0000849146-20-000162 | 10-Q | XBRL Viewer

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-35647
Entity Registrant Name	LIFEVANTAGE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-0224471
Entity Address, Address Line One	9785 S. Monroe Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Sandy
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84070
City Area Code	801
Local Phone Number	432-9000
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	LFVN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,263,844
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000849146
Current Fiscal Year End Date	--06-30

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Current assets
Cash and cash equivalents	$ 17,960	$ 22,138
Accounts receivable	2,342	2,610
Income tax receivable	98	0
Inventory, net	14,798	13,888
Prepaid expenses and other	5,835	5,232
Total current assets	41,033	43,868
Long-term assets
Property and equipment, net	7,033	7,170
Right-of-use assets	14,554	956
Intangible assets, net	818	851
Deferred income tax asset	2,418	2,164
Equity securities	2,205	2,205
Other long-term assets	2,151	1,663
TOTAL ASSETS	70,212	58,877
Current liabilities
Accounts payable	4,733	3,521
Commissions payable	7,841	9,219
Income tax payable	603	784
Lease liabilities	2,299	1,184
Other accrued expenses	6,544	10,311
Total current liabilities	22,020	25,019
Lease liabilities	13,160	0
Other long-term liabilities	896	604
Total liabilities	36,076	25,623
Commitments and contingencies - Note 8
Stockholders’ equity
Preferred stock — par value $0.0001 per share, 5,000 shares authorized, no shares issued or outstanding	0	0
Common stock — par value $0.0001 per share, 40,000 shares authorized and 14,238 and 14,313 issued and outstanding as of September 30, 2020 and June 30, 2020, respectively	1	1
Additional paid-in capital	126,687	126,416
Accumulated deficit	(92,856)	(93,307)
Accumulated other comprehensive income	304	144
Total stockholders’ equity	34,136	33,254
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 70,212	$ 58,877

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	14,238,000	14,313,000
Common stock, shares outstanding (in shares)	14,238,000	14,313,000

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue, net	$ 54,827	$ 56,228
Cost of sales	9,398	9,190
Gross profit	45,429	47,038
Operating expenses:
Commissions and incentives	25,633	26,774
Selling, general and administrative	16,299	17,686
Total operating expenses	41,932	44,460
Operating income	3,497	2,578
Other expense:
Interest expense, net	(6)	(48)
Other expense, net	(141)	(80)
Total other expense	(147)	(128)
Income before income taxes	3,350	2,450
Income tax expense	(899)	(689)
Net income	$ 2,451	$ 1,761
Net income per share:
Basic (USD per share)	$ 0.17	$ 0.13
Diluted (USD per share)	$ 0.17	$ 0.12
Weighted-average shares outstanding:
Basic (in shares)	14,269	14,009
Diluted (in shares)	14,695	15,106
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	$ 160	$ (16)
Other comprehensive income (loss), net of tax	160	(16)
Comprehensive income	$ 2,611	$ 1,745

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Sep. 30, 2020 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning Balance (in shares) at Jun. 30, 2020		14,313
Beginning Balance at Jun. 30, 2020	$ 33,254	$ 1	$ 126,416	$ (93,307)	$ 144
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	520		520
Exercise of options (in shares)		2
Exercise of options	$ 11		11
Common stock, shares issued (in shares)		74
Common stock issued under employee stock purchase plan (in shares)	23
Common stock issued under employee stock purchase plan	$ 246		246
Shares canceled or surrendered as payment of tax withholding (in shares)		(38)
Shares purchased and canceled as payment of tax withholding	$ (506)		(506)
Repurchase of company stock (in shares)	(100)	(136)
Repurchase of company stock	$ (2,000)			(2,000)
Currency translation adjustment	160				160
Net income	2,451			2,451
Ending Balance (in shares) at Sep. 30, 2020		14,238
Ending Balance at Sep. 30, 2020	$ 34,136	$ 1	$ 126,687	$ (92,856)	$ 304

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net income	$ 2,451	$ 1,761
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,132	536
Stock-based compensation	464	1,372
Amortization of right-of-use assets	1,113	571
Amortization of deferred financing fees	0	2
Amortization of debt discount	0	13
Deferred income tax	(254)	1,203
Changes in operating assets and liabilities:
Accounts receivable	304	(66)
Income tax receivable	(97)	(614)
Inventory, net	(772)	(1,066)
Prepaid expenses and other	(583)	(3,296)
Other long-term assets	(313)	0
Accounts payable	1,194	(17)
Income tax payable	(182)	(442)
Other accrued expenses	(5,210)	(2,776)
Lease liabilities	(598)	(662)
Other long-term liabilities	298	21
Net Cash Used in Operating Activities	(1,053)	(3,460)
Cash Flows from Investing Activities:
Purchase of equipment	(960)	(752)
Net Cash Used in Investing Activities	(960)	(752)
Cash Flows from Financing Activities:
Repurchase of Company stock	(2,000)	(1,393)
Payment on term loan	0	(500)
Shares purchased and canceled as payment of tax withholding	(506)	(61)
Proceeds from common stock issued under employee stock purchase plan	246	339
Exercise of options	11	11
Net Cash Used in Financing Activities	(2,249)	(1,604)
Foreign Currency Effect on Cash	84	1
Decrease in Cash and Cash Equivalents:	(4,178)	(5,815)
Cash and Cash Equivalents — beginning of period	22,138	18,824
Cash and Cash Equivalents — end of period	17,960	13,009
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	6	22
Cash paid for income taxes	$ 1,313	$ 557

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation LifeVantage Corporation is a company focused on biohacking the aging code through nutrigenomics, the study of how nutrition and naturally occurring compounds affect human genes to support good health. LifeVantage is dedicated to helping people achieve their health, wellness and financial goals. The Company provides quality, scientifically-validated products and a financially rewarding direct sales opportunity to customers and independent distributors. The Company sells its products in the United States, Mexico, Japan, Australia, Hong Kong, Canada, Thailand, the United Kingdom, the Netherlands, Germany, Taiwan, Austria, Spain, Ireland, Belgium, New Zealand and Singapore. In addition, the Company sells its products in a number of countries to customers for personal consumption only and in China through an e-commerce business model. The Company engages in the identification, research, development and distribution of advanced nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, and skin and hair care products. The Company's line of scientifically-validated dietary supplements includes its flagship Protandim® family of products, LifeVantage® Omega+ and ProBio dietary supplements, TrueScience® skin and hair care products, Petandim® for Dogs, its companion pet supplement formulated to combat oxidative stress in dogs, Axio®, its nootropic energy drink mixes, and its PhysIQ™ smart weight management system. The condensed consolidated financial statements included herein have been prepared by the Company’s management, without audit, pursuant to the rules and regulations of the SEC. In the opinion of the Company’s management, these interim financial statements include all adjustments that are considered necessary for a fair presentation of its financial position as of September 30, 2020, and the results of operations for the three months ended September 30, 2020 and 2019, and the cash flows for the three months ended September 30, 2020 and 2019. Interim results are not necessarily indicative of results for a full year or for any future period. Certain amounts in the prior year financial statements have been reclassified for comparative purposes in order to conform with current year presentation. The condensed consolidated financial statements and notes included herein are presented as required by Form 10-Q, and do not contain certain information included in the Company’s audited financial statements and notes for the fiscal year ended June 30, 2020, pursuant to the rules and regulations of the SEC. For further information, refer to the financial statements and notes thereto as of and for the year ended June 30, 2020, and included in the annual report on Form 10-K on file with the SEC.

