

No.

10825,

Modernization of Regulation S-K Items

101,

103,

and

105,

which release amends and clarifies certain of our financial reporting requirements. This release will primarily impact risk factor disclosures in our future Annual Reports.

Other recently issued accounting pronouncements are

not

discussed in this Report as such pronouncements did

not

have, and are

not

believed by management to have, a material impact on our present or future financial statements.

Net Income per Common Share

We compute net income per common share using the weighted average number of common shares outstanding during the period, and diluted net income per common share using the additional dilutive effect of all dilutive securities. The dilutive impact of stock options and unvested restricted shares account for the additional weighted average shares of common stock outstanding for our diluted net income per common share computation. We calculated basic and diluted net income per common share as follows (in thousands, except per share data):

	Three Months Ended
	September 30,
	2020		201 9
Numerator
Net income	$	2,258	$	96

Denominator
Basic weighted average common shares outstanding		6,418		6,841
Dilutive effect of stock options and restricted stock		53		144
Diluted weighted average common shares outstanding		6,471		6,985

Basic net income per common share	$	0.35	$	0.01

Diluted net income per common share	$	0.35	$	0.01

During the

three

months ended

September 30, 2020

we excluded shares related to stock options totaling

90,000

and

116,658

shares of unvested restricted stock, as their impact would have been anti-dilutive. We did

not

exclude any stock options or restricted stock shares for the

three

months ended

September 30, 2019

none

would have had an anti-dilutive impact.

Revenue Recognition

We record revenue based on a

five

-step model that includes: (

) identifying a contract with a customer; (

) identifying the performance obligations in that contract; (

) determining the total transaction price; (

) allocating that transaction price among the performance obligations; and (

) recognizing revenue as each of the various performance obligations are satisfied.

Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling

one

or more performance obligations. We identify purchase orders from customers as contracts. The amount of consideration expected to be received, and thus revenue recognized, includes estimates of variable consideration, including estimates for early payment discounts and volume rebates. Such estimates are calculated using historical averages, adjusted for any expected changes due to current business conditions and experience. We review and update these estimates at the end of each reporting period and the impact of any adjustments is recognized in the period those adjustments are identified. In assessing whether collection of consideration from a customer is probable, we consider both the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer contracts, which is typically

days from the invoice date. Invoices are generally issued on the date of transfer of control of the products ordered to the customer.

Revenue is recognized at the point in time that each of our performance obligations is fulfilled, and control of ordered products is transferred to the customer. This transfer occurs when the product is shipped, or in some cases, when the product is delivered to the customer.

We provide early payment discounts to certain customers. Based on historical payment trends, we expect that these customers will continue to take advantage of these early payment discounts. The cost of these discounts is reported as a reduction to the transaction price of customer contracts. If the actual discounts differ from those estimated, the difference is also reported as a change in the transaction price.

Except for product defects,

right of return exists on the sale of our products. We estimate returns based on historical experience and recognize a returns liability for any estimated returns. As of

September 30, 2020,

we have

liability recorded for estimated returns of products.

We have an Exclusive Manufacturing Agreement with Juice Plus+, as amended and restated on

March 31, 2019, (

the "JP Agreement"). Pursuant to the JP Agreement, Juice Plus+ has granted us exclusive rights to manufacture and supply them with certain of their products within

countries where Juice Plus+ currently sells those products. The JP Agreement is effective through

August 6, 2025.

As part of the JP Agreement, we provide Juice Plus+ a cash discount that is amortized ratably over the remaining life of the JP Agreement based on the full value of the cash discount expected to be given over the same period. We recorded

$0.4

million of cash sales discount during the

three

months ended

September 30, 2020

and

$0.4

million during the

three

months ended

September 30, 2019.

We currently own certain U.S. patents, and each patent's corresponding foreign patent applications. All of these patents and patent rights relate to the ingredient known as “beta-alanine”, which we market and sell under our CarnoSyn® and SR CarnoSyn® trade names. We recorded beta-alanine raw material sales and royalty and licensing income as a component of revenue in the amount of

$2.7

million during the

three

months ended

September 30, 2020.

We similarly recorded

$3.2

million during the

three

months ended

September 30, 2019.

These royalty income and raw material sale amounts resulted in royalty expense paid to the original patent holders from whom NAI acquired its patents and patent rights. We recognized royalty expense as a component of cost of goods sold in the amount of

$0.1

million during the

three

months ended

September 30, 2020.

We recognized

$0.2

million of royalty expense during the

three

months ended

September 30, 2019.

Stock-Based Compensation

We had an omnibus equity incentive plan that was approved by our Board of Directors effective

October

15,

2009

and approved by our stockholders at the Annual Meeting of Stockholders held on

November

30,

2009

(

"2009

Plan"). Under the

2009

Plan, we granted nonqualified and incentive stock options and restricted stock grants to employees, non-employee directors and consultants. The

2009

Plan expired on

October 15, 2019.

The Board of Directors approved a new omnibus equity incentive plan to be effective

October 15, 2019 (

“2019

Plan”), subject to stockholder approval. However, the

2019

Plan was

not

approved by our stockholders and therefore did

not

become effective. We currently do

not

have an equity incentive plan but

may

still be recording exercises and forfeitures under the

2009

Plan.

We did

not

grant any options during each of the

three

month periods ending

September 30, 2020

and

September 30, 2019,

respectively. All remaining outstanding stock options are fully vested.

options were exercised during the

three

month period ending

September 30, 2020

and

September 30, 2019.

There were

option forfeitures during the

three

month periods ended

September 30, 2020

September 30, 2019.

We did

not

grant any restricted stock shares during the

three

months ending

September 30, 2020

September 30, 2019.

restricted stock shares were forfeited during the

three

months ended

September 30, 2020.

During the

three

months ended

September 30, 2019,

15,000

restricted stock shares were forfeited. Our net income included stock based compensation expense in connection with prior restricted stock grants of approximately

$0.4

million for the

three

months ended

September 30, 2020.

Our net income included stock based compensation expense in connection with prior restricted stock grants of approximately

$0.4

million for the

three

months ended

September 30, 2019.

Deferred Compensation Plan

Effective

July 16, 2020,

the Board of Directors approved and adopted a Non-Qualified Incentive Plan (the “NQ Plan”). Pursuant to the NQ Plan, the Human Resources Committee and the Board of Directors

may

make deferred cash payments or other cash awards (“Awards”) to directors, officers, employees and eligible consultants of NAI (“Participants”). These Awards are made subject to conditions precedent that must be met before NAI is obligated to make the payment. The purpose of the NQ Plan is to enhance the long-term stockholder value of NAI by providing the Human Resources Committee and the Board of Directors the ability to make deferred cash payments or other cash awards to encourage Participants to serve NAI or to remain in the service of NAI, or to assist NAI to achieve results determined by the Human Resources Committee or the Board of Directors to be in NAI's best interest.

