Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 24, 2016 | Feb. 01, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | GIGA TRONICS INC | |
Entity Central Index Key | 719,274 | |
Trading Symbol | giga | |
Current Fiscal Year End Date | --03-25 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 9,549,703 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 24, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 24, 2016 | Mar. 26, 2016 |
Assets: | ||
Cash and cash-equivalents | $ 1,640,000 | $ 1,331,000 |
Trade accounts receivable, net of allowance of $45, respectively | 2,534,000 | 2,129,000 |
Inventories, net | 6,088,000 | 5,694,000 |
Prepaid expenses and other current assets | 150,000 | 318,000 |
Total current assets | 10,412,000 | 9,472,000 |
Property and equipment, net | 602,000 | 837,000 |
Other long term assets | 8,000 | 8,000 |
Capitalized software development costs | 1,176,000 | 876,000 |
Total assets | 12,198,000 | 11,193,000 |
Liabilities and shareholders' equity | ||
Line of credit | 704,000 | 800,000 |
Current portion of long term debt, net of discount | 10,000 | 370,000 |
Accounts payable | 1,287,000 | 1,924,000 |
Accrued payroll and benefits | 423,000 | 647,000 |
Deferred revenue | 6,463,000 | 2,804,000 |
Deferred rent | 110,000 | |
Capital lease obligations | 49,000 | 44,000 |
Deferred liability related to asset sale | 375,000 | 375,000 |
Other current liabilities | 417,000 | 621,000 |
Total current liabilities | 9,728,000 | 7,695,000 |
Warrant liability, at estimated fair value | 217,000 | 353,000 |
Long term obligations - capital lease | 128,000 | 165,000 |
Total liabilities | 10,073,000 | 8,213,000 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock of no par value; Authorized - 40,000,000 shares; 9,549,703 shares at December 24, 2016 and March 26, 2016 issued and outstanding | 24,322,000 | 24,104,000 |
Accumulated deficit | (25,108,000) | (24,035,000) |
Total shareholders' equity | 2,125,000 | 2,980,000 |
Total liabilities and shareholders' equity | 12,198,000 | 11,193,000 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock | 0 | 0 |
Series B, C, and D Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock | $ 2,911,000 | $ 2,911,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 24, 2016 | Mar. 26, 2016 |
Trade accounts receivable, allowance | $ 45 | $ 45 |
Preferred stock, authorized (in shares) | 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 (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 9,549,703 | 9,549,703 |
Common stock, outstanding (in shares) | 9,549,703 | 9,549,703 |
Series A Preferred Stock [Member] | ||
Preferred stock, authorized (in shares) | 250,000 | 250,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Series B, C, and D Preferred Stock [Member] | ||
Preferred stock, authorized (in shares) | 19,500 | 19,500 |
Preferred stock, issued (in shares) | 18,533.51 | 18,533.51 |
Preferred stock, outstanding (in shares) | 18,533.51 | 18,533.51 |
Preferred stock, liquidation preference | $ 3,540 | $ 3,540 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | |
Net sales | $ 3,202,000 | $ 4,483,000 | $ 11,037,000 | $ 11,921,000 |
Cost of sales | 2,108,000 | 2,868,000 | 7,788,000 | 7,701,000 |
Gross margin | 1,094,000 | 1,615,000 | 3,249,000 | 4,220,000 |
Operating expenses: | ||||
Engineering | 627,000 | 614,000 | 1,724,000 | 2,179,000 |
Selling, general and administrative | 1,077,000 | 1,417,000 | 3,429,000 | 4,221,000 |
Total operating expenses | 1,704,000 | 2,031,000 | 5,153,000 | 6,400,000 |
Operating loss | (610,000) | (416,000) | (1,904,000) | (2,180,000) |
Gain on sale of product line | 802,000 | |||
Gain/(loss) on adjustment of warrant liability to fair value | 62,000 | (98,000) | 136,000 | (51,000) |
Interest expense: | ||||
Interest expense, net | (24,000) | (54,000) | (84,000) | (164,000) |
Interest expense from accretion of loan discount | (3,000) | (34,000) | (21,000) | (140,000) |
Total interest expense, net | (27,000) | (88,000) | (105,000) | (304,000) |
Loss before income taxes | (575,000) | (602,000) | (1,071,000) | (2,535,000) |
Provision for income taxes | 2,000 | 2,000 | 2,000 | 2,000 |
Net loss | $ (575,000) | $ (602,000) | $ (1,073,000) | $ (2,537,000) |
Loss per common share - basic (in dollars per share) | $ (0.06) | $ (0.09) | $ (0.11) | $ (0.40) |
Loss per common share - diluted (in dollars per share) | $ (0.06) | $ (0.09) | $ (0.11) | $ (0.40) |
Weighted average shares used in per share calculation: | ||||
Basic (in shares) | 9,550 | 6,484 | 9,550 | 6,402 |
Diluted (in shares) | 9,550 | 6,484 | 9,550 | 6,402 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 24, 2016 | Dec. 26, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (1,073,000) | $ (2,537,000) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 306,000 | 220,000 |
Share based compensation | 218,000 | 717,000 |
Adjustment of warrant liability to fair value | (136,000) | 51,000 |
Capitalized software development costs | (334,000) | |
Accretion of discounts and issuance costs on debt | 21,000 | 140,000 |
Change in deferred rent | (110,000) | (94,000) |
Gain on sale of product line | (802,000) | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (405,000) | 218,000 |
Inventories | (394,000) | (946,000) |
Prepaid expenses and other assets | 168,000 | (236,000) |
Accounts payable | (637,000) | 1,458,000 |
Accrued payroll and benefits | (224,000) | (96,000) |
Deferred revenue | 3,659,000 | 267,000 |
Other current liabilities | (252,000) | 43,000 |
Net cash provided by (used in) operating activities | 14,000 | (795,000) |
Cash flows from investing activities: | ||
Cash received from Astronics | 1,225,000 | |
Cash returned related to sale of product line | (375,000) | |
Purchases of property and equipment | (37,000) | (109,000) |
Net cash provided by ( used in ) investing activities | 813,000 | (109,000) |
Cash flows from financing activities: | ||
Proceeds from line of credit | 1,200,000 | |
Repayments of debt | (390,000) | (680,000) |
Repayments of line of credit | (96,000) | |
Payments on capital leases | (32,000) | (65,000) |
Proceeds from exercise of stock options | 62,000 | |
Net cash (used in) provided by financing activities | (518,000) | 517,000 |
Increase /(Decrease) in cash and cash-equivalents | 309,000 | (387,000) |
Beginning cash and cash-equivalents | 1,331,000 | 1,170,000 |
Ending cash and cash-equivalents | 1,640,000 | 783,000 |
Supplementary disclosure of cash flow information: | ||
Cash paid for income taxes | 2,000 | 2,000 |
Cash paid for interest | 63,000 | 120,000 |
Supplementary disclosure of noncash financing activities: | ||
Equipment disposal | 174,000 | |
Equipment acquired under capital lease | $ 163,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | (1) 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 March 26, 2016. Principles of Consolidation Derivatives Software Development Costs Discontinued Operations 205 20 9, 205 20.The 9, New Accounting Standards April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606): 2016 10 2014 09, 606), 2016 10 2014 09. 2015 14, Revenue from Contracts with Customers (Topic 606) 15 December 2017, may |
Note 2 - Going Concern and Mana
