Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Jun. 07, 2018 | Sep. 30, 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 | --03-31 | ||
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) | 10,312,653 | ||
Entity Public Float | $ 6,885,959 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Mar. 25, 2017 |
Current assets: | ||
Cash and cash-equivalents | $ 1,485,000 | $ 1,421,000 |
Trade accounts receivable, net of allowance of $8 and $45, respectively | 364,000 | 954,000 |
Inventories, net | 5,487,000 | 4,811,000 |
Prepaid expenses and other current assets | 87,000 | 452,000 |
Total current assets | 7,423,000 | 7,638,000 |
Property and equipment, net | 833,000 | 528,000 |
Other long term assets | 175,000 | 175,000 |
Capitalized software development costs, net | 733,000 | |
Total assets | 8,431,000 | 9,074,000 |
Liabilities and shareholders' equity | ||
Line of credit | 552,000 | 582,000 |
Loan payable, net of discounts and issuance costs | 1,447,000 | |
Accounts payable | 996,000 | 1,107,000 |
Accrued payroll and benefits | 343,000 | 583,000 |
Deferred revenue | 3,374,000 | 3,614,000 |
Deferred rent | 58,000 | |
Capital lease obligations | 52,000 | 50,000 |
Deferred liability related to asset sale | 40,000 | 375,000 |
Other current liabilities | 947,000 | 707,000 |
Total current liabilities | 7,809,000 | 7,018,000 |
Warrant liability, at estimated fair value | 222,000 | |
Long term deferred rent | 429,000 | |
Long term obligations - capital lease | 62,000 | 114,000 |
Total liabilities | 8,300,000 | 7,354,000 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock of no par value; Authorized - 40,000,000 shares; 10,312,653 shares at March 31, 2018 and 9,594,203 at March 25, 2017 issued and outstanding | 25,200,000 | 24,390,000 |
Accumulated deficit | (28,682,000) | (25,581,000) |
Total shareholders' equity | 131,000 | 1,720,000 |
Total liabilities and shareholders' equity | 8,431,000 | 9,074,000 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock | ||
Series B, C, and D Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock | 2,911,000 | 2,911,000 |
Series E Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock | $ 702,000 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Trade accounts receivable, allowance | $ 8 | $ 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, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, issued (in shares) | 10,312,653 | 9,594,203 |
Common stock, outstanding (in shares) | 10,312,653 | 9,594,203 |
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 |
Series E Preferred Stock [Member] | ||
Preferred stock, authorized (in shares) | 60,000 | |
Preferred stock, issued (in shares) | 43,800 | |
Preferred stock, outstanding (in shares) | 43,800 | |
Preferred stock, liquidation preference | $ 1,643 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Net sales | $ 9,800,000 | $ 16,267,000 |
Cost of sales | 7,064,000 | 11,716,000 |
Gross profit | 2,736,000 | 4,551,000 |
Operating expenses: | ||
Engineering | 1,794,000 | 2,254,000 |
Selling, general and administrative | 4,076,000 | 4,641,000 |
Total operating expenses | 5,870,000 | 6,895,000 |
Operating loss | (3,134,000) | (2,344,000) |
Gain on adjustment of warrant liability to fair value | 172,000 | 131,000 |
Gain on sale of product line | 324,000 | 802,000 |
Interest expense: | ||
Interest expense, net | (461,000) | (111,000) |
Interest expense from accretion of loan discount | (22,000) | |
Total interest expense, net | (461,000) | (133,000) |
Loss before income taxes | (3,099,000) | (1,544,000) |
Provision for income taxes | 2,000 | 2,000 |
Net loss | (3,101,000) | (1,546,000) |
Deemed dividend on Series E shares | (557,000) | |
Net loss attributable to common shareholders | $ (3,658,000) | $ (1,546,000) |
Loss per common share – basic (in dollars per share) | $ (0.38) | $ (0.16) |
Loss per common share – diluted (in dollars per share) | $ (0.38) | $ (0.16) |
Weighted average common shares used in per share calculation: | ||
Basic (in shares) | 9,738 | 9,550 |
Diluted (in shares) | 9,738 | 9,550 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Preferred Stock Including Additional Paid in Capital [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 26, 2016 | 18,534 | 9,549,703 | ||
Balance at Mar. 26, 2016 | $ 2,911 | $ 24,104 | $ (24,035) | $ 2,980 |
Net loss | (1,546) | (1,546) | ||
Restricted stock granted (in shares) | 44,500 | |||
Share based compensation | $ 286 | 286 | ||
Balance (in shares) at Mar. 25, 2017 | 18,534 | 9,594,203 | ||
Balance at Mar. 25, 2017 | $ 2,911 | $ 24,390 | (25,581) | 1,720 |
Net loss | (3,101) | (3,101) | ||
Restricted stock granted (in shares) | 586,950 | |||
Share based compensation | $ 251 | 251 | ||
Restricted stock forfeited (in shares) | (236,000) | |||
Shares issued related to loan agreement (in shares) | 367,500 | |||
Shares issued related to loan agreement | $ 224 | 224 | ||
Common stock issued to lender (in shares) | 43,800 | |||
Proceeds from issuance of Series E preferred stock, net of issuance costs of $102 | $ 993 | 993 | ||
Repriced 2016 investor warrants | (203) | 203 | ||
Fair value of the warrants issued to EGE as issuance cost of Series E | (54) | 54 | ||
Repricing of warrants issued to EGE related to 2016 private placement | (34) | 34 | ||
Fair value of modified PFG warrants | 44 | 44 | ||
Beneficial Conversion Feature (BCF) upon issuance of Series E preferred shares | (557) | 557 | ||
Deemed dividend of discount to Series E preferred shares resulting from recognition of BCF | $ 557 | $ (557) | ||
Balance (in shares) at Mar. 31, 2018 | 62,334 | 10,312,653 | ||
Balance at Mar. 31, 2018 | $ 3,613 | $ 25,200 | $ (28,682) | $ 131 |
Consolidated Statements of Sha6
Consolidated Statements of Shareholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Preferred Stock Including Additional Paid in Capital [Member] | |
Shares issued, issuance cost | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (3,101) | $ (1,546) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,116 | 827 |
Share based compensation | 251 | 286 |
Accretion of discounts and issuance costs on debt | 127 | 30 |
Adjustment of warrant liability to fair value | (172) | (131) |
Change in fair value of equity forward | (16) | |
Capitalized software development costs | (334) | |
Change in other long term assets | (167) | |
Gain on sale of product line | (324) | (802) |
Accrued interest and fees on loan payable | 98 | |
Change in deferred rent | 487 | (110) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 590 | 1,175 |
Inventories | (676) | 883 |
Prepaid expenses and other current assets | 365 | (134) |
Accounts payable | (111) | (817) |
Accrued payroll and benefits | (240) | (64) |
Deferred revenue | (240) | 810 |
Other current liabilities | 229 | 38 |
Net cash used in operating activities | (1,617) | (56) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (688) | (41) |
Cash received from sale of product line | 1,225 | |
Cash returned related to sale of product line | (375) | |
Net cash (used in) provided by investing activities | (688) | 809 |
Cash flows from financing activities: | ||
Payments on capital leases | (50) | (45) |
Repayments of line of credit | (30) | (218) |
Proceeds from loan payable, net of issuance costs | 1,456 | |
Repayments of loan payable | (400) | |
Proceeds from issuance of Series E preferred stock, net of issuance costs of $102 | 993 | |
Net cash (used in) provided by financing activities | 2,369 | (663) |
Increase in cash and cash-equivalents | 64 | 90 |
Beginning cash and cash-equivalents | 1,421 | 1,331 |
Ending cash and cash-equivalents | 1,485 | 1,421 |
Supplementary disclosure of cash flow information: | ||
Cash paid for income taxes | 2 | 2 |
Cash paid for interest | 282 | 77 |
Supplementary disclosure of noncash investing and financing activities: | ||
Fair value of warrants issued to EGE as issuance costs for Series E | 54 | |
Fair value of modified warrants | 281 | |
Common stock issued in connection with debt issuance | 224 | |
Fully depreciated equipment disposal | $ 380 | $ 174 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Issuance of Series E preferred stock, issuance costs | $ 102 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 Summary of Significant Accounting Policies The accompanying consolidated financial statements include the accounts of Giga-tronics Incorporated (“Giga-tronics”) and its wholly-owned subsidiary, Microsource Incorporated (“Microsource”), collectively the “Company”. The Company’s corporate office and manufacturing facilities are located in Dublin, California. Microsource develops and manufactures a broad line of YIG (Yttrium, Iron, Garnet) tuned oscillators, filters and microwave synthesizers, which are used by its customers in operational applications and in manufacturing a wide variety of microwave instruments and devices. Microsource’s two The Giga-tronics Division designs, manufactures and markets a family of modular test products for use primarily in the electronic warfare (EW) segment of the defense electronics market. These modular test products are used for the construction of test and emulation systems used to validate the performance of EW equipment. Giga-tronics Division customers include major prime defense contractors, the armed services (primarily in the U.S) and research institutes. This product platform for EW test & simulation applications (formerly referred to as “Hydra”) has been the Company’s principal new product development initiative since 2011 35 2013 2016 2013; December 2015, June 2016, 10, Principles of Consolidation Use of Estimates Fiscal Year 52 53 March. 2018 March 31, 2018 53 2017 March 25, 2017, 52 Revenue Recognition and Deferred Revenue a. It is commensurate with either of the following: 1. The Company’s performance to achieve the milestone. 2. The enhancement of the value of the delivered item or items as a result of a specific outcome resulting from the Company's performance to achieve the milestone. b. It relates solely to past performance. c. It is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. Milestones for revenue recognition are agreed upon with the customer prior to the start of the contract and some milestones are based on product shipping while others are based on design review. In fiscal 2015 $6.5 March 31, 2018 March 25, 2017, zero $478,000, 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 has 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 activity in the allowance account for doubtful accounts is as follows for the years ended: (Dollars in thousands) March 31 , 201 8 March 2 5 , 201 7 Beginning balance $ 45 $ 45 Provisions for doubtful accounts (37 ) — Write-off of doubtful accounts — — Ending balance $ 8 $ 45 Accrued Warranty one three Inventories first first not Research and Development $1.8 $2.3 March 25, 2018 March 26, 2017, Property and Equipment three ten The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not March 31, 2018, March 25, 2017, no Warrants to Purchase Common Stock 815 Derivatives and Hedging On March 26, 2018, $217,000 150,000 $50,000 Embedded Derivatives Deferred Rent Income Taxes not The Company considers all tax positions recognized in its financial statements for the likelihood of realization. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the positions taken or the amounts of the positions that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not 50 Product Development Costs March 31, 2018 March 25, 2017. Software Development Costs Discontinued Operations 10, not 205 20.The 10, not Share-based Compensation 2018, 400,000 $0.33 4 2 fourth first 1/48 36 The cash flows resulting from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as cash flows from financing in the statements of cash flows. These excess tax benefits were not March 31, 2018 March 25, 2017. In calculating compensation related to stock option grants, the fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The computation of expected volatility used in the Black-Scholes- Merton option-pricing model is based on the historical volatility of Giga-tronics’ 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 for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. Expected dividend yield was not not no The fair value of restricted stock awards is based on the fair value of the underlying shares at the date of the grant. Management makes estimates regarding pre-vesting forfeitures that will impact timing of compensation expense recognized for stock option and restricted stock awards. Earnings or Loss Per Common Share not two Comprehensive Income or Loss no Financial Instruments and Concentration of Credit Risk not March 31, 2018, one 79% March 25, 2017, three 67% Fair Value of Financial Instruments and Fair Value Measurements 1 1 not 2 3 Recently Issued Accounting Standards In April 2015, 2015 03, 835 30 Simplifying the Presentation of Debt Issuance Costs 2015 03. 2015 03 not December 15, 2015, In November 2015, 2015 17 Income Taxes (Topic 740 740 December 15, 2016, December 15, 2017, December 15, 2018. may 2015 17 may 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 2014 09 may 2014 09 December 15, 2017, first 2017. The Company adopted ASU 2014 09 April 1, 2018 ( no 2017 2018 April 1, 2018. While the Company is still in the process of finalizing the impact of adoption of the new standard on its financial statements, the Company has identified that the most significant change relates to the timing of its revenue recognition on its customer contracts. Under the legacy GAAP, the Company recorded revenue when there was persuasive evidence of an arrangement, delivery had occurred, the price was fixed and determinable, and collectability was reasonably assured. This occurred when products were shipped or the customer accepted title transfer. If the arrangement involved acceptance terms, the Company deferred revenue until product acceptance was received. On certain large development contracts, revenue was recognized upon achievement of substantive milestones. Advanced payments were recorded as deferred revenue until the revenue recognition criteria described above had been met. Under ASU 2014 09, April 1, 2018. Adopting ASU No. 2014 09, may |
Note 2 - Going Concern and Mana
Note 2 - Going Concern and Management's Plan | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 2 Going Concern and Management’s Plan The Company incurred net losses of $3.1 $1.5 March 31, 2018 March 25, 2017, $28.7 March 31, 2018. $620,000 March 25, 2017, $386,000 March 31, 2018. The new EW test system products have now shipped to several customers, but potential delays in the refinement of features, longer than anticipated sales cycles, or the ability to efficiently manufacture our EW test system products, 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. The line of credit which expired on May 7, 2017, May 6, 2019. March 31, 2018, $552,000, $77,000, During April 2017, $1.5 2018, June 2017 March 2018. March 26, 2018, $1.0 8, In order to raise additional working capital and to restructure the PFG loan, on March 26, 2018, 43,800 6.0% 15 $25.00. $1.095 $1.0 $0.25 100 19, 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 its business including, but not Management will also continue to seek additional working capital and liquidity through debt (including debt refinancing), equity financing or possible product line sales or cessation of unprofitable business product lines, however there are no Our historical operating results and forecasting uncertainties indicate that substantial doubt exists related to our ability to continue as a going concern. Management believes that through the actions to date and possible future actions described above, we should have the necessary liquidity to continue operations at least twelve The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not |
Note 3 - Cash and Cash-equivale
Note 3 - Cash and Cash-equivalents | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3 Cash and Cash-Equivalents Cash and cash-equivalents of $1.5 $1.4 March 31, 2018 March 25, 2017, March 31, 2018, $1.2 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 Inventories Inventories consisted of the following: (Dollars in thousands) March 31 , 201 8 March 25 , 201 7 Raw materials $ 2,290 $ 1,775 Work-in-progress 2,100 2,155 Finished goods 561 473 Demonstration inventory 536 408 Total $ 5,487 $ 4,811 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment, Net | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5 Property, Plant and Equipment, net Property, plant and equipment, net is comprised of the following: (Dollars in thousands) March 31 , 201 8 March 2 5 , 201 7 Leasehold improvements $ 633 327 Machinery and equipment 4,333 4,330 Computer and software 681 678 Furniture and office equipment 227 231 Subtotal 5,874 5,566 Less: accumulated depreciation and amortization (5,041 ) (5,038 ) Total $ 833 $ 528 |
Note 6 - Software Development C
Note 6 - Software Development Costs | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | 6 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 March 31, 2018, March 25, 2017, zero $733,000, 2017 fourth 2017, three $733,000 2018. |
Note 7 - Accounts Receivable Li
Note 7 - Accounts Receivable Line of Credit | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7 Accounts Receivable Line of Credit 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% 4.50% March 31, 2018 6.0% $12,500 May 2017. 150% 90 8 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 March 31, 2018, $552,000, $77,000, |
Note 8 - Term Loans, Revolving
Note 8 - Term Loans, Revolving Line of Credit and Warrants | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8 Term Loans, Revolving Line of Credit and Warrants 2017 On April 27, 2017, $1,500,000 April 28, 2017 ( “2017 2017 April 27, 2019, 2017 16% 9.5% 6.5% $100,000 $76,000 April 27, 2017, $24,000 $1,000 first 2018, 25 Additionally, the 2017 250,000 190,000 April 27, 2017) 60,000 2,500 first 2017 2017 2017 7, 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 Back-end 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 consolidated balance sheets. The debt discount is amortized to interest expense over the loan’s term using the effective interest method. During the fiscal year ended March 31, 2018, $127,000 March 31, 2018, 367,500 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 was determined to be immaterial and was not Between June 24, 2017 March 25, 2018, not 22% On March 26, 2018, 19 $1.7 2017 $1.0 16%, 2014 260,000 2014 $1.42 $0.25 one March 13, 2020. The amendments to the 2017 $43,700, 2017 2017 The Company anticipates it will need to seek additional funds through the issuance of new debt, equity securities or product line sales in order to repay the 2017 no 2014 On March 13, 2014, three $2.0 $1.0 March 14, 2014. On June 16, 2014, $500,000, June 17, 2014. thirty-three $1.0 $500,000. $1.0 9.75% first six thirty 12.50% March 13, 2017 On June 3, 2015, $500,000 June 2014 $150,000 $500,000 July 2015. $10,000 March 26, 2016, $500,000 June 2014 $500,000 $1.0 March 25, 2017. The Company paid a loan fee of $30,000 $15,000 June 2014 300,000 180,000 $1.0 80,000 40,000 five $1.42 If the warrants are not March 13, 2019, $150,000 $67,000 As of March 25, 2017, $133,000 $89,000, $222,000. March 26, 2018, 150,000 $50,000 The initial $1.0 $822,000 $178,000, $178,000 March 25, 2017 $1.0 The proceeds from the $500,000 $365,000 $135,000, $135,000 March 26, 2016 $500,000 For the fiscal year ended March 25, 2017, $22,000. |
Note 9 - Fair Value
Note 9 - Fair Value | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9 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 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 2 The Company’s derivative warrant liability is measured at fair value on a recurring basis and is categorized as Level 3 March 25, 2017, March 25, 2017: ( 2.0 101.1%, 1.26%, 24%. March 31, 2019. 1 2 3 On March 26, 2018, 150,000 0.96 85%, 2.12%, no The aforementioned 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 as follows: Fair Value Measurements as of March 31, 2018 (In Thousands): Level 1 Level Level 3 Warrant Liability $ — — $ — Total $ — — $ — Fair Value Measurements as of March 25, 2017 (In Thousands): Level 1 Level Level 3 Warrant Liability $ — — $ 222 Total $ — $ — $ 222 There were no 1, 2 3 March 31, 2018 March 25, 2017. The following table provides a reconciliation of the warrant liability measured at fair value using significant unobservable inputs (Level 3 March 25, 2017 March 31, 2018: Years Ended (In thousands) Mar. 31 , 201 8 Mar. 2 5 , 201 7 Warrant liability at beginning of year $ 222 $ 353 Change in fair value of warrant liability (222 ) (131 ) Warrant liability at end of period $ — $ 222 |
Note 10 - Sale of Product Lines
Note 10 - Sale of Product Lines | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 10 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 June $170,000. $500,000 July August 2016. The Company had no 2018. 2017, $2.1 $437,000 On December 15, 2015, $1.5 $1.5 six one 6 second September 24, 2016, one five $375,000 first 2017 The complaint sought specific performance of the agreement and damages. Spanawave’s affiliate Liberty Test also filed an arbitration claim for $440,000 not October 16, 2017, one five 6 6 During the fourth 2016, $375,000 first 2017, $375,000 $750,000. $375,000 July 28, 2016 one $375,000 third 2018, $324,000, $51,000 March 31, 2018 March 25, 2017, zero $437,000 June 2016, $275,000 no |