The NQ Plan authorizes the Human Resources Committee or the Board of Directors to grant to, and administer, unsecured and deferred cash Awards to Participants and to subject each Award to whatever conditions are determined appropriate by the Human Resources Committee or the Board of Directors. The terms of each Award, including the amount and any conditions that must be met to be entitled to payment of the Award are set forth in an Award Agreement between each Participant and NAI. The NQ Plan provides the Board of Directors with the discretion to set aside assets to fund the NQ Plan although that has

not

been done to date.

July 16, 2020,

deferred cash awards of

$1.0

million were granted to various officers, directors and employees of NAI pursuant to the NQ Plan, each providing for

three

equal cash payments to the Participant, each of which shall be paid on the

one

year, and

two

year, and

three

year anniversary of the date of the grant of such Award (the “Award Date”); provided that, on the date of each payment (the “Payment Date”), the Participant has been since Award Date, and continues to be through the Payment Date, a member of our Board of Directors or an employee of NAI. In the event a Participant ceases to be an employee of NAI or a member of our Board of Directors prior to any Payment Date,

further payments shall be made in connection with the Award.

Fair Value of Financial Instruments

Except for cash and cash equivalents and assets and liabilities related to our pension plan, as of

September 30, 2020

and

June 30, 2020,

we did

not

have any financial assets or liabilities classified as Level

We classify derivative forward exchange contracts as Level

assets and liabilities. The fair value of our forward exchange contracts as of

September 30, 2020

was a net liability of

$2.4

million. The fair value of our forward exchange contracts as of

June 30, 2020

included a net asset of

$0.3

million. The fair values were determined by obtaining pricing from our bank and corroborating those values with a

third

party bank. We also classify our outstanding line of credit balance as a Level

liability, as the fair value is based on inputs that can be derived from information available in publicly quoted markets. As of

September 30, 2020,

and

June 30, 2020,

we did

not

have any financial assets or liabilities classified as Level

We did

not

transfer any assets or liabilities between these levels during fiscal

2020

or the

three

months ended

September 30, 2020.

COVID-

Pandemic

We continue to monitor and evaluate the risks to public health and the impact on overall global business activity related to the COVID-

pandemic, including its potential impacts on our employees, customers, suppliers and financial results. As the situation remains fluid, it is difficult to predict the duration and scope of the pandemic and its impact on our business. However, it

may

result in a material adverse impact to our financial position, operations and cash flows if conditions persist or worsen.

Note B - Inventories, Net

3 Months Ended

Sep. 30, 2020

Inventory Disclosure [Text Block]

B. Inventories, net

Inventories, net consisted of the following (in thousands):

	September 3 0 , 2020			June 30, 20 20
Raw materials	$	26,507		$	20,863
Work in progress		6,111			3,447
Finished goods		3,926			4,936
Reserve		(1,379	)		(1,274	)
	$	35,165		$	27,972

The inventory reserve includes

$0.8

million as of

September 30, 2020

and

$1.0

million as of

June 30, 2020

related to

one

of our former customers, Kaged Muscle. We are working with this former customer to transition to a replacement manufacturer, including the transfer of inventory items we hold specific to this customer. However, due to the uncertainty regarding the future operations of this former customer, we recorded a reserve against inventory specific to this customer equal to the estimated net realizable value of those items. During the

three

months ended

September 30, 2020

our inventory reserve related to this customer was reduced by

$0.2

million due to amounts purchased by the customer and their new contract manufacturer.

Note C - Property and Equipment

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment Disclosure [Text Block]

C. Property and Equipment

Property and equipment consisted of the following (in thousands):

	Depreciable Life In Years				September 3 0 , 2020			June 30, 2020
Land	NA				$	1,200		$	1,200
Building and building improvements		7	–	39		3,743			3,743
Machinery and equipment		3	–	12		34,755			33,405
Office equipment and furniture		3	–	5		5,360			5,318
Vehicles			3			255			255
Leasehold improvements		1	–	15		18,117			18,031
Total property and equipment						63,430			61,952
Less: accumulated depreciation and amortization						(41,391	)		(40,429	)
Property and equipment, net					$	22,039		$	21,523

Note D - Other Comprehensive Loss

3 Months Ended

Sep. 30, 2020

Comprehensive Income (Loss) Note [Text Block]

D. Other Comprehensive Loss

Other comprehensive (loss) income (“OCL” and “OCI”) consisted of the following during the

three

months ended

September 30, 2020

and

September 30, 2019 (

in thousands):

	Three Months Ended
	September 30, 2020
				Unrealized
	Defined			Gains
	Benefit			(Losses) on
	Pension			Cash Flow
	Plan			Hedges			Total
Beginning Balance	$	(888	)	$	(295	)	$	(1,183	)
OCI/OCL before reclassifications		-			(2,063	)		(2,063	)
Amounts reclassified from OCI		-			604			604
Tax effect of OCI activity		-			339			339
Net current period OCI/OCL		-			(1,120	)		(1,120	)

Ending Balance	$	(888	)	$	(1,415	)	$	(2,303	)

	Three Months Ended
	September 30 , 2019
				Unrealized
	Defined			Gains
	Benefit			(Losses) on
	Pension			Cash Flow
	Plan			Hedges			Total
Beginning Balance	$	(491	)	$	783		$	292
ASU 2018-02 Adjustment		(74	)		(54	)		(128	)
OCI/OCL before reclassifications		-			1,301			1,301
Amounts reclassified from OCI		-			(804	)		(804	)
Tax effect of OCI activity		-			(110	)		(110	)
Net current period OCI/OCL		(74	)		333			259

Ending Balance	$	(565	)	$	1,116		$	551

ASU

2018

02,

“

Income Statement-Reporting Comprehensive Income (Topic

220

): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

”, allows for a reclassification from accumulated other comprehensive income (OCI) to retained earnings for stranded tax effects resulting from the

2017

Tax Cuts and Jobs Act. Under this ASU, we reclassified

$0.1

million of gains from OCI to retained earnings for the

three

months ended

September 30, 2019.

Note E - Leases

3 Months Ended

Sep. 30, 2020

Lessee, Operating Leases [Text Block]

E. Leases

July 1, 2019,

we adopted FASB Accounting Standards Codification (“ASC”), Topic

842,

Leases

, or ASC

842,

which requires the recognition of the “Right of Use Assets” and related operating and finance lease liabilities on the balance sheet. As permitted by ASC

842,

we elected the adoption date of

July 1, 2019,

which is the date of initial application. Under ASC

842,

all leases are required to be recorded on the balance sheet and are classified as either operating leases or finance leases. The lease classification affects the expense recognition in the income statement. Operating lease expenses are recorded entirely in operating expenses. Finance lease charges are split, where amortization of the Right of Use Asset is recorded in operating expenses and an implied interest component is recorded in interest expense. The expense recognition for operating leases and finance leases under ASC

842

is substantially consistent with ASC

840.

