Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 27, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GIGA TRONICS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-26 | |
Entity Common Stock, Shares Outstanding | 6,725,281 | |
Amendment Flag | false | |
Entity Central Index Key | 719,274 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jun. 27, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Current assets: | ||
Cash and cash-equivalents | $ 1,004 | $ 1,170 |
Trade accounts receivable, net of allowance of $45, respectively | 2,620 | 2,354 |
Inventories, net | 3,789 | 3,365 |
Prepaid expenses and other current assets | 337 | 373 |
Total current assets | 7,750 | 7,262 |
Property and equipment, net | 672 | 718 |
Other long term assets | 69 | 74 |
Total assets | 8,491 | 8,054 |
Current liabilities: | ||
Line of credit | 500 | |
Current portion of long term debt | 808 | 811 |
Accounts payable | 1,834 | 973 |
Accrued payroll and benefits | 576 | 678 |
Deferred revenue | 820 | 1,127 |
Deferred rent | 132 | 127 |
Capital lease obligations | 46 | 69 |
Other current liabilities | 377 | 501 |
Total current liabilities | 5,093 | 4,286 |
Long term loan and warrant debt, net of discounts | 296 | 392 |
Derivative liability, at estimated fair value | 315 | 252 |
Long term obligations - deferred rent | 78 | 111 |
Long term obligations - capital lease | 54 | 58 |
Total liabilities | $ 5,836 | $ 5,099 |
Commitments and contingencies | ||
Convertible preferred stock of no par value Authorized - 1,000,000 shares; | ||
Common stock of no par value; Authorized - 40,000,000 shares; 6,725,281 shares at June 27, 2015 and 6,705,065 at March 28, 2015 issued and outstanding | $ 20,304 | $ 19,975 |
Accumulated deficit | (20,560) | (19,931) |
Total shareholders' equity | 2,655 | 2,955 |
Total liabilities and shareholders' equity | 8,491 | 8,054 |
Series A Preferred Stock [Member] | ||
Convertible preferred stock of no par value Authorized - 1,000,000 shares; | ||
Preferred Stock, Value Issued | 0 | 0 |
Series B, C, and D Preferred Stock [Member] | ||
Convertible preferred stock of no par value Authorized - 1,000,000 shares; | ||
Preferred Stock, Value Issued | $ 2,911 | $ 2,911 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Trade accounts receivable, allowance (in Dollars) | $ 45 | $ 45 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, par value (in Dollars per share) | $ 0 | $ 0 |
Common stock, authorized | 40,000,000 | 40,000,000 |
Common stock, issued | 6,725,281 | 6,705,065 |
Common stock, outstanding | 6,725,281 | 6,705,065 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized | 250,000 | 250,000 |
Prеfеrrеd Stock, Sharеs Issuеd | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Series B, C, and D Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized | 19,500 | 19,500 |
Prеfеrrеd Stock, Sharеs Issuеd | 18,533.51 | 18,533.51 |
Preferred Stock, Shares Outstanding | 18,533.51 | 18,533.51 |
Preferred Stock, Liquidation Preference (in Dollars) | $ 3,540 | $ 3,540 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Net sales | $ 4,375,000 | $ 4,508,000 |
Cost of sales | 2,647,000 | 2,670,000 |
Gross margin | 1,728,000 | 1,838,000 |
Operating expenses: | ||
Engineering | 746,000 | 929,000 |
Selling, general and administrative | 1,455,000 | 1,027,000 |
Total operating expenses | 2,201,000 | 1,956,000 |
Operating loss | (473,000) | (118,000) |
Loss on adjustment of derivative liability to fair value | (63,000) | (193,000) |
Other expense | (2,000) | |
Interest expense: | ||
Interest expense, net | (51,000) | (59,000) |
Interest expense from accretion of loan and warrant debt discounts | (42,000) | (24,000) |
Total interest expense | (93,000) | (83,000) |
Loss before income taxes | (629,000) | (396,000) |
Provision for income taxes | 0 | 47,000 |
Net loss | $ (629,000) | $ (443,000) |
Loss per common share - basic (in Dollars per share) | $ (0.10) | $ (0.09) |
Loss per common share - diluted (in Dollars per share) | $ (0.10) | $ (0.09) |
Weighted average common shares used in per share calculation: | ||
Basic (in Shares) | 6,251 | 5,113 |
Diluted (in Shares) | 6,251 | 5,113 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (629,000) | $ (443,000) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 74,000 | 75,000 |
Share based compensation | 335,000 | 84,000 |
Loss on adjustment of derivative liability to fair value | 63,000 | 193,000 |
Accretion of discounts on loan and warrant debt | 42,000 | 24,000 |
Change in deferred rent | (28,000) | (21,000) |
Changes in operating assets and liabilities | (349,000) | 687,000 |
Net cash (used in) provided by operating activities | (492,000) | 599,000 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (28,000) | |
Net cash used in investing activities | (28,000) | |
Cash flows from financing activities: | ||
Payments on capital leases | (27,000) | (88,000) |
Proceeds from line of credit | 500,000 | 2,536,000 |
Proceeds from issuance of debt | 500,000 | |
Proceeds from exercise of stock options | 22,000 | 22,000 |
Repayments of debt | (141,000) | |
Repayments of line of credit | (3,339,000) | |
Net cash provided by (used in) financing activities | 354,000 | (369,000) |
(Decrease)/Increase in cash and cash-equivalents | (166,000) | 230,000 |
Beginning cash and cash-equivalents | 1,170,000 | 1,059,000 |
Ending cash and cash-equivalents | 1,004,000 | 1,289,000 |
Supplementary disclosure of cash flow information: | ||
Cash paid for income taxes | 2,000 | |
Cash paid for interest | $ 43,000 | 45,000 |
Supplementary disclosure of noncash financing activities: | ||
Equipment acquired under capital lease | $ 49,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Jun. 27, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | (1) Organization and Significant Accounting Policies The condensed consolidated financial statements included herein have been prepared by Giga-tronics Incorporated (the “Company”), pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the fiscal year. In the opinion of management, the information contained herein reflects all adjustments (consisting of normal recurring entries) necessary to make the consolidated results of operations for the interim periods a fair statement of such operations. For further information, refer to the consolidated financial statements and footnotes thereto, included in the Annual Report on Form 10-K, filed with the Securities and Exchange Commission for the year ended March 28, 2015. Basis of Presentation In fiscal 2012 the Company began to invest heavily in the development of a new Giga-tronics Division product platform, the Advanced Signal Generation System. The Company has also experienced delays in completing the Advanced Signal Generation System which also contributed significantly to the losses of the Company. As of June 28, 2015 the Company had an accumulated deficit of $20.6 million. The Company incurred a net loss of $629,000 for the first three months of fiscal 2016, which included non-cash expenses of $335,000 for stock based compensation and $105,000 of non-cash charges associated with the PFG warrant agreement due to accretion of loan and warrant debt discounts, and the adjustment of derivative liability to fair value. In fiscal 2015 the Company’s net loss was $1.7 million, which included a non-cash expense of $1.2 million related to the issuance of new warrants to Alara Capital and $152,000 of non-cash accretion of loan and warrant debt discounts. In the fourth quarter of fiscal 2015 the Company received $1.5 million of net proceeds associated with Alara Capital exercising 1,002,818 of existing warrants (see Note 14, Exercise of Series C and Series D Warrants). On June 1, 2015 the Company entered into a two year $2.5 million Revolving Accounts Receivable Line of Credit agreement with Bridge Bank N.A (“Bridge Bank”). The Bridge Bank credit facility replaced the line of credit with Silicon Valley Bank (“SVB”), which expired April 15, 2015. The $2.5 million credit facility includes $500,000 of available borrowing not based on accounts receivables (see Note 11, Accounts Receivable Line of Credit). In the fourth quarter of fiscal 2015 two customers formally accepted initial units of the Company’s new Advanced Signal Generation System. In the first quarter of fiscal 2016 the Company received $522,000 of new orders for the Advanced Signal Generator. With customer acceptance of initial units, new customer orders received and the start of similar units in production for orders in backlog and potential future sales to customers, over the past two quarters the Advanced Signal Generation System has made progress towards becoming a viable commercial product. The Company could experience longer than anticipated sales cycles or delays in production and shipping volume quantities of the Advanced Signal Generation System, however, the Company believes the Advanced Signal Generation System will significantly contribute to the Company’s long term success. In the first quarter of fiscal 2016 the Company received a $3.0 million Microsource production order, which is scheduled to start shipping in the second quarter of fiscal 2016 and be completed by the fourth quarter of fiscal 2016. In the first quarter of fiscal 2016 the Company also received the $1.5 million Navy 8003 order, which started shipping in the first quarter of fiscal 2016 and is expected to be completed in the second quarter of fiscal 2016. Principles of Consolidation Derivatives New Accounting Standards Inventory (Topic 330): “ Simplifying the Measurement of Inventory ” Inventory |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Jun. 27, 2015 | |
