Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 28, 2019 | Jan. 28, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | GIGA TRONICS INC | |
Entity Central Index Key | 0000719274 | |
Trading Symbol | giga | |
Current Fiscal Year End Date | --03-28 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 2,476,900 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 28, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, No par value | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 | |
Current assets: | |||
Cash and cash-equivalents | $ 1,244 | $ 878 | |
Trade accounts receivable, net of allowance of $8 and $8, respectively | 477 | 568 | |
Inventories, net | 3,586 | 2,734 | |
Prepaid expenses and other current assets | 1,983 | 1,354 | |
Total current assets | 7,290 | 5,534 | |
Property and equipment, net | 552 | 569 | |
Right of use asset | 1,164 | ||
Other long term assets | 177 | 176 | |
Total assets | 9,183 | 6,279 | |
Liabilities and shareholders' equity | |||
Accounts payable | 968 | 747 | |
Loans payable, net of discounts and issuance costs | 1,138 | 1,781 | |
Accrued payroll and benefits | 402 | 476 | |
Deferred revenue | 218 | ||
Deferred rent | 2 | 74 | |
Lease obligations | 396 | 41 | |
Deferred liability related to asset sale | 40 | ||
Other current liabilities | 351 | 754 | |
Total current liabilities | 3,475 | 3,913 | |
Other non-current liabilities | 149 | 172 | |
Long term deferred rent | 2 | 358 | [1] |
Long term obligations - leases | 1,174 | 21 | |
Total liabilities | 4,800 | 4,464 | |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred stock | |||
Common stock; no par value; Authorized – 13,333,333 shares; 2,476,900 shares at December 28, 2019 and 757,367 shares at March 30, 2019 issued and outstanding | 31,369 | 25,557 | |
Accumulated deficit | (29,908) | (28,548) | |
Total shareholders' equity | 4,383 | 1,815 | |
Total liabilities and shareholders' equity | 9,183 | 6,279 | |
Series B, C, and D Preferred Stock [Member] | |||
Shareholders' equity: | |||
Preferred stock | 2,745 | 2,911 | |
Series E Preferred Stock [Member] | |||
Shareholders' equity: | |||
Preferred stock | $ 177 | $ 1,895 | |
[1] | Represents noncurrent portion of deferred rent reclassified to Operating lease liability - non-current portion. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Trade accounts receivable, allowance | $ 8 | $ 8 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 13,333,333 | 13,333,333 |
Common stock, issued (in shares) | 2,476,900 | 757,367 |
Common stock, outstanding (in shares) | 2,476,900 | 757,367 |
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, outstanding (in shares) | 17,781.64 | 18,533.51 |
Preferred stock, liquidation preference | $ 3,367 | $ 3,540 |
Series E Preferred Stock [Member] | ||
Preferred stock, authorized (in shares) | 100,000 | 100,000 |
Preferred stock, issued (in shares) | 100,000 | |
Preferred stock, outstanding (in shares) | 9,200 | 98,400 |
Preferred stock, liquidation preference | $ 345 | $ 3,690 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Revenue | $ 2,632,000 | $ 1,893,000 | $ 9,165,000 | $ 7,623,000 |
Cost of goods and services | 1,534,000 | 1,069,000 | 5,288,000 | 4,367,000 |
Gross profit | 1,098,000 | 824,000 | 3,877,000 | 3,256,000 |
Operating expenses: | ||||
Engineering | 393,000 | 302,000 | 1,097,000 | 1,020,000 |
Selling, general and administrative | 819,000 | 853,000 | 2,617,000 | 2,754,000 |
Total operating expenses | 1,212,000 | 1,155,000 | 3,714,000 | 3,774,000 |
Operating income (loss) | (114,000) | (331,000) | 163,000 | (518,000) |
Interest expense: | ||||
Interest expense, net | (42,000) | (101,000) | (166,000) | (294,000) |
Interest expense from accretion of loan discount | (58,000) | (19,000) | (163,000) | |
Total interest expense, net | (42,000) | (159,000) | (185,000) | (457,000) |
Loss before income taxes | (156,000) | (490,000) | (22,000) | (975,000) |
Provision for income taxes | 2,000 | 42,000 | ||
Net loss | (156,000) | (490,000) | (24,000) | (1,017,000) |
Deemed dividend on Series E shares | (18,000) | (27,000) | (91,000) | (69,000) |
Cumulative dividends on Series E shares | (1,240,000) | (1,245,000) | ||