As a result, there is

material difference in our results of operations presented in our Condensed Consolidated Statement of Income and Comprehensive Income for each period presented.

We adopted ASC

842

using a modified retrospective approach for all leases existing at

July 1, 2019.

The adoption of ASC

842

had a substantial impact on our balance sheet. The most significant impact was the recognition of the operating lease Right of Use Assets and the liability for operating leases. Upon adoption, leases that were previously classified as operating leases under ASC

840

were classified as operating leases under ASC

842,

and we recorded an adjustment of

$20.7

million to operating lease Right of Use Assets and an adjustment of

$20.9

million to the related lease liability. The lease liability is based on the present value of the remaining minimum lease payments, determined under ASC

840,

discounted using our secured incremental borrowing rate at the effective date of

July 1, 2019,

and using the expected lease term(s), including any optional renewals, as the length of time over which to discount payments. As permitted under ASC

842,

we elected several practical expedients that permit us to

not

reassess (

) whether existing contracts are or contain a lease, (

) the classification of existing leases, and (

) whether previously capitalized costs continue to qualify as initial indirect costs. The application of the practical expedients did

not

have a significant impact on the measurement of the operating lease liability.

Other information related to leases was as follows (in thousands):

Supplemental Cash Flows Information	Three Months Ended September 30, 2020		Three Months Ended September 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	820	$	781
Operating lease liabilities arising from obtaining Right of Use Assets for new leases		—		—
Operating lease liabilities arising from recording Right of Use Assets upon adoption of ASC 842		—		20,897

We lease substantially all of our product manufacturing and support office space used to conduct our business. For contracts entered into on or after that effective date, at the inception of a contract we assess whether the contract is, or contains, a lease. Our assessment is based on: (

) whether the contract involves the use of a distinct identified asset, (

) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period of the contract, and (

) whether we have the right to direct the use of the asset during such time period. At inception of a lease, we allocate the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments.

Leases are classified as either finance leases or operating leases. A lease must be classified as a finance lease if any of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does

not

meet any of these criteria. Substantially all our operating leases are comprised of payments for the use of manufacturing space. We have

leases classified as finance leases. As of

September 30, 2020,

the weighted average remaining lease term for our operating leases was

7.0

years. The weighted average discount rate for our operating leases was

3.25%.

As of

June 30, 2020,

the weighted average remaining lease term for our operating leases was

7.2

years. The weighted average discount rate was

3.24%.

For all leases at the lease commencement date, a Right of Use Asset and a lease liability are recognized. The Right of Use Asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease.

The Right of Use Asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All Right of Use Assets are reviewed for impairment. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our secured incremental borrowing rate for the same term as the underlying lease. For our real estate and other operating leases, we use our secured incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will

not

be terminated early.

Some of our manufacturing leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and separated into lease and non-lease components based on the initial amount stated in the lease or standalone selling prices. Lease components are included in the measurement of the initial lease liability. Additional payments based on the change in an index or rate, or payments based on a change in our portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred. Lease modifications result in remeasurement of the lease liability.

Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were

not

included in the initial lease liability. Lease expense for finance leases consists of the amortization of the Right of Use Asset on a straight-line basis over the lease term and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense.

We have elected

not

to recognize Right of Use Assets and lease liabilities for short-term leases that have a term of

months or less. The effect of short-term leases if we had used Right of Use Assets and lease liabilities would

not

have been material.

Note F - Debt	3 Months Ended
Note F - Debt	Sep. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	F . Debt On July 1, 2019, we executed an amendment to our credit facility with Wells Fargo Bank, N.A. to extend the maturity date for our working line of credit from February 1, 2021, to November 1, 2022. The Credit Agreement provides us with a credit line of up to $10.0 million. The line of credit may be used to finance working capital requirements. There was no commitment fee required as part of this amendment. Under the terms of the Credit Agreement, borrowings are subject to eligibility requirements including maintaining (i) a ratio of total liabilities to tangible net worth of not greater than 1.25 to 1.0 at any time; and (ii) a ratio of total current assets to total current liabilities of not less than 1.75 to 1.0 at each fiscal quarter end. Any amounts outstanding under the line of credit will bear interest at a fixed or fluctuating interest rate as elected by us from time to time; provided, however, that if the outstanding principal amount is less than $100,000 such amount shall bear interest at the then applicable fluctuating rate of interest. If elected, the fluctuating rate per annum would be equal to 1.25% above the daily one month LIBOR rate as in effect from time to time. If a fixed rate is elected, it would equal a per annum rate of 1.25% above the LIBOR rate in effect on the first day of the applicable fixed rate term. Any amounts outstanding under the line of credit must be paid in full on or before the maturity date. Amounts outstanding that are subject to a fluctuating interest rate may be prepaid at any time without penalty. Amounts outstanding that are subject to a fixed interest rate may be prepaid at any time in minimum amounts of $100,000, subject to a prepayment fee equal to the sum of the discounted monthly differences between payment under a fixed rate versus payment under the variable rate for each month from the month of prepayment through the month in which the then applicable fixed rate term matures. On September 30, 2020, we were in compliance with all of the financial and other covenants required under the Credit Agreement. Our obligations under the Credit Agreement are secured by our accounts receivable and other rights to payment, general intangibles, inventory, equipment and fixtures. We also have credit approval with Wells Fargo Bank, N.A. which allows us to hedge foreign currency exposures up to 30 months in the future. We also have credit approval with Bank of America which allows us to hedge foreign currency exposures up to 24 months in the future. In light of the global economic uncertainty related to COVID- 19 and as a preventative measure to provide our business with potentially necessary liquidity, and out of an abundance of caution, we withdrew $10 million from our credit facility with Wells Fargo during the fiscal year ended June 30, 2020. While we have not yet experienced any significant negative effects related to COVID- 19 and notwithstanding our belief that our cash position and working capital excluding this $10.0 million borrowing is sufficient to support our ongoing operations, we deemed it prudent to borrow against our line of credit to ensure that such funds would be available to us if and when we need them. As of September 30, 2020, we did not have any remaining availability under our credit facilities.

Note G - Economic Dependency

3 Months Ended

Sep. 30, 2020

Concentration Risk Disclosure [Text Block]

. Economic Dependency

We had substantial net sales to certain customers during the periods shown in the following table. The loss of any of these customers, or a significant decline in (i) sales to these customers, (ii) the growth rate of sales to these customers, or (iii) these customers' ability to make payments when due, each individually could have a material adverse impact on our net sales and net income. Net sales to any

one

customer representing

10%

or more of the respective period's consolidated net sales were as follows (in thousands):

	Three Months Ended September 30,
	20 20			2019

Customer 1	$	23,958		$	14,354
Customer 2	(a		)		3,970
Customer 3	(a		)		3,225
	$	23,958		$	21,549

(a) Sales were less than

10%

of the respective period's total net sales.