Summary of Significant Accounting Policies

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.

Use of Estimates

The Company prepares the condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America (GAAP). In preparing these statements, the Company is required to use estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. On an ongoing basis, the Company reviews its estimates, including, but not limited to, those related to inventory valuation and obsolescence, sales returns, income taxes and tax valuation reserves, transfer pricing methodology and positions, impairment of assets, share-based compensation, and loss contingencies.

Foreign Currency Translation

A portion of the Company’s business operations occurs outside the United States. The local currency of each of the Company’s subsidiaries is generally its functional currency. All assets and liabilities are translated into U.S. dollars at exchange rates existing at the balance sheet dates, revenue and expenses are translated at weighted-average exchange rates and stockholders’ equity is recorded at historical exchange rates. The resulting foreign currency translation adjustments are recorded as a separate component of stockholders’ equity in the condensed consolidated balance sheets and as a component of

comprehensive income. Transaction gains and losses are included in other expense, net in the condensed consolidated statements of operations and comprehensive income. For the three months ended September 30, 2020 and 2019, a net foreign currency gain of $0.1 million and loss of $0.1 million, respectively, are recorded in other expense, net.

Derivative Instruments and Hedging Activities

The Company's subsidiaries enter into transactions with each other which may not be denominated in the respective subsidiaries' functional currencies. The Company seeks to reduce its exposure to fluctuations in foreign exchange rates through the use of derivatives. The Company does not use such derivative financial instruments for trading or speculative purposes.

To hedge risks associated with the foreign-currency-denominated intercompany transactions, the Company entered into forward foreign exchange contracts which were all settled by the end of September 2020 and were not designated for hedge accounting. For the three months ended September 30, 2020 and 2019, realized losses of $0.2 million and $0.1 million, respectively, related to forward contracts, are recorded in other expense, net. The Company did not hold any derivative instruments at September 30, 2020.

Cash and Cash Equivalents

The Company considers only its monetary liquid assets with original maturities of three months or less as cash and cash equivalents.

Concentration of Credit Risk

Accounting guidance for financial instruments requires disclosure of significant concentrations of credit risk regardless of the degree of such risk. Financial instruments with significant credit risk include cash and investments. At September 30, 2020, the Company had $12.7 million in cash accounts at one financial institution and $5.3 million in accounts at other financial institutions. As of September 30, 2020 and June 30, 2020, and during the periods then ended, the Company’s cash balances exceeded federally insured limits.

Accounts Receivable

The Company’s accounts receivable as of September 30, 2020 and June 30, 2020 consist primarily of credit card receivables. Based on the Company’s verification process for customer credit cards and historical information available, management has determined that an allowance for doubtful accounts on credit card sales related to its customer sales as of September 30, 2020 is not necessary. No bad debt expense was recorded during the three months ended September 30, 2020 and 2019.

Inventory

As of September 30, 2020 and June 30, 2020, inventory consisted of (in thousands):


	September 30, 2020				June 30, 2020
Finished goods	$	11,619	78.5	%	$	10,164	73.2	%
Raw materials	3,179		21.5	%	3,724		26.8	%
Total inventory	$	14,798	100.0	%	$	13,888	100.0	%

Inventories are carried at the lower of cost or net realizable value, using the first-in, first-out method, which includes a reduction in inventory values of $0.3 million and $0.2 million at September 30, 2020 and June 30, 2020, respectively, related to obsolete and slow-moving inventory.

Fair Value of Financial Instruments

The Company accounts for assets and liabilities using a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the fair-value hierarchy below. This hierarchy requires the Company to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value.

•Level 1—Quoted prices for identical instruments in active markets;

•Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

•Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

Equity securities held by the Company are measured at fair value on a nonrecurring basis; that is, the assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments using fair value measurements with unobservable inputs (level 3), in certain circumstances (e.g., when there is evidence of impairment).

Revenue Recognition

Revenue is recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.

The Company generates the majority of its revenue through product sales to customers. These products include the Protandim® line of dietary supplements, LifeVantage® Omega+ and ProBio dietary supplements, the TrueScience® line of Nrf2-infused skin and hair care products, Petandim® for Dogs, Axio® Smart Energy Drink mixes, and the PhysIQ™ Smart Weight Management System. The Company ships most of its product directly to the consumer and receives substantially all payment for product sales in the form of credit card receipts. Revenue from direct product sales to customers is recognized upon shipment, which is when passage of title and risk of loss occurs. For items sold in packs and bundles, the Company determines the standalone selling price at contract inception for each distinct good, and then allocates the transaction price on a relative standalone selling price basis. Any discounts are accounted for as a direct reduction to the transaction price. Shipping and handling revenue is recognized upon shipment when the performance obligation is completed.

The Company also charges independent distributors to attend certain events held by the Company. Tickets to events are sold as standalone items or included within packs. For event tickets sold in packs, the Company allocates a portion of the transaction price to the ticket on a relative standalone selling price basis. Any discounts are accounted for as a direct reduction to the transaction price. Fee revenue associated with ticket sales is recorded in the month that the event is held, which is when the Company has performed its obligations under the contract.

Estimated returns are recorded when product is shipped. Subject to some exceptions based on local regulations, the Company’s return policy is to provide a full refund for product returned within 30 days. After 30 days of purchase, only unopened product that is in a resalable and restockable condition may be returned within twelve months of purchase and shall receive a 100% refund, less a 10% handling and restocking fee and any shipping and handling costs. The Company establishes a refund liability reserve, and an asset reserve for its right to recover products, based on historical experience. The returns asset reserve and returns liability reserve are evaluated on a quarterly basis. As of September 30, 2020 and June 30, 2020, the returns liability reserve, net was $0.3 million and $0.3 million, respectively.

Shipping and Handling

Shipping and handling costs associated with inbound freight and freight out to customers and independent distributors are included in cost of sales. Shipping and handling fees charged to customers are included in revenue.

Research and Development Costs

The Company expenses all costs related to research and development activities, as incurred. Research and development expenses for the three months ended September 30, 2020 and 2019 were $0.2 million and $0.2 million, respectively.

Leases

The Company accounts for leases in accordance with Accounting Standards Codification ("ASC") 842. The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are included in right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the condensed consolidated balance sheets. The Company does not have any finance leases.

Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company’s lease agreements do not contain any residual value guarantees.

The pandemic caused by coronavirus (“COVID-19”) has resulted in disruptions at the corporate level forcing the Company's corporate workforce to a remote working environment through the remainder of calendar 2020. As of September 1, 2020, the Company has abandoned the ROU asset related to the Corporate office lease in Sandy, UT, as this lease is set to terminate in February 2021. A new Corporate office, currently under construction, will open in early 2021, at which time the Company anticipates that it will begin a phased approach with employees returning to the new corporate office.

As a result of the abandonment of the Sandy, UT office, operating lease expenses related to the ROU asset, along with the remaining leasehold assets in the office, have been reduced to their salvage values, which the Company has determined to be zero. The total expense related to the abandonment of the ROU asset for the three months ended September 30, 2020 is $0.8 million and is included in selling, general, and administrative expenses. The remaining lease liability for the Sandy, UT office is $0.5 million at September 30, 2020.