Revenue Recognition Disclosure [Abstract] | |
Revenue Recognition Disclosure [Text Block] | (2) Revenue Recognition The Company records revenue when there is persuasive evidence of an arrangement, delivery has occurred, the price is fixed and determinable, and collectability is reasonably assured. This occurs when products are shipped or the customer accepts title transfer. If the arrangement involves acceptance terms, the Company defers revenue until product acceptance is received. The Company limits the amount of revenue recognition for delivered elements to the amount that is not contingent on the future delivery of products or services, future performance obligations or subject to customer-specified return or refund privileges. The Company evaluates each deliverable in an arrangement to determine whether they represent separate units of accounting. On certain large development contracts, revenue is recognized upon achievement of substantive milestones. Determining whether a milestone is substantive is a matter of judgment and that assessment is performed only at the inception of the arrangement. The consideration earned from the achievement of a milestone must meet all of the following for the milestone to be considered substantive: a. It is commensurate with either of the following: 1. The Company’s performance to achieve the milestone. 2. The enhancement of the value of the delivered item or items as a result of a specific outcome resulting from the Company's performance to achieve the milestone. b. It relates solely to past performance. c. It is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. Milestones for revenue recognition are agreed upon with the customer prior to the start of the contract and some milestones will be tied to product shipping while others will be tied to design review. In fiscal 2015 the Company’s Microsource business unit received a $6.5 million order from a major aerospace company for non-recurring engineering services to develop a variant of its high performance fast tuning YIG filters for an aircraft platform and to deliver a limited number of flight-qualified prototype hardware units (the “NRE Order”) which is being accounted for on a milestone basis. The Company considered factors such as estimated completion dates and product acceptance of the order prior to accounting for the NRE Order as milestone revenue. During the three month periods ended June 27, 2015 and June 28, 2014, revenue recognized on a milestone basis were $692,000 and $1.6 million, respectively. On certain contracts with several of the Company’s significant customers the Company receives payments in advance of manufacturing. Advanced payments are recorded as deferred revenue until the revenue recognition criteria described above have been met. Accounts receivable are stated at their net realizable value. The Company has estimated an allowance for uncollectable accounts based on analysis of specifically identified accounts, outstanding receivables, consideration of the age of those receivables, the Company’s historical collection experience, and adjustments for other factors management believes are necessary based on perceived credit risk. The Company provides for estimated costs that may be incurred for product warranties at the time of shipment. The Company’s warranty policy generally provides twelve to eighteen months depending on the customer. The estimated cost of warranty coverage is based on the Company’s actual historical experience with its current products or similar products. For new products, the required reserve is based on historical experience of similar products until such time as sufficient historical data has been collected on the new product. Adjustments are made as new information becomes available. |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | ( 3) Inventories Inventories consisted of the following: (In thousands) June 27, 2015 March 28, 2015 Raw materials $ 1,875 $ 1,631 Work-in-progress 1,764 1,598 Finished goods 42 15 Demonstration inventory 108 121 Total $ 3,789 $ 3,365 |
Note 4 - Loss Per Share
Note 4 - Loss Per Share | 3 Months Ended |
Jun. 27, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | ( 4) Loss Per Share Basic loss per share (EPS) is calculated by dividing net income or loss by the weighted average common shares outstanding during the period. Diluted EPS reflects the net incremental shares that would be issued if unvested restricted shares became vested and dilutive outstanding stock options were exercised, using the treasury stock method. In the case of a net loss, it is assumed that no incremental shares would be issued because they would be antidilutive. In addition, certain options are considered antidilutive because assumed proceeds from exercise price, related tax benefits and average future compensation was greater than the weighted average number of options outstanding multiplied by the average market price during the period. The shares used in per share computations are as follows: Three Months Ended (In thousands except per share data) June 27, 2015 June 28, 2014 Net loss $ (629 ) $ (443 ) Weighted average: Common shares outstanding 6,251 5,113 Potential common shares — — Common shares assuming dilution 6,251 5,113 Loss per common share – basic $ (0.10 ) $ (0.09 ) Loss per common share – diluted $ (0.10 ) $ (0.09 ) Stock options not included in computation that could potentially dilute EPS in the future 1,636 1,713 Restricted stock awards not included in computation that could potentially dilute EPS in the future 432 50 Convertible preferred stock not included in computation that could potentially dilute EPS in the future 1,853 1,853 Warrants not included in computation that could potentially dilute EPS in the future 1,353 1,277 The stock options, restricted stock, convertible preferred stocks and warrants not included in the computation of diluted earnings per share (EPS) for the three month period ended June 27, 2015 and June 28, 2014 is a result of the Company’s net loss and, therefore, the effect of these instruments would be anti-dilutive. |
Note 5 - Share Based Compensati
Note 5 - Share Based Compensation | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (5) Share Based Compensation The Company has established the 2000 Stock Option Plan and the 2005 Equity Incentive Plan, which provide for the granting of options and restricted stock for up to 2,250,000 shares of common stock at 100% of fair market value at the date of grant, with each grant requiring approval by the Board of Directors of the Company. Option grants under the 2000 Stock Option Plan are no longer available. Options granted generally vest in one or more installments in a four or five year period and must be exercised while the grantee is employed by the Company or within a certain period after termination of employment. Options granted to employees shall not have terms in excess of 10 years from the grant date. Holders of options may be granted stock appreciation rights (SARs), which entitle them to surrender outstanding awards for a cash distribution under certain changes in ownership of the Company, as defined in the stock option plan. As of June 27, 2015, no SAR’s have been granted under the option plan. As of June 27, 2015, the total number of shares of common stock available for issuance was 347,702. All outstanding options have either a five year or a ten year life. The Company records compensation cost associated with share-based compensation equivalent to the estimated fair value of the awards over the requisite service period. In calculating compensation related to stock option grants, the fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The computation of expected volatility used in the Black-Scholes-Merton option-pricing model is based on the historical volatility of the Company’s share price. The expected term is estimated based on a review of historical employee exercise behavior with respect to option grants. The risk-free interest rate is based on the U.S. Treasury rates with maturity similar to the expected term of the option on the date of grant. There were no options granted in the first quarter of fiscal 2016 and fiscal 2015. A summary of the changes in stock options outstanding for the three month period ended June 27, 2015 and the year ended March 28, 2015 is as follows: Weighted Weighted Average Aggregate Average Remaining Contractual Intrinsic Shares Exercise Price Terms (Years) Value Outstanding at March 29, 2014 1,738,750 $ 1.53 6.8 $ 113 Granted 306,500 2.01 Exercised 90,000 1.80 Forfeited / Expired 228,275 1.81 Outstanding at March 28, 2015 1,726,975 $ 1.57 6.9 $ 219 Granted — — Exercised 12,000 1.85 3.8 Forfeited / Expired 78,500 2.40 Outstanding at June 27, 2015 1,636,475 $ 1.53 7.5 $ 554 Exercisable at June 27, 2015 660,325 $ 1.49 6.8 $ 195 At June 27, 2015 expected to vest in the future 1,396,053 $ 1.52 7.4 $ 439 As of June 27, 2015, there was $650,000 of total unrecognized compensation cost related to non-vested options. That cost is expected to be recognized over a weighted average period of 2.90 years and will be adjusted for subsequent changes in estimated forfeitures. There were 38,500 options that vested during the quarter ended June 27, 2015, and 61,250 options that vested during the quarter ended June 28, 2014. The total fair value of options vested during each of the quarters