Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 24, 2017 | Aug. 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) | 10,142,153 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 24, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 24, 2017 | Mar. 25, 2017 |
Assets: | ||
Cash and cash-equivalents | $ 1,137,000 | $ 1,421,000 |
Trade accounts receivable, net of allowance of $45, respectively | 748,000 | 954,000 |
Inventories, net | 4,989,000 | 4,811,000 |
Prepaid expenses and other current assets | 377,000 | 452,000 |
Total current assets | 7,251,000 | 7,638,000 |
Property and equipment, net | 1,052,000 | 528,000 |
Other long term assets | 175,000 | 175,000 |
Capitalized software development costs | 582,000 | 733,000 |
Total assets | 9,060,000 | 9,074,000 |
Liabilities and shareholders' equity | ||
Line of credit | 582,000 | 582,000 |
Accounts payable | 666,000 | 1,107,000 |
Loan payable, net of discounts and issuance costs | 1,315,000 | |
Equity forward, at estimated fair value | 46,000 | 0 |
Accrued payroll and benefits | 427,000 | 583,000 |
Deferred revenue | 3,447,000 | 3,614,000 |
Capital lease obligations | 51,000 | 50,000 |
Deferred liability related to asset sale | 375,000 | 375,000 |
Other current liabilities | 710,000 | 707,000 |
Total current liabilities | 7,619,000 | 7,018,000 |
Warrant liability, at estimated fair value | 222,000 | 222,000 |
Long term deferred rent | 451,000 | |
Long term obligations - capital lease | 100,000 | 114,000 |
Total liabilities | 8,392,000 | 7,354,000 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock of no par value; Authorized - 40,000,000 shares; 10,139,653 shares at June 24, 2017 and 9,594,203 shares at March 25, 2017 issued and outstanding | 24,596,000 | 24,390,000 |
Accumulated deficit | (26,839,000) | (25,581,000) |
Total shareholders' equity | 668,000 | 1,720,000 |
Total liabilities and shareholders' equity | 9,060,000 | 9,074,000 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Convertible preferred stock of no par value Authorized - 1,000,000 shares; Series A - designated 250,000 shares; no shares at June 24, 2017 and March 25, 2017 issued and outstanding | ||
Series B, C, and D Preferred Stock [Member] | ||
Shareholders' equity: | ||
Convertible preferred stock of no par value Authorized - 1,000,000 shares; Series A - designated 250,000 shares; no shares at June 24, 2017 and March 25, 2017 issued and outstanding | $ 2,911,000 | $ 2,911,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 24, 2017 | Mar. 25, 2017 |
Trade accounts receivable, allowance | $ 45 | $ 45 |
Preferred stock, par valaue (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
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) | 10,139,653 | 9,594,203 |
Common stock, outstanding (in shares) | 10,139,653 | 9,594,203 |
Series A Preferred Stock [Member] | ||
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Preferred stock, authorized (in shares) | 250,000 | 250,000 |
Series B, C, and D Preferred Stock [Member] | ||
Preferred stock, issued (in shares) | 18,533.51 | 18,533.51 |
Preferred stock, outstanding (in shares) | 18,533.51 | 18,533.51 |
Preferred stock, authorized (in shares) | 19,500 | 19,500 |
Preferred stock, liquidation preference | $ 3,540 | $ 3,540 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | |
Net sales | $ 1,991,000 | $ 3,442,000 |
Cost of sales | 1,525,000 | 2,517,000 |
Gross margin | 466,000 | 925,000 |
Operating expenses: | ||
Engineering | 452,000 | 530,000 |
Selling, general and administrative | 1,171,000 | 1,305,000 |
Total operating expenses | 1,623,000 | 1,835,000 |
Operating loss | (1,157,000) | (910,000) |
Net gain recognized in the quarter | 802,000 | |
Gain/(loss) on adjustment of warrant liability to fair value | 46,000 | |
Interest expense: | ||
Interest expense, net | (79,000) | (29,000) |
Interest expense from accretion of loan discount | (22,000) | (11,000) |
Total interest expense, net | (101,000) | (40,000) |
Loss before income taxes | (1,258,000) | (102,000) |
Provision for income taxes | 0 | 0 |
Net loss | $ (1,258,000) | $ (102,000) |
Loss per common share - basic (in dollars per share) | $ (0.13) | $ (0.01) |
Loss per common share - diluted (in dollars per share) | $ (0.13) | $ (0.01) |
Weighted average common shares used in per share calculation: | ||
Basic (in shares) | 9,715 | 9,550 |
Diluted (in shares) | 9,715 | 9,550 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (1,258,000) | $ (102,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 247,000 | 91,000 |
Share based compensation | 46,000 | 72,000 |
Adjustment of warrant liability to fair value | (46,000) | |
Capitalized software development costs | (334,000) | |
Estimated equity forward | 46,000 | |
Accretion of discounts on debt | 22,000 | 11,000 |
Change in deferred rent | 451,000 | (32,000) |
Gain on sale of product line | (802,000) | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 206,000 | 304,000 |
Inventories | (178,000) | (553,000) |
Prepaid expenses and other assets | 75,000 | 63,000 |
Accounts payable | (441,000) | (173,000) |
Accrued payroll and benefits | (156,000) | 81,000 |
Deferred revenue | (167,000) | 1,101,000 |
Other current liabilities | (270,000) | |
Net cash used in operating activities | (1,107,000) | (589,000) |
Cash flows from investing activities: | ||
Cash received from Astronics | 1,225,000 | |
Purchases of property and equipment | (620,000) | (30,000) |
Net cash (used in) provided by investing activities | (620,000) | 1,195,000 |
Cash flows from financing activities: | ||
Principal payments on capital leases | (13,000) | (11,000) |
Proceeds from borrowings, net of issuance costs | 1,456,000 | |
Repayments of debt | (130,000) | |
Net cash provided by (used in) financing activities | 1,443,000 | (141,000) |
(Decrease)/Increase in cash and cash-equivalents | (284,000) | 465,000 |
Beginning cash and cash-equivalents | 1,421,000 | 1,331,000 |
Ending cash and cash-equivalents | 1,137,000 | 1,796,000 |
Supplementary disclosure of cash flow information: | ||
Cash paid for income taxes | ||
Cash paid for interest | 39,000 | 23,000 |
Supplementary disclosure of noncash investing and financing activities: | ||
Common stock issued in connection with debt issuance | 156,000 | |