Stock-Based Compensation

The Company recognizes stock-based compensation by measuring the cost of services to be rendered based on the grant date fair value of the equity award. The Company recognizes stock-based compensation, net of any estimated forfeitures, over the period an employee is required to provide service in exchange for the award, generally referred to as the requisite service period. For awards with market-based performance conditions, the cost of the awards is recognized as the requisite service is rendered by employees, regardless of when, if ever, the market-based performance conditions are satisfied.

The Black-Scholes option pricing model is used to estimate the fair value of stock options and options under the Company's 2019 Employee Stock Purchase Plan. The determination of the fair value of options is affected by the Company's stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The Company uses historical data for estimating the expected volatility and expected life of stock options required in the Black-Scholes model. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the stock options.

The fair value of restricted stock grants is based on the closing market price of the Company's stock on the date of grant less the Company's expected dividend yield. The fair value of performance restricted stock units that include market-based performance conditions is based on the closing market price of the Company's stock on the date of grant less the Company's expected dividend yield, with further adjustments made to reflect the market conditions that must be satisfied in order for the units to vest by using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model include the risk-free rate, expected volatility, expected dividends and the correlation coefficient. The fair value of cash-settled performance-based awards, accounted for as liabilities, is remeasured at the end of each reporting period and is based on the closing market price of the Company’s stock on the last day of the reporting period. The Company recognizes compensation costs for awards with performance conditions when it concludes it is probable that the performance conditions will be achieved. The Company reassesses the probability of vesting at each balance sheet date and adjusts compensation costs accordingly.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled, updated as needed for changes in corporate tax rates. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that includes the effective date of the change. The Company recognizes tax liabilities or benefits from an uncertain position only if it is more likely than not that the position will be sustained upon examination by taxing authorities based on the technical merits of the issue. The amount recognized would be the largest liability or benefit that the Company believes has greater than a 50% likelihood of being realized upon settlement.

For the three months ended September 30, 2020 and 2019, the Company recognized income tax expense of $0.9 million and $0.7 million, respectively, which is reflective of the Company’s current estimated federal, state and foreign effective tax rate. Realization of deferred tax assets is dependent upon future earnings in specific tax jurisdictions, the timing and amount of which are uncertain.

Income Per Share

Basic income per common share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period, less unvested restricted stock awards. Diluted income per common share is computed by dividing net income by the weighted-average common shares and potentially dilutive common share equivalents using the treasury stock method.

For the three months ended September 30, 2020 and 2019, the effects of approximately 0.2 million and 21,000 common shares, respectively, issuable upon exercise of options and non-vested shares of restricted stock are not included in computations as their effect was anti-dilutive.

The following is a reconciliation of net income per share and the weighted-average common shares outstanding for purposes of computing basic and diluted net income per share (in thousands, except per share amounts):


	Three Months Ended September 30,
	2020		2019
Numerator:
Net income	$	2,451	$	1,761
Denominator:
Basic weighted-average common shares outstanding	14,269		14,009
Effect of dilutive securities:
Stock awards and options	426		1,097

Diluted weighted-average common shares outstanding	14,695		15,106
Net income per share, basic	$	0.17	$	0.13
Net income per share, diluted	$	0.17	$	0.12

Segment Information

The Company operates in a single operating segment by selling products directly to customers and through an international network of independent distributors that operates in an integrated manner from market to market. Commissions and incentives expenses are the Company’s largest expense comprised of the commissions paid to its independent distributors. The Company manages its business primarily by managing its international network of independent distributors. The Company disaggregates revenue in two geographic regions: the Americas region and the Asia/Pacific & Europe region.

The following table presents the Company's revenue disaggregated by these two geographic regions (in thousands):


	Three Months Ended September 30,
	2020		2019
Americas	$	38,675	$	40,181
Asia/Pacific & Europe	16,152		16,047
Total revenue	$	54,827	$	56,228

Additional information as to the Company’s revenue from operations in the most significant geographical areas is set forth below (in thousands):


	Three Months Ended September 30,
	2020		2019
United States	$	36,108	$	37,346
Japan	$	10,431	$	11,058

The following table presents the Company's long-lived assets for its most significant geographic markets:


	September 30, 2020		June 30, 2020
United States	$	20,126	$	10,126
Japan	$	4,288	$	1,070

Gig Economy Group Investment	3 Months Ended
Gig Economy Group Investment	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Gig Economy Group Investment	Gig Economy Group Investment Convertible Note Receivable The Company entered into a convertible promissory note agreement with Gig Economy Group, Inc. ("GEG") pursuant to which the Company agreed to loan to GEG up to an aggregate of $2.0 million in a series of loan installments, evidenced by a convertible promissory note having a maturity date of May 31, 2019 ("Convertible Note"). The Convertible Note accrued interest at a rate of 8% per annum, compounded annually. On May 17, 2019, the Company and GEG entered into an amendment agreement to extend the maturity date of the Convertible Note to December 31, 2019. In all other aspects, the Convertible Note remained unchanged from the original agreement. Pursuant to a Common Stock Purchase Agreement between the Company and GEG dated December 16, 2019, GEG issued to the Company 1,000,000 shares of GEG’s common stock, par value $0.0001 per share, in consideration for conversion and cancellation of all principal, interest and other amounts due under the Convertible Note (representing $2.2 million in aggregate consideration). Equity Securities under ASC 321 Upon conversion of the convertible promissory note receivable with GEG, the Company held a minority interest (less than 20%) in GEG, accounted for under ASC 321, Investments - Equity Securities ("ASC 321"), which is included in equity securities in the condensed consolidated balance sheets. Dividends received are reported in earnings if and when received. The Company reviews securities individually for impairment by evaluating if events or circumstances have occurred that may indicate the fair value of the investment is less than its carrying value. If such events or circumstances have occurred, the Company estimates the fair value of the investment and recognizes an impairment loss in other expense, net on the condensed consolidated statements of operations and comprehensive income equal to the difference between the fair value of the investment and its carrying value. In such cases, the estimated fair value of the investment is determined using unobservable inputs including assumptions by GEG's management and quantitative information such as lower valuations in recently completed or proposed financings. These inputs are classified as Level 3. Because GEG is in the early startup stage, GEG is subject to potential changes in cash flows and valuation, and may be unable to raise additional capital necessary to support its ongoing operations. Equity securities held by the Company lack readily determinable fair values and therefore the securities are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar equity securities of the same issuer. The carrying amount of equity securities held by the Company without readily determinable fair values was $2.2 million at September 30, 2020 and June 30, 2020. During the three months ended September 30, 2020, there were no price changes or impairments recognized.

Leases

3 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

The Company has operating leases for current corporate offices and certain equipment. These leases have remaining terms of approximately one to eleven years. As of September 30, 2020, the weighted average remaining lease term and weighted average discount rate for operating leases was 8.98 years and 3.36%, respectively.

For the three months ended September 30, 2020, operating lease expense was $1.2 million which includes $0.5 million related to the abandonment of the Sandy, UT office. For the Three Months Ended September 30, 2019, operating lease expense was $0.7 million.