ended June 27, 2015 and June 28, 2014 was $13,000 and $78,000 respectively. Options for 12,000 and 12,500 shares of common stock were exercised in the three month period ended June 27, 2015 and June 28, 2014 respectively. Share based compensation cost related to stock options recognized in operating results for the three months ended June 27, 2015 and June 28, 2014 totaled $114,000 and $81,000, respectively. Restricted Stock No restricted awards were granted during the first quarter of fiscal 2016 and fiscal 2015. The Company granted 50,000 shares of restricted stock outside the 2005 Plan in fiscal 2013 that vested in the first quarter of fiscal 2016. The restricted stock awards are considered fixed awards as the number of shares and fair value at the grant date is amortized over the requisite service period net of estimated forfeitures. Compensation cost of $221,000 and $3,000 was recognized for the restricted and unrestricted stock awards during the first quarters of fiscal 2016 and 2015, respectively. A summary of the changes in non-vested restricted stock awards outstanding for the three month period ended June 27, 2015 and the fiscal year ended March 28, 2015 is as follows: Weighted Average Shares Fair Value Non-vested at March 29, 2014 121,500 $ 1.39 Granted 432,000 2.11 Vested 71,500 1.53 Forfeited or cancelled — — Non-Vested at March 28, 2015 482,000 $ 2.02 Granted — — Vested 50,000 1.18 Forfeited or cancelled — — Non-Vested at June 27, 2015 432,000 $ 2.11 |
Note 6 - Significant Customer a
Note 6 - Significant Customer and Industry Segment Information | 3 Months Ended |
Jun. 27, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | (6) Significant Customer and Industry Segment Information The Company has two reportable segments: Giga-tronics Division and Microsource. Giga-tronics Division produces a broad line of test and measurement equipment used in the development, test and maintenance of wireless communications products and systems, flight navigational equipment, electronic defense systems and automatic testing systems and designs, manufactures, and markets a line of switching devices that link together many specific purpose instruments that comprise automatic test systems. These products are used primarily in the design, production, repair and maintenance of commercial telecommunications, radar, and electronic warfare equipment. Microsource develops and manufactures a broad line of YIG (Yttrium, Iron, Garnet) tuned oscillators, filters and microwave synthesizers, which are used by its customers in operational applications and in manufacturing a wide variety of microwave instruments and devices. The tables below present information for the three month periods ended June 27, 2015 and June 28, 2014: Three Month Periods Ended Three Month Periods Ended (In thousands) At June 27, 2015 June 27, 2015 At June 28, 2014 June 28, 2014 Net Income Net Income Assets Net Sales (Loss) Assets Net Sales (Loss) Giga-tronics Division $ 6,438 $ 2,117 $ (1,645 ) $ 6,052 $ 1,702 $ (615 ) Microsource 2,053 2,258 1,016 2,867 2,806 172 Total $ 8,491 $ 4,375 $ (629 ) $ 8,919 $ 4,508 $ (443 ) During the first quarter of 2016, one customer accounted for 31% of the Company’s consolidated revenues and was included in the Microsource segment. A second customer accounted for 16% and was also included in the Microsource segment. A third customer accounted for 13% of the Company’s consolidated revenue and was included in the Giga-tronics Division. During the first quarter of 2015, one customer accounted for 24% of the Company’s consolidated revenues and was included in the Microsource segment. A second and third customer accounted for 34% and 16%, respectively, of the Company’s consolidated revenue and was included in the Giga-tronics Division. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Jun. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | (7) Income Taxes The Company accounts for income taxes using the asset and liability method as codified in Topic 740. Under this 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. The Company recorded no tax expense for the three months ended June 27, 2015. Income tax expense for the period ended June 28, 2014 was $47,000. The effective tax rate for the three months ended June 27, 2015 and June 28, 2014 was 0% and 12% primarily due to a valuation allowance recorded against the net deferred tax asset balance. As of June 27, 2015, the Company had recorded $93,000 for unrecognized tax benefits related to uncertain tax positions. The unrecognized tax benefit is netted against the non-current deferred tax asset on the Consolidated Balance Sheet. The Company does not expect the liability for unrecognized tax benefits to change materially within the next 12 months. The Company does have a California Franchise Tax Board audit that is currently in process. The Company is working with the California Franchise Tax Board to resolve all audit issues and does not believe any material taxes, penalties and fees are due. However, as a result of the on-going examination, the Company recorded an estimated associated tax liability of $45,000 in the first quarter of fiscal 2015. |
Note 8 - Warranty Obligations
Note 8 - Warranty Obligations | 3 Months Ended |
Jun. 27, 2015 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Disclosure [Text Block] | (8) Warranty Obligations The Company records a liability in cost of sales for estimated warranty obligations at the date products are sold. Adjustments are made as new information becomes available. The following provides a reconciliation of changes in the Company’s warranty reserve. The Company provides no other guarantees. (In thousands) Three Months Ended June 27, 2015 Three Months Ended June 28, 2014 Balance at beginning of period $ 76 $ 61 Provision, net 17 4 Warranty costs incurred (18 ) (2 ) Balance at end of period $ 75 $ 63 |
Note 9 - Fair Value of Financia
Note 9 - Fair Value of Financial Instruments | 3 Months Ended |
Jun. 27, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | (9) Fair Value of Financial Instruments Fair Value of Financial Instruments and Fair Value Measurements The carrying amounts of the Company’s cash and cash-equivalents and line of credit approximate their fair values at each balance sheet date due to the short-term maturity of these financial instruments. The fair values of term debt and warrant debt are based on the present value of expected future cash flows and assumptions about current interest rates and the creditworthiness of the Company (Level 3). At June 27, 2015 the carrying amounts of the Company’s term debt and warrant debt totaled $1.0 million and $85,000, respectively. At June 27, 2015 the estimated fair values of the Company’s term debt and warrant debt totaled $1.1 million and $117,000, respectively. At June 28, 2014, the carrying amounts of the Company’s term debt and warrant debt totaled $844,000 and $53,000, respectively. At June 28, 2014 the estimated fair values of the Company’s term debt and warrant debt totaled $728,000 and $68,000, respectively. The fair value of the bifurcated conversion feature represented by the warrant derivative liability which is measured at fair value on a recurring basis is based on a Black Scholes option pricing model with assumptions for stock price, exercise price, volatility, expected term, risk free interest rate and dividend yield similar to those described previously for share-based compensation which were generally observable (Level 2). The Company had no assets or liabilities measured at fair value on a non-recurring basis, nor were there any transfers between Level 1 and Level 2 of the fair value hierarchy. |
Note 10 - Line of Credit
Note 10 - Line of Credit | 3 Months Ended |
Jun. 27, 2015 | |
Note 10 - Line of Credit [Line Items] | |
Debt Disclosure [Text Block] | (10) Line of Credit On June 11, 2013 the Company further amended the Second Amended Credit Facility (the “Third Amended Credit Facility”) with SVB. The Third Amended Credit Facility amended the Second Amended Credit Facility by expanding the definition of eligible accounts, increasing the maximum limit, and extending the maturity date. The Third Amended Credit Facility, which expired on April 15, 2015 and was replaced on June 1, 2015 with a $2.5 million line of credit with Bridge Bank (see Note 11, Accounts Receivable Line of Credit). After replacing the SVB line of credit with the Bridge Bank line of credit, the Company no longer has any credit facilities with SVB. |
Bridge Bank [Member] | |
Note 10 - Line of Credit [Line Items] | |