Note 2 - Going Concern and Management's Plan | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | ( 2 ) Going Concern and Management’s Plan The Company incurred net losses of $575,000 third 2017 $1.1 first nine 2017, $25.1 December 24, 2016. The Company has experienced delays in the development of features, orders, and shipments for the new Advanced Signal Generator (“ASG”). These delays have contributed, in part, to a decrease in working capital from $1.8 March 26, 2016, $684,000 December 24, 2016. To help fund operations, the Company relies, in part, on advances under the line of credit with Bridge Bank. The line of credit expires on May 7, 2017. December 24, 2016, $704,000, $1.7 These matters raise substantial doubt as to the Company’s ability to continue as a going concern. To address these matters, the Company’s management has taken several actions to provide additional liquidity and reduce costs and expenses going forward. These actions are described in the following paragraphs. ● On June 20, 2016, 9, $850,000 $960,000 second September 24, 2016. ● In July 2016, $1.9 $256,000 $663,000, three nine December 24, 2016 nine twelve ● In June 2016, $3.3 fourth 2017. July 2016, $542,000 second September 24, 2016. ● In April 2016, $4.5 50% 2016. $1.4 $3.3 2017 three nine December 24, 2016, three six ● With the elimination of Giga-tronics Switch, Power Meter, Amplifier, and Signal Generator legacy product lines resulting from the Asset Purchase Agreements with Spanawave and Astronics, (see Note 9, 20%, 71 November 2015 56 December 24, 2016, ● Giga-tronics plans to work with Bridge Bank to renew the line of credit prior to its May 7, 2017 ● In the first 2016, $10.0 second 2017. $431,000 $898,000 three nine December 24, 2016, 2020. ● To assist with the upfront purchases of inventory required for future product deliveries, the Company entered into advance payment arrangements with certain customers, whereby the customers reimburse the Company for raw material purchases prior to the shipment of the finished products. The Company will continue to seek similar terms in future agreements with these customers and other customers. Management will continue to review all aspects of the business in an effort to improve cash flow and reduce costs and expenses while continuing to invest, to the extent possible, in new product development for future revenue streams. Management will also continue to seek additional working capital through debt or equity financing, however, there are no assurances that such financings will be available at all, or on terms acceptable to the Company. Cumulative losses have had a significant negative impact on the financial condition of the Company and raise substantial doubt about the Company’s ability to continue as a going concern. The Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern and do not include any adjustments that might result if the Company were unable to do so. |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Revenue Recognition Disclosure [Text Block] | (3) 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. 2. 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 $6.5 no three December 24, 2016 nine December 24, 2016, $478,000. three nine December 26, 2015, $6,000 $716,000, 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 twelve eighteen may |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (4) Inventories consisted of the following: (In thousands) December 24, 2016 March 26, 2016 Raw materials $ 2,086 $ 3,489 Work-in-progress 3,522 2,156 Finished goods 228 2 Demonstration inventory 252 47 Total $ 6,088 $ 5,694 |
Note 5 - Software Development C
Note 5 - Software Development Costs | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | (5) Software Development Costs On September 3, 2015, $1.2 may seven December 24, 2016, $1.2 three December 24, 2016 three December 24, 2016, three $34,000 three nine December 24, 2016. |
Note 6 - Accounts Receivable Li
Note 6 - Accounts Receivable Line of Credit | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 6) On June 1, 2015 $2.5 $2.5 $2.0 $500,000 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% May 7, 2017 1.5% 3.75% December 24, 2016 5.25%). $12,500. 135% 90 December 24, 2016, December 24, 2016, $704,000 $1.7 |
Note 7 - Term Loan, Revolving L
Note 7 - Term Loan, Revolving Line of Credit and Warrants | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 7) Term Loan, Revolving Line of Credit and Warrants On March 13, 2014 three $2.0 $1.0 March 14, 2014 $1.0 9.75% first six thirty December 24, 2016, $10,000. On June 16, 2014, $500,000, June 17, 2014. thirty three 12.50% March 13, 2017 On June 3, 2015, $500,000 June 2014 $150,000 $500,000 July 2015. $10,000 March 2016. The PFG loan is secured by all of the Company’s assets under a lien that is junior to the Bridge Bank debt described in Note 6, $2.5 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 December 24, 2016, The PFG loan agreement also initially provided for the issuance of warrants convertible into 300,000 180,000 $1.0 80,000 first 40,000 five $1.42 ten If the warrants are not exercised before expiration on March 13, 2019, $150,000 $67,000 $173,000 $168,000, As of December 24, 2016, $130,000 $87,000, $217,000. March 26, 2016, $212,000 $141,000, $353,000. During the three nine December 24, 2016, $62,000 $136,000 three nine December 26, 2015, $98,000 $51,000, The initial $1.0 $822,000 $178,000, $178,000 three nine December 24, 2016, $3,000 $21,000 three nine December 26, 2015, $34,000 $140,000, |
Note 8 - Fair Value
Note 8 - Fair Value | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 8) Fair Value Pursuant to the accounting guidance for fair value measurement and its subsequent updates, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a hierarchy for inputs used in measuring fair value that minimizes the use of unobservable inputs by requiring the use of observable market data when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on active market data. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The fair value hierarchy is broken down into the three • Level 1 1 • Level 2 2 • Level 3 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, and generally result in inputs categorized as Level 1 3 December 24, 2016 March 26, 2016, $10,000 $370,000, $10,000 $384,000, 14% 20% The Company’s derivative warrant liability is measured at fair value on a recurring basis and is categorized as Level 3 December 24, 2016: 2.3 96.9%, 1.30%, 14%. The aforementioned derivative warrant liability is the Company’s only asset and liability recognized and measured at fair value on a recurring or non-recurring basis. The following table presents the fair value measurements for warrant liability: Fair Value Measurements as of December 24, 2016 (In Thousands): Level 1 Level 2 Level 3 Warrant Liability $ — — $ 217 Total $ — — $ 217 Fair Value Measurements as of March 26, 201 6 (In Thousands): Level 1 Level 2 Level 3 Warrant Liability $ — — $ 353 Total $ — $ — $ 353 There were no transfers between Level 1, 2, 3 three nine December 24, 2016 March 26, 2016. The table below summarizes changes in gains and losses recorded in earnings for Level 3 December 24, 2016: Three Month Periods Ended Nine Month Periods Ended (In thousands) December 24, 2016 December 26, 2015 December 24, 2016 December 26, 2015 Warrant liability at beginning of period $ 279 $ 294 $ 353 $ 341 Gains (recorded in other income/expense) (62 ) — (136 ) — Losses (recorded in other income/expense) — 98 — 51 Warrant liability at end of period $ 217 $ 392 $ 217 $ 392 There were no no December 24, 2016 March 26, 2016. The following table presents quantitative information about recurring Level 3 December 24, 2016 March 26, 2016: December 24, 2016 Valuation Technique(s) Unobservable Input Warrant liability Monte Carlo Discount rate 14 % March 26, 2016 Valuation Techniques(s) Unobservable Input Warrant liability Monte Carlo Discount rate 20 % The discount rate of fourteen March 31, 2019. (1) (2) (3) |