Note 11 - Selling and Advertisi
Note 11 - Selling and Advertising Expenses | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 11 Selling and Advertising Expenses Selling expenses consist primarily of salaries to employees and commissions paid to various sales representatives and marketing agencies. Commission expense totaled $43,000 $121,000 2018 2017, $23,000 $58,000 2018 2017, |
Note 12 - Significant Customers
Note 12 - Significant Customers and Industry Segment Information | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12 Significant Customers and Industry Segment Information The Company has two two The Giga-tronics Division designs, manufactures and markets a family of modular test products for use primarily in the electronic warfare (EW) segment of the defense electronics market. These modular test products are used for the construction of test and emulation systems used to validate the performance of EW equipment. Giga-tronics Division customers include major prime defense contractors, the armed services (primarily in the U.S) and research institutes. This product platform for EW test & simulation applications (formerly referred to as “Hydra”) has been the Company’s principal new product development initiative since 2011 35 2013 2016 The accounting policies for the segments are the same as those described in the "Summary of Significant Accounting Policies". The Company evaluates the performance of its segments and allocates resources to them based on earnings before income taxes. Segment net sales include sales to external customers. Inter-segment activities are eliminated in consolidation. Assets include accounts receivable, inventories, equipment, cash, deferred income taxes, prepaid expenses and other long- term assets. The Company accounts for inter-segment sales and transfers at terms that allow a reasonable profit to the seller. During the periods reported there were no The Company's reportable operating segments are strategic business units that offer different products and services. They are managed separately because each business utilizes different technology and requires different accounting systems. The Company’s chief operating decision maker is considered to be the Company’s Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis accompanied by disaggregated information about revenues and pre-tax income or loss by operating segment. The tables below present information for the fiscal years ended in 2018 2017. March 31 , 201 8 (Dollars in thousands) Giga-tronics Division Microsource Total Revenue $ 2,737 $ 7,063 $ 9,800 Interest expense, net (461 ) — (461 ) Depreciation and amortization 1,116 1 1,117 Capital expenditures (688 ) — (688 ) Income/(Loss) before income taxes (5,847 ) 2,748 (3,099 ) Assets 5,253 3,178 8,431 March 2 5 , 201 7 (Dollars in thousands) Giga-tronics Division Microsource Total Revenue $ 8,021 $ 8,246 $ 16,267 Interest expense, net 133 — 133 Depreciation and amortization 820 7 827 Capital expenditures 41 — 41 Income/(Loss) before income taxes (2,702 ) 1,158 (1,544 ) Assets 6,433 2,641 9,074 The Company’s Giga-tronics Division and Microsource segments sell to agencies of the U.S. government and U.S. defense- related customers. In fiscal 2018 2017, 88% 78% 2018, 29% second 20% 2018 third 41% During fiscal 2017, 33% second 20% 2017 third 14% Export sales accounted for 8% 2% 2018 2017, (Dollars in thousands) March 31 , 201 8 March 2 5 , 201 7 Americas $ — $ — Europe 40 249 Asia — 15 Rest of world 702 64 Total $ 742 $ 328 |
Note 13 - Loss Per Common Share
Note 13 - Loss Per Common Share | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13 Loss per Common Share The stock options, restricted stock, convertible preferred stocks and warrants not March 31, 2018 March 25, 2017 Stock options not included in computation that could potentially dilute EPS in the future 1,479 1,105 Restricted stock awards not included in computation that could potentially dilute EPS in the future 300 — Convertible preferred stock not included in computation that could potentially dilute EPS in the future 1,858 1,853 Warrants not included in computation that could potentially dilute EPS in the future 3,960 3,737 7,597 6,695 The stock options, restricted stock, convertible preferred stocks and warrants not March 31, 2018 March 25, 2017 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14 Income Taxes Following are the components of the provision for income taxes for fiscal years ended: March 31, March 25, (in thousands) 2018 2017 Current Federal $ — $ — State 2 2 2 2 Deferred Federal 5,547 (496 ) State (393 ) (6 ) 5,154 (502 ) Change in liability for uncertain tax positions 2 14 Change in valuation allowance (5,156 ) 488 Provision for income taxes $ 2 $ 2 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets are as follows: Fiscal years ended (In thousands) March 31 , 201 8 March 2 5 , 201 7 Net operating loss carryforwards $ 11,472 $ 15,984 Income tax credits 347 323 Inventory reserves and additional costs capitalized 787 1,450 Accrued vacation 40 109 Deferred rent 136 — Non-qualified stock options and restricted stock 2 5 Other 77 146 Total deferred tax assets 12,861 18,017 Valuation allowance (12,861 ) (18,017 ) Net deferred tax assets $ — $ — On December 22, 2017, 1986, 35% 21% December 31, 2017. March 26, 2017 March 31, 2018, 31.55% 2017 As a result of the enactment of the TCJ Act, the Company’s deferred tax assets and liabilities were remeasured using the new corporate tax rate, resulting in a $5.2 The following summarizes the difference between the income tax expense and the amount computed by applying the statutory federal income tax rates of 31.55% 34%, March 31, 2018 March 25, 2017, March 31, 2018 March 25, 2017: Fiscal years ended (In thousands except percentages) March 31 , 20 1 8 March 2 5 , 201 7 Statutory federal income tax (benefit) $ (955 ) 31.6 % $ (525 ) 34.0 % Valuation allowance (5,156 ) 170.1 488 (31.6 ) Effect of reduced corporate tax rates 6,207 (205.3 ) — — State income tax, net of federal benefit (177 ) 5.9 (90 ) 5.8 Net operating loss expiration — — 86 (5.6 ) Non-tax deductible expenses 46 (1.5 ) 77 (5.0 ) Tax credits (4 ) 0.1 (40 ) 2.6 Liability for uncertain tax positions — — 14 (0.9 ) Other 41 (0.9 ) (8 ) 0.5 Effective income tax $ 2 — $ 2 (0.2 )% The decrease in valuation allowance from March 25, 2017 March 31, 2018 $5,156,000. As of March 31, 2018, $46,539,000 $24,322,000 2023 2038 2028 2038, may 382. December 31, 2017. 2032 2038 The Company has recorded a valuation allowance to reflect the estimated amount of deferred tax assets, which may not As of March 31, 2018, $122,000 not The Company files U.S federal and California state tax returns. The Company is generally no 2013 2012 not no A reconciliation of the beginning and ending amount of the liability for uncertain tax positions, excluding potential interest and penalties, is as follows: Fiscal Year s (In thousands) 2018 2017 Balance as of beginning of year $ 120 $ 106 Additions based on current year tax positions 2 14 (Reductions) additions for prior year tax positions — — Balance as of end of year $ 122 $ 120 The total amount of interest and penalties related to unrecognized tax benefits at March 31, 2018 not not not twelve 12 |
Note 15 - Share-based Compensat
Note 15 - Share-based Compensation and Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15 Share-based Compensation and Employee Benefit Plans Share-based Compensation 2005 2,850,000 100% 2014, 2005 2025. one four five not 10 may March 31, 2018, no March 31, 2018, 456,677. ten Stock Options The weighted average grant date fair value of stock options granted during the fiscal years ended March 31, 2018 March 25, 2017 $0.93 $0.83, Fiscal years ended March 31, 2018 March 25, 2017 Dividend yield — — Expected volatility 91 % 99 % Risk-free interest rate 2.40 % 1.45 % Expected term (years) 8.35 8.36 A summary of the changes in stock options outstanding for the fiscal years ended March 31, 2018 March 25, 2017 Weighted Weighted Average Remaining (Dollars in thousands except share prices) Shares Average Exercise Price per share Contractual Term (Years) Aggregate Intrinsic 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 856,000 0.34 10.0 Exercised — — Forfeited / Expired (481,800 ) 1.34 Outstanding at March 31, 2018 1,478,700 $ 0.56 8.0 $ — Exercisable at March 31, 2018 524,450 $ 0.81 4.8 $ — At March 31, 2018, expected to vest in the future 671,805 $ 0.42 9.8 $ — As of March 31, 2018, $215,000 2005 2005 3.9 143,900 272,500 March 31, 2018 March 25, 2017, March 31, 2018 March 25, 2017 $163,000 $315,000, no 2018 2017. March 31, 2018 March 25, 2017 $251,000 $257,000, Restricted Stock The Company granted 586,950 March 31, 2018. 44,500 2017. March 31, 2018, $97,000 0.89 2018 2017 $107,000 $29,000, A summary of the changes in non-vested restricted stock awards outstanding for the fiscal years ended March 31, 2018 March 25, 2017 Shares Weighted Average Grant Date 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 586,950 0.66 Vested (51,000 ) (0.60 ) Forfeited or cancelled (236,000 ) (0.68 ) Non-vested at March 31, 2018 299,950 $ 0.65 401 401 may 100% four 2018 2017 $27,000 $33,000, |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16 Commitments and Contingencies The Company leased a 47,300 April 2017. January 5, 2017, seventy-seven 23,873 April 1, 2017. March 31, 2018. The Company also leases certain other equipment under operating leases. Total future minimum lease payments under the new building lease and certain equipment are as follows. Fiscal year (Dollars in thousands) 2019 $ 436 2020 450 2021 464 2022 472 Thereafter 696 Total $ 2,518 The aggregate rental expense was $460,000 $523,000 2018 2017, The Company leases certain equipment under capital leases that expire through May 2021. $249,000 $249,000 $174,000 $113,000 March 31, 2018 March 25, 2017, Total future minimum lease payments under these capital leases are as follows. Fiscal year (Dollars in thousands) Principal Interest Total 2019 $ 52 $ 12 $ 64 2020 40 5 45 2021 22 1 23 Total $ 114 $ 18 $ 132 The Company is committed to purchase certain inventory under non-cancelable purchase orders. As of March 31, 2018, $1,260,000 March 2019. |
Note 17 - Warranty Obligations