We buy certain products, including beta-alanine, from a limited number of raw material suppliers who meet our quality standards. The loss of any of these suppliers could have a material adverse impact on our net sales and net income. Raw material purchases from any

one

supplier representing

10%

or more of the respective period's total raw material purchases were as follows (dollars in thousands):

	Three Months Ended September 30,
	2020		2019

Supplier 1	$	3,375		(a)
	$	3,375		(a)

(a) Purchases were less than

10%

of the respective period's total raw material purchases.

Financial instruments that subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with highly rated financial institutions. Credit risk with respect to receivables is concentrated with

two

of our largest customers, whose receivable balances collectively represented

55.8%

of gross accounts receivable at

September 30, 2020

and

65.7%

June

30,

2020.

As of

September 30, 2020

and

June 30, 2020,

we had a receivable balance of

$3.3

million from a former contract manufacturing customer that we have recorded a bad debt reserve equal to

100%

of this outstanding balance and thus did

not

reflect it in the percentages listed above. Additionally, amounts due related to our beta-alanine raw material sales were

4.9%

of gross accounts receivable at

September 30, 2020,

and

2.5%

of gross accounts receivable at

June 30, 2020.

Concentrations of credit risk related to the remaining accounts receivable balances are limited due to the number of customers comprising our remaining customer base.

Note H - Segment Information

3 Months Ended

Sep. 30, 2020

Segment Reporting Disclosure [Text Block]

. Segment Information

Our business consists of

two

segments for financial reporting purposes. The

two

segments are identified as (i) private-label contract manufacturing, which primarily relates to the provision of private-label contract manufacturing services to companies that market and distribute nutritional supplements and other health care products, and (ii) patent and trademark licensing, which primarily includes direct raw material sales and royalty income from our license and supply agreements associated with the sale and use of beta-alanine under our CarnoSyn® and SR CarnoSyn® trade names.

We evaluate performance of these segments based on a number of factors. The primary performance measures for each segment are net sales and income or loss from operations before the allocation of certain corporate level expenses. Operating income or loss for each segment does

not

include corporate general and administrative expenses, interest expense and other miscellaneous income and expense items. Corporate general and administrative expenses include, but are

not

limited to human resources, corporate legal, finance, information technology, and other corporate level related expenses, which are

not

allocated to any segment. Transfers of raw materials between segments are recorded at cost. The accounting policies of our segments are the same as those described in the summary of significant accounting policies in Note A. above and in the consolidated financial statements included in our

2020

Annual Report.

Our operating results by business segment were as follows (in thousands):

	Three Months Ended September 30,
	20 20		2019
Net Sales
Private-label contract manufacturing	$	37,047	$	26,009
Patent and trademark licensing		2,679		3,186
Total Net Sales	$	39,726	$	29,195

	Three Months Ended September 30,
	2020			2019
Income (Loss) from Operations
Private-label contract manufacturing	$	3,424		$	1,613
Patent and trademark licensing		670			213
Income from operations of reportable segments		4,094			1,826
Corporate expenses not allocated to segments		(2,009	)		(1,881	)
Total Income (Loss) from Operations	$	2,085		$	(55	)

	September 30, 2020		June 30, 2020
Total Assets
Private-label contract manufacturing	$	107,730	$	100,094
Patent and trademark licensing		20,826		20,109
	$	128,556	$	120,203

Our private-label contract manufacturing products are sold both in the U.S. and in markets outside the U.S., including Europe, Canada, Australia, New Zealand, and Asia. Our primary markets outside the U.S. are Europe and Asia. Our patent and trademark licensing activities are primarily based in the U.S.

Net sales by geographic region, based on the customers' location, were as follows (in thousands):

	Three Months Ended September 30,
	2020		2019

United States	$	19,785	$	18,185
Markets outside of the United States		19,941		11,010
Total	$	39,726	$	29,195

Products manufactured by our Swiss subsidiary ("NAIE") accounted for

86%

of net sales in markets outside the U.S. for the

three

months ended

September 30, 2020.

Products manufactured by NAIE accounted for

89%

of net sales in markets outside the U.S. for the

three

months ended

September 30, 2019.

products manufactured by NAIE were sold in U.S. markets during the

three

month periods ended

September 30, 2020

and

2019.

Long-lived assets by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands):

	September 30, 20 20		June 30, 20 20
United States	$	21,272	$	21,769
Europe		18,463		18,108
Total Long-Lived Assets	$	39,735	$	39,877

Total assets by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands):

	September 30, 20 20		June 30, 20 20
United States	$	72,768	$	66,489
Europe		55,788		53,714
Total Assets	$	128,556	$	120,203

Capital expenditures by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands):

	Three Months Ended
	September 30, 20 20		September 30, 201 9
United States	$	249	$	406
Europe		1,230		712
Total Capital Expenditures	$	1,479	$	1,118

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note I - Income Taxes	3 Months Ended
Note I - Income Taxes	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	I . Income Taxes Our effective tax rate for the three months ended September 30, 2020 was ( 28.0% ). Our effective rates differ from the fiscal 2021 U.S. federal statutory rate of 21% primarily due to a discrete tax benefit discussed below. Our effective tax rate for the three months ended September 30, 2019 was 21.3%. To determine our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions to which we are subject. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. We recognize interest and penalties related to uncertain tax positions, if any, as an income tax expense. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. The CARES Act and related notices include several significant provisions, including delaying certain payroll tax payments, mandatory transition tax payments under the Tax Cuts and Jobs Act (“TCJ Act”), and estimated income tax payments. The CARES Act also allows net operating losses (NOL) to be carried back five years. We expect to use this carryback period for the NOL generated with our June 30, 2020 federal tax return, and have recorded a discrete tax benefit in the current quarter, as discussed below. On July 23, 2020, the Department of Treasury issued final regulations which provide an exclusion to the global intangible low-taxed income (GILTI) calculation on an elective basis. These regulations were effective September 21, 2020 and may be retroactively. Under these new regulations, we are able to exclude the GILTI calculation from our domestic taxable income if the deemed effective tax rate at our foreign subsidiary is greater than 18.9%. We assessed this rate, including the implementation of certain tax strategies, and we have determined that our effective rate at NAIE is greater than 18.9% as of the year ending June 30, 2020. We reassessed our estimated taxes for fiscal 2020 and in the three months ended September 30, 2020 we recorded a reduction to our fiscal 2020 estimated taxes of $0.4 million as a discrete benefit. As a result of this adjustment, we now expect our domestic tax return will reflect a net operating loss and, in accordance with the CARES ACT, we plan on carrying this loss back to fiscal 2015, which reflected a higher federal tax rate. Due to this rate differential we have recorded a permanent discrete tax benefit of $0.3 million during the three months ended September 30, 2020. As a result of this tax planning strategy for NAIE, during the three months ended September 30, 2020 we have recorded additional foreign estimated tax expense of $0.4 million and we have reversed our deferred tax liability of $0.5 million. We record valuation allowances to reduce our deferred tax assets to an amount we believe is more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. During the three months ended September 30, 2020, there was no change to our valuation allowance for our deferred tax assets. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are measured using enacted tax rates for each of the jurisdictions in which we operate. Deferred tax assets and liabilities are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled using the tax rates then in effect. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date for such new rates. We are subject to taxation in Switzerland and in the U.S. at the federal level and in various state jurisdictions. Our tax years for the fiscal year ended June 30, 2017 and forward are subject to examination by the U.S. tax authorities. Our tax years for the fiscal years ended June 30, 2007 and forward are subject to examination by the state tax authorities. Our tax years for the fiscal year ended June 30, 2019 and forward are subject to examination by the Swiss tax authorities. It is our policy to establish reserves based on management's assessment of exposure for certain positions taken in previously filed tax returns that may become payable upon audit by tax authorities. Our tax reserves are analyzed quarterly, and adjustments are made as events occur that we believe warrant adjustments to those reserves. There were no adjustments to reserves in the three month periods ended September 30, 2020.