Net loss attributable to common shareholders | $ (1,414,000) | $ (517,000) | $ (1,360,000) | $ (1,086,000) |
Loss per common share - basic (in dollars per share) | $ (1.04) | $ (0.73) | $ (1.38) | $ (1.56) |
Loss per common share - diluted (in dollars per share) | $ (1.04) | $ (0.73) | $ (1.38) | $ (1.56) |
Weighted average shares used in per share calculation: | ||||
Basic (in shares) | 1,362 | 712 | 987 | 694 |
Diluted (in shares) | 1,362 | 712 | 987 | 694 |
Product [Member] | ||||
Revenue | $ 193,000 | $ 100,000 | $ 2,576,000 | $ 416,000 |
Service [Member] | ||||
Revenue | $ 2,439,000 | $ 1,793,000 | $ 6,589,000 | $ 7,207,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Series E Preferred Stock [Member]Preferred Stock Including Additional Paid in Capital [Member] | Series E Preferred Stock [Member]Common Stock Including Additional Paid in Capital [Member] | Series E Preferred Stock [Member]Retained Earnings [Member] | Series E Preferred Stock [Member] | Series B Preferred Stock [Member]Preferred Stock Including Additional Paid in Capital [Member] | Series B Preferred Stock [Member]Common Stock Including Additional Paid in Capital [Member] | Series B Preferred Stock [Member]Retained Earnings [Member] | Series B Preferred Stock [Member] | 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. 31, 2018 | 62,334 | 687,510 | ||||||||||
Balance at Mar. 31, 2018 | $ 3,613 | $ 25,200 | $ (28,682) | $ 131 | ||||||||
Cumulative effect of ASC 606 adoption at Mar. 31, 2018 | 1,176 | 1,176 | ||||||||||
Net income (loss) | (267) | (267) | ||||||||||
Share based compensation | $ 57 | 57 | ||||||||||
Warrant exercises, net of issuance costs (in shares) | 4,020 | |||||||||||
Warrant exercises, net of issuance costs | $ 15 | 15 | ||||||||||
Equity issuance for PFG Loan (in shares) | 500 | |||||||||||
Equity issuance for PFG Loan | ||||||||||||
Restricted stock granted (in shares) | 2,567 | |||||||||||
Restricted stock granted | ||||||||||||
Stock issuance, net of offering costs (in shares) | 8,800 | |||||||||||
Stock issuance, net of offering costs | $ 205 | 205 | ||||||||||
Series E dividends | (20) | (20) | ||||||||||
Balance (in shares) at Jun. 30, 2018 | 71,134 | 694,597 | ||||||||||
Balance at Jun. 30, 2018 | $ 3,818 | $ 25,272 | (27,793) | 1,297 | ||||||||
Balance (in shares) at Mar. 31, 2018 | 62,334 | 687,510 | ||||||||||
Balance at Mar. 31, 2018 | $ 3,613 | $ 25,200 | (28,682) | 131 | ||||||||
Cumulative effect of ASC 606 adoption at Mar. 31, 2018 | 1,176 | 1,176 | ||||||||||
Net income (loss) | (1,017) | |||||||||||
Balance (in shares) at Dec. 29, 2018 | 98,934 | 733,101 | ||||||||||
Balance at Dec. 29, 2018 | $ 4,350 | $ 25,448 | (28,592) | 1,206 | ||||||||
Balance (in shares) at Mar. 31, 2018 | 62,334 | 687,510 | ||||||||||
Balance at Mar. 31, 2018 | $ 3,613 | $ 25,200 | (28,682) | 131 | ||||||||
Cumulative effect of ASC 606 adoption at Mar. 31, 2018 | 1,176 | 1,176 | ||||||||||
Stock issuance, net of offering costs (in shares) | 57,200 | |||||||||||
Balance (in shares) at Mar. 30, 2019 | 116,934 | 757,367 | ||||||||||
Balance at Mar. 30, 2019 | $ 4,806 | $ 25,557 | (28,548) | 1,815 | ||||||||
Balance (in shares) at Jun. 30, 2018 | 71,134 | 694,597 | ||||||||||
Balance at Jun. 30, 2018 | $ 3,818 | $ 25,272 | (27,793) | 1,297 | ||||||||
Net income (loss) | (260) | (260) | ||||||||||
Share based compensation | $ 46 | 46 | ||||||||||
Warrant exercises, net of issuance costs (in shares) | 34,171 | |||||||||||
Warrant exercises, net of issuance costs | $ 97 | 97 | ||||||||||
Equity issuance for PFG Loan (in shares) | 500 | |||||||||||
Equity issuance for PFG Loan | ||||||||||||
Stock issuance, net of offering costs (in shares) | 17,400 | |||||||||||
Stock issuance, net of offering costs | $ 371 | 371 | ||||||||||
Series E dividends | (22) | (22) | ||||||||||
Balance (in shares) at Sep. 29, 2018 | 88,534 | 729,268 | ||||||||||
Balance at Sep. 29, 2018 | $ 4,189 | $ 25,415 | (28,075) | 1,529 | ||||||||
Net income (loss) | (490) | (490) | ||||||||||
Share based compensation | $ 33 | 33 | ||||||||||
Equity issuance for PFG Loan (in shares) | 500 | |||||||||||
Equity issuance for PFG Loan | ||||||||||||
Restricted stock granted (in shares) | 3,333 | |||||||||||