Note 17 - Warranty Obligations | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 17 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) March 31 , 201 8 March 2 5 , 201 7 Balance as of beginning of year $ 123 $ 60 Provision, net 291 234 Warranty costs incurred (250 ) (171 ) Balance as of end of year $ 164 $ 123 |
Note 18 - Private Placement Off
Note 18 - Private Placement Offering | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Private Placement Offering [Text Block] | 18 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 |
Note 19 - Preferred Stock and W
Note 19 - Preferred Stock and Warrants | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 19 Preferred Stock and Warrants Series E Senior Convertible Voting Perpetual Preferred Stock On March 26, 2018, 43,800 6.0% 15 March 28, 2018. The purchase price for each Series E Share was $25.00. $1.095 $1.0 5% $57,000 5% 223,000 $0.25 Each Series E Share is initially convertible (at the option of the holder) at a conversion price of $0.25 100 March 31, 2018, 43,800 4,380,000 31% 27% 22% 300% $75.00 Each Series E Share has a liquidation preference of 150% $37.50, Holders of Series E Shares are entitled to receive, when, as and if declared by the Company’s Board of Directors, cumulative preferential dividends, payable semiannual in cash at a rate per annum equal to 6.0% $25.00 10 Holders of Series E Shares generally vote together with the common stock on an as-converted basis on each matter submitted to the vote or approval of the holders of common stock, and vote as a separate class with respect to certain actions that adversely affect the rights of the holders of Series E Shares and on other matters as required by law. In addition, the approval of the Holders of the Series E shares is generally required prior to the Company’s issuance of any securities having rights senior to or in parity with the Series E Shares with respect to dividends or liquidation preferences. The Series E Shares’ right to approve parity securities will terminate at such time that ( 1 22,300 50% first 2 20 30 $0.75 30 100,000 144 1933, The Company and each Series E investor entered into an Investor Rights Agreement. Under this agreement, the Company agreed to, among other things, use best efforts to file certain registration statements for the resale of common stock of the Company that the investor may may two not 66.6% $1.7 8 In connection with the sale of Series E Shares, the Company agreed to reduce the exercise price of certain warrants issued in connection with the Company’s private placement in January 2016 ( 18 2,787,872 “2016 2016 0.75 $1.15 2016 2016 $1.15 $0.25 2016 $200,000 50% 2016 2016 $0.25, 2016 $200,000 50% January 2016 2016 $0.25. 1,759,268 2016 $0.25. The fair value attributable to re-pricing the 2016 2016 $203,000, $557,000, In addition, warrants to purchase 292,727 $1.15 $0.25 $53,000 Series B, C, D Convertible Voting Perpetual Preferred Stock and Warrants 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 presents information for the fiscal years ended March 31, 2018 March 25, 2017: Preferred Stock As of March 31 , 201 8 and March 2 5 , 201 7 Designated Shares Shares Liquidation Preference Shares Issued Outstanding (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 at March 25, 2017 19,500.00 18,533.51 18,533.51 3,540 Series E 60,000.00 43,800.00 43,800.00 1,643 Total at March 31, 2018 79,500.00 62,333.51 62,333.51 $ 5,183 |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20 Subsequent Events During April 2018, 6,000 $25.00 $150,000. During May 2018, 2,400 $25.00 $60,000. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year 52 53 March. 2018 March 31, 2018 53 2017 March 25, 2017, 52 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition and Deferred Revenue a. It is commensurate with either of the following: 1. The Company’s performance to achieve the milestone. 2. The enhancement of the value of the delivered item or items as a result of a specific outcome resulting from the Company's performance to achieve the milestone. b. It relates solely to past performance. c. It is reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. Milestones for revenue recognition are agreed upon with the customer prior to the start of the contract and some milestones are based on product shipping while others are based on design review. In fiscal 2015 $6.5 March 31, 2018 March 25, 2017, zero $478,000, 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 has 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 activity in the allowance account for doubtful accounts is as follows for the years ended: (Dollars in thousands) March 31 , 201 8 March 2 5 , 201 7 Beginning balance $ 45 $ 45 Provisions for doubtful accounts (37 ) — Write-off of doubtful accounts — — Ending balance $ 8 $ 45 |
Standard Product Warranty, Policy [Policy Text Block] | Accrued Warranty one three |
Inventory, Policy [Policy Text Block] | Inventories first first not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development $1.8 $2.3 March 25, 2018 March 26, 2017, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment three ten The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not March 31, 2018, March 25, 2017, no |
Warrants to Purchase Common Stock, Policy [Policy Text Block] | Warrants to Purchase Common Stock 815 Derivatives and Hedging On March 26, 2018, $217,000 150,000 $50,000 |
Derivatives, Policy [Policy Text Block] | Embedded Derivatives |
Lessee, Leases [Policy Text Block] | Deferred Rent |
Income Tax, Policy [Policy Text Block] | Income Taxes not The Company considers all tax positions recognized in its financial statements for the likelihood of realization. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the positions taken or the amounts of the positions that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not 50 |
Product Development Costs, Policy [Policy Text Block] | Product Development Costs March 31, 2018 March 25, 2017. |
Software Development Costs, Policy [Policy Text Block] | Software Development Costs |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations 10, not 205 20.The 10, not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based Compensation 2018, 400,000 $0.33 4 2 fourth first 1/48 36 The cash flows resulting from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as cash flows from financing in the statements of cash flows. These excess tax benefits were not March 31, 2018 March 25, 2017. In calculating compensation related to stock option grants, the fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The computation of expected volatility used in the Black-Scholes- Merton option-pricing model is based on the historical volatility of Giga-tronics’ 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 for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. Expected dividend yield was not not no The fair value of restricted stock awards is based on the fair value of the underlying shares at the date of the grant. Management makes estimates regarding pre-vesting forfeitures that will impact timing of compensation expense recognized for stock option and restricted stock awards. |
Earnings Per Share, Policy [Policy Text Block] | Earnings or Loss Per Common Share not two |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income or Loss no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Financial Instruments and Concentration of Credit Risk not March 31, 2018, one 79% March 25, 2017, three 67% |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments and Fair Value Measurements 1 1 not 2 3 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In April 2015, 2015 03, 835 30 Simplifying the Presentation of Debt Issuance Costs 2015 03. 2015 03 not December 15, 2015, In November 2015, 2015 17 Income Taxes (Topic 740 740 December 15, 2016, December 15, 2017, December 15, 2018. may 2015 17 may 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 2014 09 may 2014 09 December 15, 2017, first 2017. The Company adopted ASU 2014 09 April 1, 2018 ( no 2017 2018 April 1, 2018. While the Company is still in the process of finalizing the impact of adoption of the new standard on its financial statements, the Company has identified that the most significant change relates to the timing of its revenue recognition on its customer contracts. Under the legacy GAAP, the Company recorded revenue when there was persuasive evidence of an arrangement, delivery had occurred, the price was fixed and determinable, and collectability was reasonably assured. This occurred when products were shipped or the customer accepted title transfer. If the arrangement involved acceptance terms, the Company deferred revenue until product acceptance was received. On certain large development contracts, revenue was recognized upon achievement of substantive milestones. Advanced payments were recorded as deferred revenue until the revenue recognition criteria described above had been met. Under ASU 2014 09, April 1, 2018. Adopting ASU No. 2014 09, may |
Note 1 - Summary of Significa30
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | (Dollars in thousands) March 31 , 201 8 March 2 5 , 201 7 Beginning balance $ 45 $ 45 Provisions for doubtful accounts (37 ) — Write-off of doubtful accounts — — Ending balance $ 8 $ 45 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories consisted of the following: (Dollars in thousands) March 31 , 201 8 March 25 , 201 7 Raw materials $ 2,290 $ 1,775 Work-in-progress 2,100 2,155 Finished goods 561 473 Demonstration inventory 536 408 Total $ 5,487 $ 4,811 |
Note 5 - Property, Plant and 32
Note 5 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net is comprised of the following: (Dollars in thousands) March 31 , 201 8 March 2 5 , 201 7 Leasehold improvements $ 633 327 Machinery and equipment 4,333 4,330 Computer and software 681 678 Furniture and office equipment 227 231 Subtotal 5,874 5,566 Less: accumulated depreciation and amortization (5,041 ) (5,038 ) Total $ 833 $ 528 |
Note 8 - Term Loans, Revolvin33
Note 8 - Term Loans, Revolving Line of Credit and Warrants (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
PFG Loan [Member] | |
Notes Tables | |
Schedule of Debt Discount [Table Text Block] | Fees paid to the lender and third parties $ 44,000 Back-end 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 9 - Fair Value (Tables)
Note 9 - Fair Value (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements as of March 31, 2018 (In Thousands): Level 1 Level Level 3 Warrant Liability $ — — $ — Total $ — — $ — Fair Value Measurements as of March 25, 2017 (In Thousands): Level 1 Level Level 3 Warrant Liability $ — — $ 222 Total $ — $ — $ 222 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Table Text Block] | Years Ended (In thousands) Mar. 31 , 201 8 Mar. 2 5 , 201 7 Warrant liability at beginning of year $ 222 $ 353 Change in fair value of warrant liability (222 ) (131 ) Warrant liability at end of period $ — $ 222 |