New Accounting Pronouncements, Policy [Policy Text Block]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note J - Treasury Stock	3 Months Ended
Note J - Treasury Stock	Sep. 30, 2020
Notes to Financial Statements
Treasury Stock [Text Block]	J . Treasury Stock On September 18, 2020, the Board of Directors authorized a $2.0 million increase to our stock repurchase plan (“Repurchase Plan”), thus bringing the total authorized repurchase amount to $12.0 million. Under the Repurchase Plan, we may, from time to time, purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions. During the three months ended September 30, 2020 we repurchased 235,390 shares at a weighted average cost of $7.38 and a total cost of $1.7 million under this Repurchase Plan. During the three months ended September 30, 2019 we repurchased 1,031 shares at a weighted average cost of $8.44 and a total cost of $8,700 under this Repurchase Plan. During the three months ended September 30, 2020, we acquired 692 shares from employees in connection with restricted stock shares that vested during that year at a weighted average cost of $6.74 per share and a total cost of $5,000. During the three months ended September 30, 2019, we acquired 686 shares from employees in connection with restricted stock shares that vested during the period at a weighted average cost of $9.90 per share and a total cost of $7,000. These shares were returned to us by the subject employees and in exchange we paid each employee's required tax withholding liability incurred due to the vesting of their restricted stock shares during that period. The valuation of the shares we acquired and the number of shares returned to us was calculated based on the closing share price on the date the shares vested.

Note K - Derivatives and Hedging	3 Months Ended
Note K - Derivatives and Hedging	Sep. 30, 2020
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	K . Derivatives and Hedging We are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to forecasted product sales denominated in foreign currencies and to other transactions of NAIE, our foreign subsidiary. As part of our overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, we may use foreign exchange contracts in the form of forward contracts. To the extent we enter into such contracts, there can be no guarantee any such contracts will be effective hedges against our foreign currency exchange risk. As of September 30, 2020, we had forward contracts designated as cash flow hedges primarily to protect against the foreign exchange risks inherent in our forecasted sales of products at prices denominated in currencies other than the U.S. Dollar. These contracts are expected to be settled through August 2022. For derivative instruments that are designated and qualify as cash flow hedges, we record the effective portion of the gain or loss on the derivative in accumulated other comprehensive income (“OCI”) as a separate component of stockholders' equity and subsequently reclassify these amounts into earnings in the period during which the hedged transaction is recognized in earnings. For foreign currency contracts designated as cash flow hedges, hedge effectiveness is measured using the spot rate. Changes in the spot-forward differential are excluded from the test of hedge effectiveness and are recorded currently in earnings as interest income or expense. We measure effectiveness by comparing the cumulative change in the hedge contract with the cumulative change in the hedged item. No hedging relationships were terminated as a result of ineffective hedging for the three months ended September 30, 2020 and September 30, 2019. We monitor the probability of forecasted transactions as part of the hedge effectiveness testing on a quarterly basis. During the three months ended September 30, 2020 and September 30, 2019, we did not have any losses or gains related to the ineffective portion of our hedging instruments. As of September 30, 2020, the notional amounts of our foreign exchange contracts designated as cash flow hedges were approximately $75.7 million (EUR 66.2 million). As of September 30, 2020, a net loss of approximately $1.8 million related to derivative instruments designated as cash flow hedges was recorded in OCI. It is expected that $1.9 million will be reclassified into earnings in the next 12 months along with the earnings effects of the related forecasted transactions. As of September 30, 2020, $2.5 million of the fair value of our cash flow hedges was classified as a short term liability, and $0.1 million was classified as other noncurrent assets in our Consolidated Balance Sheets. During the three months ended September 30, 2020, we recognized $2.1 million of net losses in OCI, and reclassified $0.6 million of losses and forward point amortization from OCI to Sales. As of June 30, 2020, $0.5 million of the fair value of our cash flow hedges was classified as a current asset, and $0.2 million was classified as a long-term liability in our Consolidated Balance Sheets. During the three months ended September 30, 2019, we recognized $1.3 million of net gains in OCI, reclassified $0.8 million of gains and forward point amortization from OCI to Sales, and reclassified $54,000 of gains from OCI to Other Income.

Note L - Contingencies	3 Months Ended
Note L - Contingencies	Sep. 30, 2020
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	L . Contingencies From time to time, we become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. These matters may relate to product liability, employment, intellectual property, regulatory, contract or other matters. The resolution of these matters as they arise may be subject to various uncertainties and, even if such claims are without merit, could result in the expenditure of significant financial and managerial resources. While unfavorable outcomes are possible, based on available information, we currently do not believe the resolution of these matters will result in a material adverse effect on our business, consolidated financial condition, or results of operations. However, a settlement payment or unfavorable outcome could be greater than we currently anticipate and if so, could adversely impact our results of operations. Our evaluation of the likely impact of these actions could change in the future and we could have unfavorable outcomes we do not expect.

Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements

We did

not

adopt any accounting pronouncements during the

three

months ended

September 30, 2020.

Recently Issued Accounting and Regulatory Pronouncements

November 2020,

the SEC issued Release

No.

10825,

Modernization of Regulation S-K Items

101,

103,

and

105,

which release amends and clarifies certain of our financial reporting requirements. This release will primarily impact risk factor disclosures in our future Annual Reports.

Other recently issued accounting pronouncements are

not

discussed in this Report as such pronouncements did

not

have, and are

not

believed by management to have, a material impact on our present or future financial statements.