Note 9 - Sale of Product Lines
Note 9 - Sale of Product Lines | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | (9) Sale of Product Lines On June 20, 2016, $850,000 $802,000 first June 25, 2016 (In thousands) Cash received from Astronics $ 850 Cash paid to buy out future commission obligation (170 ) Employee severance (97 ) Legal fees (13 ) Commissions (46 ) Warranty Liability released 278 Net gain recognized $ 802 In calculating the gain included in the accompanying consolidated financial statements, the Company released $278,000 three 4 January 2020. June 2016 $170,000 During the three December 24, 2016, not nine December 24, 2016, $2.1 nine December 24, 2016 $437,000. three nine December 26, 2015, $714,000 $1.8 $280,000 $668,000, On December 15, 2015, $1.5 six second September 24, 2016, one five $375,000 first 2017. The complaint seeks specific performance of the agreement and damages. Spanawave’s affiliate Liberty Test Equipment also filed an arbitration claim for $440,000 6 During the nine December 24, 2016, $750,000 $375,000 July 28, 2016 one five. $375,000 June 2016, $275,000 $75,000 $425,000 three nine December 24, 2016, $637,000 $2.1 three nine December 26, 2015. no first nine 2017 three nine December 26, 2015, $106,000 $462,000, |
Note 10 - Loss Per Share
Note 10 - Loss Per Share | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 10 ) Loss Per Share Basic loss per share (EPS) is calculated by dividing net 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 Month Periods Ended Nine Month Periods Ended (In thousands except per share data) December 24, 2016 December 26, 2015 December 24, 2016 December 26, 2015 Net loss $ (575 ) $ (602 ) $ (1,073 ) $ (2,537 ) Weighted average: Common shares outstanding 9,550 6,484 9,550 6,402 Potential common shares — — — — Common shares assuming dilution 9,550 6,484 9,550 6,402 Net earnings/ loss per share - basic $ (0.06 ) $ (0.09 ) $ (0.11 ) $ (0.40 ) Net earnings/ loss per share - diluted $ (0.06 ) $ (0.09 ) $ (0.11 ) $ (0.40 ) Stock options not included in computation that could potentially dilute EPS in the future 1,137 1,598 1,137 1,598 Restricted stock awards not included in computation that could potentially dilute EPS in the future 45 245 45 245 Convertible preferred stock not included in computation that could potentially dilute EPS in the future 1,853 1,853 1,853 1,853 Warrants not included in computation that could potentially dilute EPS in the future 3,737 1,353 3,737 1,353 The exclusion of stock options, restricted stock, convertible preferred stocks and warrants from the computation of diluted earnings per share (EPS) for the three nine December 24, 2016 December 26, 2015 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (11) The Company has established the 2005 2,850,000 100% 2005 2025. 2000 one four five 10 may December 24, 2016, December 24, 2016, 1,257,927. ten Stock Options 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 and the following weighted average assumptions: Three Month Periods Ended Nine Month Periods Ended December 24, 2016 December 26, 2015 December 24, 2016 December 26, 2015 Dividend yield — — — — Expected volatility 98.51 % 97.18 % 98.73 % 97.18 % Risk-free interest rate 1.35 % 1.56 % 1.36 % 1.36 % Expected term (years) 8.36 8.36 8.36 8.36 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. A summary of the changes in stock options outstanding for the nine December 24, 2016 March 26, 2016 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (in thousands) Outstanding at March 28, 2015 1,726,975 $ 1.57 Granted 35,000 1.22 Exercised 48,550 1.59 Forfeited / Expired 121,225 2.15 Outstanding at March 26, 2016 1,592,200 $ 1.52 6.8 $ 69 Granted 103,000 1.03 Exercised — — Forfeited / Expired 558,100 1.56 Outstanding at December 24, 2016 1,137,100 $ 1.45 6.2 $ — Exercisable at December 24, 2016 815,450 $ 1.47 5.7 $ — At December 24, 2016, expected to vest in the future 213,435 $ 1.40 7.4 $ — As of December 24, 2016, $179,000 2.8 56,150 73,000 December 24, 2016 December 26, 2015, December 24, 2016 December 26, 2015 $73,000 $98,000, 187,300 364,150 nine December 24, 2016 December 26, 2015, nine December 24, 2016 December 26, 2015 $233,000 $383,000, No three nine December 24, 2016. 27,300 39,300 three nine December 26, 2015, three December 24, 2016 December 26, 2015 $61,000 $93,000, nine December 24, 2016 December 26, 2015 $211,000 $317,000, Restricted Stock The Company granted 44,500 third first nine 2017. No third first nine 2016. No third first nine 2017. 50,000 2005 2013 first 2016. As of December 24, 2016, $19,000 0.2 three nine December 24, 2016 $7,000 three nine December 26, 2015 $90,000 $400,000, A summary of the changes in non-vested restricted stock awards outstanding at December 24, 2016 March 28, 2016 Shares Wt. Avg. Grant Date Fair Value Non-Vested at March 28, 2015 482,000 $ 2.02 Granted — — Vested 482,000 2.02 Forfeited or cancelled — — Non-Vested at March 26, 2016 — $ — Granted 44,500 0.66 Vested — — Forfeited or cancelled — — Non-Vested at December 24, 2016 45,500 $ 0.66 |
Note 12 - Significant Customer
Note 12 - Significant Customer and Industry Segment Information | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | (12) Significant Customer and Industry Segment Information The Company has two ● The Giga-tronics Division has historically produced a broad line of test and measurement equipment used primarily for the design, production, repair and maintenance of products in aerospace, telecommunications, RADAR, and electronic warfare. The Giga-tronics Division recently transitioned within the test and measurement market from legacy products to its newly developed Advanced Signal Generator product for the electronic warfare market (see Item 2 ● Microsource primarily develops and manufactures YIG RADAR filters used in fighter jet aircraft for two The tables below present information for the three nine December 24, 2016 December 26, 2015. Three Month Period Ended Three Month Period Ended (In thousands) Dec. 24, 2016 Dec. 24, 2016 Dec. 26, 2015 Dec. 26, 2015 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 8,666 $ 838 $ (1,471 ) $ 6,639 $ 2,692 $ (1,306 ) Microsource 3,532 2,364 896 2,044 1,791 704 Total $ 12,198 $ 3,202 $ (575 ) $ 8,683 $ 4,483 $ (602 ) Nine Month Period Ended Nine Month Period Ended (In thousands) Dec. 24, 2016 Dec. 24, 2016 Dec. 26, 2015 Dec. 26, 2015 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 8,666 $ 4,660 $ (3,435 ) $ 6,639 $ 6,908 $ (4,560 ) Microsource 3,532 6,377 2,362 2,044 5,013 2,023 Total $ 12,198 $ 11,037 $ (1,073 ) $ 8,683 $ 11,921 $ (2,537 ) During the third 2017, two 76% 52% second 24% third 13% third 2016, one 40% second 21% three December 26, 2015 During the first nine 2017, one 38% second 15% first nine 2016, one 34% second 13% |