Fully depreciated equipment disposal | $ 377,000 | $ 67,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Jun. 24, 2017 | |
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 10 March 25, 2017. Principles of Consolidation Derivatives Software Development Costs Discontinued Operations 205 20 9, not 205 20.The 9, not New Accounting Standards November 2015, 2015 17 Income Taxes (Topic 740 740 December 15, 2016, December 15, 2017, December 15, 2018. may 2015 17 not In March 2016, 2016 09 2016 09” Compensation - Stock Compensation (Topic 718 2016 09 December 15, 2016, first June, 24, 2017, not In May 2017, 2017 09 2017 09” Compensation—Stock Compensation (Topic 718 2017 09 December 15, 2017. not In February 2016, 2016 02 2016 02” 2016 02 one December 15, 2018. 2016 02 In May 2014, 2014 09 2014 09” 2014 09 2014 09 March, April, May, December 2016 2014 09 may July 9, 2015, one 2014 09 December 15, 2017. not 2014 09 |
Note 2 - Going Concern and Mana
Note 2 - Going Concern and Management's Plan | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | ( 2 The Company incurred net losses of $1.3 $102,000 first 2018 2017, $26.8 June 24, 2017. The Company used cash flow in operations totaling $1.1 $589,000 first 2018 2017, The Company has experienced delays in the development of features, receipt of orders, and shipments for the new Advanced Signal Generator (“ASG”). These delays have contributed, in part to a decrease in working capital. The new ASG product has shipped to several customers, but potential delays in the development of features, longer than anticipated sales cycles, or uncertainty as to the Company’s ability to efficiently manufacture the ASG, could significantly contribute to additional future losses and decreases in working capital. To help fund operations, the Company relies on advances under the line of credit with Bridge Bank which expires on May 6, 2019. June 24, 2017, $582,000. 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 April 27, 2017, $1,500,000, April 28, 2017. two June 24, 2017, not August 2, 2017, August) No 6%. No ● In July 2016, $1.9 $314,000 first 2018 nine twelve In March 2017 July 2017, two $875,000 second 2018. ● In July 2017, $1.7 2018. ● 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, first 2018. ● In the first 2016, $10.0 second 2017, 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. In the first 2018, $160,000. 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, equity financing or possible product line sales, however there are no The Company’s historical operating results and forecasting uncertainties indicate that substantial doubt exists related to the Company’s ability to continue as a going concern. Forecasting uncertainties exist with respect to the ASG product line due to the potential longer than anticipated sales cycles as well as with potential delays in the refinement of certain features, and/or the Company’s ability to efficiently manufacture it in a timely manner. The accompanying Consolidated Financial Statements have been prepared assuming that the Company will continue as a going concern and do not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Jun. 24, 2017 | |
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 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 June 24, 2017 three June 25, 2016, $145,000. 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 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 4 ) Inventories Inventories net of inventory reserves totaling $3.4 June 24, 2017 March 25, 2017, (In thousands) June 24, 2017 March 25, 2017 Raw materials $ 1,411 $ 1,775 Work-in-progress 2,931 2,155 Finished goods 239 473 Demonstration inventory 408 408 Total $ 4,989 $ 4,811 |
Note 5 - Software Development C
Note 5 - Software Development Costs | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | ( 5 ) Software Development Costs On September 3, 2015, The Company paid the aerospace company software development costs and fees for OLS of $1.2 third 2017. may seven As of June 24, 2017 March 25, 2017, $582,000 $733,000, third 2017 three fourth 2017, three two fourth 2017. first 2018, no first 2018 $151,000. no first 2017 not |
Note 6 - Accounts Receivable Li
Note 6 - Accounts Receivable Line of Credit | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 6 On June 1, 2015 $2.5 $2.5 $2.0 $500,000 May 23, 2017, May 7, 2017) May 6, 2019. The loan agreement is secured by all assets of the Company including intellectual property and general intangibles and provides for a borrowing capacity equal to 80% May 6, 2019 1.5% 4.25% June 24, 2017 5.75% $12,500 May 2017. 150% 90 June 24, 2017, 7 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 as 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 lender's judgment. As of June 24, 2017, $582,000. |
Note 7 - Term Loan, Revolving L
Note 7 - Term Loan, Revolving Line of Credit and Warrants | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 7 ) Term Loan s , Revolving Line of Credit and Warrants On April 27, 2017, $1,500,000, April 28, 2017. The loan has a two 16% 9.5% 6.5% $100,000 $76,000 April 27, 2017, $24,000 $1,000 first 2018, 25 . In connection with its loan to the Company, PFG will receive up to 250,000 190,000 April 27, 2017 60,000 2,500 first The Company has pledged all its assets as collateral for the loan made by PFG, including all its accounts, inventory, equipment, deposit accounts, intellectual property and all other personal property. The PFG loan is subordinate to the Bridge Bank line of credit (see Note 6, The requirement to issue 60,000 815 15 25. not The proceeds received upon issuing the loan was allocated to: i) common stock, for the fair value of the 190,000 $1,576,000 $1,500,000 $76,000. $326,000, Fees paid to the lender and third parties $ 44,000 Backend fee 76,000 Estimated fair value of embedded equity forward 49,000 Fair value of 190,000 shares of common stock issued to lender 157,000 Aggregate discount amount $ 326,000 The bifurcated embedded derivative and the debt discount are presented net with the related loan balance in the Condensed Consolidated Balance Sheets. The debt discount is amortized to interest expense over the loan’s term using the effective interest method. The Company amortized approximately $22,000 June 24, 2017. $500 June 24, 2017 PFG’s ability to call the debt on default (contingent put) and its ability to assess interest rate at a default rate (contingent interest) are embedded derivatives which the Company evaluated. The fair value of these embedded features were determined to be immaterial and were not As of June 24, 2017, not August 2, 2017, August) No 6% No On March 13, 2014, three $2.0 $1.0 March 14, 2014 ( $1.0 9.75%. June 16, 2014, $500,000, June 17, 2014. thirty-three $1.0 $500,000. 12.50% June 24, 2017, March 25, 2017 $1.0 $500,000 In connection with the March 2014 180,000 $1.0 80,000 five $1.42 ten If the warrants are not March 31, 2019, $150,000 $67,000 no As of June 24, 2017, March 25, 2017, $133,000 $89,000, $222,000, no first June 24, 2017. $46,000 first June 25, 2016 no first June 24, 2017 March 2014 June 25, 2016, $11,000. |