Earnings Per Share, Policy [Policy Text Block]

Net Income per Common Share

	Three Months Ended
	September 30,
	2020		201 9
Numerator
Net income	$	2,258	$	96

Denominator
Basic weighted average common shares outstanding		6,418		6,841
Dilutive effect of stock options and restricted stock		53		144
Diluted weighted average common shares outstanding		6,471		6,985

Basic net income per common share	$	0.35	$	0.01

Diluted net income per common share	$	0.35	$	0.01

During the

three

months ended

September 30, 2020

we excluded shares related to stock options totaling

90,000

and

116,658

shares of unvested restricted stock, as their impact would have been anti-dilutive. We did

not

exclude any stock options or restricted stock shares for the

three

months ended

September 30, 2019

none

would have had an anti-dilutive impact.

Revenue [Policy Text Block]

Revenue Recognition

We record revenue based on a

five

-step model that includes: (

) identifying a contract with a customer; (

) identifying the performance obligations in that contract; (

) determining the total transaction price; (

) allocating that transaction price among the performance obligations; and (

) recognizing revenue as each of the various performance obligations are satisfied.

Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling

one

days from the invoice date. Invoices are generally issued on the date of transfer of control of the products ordered to the customer.

Except for product defects,

right of return exists on the sale of our products. We estimate returns based on historical experience and recognize a returns liability for any estimated returns. As of

September 30, 2020,

we have

liability recorded for estimated returns of products.

We have an Exclusive Manufacturing Agreement with Juice Plus+, as amended and restated on

March 31, 2019, (

the "JP Agreement"). Pursuant to the JP Agreement, Juice Plus+ has granted us exclusive rights to manufacture and supply them with certain of their products within

countries where Juice Plus+ currently sells those products. The JP Agreement is effective through

August 6, 2025.

$0.4

million of cash sales discount during the

three

months ended

September 30, 2020

and

$0.4

million during the

three

months ended

September 30, 2019.

$2.7

million during the

three

months ended

September 30, 2020.

We similarly recorded

$3.2

million during the

three

months ended

September 30, 2019.

$0.1

million during the

three

months ended

September 30, 2020.

We recognized

$0.2

million of royalty expense during the

three

months ended

September 30, 2019.

Share-based Payment Arrangement [Policy Text Block]

Stock-Based Compensation

We had an omnibus equity incentive plan that was approved by our Board of Directors effective

October

15,

2009

and approved by our stockholders at the Annual Meeting of Stockholders held on

November

30,

2009

(

"2009

Plan"). Under the

2009

Plan, we granted nonqualified and incentive stock options and restricted stock grants to employees, non-employee directors and consultants. The

2009

Plan expired on

October 15, 2019.

The Board of Directors approved a new omnibus equity incentive plan to be effective

October 15, 2019 (

“2019

Plan”), subject to stockholder approval. However, the

2019

Plan was

not

approved by our stockholders and therefore did

not

become effective. We currently do

not

have an equity incentive plan but

may

still be recording exercises and forfeitures under the

2009

Plan.

We did

not

grant any options during each of the

three

month periods ending

September 30, 2020

and

September 30, 2019,

respectively. All remaining outstanding stock options are fully vested.

options were exercised during the

three

month period ending

September 30, 2020

and

September 30, 2019.

There were

option forfeitures during the

three

month periods ended

September 30, 2020

September 30, 2019.

We did

not

grant any restricted stock shares during the

three

months ending

September 30, 2020

September 30, 2019.

restricted stock shares were forfeited during the

three

months ended

September 30, 2020.

During the

three

months ended

September 30, 2019,

15,000

restricted stock shares were forfeited. Our net income included stock based compensation expense in connection with prior restricted stock grants of approximately

$0.4

million for the

three

months ended

September 30, 2020.

Our net income included stock based compensation expense in connection with prior restricted stock grants of approximately

$0.4

million for the

three

months ended

September 30, 2019.

Deferred Compensation Plan

Effective

July 16, 2020,

the Board of Directors approved and adopted a Non-Qualified Incentive Plan (the “NQ Plan”). Pursuant to the NQ Plan, the Human Resources Committee and the Board of Directors

may

not

been done to date.

July 16, 2020,

deferred cash awards of

$1.0

million were granted to various officers, directors and employees of NAI pursuant to the NQ Plan, each providing for

three

equal cash payments to the Participant, each of which shall be paid on the

one

year, and

two

year, and

three

further payments shall be made in connection with the Award.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

Except for cash and cash equivalents and assets and liabilities related to our pension plan, as of

September 30, 2020

and

June 30, 2020,

we did

not

have any financial assets or liabilities classified as Level

We classify derivative forward exchange contracts as Level

assets and liabilities. The fair value of our forward exchange contracts as of

September 30, 2020

was a net liability of

$2.4

million. The fair value of our forward exchange contracts as of

June 30, 2020

included a net asset of

$0.3

million. The fair values were determined by obtaining pricing from our bank and corroborating those values with a

third

party bank. We also classify our outstanding line of credit balance as a Level

liability, as the fair value is based on inputs that can be derived from information available in publicly quoted markets. As of

September 30, 2020,

and

June 30, 2020,

we did

not

have any financial assets or liabilities classified as Level

We did

not

transfer any assets or liabilities between these levels during fiscal

2020

or the

three

months ended

September 30, 2020.

COVID-19 Pandemic [Policy Text Block]

COVID-

Pandemic

We continue to monitor and evaluate the risks to public health and the impact on overall global business activity related to the COVID-

may

result in a material adverse impact to our financial position, operations and cash flows if conditions persist or worsen.

Note A - Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2020

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended
	September 30,
	2020		201 9
Numerator
Net income	$	2,258	$	96

Denominator
Basic weighted average common shares outstanding		6,418		6,841
Dilutive effect of stock options and restricted stock		53		144
Diluted weighted average common shares outstanding		6,471		6,985

Basic net income per common share	$	0.35	$	0.01

Diluted net income per common share	$	0.35	$	0.01

Note B - Inventories, Net (Tables)

3 Months Ended

Sep. 30, 2020

Schedule of Inventory, Current [Table Text Block]

	September 3 0 , 2020			June 30, 20 20
Raw materials	$	26,507		$	20,863
Work in progress		6,111			3,447
Finished goods		3,926			4,936
Reserve		(1,379	)		(1,274	)
	$	35,165		$	27,972

Note C - Property and Equipment (Tables)

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Table Text Block]

	Depreciable Life In Years				September 3 0 , 2020			June 30, 2020
Land	NA				$	1,200		$	1,200
Building and building improvements		7	–	39		3,743			3,743
Machinery and equipment		3	–	12		34,755			33,405
Office equipment and furniture		3	–	5		5,360			5,318
Vehicles			3			255			255
Leasehold improvements		1	–	15		18,117			18,031
Total property and equipment						63,430			61,952
Less: accumulated depreciation and amortization						(41,391	)		(40,429	)
Property and equipment, net					$	22,039		$	21,523