Restricted stock granted | ||||||||||||
Stock issuance, net of offering costs (in shares) | 10,400 | |||||||||||
Stock issuance, net of offering costs | $ 161 | 161 | ||||||||||
Series E dividends | (27) | (27) | ||||||||||
Balance (in shares) at Dec. 29, 2018 | 98,934 | 733,101 | ||||||||||
Balance at Dec. 29, 2018 | $ 4,350 | $ 25,448 | (28,592) | 1,206 | ||||||||
Balance (in shares) at Mar. 30, 2019 | 116,934 | 757,367 | ||||||||||
Balance at Mar. 30, 2019 | $ 4,806 | $ 25,557 | (28,548) | 1,815 | ||||||||
Net income (loss) | 52 | 52 | ||||||||||
Share based compensation | $ 95 | 95 | ||||||||||
Equity issuance for PFG Loan (in shares) | 167 | |||||||||||
Equity issuance for PFG Loan | ||||||||||||
Series E dividends | (37) | (37) | ||||||||||
Balance (in shares) at Jun. 29, 2019 | 116,934 | 756,201 | ||||||||||
Balance at Jun. 29, 2019 | $ 4,804 | $ 25,654 | (28,533) | 1,925 | ||||||||
Restricted stock forfeited (in shares) | (1,333) | |||||||||||
Restricted stock forfeited | ||||||||||||
Series E preferred stock issuance, reclass of offering costs | $ (2) | $ 2 | ||||||||||
Balance (in shares) at Mar. 30, 2019 | 116,934 | 757,367 | ||||||||||
Balance at Mar. 30, 2019 | $ 4,806 | $ 25,557 | (28,548) | 1,815 | ||||||||
Net income (loss) | (24) | |||||||||||
Stock issuance, net of offering costs (in shares) | 0 | |||||||||||
Balance (in shares) at Dec. 28, 2019 | 26,982 | 2,476,900 | ||||||||||
Balance at Dec. 28, 2019 | $ 2,922 | $ 31,369 | (29,908) | 4,383 | ||||||||
Balance (in shares) at Jun. 29, 2019 | 116,934 | 756,201 | ||||||||||
Balance at Jun. 29, 2019 | $ 4,804 | $ 25,654 | (28,533) | 1,925 | ||||||||
Net income (loss) | 80 | 80 | ||||||||||
Share based compensation | $ 67 | 67 | ||||||||||
Warrant exercises, net of issuance costs (in shares) | 81,808 | |||||||||||
Warrant exercises, net of issuance costs | $ 230 | 230 | ||||||||||
Series E dividends | (36) | |||||||||||
Balance (in shares) at Sep. 28, 2019 | 115,582 | 881,012 | ||||||||||
Balance at Sep. 28, 2019 | $ 4,623 | $ 26,279 | (28,494) | 2,408 | ||||||||
Series E dividends (in shares) | 33,991 | |||||||||||
Series E dividends | $ 142 | 106 | ||||||||||
Preferred stock converted to common stock (in shares) | (600) | (752) | ||||||||||
Preferred stock converted to common stock | $ (15) | $ (166) | ||||||||||
Preferred stock converted to common stock (in shares) | 4,000 | 5,012 | ||||||||||
Preferred stock converted to common stock | $ 20 | $ 166 | ||||||||||
Preferred stock converted to common stock | $ (5) | |||||||||||
Net income (loss) | (156) | (156) | ||||||||||
Share based compensation | $ 67 | 67 | ||||||||||
Warrant exercises, net of issuance costs (in shares) | ||||||||||||
Warrant exercises, net of issuance costs | $ (18) | (18) | ||||||||||
Stock issuance, net of offering costs (in shares) | 699,333 | |||||||||||
Stock issuance, net of offering costs | $ 2,053 | 2,053 | ||||||||||
Series E dividends | (18) | |||||||||||
Balance (in shares) at Dec. 28, 2019 | 26,982 | 2,476,900 | ||||||||||
Balance at Dec. 28, 2019 | $ 2,922 | $ 31,369 | (29,908) | 4,383 | ||||||||
Series E dividends (in shares) | 10,636 | |||||||||||
Series E dividends | $ 47 | 29 | ||||||||||
Preferred stock converted to common stock (in shares) | (88,600) | |||||||||||
Preferred stock converted to common stock | $ (1,701) | |||||||||||
Preferred stock converted to common stock (in shares) | 886,000 | |||||||||||
Preferred stock converted to common stock | $ 2,941 | |||||||||||
Preferred stock converted to common stock | $ (1,240) | |||||||||||
Fractional shares due to reverse split (in shares) | (81) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 29, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | |
Preferred Stock Including Additional Paid in Capital [Member] | ||||
Shares issued, issuance cost | $ 15 | $ 15 | ||
Shares issued, issuance cost | $ 2 | $ 15 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (24) | $ (1,017) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 140 | 206 |
Share based compensation | 229 | 168 |
Accretion of discounts and issuance costs on debt | 20 | 163 |
Accrued interest and fees on loan payable | (224) | 84 |