Note 8 - Fair Value
Note 8 - Fair Value | 3 Months Ended |
Jun. 24, 2017 | |
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 no Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the three June 24, 2017. June 24, 2017, 2 Derivatives not Embedded derivatives must be separately measured from the host contract if all the requirements for bifurcation are met. The assessment of the conditions surrounding the bifurcation of embedded derivatives depends on the nature of the host contract. Bifurcated embedded derivatives are recognized at fair value, with changes in fair value recognized in the statement of operations each period. Bifurcated embedded derivatives are classified with the related host contract in the Company’s balance sheet. The Company’s derivative warrant liability is measured at fair value on a recurring basis and is categorized as Level 3 June 24, 2017: ( 1.7 101.1%, 1.26%, thirty The aforementioned derivative warrant liability and equity forward are the Company’s only asset and liability recognized and measured at fair value on a recurring or non-recurring basis and are follows: Fair Value Measurements as of June 24, 2017 (In Thousands): Level 1 Level 2 Level 3 Warrant liability $ — $ — $ 222 Equity forward — 46 — Total $ — $ 46 $ 222 Fair Value Measurements as of March 25, 2017 (In Thousands): Level 1 Level 2 Level 3 Warrant liability $ — $ — $ 222 Total $ — $ — $ 222 There were no 1, 2 3 June 24, 2017. The table below summarizes changes in gains and losses recorded in earnings for Level 3 June 24, 2017: Quarter Ended Quarter Ended (In thousands) June 24, 2017 June 25, 2016 Warrant liability at beginning of year $ 222 $ 353 Gains on adjustment of warrant liability to fair value — (46 ) Losses on adjustment of warrant liability to fair value — — Warrant liability at end of period $ 222 $ 307 There were no no June 24, 2017 March 25, 2017. The following table presents quantitative information about recurring Level 3 June 24, 2017 March 25, 2017: June 24, 2017 Valuation Technique(s) Unobservable Input Warrant liability Monte Carlo Discount rate 30% March 25, 2017 Valuation Techniques(s) Unobservable Input Warrant liability Monte Carlo Discount rate 24% The discount rate of thirty June 24, 2017, twenty four March 25, 2017 March 31, 2019. 1 2 3 |
Note 9 - Sale of Product Lines
Note 9 - Sale of Product Lines | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ( 9 ) Sale of Product Lines On June 20, 2016, $850,000 $802,000 June 25, 2016 (In thousands) Quarter Ended June 25, 2016 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 in the quarter $ 802 In calculating the gain included in the accompanying consolidated financial statements, the Company released $278,000 three 4 January 2020. June 2016 June $170,000. $500,000 July August 2016. The Company had no first June 24, 2017. $1.1 June 25, 2016. $437,000 June 25, 2016. On December 15, 2015, $1.5 six one 6 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 not 6 During fiscal 2017, $750,000 $375,000 July 28, 2016 one $375,000 June 2016, $275,000 no No $95,000 $275,000 June 24, 2017, June 25, 2016, June 24, 2017, no first 2017 |
Note 10 - Loss Per Common Share
Note 10 - Loss Per Common Share | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 10 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 Three Months Ended (In thousands except per share data) June 24, 2017 June 25, 2016 Net loss $ (1,258 ) $ (102 ) Weighted average: Common shares outstanding 9,715 9,550 Potential common shares — — Common shares assuming dilution 9,715 9,550 Loss per common share – basic $ (0.13 ) $ (0.01 ) Loss per common share – diluted $ (0.13 ) $ (0.01 ) Stock options not included in computation that could potentially dilute EPS in the future 1,104 1,529 Restricted stock awards not included in computation that could potentially dilute EPS in the future 350 — Issuable shares for interest on loan 55 — 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 3,737 3,737 The stock options, restricted stock, convertible preferred stocks and warrants not three June 24, 2017 June 25, 2016 |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation and Employee Benefit Plans | 3 Months Ended |
Jun. 24, 2017 | |
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 no one four five not 10 may June 24, 2017, no June 24, 2017, 934,677. 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 Months Ended June 2 4 , 201 7 June 25, 2016 Dividend yield — — Expected volatility — 98.95 % Risk-free interest rate — 1.38 % Expected term (years) — 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 three June 24, 2017 March 25, 2017 Weighted Average Weighted Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Terms (Years) Value Outstanding at March 26, 2016 1,592,200 $ 1.52 6.8 $ 69 Granted 148,000 0.97 Exercised — — Forfeited / Expired 635,700 1.57 Outstanding at March 25, 2017 1,104,500 $ 1.41 6.1 $ 3 Granted — — Exercised — — Forfeited / Expired — — Outstanding at June 24, 2017 1,104,500 $ 1.41 6.1 $ 3 Exercisable at June 24, 2017 812,050 $ 1.45 5.2 $ — At June 24, 2017 expected to vest in the future 1,006,157 $ 1.42 5.7 $ — As of June 24, 2017, $156,000 3.06 29,500 June 24, 2017, 28,500 June 25, 2016. June 24, 2017 June 25, 2016 $33,000 $1,000 no three June 24, 2017 June 25, 2016. three June 24, 2017 June 25, 2016 $37,000 $72,000, Restricted Stock The Company granted 350,450 first 2018. No first 2017. No first 2018 2017. June 24, 2017, $204,000 1.98 first 2018 $9,000. no first 2017. A summary of the changes in non-vested restricted stock awards outstanding for the three June 24, 2017 March 25, 2017 Shares Weighted Average Fair Value Non-Vested at March 26, 2016 — $ — Granted 44,500 0.66 Vested 44,500 0.66 Forfeited or cancelled — — Non-Vested at March 25, 2017 — $ — Granted 350,450 Vested — Forfeited or cancelled — — Non-Vested at June 24, 2017 350,450 $ — |