Note 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (13) 740. The Company recorded $2,000 three nine December 24, 2016 December 26, 2015. three nine December 24, 2016 December 26, 2015 0% As of December 24, 2016, $106,000 12 $45,000 first 2015. |
Note 14 - Warranty Obligations
Note 14 - Warranty Obligations | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | (14) The Company records a provision 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. Three Month Periods Ended Nine Month Periods Ended (In thousands) December 24, 2016 December 26, 2015 December 24, 2016 December 26, 2015 Balance at beginning of period $ 60 $ 67 $ 60 $ 76 Provision, net 3 14 115 40 Warranty costs incurred (2 ) (10 ) (114 ) (45 ) Balance at end of period $ 61 $ 71 $ 61 $ 71 |
Note 15 - Series B, C, D Conver
Note 15 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | (15) On November 10, 2011, $2,199,000 October 31, 2011. 9,997 $220 $2.0 $202,000 On February 19, 2013, 3,424.65 $500,000 $146.00 $457,000 $43,000. On July 8, 2013 $817,000 5,111.86 511,186 $1.43 $858,000 $498,000 $41,000 $360,000 $498,000 $0.97 $238,000 Each share of Series B, Series C, and Series D Preferred Stock is convertible into one 1,017,405 $1.43 February May 2015 17, The table below presents information as of December 24, 2016 March 26, 2016. Preferred Stock as of December 24, 2016 March 26, 2016 Designated Shares Shares Issued Shares Outstanding Liquidation 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 16 - Private Placement Off
Note 16 - Private Placement Offering | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Private Placement Offering [Text Block] | ( 16) Private Placement Offering On January 19, 2016, 2,787,872 one 0.75 20 $1.24375. $3.5 $3.1 $1.15, January 15, 2016. $.09375 $0.125 $1.15 January 29, 2021. 292,727 $1.15 |
Note 17 - Exercise of Series C
Note 17 - Exercise of Series C and Series D Warrants | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Warrants [Text Block] | (17) On February 16, 2015, $1.5 February 16, 2015 February 23, 2015 1,002,818 $1.43 $1,434,000, $42,000 two 898,634 194,437 $1.78 $1.76 $137,000 $0.125 five may 14,587 February May 14, 2015, 14,587 7,216 5 1.54%, 90% 0% $1.2 fourth 2015. |
Note 18 - Subsequent Event
Note 18 - Subsequent Event | 9 Months Ended |
Dec. 24, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | (18) Subsequent Event On January 5, 2017, seventy seven 23,873 April 1, 2017, $41,000 $3.2 five January 12, 2017, 47,300 December 31, 2016) April 30, 2017 $88,000, 150% April 30 th 2017. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 24, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Derivatives, Policy [Policy Text Block] | Derivatives |
Product Development Costs, Policy [Policy Text Block] | Software Development Costs |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations 205 20 9, 205 20.The 9, |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards April 2016, 2016 10, Revenue from Contracts with Customers (Topic 606): 2016 10 2014 09, 606), 2016 10 2014 09. 2015 14, Revenue from Contracts with Customers (Topic 606) 15 December 2017, may |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) December 24, 2016 March 26, 2016 Raw materials $ 2,086 $ 3,489 Work-in-progress 3,522 2,156 Finished goods 228 2 Demonstration inventory 252 47 Total $ 6,088 $ 5,694 |
Note 8 - Fair Value (Tables)
Note 8 - Fair Value (Tables) | 9 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of December 24, 2016 (In Thousands): Level 1 Level 2 Level 3 Warrant Liability $ — — $ 217 Total $ — — $ 217 Fair Value Measurements as of March 26, 201 6 (In Thousands): Level 1 Level 2 Level 3 Warrant Liability $ — — $ 353 Total $ — $ — $ 353 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | Three Month Periods Ended Nine Month Periods Ended (In thousands) December 24, 2016 December 26, 2015 December 24, 2016 December 26, 2015 Warrant liability at beginning of period $ 279 $ 294 $ 353 $ 341 Gains (recorded in other income/expense) (62 ) — (136 ) — Losses (recorded in other income/expense) — 98 — 51 Warrant liability at end of period $ 217 $ 392 $ 217 $ 392 |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | December 24, 2016 Valuation Technique(s) Unobservable Input Warrant liability Monte Carlo Discount rate 14 % March 26, 2016 Valuation Techniques(s) Unobservable Input Warrant liability Monte Carlo Discount rate 20 % |
Note 9 - Sale of Product Lines
Note 9 - Sale of Product Lines (Tables) | 9 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Asset Purchase Agreement [Table Text Block] | (In thousands) Cash received from Astronics $ 850 Cash paid to buy out future commission obligation (170 ) Employee severance (97 ) Legal fees (13 ) Commissions (46 ) Warranty Liability released 278 Net gain recognized $ 802 |
Note 10 - Loss Per Share (Table
Note 10 - Loss Per Share (Tables) | 9 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Month Periods Ended Nine Month Periods Ended (In thousands except per share data) December 24, 2016 December 26, 2015 December 24, 2016 December 26, 2015 Net loss $ (575 ) $ (602 ) $ (1,073 ) $ (2,537 ) Weighted average: Common shares outstanding 9,550 6,484 9,550 6,402 Potential common shares — — — — Common shares assuming dilution 9,550 6,484 9,550 6,402 Net earnings/ loss per share - basic $ (0.06 ) $ (0.09 ) $ (0.11 ) $ (0.40 ) Net earnings/ loss per share - diluted $ (0.06 ) $ (0.09 ) $ (0.11 ) $ (0.40 ) Stock options not included in computation that could potentially dilute EPS in the future 1,137 1,598 1,137 1,598 Restricted stock awards not included in computation that could potentially dilute EPS in the future 45 245 45 245 Convertible preferred stock not included in computation that could potentially dilute EPS in the future 1,853 1,853 1,853 1,853 Warrants not included in computation that could potentially dilute EPS in the future 3,737 1,353 3,737 1,353 |
Note 11 - Share-based Compens29
Note 11 - Share-based Compensation (Tables) | 9 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Month Periods Ended Nine Month Periods Ended December 24, 2016 December 26, 2015 December 24, 2016 December 26, 2015 Dividend yield — — — — Expected volatility 98.51 % 97.18 % 98.73 % 97.18 % Risk-free interest rate 1.35 % 1.56 % 1.36 % 1.36 % Expected term (years) 8.36 8.36 8.36 8.36 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (in thousands) Outstanding at March 28, 2015 1,726,975 $ 1.57 Granted 35,000 1.22 Exercised 48,550 1.59 Forfeited / Expired 121,225 2.15 Outstanding at March 26, 2016 1,592,200 $ 1.52 6.8 $ 69 Granted 103,000 1.03 Exercised — — Forfeited / Expired 558,100 1.56 Outstanding at December 24, 2016 1,137,100 $ 1.45 6.2 $ — Exercisable at December 24, 2016 815,450 $ 1.47 5.7 $ — At December 24, 2016, expected to vest in the future 213,435 $ 1.40 7.4 $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Shares Wt. Avg. Grant Date Fair Value Non-Vested at March 28, 2015 482,000 $ 2.02 Granted — — Vested 482,000 2.02 Forfeited or cancelled — — Non-Vested at March 26, 2016 — $ — Granted 44,500 0.66 Vested — — Forfeited or cancelled — — Non-Vested at December 24, 2016 45,500 $ 0.66 |