Supplemental cash flow information related to operating leases was as follows (in thousands):


	Three Months Ended September 30,
	2020		2019
Operating cash outflows from operating leases	$	616	$	720
Right-of-use assets obtained in exchange for lease obligations	$	14,682	$	—

Maturity of lease liabilities at September 30, 2020 are as follows (in thousands):


Year ended June 30,	Amount
2021 (remaining nine months ending June 30, 2021)	$	1,973
2022	2,400
2023	3,011
2024	1,722
2025	1,606
Thereafter	7,913
Total	18,625
Less: imputed interest	(3,166)
Present value of lease liabilities	$	15,459

Long-Term Debt	3 Months Ended
Long-Term Debt	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On March 30, 2016, the Company entered into a loan agreement (the “2016 Loan Agreement”) to refinance its outstanding debt. In connection with the 2016 Loan Agreement and on the same date, the Company entered into a security agreement (the “Security Agreement”). The 2016 Loan Agreement provides for a term loan in an aggregate principal amount of $10.0 million (the “2016 Term Loan") and a revolving loan facility in an aggregate principal amount not to exceed $2.0 million (the “2016 Revolving Loan,” and collectively with the 2016 Term Loan, the 2016 Loan Agreement and the Security Agreement, the “2016 Credit Facility”). The principal amount of the 2016 Term Loan is payable in consecutive quarterly installments in the amount of $0.5 million plus accrued interest beginning with the fiscal quarter ended June 30, 2016. If the Company borrows under the 2016 Revolving Loan, interest will be payable quarterly in arrears on the last day of each fiscal quarter. On May 4, 2018, the Company entered into a loan modification agreement, which amended the 2016 Credit Facility (“Amendment No. 1”). Amendment No. 1 revised the maturity date from March 30, 2019 to March 31, 2021 (the “Maturity Date”) and increased the fixed interest rate for the term loan from 4.93% to 5.68%. Amendment No. 1 also revised certain financial covenants. The minimum fixed charge coverage ratio (as defined in Amendment No. 1) was revised from a minimum of 1.50 to 1.00 to 1.25 to 1.00, measured on a trailing twelve-month basis, at the end of each fiscal quarter. The minimum working capital was increased from $5.0 million to $8.0 million. The funded debt to EBITDA ratio was replaced with the total liabilities to tangible net worth ratio (as defined in Amendment No. 1) of not greater than 3.00 to 1.00 at the end of each quarter. The minimum tangible net worth measure was removed from the financial covenants. The Company’s obligations under the 2016 Credit Facility, as amended, are secured by a security interest in substantially all of the Company’s assets. Loans outstanding under the 2016 Credit Facility, as amended, may be prepaid in whole or in part at any time without premium or penalty. In addition, if, at any time, the aggregate principal amount outstanding under the 2016 Revolving Loan exceeds $2.0 million, the Company must prepay an amount equal to such excess. Any principal amount of the 2016 Term Loan which is prepaid or repaid may not be re-borrowed. On February 1, 2019, the Company entered into a loan modification agreement, which amended the 2016 Credit Facility, as amended ("Amendment No. 2"). Under Amendment No. 2, the Company made a principal payment of $2.0 million and increased the revolving loan facility from $2.0 million to $5.0 million. Amendment No. 2 also revised certain financial covenants. The minimum fixed charge coverage ratio (as defined in Amendment No. 2) was revised from a minimum of 1.25 to 1.00 to 1.10 to 1.00, measured on a trailing twelve-month basis, at the end of each fiscal quarter. The minimum working capital was decreased from $8.0 million to $6.0 million. The 2016 Credit Facility, as amended, contains customary covenants, including affirmative and negative covenants that, among other things, restrict the Company’s ability to create certain types of liens, incur additional indebtedness, declare or pay dividends on or redeem capital stock, make other payments to holders of equity interests in the Company, make certain investments, purchase or otherwise acquire all or substantially all the assets or equity interests of other companies, sell assets or enter into consolidations, mergers or transfers of all or any substantial part of the Company’s assets. The 2016 Credit Facility, as amended, also contains various financial covenants that require the Company to maintain certain consolidated working capital amounts, total liabilities to tangible net worth ratios and fixed charge coverage ratios. Additionally, the 2016 Credit Facility, as amended, contains cross-default provisions, whereby a default under the terms of certain indebtedness or an uncured default of a payment or other material obligation of the Company under a material contract of the Company will cause a default on the remaining indebtedness under the 2016 Credit Facility, as amended. As of September 30, 2020, the Company was in compliance with all applicable covenants under the 2016 Credit Facility, as amended. The Company’s book value for the 2016 Credit Facility, as amended, approximates the fair value. During the fiscal year ended June 30, 2020, the Company repaid, in full, the remaining balance of the 2016 Term Loan in accordance with the terms of the 2016 Credit Facility, as amended.

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity During the three months ended September 30, 2020, the Company issued approximately 2,000 shares of common stock upon the exercise of options. During the three months ended September 30, 2020, approximately 38,000 shares of restricted stock were canceled or surrendered as payment of tax withholding upon vesting. On November 27, 2017, the Company announced a share repurchase program authorizing it to repurchase up to $5 million in shares of the Company's common stock. The repurchase program permits the Company to purchase shares through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the Company's management. As part of the repurchase program, the Company may enter into a pre-arranged stock repurchase plan which operates in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Accordingly, any transactions under such stock repurchase plan would be completed in accordance with the terms of the plan, including specified price, volume and timing conditions. The authorization may be suspended or discontinued at any time and expires on November 27, 2020. On February 1, 2019, the Board of Directors approved an amendment to the share repurchase program to increase the authorized share repurchase amount from $5 million to $15 million and, on August 27, 2020, the Board of Directors approved an amendment to the share repurchase program to increase the authorized share repurchase amount from $15 million to $35 million and to extend the duration of the program through November 30, 2023. During the three months ended September 30, 2020, the Company purchased 0.1 million shares of common stock at an aggregate price of $2.0 million under this repurchase program. At September 30, 2020, there is $21.4 million remaining under this repurchase program. The Company’s Certificate of Incorporation authorizes the issuance of preferred shares. However, as of September 30, 2020, none have been issued and no rights or preferences have been assigned to the preferred shares by the Company’s board of directors.