Debt Disclosure [Text Block] | (11) Accounts Receivable Line of Credit On June 1, 2015 the Company entered into a $2.5 million Revolving Accounts Receivable Line of Credit agreement with Bridge Bank. The credit facility agreement replaced the line of credit with SVB which expired April 15, 2015. The agreement provides for a maximum borrowing capacity of $2.5 million with a $500,000 on a Non-Formula basis in addition to the Borrowing Base. The loan is secured by all assets of the Company including intellectual property and general intangibles and provides for a borrowing capacity equal to 80% of eligible accounts receivable. The loan matures on May 6, 2017 and bears an interest rate, 1.5% over the bank’s prime rate of interest (which was 3.25% at the date of closing resulting in an interest rate of 4.75%). Interest is payable monthly with principal due upon maturity. The Company paid a commitment fee of $12,500, and an additional $12,500 is due on the first anniversary of the loan closing. The loan agreement contains financial and non-financial covenants that are customary for this type of lending and includes a covenant to maintain an asset coverage ratio of at least 135% (defined as unrestricted cash and cash equivalents maintained with Bridge Bank, plus eligible accounts receivable aged less than 90 days from the invoice date, divided by the total amount of outstanding principals of all obligations under the loan agreement). As of June 27, 2015, the Company was in compliance with all the financial covenants under the agreement. The line of credit requires a lockbox arrangement, which provides for receipts to be swept daily to reduce borrowings outstanding at the discretion of Bridge Bank. This arrangement, combined with the existence of the subjective acceleration clause in the line of credit agreement, necessitates the line of credit be classified a current liability on the balance sheet. The acceleration clause allows for amounts due under the facility to become immediately due in the event of a material adverse change in the Company’s business condition (financial or otherwise), operations, properties or prospects, or ability to repay the credit based on the judgment of lender. As of June 27, 2015, the Company’s total outstanding borrowings and remaining borrowing capacity under the Bridge Bank line of credit was $500,000 and $1.5 million respectively. |
Note 12 - Term Loan, Revolving
Note 12 - Term Loan, Revolving Line of Credit and Warrants | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | (1 2 ) Term Loan, Revolving Line of Credit and Warrants On March 13, 2014 the Company entered into a three year, $2.0 million term loan agreement with PFG under which the Company received $1.0 million on March 14, 2014. Pursuant to the agreement, the Company had the ability to borrow an additional $1.0 million following the Company’s achievement of certain performance milestones which included achieving $7.5 million in net sales during the first half of fiscal 2015 and two consecutive quarters of net income greater than zero during fiscal 2015. On June 16, 2014, the Company amended its loan agreement with PFG (the “Amendment”). Under the terms of the Amendment, PFG made a revolving credit line available to Giga-tronics in the amount of $500,000, and the Company borrowed the entire amount on June 17, 2014. The revolving line has a 33 month term. The Amendment also reduced the Company’s potential future borrowing availability under the PFG Loan agreement from $1.0 million to $500,000. On June 3, 2015, and following the Company’s new line of credit agreement with Bridge Bank (see Note 11, Accounts Receivable Line of Credit), the Company’s loan agreement with PFG was further amended (the “Second Amendment”). The Second Amendment cancelled the Company’s $500,000 of borrowing availability the June 2014 Amendment and required the Company to pay $150,000 towards its existing $500,000 outstanding balance under the revolving line of credit, in which the Company paid in July 2015. The Company also agreed to pay PFG an additional $10,000 per month towards its remaining credit line balance until repaid, followed by like payments towards its term loan balance until repaid. Interest on the initial $1.0 million term loan is fixed at 9.75% and required monthly interest only payments during the first six months of the agreement followed by monthly principal and interest payments over the remaining 30 months. The Company may prepay the loan at any time prior to maturity by paying all future scheduled principal and interest payments. As of June 27, 2015, the Company’s total outstanding principal balance under the PFG term loan was $700,000. Interest on the $500,000 revolving line with PFG is fixed, calculated on a daily basis at a rate of 12.50% per annum. The Company may prepay the loan at any time prior to the March 13, 2017 maturity date without a penalty. Beginning in October 2014, PFG had the right to convert the $500,000 revolving loan into a term loan and require principal payments to be amortized over the remaining loan term. On April 25, 2015, PFG exercised this right, and fully amortizing principal and interest payments began in May 2015. As of June 27, 2015, the Company’s total outstanding principal balance under the revolving credit line loan was $458,000. The PFG Loan is secured by all of the assets of the Company under a lien that is junior to the Bridge Bank debt agreement described in Note 11, and limits borrowing under the Bridge Bank credit line limit to $2.5 million. The Company paid a loan fee of $30,000 upon the initial draw (“First Draw”), $15,000 for the June 2014 Amendment and $5,000 for the Second Amendment. The loan fees paid are recorded as prepaid expenses and amortized to interest expense over the remaining term of the PFG amended loan agreement. The PFG loan agreement contains financial covenants associated with the Company achieving minimum quarterly net sales and maintaining a minimum monthly shareholders’ equity. In the event of default by the Company, all or any part of the Company’s obligation to PFG could become immediately due. As of June 27, 2015, the Company was in compliance with all the financial covenants under the agreement. The loan agreement also provided for the issuance of warrants convertible into 300,000 shares of the Company’s common stock, of which 180,000 were exercisable upon receipt of the initial $1.0 million from the First Draw, and 80,000 became exercisable with the Amendment. The Second Amendment terminated the additional 40,000 warrants that would have become exercisable as part of cancelling the remaining $500,000 that was available under the Amendment. Each warrant issued under the loan agreement has a term of five years from the First Draw and an exercise price of $1.42 which was equal to the average NASDAQ closing price of the Company’s common stock for the ten trading days prior to the First Draw. If the warrants are not exercised before expiration on March 13, 2019, the Company would be required to pay PFG $150,000 and $67,000 as settlement for warrants associated with the First Draw and the Amendment, respectively. The warrants could be settled for cash at an earlier date in the event of any acquisition or other change in control of the Company, future public issuance of Company securities or liquidation (or substantially similar event) of the Company. The Company currently has no plans for any of the aforementioned events, and as a result, the cash payment date is estimated to be the expiration date unless warrants are exercised before then. Due to the fixed payment amount on the expiration date, the warrant structure is in substance a debt arrangement (the “Warrant Debt”) with a zero interest rate, a fixed maturity date and a feature that makes the debt convertible to common stock. The conversion feature is an embedded derivative and due to the downward adjustment feature based on performance criteria is not considered indexed solely to the Company’s stock. Thus, for accounting purposes, the conversion feature is bifurcated and accounted for separately from the host debt instrument as a derivative liability measured at fair value which resulted in an initial carrying value of $128,000 for the derivative liability associated with the warrants issued in connection with the First Draw and an initial carrying value of $123,000 for the derivative liability associated with the warrants issued in connection with the Amendment. As of June 27, 2015, the estimated fair values of the derivative liabilities associated with the warrants issued in connection with the First Draw and Amendment were $218,000 and $97,000, respectively, for a combined value of $315,000. The change in the fair value of the respective liabilities since their respective dates of issuance totaled $63,000 and is reported in earnings as a loss on adjustment of derivative liability to fair value. The initial $1.0 million in proceeds under the term loan agreement were allocated between the PFG Debt and the Warrant Debt (inclusive of its conversion feature) based on their relative fair values on the date of issuance which resulted in initial carrying values of $822,000 and $178,000, respectively. The conversion feature was bifurcated from the Warrant Debt and recorded at fair value resulting in a remaining carrying value of $50,000 associated with the Warrant Debt. The resulting discounts of $178,000 on the PFG Debt and $100,000 on the Warrant Debt will be accreted to interest expense under the effective interest method over the three-year term of the PFG Debt and the five-year term of the Warrant Debt. The proceeds from the $500,000 credit line issued in connection with the Amendment were allocated between the PFG Loan and the Warrant Debt (inclusive of its conversion feature) based on their relative fair values on the date of issuance which resulted in initial carrying values of $365,000 and $135,000, respectively. The conversion feature was bifurcated from the Warrant Debt and recorded at its $123,000 estimated fair value resulting in a remaining carrying value of $12,000 associated with the Warrant Debt. The resulting discounts of $135,000 on the PFG Loan and $55,000 on the Warrant Debt is being accreted to interest expense under the effective interest method over the thirty-three month remaining term of the PFG Loan and the fifty-seven month remaining term of the Warrant Debt. For the three month period ended June 27, 2015 and June 28, 2014, the Company recorded accretion of discount expense associated with the warrants issued with the PFG Loan of $42,000 and $24,000 respectively. |