Note 12 - Significant Custome30
Note 12 - Significant Customer and Industry Segment Information (Tables) | 9 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Month Period Ended Three Month Period Ended (In thousands) Dec. 24, 2016 Dec. 24, 2016 Dec. 26, 2015 Dec. 26, 2015 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 8,666 $ 838 $ (1,471 ) $ 6,639 $ 2,692 $ (1,306 ) Microsource 3,532 2,364 896 2,044 1,791 704 Total $ 12,198 $ 3,202 $ (575 ) $ 8,683 $ 4,483 $ (602 ) Nine Month Period Ended Nine Month Period Ended (In thousands) Dec. 24, 2016 Dec. 24, 2016 Dec. 26, 2015 Dec. 26, 2015 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 8,666 $ 4,660 $ (3,435 ) $ 6,639 $ 6,908 $ (4,560 ) Microsource 3,532 6,377 2,362 2,044 5,013 2,023 Total $ 12,198 $ 11,037 $ (1,073 ) $ 8,683 $ 11,921 $ (2,537 ) |
Note 14 - Warranty Obligations
Note 14 - Warranty Obligations (Tables) | 9 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Month Periods Ended Nine Month Periods Ended (In thousands) December 24, 2016 December 26, 2015 December 24, 2016 December 26, 2015 Balance at beginning of period $ 60 $ 67 $ 60 $ 76 Provision, net 3 14 115 40 Warranty costs incurred (2 ) (10 ) (114 ) (45 ) Balance at end of period $ 61 $ 71 $ 61 $ 71 |
Note 15 - Series B, C, D Conv32
Note 15 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Tables) | 9 Months Ended |
Dec. 24, 2016 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Designated Shares Shares Issued Shares Outstanding Liquidation 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 2 - Going Concern and Ma33
Note 2 - Going Concern and Management's Plan (Details Textual) | Jun. 20, 2016USD ($) | Apr. 30, 2016USD ($) | Nov. 30, 2015 | Dec. 24, 2016USD ($) | Sep. 24, 2016USD ($) | Dec. 26, 2015USD ($) | Dec. 24, 2016USD ($) | Dec. 26, 2015USD ($) | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 26, 2016USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) |
Net Income (Loss) Attributable to Parent | $ (575,000) | $ (602,000) | $ (1,073,000) | $ (2,537,000) | |||||||||
Retained Earnings (Accumulated Deficit) | (25,108,000) | (25,108,000) | $ (24,035,000) | ||||||||||
Working Capital | 684,000 | 684,000 | 1,800,000 | ||||||||||
Line of Credit, Current | 704,000 | 704,000 | $ 800,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,700,000 | 1,700,000 | |||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 1,225,000 | ||||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 6,500,000 | ||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent | 20.00% | ||||||||||||
Restructuring and Related Cost, Number of Positions | 71 | 56 | 56 | ||||||||||
Microsource [Member] | |||||||||||||
Net Income (Loss) Attributable to Parent | $ 896,000 | 704,000 | $ 2,362,000 | 2,023,000 | |||||||||
Gigatronics Division [Member] | |||||||||||||
Net Income (Loss) Attributable to Parent | (1,471,000) | $ (1,306,000) | (3,435,000) | $ (4,560,000) | |||||||||
Switch Product Line [Member] | Astronics Test Systems Inc [Member] | |||||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 850,000 | 850,000 | |||||||||||
Proceeds from sale of Inventory | $ 960,000 | ||||||||||||
YIG Production Order [Member] | Microsource [Member] | |||||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Next Twelve Months | $ 1,900,000 | ||||||||||||
Proceeds from Sale and Collection of Receivables | 431,000 | 898,000 | |||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 10,000,000 | ||||||||||||
NRE Services Order [Member] | Microsource [Member] | |||||||||||||
Proceeds from Sale and Collection of Receivables | 256,000 | 663,000 | |||||||||||
Real-Time TEmS [Member] | Gigatronics Division [Member] | |||||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 3,300,000 | ||||||||||||
ASG Hardware Only Platform [Member] | Gigatronics Division [Member] | |||||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 542,000 | ||||||||||||
YIG RADAR Order [Member] | Microsource [Member] | |||||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Next Twelve Months | $ 4,500,000 | ||||||||||||
Proceeds from Sale and Collection of Receivables | $ 1,400,000 | $ 3,300,000 | |||||||||||
Increase (Decrease) in Unbilled Receivables, Percentage | 50.00% |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | Mar. 28, 2015 | |
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 6,500,000 | ||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 0 | $ 6,000 | $ 478,000 | $ 716,000 | |
Minimum [Member] | |||||
Warranty Term | 1 year | ||||
Maximum [Member] | |||||
Warranty Term | 1 year 180 days |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Dec. 24, 2016 | Mar. 26, 2016 |
Raw materials | $ 2,086 | $ 3,489 |
Work-in-progress | 3,522 | 2,156 |
Finished goods | 228 | 2 |
Demonstration inventory | 252 | 47 |
Total | $ 6,088 | $ 5,694 |
Note 5 - Software Development36
Note 5 - Software Development Costs (Details Textual) - OLS Technology [Member] - USD ($) | Sep. 03, 2015 | Dec. 24, 2016 | Dec. 24, 2016 |
Research and Development Expense, Software (Excluding Acquired in Process Cost) | $ 1,200,000 | ||
Capitalized Computer Software, Additions | $ 1,200,000 | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Capitalized Computer Software, Amortization | $ 34,000 | $ 34,000 | |
Aerospace Company [Member] | |||
Royalties Percentage | 7.00% |
Note 6 - Accounts Receivable 37
Note 6 - Accounts Receivable Line of Credit (Details Textual) - USD ($) | Jun. 01, 2015 | Dec. 24, 2016 | Mar. 26, 2016 |
Line of Credit, Current | $ 704,000 | $ 800,000 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,700,000 | ||
New Amended Credit Facility 2 [Member] | |||
Long-term Line of Credit | $ 2,500,000 | ||
Advance Rate | 80.00% | ||
Debt Instrument, Variable Interest Rate | 3.75% | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | ||
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] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
New Amended Credit Facility 2 [Member] | Borrowing Base for International Services Sub-Limit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | ||
New Amended Credit Facility 2 [Member] | Formula-Basis Sub-Limit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | ||
New Amended Credit Facility 2 [Member] | Non-Formula Basis Sub-Limit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Note 7 - Term Loan, Revolving38
Note 7 - Term Loan, Revolving Line of Credit and Warrants (Details Textual) - USD ($) | Jun. 03, 2015 | Jun. 16, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 13, 2014 | Jul. 31, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | Mar. 26, 2016 | Jan. 15, 2016 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,700,000 | $ 1,700,000 | ||||||||||
Repayments of Lines of Credit | 96,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.15 | |||||||||||