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Long-Term Incentive Plans Equity-Settled Plans The Company adopted, and the stockholders approved, the 2007 Long-Term Incentive Plan (the “2007 Plan”), effective November 21, 2006, to provide incentives to eligible employees, directors and consultants. A maximum of 1.4 million shares of the Company's common stock can be issued under the 2007 Plan in connection with the grant of awards. Awards to purchase common stock have been granted pursuant to the 2007 Plan and are outstanding to various employees, officers, directors, Scientific Advisory Board members and independent distributors at prices between $4.41 and $10.50 per share, with initial vesting periods of one to three years. Awards expire in accordance with the terms of each award and the shares subject to the award are added back to the 2007 Plan upon expiration of the award. The contractual term of stock options granted is generally ten years. Effective November 21, 2016, no new awards can be granted under the 2007 Plan. As of September 30, 2020, under the 2007 Plan, there were stock option awards outstanding, net of awards expired, for an aggregate of 17,000 shares of the Company's common stock. The Company adopted, and the stockholders approved, the 2010 Long-Term Incentive Plan (the “2010 Plan”), effective September 27, 2010, as amended on August 21, 2014, to provide incentives to certain employees, directors and consultants. A maximum of 1.0 million shares of the Company's common stock can be issued under the 2010 Plan in connection with the grant of awards. Awards to purchase common stock have been granted pursuant to the 2010 Plan and are outstanding to various employees, officers and directors. Outstanding stock options awarded under the 2010 Plan have exercise prices between $5.60 and $20.09 per share, and vest over one to four year vesting periods. Awards expire in accordance with the terms of each award and, upon expiration of the award, the shares subject to the award will be added to the 2017 Plan pool as described below. The contractual term of stock options granted is generally ten years. No new awards will be granted under the 2010 Plan and forfeited or terminated shares may be added to the 2017 Plan pool as described below. As of September 30, 2020, under the 2010 Plan, there were stock option awards outstanding, net of awards expired, for an aggregate of 0.1 million shares of the Company's common stock. The Company adopted, and the stockholders approved, the 2017 Long-Term Incentive Plan (the “2017 Plan”), effective February 16, 2017, to provide incentives to eligible employees, directors and consultants. On February 2, 2018 and November 15, 2018, the stockholders approved amendments to the 2017 Plan to increase by 425,000 shares and 715,000 shares, respectively, the number of shares of the Company's common stock that are available for issuance under the 2017 Plan. The maximum number of shares that can be issued under the 2017 Plan is not to exceed 2,265,000 shares, calculated as the sum of (i) 1,790,000 shares and (ii) up to 475,000 shares previously reserved for issuance under the 2010 Plan, including shares returned upon cancellation, termination or forfeiture of awards that were previously granted under that plan. As of September 30, 2020, a maximum of 2.3 million shares of the Company's common stock can be issued under the 2017 Plan in connection with the grant of awards. Outstanding stock options awarded under the 2017 Plan have exercise prices of $4.44 per share, and vest over a three year vesting period. Awards expire in accordance with the terms of each award and, upon expiration of the award, the shares subject to the award are added back to the 2017 Plan. The contractual term of stock options granted are substantially the same as described above for the 2007 Plan and 2010 Plan. As of September 30, 2020, under the 2017 Plan, there were stock option awards outstanding, net of awards expired, for an aggregate of 0.4 million shares of the Company's common stock. Cash-Settled Plans The Company adopted a performance incentive plan effective July 1, 2017 (the "Fiscal 2018 Performance Plan"). The Fiscal 2018 Performance Plan is intended to provide selected employees an opportunity to earn performance-based cash bonuses whose value is based upon the Company’s stock value and to encourage such employees to provide services to the Company and to attract new individuals with outstanding qualifications. The Fiscal 2018 Performance Plan seeks to achieve this purpose by providing for awards in the form of performance share units (the “Units”). No shares will be issued under the Fiscal 2018 Performance Plan. Awards may be settled only with cash and will be paid subsequent to award vesting. The fair value of share-based compensation awards, that include performance shares, are accounted for as liabilities. Vesting for the Units is subject to achievement of both service-based and performance-based vesting requirements. Performance-based vesting occurs in three installments if the Company meets certain performance criteria generally set for each year of a three-year performance period. The service-based vesting criteria occurs in a single installment at the end of the third fiscal year after the awards are granted if the participant has continuously remained in service from the date of award through the end of the third fiscal year. The fair value of these awards is based on the trading price of the Company's common stock and is remeasured at each reporting period date until settlement. Employee Stock Purchase Plan General. The Company's 2019 Employee Stock Purchase Plan ("ESPP") was adopted by the board of directors in September 2018 and its stockholders approved it in November 2018. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code. Share Reserve. The Company has reserved 0.4 million shares of its common stock for issuance under the ESPP. As of September 30, 2020, 0.3 million shares were available for issuance. The number of shares reserved under the ESPP will automatically be adjusted in the event of a stock split, stock dividend or a reverse stock split (including an adjustment to the per-purchase period share limit). Purchase Price. Employees may purchase each share of common stock under the ESPP at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of the six-month offering periods. An employee's contributions to the ESPP are limited to 15% of their regular hourly or salary compensation, and up to a maximum of 3,000 shares may be purchased during any offering period. A participant shall not be granted an option under the ESPP if such option would permit the participant's rights to purchase stock to accrue at a rate exceeding $25,000 grant date fair market value of stock for each calendar year in which such option is outstanding at any time. Offering Periods. Unless otherwise determined by the compensation committee, the ESPP will be operated through a series of successive six-month offering periods, which will begin each year on March 1 and September 1. During the three months ended September 30, 2020, approximately 23,000 shares of common stock was issued under the ESPP. Stock-Based Compensation In accordance with accounting guidance for stock-based compensation, payments in equity instruments for goods or services are accounted for by the fair value method. For the three months ended September 30, 2020, stock-based compensation of $0.5 million was reflected as an increase to additional paid-in capital and a decrease of $0.1 million was included in other accrued expenses, all of which was employee related. For the three months ended September 30, 2019, stock-based compensation of $1.3 million was reflected as an increase to additional paid-in capital and an increase of $41,000 was included in other accrued expenses, all of which was employee related.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies The Company accounts for contingent liabilities in accordance with ASC 450, Contingencies. This guidance requires management to assess potential contingent liabilities that may exist as of the date of the financial statements to determine the probability and amount of loss that may have occurred, which inherently involves an exercise of judgment. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. For loss contingencies considered remote, no accrual or disclosures are generally made. Management has assessed potential contingent liabilities as of September 30, 2020, and based on the assessment, there are no probable loss contingencies requiring accrual or disclosures within its financial statements. Legal Accruals In addition to commitments and obligations in the ordinary course of business, from time to time, the Company is subject to various claims, pending and potential legal actions, investigations relating to governmental laws and regulations and other matters arising out of the normal conduct of its business. Management assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in the consolidated financial statements. An estimated loss contingency is accrued in the consolidated financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because evaluating legal claims and litigation results are inherently unpredictable and unfavorable results could occur, assessing contingencies is highly subjective and requires judgments about future events. When evaluating contingencies, management may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed or asserted against the Company may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of a potential liability. Management regularly reviews contingencies to determine the adequacy of financial statement accruals and related disclosures. The amount of ultimate loss may differ from these estimates. It is possible that cash flows or results of operations could be materially affected in any particular period by the unfavorable resolution of one or more of these contingencies. Whether any losses finally determined in any claim, action, investigation or proceeding could reasonably have a material effect on the Company's business, financial condition, results of operations or cash flows will depend on a number of variables, including: the timing and amount of such losses; the structure and type of any remedies; the significance of the impact of any such losses, damages or remedies may have on the consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors. Class Action Lawsuit (Smith v. LifeVantage Corp.): On January 24, 2018, a purported class action was filed in the United States District Court for the District of Connecticut, entitled Smith v. LifeVantage Corp., Case No. 3:18-cv-a35 (D. Connecticut filed Jan. 24, 2018). In this action, Plaintiffs alleged that the Company, its Chief Executive Officer, Chief Sales Officer and Chief Marketing Officer operated a pyramid scheme in violation of a variety of federal and state statutes, including RICO and the Connecticut Unfair Trade Practices Act. On April 16, 2018, the Company filed motions with the court to dismiss the complaint against LifeVantage, dismiss the complaint against the Company's executives, transfer the venue of the case from the State of Connecticut to the State of Utah, and contest class certification. On July 23, 2018, the parties filed a stipulation with the Court agreeing to transfer the case to the Federal District Court for Utah. On September 20, 2018, Plaintiffs filed an amended complaint in Utah. As per the parties stipulated agreement, Plaintiff's amended complaint dropped the RICO and Connecticut state law claims and removed the Company's Chief Sales Officer and Chief Marketing Officer as individual defendants (the Chief Executive Officer remains a defendant in the case). The Plaintiffs' amended complaint added an antitrust claim, alleging that the Company fraudulently obtained patents for its products and is attempting to use those patents in an anti-competitive manner. The Company filed a Motion to Dismiss the amended complaint on November 5, 2018, Plaintiffs filed a response to the Company’s Motion to Dismiss on December 17, 2018, and the Company filed a reply brief on January 10, 2019. The Court ruled on the motion on December 5, 2019, dismissing three of the Plaintiff's four claims, including the antitrust claim, unjust enrichment claim, and the securities claim for the sale of unregistered securities. On December 19, 2019, Plaintiffs filed a second amended complaint which included three causes of action, including a 10(b)(5) securities fraud claim, and renewed claims relating to the sale of unregistered securities and unjust enrichment. The Company filed a Motion to Dismiss the Second Amended Complaint on January 28, 2020, and as of March 17, 2020, the Motion was fully briefed by the parties. The parties are now waiting for the court to schedule oral argument, or the court may decide the matter on the parties’ briefs only. On May 6, 2020, the court issued a formal scheduling order to confirm the parties’ agreement on a schedule for discovery and other litigation matters, and initial discovery has begun and will continue per the order. The Company has not established a loss contingency accrual for this lawsuit as it believes liability is not probable or estimable, and the Company plans to vigorously defend against this lawsuit. Nonetheless, an unfavorable resolution of this matter could have a material adverse effect on the Company's business, results of operations or financial condition. Other Matters. In addition to the matters described above, the Company also may become involved in other litigation and regulatory matters incidental to its business and the matters disclosed in this quarterly report on Form 10-Q, including, but not limited to, product liability claims, regulatory actions, employment matters and commercial disputes. The Company intends to defend itself in any such matters and does not currently believe that the outcome of any such matters will have a material adverse effect on the Company's business, financial condition, results of operations and cash flows.