Note 13 - Series B, C, D Conver
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock [Text Block] | (13) Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants On November 10, 2011, the Company received $2,199,000 in cash proceeds from Alara Capital AVI II, LLC, a Delaware limited liability company (the “Investor”), an investment vehicle sponsored by Active Value Investors, LLC, under a Securities Purchase Agreement entered into on October 31, 2011. Under the terms of the Securities Purchase Agreement, the Company issued 9,997 shares of its Series B Convertible Voting Perpetual Preferred Stock (“Series B Preferred Stock”) to the Investor at a price of $220 per share. The Company has recorded $2.0 million as Series B Preferred Stock on the consolidated balance sheet which is net of stock offering costs of approximately $202,000 and represents the value attributable to both the convertible preferred stock and warrants issued to the Investor. After considering the value of the warrants, the effective conversion price of the preferred stock was greater than the common stock price on date of issue and therefore no beneficial conversion feature was present. On February 19, 2013, the Company entered into a Securities Purchase Agreement pursuant to which it agreed to sell 3,424.65 shares of its Series C Convertible Voting Perpetual Preferred Stock (“Series C Preferred Stock”) to the Investor, for aggregate consideration of $500,000, which is approximately $146.00 per share. The Company has recorded $457,000 as Series C Preferred Stock on the consolidated balance sheet, which is net of stock offering costs of approximately $43,000. After considering the reduction in the value of the warrant, the effective conversion price of the preferred stock was greater than the common stock price on the date of issue and therefore no beneficial conversion feature was present. On July 8, 2013 the Company received $817,000 in net cash proceeds from the Investor under a Securities Purchase Agreement. The Company sold to the Investor 5,111.86 shares of its Series D Convertible Voting Perpetual Preferred Stock (Series D Preferred Stock) and a warrant to purchase up to 511,186 additional shares of common stock at the price of $1.43 per share. The allocation of the $858,000 in gross proceeds from issuance of Series D Preferred Stock based on the relative fair values resulted in an allocation of $498,000 (which was recorded net of $41,000 of issuance costs) to Series D Preferred Stock and $360,000 to Common Stock. In addition, because the effective conversion rate based on the $498,000 allocated to Series D Preferred Stock was $0.97 per common share which was less than the Company’s stock price on the date of issuance, a beneficial conversion feature was present at the issuance date. The beneficial conversion feature totaled $238,000 and was recorded as an increase of common stock and an increase to accumulated deficit. Each share of Series B, Series C and Series D Preferred Stock is convertible into one hundred shares of the Company’s common stock. The investor also held warrants to purchase 1,017,405 shares at an exercise price of $1.43 per share which were exercised in February and May 2015 as discussed in Note 14, Exercise of Series C and Series D Warrants. The table below presents information as of June 27, 2015 and March 28, 2015. Preferred Stock As of June 27, 2015 and March 28, 2015 Liquidation Designated Shares Shares Issued Shares Outstanding Preference (in thousands) Series B 10,000.00 9,997.00 9,997.00 $ 2,309 Series C 3,500.00 3,424.65 3,424.65 500 Series D 6,000.00 5,111.86 5,111.86 731 Total 19,500.00 18,533.51 18,533.51 $ 3,540 |
Note 14 - Exercise of Series C
Note 14 - Exercise of Series C and Series D Warrants | 3 Months Ended |
Jun. 27, 2015 | |
Warrants [Abstract] | |
Warrants [Text Block] | ( 1 4) Exercise of Series C and Series D Warrants On February 16, 2015, the Company entered into a Securities Purchase Agreement and Warrant Agreement with Alara Capital AVI II, LLC in which the Company received total gross cash proceeds of approximately $1.5 million. Funds were received from Alara in separate closings dated February 16, 2015 and February 23, 2015 in which Alara exercised a total of 1,002,818 of its existing Series C and Series D warrants to purchase common shares, all of which had an exercise price of $1.43 per share for total cash proceeds of $1,434,000, which was recorded net of $42,000 of stock issuance costs. As part of the consideration for this exercise, the Company sold to Alara two new warrants (“new Warrants”) to purchase an additional 898,634 and 194,437 common shares at an exercise price of $1.78 and $1.76 per share, respectively, for a total purchase price of $137,000 or $0.125 per share, The new warrants have a term of five years and may be paid in cash or through a cashless net share settlement. The Company and Alara amended the remaining 14,587 warrants as part of the February closings. On May 14, 2015, Alara exercised the remaining 14,587 warrants by acquiring 7,216 of shares of the Company’s common stock through a cashless net share settlement. The Company recorded the issuance of the new Warrants using their estimated fair value on the date of issuance. The Company estimated the fair value of the new Warrants using the Black-Scholes option valuation model with the following assumptions: expected term of 5 years, a risk-free interest rate of 1.54%, expected volatility of 90% and 0% expected dividend yield. The resulting $1.2 million from the issuance of the new Warrants was recorded as a charge to other expense in the fourth quarter of fiscal 2015. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 27, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation In fiscal 2012 the Company began to invest heavily in the development of a new Giga-tronics Division product platform, the Advanced Signal Generation System. The Company has also experienced delays in completing the Advanced Signal Generation System which also contributed significantly to the losses of the Company. As of June 28, 2015 the Company had an accumulated deficit of $20.6 million. The Company incurred a net loss of $629,000 for the first three months of fiscal 2016, which included non-cash expenses of $335,000 for stock based compensation and $105,000 of non-cash charges associated with the PFG warrant agreement due to accretion of loan and warrant debt discounts, and the adjustment of derivative liability to fair value. In fiscal 2015 the Company’s net loss was $1.7 million, which included a non-cash expense of $1.2 million related to the issuance of new warrants to Alara Capital and $152,000 of non-cash accretion of loan and warrant debt discounts. In the fourth quarter of fiscal 2015 the Company received $1.5 million of net proceeds associated with Alara Capital exercising 1,002,818 of existing warrants (see Note 14, Exercise of Series C and Series D Warrants). On June 1, 2015 the Company entered into a two year $2.5 million Revolving Accounts Receivable Line of Credit agreement with Bridge Bank N.A (“Bridge Bank”). The Bridge Bank credit facility replaced the line of credit with Silicon Valley Bank (“SVB”), which expired April 15, 2015. The $2.5 million credit facility includes $500,000 of available borrowing not based on accounts receivables (see Note 11, Accounts Receivable Line of Credit). In the fourth quarter of fiscal 2015 two customers formally accepted initial units of the Company’s new Advanced Signal Generation System. In the first quarter of fiscal 2016 the Company received $522,000 of new orders for the Advanced Signal Generator. With customer acceptance of initial units, new customer orders received and the start of similar units in production for orders in backlog and potential future sales to customers, over the past two quarters the Advanced Signal Generation System has made progress towards becoming a viable commercial product. The Company could experience longer than anticipated sales cycles or delays in production and shipping volume quantities of the Advanced Signal Generation System, however, the Company believes the Advanced Signal Generation System will significantly contribute to the Company’s long term success. In the first quarter of fiscal 2016 the Company received a $3.0 million Microsource production order, which is scheduled to start shipping in the second quarter of fiscal 2016 and be completed by the fourth quarter of fiscal 2016. In the first quarter of fiscal 2016 the Company also received the $1.5 million Navy 8003 order, which started shipping in the first quarter of fiscal 2016 and is expected to be completed in the second quarter of fiscal 2016. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Derivatives, Policy [Policy Text Block] | Derivatives |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Inventory (Topic 330): “ Simplifying the Measurement of Inventory ” Inventory |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) June 27, 2015 March 28, 2015 Raw materials $ 1,875 $ 1,631 Work-in-progress 1,764 1,598 Finished goods 42 15 Demonstration inventory 108 121 Total $ 3,789 $ 3,365 |
Note 4 - Loss Per Share (Tables