Fair Value Adjustment of Warrants | (62,000) | $ 98,000 | (136,000) | 51,000 | ||||||||
Amortization of Debt Discount (Premium) | 3,000 | $ 34,000 | 21,000 | $ 140,000 | ||||||||
Partners For Growth IV, L.P. [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||||||||
Repayments of Lines of Credit | $ 500,000 | |||||||||||
Bridge Bank [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | $ 2,500,000 | ||||||||||
PFG Loan [Member] | ||||||||||||
Debt Instrument, Term | 2 years 180 days | 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% | 9.75% | ||||||||||
Long-term Debt | 10,000 | 10,000 | ||||||||||
Derivative Liability, Fair Value, Gross Liability | 217,000 | 217,000 | $ 353,000 | |||||||||
PFG Loan [Member] | Common Stock [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 300,000 | 300,000 | ||||||||||
Class of Warrant or Right, Term | 5 years | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.42 | $ 1.42 | ||||||||||
PFG Loan [Member] | Partners For Growth IV, L.P. [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument, Term | 2 years 270 days | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | |||||||||||
Long-term Line of Credit | $ 500,000 | |||||||||||
Repayments of Lines of Credit | $ 150,000 | |||||||||||
Line of Credit Facility, Periodic Payment, Principal | $ 10,000 | |||||||||||
PFG Loan [Member] | Achievement of Performance Milestones First Half of Fiscal 2015 [Member] | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000,000 | $ 1,000,000 | ||||||||||
PFG Loan [Member] | Under First Draw [Member] | ||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 173,000 | |||||||||||
Long-term Debt, Gross | 822,000 | 822,000 | ||||||||||
Debt Instrument, Unamortized Discount | $ 178,000 | $ 178,000 | ||||||||||
PFG Loan [Member] | Under First Draw [Member] | Common Stock [Member] | ||||||||||||
Class of Warrant or Right, Outstanding | 180,000 | 180,000 | ||||||||||
Class of Warrant or Right, Exchanged for Cash, Amount | $ 150,000 | $ 150,000 | ||||||||||
PFG Loan [Member] | Amendment [Member] | ||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | 168,000 | |||||||||||
PFG Loan [Member] | Amendment [Member] | Common Stock [Member] | ||||||||||||
Class of Warrant or Right, Outstanding | 80,000 | |||||||||||
Class of Warrant or Right, Exchanged for Cash, Amount | 67,000 | 67,000 | ||||||||||
PFG Loan [Member] | Second Amendment [Member] | Common Stock [Member] | ||||||||||||
Class of Warrant or Right, Cancelled During Period | 40,000 | |||||||||||
Warrant Debt [Member] | Under First Draw [Member] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | 130,000 | 130,000 | 212,000 | |||||||||
Long-term Debt, Gross | $ 178,000 | $ 178,000 | ||||||||||
Warrant Debt [Member] | Amendment [Member] | ||||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 87,000 | $ 87,000 | $ 141,000 |
Note 8 - Fair Value (Details Te
Note 8 - Fair Value (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 24, 2016 | Mar. 26, 2016 | |
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
Liabilities, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Long-term Debt [Member] | ||
Long-term Debt | 10,000 | 370,000 |
Long-term Debt, Fair Value | $ 10,000 | $ 384,000 |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Inputs, Discount Rate | 14.00% | 20.00% |
Fair Value Assumptions, Expected Term | 2 years 109 days | |
Fair Value Assumptions, Expected Volatility Rate | 96.90% | |
Fair Value Assumptions, Risk Free Interest Rate | 1.30% |
Note 8 - Fair Value - Fair Valu
Note 8 - Fair Value - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 24, 2016 | Mar. 26, 2016 |
Fair Value, Inputs, Level 1 [Member] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Total | 217 | 353 |
Fair Value, Measurements, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Warrant Liability | ||
Fair Value, Measurements, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Warrant Liability | ||
Fair Value, Measurements, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrant Liability | $ 217 | $ 353 |
Note 8 - Fair Value - Summary o
Note 8 - Fair Value - Summary of Changes in Gains and Losses (Details) - Fair Value, Inputs, Level 3 [Member] - Derivative Financial Instruments, Liabilities [Member] - Warrant [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | |
Warrant liability at beginning of period | $ 279 | $ 294 | $ 353 | $ 341 |
Gains (Losses) (recorded in other income/expense) | (62) | 98 | (136) | 51 |
Warrant liability at end of period | $ 217 | $ 392 | $ 217 | $ 392 |
Note 8 - Fair Value - Quantitat
Note 8 - Fair Value - Quantitative Information (Details) | 9 Months Ended | 12 Months Ended |
Dec. 24, 2016 | Mar. 26, 2016 | |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Monte Carlo [Member] | ||
Fair Value Inputs, Discount Rate | 14.00% | 20.00% |
Note 9 - Sale of Product Line43
Note 9 - Sale of Product Lines (Details Textual) - USD ($) | Jul. 28, 2016 | Jun. 20, 2016 | Dec. 15, 2015 | Jun. 30, 2016 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 |
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 1,225,000 | |||||||||
Gain (Loss) on Sale of Business, Affiliated and Productive Assets | 802,000 | |||||||||
Revenue, Net | 3,202,000 | 4,483,000 | 11,037,000 | 11,921,000 | ||||||
Gross Profit | 1,094,000 | 1,615,000 | 3,249,000 | 4,220,000 | ||||||
Switch Product Line [Member] | ||||||||||
Revenue, Net | 0 | 714,000 | 2,100,000 | 1,800,000 | ||||||
Gross Profit | 280,000 | 437,000 | 668,000 | |||||||
Power Meters, Amplifiers, and Legacy Signal Generators [Member] | ||||||||||
Revenue, Net | $ 75,000 | 637,000 | 425,000 | 2,100,000 | ||||||
Gross Profit | $ 106,000 | 0 | $ 462,000 | |||||||
Astronics Test Systems Inc [Member] | Switch Product Line [Member] | ||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 850,000 | 850,000 | ||||||||
Gain (Loss) on Sale of Business, Affiliated and Productive Assets | $ 802,000 | 802,000 | ||||||||
Standard Product Warranty Accrual, Period Increase (Decrease) | $ (278,000) | (278,000) | ||||||||
Sales Commision | 3.00% | |||||||||
Sales Commission, Term | 4 years | |||||||||
Cash Paid to Buy Out Future Commission Obligation | $ 170,000 | 170,000 | ||||||||
Proceeds from sale of Inventory | $ 960,000 | |||||||||
Spanawave [Member] | ||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 375,000 | $ 1,500,000 | $ 375,000 | $ 750,000 | ||||||
Loss Contingency, Estimate of Possible Loss | $ 440,000 | |||||||||
Return of Payment | $ 375,000 | |||||||||
Proceeds from sale of Inventory | $ 275,000 |
Note 9 - Sale of Product Line44
Note 9 - Sale of Product Lines - Asset Purchase Agreement (Details) - USD ($) | Jun. 20, 2016 | Jun. 30, 2016 | Dec. 24, 2016 | Jun. 25, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 |
Cash received from Astronics | $ 1,225,000 | ||||||
Net gain recognized | 802,000 | ||||||
Astronics Test Systems Inc [Member] | Switch Product Line [Member] | |||||||
Cash received from Astronics | $ 850,000 | 850,000 | |||||
Cash paid to buy out future commission obligation | $ (170,000) | (170,000) | |||||
Employee severance | (97,000) | ||||||
Legal fees | (13,000) | ||||||
Commissions | (46,000) | ||||||