Related Party Transactions	3 Months Ended
Related Party Transactions	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company has entered into a series of agreements with GEG for outsourced software application development services. The Company and GEG have also entered into a common stock purchase agreement. For discussion related to the common stock purchase agreement, see Note 3. Two members of the Company's board of directors serve on the GEG board of directors. During the three months ended September 30, 2019, the Company paid $0.6 million to GEG for software application development services. No payments were made to GEG for software and application development services during the three months ended September 30, 2020.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Consolidation	ConsolidationThe condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation.
Use of Estimates	Use of Estimates The Company prepares the condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America (GAAP). In preparing these statements, the Company is required to use estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. On an ongoing basis, the Company reviews its estimates, including, but not limited to, those related to inventory valuation and obsolescence, sales returns, income taxes and tax valuation reserves, transfer pricing methodology and positions, impairment of assets, share-based compensation, and loss contingencies.
Foreign Currency Translation	Foreign Currency Translation A portion of the Company’s business operations occurs outside the United States. The local currency of each of the Company’s subsidiaries is generally its functional currency. All assets and liabilities are translated into U.S. dollars at exchange rates existing at the balance sheet dates, revenue and expenses are translated at weighted-average exchange rates and stockholders’ equity is recorded at historical exchange rates. The resulting foreign currency translation adjustments are recorded as a separate component of stockholders’ equity in the condensed consolidated balance sheets and as a component of comprehensive income. Transaction gains and losses are included in other expense, net in the condensed consolidated statements of operations and comprehensive income.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company's subsidiaries enter into transactions with each other which may not be denominated in the respective subsidiaries' functional currencies. The Company seeks to reduce its exposure to fluctuations in foreign exchange rates through the use of derivatives. The Company does not use such derivative financial instruments for trading or speculative purposes. To hedge risks associated with the foreign-currency-denominated intercompany transactions, the Company entered into forward foreign exchange contracts which were all settled by the end of September 2020 and were not designated for hedge accounting.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers only its monetary liquid assets with original maturities of three months or less as cash and cash equivalents.
Concentration of Credit Risk	Concentration of Credit RiskAccounting guidance for financial instruments requires disclosure of significant concentrations of credit risk regardless of the degree of such risk. Financial instruments with significant credit risk include cash and investments.
Accounts Receivable	Accounts ReceivableThe Company’s accounts receivable as of September 30, 2020 and June 30, 2020 consist primarily of credit card receivables. Based on the Company’s verification process for customer credit cards and historical information available, management has determined that an allowance for doubtful accounts on credit card sales related to its customer sales as of September 30, 2020 is not necessary.
Inventory	Inventories are carried at the lower of cost or net realizable value, using the first-in, first-out method
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company accounts for assets and liabilities using a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the fair-value hierarchy below. This hierarchy requires the Company to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. •Level 1—Quoted prices for identical instruments in active markets; •Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and •Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Equity securities held by the Company are measured at fair value on a nonrecurring basis; that is, the assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments using fair value measurements with unobservable inputs (level 3), in certain circumstances (e.g., when there is evidence of impairment).
Revenue Recognition And Shipping and Handling	Revenue Recognition Revenue is recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales, value add, and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company generates the majority of its revenue through product sales to customers. These products include the Protandim® line of dietary supplements, LifeVantage® Omega+ and ProBio dietary supplements, the TrueScience® line of Nrf2-infused skin and hair care products, Petandim® for Dogs, Axio® Smart Energy Drink mixes, and the PhysIQ™ Smart Weight Management System. The Company ships most of its product directly to the consumer and receives substantially all payment for product sales in the form of credit card receipts. Revenue from direct product sales to customers is recognized upon shipment, which is when passage of title and risk of loss occurs. For items sold in packs and bundles, the Company determines the standalone selling price at contract inception for each distinct good, and then allocates the transaction price on a relative standalone selling price basis. Any discounts are accounted for as a direct reduction to the transaction price. Shipping and handling revenue is recognized upon shipment when the performance obligation is completed. The Company also charges independent distributors to attend certain events held by the Company. Tickets to events are sold as standalone items or included within packs. For event tickets sold in packs, the Company allocates a portion of the transaction price to the ticket on a relative standalone selling price basis. Any discounts are accounted for as a direct reduction to the transaction price. Fee revenue associated with ticket sales is recorded in the month that the event is held, which is when the Company has performed its obligations under the contract. Estimated returns are recorded when product is shipped. Subject to some exceptions based on local regulations, the Company’s return policy is to provide a full refund for product returned within 30 days. After 30 days of purchase, only unopened product that is in a resalable and restockable condition may be returned within twelve months of purchase and shall receive a 100% refund, less a 10% handling and restocking fee and any shipping and handling costs. The Company establishes a refund liability reserve, and an asset reserve for its right to recover products, based on historical experience. The returns asset reserve and returns liability reserve are evaluated on a quarterly basis. As of September 30, 2020 and June 30, 2020, the returns liability reserve, net was $0.3 million and $0.3 million, respectively. Shipping and Handling Shipping and handling costs associated with inbound freight and freight out to customers and independent distributors are included in cost of sales. Shipping and handling fees charged to customers are included in revenue.
Research and Development Costs	Research and Development CostsThe Company expenses all costs related to research and development activities, as incurred.
Leases	Leases The Company accounts for leases in accordance with Accounting Standards Codification ("ASC") 842. The Company reviews all contracts and determines if the arrangement is or contains a lease, at inception. Operating leases are included in right-of-use (“ROU”) assets, current lease liabilities and long-term lease liabilities on the condensed consolidated balance sheets. The Company does not have any finance leases. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any upfront lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with a term of 12 months or less are not recorded on the balance sheet. The Company’s lease agreements do not contain any residual value guarantees. The pandemic caused by coronavirus (“COVID-19”) has resulted in disruptions at the corporate level forcing the Company's corporate workforce to a remote working environment through the remainder of calendar 2020. As of September 1, 2020, the Company has abandoned the ROU asset related to the Corporate office lease in Sandy, UT, as this lease is set to terminate in February 2021. A new Corporate office, currently under construction, will open in early 2021, at which time the Company anticipates that it will begin a phased approach with employees returning to the new corporate office. As a result of the abandonment of the Sandy, UT office, operating lease expenses related to the ROU asset, along with the remaining leasehold assets in the office, have been reduced to their salvage values, which the Company has determined to be zero. The total expense related to the abandonment of the ROU asset for the three months ended September 30, 2020 is $0.8 million and is included in selling, general, and administrative expenses. The remaining lease liability for the Sandy, UT office is $0.5 million at September 30, 2020.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation by measuring the cost of services to be rendered based on the grant date fair value of the equity award. The Company recognizes stock-based compensation, net of any estimated forfeitures, over the period an employee is required to provide service in exchange for the award, generally referred to as the requisite service period. For awards with market-based performance conditions, the cost of the awards is recognized as the requisite service is rendered by employees, regardless of when, if ever, the market-based performance conditions are satisfied. The Black-Scholes option pricing model is used to estimate the fair value of stock options and options under the Company's 2019 Employee Stock Purchase Plan. The determination of the fair value of options is affected by the Company's stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The Company uses historical data for estimating the expected volatility and expected life of stock options required in the Black-Scholes model. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the stock options. The fair value of restricted stock grants is based on the closing market price of the Company's stock on the date of grant less the Company's expected dividend yield. The fair value of performance restricted stock units that include market-based performance conditions is based on the closing market price of the Company's stock on the date of grant less the Company's expected dividend yield, with further adjustments made to reflect the market conditions that must be satisfied in order for the units to vest by using a Monte-Carlo simulation model. Key assumptions for the Monte-Carlo simulation model include the risk-free rate, expected volatility, expected dividends and the correlation coefficient. The fair value of cash-settled performance-based awards, accounted for as liabilities, is remeasured at the end of each reporting period and is based on the closing market price of the Company’s stock on the last day of the reporting period. The Company recognizes compensation costs for awards with performance conditions when it concludes it is probable that the performance conditions will be achieved. The Company reassesses the probability of vesting at each balance sheet date and adjusts compensation costs accordingly.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using statutory tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled, updated as needed for changes in corporate tax rates. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income in the period that includes the effective date of the change. The Company recognizes tax liabilities or benefits from an uncertain position only if it is more likely than not that the position will be sustained upon examination by taxing authorities based on the technical merits of the issue. The amount recognized would be the largest liability or benefit that the Company believes has greater than a 50% likelihood of being realized upon settlement.
Income Per Share	Income Per Share Basic income per common share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period, less unvested restricted stock awards. Diluted income per common share is computed by dividing net income by the weighted-average common shares and potentially dilutive common share equivalents using the treasury stock method.
Segment Information	Segment Information The Company operates in a single operating segment by selling products directly to customers and through an international network of independent distributors that operates in an integrated manner from market to market. Commissions and incentives expenses are the Company’s largest expense comprised of the commissions paid to its independent distributors. The Company manages its business primarily by managing its international network of independent distributors. The Company disaggregates revenue in two geographic regions: the Americas region and the Asia/Pacific & Europe region.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Components of inventory