Note D - Other Comprehensive Loss (Tables)

3 Months Ended

Sep. 30, 2020

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Three Months Ended
	September 30, 2020
				Unrealized
	Defined			Gains
	Benefit			(Losses) on
	Pension			Cash Flow
	Plan			Hedges			Total
Beginning Balance	$	(888	)	$	(295	)	$	(1,183	)
OCI/OCL before reclassifications		-			(2,063	)		(2,063	)
Amounts reclassified from OCI		-			604			604
Tax effect of OCI activity		-			339			339
Net current period OCI/OCL		-			(1,120	)		(1,120	)

Ending Balance	$	(888	)	$	(1,415	)	$	(2,303	)

	Three Months Ended
	September 30 , 2019
				Unrealized
	Defined			Gains
	Benefit			(Losses) on
	Pension			Cash Flow
	Plan			Hedges			Total
Beginning Balance	$	(491	)	$	783		$	292
ASU 2018-02 Adjustment		(74	)		(54	)		(128	)
OCI/OCL before reclassifications		-			1,301			1,301
Amounts reclassified from OCI		-			(804	)		(804	)
Tax effect of OCI activity		-			(110	)		(110	)
Net current period OCI/OCL		(74	)		333			259

Ending Balance	$	(565	)	$	1,116		$	551

Note E - Leases (Tables)

3 Months Ended

Sep. 30, 2020

Lease, Cost [Table Text Block]

Supplemental Cash Flows Information	Three Months Ended September 30, 2020		Three Months Ended September 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	820	$	781
Operating lease liabilities arising from obtaining Right of Use Assets for new leases		—		—
Operating lease liabilities arising from recording Right of Use Assets upon adoption of ASC 842		—		20,897

Note G - Economic Dependency (Tables)

3 Months Ended

Sep. 30, 2020

Supplier Concentration Risk [Member]

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	Three Months Ended September 30,
	2020		2019

Supplier 1	$	3,375		(a)
	$	3,375		(a)

Customer Concentration Risk [Member]

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	Three Months Ended September 30,
	20 20			2019

Customer 1	$	23,958		$	14,354
Customer 2	(a		)		3,970
Customer 3	(a		)		3,225
	$	23,958		$	21,549

Note H - Segment Information (Tables)

3 Months Ended

Sep. 30, 2020

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended September 30,
	20 20		2019
Net Sales
Private-label contract manufacturing	$	37,047	$	26,009
Patent and trademark licensing		2,679		3,186
Total Net Sales	$	39,726	$	29,195

	Three Months Ended September 30,
	2020			2019
Income (Loss) from Operations
Private-label contract manufacturing	$	3,424		$	1,613
Patent and trademark licensing		670			213
Income from operations of reportable segments		4,094			1,826
Corporate expenses not allocated to segments		(2,009	)		(1,881	)
Total Income (Loss) from Operations	$	2,085		$	(55	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	September 30, 2020		June 30, 2020
Total Assets
Private-label contract manufacturing	$	107,730	$	100,094
Patent and trademark licensing		20,826		20,109
	$	128,556	$	120,203

Revenue from External Customers by Geographic Areas [Table Text Block]

	Three Months Ended September 30,
	2020		2019

United States	$	19,785	$	18,185
Markets outside of the United States		19,941		11,010
Total	$	39,726	$	29,195

Long-lived Assets by Geographic Areas [Table Text Block]

	September 30, 20 20		June 30, 20 20
United States	$	21,272	$	21,769
Europe		18,463		18,108
Total Long-Lived Assets	$	39,735	$	39,877

Assets by Geographic Areas [Table Text Block]

	September 30, 20 20		June 30, 20 20
United States	$	72,768	$	66,489
Europe		55,788		53,714
Total Assets	$	128,556	$	120,203

Capital Expenditures by Geographic Areas [Table Text Block]

	Three Months Ended
	September 30, 20 20		September 30, 201 9
United States	$	249	$	406
Europe		1,230		712
Total Capital Expenditures	$	1,479	$	1,118

Note A - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended
	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($) shares	Jul. 16, 2020 USD ($)	Jun. 30, 2020 USD ($)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares		0
Sales, Royalty and Licensing Revenue \| $	$ 2,700	$ 3,200
Royalty Expense \| $	$ 100	$ 200
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) \| shares	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) \| shares	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in shares) \| shares	0	0
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount \| $			$ 1,000
Deferred Compensation Arrangement with Individual, Number of Payments			3
Foreign Currency Contract, Asset, Fair Value Disclosure \| $	$ 2,400			$ 300
Fair Value, Inputs, Level 1 [Member]
Fair Value, Net Asset (Liability), Total \| $	0			0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Net Asset (Liability), Total \| $	$ 0			$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) \| shares	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) \| shares	0	15,000
Share-based Payment Arrangement, Expense \| $	$ 400	$ 400
Juice Plus + [Member]
Sales Discounts, Cash \| $	$ 400	$ 400
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares	90,000
Restricted Stock 1 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares	116,658

Note A - Basis of Presentation and Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Numerator
Net income	$ 2,258	$ 96
Denominator
Basic weighted average common shares outstanding (in shares)	6,418,093	6,841,241
Dilutive effect of stock options and restricted stock (in shares)	53,000	144,000
Diluted weighted average common shares outstanding (in shares)	6,470,978	6,985,226
Basic net income per common share (in dollars per share)	$ 0.35	$ 0.01
Diluted net income per common share (in dollars per share)	$ 0.35	$ 0.01

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Note B - Inventories, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Inventory Valuation Reserves, Ending Balance	$ 1,379	$ 1,274
Kaged Muscle LLC [Member]
Inventory Valuation Reserves, Ending Balance	800	$ 1,000
Kaged Muscle LLC [Member] \| SEC Schedule, 12-09, Reserve, Inventory [Member]
SEC Schedule, 12-09, Valuation Allowances and Reserves, Period Increase (Decrease), Total	$ (200)

Note B - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Raw materials	$ 26,507	$ 20,863
Work in progress	6,111	3,447
Finished goods	3,926	4,936
Reserve	(1,379)	(1,274)
Inventories, net	$ 35,165	$ 27,972