Note 12 - Significant Customer
Note 12 - Significant Customer and Industry Segment Information | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 12 ) Significant Customer and Industry Segment Information The Company has two ● The Giga-tronics Division historically produces 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. ● Microsource primarily develops and manufactures YIG RADAR filters used in fighter jet aircraft for two The tables below present information for the three June 24, 2017 June 25, 2016: Three Month Periods Ended Three Month Periods Ended (In thousands) At June 24, 2017 June 24, 2017 At June 25, 2016 June 25, 2016 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 6,153 $ 297 $ (1,849 ) $ 8,233 $ 2,125 $ (554 ) Microsource 2,907 1,694 591 3,887 1,317 452 Total $ 9,060 $ 1,991 $ (1,258 ) $ 12,120 $ 3,442 $ (102 ) During the first 2018, one 43% second 37% first 2017, one 30% second 22% third 17% |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 13 The Company accounts for income taxes using the asset and liability method as codified in Topic 740. The Company recorded no three June 24, 2017 June 25, 2016. three June 24, 2017 June 25, 2016 0% As of June 24, 2017, $120,000 not 12 not $45,000 first 2015. |
Note 14 - Warranty Obligations
Note 14 - Warranty Obligations | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 14 ) 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 (In thousands) Three Months Ended June 24, 2017 Three Months Ended June 25, 2016 Balance at beginning of period $ 123 $ 60 Provision, net 1 112 Warranty costs incurred (33 ) (112 ) Balance at end of period $ 91 $ 60 |
Note 15 - Series B, C, D Conver
Note 15 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants | 3 Months Ended |
Jun. 24, 2017 | |
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 no On February 19, 2013, 3,424.65 $500,000, $146.00 $457,000 $43,000. no 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 hundred 1,017,405 $1.43 February 2015, May 2015. 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 The table below present information for the periods ended June 24, 2017 March 25, 2017: Preferred Stock As of June 24, 2017 and March 25, 2017 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 16 - Private Placement Off
Note 16 - Private Placement Offering | 3 Months Ended |
Jun. 24, 2017 | |
Notes to Financial Statements | |
Private Placement Offering [Text Block] | ( 1 6 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 five 292,727 $1.15 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 24, 2017 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Derivatives, Policy [Policy Text Block] | Derivatives |
Software Development Costs, Policy [Policy Text Block] | Software Development Costs |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations 205 20 9, not 205 20.The 9, not |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards November 2015, 2015 17 Income Taxes (Topic 740 740 December 15, 2016, December 15, 2017, December 15, 2018. may 2015 17 not In March 2016, 2016 09 2016 09” Compensation - Stock Compensation (Topic 718 2016 09 December 15, 2016, first June, 24, 2017, not In May 2017, 2017 09 2017 09” Compensation—Stock Compensation (Topic 718 2017 09 December 15, 2017. not In February 2016, 2016 02 2016 02” 2016 02 one December 15, 2018. 2016 02 In May 2014, 2014 09 2014 09” 2014 09 2014 09 March, April, May, December 2016 2014 09 may July 9, 2015, one 2014 09 December 15, 2017. not 2014 09 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) June 24, 2017 March 25, 2017 Raw materials $ 1,411 $ 1,775 Work-in-progress 2,931 2,155 Finished goods 239 473 Demonstration inventory 408 408 Total $ 4,989 $ 4,811 |
Note 7 - Term Loan, Revolving24
Note 7 - Term Loan, Revolving Line of Credit and Warrants (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
PFG Loan [Member] | |
Notes Tables | |
Schedule of Debt Discount [Table Text Block] | Fees paid to the lender and third parties $ 44,000 Backend fee 76,000 Estimated fair value of embedded equity forward 49,000 Fair value of 190,000 shares of common stock issued to lender 157,000 Aggregate discount amount $ 326,000 |
Note 8 - Fair Value (Tables)
Note 8 - Fair Value (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of June 24, 2017 (In Thousands): Level 1 Level 2 Level 3 Warrant liability $ — $ — $ 222 Equity forward — 46 — Total $ — $ 46 $ 222 Fair Value Measurements as of March 25, 2017 (In Thousands): Level 1 Level 2 Level 3 Warrant liability $ — $ — $ 222 Total $ — $ — $ 222 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | Quarter Ended Quarter Ended (In thousands) June 24, 2017 June 25, 2016 Warrant liability at beginning of year $ 222 $ 353 Gains on adjustment of warrant liability to fair value — (46 ) Losses on adjustment of warrant liability to fair value — — Warrant liability at end of period $ 222 $ 307 |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | June 24, 2017 Valuation Technique(s) Unobservable Input Warrant liability Monte Carlo Discount rate 30% March 25, 2017 Valuation Techniques(s) Unobservable Input Warrant liability Monte Carlo Discount rate 24% |
Note 9 - Sale of Product Lines
Note 9 - Sale of Product Lines (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
Notes Tables | |
Asset Purchase Agreement [Table Text Block] | (In thousands) Quarter Ended June 25, 2016 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 in the quarter $ 802 |
Note 10 - Loss Per Common Sha27