Note 4 - Loss Per Share (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended (In thousands except per share data) June 27, 2015 June 28, 2014 Net loss $ (629 ) $ (443 ) Weighted average: Common shares outstanding 6,251 5,113 Potential common shares — — Common shares assuming dilution 6,251 5,113 Loss per common share – basic $ (0.10 ) $ (0.09 ) Loss per common share – diluted $ (0.10 ) $ (0.09 ) Stock options not included in computation that could potentially dilute EPS in the future 1,636 1,713 Restricted stock awards not included in computation that could potentially dilute EPS in the future 432 50 Convertible preferred stock not included in computation that could potentially dilute EPS in the future 1,853 1,853 Warrants not included in computation that could potentially dilute EPS in the future 1,353 1,277 |
Note 5 - Share Based Compensa22
Note 5 - Share Based Compensation (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Aggregate Average Remaining Contractual Intrinsic Shares Exercise Price Terms (Years) Value Outstanding at March 29, 2014 1,738,750 $ 1.53 6.8 $ 113 Granted 306,500 2.01 Exercised 90,000 1.80 Forfeited / Expired 228,275 1.81 Outstanding at March 28, 2015 1,726,975 $ 1.57 6.9 $ 219 Granted — — Exercised 12,000 1.85 3.8 Forfeited / Expired 78,500 2.40 Outstanding at June 27, 2015 1,636,475 $ 1.53 7.5 $ 554 Exercisable at June 27, 2015 660,325 $ 1.49 6.8 $ 195 At June 27, 2015 expected to vest in the future 1,396,053 $ 1.52 7.4 $ 439 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Weighted Average Shares Fair Value Non-vested at March 29, 2014 121,500 $ 1.39 Granted 432,000 2.11 Vested 71,500 1.53 Forfeited or cancelled — — Non-Vested at March 28, 2015 482,000 $ 2.02 Granted — — Vested 50,000 1.18 Forfeited or cancelled — — Non-Vested at June 27, 2015 432,000 $ 2.11 |
Note 6 - Significant Customer23
Note 6 - Significant Customer and Industry Segment Information (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Month Periods Ended Three Month Periods Ended (In thousands) At June 27, 2015 June 27, 2015 At June 28, 2014 June 28, 2014 Net Income Net Income Assets Net Sales (Loss) Assets Net Sales (Loss) Giga-tronics Division $ 6,438 $ 2,117 $ (1,645 ) $ 6,052 $ 1,702 $ (615 ) Microsource 2,053 2,258 1,016 2,867 2,806 172 Total $ 8,491 $ 4,375 $ (629 ) $ 8,919 $ 4,508 $ (443 ) |
Note 8 - Warranty Obligations (
Note 8 - Warranty Obligations (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) Three Months Ended June 27, 2015 Three Months Ended June 28, 2014 Balance at beginning of period $ 76 $ 61 Provision, net 17 4 Warranty costs incurred (18 ) (2 ) Balance at end of period $ 75 $ 63 |
Note 13 - Series B, C, D Conv25
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Tables) | 3 Months Ended |
Jun. 27, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Liquidation Designated Shares Shares Issued Shares Outstanding Preference (in thousands) Series B 10,000.00 9,997.00 9,997.00 $ 2,309 Series C 3,500.00 3,424.65 3,424.65 500 Series D 6,000.00 5,111.86 5,111.86 731 Total 19,500.00 18,533.51 18,533.51 $ 3,540 |
Note 1 - Organization and Sig26
Note 1 - Organization and Significant Accounting Policies (Details) | Jun. 01, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($)shares | Jun. 28, 2014USD ($) | Mar. 28, 2015USD ($)shares | Jun. 28, 2014USD ($) |
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Retained Earnings (Accumulated Deficit) | $ (20,560,000) | $ (19,931,000) | $ (20,600,000) | $ (19,931,000) | $ (20,600,000) | |
Net Income (Loss) Attributable to Parent | (629,000) | (443,000) | (1,700,000) | $ (443,000) | ||
Share-based Compensation | 335,000 | 84,000 | ||||
Other Noncash Expense | 105,000 | |||||
Amortization of Debt Discount (Premium) | 42,000 | $ 24,000 | 152,000 | |||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 6,500,000 | $ 6,500,000 | ||||
Advanced Signal Generation System [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Number of Major Customers | 2 | 2 | ||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | 522,000 | |||||
Microsource Ongoing Production Order [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | 3,000,000 | |||||
Navy 8003 Order [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | 1,500,000 | |||||
Alara Capital AVI II, LLC [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Proceeds from Warrant Exercises | $ 1,500,000 | |||||
Alara Capital AVI II, LLC [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Warrant Expense | $ 1,200,000 | |||||
Bridge Bank [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |||||
Bridge Bank [Member] | Revolving Credit Facility [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Debt Instrument, Term | 2 years | |||||
Long-term Line of Credit | $ 2,500,000 | |||||
Bridge Bank [Member] | Revolving Credit Facility Not Tied to Accounts Receivables [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||
Series C and D Warrants [Member] | Alara Capital AVI II, LLC [Member] | ||||||
Note 1 - Organization and Significant Accounting Policies (Details) [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | shares | 1,002,818 | 1,002,818 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details) - USD ($) | 3 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | |
Note 2 - Revenue Recognition (Details) [Line Items] | |||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 6,500,000 | ||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 692,000 | $ 1,600,000 | |
Minimum [Member] | |||
Note 2 - Revenue Recognition (Details) [Line Items] | |||
Warranty Term | 12 months | ||
Maximum [Member] | |||
Note 2 - Revenue Recognition (Details) [Line Items] | |||
Warranty Term | 18 months |
Note 3 - Inventories (Details)
Note 3 - Inventories (Details) - Inventories - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 1,875 | $ 1,631 |
Work-in-progress | 1,764 | 1,598 |
Finished goods | 42 | 15 |
Demonstration inventory | 108 | 121 |
Total | $ 3,789 | $ 3,365 |
Note 4 - Loss Per Share (Detail
Note 4 - Loss Per Share (Details) - Net Income/Loss and Common Shares Used in Per-share Computations - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Jun. 28, 2014 | |
Note 4 - Loss Per Share (Details) - Net Income/Loss and Common Shares Used in Per-share Computations [Line Items] | ||||
Net loss (in Dollars) | $ (629,000) | $ (443,000) | $ (1,700,000) | $ (443,000) |
Weighted average: | ||||
Common shares outstanding | 6,251 | 5,113 | ||
Common shares assuming dilution | 6,251 | 5,113 | ||
Loss per common share – basic (in Dollars per share) | $ (0.10) | $ (0.09) | ||
Loss per common share – diluted (in Dollars per share) | $ (0.10) | $ (0.09) | ||
Employee Stock Option [Member] | ||||
Weighted average: | ||||
Anti-dilutive securities excluded from computation of earning per share | 1,636 | 1,713 | ||
Restricted Stock [Member] | ||||
Weighted average: | ||||
Anti-dilutive securities excluded from computation of earning per share | 432 | 50 | ||
Convertible Debt Securities [Member] | ||||
Weighted average: | ||||
Anti-dilutive securities excluded from computation of earning per share | 1,853 | 1,853 | ||
Warrant [Member] | ||||
Weighted average: | ||||
Anti-dilutive securities excluded from computation of earning per share | 1,353 | 1,277 |
Note 5 - Share Based Compensa30
Note 5 - Share Based Compensation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Mar. 30, 2013 | |
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Defined Contribution Plan, Vesting Period | 4 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 347,702 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 306,500 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars) | $ 650,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 38,500 | 61,250 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars) | $ 13,000 | $ 78,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 12,000 | 90,000 | ||
2000 Stock Option Plan and 2005 Equity Incentive Plan [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,250,000 | |||
Percent of Fair Market Value of Common Stock at Date of Grant | 100.00% | |||
Employee Stock Option [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 12,000 | 12,500 | ||
Allocated Share-based Compensation Expense (in Dollars) | $ 114,000 | $ 81,000 | ||
Stock Appreciation Rights (SARs) [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | ||
Restricted Stock [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 432,000 | 50,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 50,000 | 71,500 | ||
Restricted and Unrestricted Stock [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense (in Dollars) | $ 221,000 | $ 3,000 | ||
Minimum [Member] | Employee Stock Option [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Minimum [Member] | Outstanding Options [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 5 years | |||
Maximum [Member] | Employee Stock Option [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 10 years | |||
Maximum [Member] | Outstanding Options [Member] | ||||
Note 5 - Share Based Compensation (Details) [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 10 years |
Note 5 - Share Based Compensa31
Note 5 - Share Based Compensation (Details) - Changes in Stock Options Outstanding - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Changes in Stock Options Outstanding [Abstract] | ||||
Outstanding, Shares | 1,636,475 | 1,726,975 | 1,738,750 | |
Outstanding, Weighted Average Exercise Price | $ 1.53 | $ 1.57 | $ 1.53 | |
Outstanding, Weighted Average Remaining Contractual Term (Years) | 7 years 6 months | 6 years 328 days | 6 years 292 days | |