Note 10 - Sale of Product Lin35
Note 10 - Sale of Product Lines (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
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 12 - Significant Custome36
Note 12 - Significant Customers and Industry Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | March 31 , 201 8 (Dollars in thousands) Giga-tronics Division Microsource Total Revenue $ 2,737 $ 7,063 $ 9,800 Interest expense, net (461 ) — (461 ) Depreciation and amortization 1,116 1 1,117 Capital expenditures (688 ) — (688 ) Income/(Loss) before income taxes (5,847 ) 2,748 (3,099 ) Assets 5,253 3,178 8,431 March 2 5 , 201 7 (Dollars in thousands) Giga-tronics Division Microsource Total Revenue $ 8,021 $ 8,246 $ 16,267 Interest expense, net 133 — 133 Depreciation and amortization 820 7 827 Capital expenditures 41 — 41 Income/(Loss) before income taxes (2,702 ) 1,158 (1,544 ) Assets 6,433 2,641 9,074 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | (Dollars in thousands) March 31 , 201 8 March 2 5 , 201 7 Americas $ — $ — Europe 40 249 Asia — 15 Rest of world 702 64 Total $ 742 $ 328 |
Note 13 - Loss Per Common Sha37
Note 13 - Loss Per Common Share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Stock options not included in computation that could potentially dilute EPS in the future 1,479 1,105 Restricted stock awards not included in computation that could potentially dilute EPS in the future 300 — Convertible preferred stock not included in computation that could potentially dilute EPS in the future 1,858 1,853 Warrants not included in computation that could potentially dilute EPS in the future 3,960 3,737 7,597 6,695 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | March 31, March 25, (in thousands) 2018 2017 Current Federal $ — $ — State 2 2 2 2 Deferred Federal 5,547 (496 ) State (393 ) (6 ) 5,154 (502 ) Change in liability for uncertain tax positions 2 14 Change in valuation allowance (5,156 ) 488 Provision for income taxes $ 2 $ 2 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Fiscal years ended (In thousands) March 31 , 201 8 March 2 5 , 201 7 Net operating loss carryforwards $ 11,472 $ 15,984 Income tax credits 347 323 Inventory reserves and additional costs capitalized 787 1,450 Accrued vacation 40 109 Deferred rent 136 — Non-qualified stock options and restricted stock 2 5 Other 77 146 Total deferred tax assets 12,861 18,017 Valuation allowance (12,861 ) (18,017 ) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal years ended (In thousands except percentages) March 31 , 20 1 8 March 2 5 , 201 7 Statutory federal income tax (benefit) $ (955 ) 31.6 % $ (525 ) 34.0 % Valuation allowance (5,156 ) 170.1 488 (31.6 ) Effect of reduced corporate tax rates 6,207 (205.3 ) — — State income tax, net of federal benefit (177 ) 5.9 (90 ) 5.8 Net operating loss expiration — — 86 (5.6 ) Non-tax deductible expenses 46 (1.5 ) 77 (5.0 ) Tax credits (4 ) 0.1 (40 ) 2.6 Liability for uncertain tax positions — — 14 (0.9 ) Other 41 (0.9 ) (8 ) 0.5 Effective income tax $ 2 — $ 2 (0.2 )% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Fiscal Year s (In thousands) 2018 2017 Balance as of beginning of year $ 120 $ 106 Additions based on current year tax positions 2 14 (Reductions) additions for prior year tax positions — — Balance as of end of year $ 122 $ 120 |
Note 15 - Share-based Compens39
Note 15 - Share-based Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal years ended March 31, 2018 March 25, 2017 Dividend yield — — Expected volatility 91 % 99 % Risk-free interest rate 2.40 % 1.45 % Expected term (years) 8.35 8.36 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Weighted Average Remaining (Dollars in thousands except share prices) Shares Average Exercise Price per share Contractual Term (Years) Aggregate Intrinsic 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 856,000 0.34 10.0 Exercised — — Forfeited / Expired (481,800 ) 1.34 Outstanding at March 31, 2018 1,478,700 $ 0.56 8.0 $ — Exercisable at March 31, 2018 524,450 $ 0.81 4.8 $ — At March 31, 2018, expected to vest in the future 671,805 $ 0.42 9.8 $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Shares Weighted Average Grant Date 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 586,950 0.66 Vested (51,000 ) (0.60 ) Forfeited or cancelled (236,000 ) (0.68 ) Non-vested at March 31, 2018 299,950 $ 0.65 |
Note 16 - Commitments and Con40
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal year (Dollars in thousands) 2019 $ 436 2020 450 2021 464 2022 472 Thereafter 696 Total $ 2,518 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Fiscal year (Dollars in thousands) Principal Interest Total 2019 $ 52 $ 12 $ 64 2020 40 5 45 2021 22 1 23 Total $ 114 $ 18 $ 132 |
Note 17 - Warranty Obligations
Note 17 - Warranty Obligations (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) March 31 , 201 8 March 2 5 , 201 7 Balance as of beginning of year $ 123 $ 60 Provision, net 291 234 Warranty costs incurred (250 ) (171 ) Balance as of end of year $ 164 $ 123 |
Note 19 - Preferred Stock and42
Note 19 - Preferred Stock and Warrants (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Preferred Stock As of March 31 , 201 8 and March 2 5 , 201 7 Designated Shares Shares Liquidation Preference Shares Issued Outstanding (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 at March 25, 2017 19,500.00 18,533.51 18,533.51 3,540 Series E 60,000.00 43,800.00 43,800.00 1,643 Total at March 31, 2018 79,500.00 62,333.51 62,333.51 $ 5,183 |
Note 1 - Summary of Significa43
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Mar. 26, 2018USD ($)shares | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 25, 2017USD ($)$ / sharesshares | Mar. 28, 2015USD ($) |
Number of Major Customers | 2 | |||
Unbilled Receivables, Not Billable, Amount Expected to be Collected in Remainder of Fiscal Year | $ 6,500,000 | |||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 0 | $ 478,000 | ||
Research and Development Expense, Total | 1,794,000 | 2,254,000 | ||
Asset Impairment Charges, Total | $ 0 | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 856,000 | 148,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.34 | $ 0.97 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 1 | 3 | ||
Concentration Risk, Percentage | 79.00% | 67.00% | ||
Equity Incentive Plan 2005 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 400,000 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.33 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 36 | |||
Equity Incentive Plan 2005 [Member] | Employee Stock Option [Member] | Vesting on the First Anniversary of the Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Equity Incentive Plan 2005 [Member] | Employee Stock Option [Member] | Vesting Monthly On Each of the 36 Months Following the First Anniversary of the Grant Date [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 2.083% | |||
PFG Warrants [Member] | ||||
Class of Warrant or Right, Cash Put Provision Eliminated | $ 217,000 | |||
Stock Issued During Period, Shares, Revaluation of Warrants | shares | 150,000 | |||
Stock Issued During Period, Value, Revaluation of Warrants | $ 50,000 | |||
Minimum [Member] | ||||
Warranty Term | 1 year | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | ||||
Warranty Term | 3 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 10 years |
Note 1 - Summary of Significa44
Note 1 - Summary of Significant Accounting Policies - Activity in the Reserve Account (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Beginning balance | $ 45 | $ 45 |
Provisions for doubtful accounts | (37) | |
Write-off of doubtful accounts | ||
Ending balance | $ 8 | $ 45 |
Note 2 - Going Concern and Ma45
Note 2 - Going Concern and Management's Plan (Details Textual) | Mar. 26, 2018USD ($)$ / sharesshares | Apr. 27, 2017USD ($)shares | Mar. 31, 2018USD ($) | Mar. 25, 2017USD ($) | Mar. 13, 2014USD ($) |
Net Income (Loss) Attributable to Parent, Total | $ (3,101,000) | $ (1,546,000) | |||
Retained Earnings (Accumulated Deficit), Ending Balance | (28,682,000) | (25,581,000) | |||
Working Capital | (386,000) | 620,000 | |||
Line of Credit, Current | 552,000 | 582,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 77,000 | ||||
Proceeds from Issuance of Convertible Preferred Stock, Net of Issuance Costs | $ 993,000 | ||||
Series E Preferred Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues | shares | 43,800 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
Issuance of Stock, Number of Investors | 15 | ||||
Shares Issued, Price Per Share | $ / shares | $ 25 | ||||
Proceeds from Issuance of Convertible Preferred Stock | $ 1,095,000 | ||||
Proceeds from Issuance of Convertible Preferred Stock, Net of Issuance Costs | $ 1,000,000 | ||||
Convertible Preferred Stock, Conversion Price Per Share | $ / shares | $ 0.25 | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 100 | ||||
PFG Loan [Member] | |||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 2,000,000 | |||
Debt Instrument, Modification Agreement, Conditions, Gross Proceeds from Sale of Convertible Preferred Stock | $ 1,000,000 | ||||
Stock Issued During Period, Shares, New Issues | shares | 190,000 |
Note 3 - Cash and Cash-equiva46
Note 3 - Cash and Cash-equivalents (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 1,485 | $ 1,421 | $ 1,331 |
Cash, Uninsured Amount | $ 1,200 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Raw materials | $ 2,290 | $ 1,775 |
Work-in-progress | 2,100 | 2,155 |
Finished goods | 561 | 473 |
Demonstration inventory | 536 | 408 |
Total | $ 5,487 | $ 4,811 |
Note 5 - Property, Plant and 48
Note 5 - Property, Plant and Equipment, Net - Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Property, plant, and equipment, gross | $ 5,874 | $ 5,566 |
Less: accumulated depreciation and amortization | (5,041) | (5,038) |
Total | 833 | 528 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 633 | 327 |
Machinery and Equipment [Member] | ||
Property, plant, and equipment, gross | 4,333 | 4,330 |
Computer Equipment [Member] | ||
Property, plant, and equipment, gross | 681 | 678 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | $ 227 | $ 231 |
Note 6 - Software Development49
Note 6 - Software Development Costs (Details Textual) - USD ($) | Sep. 03, 2015 | Dec. 24, 2016 | Mar. 31, 2018 | Mar. 25, 2017 |
Capitalized Software Development Costs for Software Sold to Customers | $ 0 | $ 733,000 | ||