Note 10 - Loss Per Common Share (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended (In thousands except per share data) June 24, 2017 June 25, 2016 Net loss $ (1,258 ) $ (102 ) Weighted average: Common shares outstanding 9,715 9,550 Potential common shares — — Common shares assuming dilution 9,715 9,550 Loss per common share – basic $ (0.13 ) $ (0.01 ) Loss per common share – diluted $ (0.13 ) $ (0.01 ) Stock options not included in computation that could potentially dilute EPS in the future 1,104 1,529 Restricted stock awards not included in computation that could potentially dilute EPS in the future 350 — Issuable shares for interest on loan 55 — 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 3,737 3,737 |
Note 11 - Share-based Compens28
Note 11 - Share-based Compensation and Employee Benefit Plans (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended June 2 4 , 201 7 June 25, 2016 Dividend yield — — Expected volatility — 98.95 % Risk-free interest rate — 1.38 % Expected term (years) — 8.36 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Weighted Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price Terms (Years) Value Outstanding at March 26, 2016 1,592,200 $ 1.52 6.8 $ 69 Granted 148,000 0.97 Exercised — — Forfeited / Expired 635,700 1.57 Outstanding at March 25, 2017 1,104,500 $ 1.41 6.1 $ 3 Granted — — Exercised — — Forfeited / Expired — — Outstanding at June 24, 2017 1,104,500 $ 1.41 6.1 $ 3 Exercisable at June 24, 2017 812,050 $ 1.45 5.2 $ — At June 24, 2017 expected to vest in the future 1,006,157 $ 1.42 5.7 $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Shares Weighted Average Fair Value Non-Vested at March 26, 2016 — $ — Granted 44,500 0.66 Vested 44,500 0.66 Forfeited or cancelled — — Non-Vested at March 25, 2017 — $ — Granted 350,450 Vested — Forfeited or cancelled — — Non-Vested at June 24, 2017 350,450 $ — |
Note 12 - Significant Custome29
Note 12 - Significant Customer and Industry Segment Information (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Month Periods Ended Three Month Periods Ended (In thousands) At June 24, 2017 June 24, 2017 At June 25, 2016 June 25, 2016 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 6,153 $ 297 $ (1,849 ) $ 8,233 $ 2,125 $ (554 ) Microsource 2,907 1,694 591 3,887 1,317 452 Total $ 9,060 $ 1,991 $ (1,258 ) $ 12,120 $ 3,442 $ (102 ) |
Note 14 - Warranty Obligations
Note 14 - Warranty Obligations (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) Three Months Ended June 24, 2017 Three Months Ended June 25, 2016 Balance at beginning of period $ 123 $ 60 Provision, net 1 112 Warranty costs incurred (33 ) (112 ) Balance at end of period $ 91 $ 60 |
Note 15 - Series B, C, D Conv31
Note 15 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Tables) | 3 Months Ended |
Jun. 24, 2017 | |
Notes Tables | |
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 2 - Going Concern and Ma32
Note 2 - Going Concern and Management's Plan (Details Textual) - USD ($) | Apr. 27, 2017 | Mar. 13, 2014 | Jun. 24, 2017 | Jun. 25, 2016 | Jul. 31, 2017 | Mar. 25, 2017 | Jul. 30, 2016 | Jun. 24, 2016 | Jun. 27, 2015 | Mar. 28, 2015 |
Net Income (Loss) Attributable to Parent | $ (1,258,000) | $ (102,000) | ||||||||
Retained Earnings (Accumulated Deficit) | (26,839,000) | $ (25,581,000) | $ (26,800,000) | |||||||
Net Cash Provided by (Used in) Operating Activities | (1,107,000) | (589,000) | ||||||||
Line of Credit, Current | 582,000 | $ 582,000 | ||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 6,500,000 | |||||||||
Proceeds from Advance Payment Arrangements | 160,000 | |||||||||
Gigatronics Division [Member] | ||||||||||
Net Income (Loss) Attributable to Parent | (1,849,000) | (554,000) | ||||||||
Gigatronics Division [Member] | Real-Time TEmS [Member] | ||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Next Twelve Months | $ 1,900,000 | |||||||||
Proceeds from Sale and Collection of Receivables | 314,000 | |||||||||
Gigatronics Division [Member] | Real-Time TEmS [Member] | Subsequent Event [Member] | ||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 1,700,000 | |||||||||
Microsource [Member] | ||||||||||
Net Income (Loss) Attributable to Parent | $ 591,000 | $ 452,000 | ||||||||
Microsource [Member] | YIG Production Order [Member] | ||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 10,000,000 | |||||||||
Microsource [Member] | YIG Production Order [Member] | Subsequent Event [Member] | ||||||||||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 875,000 | |||||||||
PFG Loan [Member] | ||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 2,000,000 | ||||||||
Debt Instrument, Debt Default, Rate | 6.00% | 6.00% | ||||||||
Debt Instrument, Term | 2 years | 3 years |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | ||
Jun. 24, 2017 | Jun. 25, 2016 | 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 | $ 145,000 | |
Minimum [Member] | |||
Warranty Term | 1 year | ||
Maximum [Member] | |||
Warranty Term | 1 year 180 days |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Jun. 24, 2017 | Mar. 25, 2017 |
Inventory Valuation Reserves | $ 3.4 | $ 3.4 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Jun. 24, 2017 | Mar. 25, 2017 |
Raw materials | $ 1,411 | $ 1,775 |
Work-in-progress | 2,931 | 2,155 |
Finished goods | 239 | 473 |
Demonstration inventory | 408 | 408 |
Total | $ 4,989 | $ 4,811 |
Note 5 - Software Development36
Note 5 - Software Development Costs (Details Textual) - USD ($) | Sep. 03, 2015 | Jun. 24, 2017 | Jun. 25, 2016 | Mar. 25, 2017 |
Capitalized Software Development Costs for Software Sold to Customers | $ 582,000 | $ 733,000 | ||
Capitalized Computer Software, Amortization | 0 | |||
OLS Technology [Member] | ||||
Research and Development Expense, Software (Excluding Acquired in Process Cost) | $ 1,200,000 | |||
OLS Technology [Member] | Aerospace Company [Member] | ||||
Royalties Percentage | 7.00% | |||
Software Development Costs, Amortization Method [Member] | ||||
Capitalized Computer Software, Amortization | $ 151,000 | $ 0 |
Note 6 - Accounts Receivable 37
Note 6 - Accounts Receivable Line of Credit (Details Textual) - USD ($) | Jun. 01, 2015 | Jun. 24, 2017 | Mar. 25, 2017 |
Line of Credit, Current | $ 582,000 | $ 582,000 | |
New Amended Credit Facility 2 [Member] | |||
Long-term Line of Credit | $ 2,500,000 | ||
Advance Rate | 80.00% | ||
Debt Instrument, Variable Interest Rate | 4.25% | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.75% | ||