Warranty Liability released | $ 278,000 | 278,000 | |||||
Net gain recognized | $ 802,000 | $ 802,000 |
Note 10 - Loss Per Share - Net
Note 10 - Loss Per Share - Net Income (Loss) and Common Shares Used in Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | |
Net loss | $ (575,000) | $ (602,000) | $ (1,073,000) | $ (2,537,000) |
Weighted average: | ||||
Basic (in shares) | 9,550 | 6,484 | 9,550 | 6,402 |
Common shares assuming dilution (in shares) | 9,550 | 6,484 | 9,550 | 6,402 |
Loss per common share - basic (in dollars per share) | $ (0.06) | $ (0.09) | $ (0.11) | $ (0.40) |
Loss per common share - diluted (in dollars per share) | $ (0.06) | $ (0.09) | $ (0.11) | $ (0.40) |
Equity Option [Member] | ||||
Weighted average: | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1,137 | 1,598 | 1,137 | 1,598 |
Restricted Stock [Member] | ||||
Weighted average: | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 45 | 245 | 45 | 245 |
Convertible Debt Securities [Member] | ||||
Weighted average: | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1,853 | 1,853 | 1,853 | 1,853 |
Warrant [Member] | ||||
Weighted average: | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 3,737 | 1,353 | 3,737 | 1,353 |
Note 11 - Share-based Compens46
Note 11 - Share-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | Mar. 26, 2016 | Mar. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 48,550 | |||||
Outstanding Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Restricted Stock [Member] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 73 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 44,500 | 0 | 44,500 | 0 | 50,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 482,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 19,000 | $ 19,000 | ||||
Restricted and Unrestricted Stock [Member] | ||||||
Allocated Share-based Compensation Expense | $ 7,000 | $ 90,000 | $ 7,000 | $ 400,000 | ||
Minimum [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Maximum [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
2000 Stock Option Plan and 2005 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,850,000 | 2,850,000 | ||||
Percent Of Fair Market Value Of Common Stock At Date Of Grant | 100.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,257,927 | 1,257,927 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 179,000 | $ 179,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 56,150 | 73,000 | 187,300 | 364,150 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 73,000 | $ 98,000 | $ 233,000 | $ 383,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 27,300 | 0 | 39,300 | ||
Allocated Share-based Compensation Expense | $ 61,000 | $ 93,000 | $ 211,000 | $ 317,000 |
Note 11 - Share-based Compens47
Note 11 - Share-based Compensation - Weighted Average Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | |
Dividend yield | ||||
Expected volatility | 98.51% | 97.18% | 98.73% | 97.18% |
Risk-free interest rate | 1.35% | 1.56% | 1.36% | 1.36% |
Expected term (years) (Year) | 8 years 131 days | 8 years 131 days | 8 years 131 days | 8 years 131 days |
Note 11 - Share-based Compens48
Note 11 - Share-based Compensation - Changes in Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 24, 2016 | Mar. 26, 2016 | Mar. 28, 2015 | Mar. 28, 2016 | |
Outstanding (in shares) | 1,592,200 | 1,726,975 | ||
Outstanding (in dollars per share) | $ 1.52 | $ 1.57 | ||
Outstanding | $ 69 | |||
Granted (in shares) | 103,000 | 35,000 | ||
Granted (in dollars per share) | $ 1.03 | $ 1.22 | ||
Exercised (in shares) | 48,550 | |||
Exercised (in dollars per share) | $ 1.59 | |||
Forfeited / Expired (in shares) | 558,100 | 121,225 | ||
Forfeited / Expired (in dollars per share) | $ 1.56 | $ 2.15 | ||
Outstanding (in shares) | 1,137,100 | 1,592,200 | 1,726,975 | |
Outstanding (in dollars per share) | $ 1.45 | $ 1.52 | $ 1.57 | |
Outstanding (Year) | 6 years 73 days | 6 years 292 days | ||
Exercisable (in shares) | 815,450 | |||
Exercisable (in dollars per share) | $ 1.47 | |||
Exercisable (Year) | 5 years 255 days | |||
Exercisable | ||||
Expected to vest in the future (in shares) | 213,435 | |||
Expected to vest in the future (in dollars per share) | $ 1.40 | |||
Expected to vest in the future (Year) | 7 years 146 days | |||
Expected to vest in the future |
Note 11 - Share-based Compens49
Note 11 - Share-based Compensation - Changes in Nonvested Restricted Stock Awards Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | Mar. 26, 2016 | Mar. 30, 2013 | |
Non-vested (in shares) | 482,000 | 482,000 | ||||
Non-vested (in dollars per share) | $ 2.02 | $ 2.02 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 44,500 | 0 | 44,500 | 0 | 50,000 | |
Granted (in dollars per share) | $ 0.66 | |||||
Vested (in shares) | 0 | 0 | 482,000 | |||
Vested (in dollars per share) | $ 2.02 | |||||
Non-vested (in shares) | 45,500 | 45,500 | ||||
Non-vested (in dollars per share) | $ 0.66 | $ 0.66 |
Note 12 - Significant Custome50
Note 12 - Significant Customer and Industry Segment Information (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | |
Number of Reportable Segments | 2 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk, Percentage | 76.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Microsource [Member] | First Customer [Member] | ||||
Concentration Risk, Percentage | 52.00% | 40.00% | 38.00% | 34.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Microsource [Member] | Second Customer [Member] | ||||
Concentration Risk, Percentage | 15.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Microsource [Member] | Third Customer [Member] | ||||
Concentration Risk, Percentage | 13.00% | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Gigatronics Division [Member] | Second Customer [Member] | ||||
Concentration Risk, Percentage | 24.00% | 21.00% | 13.00% |
Note 12 - Significant Custome51
Note 12 - Significant Customer and Industry Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | Mar. 26, 2016 | |
Assets | $ 12,198,000 | $ 8,683,000 | $ 12,198,000 | $ 8,683,000 | $ 11,193,000 |
Net sales | 3,202,000 | 4,483,000 | 11,037,000 | 11,921,000 | |
Net loss | (575,000) | (602,000) | (1,073,000) | (2,537,000) | |
Gigatronics Division [Member] | |||||
Assets | 8,666,000 | 6,639,000 | 8,666,000 | 6,639,000 | |
Net sales | 838,000 | 2,692,000 | 4,660,000 | 6,908,000 | |
Net loss | (1,471,000) | (1,306,000) | (3,435,000) | (4,560,000) | |
Microsource [Member] | |||||
Assets | 3,532,000 | 2,044,000 | 3,532,000 | 2,044,000 | |
Net sales | 2,364,000 | 1,791,000 | 6,377,000 | 5,013,000 | |
Net loss | $ 896,000 | $ 704,000 | $ 2,362,000 | $ 2,023,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | Jun. 28, 2014 | |
Income Tax Expense (Benefit) | $ 2,000 | $ 2,000 | $ 2,000 | $ 2,000 | |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% | 0.00% | 0.00% | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 106,000 | $ 106,000 | $ 45,000 |
Note 14 - Warranty Obligation53
Note 14 - Warranty Obligations - Reconciliation of Company's Estimated Warranty Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 24, 2016 | Dec. 26, 2015 | Dec. 24, 2016 | Dec. 26, 2015 | |
Balance at beginning of period | $ 60 | $ 67 | $ 60 | $ 76 |