Change in deferred rent | 1 | (43) |
Changes in operating assets and liabilities | ||
Trade accounts receivable | 91 | (330) |
Inventories | (852) | 724 |
Prepaid expenses and other assets | (629) | (1,188) |
Right of use asset | 197 | |
Accounts payable | 221 | (68) |
Accrued payroll and benefits | (74) | 255 |
Deferred revenue | 218 | (556) |
Other current and non-current liabilities | (369) | (146) |
Net cash used in operating activities | (1,055) | (1,748) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (123) | |
Net cash used in investing activities | (123) | |
Cash flows from financing activities: | ||
Principal payments on leases | (282) | (40) |
Proceeds from issuance of preferred stock, net of issuance costs | 736 | |
Proceeds from issuance of common stock, net of issuance costs | 2,053 | |
Proceeds from exercise of warrants | 211 | 112 |
Proceeds from borrowings, net of issuance costs | 1,051 | |
Repayments of borrowings | (1,489) | (97) |
Net cash provided by financing activities | 1,544 | 711 |
Increase (decrease) in cash and cash-equivalents | 366 | (1,037) |
Beginning cash and cash-equivalents | 878 | 1,485 |
Ending cash and cash-equivalents | 1,244 | 448 |
Supplementary disclosure of cash flow information: | ||
Cash paid for income taxes | 57 | 12 |
Cash paid for interest | 376 | 164 |
Supplementary disclosure of noncash financing activities: | ||
Cumulative effect of adoption of ASC 606 on inventory | (1,581) | |
Cumulative effect of adoption of ASC 606 on prepaid expenses and other current assets | 189 | |
Cumulative effect of adoption of ASC 606 on deferred revenue | 2,567 | |
Cumulative effect of adoption of ASC 842 on right of use assets | 1,361 | |
Cumulative effect of adoption of ASC 842 on deferred rent | 429 | |
Cumulative effect of adoption of ASC 842 on lease liability | 1,790 | |
Issuance of dividends in kind | $ (190) | $ (69) |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 The condensed consolidated financial statements included herein have been prepared by Giga-tronics Incorporated (“Giga-tronics,” “Company” or “we”), pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated results of operations for the interim periods shown in this report are not 10 March 30, 2019. On December 12, 2019, one fifteen 8. Principles of Consolidation Use of Estimates Leases In February 2016, 2016 02 Leases 842 not 12 12 842. 842 840 842 March 31, 2019. July 2018, No. 2018 11, 842 842 one 2016 02 March 31, 2019 $1.4 $1.8 no 2016 02 Revenue Recognition and Deferred Revenue April 1, 2018, 2014 09 2015 2017 606, Revenue from Contracts with Customers (“ASC 606” not In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identifies the promised goods or services in the contract; (ii) determines whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measures the transaction price, including the constraint on variable consideration; (iv) allocates the transaction price to the performance obligations based on estimated selling prices; and (v) recognizes revenue when (or as) the Company satisfies each performance obligation. The Company generates revenue through the design, manufacture, and sale of products used in the defense industry to major prime defense contractors, the U.S. armed services and research institutes. There is generally one not For the sale of standard or minimally customized products, the performance obligation is the series of finished products which are recognized at the points in time the units are transferred to the control of the customer, typically upon shipment. This type of revenue arrangement is typical for our commercial contracts within the Giga-tronics segment for its Advanced Signal Generation and Analysis system products used for testing RADAR and Electronic Warfare (“EW”) equipment. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC Topic 606. ● Design and manufacturing services ● Product supply – Distinct goods or services that are substantially the same ● Engineering services The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not not Transaction Price The Company has both fixed and variable consideration. Under the Company’s highly engineered design and manufacturing arrangements, advance payments and unit prices are considered fixed, as product is not may not Allocation of Consideration As part of the accounting for arrangements that contain multiple performance obligations, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. When a contract contains more than one Timing of Recognition Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recognized for design and manufacturing services and for engineering services over time proportionate to the costs that the Company has incurred to perform the services using the cost-to-cost input method and for products at a point in time. Changes in Estimates The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. For contracts using the cost-to-cost method, management reviews the progress and execution of the performance obligations. This process requires management judgment relative to estimating contract revenue and cost and making assumptions for delivery schedule. This process requires management’s judgment to make reasonably dependable cost estimates. Since certain contracts extend over a longer period of time, the impact of revisions in cost and revenue estimates during the progress of work may Balance Sheet Presentation The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. Under the typical payment terms of over time contracts, the customer pays either performance-based payments or progress payments. Amounts billed and due from customers are classified as receivables on the Condensed Consolidated Balance Sheet. Interim payments may may not Remaining performance obligations represent the transaction price of firm orders for which work has not Recognition Prior to April 1, 2018 Prior to April 1, 2018 April 1, 2018 not 606 Conversion of convertible preferred stock 260 10 S99 470 20 40 13 40 17 470 20 40 13 40 17 1 2 3 • Reduction of the original conversion price (thereby resulting in the issuance of additional shares of stock) • Issuance of warrants or other securities not • Payment of cash or other consideration (sometimes called a convertible stock sweetener) to those shareholders who convert during the specified time period. The additional consideration is usually offered to induce prompt conversion of the stock to another class of equity. ASC 470 20 40 14 not If a conversion of preferred stock is an inducement offer pursuant to ASC 470, 260 10 S99 2. 14. New Accounting Standards In June 2018, 2018 07, first 2020, not In February 2016, 2016 02, 842 2016 02 March 31, 2019 not no Practical expedients elected The Company has elected to apply the package of practical expedients under ASU 2016 02 not not not The adoption of the new leases standard resulted in the following adjustments to the consolidated balance sheet as of March 30, 2019 ( Balance at 3/30/2019 Adoption Adjustment Balance at 3/31/2019 Assets: Right of use assets- Operating lease $ — $ 1,361 $ 1,361 Right of use assets- Finance lease 49 49 Property and equipment, net (a) 49 (49 ) — Liabilities: Deferred rent (b) $ 71 $ (71 ) $ — Operating lease liability, current portion — 337 337 Finance lease obligation, current portion — 41 41 Capital lease obligation, current portion (c) 41 (41 ) — Long term deferred rent (d) 358 (358 ) — Long term obligations – capital lease (e) 19 (19 ) — Operating lease liability, non-current portion — 1,453 1,453 Finance lease obligation, long-term portion — 19 19 (a) Represents net book value of capital lease assets reclassified to Finance right of use assets. (b) Represents current portion of deferred rent reclassified to Operating lease obligation, current portion. (c) Represents current portion of capital lease liability reclassified to Finance lease obligation - current portion. (d) Represents noncurrent portion of deferred rent reclassified to Operating lease liability - non-current portion. (e) Represents noncurrent portion of capital lease obligation reclassified to Finance lease obligation - non-current portion. Adoption of the standards related to leases had no |
Note 2 - Inventories