Line of Credit Facility, Commitment Fee Amount | $ 12,500 | ||
Asset Coverage Ratio | 150.00% | ||
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 ($) | Apr. 27, 2017 | Jun. 16, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 13, 2014 | Jun. 24, 2017 | Jun. 25, 2016 | Mar. 25, 2017 | Jan. 15, 2016 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.15 | ||||||||
Fair Value Adjustment of Warrants | $ (46,000) | ||||||||
Amortization of Debt Discount (Premium) | 22,000 | 11,000 | |||||||
Partners For Growth IV, L.P. [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||||||
PFG Loan [Member] | |||||||||
Debt Instrument, Deferred Interest Rate | 6.50% | ||||||||
Debt Instrument, Maximum Fee Amount to be Paid upon Maturity | $ 100,000 | ||||||||
Debt Instrument, Fee Amount | 76,000 | ||||||||
Debt Instrument, Remaining Fee Amount | 24,000 | ||||||||
Debt Instrument, Remaining Fee Amount, Per Month | $ 1,000 | ||||||||
Debt Instrument, Reduction in Fee Amount Contingent on Meeting or Exceeding Minimums | 25.00% | ||||||||
Number of New Shares to be Issued, Maximum | 250,000 | ||||||||
Stock Issued During Period, Shares, New Issues | 190,000 | ||||||||
Number of New Shares to be Issued, Remaining | 60,000 | ||||||||
Number of New Shares to be Issued, Remaining, Per Month | 2,500 | ||||||||
Long-term Debt | $ 1,576,000 | ||||||||
Debt Instrument, Unamortized Discount | 326,000 | ||||||||
Derivative Liability, Fair Value, Gross Liability | $ 222,000 | ||||||||
Amortization of Debt Discount (Premium) | $ 11,000 | $ 0 | 22,000 | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ 500 | ||||||||
Debt Instrument, Debt Default, Rate | 6.00% | 6.00% | |||||||
Debt Instrument, Term | 2 years | 3 years | |||||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 2,000,000 | |||||||
Proceeds from Issuance of Debt | $ 500,000 | $ 1,000,000 | $ 1,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 16.00% | 9.75% | 9.75% | ||||||
Debt Instrument, Cash Interest Rate | 9.50% | ||||||||
PFG Loan [Member] | Common Stock [Member] | |||||||||
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] | 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] | 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] | 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] | Partners For Growth IV, L.P. [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||||||
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% | ||||||||
Warrant Debt [Member] | |||||||||
Fair Value Adjustment of Warrants | $ 0 | $ 46,000 | |||||||
Warrant Debt [Member] | Under First Draw [Member] | |||||||||
Derivative Liability, Fair Value, Gross Liability | $ 133,000 | ||||||||
Warrant Debt [Member] | Amendment [Member] | |||||||||
Derivative Liability, Fair Value, Gross Liability | $ 89,000 |
Note 7 - Term Loan, Revolving39
Note 7 - Term Loan, Revolving Line of Credit and Warrants - Debt Discont (Details) - PFG Loan [Member] | Apr. 27, 2017USD ($) |
Aggregate discount amount | $ 326,000 |
Fees Paid to Lenders and Third Parties [Member] | |
Aggregate discount amount | 44,000 |
Backend Fees [Member] | |
Aggregate discount amount | 76,000 |
Estimated Fair Value of Derivatives [Member] | |
Aggregate discount amount | 49,000 |
Equity Issued to Lenders [Member] | |
Aggregate discount amount | $ 157,000 |
Note 7 - Term Loan, Revolving40
Note 7 - Term Loan, Revolving Line of Credit and Warrants - Debt Discont (Details) (Parentheticals) | Apr. 27, 2017shares |
PFG Loan [Member] | |
Common stock issued to lender (in shares) | 190,000 |
Note 8 - Fair Value (Details Te
Note 8 - Fair Value (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 24, 2017 | Mar. 25, 2017 | |
Assets, Fair Value Disclosure, Nonrecurring | $ 0 | $ 0 |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Liabilities, Fair Value Disclosure, Nonrecurring | $ 0 | $ 0 |
Long-term Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assumptions, Expected Term | 1 year 255 days | |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assumptions, Expected Volatility Rate | 101.10% | |
Fair Value Assumptions, Risk Free Interest Rate | 1.26% | |
Fair Value Inputs, Discount Rate | 30.00% |
Note 8 - Fair Value - Fair Valu
Note 8 - Fair Value - Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 24, 2017 | Mar. 25, 2017 |
Fair Value, Inputs, Level 1 [Member] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Total | 222 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total | 46 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total | 222 | |
Fair Value, Measurements, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | ||
Fair Value, Measurements, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | ||
Fair Value, Measurements, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities | 222 | $ 222 |
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | ||
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | 46 | |
Fair Value, Measurements, Recurring [Member] | Equity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities |
Note 8 - Fair Value - Summary o
Note 8 - Fair Value - Summary of Changes in Gains and Losses (Details) - Fair Value, Inputs, Level 3 [Member] - Warrant [Member] - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | |
Warrant liability at beginning of year | $ 222 | $ 353 |
Gains on adjustment of warrant liability to fair value | (46) | |
Losses on adjustment of warrant liability to fair value | ||
Warrant liability at end of period | $ 222 | $ 307 |
Note 8 - Fair Value - Quantitat
Note 8 - Fair Value - Quantitative Information (Details) | 3 Months Ended | 12 Months Ended |
Jun. 24, 2017 | Mar. 25, 2017 | |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | Monte Carlo [Member] | ||
Fair Value Inputs, Discount Rate | 30.00% | 24.00% |
Note 9 - Sale of Product Line45
Note 9 - Sale of Product Lines (Details Textual) - USD ($) | Jul. 28, 2016 | Jun. 20, 2016 | Dec. 15, 2015 | Jun. 30, 2016 | Aug. 31, 2016 | Jun. 24, 2017 | Jun. 25, 2016 | Mar. 25, 2017 |
Revenue, Net | $ 1,991,000 | $ 3,442,000 | ||||||
Gross Profit | 466,000 | 925,000 | ||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 1,225,000 | |||||||
Gain (Loss) on Sale of Business, Affiliated and Productive Assets | 802,000 | |||||||
Gigatronics Division [Member] | ||||||||