Outstanding, Aggregate Intrinsic Value | $ 554 | $ 219 | $ 113 | |
Exercisable at June 27, 2015 | 660,325 | |||
Exercisable at June 27, 2015 | $ 1.49 | |||
Exercisable at June 27, 2015 | 6 years 292 days | |||
Exercisable at June 27, 2015 | $ 195 | |||
At June 27, 2015 expected to vest in the future | 1,396,053 | |||
At June 27, 2015 expected to vest in the future | $ 1.52 | |||
At June 27, 2015 expected to vest in the future | 7 years 146 days | |||
At June 27, 2015 expected to vest in the future | $ 439 | |||
Granted, Shares | 0 | 0 | 306,500 | |
Granted, Weighted Average Exercise Price | $ 2.01 | |||
Exercised, Shares | 12,000 | 90,000 | ||
Exercised, Weighted Average Exercise Price | $ 1.85 | $ 1.80 | ||
Exercised,Weighted Average Remaining Contractual Term (Years) | 3 years 292 days | |||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod | 78,500 | 228,275 | ||
Forfeited/expired, Weighted Average Exercise Price | $ 2.40 | $ 1.81 | ||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod | 78,500 | 228,275 |
Note 5 - Share Based Compensa32
Note 5 - Share Based Compensation (Details) - Changes in Nonvested Restricted Stock Awards Outstanding - Restricted Stock [Member] - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Mar. 30, 2013 | |
Note 5 - Share Based Compensation (Details) - Changes in Nonvested Restricted Stock Awards Outstanding [Line Items] | ||||
Non-vested, shares | 432,000 | 482,000 | ||
Non-vested, weighted average fair value | $ 2.11 | $ 2.02 | ||
Granted, shares | 0 | 0 | 432,000 | 50,000 |
Granted, weighted average fair value | $ 2.11 | |||
Vested, shares | 50,000 | 71,500 | ||
Vested, weighted average fair value | $ 1.18 | $ 1.53 |
Note 6 - Significant Customer33
Note 6 - Significant Customer and Industry Segment Information (Details) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Note 6 - Significant Customer and Industry Segment Information (Details) [Line Items] | ||
Number of Reportable Segments | 2 | |
First Customer [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Microsource [Member] | ||
Note 6 - Significant Customer and Industry Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 31.00% | 24.00% |
Second Customer [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Microsource [Member] | ||
Note 6 - Significant Customer and Industry Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 16.00% | |
Second Customer [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Gigatronics [Member] | ||
Note 6 - Significant Customer and Industry Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 34.00% | |
Third Customer [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Gigatronics [Member] | ||
Note 6 - Significant Customer and Industry Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 13.00% | 16.00% |
Note 6 - Significant Customer34
Note 6 - Significant Customer and Industry Segment Information (Details) - Segment Reporting Information, by Segment - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Jun. 28, 2014 | |
Segment Reporting Information [Line Items] | ||||
Assets | $ 8,491,000 | $ 8,919,000 | $ 8,054,000 | $ 8,919,000 |
Net Sales | 4,375,000 | 4,508,000 | 4,508,000 | |
Net Income (Loss) | (629,000) | (443,000) | $ (1,700,000) | (443,000) |
Gigatronics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 6,438,000 | 6,052,000 | 6,052,000 | |
Net Sales | 2,117,000 | 1,702,000 | ||
Net Income (Loss) | (1,645,000) | (615,000) | ||
Microsource [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 2,053,000 | $ 2,867,000 | 2,867,000 | |
Net Sales | 2,258,000 | 2,806,000 | ||
Net Income (Loss) | $ 1,016,000 | $ 172,000 |
Note 7 - Income Taxes (Details)
Note 7 - Income Taxes (Details) - USD ($) | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $ 0 | $ 47,000 |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 12.00% |
Unrecognized Tax Benefits | $ 93,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 45,000 |
Note 8 - Warranty Obligations36
Note 8 - Warranty Obligations (Details) - Reconciliation of Company's Estimated Warranty Obligations - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2015 | Jun. 28, 2014 | |
Reconciliation of Company's Estimated Warranty Obligations [Abstract] | ||
Balance at beginning of period | $ 76 | $ 61 |
Provision, net | 17 | 4 |
Warranty costs incurred | (18) | (2) |
Balance at end of period | $ 75 | $ 63 |
Note 9 - Fair Value of Financ37
Note 9 - Fair Value of Financial Instruments (Details) - USD ($) | Jun. 27, 2015 | Jun. 28, 2014 |
Note 9 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 0 | |
Liabilities, Fair Value Disclosure, Nonrecurring | 0 | |
Long-term Debt [Member] | ||
Note 9 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Long-term Debt | 1,000,000 | $ 844,000 |
Long-term Debt, Fair Value | 1,100,000 | 728,000 |
Warrant Debt [Member] | ||
Note 9 - Fair Value of Financial Instruments (Details) [Line Items] | ||
Long-term Debt | 85,000 | 53,000 |
Long-term Debt, Fair Value | $ 117,000 | $ 68,000 |
Note 10 - Line of Credit (Detai
Note 10 - Line of Credit (Details) - USD ($) | Jun. 01, 2015 | Jun. 27, 2015 |
Note 10 - Line of Credit (Details) [Line Items] | ||
Line of Credit, Current | $ 500,000 | |
Bridge Bank [Member] | ||
Note 10 - Line of Credit (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | |
Line of Credit, Current | 500,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,500,000 | |
Revolving Credit Facility [Member] | Bridge Bank [Member] | ||
Note 10 - Line of Credit (Details) [Line Items] | ||
Long-term Line of Credit | $ 2,500,000 | |
New Amended Credit Facility 2 [Member] | ||
Note 10 - Line of Credit (Details) [Line Items] | ||
Long-term Line of Credit | $ 2,500,000 | |
Advance Rate | 80.00% | |
Debt Instrument, Variable Interest Rate | 3.25% | |
Debt Instrument, Interest Rate, Effective Percentage | 4.75% | |
Line of Credit Facility, Commitment Fee Amount | $ 12,500 | |
Asset Coverage Ratio | 135.00% | |
Accounts Receivable, Aging from Invoice Date | 90 days | |
New Amended Credit Facility 2 [Member] | Prime Rate [Member] | ||
Note 10 - Line of Credit (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Borrowing Base for International Services Sub-Limit [Member] | New Amended Credit Facility 2 [Member] | ||
Note 10 - Line of Credit (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |
Non-Formula Basis Sub-Limit [Member] | New Amended Credit Facility 2 [Member] | ||
Note 10 - Line of Credit (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000 | |
Due on the Anniversary of the Loan Closing [Member] | New Amended Credit Facility 2 [Member] | ||
Note 10 - Line of Credit (Details) [Line Items] | ||
Line of Credit Facility, Commitment Fee Amount | $ 12,500 |
Note 12 - Term Loan, Revolvin39
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) - USD ($) | Jun. 03, 2015 | Jun. 01, 2015 | Jun. 16, 2014 | Mar. 14, 2014 | Mar. 13, 2014 | Jul. 31, 2015 | Jun. 27, 2015 | Jun. 28, 2014 | Mar. 28, 2015 | Jun. 15, 2014 |
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Proceeds from Issuance of Debt | $ 500,000 | |||||||||
Repayments of Lines of Credit | 3,339,000 | |||||||||
Line of Credit, Current | $ 500,000 | |||||||||
Proceeds from Lines of Credit | 500,000 | 2,536,000 | ||||||||
Amortization of Debt Discount (Premium) | $ 42,000 | 24,000 | $ 152,000 | |||||||
Partners For Growth IV, L.P. [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||||||
Repayments of Lines of Credit | $ 500,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | |||||||||
Line of Credit, Current | $ 458,000 | |||||||||
Proceeds from Lines of Credit | $ 500,000 | |||||||||
Bridge Bank [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,500,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,500,000 | |||||||||
Line of Credit, Current | $ 500,000 | |||||||||
Bridge Bank [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 2 years | |||||||||
Long-term Line of Credit | $ 2,500,000 | |||||||||
PFG Loan [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 3 years | |||||||||
Debt Instrument, Face Amount | $ 2,000,000 | |||||||||
Proceeds from Issuance of Debt | 1,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.75% | |||||||||
Long-term Debt | $ 700,000 | |||||||||
Fair Value Adjustment of Warrants | $ 63,000 | |||||||||
PFG Loan [Member] | Achievement of Performance Milestones First Half of Fiscal 2015 [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,000,000 | |||||||||
Debt Instrument Performance Milestone Net Sales | 7,500,000 | |||||||||
PFG Loan [Member] | Under First Draw [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Long-term Debt, Gross | 822,000 | |||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 128,000 | |||||||||
Debt Instrument, Unamortized Discount | 178,000 | |||||||||
PFG Loan [Member] | Amendment [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Long-term Debt, Gross | 365,000 | |||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 123,000 | |||||||||
Debt Instrument, Unamortized Discount | 135,000 | |||||||||
PFG Loan [Member] | Secured Debt [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Long-term Debt, Gross | 1,000,000 | |||||||||
PFG Loan [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Debt Issuance Cost | $ 5,000 | |||||||||
PFG Loan [Member] | Prepaid Expenses and Other Current Assets [Member] | Under First Draw [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Debt Issuance Cost | 30,000 | |||||||||
PFG Loan [Member] | Prepaid Expenses and Other Current Assets [Member] | Amendment [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Debt Issuance Cost | $ 15,000 | |||||||||