Note 2 - Inventories | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 2 ) Inventories Inventories consisted of the following: (In thousands) December 28, 2019 March 3 0 , 201 9 Raw materials $ 985 $ 759 Work-in-progress 2,188 1,523 Finished goods 116 57 Demonstration inventory 297 395 Total $ 3,586 $ 2,734 |
Note 3 - Financed Receivables
Note 3 - Financed Receivables | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 3 ) Financed Receivables On March 11, 2019, May 6, 2015 ( Under the Restated Financing Agreement, Western Alliance Bank may 85% $2.5 $500,000 Under the Restated Financing Agreement, interest accrues on outstanding amounts at an annual rate equal to the greater of prime or 4.5% one $14,700, two no may The Restated Financing Agreement contains customary events of default, including, among others: non-payment of principal, interest or other amounts when due; providing false or misleading representations and information; Western Alliance Bank failing to have an enforceable first 500 may As of December 28, 2019 March 30, 2019, $138,754 zero |
Note 4 - Term Loan, Revolving L
Note 4 - Term Loan, Revolving Line of Credit and Warrants | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 4 ) Term Loan, Revolving Line of Credit and Warrants On April 27, 2017, $1.5 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 In December 2018, 2017 April 27, 2019 November 1, 2019, May 1, 2019 $75,000 May 1, 2019 $500,000 March 30, 2019, On March 11, 2019, 2017 March 1, 2020 On June 28, 2019, 2017 December 28, 2019, not 2017 $11 first three 2020 December 28, 2019, $1.0 January 31, 2020. As of December 28, 2019 March 30, 2019, $1.0 $1.8 The Company anticipates it will need to achieve significant product shipments and resulting cash inflows and or seek additional funds through the issuance of new debt or equity securities to repay the 2017 |
Note 5 - Leases
Note 5 - Leases | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 5 ) L eases Operating leases Building - 77 April 1, 2017 August 31, 2023. $2,384,913 77 $0.05 $173,079 five $358,095. Per the terms of the Company’s lease agreements, the Company does not not not Lease costs For the nine December 28, Classification 2019 Operating lease costs Operating expenses $ 375 Finance lease: Amortization of lease asset Depreciation and amortization 26 Interest on lease liability Interest expense 4 Total lease costs $ 405 Other information (in thousands except weighted average amounts): For the nine months ended December 28, 2019 Operating leases Finance leases Operating cash used for leases $ 429 — Financing cash used for leases — $ 35 Weighted-average remaining lease term 3.85 0.96 Weighted average discount rate 6.60 % 12.00 % Future lease payments as of December 28, 2019 Operating leases Finance leases Total Remainder current year $ 111 $ 12 $ 123 2021 458 20 478 2022 473 — 473 2023 487 — 487 Thereafter 209 — 209 Total future minimum lease payments 1,738 32 1,770 Less: imputed interest (199 ) (1 ) (200 ) Present value of lease liabilities $ 1,539 $ 31 $ 1,570 |
Note 6 - Fair Value
Note 6 - Fair Value | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 6 ) F air 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 On March 26, 2018, 150,000 0.96 85%, 2.12%, no There were no no December 28, 2019 March 30, 2019. |
Note 7 - Sale of Common Stock
Note 7 - Sale of Common Stock | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 7 ) Sale of Common Stock On November 8, 2019, 10,490,000 $0.25 $2.1 may 314,700 $0.30 five In addition, on November 8, 2019, 896,636 88,600 9,200 December 28, 2019. |
Note 8 - Reverse Stock Split
Note 8 - Reverse Stock Split | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Reverse Stock Split [Text Block] | ( 8 ) Reverse Stock Split On December 12, 2019, 1 15 The reverse stock split reduced the number of shares of common stock outstanding by the ratio of 1 15, 2,476,982 December 12, 2019. 13,333,333 As a result of the reverse stock split, each of the Company’s holders of common stock received one 15 No All share and per share amounts included in the financial statements have been adjusted to reflect the effect of the reverse stock split. |
Note 9 - Loss Per Share