Costs of Capitalized Software, Amortization Period | 3 years | |||
Capitalized Computer Software, Amortization | $ 733,000 | |||
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% |
Note 7 - Accounts Receivable 50
Note 7 - Accounts Receivable Line of Credit (Details Textual) - USD ($) | Jun. 01, 2015 | May 31, 2017 | Mar. 31, 2018 | Mar. 25, 2017 |
Line of Credit, Current | $ 552,000 | $ 582,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 77,000 | |||
New Amended Credit Facility 2 [Member] | ||||
Long-term Line of Credit, Total | $ 2,500,000 | |||
Advance Rate | 80.00% | |||
Debt Instrument, Variable Interest Rate | 4.50% | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | |||
Line of Credit Facility, Commitment Fee Amount | $ 12,500 | |||
Asset Coverage Ratio | 150.00% | |||
Accounts Receivable, Aging from Invoice Date | 90 days | |||
Line of Credit, Current | $ 552,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 77,000 | |||
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 8 - Term Loans, Revolvin51
Note 8 - Term Loans, Revolving Line of Credit and Warrants (Details Textual) - USD ($) | Mar. 26, 2018 | Jun. 17, 2017 | Apr. 27, 2017 | Jun. 03, 2015 | Jun. 16, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 13, 2014 | Jul. 31, 2015 | Mar. 25, 2018 | Mar. 31, 2018 | Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | Mar. 25, 2017 | Jan. 19, 2016 |
Amortization of Debt Discount (Premium) | $ 22,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.15 | |||||||||||||||
Fair Value Adjustment of Warrants | (172,000) | (131,000) | ||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 77,000 | 77,000 | ||||||||||||||
Repayments of Lines of Credit | 30,000 | 218,000 | ||||||||||||||
Repayments of Long-term Debt, Total | 400,000 | |||||||||||||||
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 | |||||||||||||||
PFG Warrants [Member] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 260,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.25 | $ 1.42 | ||||||||||||||
Class of Warrant or Right, Extension of Exercise Period | 1 year | |||||||||||||||
Fair Value Adjustment of Warrants | $ 43,700 | |||||||||||||||
Stock Issued During Period, Shares, Revaluation of Warrants | 150,000 | |||||||||||||||
Stock Issued During Period, Value, Revaluation of Warrants | $ 50,000 | |||||||||||||||
PFG Loan [Member] | ||||||||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 2,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 16.00% | 16.00% | 9.75% | 9.75% | ||||||||||||
Debt Instrument, Cash Interest Rate | 9.50% | |||||||||||||||
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, Total | $ 1,576,000 | |||||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 326,000 | |||||||||||||||
Amortization of Debt Discount (Premium) | $ 127,000 | |||||||||||||||
Stock Issued During Period, Shares, Loan Agreement | 367,500 | |||||||||||||||
Debt Instrument, Interest Rate During Period | 22.00% | |||||||||||||||
Debt Instrument, Amount of Indebtedness Restructured | $ 1,700,000 | |||||||||||||||
Debt Instrument, Modification Agreement, Conditions, Gross Proceeds from Sale of Convertible Preferred Stock | $ 1,000,000 | |||||||||||||||
Debt Instrument, Term | 2 years 180 days | 3 years | ||||||||||||||
Proceeds from Issuance of Debt | $ 1,000,000 | |||||||||||||||
Repayments of Long-term Debt, Total | $ 1,000,000 | |||||||||||||||
Derivative Liability, Fair Value, Gross Liability, Total | 222,000 | 222,000 | ||||||||||||||
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, Exercise Price of Warrants or Rights | $ 1.42 | $ 1.42 | ||||||||||||||
Class of Warrant or Right, Term | 5 years | |||||||||||||||
PFG Loan [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||||||||||||
Payments of Debt Issuance Costs | $ 15,000 | $ 30,000 | ||||||||||||||
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, Unamortized Discount, Total | $ 178,000 | |||||||||||||||
Long-term Debt, Gross | 822,000 | |||||||||||||||
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, Unamortized Discount, Total | 135,000 | |||||||||||||||
Long-term Debt, Gross | $ 365,000 | |||||||||||||||
PFG Loan [Member] | Amendment [Member] | Common Stock [Member] | ||||||||||||||||
Class of Warrant or Right, Outstanding | 80,000 | |||||||||||||||
Class of Warrant or Right, Cancelled During Period | 40,000 | |||||||||||||||
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, Interest Rate, Stated Percentage | 12.50% | 12.50% | ||||||||||||||
Debt Instrument, Term | 2 years 270 days | |||||||||||||||
Long-term Line of Credit, Total | $ 500,000 | |||||||||||||||
Repayments of Lines of Credit | 150,000 | $ 500,000 | ||||||||||||||
Line of Credit Facility, Periodic Payment, Principal | 10,000 | |||||||||||||||
Warrant Debt [Member] | Under First Draw [Member] | ||||||||||||||||
Derivative Liability, Fair Value, Gross Liability, Total | 133,000 | 133,000 | ||||||||||||||
Long-term Debt, Gross | 178,000 | |||||||||||||||
Warrant Debt [Member] | Amendment [Member] | ||||||||||||||||
Derivative Liability, Fair Value, Gross Liability, Total | $ 89,000 | $ 89,000 | ||||||||||||||
Long-term Debt, Gross | $ 135,000 |
Note 8 - Term Loans, Revolvin52
Note 8 - Term Loans, Revolving Line of Credit and Warrants - Debt Discount (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 8 - Term Loans, Revolvin53
Note 8 - Term Loans, Revolving Line of Credit and Warrants - Debt Discount (Details) (Parentheticals) | Apr. 27, 2017shares |
PFG Loan [Member] | |
Common stock issued to lender (in shares) | 190,000 |
Note 9 - Fair Value (Details Te
Note 9 - Fair Value (Details Textual) - PFG Warrants [Member] | Mar. 26, 2018shares | Mar. 25, 2017 |
Stock Issued During Period, Shares, Revaluation of Warrants | 150,000 | |
Fair Value, Measurements, Recurring [Member] | Measurement Input, Expected Term [Member] | ||
Derivative Liability, Measurement Input | 0.96 | 2 |
Fair Value, Measurements, Recurring [Member] | Measurement Input, Price Volatility [Member] | ||
Derivative Liability, Measurement Input | 85 | 101.1 |
Fair Value, Measurements, Recurring [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Derivative Liability, Measurement Input | 2.12 | 1.26 |
Fair Value, Measurements, Recurring [Member] | Measurement Input, Discount Rate [Member] | ||
Derivative Liability, Measurement Input | 24 | |
Fair Value, Measurements, Recurring [Member] | Measurement Input, Expected Dividend Rate [Member] | ||
Derivative Liability, Measurement Input | 0 |
Note 9 - Fair Value - Fair Valu
Note 9 - Fair Value - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | 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 | |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liabilities | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liabilities | ||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liabilities | $ 222 |
Note 9 - Fair Value - Reconcili
Note 9 - Fair Value - Reconciliation of the Warrant Liability (Details) - Derivative Financial Instruments, Liabilities [Member] - Fair Value, Inputs, Level 3 [Member] - Warrant [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Warrant liability at beginning of year | $ 222 | $ 353 |
Change in fair value of warrant liability | (222) | (131) |
Warrant liability at end of period | $ 222 |
Note 10 - Sale of Product Lin57
Note 10 - Sale of Product Lines (Details Textual) - USD ($) | Jul. 28, 2016 | Jun. 20, 2016 | Dec. 15, 2015 | Jun. 30, 2016 | Aug. 31, 2016 | Dec. 30, 2017 | Jun. 25, 2016 | Mar. 26, 2016 | Jun. 25, 2016 | Mar. 31, 2018 | Mar. 25, 2017 |
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 1,225,000 | ||||||||||
Gain (Loss) on Sale of Business, Affiliated and Productive Assets | 324,000 | 802,000 | |||||||||
Revenues, Total | 9,800,000 | 16,267,000 | |||||||||
Gross Profit, Total | 2,736,000 | 4,551,000 | |||||||||
Gigatronics Division [Member] | |||||||||||
Revenues, Total | 2,737,000 | 8,021,000 | |||||||||
Switch Product Line [Member] | |||||||||||
Revenues, Total | 0 | 2,100,000 | |||||||||
Gross Profit, Total | 0 | 437,000 | |||||||||
Power Meters, Amplifiers, and Legacy Signal Generators [Member] | Gigatronics Division [Member] | Operating Segments [Member] | |||||||||||
Revenues, Total | $ 0 | $ 437,000 | |||||||||
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 | ||||||||||
Standard Product Warranty Accrual, Period Increase (Decrease), Total | $ (278,000) | ||||||||||
Sales Commision | 3.00% | 3.00% | |||||||||
Sales Commission, Term | 4 years | ||||||||||
Cash Paid to Buy Out Future Commission Obligation | $ 170,000 | $ 170,000 | |||||||||
Proceeds from sale of Inventory | $ 500,000 | ||||||||||
Spanawave [Member] | |||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 375,000 | 375,000 | $ 375,000 | $ 750,000 | |||||||
Gain (Loss) on Sale of Business, Affiliated and Productive Assets | $ 324,000 | ||||||||||
Proceeds from sale of Inventory | $ 275,000 | ||||||||||
Purchase Agreement, Proceeds Not Realized | $ 1,500,000 | ||||||||||
Loss Contingency, Estimate of Possible Loss | $ 440,000 | $ 440,000 | |||||||||
Return of Payment | $ 375,000 | ||||||||||
Sale of Business, Affiliated and Productive Assets, Selling Expense | $ 51,000 |
Note 10 - Sale of Product Lin58
Note 10 - Sale of Product Lines - Asset Purchase Agreement (Details) - USD ($) | Jun. 20, 2016 | Jun. 30, 2016 | Jun. 25, 2016 | Mar. 31, 2018 | Mar. 25, 2017 |
Cash received from Astronics | $ 1,225,000 | ||||
Gain (Loss) on Sale of Business, Affiliated and Productive Assets | $ 324,000 | $ 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 | ||||
Gain (Loss) on Sale of Business, Affiliated and Productive Assets | $ 802,000 |
Note 11 - Selling and Adverti59
Note 11 - Selling and Advertising Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Sales Commissions and Fees | $ 43,000 | $ 121,000 |
Advertising Expense | $ 23,000 | $ 58,000 |
Note 12 - Significant Custome60
Note 12 - Significant Customers and Industry Segment Information (Details Textual) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Number of Reportable Segments | 2 | |
Number of Major Customers | 2 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 2 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | U.S. Government and Defense-related Customers [Member] | ||
Concentration Risk, Percentage | 88.00% | 78.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | First Customer [Member] | Microsource [Member] | ||
Concentration Risk, Percentage | 29.00% | 33.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Second Customer [Member] | Gigatronics Division [Member] | ||