PFG Loan [Member] | Common Stock [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 300,000 | |||||||||
Class of Warrant or Right, Term | 5 years | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 1.42 | |||||||||
PFG Loan [Member] | Common Stock [Member] | Under First Draw [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Class of Warrant or Right, Outstanding (in Shares) | 180,000 | |||||||||
Class of Warrant or Right, Exchanged for Cash, Amount | $ 150,000 | |||||||||
PFG Loan [Member] | Common Stock [Member] | Amendment [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Class of Warrant or Right, Outstanding (in Shares) | 80,000 | |||||||||
Class of Warrant or Right, Exchanged for Cash, Amount | $ 67,000 | |||||||||
PFG Loan [Member] | Common Stock [Member] | Subsequent Event [Member] | Second Amendment [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Class of Warrant or Right, Cancelled During Period (in Shares) | 40,000 | |||||||||
PFG Loan [Member] | Partners For Growth IV, L.P. [Member] | Revolving Credit Facility [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 33 months | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 500,000 | $ 1,000,000 | ||||||||
Long-term Line of Credit | 500,000 | |||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 10,000 | |||||||||
PFG Loan [Member] | Partners For Growth IV, L.P. [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Repayments of Lines of Credit | $ 150,000 | |||||||||
Warrant Debt [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 57 months | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||||||||
Derivative Liability, Fair Value, Gross Liability | 315,000 | |||||||||
Warrant Debt [Member] | Under First Draw [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Long-term Debt, Gross | $ 178,000 | |||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 50,000 | |||||||||
Derivative Liability, Fair Value, Gross Liability | 218,000 | |||||||||
Debt Instrument, Unamortized Discount | 100,000 | |||||||||
Warrant Debt [Member] | Amendment [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Long-term Debt, Gross | 135,000 | |||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 12,000 | |||||||||
Derivative Liability, Fair Value, Gross Liability | $ 97,000 | |||||||||
Debt Instrument, Unamortized Discount | $ 55,000 | |||||||||
Minimum [Member] | PFG Loan [Member] | Achievement of Performance Milestones During Two Consecutive Quarters In Fiscal 2015 [Member] | ||||||||||
Note 12 - Term Loan, Revolving Line of Credit and Warrants (Details) [Line Items] | ||||||||||
Debt Instrument Performance Milestones Net Income | $ 0 |
Note 13 - Series B, C, D Conv40
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) - USD ($) | Jul. 08, 2013 | Feb. 19, 2013 | Nov. 10, 2011 | Jun. 27, 2015 | Mar. 28, 2015 | Feb. 23, 2015 | Feb. 16, 2015 |
Alara Capital AVI II, LLC [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 1,017,405 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 1.43 | ||||||
Series B Preferred Stock [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $ 2,199,000 | ||||||
Preferred Stock, Shares Issued (in Shares) | 9,997 | 9,997 | |||||
Sale of Stock, Price Per Share (in Dollars per share) | $ 220 | ||||||
Preferred Stock, Value, Issued | $ 2,000,000 | ||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 202,000 | ||||||
Series C Preferred Stock [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Preferred Stock, Shares Issued (in Shares) | 3,424.65 | 3,424.65 | |||||
Sale of Stock, Price Per Share (in Dollars per share) | $ 146 | ||||||
Preferred Stock, Value, Issued | $ 457,000 | ||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 43,000 | ||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 500,000 | ||||||
Series D Preferred Stock [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Preferred Stock, Shares Issued (in Shares) | 5,111.86 | 5,111.86 | |||||
Proceeds from Issuance of Convertible Preferred Stock | $ 858,000 | ||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 238,000 | ||||||
Series D Preferred Stock [Member] | SPA [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Debt Issuance Cost | 41,000 | ||||||
Series B, C, and D Preferred Stock [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Preferred Stock, Shares Issued (in Shares) | 18,533.51 | 18,533.51 | |||||
Preferred Stock, Value, Issued | $ 2,911,000 | $ 2,911,000 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | 100 | ||||||
Unallocated [Member] | Series D Preferred Stock [Member] | SPA [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Proceeds from Issuance of Convertible Preferred Stock | 817,000 | ||||||
Allocated [Member] | Series D Preferred Stock [Member] | SPA [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Proceeds from Issuance of Convertible Preferred Stock | 498,000 | ||||||
Proceeds from Issuance of Common Stock | $ 360,000 | ||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ 0.97 | ||||||
New Warrant [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 511,186 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 1.43 | ||||||
New Warrant [Member] | Alara Capital AVI II, LLC [Member] | |||||||
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 194,437 | 898,634 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 1.76 | $ 1.78 |
Note 13 - Series B, C, D Conv41
Note 13 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details) - Preferred Stock Information - USD ($) $ in Thousands | Jun. 27, 2015 | Mar. 28, 2015 | Jul. 08, 2013 | Feb. 19, 2013 | Nov. 10, 2011 |
Class of Stock [Line Items] | |||||
Designated shares | 1,000,000 | 1,000,000 | |||
Series B Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Designated shares | 10,000 | ||||
Shares issued | 9,997 | 9,997 | |||
Shares outstanding | 9,997 | ||||
Liquidation preference (in Dollars) | $ 2,309 | ||||
Series C Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Designated shares | 3,500 | ||||
Shares issued | 3,424.65 | 3,424.65 | |||
Shares outstanding | 3,424.65 | ||||
Liquidation preference (in Dollars) | $ 500 | ||||
Series D Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Designated shares | 6,000 | ||||
Shares issued | 5,111.86 | 5,111.86 | |||
Shares outstanding | 5,111.86 | ||||
Liquidation preference (in Dollars) | $ 731 | ||||
Series B, C, and D Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Designated shares | 19,500 | 19,500 | |||
Shares issued | 18,533.51 | 18,533.51 | |||
Shares outstanding | 18,533.51 | 18,533.51 | |||
Liquidation preference (in Dollars) | $ 3,540 | $ 3,540 |
Note 14 - Exercise of Series 42
Note 14 - Exercise of Series C and Series D Warrants (Details) | May. 14, 2015shares | Feb. 23, 2015USD ($)$ / sharesshares | Feb. 16, 2015USD ($)$ / sharesshares | Mar. 28, 2015USD ($) | Mar. 28, 2015 | Jun. 27, 2015$ / sharesshares | Jul. 08, 2013$ / sharesshares |
Alara Capital AVI II, LLC [Member] | |||||||
Note 14 - Exercise of Series C and Series D Warrants (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,017,405 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 1.43 | ||||||
Class of Warrant Or Right Exercised in Period | 14,587 | ||||||
Shares Issued Upon Cashless Warrant Exercise | 7,216 | ||||||
Alara Capital AVI II, LLC [Member] | Series C and D Warrants [Member] | |||||||
Note 14 - Exercise of Series C and Series D Warrants (Details) [Line Items] | |||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants (in Dollars) | $ | $ 1,500,000 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,002,818 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 1.43 | ||||||
Issuance of Warrants [Member] | |||||||
Note 14 - Exercise of Series C and Series D Warrants (Details) [Line Items] | |||||||
Other Expenses (in Dollars) | $ | $ 1,200,000 | ||||||
Series C and D Warrants [Member] | Alara Capital AVI II, LLC [Member] | |||||||
Note 14 - Exercise of Series C and Series D Warrants (Details) [Line Items] | |||||||
Proceeds from Warrant Exercises (in Dollars) | $ | $ 1,434,000 | ||||||
Payments of Stock Issuance Costs (in Dollars) | $ | $ 42,000 | ||||||
New Warrant [Member] | |||||||
Note 14 - Exercise of Series C and Series D Warrants (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 511,186 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 1.43 | ||||||
Fair Value Assumptions, Expected Term | 5 years | 5 years | |||||
Fair Value Assumptions, Risk Free Interest Rate | 1.54% | ||||||
Fair Value Assumptions, Expected Volatility Rate | 90.00% | ||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
New Warrant [Member] | Alara Capital AVI II, LLC [Member] | |||||||
Note 14 - Exercise of Series C and Series D Warrants (Details) [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 194,437 | 898,634 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 1.76 | $ 1.78 | |||||
Number of Warrants Sold | 2 | ||||||
Warrant,Purchase Price (in Dollars) | $ | $ 137,000 | ||||||
Warrant Purchase Price,Per Share (in Dollars per share) | $ / shares | $ 0.125 | ||||||
Warrant Term | 5 years | ||||||
Additional Warrant [Member] | Alara Capital AVI II, LLC [Member] | |||||||
Note 14 - Exercise of Series C and Series D Warrants (Details) [Line Items] | |||||||
Class of Warrant or Right, Outstanding | 14,587 |
Uncategorized Items - giga-2015
Label | Element | Value |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 1.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 121,500 |