As of September 30, 2020 and June 30, 2020, inventory consisted of (in thousands):


	September 30, 2020				June 30, 2020
Finished goods	$	11,619	78.5	%	$	10,164	73.2	%
Raw materials	3,179		21.5	%	3,724		26.8	%
Total inventory	$	14,798	100.0	%	$	13,888	100.0	%

Summary of computation of net income per share


	Three Months Ended September 30,
	2020		2019
Numerator:
Net income	$	2,451	$	1,761
Denominator:
Basic weighted-average common shares outstanding	14,269		14,009
Effect of dilutive securities:
Stock awards and options	426		1,097

Diluted weighted-average common shares outstanding	14,695		15,106
Net income per share, basic	$	0.17	$	0.13
Net income per share, diluted	$	0.17	$	0.12

Revenue disaggregated by geographic regions

The following table presents the Company's revenue disaggregated by these two geographic regions (in thousands):


	Three Months Ended September 30,
	2020		2019
Americas	$	38,675	$	40,181
Asia/Pacific & Europe	16,152		16,047
Total revenue	$	54,827	$	56,228

Additional information as to the Company’s revenue from operations in the most significant geographical areas is set forth below (in thousands):


	Three Months Ended September 30,
	2020		2019
United States	$	36,108	$	37,346
Japan	$	10,431	$	11,058

Long-lived assets by geographic areas

The following table presents the Company's long-lived assets for its most significant geographic markets:


	September 30, 2020		June 30, 2020
United States	$	20,126	$	10,126
Japan	$	4,288	$	1,070

Leases (Tables)

3 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of supplemental cash flow related to operating leases

Supplemental cash flow information related to operating leases was as follows (in thousands):


	Three Months Ended September 30,
	2020		2019
Operating cash outflows from operating leases	$	616	$	720
Right-of-use assets obtained in exchange for lease obligations	$	14,682	$	—

Schedule of maturity of lease liabilities

Maturity of lease liabilities at September 30, 2020 are as follows (in thousands):


Year ended June 30,	Amount
2021 (remaining nine months ending June 30, 2021)	$	1,973
2022	2,400
2023	3,011
2024	1,722
2025	1,606
Thereafter	7,913
Total	18,625
Less: imputed interest	(3,166)
Present value of lease liabilities	$	15,459

Summary of Significant Accounting Policies - Narrative (Details) shares in Thousands	3 Months Ended
	Sep. 30, 2020 USD ($) Segment shares	Sep. 30, 2019 USD ($) shares	Jun. 30, 2020 USD ($)
Concentration Risk [Line Items]
Foreign currency transaction gain (loss), realized	$ (100,000)	$ 100,000
Derivative instruments not designated as hedging instruments, gain (loss), net	(200,000)	(100,000)
Bad debt expenses	0	0
Inventory valuation reserves	$ 300,000		$ 200,000
Money back guarantee period	30 days
Handling and restocking fee, percentage	10.00%
Return liability reserve	$ 300,000		$ 300,000
Research and development	200,000	200,000
Salvage value	0
Present value of lease liabilities	15,459,000
Income tax expense	$ 899,000	$ 689,000
Antidilutive securities excluded from EPS calculation (in shares) \| shares	200	21
Number of operating segments \| Segment	1
Number of geographic segments \| Segment	2
Sandy, UT
Concentration Risk [Line Items]
Present value of lease liabilities	$ 500,000
Selling, General and Administrative Expenses
Concentration Risk [Line Items]
Abandonment of ROU asset	800,000
Cash accounts held primarily at One Financial Institution
Concentration Risk [Line Items]
Concentration of credit risk	12,700,000
Cash held primarily at Other Financial Institutions
Concentration Risk [Line Items]
Concentration of credit risk	$ 5,300,000