Concentration Risk, Percentage | 20.00% | 20.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Third Customer [Member] | Microsource [Member] | ||
Concentration Risk, Percentage | 41.00% | 14.00% |
Export Sales [Member] | ||
Concentration Risk, Percentage | 8.00% | 2.00% |
Note 12 - Significant Custome61
Note 12 - Significant Customers and Industry Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Revenue | $ 9,800 | $ 16,267 |
Interest expense, net | (461) | 133 |
Depreciation and amortization | 1,116 | 827 |
Capital expenditures | (688) | (41) |
Income/(Loss) before income taxes | (3,099) | (1,544) |
Assets | 8,431 | 9,074 |
Capital expenditures | 688 | 41 |
Gigatronics Division [Member] | ||
Revenue | 2,737 | 8,021 |
Interest expense, net | (461) | 133 |
Depreciation and amortization | 1,116 | 820 |
Capital expenditures | (688) | (41) |
Income/(Loss) before income taxes | (5,847) | (2,702) |
Assets | 5,253 | 6,433 |
Capital expenditures | 688 | 41 |
Microsource [Member] | ||
Revenue | 7,063 | 8,246 |
Interest expense, net | ||
Depreciation and amortization | 1 | 7 |
Capital expenditures | ||
Income/(Loss) before income taxes | 2,748 | 1,158 |
Assets | 3,178 | 2,641 |
Capital expenditures |
Note 12 - Significant Custome62
Note 12 - Significant Customers and Industry Segment Information - Export Sales by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Revenue | $ 9,800 | $ 16,267 |
Export Sales [Member] | ||
Revenue | 742 | 328 |
Export Sales [Member] | Americas [Member] | ||
Revenue | ||
Export Sales [Member] | Europe [Member] | ||
Revenue | 40 | 249 |
Export Sales [Member] | Asia [Member] | ||
Revenue | 15 | |
Export Sales [Member] | Rest of World [Member] | ||
Revenue | $ 702 | $ 64 |
Note 13 - Loss Per Common Sha63
Note 13 - Loss Per Common Share - Net Loss and Common Shares Used in Per Share Computations (Details) - shares shares in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Anti-dilutive securities excluded from computation of earning per share (in shares) | 7,597 | 6,695 |
Equity Option [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1,479 | 1,105 |
Restricted Stock [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 300 | |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1,858 | 1,853 |
Warrant [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 3,960 | 3,737 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 31.55% | 34.00% | ||
Deferred Tax Assets, Increase (Decrease) from the Tax Cuts and Jobs Act | $ (5,200,000) | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (5,156,000) | |||
Unrecognized Tax Benefits, Ending Balance | 122,000 | $ 120,000 | $ 106,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | |||
Deferred Tax Assets [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (6,200,000) | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards, Total | $ 46,539,000 | |||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||||
Open Tax Year | 2,013 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | $ 24,322,000 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | California Franchise Tax Board [Member] | ||||
Open Tax Year | 2,012 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Current | ||
Federal | ||
State | 2 | 2 |
2 | 2 | |
Deferred | ||
Federal | 5,547 | (496) |
State | (393) | (6) |
5,154 | (502) | |
Liability for uncertain tax positions | 14 | |
Valuation allowance | (5,156) | 488 |
Provision for income taxes | $ 2 | $ 2 |
Note 14 - Income Taxes - Deferr
Note 14 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 25, 2017 |
Net operating loss carryforwards | $ 11,472 | $ 15,984 |
Income tax credits | 347 | 323 |
Inventory reserves and additional costs capitalized | 787 | 1,450 |
Accrued vacation | 40 | 109 |
Deferred rent | 136 | |
Non-qualified stock options and restricted stock | 2 | 5 |
Other | 77 | 146 |
Total deferred tax assets | 12,861 | 18,017 |
Valuation allowance | (12,861) | (18,017) |
Net deferred tax assets |
Note 14 - Income Taxes - Effect
Note 14 - Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Statutory federal income tax (benefit) | $ (955) | $ (525) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 31.55% | 34.00% |
Valuation allowance | $ (5,156) | $ 488 |
Valuation allowance | 170.10% | (31.60%) |
Effect of reduced corporate tax rates | $ 6,207 | |
Effect of reduced corporate tax rates | (205.30%) | |
State income tax, net of federal benefit | $ (177) | $ (90) |
State income tax, net of federal benefit | 5.90% | 5.80% |
Net operating loss expiration | $ 86 | |
Net operating loss expiration | (5.60%) | |
Non-tax deductible expenses | $ 46 | $ 77 |
Non-tax deductible expenses | (1.50%) | (5.00%) |
Tax credits | $ (4) | $ (40) |
Tax credits | 0.10% | 2.60% |
Liability for uncertain tax positions | $ 14 | |
Liability for uncertain tax positions | (0.90%) | |
Other | $ 41 | $ (8) |
Other | (0.90%) | 0.50% |
Effective income tax | $ 2 | $ 2 |
Effective income tax | (0.20%) |
Note 14 - Income Taxes - Liabil
Note 14 - Income Taxes - Liability for Uncertain Tax Positions (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Balance as of beginning of year | $ 120,000 | $ 106,000 |
Additions based on current year tax positions | 2,000 | 14,000 |
(Reductions) additions for prior year tax positions | ||
Balance as of end of year | $ 122,000 | $ 120,000 |
Note 15 - Share-based Compens69
Note 15 - Share-based Compensation and Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% | |
Defined Contribution Plan, Vesting Period | 4 years | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 27,000 | $ 33,000 |
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 | 586,950 | 44,500 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 97,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 324 days | |
Allocated Share-based Compensation Expense, Total | $ 107,000 | $ 29,000 |
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 | 456,677 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.93 | $ 0.83 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 215,000 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 328 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 143,900 | 272,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 163,000 | $ 315,000 |
Proceeds from Stock Options Exercised | 0 | 0 |
Allocated Share-based Compensation Expense, Total | $ 251,000 | $ 257,000 |
Note 15 - Share-based Compens70
Note 15 - Share-based Compensation and Employee Benefit Plans - Weighted Average Assumptions (Details) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Dividend yield | ||
Expected volatility | 91.00% | 99.00% |
Risk-free interest rate | 2.40% | 1.45% |
Expected term (Year) | 8 years 127 days | 8 years 131 days |
Note 15 - Share-based Compens71
Note 15 - Share-based Compensation and Employee Benefit Plans - Changes in Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 25, 2017 | Mar. 26, 2016 | |
Outstanding, Shares (in shares) | 1,104,500 | 1,592,200 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.41 | $ 1.52 | |
Outstanding, Weighted average remaining contractual terms (Year) | 8 years | 6 years 36 days | 6 years 292 days |
Outstanding | $ 3 | $ 69 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 856,000 | 148,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 0.34 | $ 0.97 | |
Granted, Weighted average remaining contractual terms (Year) | 10 years | ||
Exercised, Shares (in shares) | |||
Exercised, weighted average exercise price (in dollars per share) | |||
Exercised, Weighted average remaining contractual terms (Year) | |||
Forfeited / Expired, Shares (in shares) | (481,800) | (635,700) | |
Forfeited / Expired, weighted average exercise price (in dollars per share) | $ 1.34 | $ 1.57 | |
Forfeited / Expired, Weighted average remaining contractual term (Year) | |||
Outstanding, Shares (in shares) | 1,478,700 | 1,104,500 | 1,592,200 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.56 | $ 1.41 | $ 1.52 |
Exercisable, Shares (in shares) | 524,450 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 0.81 | ||
Exercisable, Weighted average remaining contractual terms (Year) | 4 years 292 days | ||
Exercisable | |||
Expected to vest in the future, Shares (in shares) | 671,805 | ||
Expected to vest in the future, weighted average exercise price (in dollars per share) | $ 0.42 | ||
Expected to vest in the future, Weighted average remaining contractual terms (Year) | 9 years 292 days | ||
Expected to vest in the future |
Note 15 - Share-based Compens72
Note 15 - Share-based Compensation and Employee Benefit Plans - Changes in Nonvested Restricted Stock Awards Outstanding (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Non-vested, Shares (in shares) | 0 | 0 |
Non-vested, Weighted average fair value (in dollars per share) | $ 0 | $ 0 |
Granted, Shares (in shares) | 586,950 | 44,500 |
Granted, Weighted average fair value (in dollars per share) | $ 0.66 | $ 0.66 |
Vested, Shares (in shares) | (51,000) | (44,500) |
Vested, Weighted average fair value (in dollars per share) | $ 0.60 | $ 0.66 |
Forfeited or cancelled (in shares) | (236,000) | 0 |
Forfeited or cancelled (in dollars per share) | $ 0.68 | $ 0 |
Vested, Weighted average fair value (in dollars per share) | (0.60) | (0.66) |
Forfeited or cancelled, Weighted average fair value (in dollars per share) | $ (0.68) | $ 0 |
Non-vested, Shares (in shares) | 299,950 | 0 |
Non-vested, Weighted average fair value (in dollars per share) | $ 0.65 | $ 0 |
Note 16 - Commitments and Con73
Note 16 - Commitments and Contingencies (Details Textual) | 12 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 25, 2017USD ($)ft² | Jan. 05, 2017ft² | |
Operating Leases, Rent Expense, Net, Total | $ 460,000 | $ 523,000 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | 249,000 | 249,000 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 174,000 | $ 113,000 | |
Long-term Purchase Commitment, Amount | $ 1,260,000 | ||
San Ramon, CA [Member] | |||
Area of Real Estate Property | ft² | 47,300 | ||
Dublin, CA [Member] | Commercial Building Lease [Member] | |||
Area of Real Estate Property | ft² | 23,873 | ||
Lessee, Operating Lease, Term of Contract | 6 years 150 days |
Note 16 - Commitments and Con74
Note 16 - Commitments and Contingencies - Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,019 | $ 436 |
2,020 | 450 |
2,021 | 464 |
2,022 | 472 |
Thereafter | 696 |
Total | $ 2,518 |
Note 16 - Commitments and Con75
Note 16 - Commitments and Contingencies - Future Minimum Lease Payments Under Capital Leases (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,019 | $ 64 |
2,020 | 45 |
2,021 | 23 |
Total | 132 |
Principal [Member] | |