Note C - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Property and equipment, gross	$ 63,430	$ 61,952
Less: accumulated depreciation and amortization	(41,391)	(40,429)
Property and equipment, net	22,039	21,523
Land [Member]
Property and equipment, gross	1,200	1,200
Building and Building Improvements [Member]
Property and equipment, gross	$ 3,743	3,743
Building and Building Improvements [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	39 years
Machinery and Equipment [Member]
Property and equipment, gross	$ 34,755	33,405
Machinery and Equipment [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	12 years
Office Equipment [Member]
Property and equipment, gross	$ 5,360	5,318
Office Equipment [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	3 years
Office Equipment [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	5 years
Vehicles [Member]
Property and equipment, gross	$ 255	255
Depreciable Life In Years (Year)	3 years
Leasehold Improvements [Member]
Property and equipment, gross	$ 18,117	$ 18,031
Leasehold Improvements [Member] \| Minimum [Member]
Depreciable Life In Years (Year)	1 year
Leasehold Improvements [Member] \| Maximum [Member]
Depreciable Life In Years (Year)	15 years

Note D - Other Comprehensive Loss (Details Textual) $ in Millions	3 Months Ended
	Sep. 30, 2019 USD ($)
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect
Accounting Standards Update 2018-02 [Member]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	$ 0.1

Note D - Other Comprehensive Loss - Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Balance	$ 71,375	$ 76,084
ASU 2018-02 Adjustment
Balance	71,131	77,405
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(888)	(491)
OCI/OCL before reclassifications
Amounts reclassified from OCI
Tax effect of OCI activity
Net current period OCI/OCL		(74)
ASU 2018-02 Adjustment		(74)
Balance	(888)	(565)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Balance	(295)	783
OCI/OCL before reclassifications	(2,063)	1,301
Amounts reclassified from OCI	604	(804)
Tax effect of OCI activity	339	(110)
Net current period OCI/OCL	(1,120)	333
ASU 2018-02 Adjustment		(54)
Balance	(1,415)	1,116
AOCI Attributable to Parent [Member]
Balance	(1,183)	292
OCI/OCL before reclassifications	(2,063)	1,301
Amounts reclassified from OCI	604	(804)
Tax effect of OCI activity	339	(110)
Net current period OCI/OCL	(1,120)	259
ASU 2018-02 Adjustment		(128)
Balance	$ (2,303)	$ 551

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note E - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Jul. 01, 2019
Operating Lease, Right-of-Use Asset	$ 17,696	$ 18,354
Operating Lease, Weighted Average Remaining Lease Term (Year)	7 years	7 years 73 days
Operating Lease, Weighted Average Discount Rate, Percent	3.25%	3.24%
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 20,700
Operating Lease, Liability, Total			$ 20,900

Note E - Leases - Lease Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$ 820	$ 781
Operating lease liabilities arising from obtaining Right of Use Assets for new leases
Operating lease liabilities arising from recording Right of Use Assets upon adoption of ASC 842		$ 20,897

Note F - Debt (Details Textual) - USD ($)		12 Months Ended
Note F - Debt (Details Textual) - USD ($)	Jul. 01, 2019	Jun. 30, 2020	Sep. 30, 2020
Proceeds from Long-term Lines of Credit		$ 10,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 0
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000
Long-term Debt, Percentage Bearing Fluctuating Interest, Threshold Amount	100,000
Minimum Prepayment Amount Under Line of Credit	$ 100,000
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Debt Instrument Basis Spread on Elected Fixed Rate Borrowing	1.25%
Wells Fargo Bank, N.A. [Member] \| Credit Agreement [Member] \| Maximum [Member]
Ratio of Indebtedness to Net Capital	1.25
Ratio of Total Current Assets to Total Current Liabilities	1.75

Note G - Economic Dependency (Details Textual) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)
Kaged Muscle LLC [Member] \| Notes Receivable [Member]
Accounts Receivable, after Allowance for Credit Loss, Total	$ 3.3	$ 3.3
Product Concentration Risk [Member] \| Accounts Receivable [Member]
Number of Major Customers	2	2
Concentration Risk, Percentage	55.80%	65.70%
Product Concentration Risk [Member] \| Accounts Receivable [Member] \| Beta-alanine Raw Material [Member]
Concentration Risk, Percentage	4.90%	2.50%

Note G - Economic Dependency - Substantial Net Sales to Certain Customers (Details) - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Customer Concentration Risk [Member] | Revenue Benchmark [Member]

$ 39,726

$ 29,195

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 1 [Member]

23,958

21,549

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 2 [Member]

23,958

14,354

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 3 [Member]

^[1]

3,970

^[1]

$ 3,225

[1]	Sales were less than 10% of the respective period's total net sales.

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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Raw Material Purchases by Supplier

Note G - Economic Dependency - Substantial Net Purchase From Certain Suppliers (Details) - Supplier Concentration Risk [Member] - Raw Material Purchases [Member] - USD ($)
$ in Thousands

3 Months Ended

Sep. 30, 2020

Sep. 30, 2019

$ 3,375

% of Total Raw Material Purchases

^[1]

Supplier 1 [Member]

Raw Material Purchases by Supplier

$ 3,375

% of Total Raw Material Purchases

^[1]

[1]	Purchases were less than 10% of the respective period's total raw material purchases.

Note H - Segment Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Number of Reportable Segments	2
Revenue from Contract with Customer, Including Assessed Tax	$ 39,726	$ 29,195
Non-US [Member]
Revenue from Contract with Customer, Including Assessed Tax	19,941	11,010
UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	$ 19,785	$ 18,185
Products Manufactured by NAIE [Member] \| Non-US [Member] \| Product Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Percentage	86.00%	89.00%
Products Manufactured by NAIE [Member] \| UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0

Note H - Segment Information - Operating Results by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net sales	$ 39,726	$ 29,195
Income from operations	2,085	(55)
Operating Segments [Member]
Income from operations	4,094	1,826
Corporate, Non-Segment [Member]
Income from operations	(2,009)	(1,881)
Private Label Contract Manufacturing [Member]
Net sales	37,047	26,009
Private Label Contract Manufacturing [Member] \| Operating Segments [Member]
Income from operations	3,424	1,613
Patent and Trademark Licensing [Member]
Net sales	2,679	3,186
Patent and Trademark Licensing [Member] \| Operating Segments [Member]
Income from operations	$ 670	$ 213

Note H - Segment Information - Assets by Business Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Assets	$ 128,556	$ 120,203
Private Label Contract Manufacturing [Member]
Assets	107,730	100,094
Patent and Trademark Licensing [Member]
Assets	$ 20,826	$ 20,109

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Note H - Segment Information - Net Sales by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net sales	$ 39,726	$ 29,195
UNITED STATES
Net sales	19,785	18,185
Non-US [Member]
Net sales	$ 19,941	$ 11,010

Note H - Segment Information - Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Long-Lived Assets	$ 39,735	$ 39,877
UNITED STATES
Long-Lived Assets	21,272	21,769
Europe [Member]
Long-Lived Assets	$ 18,463	$ 18,108

Note H - Segment Information - Total Assets by Geographical Region (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Total Assets	$ 128,556	$ 120,203
UNITED STATES
Total Assets	72,768	66,489
Europe [Member]
Total Assets	$ 55,788	$ 53,714