Summary of Significant Accounting Policies - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 11,619	$ 10,164
Raw materials	3,179	3,724
Total inventory	$ 14,798	$ 13,888
Finished goods, percent of inventory (in percentage)	78.50%	73.20%
Raw materials, percent of inventory (in percentage)	21.50%	26.80%
Percent of total inventory (in percentage)	100.00%	100.00%

Summary of Significant Accounting Policies - Summary of Computation of Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Numerator:
Net income	$ 2,451	$ 1,761
Denominator:
Basic weighted-average common shares outstanding (in shares)	14,269	14,009
Effect of dilutive securities:
Stock awards and options (in shares)	426	1,097
Diluted weighted-average common shares outstanding (in shares)	14,695	15,106
Net income per share, basic (USD per share)	$ 0.17	$ 0.13
Net income per share, diluted (USD per share)	$ 0.17	$ 0.12

- Definition

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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+ Details

Summary of Significant Accounting Policies - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, net	$ 54,827	$ 56,228
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, net	38,675	40,181
Asia/Pacific & Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, net	16,152	16,047
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, net	36,108	37,346
Long-lived assets	20,126		$ 10,126
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue, net	10,431	$ 11,058
Long-lived assets	$ 4,288		$ 1,070

- Definition

Amount, excluding 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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+ Details

Gig Economy Group Investment (Details) - USD ($)		3 Months Ended
Gig Economy Group Investment (Details) - USD ($)	Dec. 16, 2019	Sep. 30, 2020	Jun. 30, 2020
Related Party Transaction [Line Items]
Common stock, par value (USD per share)		$ 0.0001	$ 0.0001
Equity securities held without readily determinable value		$ 2,200,000	$ 2,200,000
GEG
Related Party Transaction [Line Items]
Notes receivable, related party, maximum commitment		$ 2,000,000.0
Debt conversion, original debt, interest rate of debt (in percentage)		8.00%
Common stock, par value (USD per share)	$ 0.1000
GEG \| Common Stock
Related Party Transaction [Line Items]
Debt conversion, converted instrument, shares issued (in shares)	1,000,000
Debt conversion, converted instrument, amount	$ 2,200,000

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	8 years 11 months 23 days
Weighted average discount rate (in percentage)	3.36%
Operating lease expense	$ 1,200	$ 700
Abandonment expense	500
Operating cash outflows from operating leases	616	720
Right-of-use assets obtained in exchange for lease obligations	$ 14,682	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	11 years

Leases - Schedule of supplemental cash flow related to operating leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating cash outflows from operating leases	$ 616	$ 720
Right-of-use assets obtained in exchange for lease obligations	$ 14,682	$ 0

Leases - Schedule of maturity of lease liabilities (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Leases [Abstract]
2021 (remaining nine months ending June 30, 2021)	$ 1,973
2022	2,400
2023	3,011
2024	1,722
2025	1,606
Thereafter	7,913
Total	18,625
Less: imputed interest	(3,166)
Present value of lease liabilities	$ 15,459

Long-Term Debt - Narrative (Details)		3 Months Ended
Long-Term Debt - Narrative (Details)	Feb. 01, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	May 04, 2018 USD ($)	Mar. 30, 2016 USD ($)
Line of Credit Facility [Line Items]
Repayment of term loan		$ 0	$ 500,000
March 2016 Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Maximum capacity on draw					$ 10,000,000.0
Quarterly installments		$ 500,000
Fixed rate interest on debt (in percentage)				5.68%	4.93%
Debt instrument, covenant, fixed charge coverage ratio	1.10			1.25	1.50
Debt instrument, covenant, required minimum working capital	$ 6,000,000.0			$ 8,000,000.0	$ 5,000,000.0
Debt instrument, covenant, total liabilities to tangible net worth ratio				3.00
March 2016 Term Loan \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum capacity on draw					2,000,000.0
March 2016 Revolving Loan \| Secured Debt
Line of Credit Facility [Line Items]
Repayment of term loan	2,000,000.0
March 2016 Revolving Loan \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum capacity on draw	$ 5,000,000.0				$ 2,000,000.0

Stockholders' Equity (Details) - USD ($) shares in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Aug. 27, 2020	Feb. 01, 2019	Nov. 27, 2017
Class of Stock [Line Items]
Stock repurchase program authorized amount			$ 35,000,000	$ 15,000,000	$ 5,000,000
Stock repurchase program shares repurchased (in shares)	100
Repurchase of company stock	$ 2,000,000	$ 1,393,000
Remaining authorized repurchase amount	$ 21,400,000
Common Stock
Class of Stock [Line Items]
Exercise of options (in shares)	2
Shares canceled or surrendered as payment of tax withholding (in shares)	38

Stock-Based Compensation (Details)					3 Months Ended
Stock-Based Compensation (Details)	Nov. 15, 2018 shares	Feb. 02, 2018 shares	Sep. 27, 2010 $ / shares shares	Nov. 21, 2006 $ / shares shares	Sep. 30, 2020 USD ($) installment $ / shares shares	Sep. 30, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued under employee stock purchase plan (in shares)					23,000
Stock based compensation reflected in additional paid in capital \| $					$ 500,000	$ 1,300,000
Increase in share-based compensation included in other accrued expenses \| $					$ 100,000	$ 41,000
2007 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				1,400,000
Right to purchase common stock, minimum price per share (USD per share) \| $ / shares				$ 4.41
Right to purchase common stock, maximum price per share (USD per share) \| $ / shares				$ 10.50
Contractual term of stock options granted				10 years
Options outstanding, net of awards expired (in shares)					17,000
2007 Long-Term Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period				1 year
2007 Long-Term Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period				3 years
2010 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		475,000	1,000,000.0
Right to purchase common stock, minimum price per share (USD per share) \| $ / shares			$ 5.60
Right to purchase common stock, maximum price per share (USD per share) \| $ / shares			$ 20.09
Contractual term of stock options granted			10 years
Options outstanding, net of awards expired (in shares)					100,000
2010 Long-Term Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period			1 year
2010 Long-Term Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period			4 years
2017 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		2,265,000			2,300,000
Share based payment award, vesting period					3 years
Options outstanding, net of awards expired (in shares)					400,000
Number of additional shares authorized (in shares)	715,000	425,000
Right to purchase common stock, non-vested and outstanding, exercise price (USD per share) \| $ / shares					$ 4.44
2017 Long-Term Incentive Plan Excluding 2010 Long-Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		1,790,000
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, capital shares reserved for future issuance (in shares)					400,000
Shares available for issuance under the ESPP (in shares)					300,000
Purchase price of common stock (in percentage)					85.00%
Maximum employee subscription rate (in percentage)					15.00%
Maximum number of shares per employee					3,000
Amount in excess of fair market value of stock for option not to be granted \| $					$ 25,000
Common stock issued under employee stock purchase plan (in shares)					23,000
Performance Shares \| 2018 Performance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment award, vesting period					3 years
Shares issued (in shares)					0
Number of vesting installments \| installment					3

Commitment and Contingencies (Details)	Dec. 05, 2019 claim
Commitments and Contingencies Disclosure [Abstract]
Claims dismissed	3
Pending claims	4

Related Party Disclosures (Details)	3 Months Ended
Related Party Disclosures (Details)	Sep. 30, 2020 USD ($) member	Sep. 30, 2019 USD ($)
Related Party Transaction [Line Items]
Members of company board of directors serving on GEG board of directors \| member	2
GEG
Related Party Transaction [Line Items]
Related party purchase \| $	$ 0	$ 600,000