2,019 | 52 |
2,020 | 40 |
2,021 | 22 |
Total | 114 |
Interest [Member] | |
2,019 | 12 |
2,020 | 5 |
2,021 | 1 |
Total | $ 18 |
Note 17 - Warranty Obligation76
Note 17 - Warranty Obligations - Reconciliation of Company's Estimated Warranty Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2018 | Mar. 25, 2017 | |
Balance as of beginning of year | $ 123 | $ 60 |
Provision, net | 291 | 234 |
Warranty costs incurred | (250) | (171) |
Balance as of end of year | $ 164 | $ 123 |
Note 18 - Private Placement O77
Note 18 - Private Placement Offering (Details Textual) $ / shares in Units, $ in Millions | Jan. 19, 2016USD ($)$ / sharesshares |
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 |
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 |
Note 19 - Preferred Stock and78
Note 19 - Preferred Stock and Warrants (Details Textual) | Mar. 26, 2018USD ($)$ / sharesshares | Apr. 27, 2017shares | Jan. 19, 2016$ / sharesshares | May 14, 2015shares | Feb. 23, 2015USD ($)$ / sharesshares | Feb. 23, 2015USD ($)$ / sharesshares | Jul. 08, 2013USD ($)$ / sharesshares | Feb. 19, 2013USD ($)$ / sharesshares | Nov. 10, 2011USD ($)$ / sharesshares | Mar. 31, 2018USD ($)shares | Mar. 25, 2017USD ($)shares | Mar. 25, 2018$ / shares | Feb. 16, 2015$ / sharesshares |
Payments of Stock Issuance Costs | $ 102,000 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.15 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.75 | ||||||||||||
Beneficial Conversion Feature Upon Issuance of Preferred Shares | |||||||||||||
Fair Value of Warrants Issued as Issuance Costs for Preferred Stock | $ 54,000 | ||||||||||||
Warrant Term | 5 years | ||||||||||||
Alara Capital AVI II, LLC [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,017,405 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.43 | ||||||||||||
Class of Warrant Or Right Exercised in Period | 14,587 | ||||||||||||
Shares Issued Upon Cashless Warrant Exercise | shares | 7,216 | ||||||||||||
PFG Loan [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 190,000 | ||||||||||||
Debt Instrument, Amount of Indebtedness Restructured | $ 1,700,000 | ||||||||||||
Series E Preferred Stock Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights, Percentage of Common Shares Into Which the Preferred Shares Can Be Converted | 5.00% | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 223,000 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.25 | ||||||||||||
The 2016 Warrants [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 2,787,872 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.25 | $ 1.15 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares | 0.75 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Alternative Price for Certain Investors | $ / shares | $ 0.25 | ||||||||||||
Class of Warrant or Right, Exercise Price Reduction, Number | shares | 1,759,268 | ||||||||||||
Placement Agent Warrants [Member] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.25 | $ 1.15 | |||||||||||
Class of Warrant or Right, Exercise Price Reduction, Number | shares | 292,727 | ||||||||||||
New Warrant [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 511,186 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.43 | ||||||||||||
Series E Preferred Stock [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 43,800 | ||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||||||||
Issuance of Stock, Number of Investors | 15 | ||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 25 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,095,000 | ||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock, Net of Issuance Costs | $ 1,000,000 | ||||||||||||
Stock Issued During Period, Placement Agent Fees, Percentage of Gross Proceeds | 5.00% | ||||||||||||
Payments of Stock Issuance Costs | $ 57,000 | ||||||||||||
Convertible Preferred Stock, Conversion Price Per Share | $ / shares | $ 0.25 | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 100 | ||||||||||||
Convertible Preferred Stock, Common Shares That Would Be Issued If All Preferred Shares Were Converted | shares | 4,380,000 | ||||||||||||
Convertible Preferred Stock, Common Shares That Would Be Issued If All Preferred Shares Were Converted, Percentage of Pro Forma Common Stock | 31.00% | ||||||||||||
Convertible Preferred Stock, Common Shares That Would Be Issued If All Preferred Shares Were Converted, Percentage of Pro Forma Common Stock If All Classes of Convertible Preferred Stock Were Converted | 27.00% | ||||||||||||
Convertible Preferred Stock, Common Shares That Would Be Issued If All Preferred Shares Were Converted, Percentage of Pro Forma Common Stock If All Convertible Preferred Stock Were Converted and All Warrants Exercised | 22.00% | ||||||||||||
Preferred Stock, Redemption Price Percentage | 300.00% | ||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 75 | ||||||||||||
Preferred Stock, Liquidation Preference, Percentage | 150.00% | ||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 37.50 | ||||||||||||
Convertible Preferred Stock, Termination of Right to Approve Parity Securities, Threshold Shares | shares | 22,300 | ||||||||||||
Convertible Preferred Stock, Termination of Right to Approve Parity Securities, Threshold Percentage | 50.00% | ||||||||||||
Convertible Preferred Stock, Termination of Right to Approve Parity Securities, Threshold Closing Price | $ / shares | $ 0.75 | ||||||||||||
Convertible Preferred Stock, Termination of Right to Approve Parity Securities, Threshold Trading Volume | shares | 100,000 | ||||||||||||
Preferred Stock, Investor Rights Agreement, Period During Which Payment-in-kind Dividends May Potentially Be Received | 2 years | ||||||||||||
Preferred Stock, Investor Rights Agreement, Ability to Issue Additional Debt Other Than Trade Debt and Commercial Bank Working Capital Debt, Required Percentage of Approval By Holders | 66.60% | ||||||||||||
Issuance of Preferred Stock, Amount Deducted from Gross Proceeds Attributable to the Re-pricing of Warrants | $ 203,000 | ||||||||||||
Beneficial Conversion Feature Upon Issuance of Preferred Shares | 557,000 | ||||||||||||
Fair Value of Warrants Issued as Issuance Costs for Preferred Stock | 53,000 | ||||||||||||
Preferred Stock, Shares Issued, Total | shares | 43,800 | ||||||||||||
Preferred Stock, Value, Issued, Ending Balance | $ 702,000 | $ 0 | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | 1,095,000 | ||||||||||||
Series E Preferred Stock [Member] | The 2016 Warrants [Member] | |||||||||||||
Class of Warrant or Right, Alternative Exercise Price, Criteria, Amount of Preferred Stock Purchased | $ 200,000 | ||||||||||||
Class of Warrant or Right, Alternative Exercise Price, Criteria, Percentage of Preferred Stock Purchased | 50.00% | ||||||||||||
Series B Preferred Stock [Member] | |||||||||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total | $ 2,199,000 | ||||||||||||
Preferred Stock, Shares Issued, Total | shares | 9,997 | 9,997 | |||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 220 | ||||||||||||
Preferred Stock, Value, Issued, Ending Balance | 2,000,000 | ||||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 202,000 | ||||||||||||
Series C Preferred Stock [Member] | |||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 500,000 | ||||||||||||
Preferred Stock, Shares Issued, Total | shares | 3,424.65 | 3,424.65 | |||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 146 | ||||||||||||
Preferred Stock, Value, Issued, Ending Balance | $ 457,000 | ||||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 43,000 | ||||||||||||
Series D Preferred Stock [Member] | |||||||||||||
Preferred Stock, Shares Issued, Total | shares | 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 | $ / shares | $ 0.97 | ||||||||||||
Series B, C, and D Preferred Stock [Member] | |||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 100 | ||||||||||||
Preferred Stock, Shares Issued, Total | shares | 18,533.51 | 18,533.51 | |||||||||||
Preferred Stock, Value, Issued, Ending Balance | $ 2,911,000 | $ 2,911,000 | |||||||||||
Series C and D Warrants [Member] | Alara Capital AVI II, LLC [Member] | |||||||||||||
Payments of Stock Issuance Costs | $ 42,000 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,002,818 | 1,002,818 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.43 | $ 1.43 | |||||||||||
Proceeds from Warrant Exercises | $ 1,434,000 | ||||||||||||
New Warrant [Member] | Alara Capital AVI II, LLC [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 194,437 | 194,437 | 898,634 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.76 | $ 1.76 | $ 1.78 | ||||||||||
Number of Warrants Sold | shares | 2 | 2 | |||||||||||
Warrant Purchase Price | $ 137,000 | ||||||||||||
Warrant Purchase Price Per Share | $ / shares | $ 0.125 | ||||||||||||
Warrant Term | 5 years | ||||||||||||
Additional Warrant [Member] | Alara Capital AVI II, LLC [Member] | |||||||||||||
Class of Warrant or Right, Outstanding | shares | 14,587 | 14,587 |
Note 19 - Preferred Stock and79
Note 19 - Preferred Stock and Warrants - Preferred Stock Information (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | 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] | |||||
Designated shares (in shares) | 10,000 | ||||
Preferred Stock, Shares Issued, Total | 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, Total | 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, Total | 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, Total | 18,533.51 | 18,533.51 | |||
Shares outstanding (in shares) | 18,533.51 | 18,533.51 | |||
Liquidation preference | $ 3,540 | $ 3,540 | |||
Series E Preferred Stock [Member] | |||||
Designated shares (in shares) | 60,000 | ||||
Preferred Stock, Shares Issued, Total | 43,800 | ||||
Shares outstanding (in shares) | 43,800 | ||||
Liquidation preference | $ 1,643 | ||||
Series B, C, D, and E Preferred Stock [Member] | |||||
Designated shares (in shares) | 79,500 | ||||
Preferred Stock, Shares Issued, Total | 62,333.51 | ||||
Shares outstanding (in shares) | 62,333.51 | ||||
Liquidation preference | $ 5,183 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) - Series E Preferred Stock [Member] - USD ($) | Mar. 26, 2018 | May 31, 2018 | Apr. 30, 2018 |
Stock Issued During Period, Shares, New Issues | 43,800 | ||
Shares Issued, Price Per Share | $ 25 | ||
Proceeds from Issuance of Convertible Preferred Stock | $ 1,095,000 | ||
Subsequent Event [Member] | |||
Stock Issued During Period, Shares, New Issues | 2,400 | 6,000 | |
Shares Issued, Price Per Share | $ 25 | $ 25 | |
Proceeds from Issuance of Convertible Preferred Stock | $ 60,000 | $ 150,000 |