Provision, net | 3 | 14 | 115 | 40 |
Warranty costs incurred | (2) | (10) | (114) | (45) |
Balance at end of period | $ 61 | $ 71 | $ 61 | $ 71 |
Note 15 - Series B, C, D Conv54
Note 15 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details Textual) - USD ($) | Jul. 08, 2013 | Jul. 08, 2013 | Feb. 19, 2013 | Nov. 10, 2011 | Dec. 24, 2016 | Mar. 26, 2016 | Jan. 15, 2016 | May 31, 2015 | Feb. 28, 2015 | Feb. 23, 2015 | Feb. 16, 2015 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.15 | ||||||||||
Alara Capital AVI II, LLC [Member] | |||||||||||
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 | $ 1.43 | $ 1.43 | |||||||||
New Warrant [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 511,186 | 511,186 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.43 | $ 1.43 | |||||||||
New Warrant [Member] | Alara Capital AVI II, LLC [Member] | |||||||||||
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 | $ 1.76 | $ 1.78 | |||||||||
Series B Preferred Stock [Member] | |||||||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $ 2,199,000 | ||||||||||
Preferred Stock, Shares Issued | 9,997 | 9,997 | |||||||||
Sale of Stock, Price 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] | |||||||||||
Preferred Stock, Shares Issued | 3,424.65 | 3,424.65 | |||||||||
Sale of Stock, Price 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] | |||||||||||
Preferred Stock, Shares Issued | 5,111.86 | 5,111.86 | 5,111.86 | ||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 858,000 | ||||||||||
Series D Preferred Stock [Member] | SPA [Member] | |||||||||||
Payments of Stock Issuance Costs | 41,000 | ||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 238,000 | ||||||||||
Series D Preferred Stock [Member] | SPA [Member] | Unallocated [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | 817,000 | ||||||||||
Series D Preferred Stock [Member] | SPA [Member] | Allocated [Member] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | 498,000 | ||||||||||
Proceeds from Issuance of Common Stock | $ 360,000 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ 0.97 | $ 0.97 | |||||||||
Series B, C, and D Preferred Stock [Member] | |||||||||||
Preferred Stock, Shares Issued | 18,533.51 | 18,533.51 | |||||||||
Preferred Stock, Value, Issued | $ 2,911,000 | $ 2,911,000 | |||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 100 |
Note 15 - Series B, C, D Conv55
Note 15 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants - Preferred Stock Information (Details) - USD ($) $ in Thousands | Dec. 24, 2016 | Mar. 26, 2016 | Jul. 08, 2013 | Feb. 19, 2013 | Nov. 10, 2011 |
Designated shares (in shares) | 1,000,000 | 1,000,000 | |||
Series B Preferred Stock [Member] | |||||
Designated shares (in shares) | 10,000 | ||||
Preferred Stock, Shares Issued | 9,997 | 9,997 | |||
Shares outstanding (in shares) | 9,997 | ||||
Liquidation preference | $ 2,309 | ||||
Series C Preferred Stock [Member] | |||||
Designated shares (in shares) | 3,500 | ||||
Preferred Stock, Shares Issued | 3,424.65 | 3,424.65 | |||
Shares outstanding (in shares) | 3,424.65 | ||||
Liquidation preference | $ 500 | ||||
Series D Preferred Stock [Member] | |||||
Designated shares (in shares) | 6,000 | ||||
Preferred Stock, Shares Issued | 5,111.86 | 5,111.86 | |||
Shares outstanding (in shares) | 5,111.86 | ||||
Liquidation preference | $ 731 | ||||
Series B, C, and D Preferred Stock [Member] | |||||
Designated shares (in shares) | 19,500 | 19,500 | |||
Preferred Stock, Shares Issued | 18,533.51 | 18,533.51 | |||
Shares outstanding (in shares) | 18,533.51 | 18,533.51 | |||
Liquidation preference | $ 3,540 | $ 3,540 |
Note 16 - Private Placement O56
Note 16 - Private Placement Offering (Details Textual) $ / shares in Units, $ in Millions | Jan. 19, 2016USD ($)$ / sharesshares | Jan. 15, 2016$ / shares |
Securities Purchase Agreement, Units Issued | shares | 2,787,872 | |
Number of Common Stock Per Unit | shares | 1 | |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.75 | |
Number of Private Investors | 20 | |
Securities Purchase Agreement, Purchase Price | $ 1.24375 | |
Securities Purchase Agreement, Gross Proceeds | $ | $ 3.5 | |
Securities Purchase Agreement, Net Proceeds | $ | $ 3.1 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.15 | |
Emerging Growth Equities, Ltd [Member] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.15 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 292,727 | |
Common Stock [Member] | ||
Securities Purchase Agreement, Purchase Price | $ 1.15 | |
Warrant [Member] | ||
Securities Purchase Agreement, Purchase Price | 0.09375 | |
Securities Purchase Agreement, Price of One Common Share | $ 0.125 |
Note 17 - Exercise of Series 57
Note 17 - Exercise of Series C and Series D Warrants (Details Textual) | May 14, 2015shares | Feb. 23, 2015USD ($)$ / sharesshares | Feb. 16, 2015USD ($)$ / sharesshares | Mar. 28, 2015USD ($) | Jan. 15, 2016$ / shares | May 31, 2015$ / sharesshares | Feb. 28, 2015$ / shares | Jul. 08, 2013$ / sharesshares |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.15 | |||||||
Issuance of Warrants [Member] | ||||||||
Other Expenses | $ | $ 1,200,000 | |||||||
New Warrant [Member] | ||||||||
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 | $ / shares | $ 1.43 | |||||||
Fair Value Assumptions, Expected Term | 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% | |||||||
Alara Capital AVI II, LLC [Member] | ||||||||
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 | $ / shares | $ 1.43 | $ 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] | ||||||||
Proceeds from Warrant Exercises | $ | $ 1,434,000 | |||||||
Payments of Stock Issuance Costs | $ | $ 42,000 | |||||||
Alara Capital AVI II, LLC [Member] | New Warrant [Member] | ||||||||
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 | $ / shares | $ 1.76 | $ 1.78 | ||||||
Number of Warrants Sold | 2 | |||||||
Warrant Purchase Price | $ | $ 137,000 | |||||||
Warrant Purchase Price Per Share | $ / shares | $ 0.125 | |||||||
Warrant Term | 5 years | |||||||
Alara Capital AVI II, LLC [Member] | Additional Warrant [Member] | ||||||||
Class of Warrant or Right, Outstanding | 14,587 | |||||||
Series C and D Warrants [Member] | Alara Capital AVI II, LLC [Member] | ||||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $ | $ 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 | $ / shares | $ 1.43 |
Note 18 - Subsequent Event (Det
Note 18 - Subsequent Event (Details Textual) - Subsequent Event [Member] | Jan. 12, 2017USD ($)ft² | Jan. 05, 2017USD ($)ft² |
Commercial Building Lease Agreement [Member] | Dublin, CA [Member] | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 6 years 150 days | |
Area of Real Estate Property | ft² | 23,873 | |
Operating Leases, Base Annual Rent Expense Per Month | $ 41,000 | |
Operating Leases, Future Minimum Payments Due | $ 3,200,000 | |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |
Extended Lease Agreement [Member] | San Ramon, CA [Member] | ||
Area of Real Estate Property | ft² | 47,300 | |
Operating Leases, Base Annual Rent Expense Per Month | $ 88,000 | |
Operating Leases, Base Annual Rent Expense Per Month Comparison, Percentage | 150.00% |