Revenue, Net | 297,000 | 2,125,000 | ||||||
Switch Product Line [Member] | ||||||||
Revenue, Net | 0 | 1,100,000 | ||||||
Gross Profit | 437,000 | |||||||
Power Meters, Amplifiers, and Legacy Signal Generators [Member] | ||||||||
Gross Profit | $ 0 | |||||||
Power Meters, Amplifiers, and Legacy Signal Generators [Member] | Gigatronics Division [Member] | Operating Segments [Member] | ||||||||
Revenues | 95,000 | 275,000 | ||||||
Astronics Test Systems Inc [Member] | Switch Product Line [Member] | ||||||||
Cash Paid to Buy Out Future Commission Obligation | $ 170,000 | 170,000 | ||||||
Proceeds from sale of Inventory | $ 500,000 | |||||||
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 | |||||||
Standard Product Warranty Accrual, Period Increase (Decrease) | $ (278,000) | |||||||
Sales Commision | 3.00% | |||||||
Sales Commission, Term | 4 years | |||||||
Spanawave [Member] | ||||||||
Loss Contingency, Estimate of Possible Loss | $ 440,000 | |||||||
Proceeds from sale of Inventory | $ 275,000 | |||||||
Return of Payment | $ 375,000 | |||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 375,000 | $ 1,500,000 | $ 375,000 | $ 750,000 |
Note 9 - Sale of Product Line46
Note 9 - Sale of Product Lines - Asset Purchase Agreement (Details) - USD ($) | Jun. 20, 2016 | Jun. 30, 2016 | Jun. 24, 2017 | Jun. 25, 2016 |
Cash received from Astronics | $ 1,225,000 | |||
Net gain recognized in the quarter | 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 | |||
Net gain recognized in the quarter | $ 802,000 |
Note 10 - Loss Per Common Sha47
Note 10 - Loss Per Common Share - Net Income (Loss) and Common Shares Used in Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | |
Net loss | $ (1,258,000) | $ (102,000) |
Basic (in shares) | 9,715 | 9,550 |
Common shares assuming dilution (in shares) | 9,715 | 9,550 |
Loss per common share - basic (in dollars per share) | $ (0.13) | $ (0.01) |
Loss per common share - diluted (in dollars per share) | $ (0.13) | $ (0.01) |
Equity Option [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1,104 | 1,529 |
Restricted Stock [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 350 | |
Common Shares Issuable for Debt Interest [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 55 | |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1,853 | 1,853 |
Warrant [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 3,737 | 3,737 |
Note 11 - Share-based Compens48
Note 11 - Share-based Compensation and Employee Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | Mar. 25, 2017 | |
Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Employee Stock Option [Member] | Maximum [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 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 350,450 | 0 | 44,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 44,500 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 204,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 357 days | ||
Allocated Share-based Compensation Expense | $ 9,000 | $ 0 | |
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 | ||
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 | 934,677 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 156,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 29,500 | 28,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 33,000 | $ 1,000 | |
Proceeds from Stock Options Exercised | $ 0 | 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 21 days | ||
Allocated Share-based Compensation Expense | $ 37,000 | $ 72,000 |
Note 11 - Share-based Compens49
Note 11 - Share-based Compensation and Employee Benefit Plans - Weighted Average Assumptions (Details) | 3 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | |
Dividend yield | ||
Expected volatility | 98.95% | |
Risk-free interest rate | 1.38% | |
Expected term (years) (Year) | 8 years 131 days |
Note 11 - Share-based Compens50
Note 11 - Share-based Compensation and Employee Benefit Plans - Changes in Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 24, 2017 | Mar. 25, 2017 | Mar. 26, 2016 | |
Outstanding (in shares) | 1,104,500 | 1,592,200 | |
Outstanding (in dollars per share) | $ 1.41 | $ 1.52 | |
Outstanding (in dollars per share) | $ 1.41 | $ 1.41 | $ 1.52 |
Outstanding (Year) | 6 years 36 days | 6 years 292 days | |
Outstanding | $ 3 | $ 69 | |
Exercisable (in shares) | 812,050 | ||
Exercisable (in dollars per share) | $ 1.45 | ||
Exercisable (Year) | 5 years 73 days | ||
Exercisable | |||
Expected to vest in the future (in shares) | 1,006,157 | ||
Expected to vest in the future (in dollars per share) | $ 1.42 | ||
Granted (in shares) | 148,000 | ||
Granted (in dollars per share) | $ 0.97 | ||
Exercised (in shares) | |||
Exercised (in dollars per share) | |||
Forfeited / Expired (in shares) | 635,700 | ||
Forfeited / Expired (in dollars per share) | $ 1.57 | ||
Outstanding (in shares) | 1,104,500 | 1,104,500 | 1,592,200 |
Expected to vest in the future (Year) | 5 years 255 days | ||
Expected to vest in the future |
Note 11 - Share-based Compens51
Note 11 - Share-based Compensation and Employee Benefit Plans - Changes in Nonvested Restricted Stock Awards Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | Mar. 25, 2017 | |
Non-vested (in shares) | |||
Non-vested (in dollars per share) | |||
Granted (in shares) | 350,450 | 0 | 44,500 |
Granted (in dollars per share) | $ 0.66 | ||
Vested (in shares) | 0 | 0 | 44,500 |
Vested (in dollars per share) | $ 0.66 | ||
Non-vested (in shares) | 350,450 |
Note 12 - Significant Custome52
Note 12 - Significant Customer and Industry Segment Information (Details Textual) | 3 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | |
Number of Reportable Segments | 2 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Microsource [Member] | First Customer [Member] | ||
Concentration Risk, Percentage | 43.00% | 30.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Microsource [Member] | Second Customer [Member] | ||
Concentration Risk, Percentage | 37.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Gigatronics Division [Member] | Second Customer [Member] | ||
Concentration Risk, Percentage | 22.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Gigatronics Division [Member] | Third Customer [Member] | ||
Concentration Risk, Percentage | 17.00% |
Note 12 - Significant Custome53
Note 12 - Significant Customer and Industry Segment Information - Breakdown of Customer and Segment Information (Details) - USD ($) | 3 Months Ended | ||
Jun. 24, 2017 | Jun. 25, 2016 | Mar. 25, 2017 | |
Net Income (Loss) Attributable to Parent | $ (1,258,000) | $ (102,000) | |
Assets | 9,060,000 | 12,120,000 | $ 9,074,000 |
Revenue, Net | 1,991,000 | 3,442,000 | |
Gigatronics Division [Member] | |||
Net Income (Loss) Attributable to Parent | (1,849,000) | (554,000) | |
Assets | 6,153,000 | 8,233,000 | |
Revenue, Net | 297,000 | 2,125,000 | |
Microsource [Member] | |||
Net Income (Loss) Attributable to Parent | 591,000 | 452,000 | |
Assets | 2,907,000 | 3,887,000 | |
Revenue, Net | $ 1,694,000 | $ 1,317,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Jun. 24, 2017 | Jun. 25, 2016 | Mar. 26, 2016 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% | |
Unrecognized Tax Benefits | $ 120,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 45,000 |
Note 14 - Warranty Obligation55
Note 14 - Warranty Obligations - Reconciliation of Company's Estimated Warranty Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 24, 2017 | Jun. 25, 2016 | |
Balance at beginning of period | $ 123 | $ 60 |
Provision, net | 1 | 112 |
Warranty costs incurred | (33) | (112) |
Balance at end of period | $ 91 | $ 60 |
Note 15 - Series B, C, D Conv56
Note 15 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants (Details Textual) | Jan. 19, 2016 | May 14, 2015shares | Feb. 23, 2015USD ($)$ / sharesshares | Jul. 08, 2013USD ($)$ / sharesshares | Jul. 08, 2013USD ($)$ / sharesshares | Feb. 19, 2013USD ($)$ / sharesshares | Nov. 10, 2011USD ($)$ / sharesshares | Mar. 25, 2017USD ($)shares | Jun. 24, 2017USD ($)shares | Jan. 15, 2016$ / shares | May 31, 2015shares | Feb. 28, 2015$ / sharesshares | Feb. 16, 2015$ / sharesshares |
Warrant Term | 5 years | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.15 | ||||||||||||
Alara Capital AVI II, LLC [Member] | |||||||||||||
Class of Warrant Or Right Exercised in Period | 14,587 | ||||||||||||
Shares Issued Upon Cashless Warrant Exercise | shares | 7,216 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,017,405 | 1,017,405 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.43 | ||||||||||||
New Warrant [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 511,186 | 511,186 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.43 | $ 1.43 | |||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | $ 2,199,000 | ||||||||||||
Preferred Stock, Shares Issued | shares | 9,997 | 9,997 | |||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 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 | shares | 3,424.65 | 3,424.65 | |||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 500,000 | ||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 146 | ||||||||||||
Preferred Stock, Value, Issued | $ 457,000 | ||||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 43,000 | ||||||||||||
Series D Preferred Stock [Member] | |||||||||||||
Preferred Stock, Shares Issued | shares | 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] | |||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 238,000 | ||||||||||||
Payments of Stock Issuance Costs | 41,000 | ||||||||||||
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] | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.97 | $ 0.97 | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 498,000 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 360,000 | ||||||||||||
Series B, C, and D Preferred Stock [Member] | |||||||||||||
Preferred Stock, Shares Issued | shares | 18,533.51 | 18,533.51 | |||||||||||
Preferred Stock, Value, Issued | $ 2,911,000 | $ 2,911,000 | |||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 100 | ||||||||||||
Series C and D Warrants [Member] | Alara Capital AVI II, LLC [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,002,818 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.43 | ||||||||||||
Proceeds from Warrant Exercises | $ 1,434,000 | ||||||||||||
Payments of Stock Issuance Costs | $ 42,000 | ||||||||||||
New Warrant [Member] | Alara Capital AVI II, LLC [Member] | |||||||||||||
Number of Warrants Sold | shares | 2 | ||||||||||||
Warrant Purchase Price | $ 137,000 | ||||||||||||
Warrant Purchase Price Per Share | $ / shares | $ 0.125 | ||||||||||||
Warrant Term | 5 years | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 194,437 | 898,634 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.76 | $ 1.78 | |||||||||||
Additional Warrant [Member] | Alara Capital AVI II, LLC [Member] | |||||||||||||
Class of Warrant or Right, Outstanding | shares | 14,587 |
Note 15 - Series B, C, D Conv57
Note 15 - Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants - Preferred Stock Information (Details) - USD ($) $ in Thousands | Jun. 24, 2017 | Mar. 25, 2017 | Jul. 08, 2013 | Feb. 19, 2013 | Nov. 10, 2011 |
Designated shares (in shares) | 1,000,000 | 1,000,000 | |||
Series B Preferred Stock [Member] | |||||
Preferred Stock, Shares Issued | 9,997 | 9,997 | |||
Shares outstanding (in shares) | 9,997 | ||||
Liquidation preference | $ 2,309 | ||||
Designated shares (in shares) | 10,000 | ||||
Series C Preferred Stock [Member] | |||||
Preferred Stock, Shares Issued | 3,424.65 | 3,424.65 | |||
Shares outstanding (in shares) | 3,424.65 | ||||
Liquidation preference | $ 500 | ||||
Designated shares (in shares) | 3,500 | ||||
Series D Preferred Stock [Member] | |||||
Preferred Stock, Shares Issued | 5,111.86 | 5,111.86 | |||
Shares outstanding (in shares) | 5,111.86 | ||||
Liquidation preference | $ 731 | ||||
Designated shares (in shares) | 6,000 | ||||
Series B, C, and D Preferred Stock [Member] | |||||
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 | |||
Designated shares (in shares) | 19,500 | 19,500 |
Note 16 - Private Placement O58
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, Net Proceeds | $ | $ 3.1 | |
Securities Purchase Agreement, Purchase Price | $ 1.24375 | |
Securities Purchase Agreement, Gross Proceeds | $ | $ 3.5 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.15 | |
Warrant Term | 5 years | |
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 |