Note 9 - Loss Per Share | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 9 ) L oss Per Share Basic net income (loss) per share (EPS) is calculated by dividing net income or loss by the weighted average common shares outstanding during the period. Diluted EPS reflects the net incremental shares that would be issued if unvested restricted shares became vested and dilutive outstanding stock options were exercised, using the treasury stock method. In the case of a net loss, it is assumed that no Three Month Periods Ended Nine Month Periods Ended (In thousands) December 2 8 , 201 9 December 29 , 201 8 December 29, 2018 December 29 , 201 8 Common shares issuable upon exercise of stock options 250 174 250 174 Restricted stock awards 10 23 10 23 Issuable shares for interest on loan - 1 - 1 Common shares issuable upon conversion of convertible preferred stock 61 659 61 659 Common shares issuable upon exercise of warrants 169 230 169 230 The stock options, restricted stock, convertible preferred stocks and warrants are not nine December 28, 2019 December 29, 2018 |
Note 10 - Shared-based Compensa
Note 10 - Shared-based Compensation and Employee Benefits Plans | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 10 ) Share-based Compensation and Employee Benefits Plans The Company maintains a 2018 166,667 2018 no 2005 2005 2000 no Outstanding options generally vest in one four five not 10 may December 29, 2018, no December 28, 2019, 42,493 2018 ten Stock Options In calculating compensation related to stock option grants, the fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model and the following weighted average assumptions: Three Month Periods Ended Nine Month Periods Ended December 2 8 , 201 9 December 29 , 201 8 December 2 8 , 201 9 December 29 , 201 8 Dividend yield — — — — Expected volatility — 96.21 % 101.97 % 95.29 % Risk-free interest rate — 2.84 % 2.25 % 2.83 % Expected term (years) — 8.28 8.36 8.30 The computation of expected volatility used in the Black-Scholes-Merton option-pricing model is based on the historical volatility of the Company’s share price. The expected term is estimated based on a review of historical employee exercise behavior with respect to option grants. The risk-free interest rate is based on the U.S. Treasury rates with maturity similar to the expected term of the option on the date of grant. A summary of the changes in stock options outstanding for the nine December 28, 2019 March 30, 2019 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2018 98,580 $ 8.40 8.0 $ — Granted 100,319 4.65 9.6 Forfeited / Expired (16,533 ) 10.35 Outstanding at March 30, 2019 182,366 $ 6.15 8.4 $ — Granted 69,880 5.04 9.4 Forfeited / Expired (2,147 ) 7.15 Outstanding at December 28, 2019 250,099 $ 5.83 8.1 $ — Exercisable at December 28, 2019 80,275 $ 7.67 6.3 $ — At December 28, 2019, expected to vest in the future 169,824 $ 4.96 9.0 $ — As of December 28, 2019, $452,000 2.90 13,240 423 December 28, 2019 December 29, 2018, December 28, 2019 December 29, 2018 $61,000 $5,000 47,700 1,940 nine December 28, 2019 December 29, 2018, nine December 28, 2019 December 29, 2018 $185,000 $34,000, No three nine December 28, 2019 December 29, 2018. three December 28, 2019 December 29, 2018 $56,000 $28,000, nine December 28, 2019 December 29, 2018 $159,000 $85,000, Restricted Stock The Company granted no third first nine 2020 2019. December 28, 2019, $9,600 0.25 third first nine 2020 $9,600 $70,000. third first nine 2019 $26,000 $83,000. A summary of the changes in non-vested restricted stock awards outstanding for the nine December 28, 2019 March 30, 2019 Shares Weighted Average Fair Value Non-Vested at March 31, 2018 19,997 $ 9.75 Granted 20,680 4.65 Vested (16,667 ) 4.80 Forfeited or cancelled (1,667 ) 11.85 Non-Vested at March 30, 2019 22,343 $ 8.40 Granted — — Vested (11,009 ) 11.43 Forfeited or cancelled (1,334 ) 12.00 Non-Vested at December 28, 2019 10,000 $ 4.76 |
Note 11 - Significant Customer
Note 11 - Significant Customer and Industry Segment Information | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 11 ) Significant Customer and Industry Segment Information The Company has two two The Giga-tronics Division designs, manufactures and markets a family of functional test products for the RADAR and Electronic Warfare (RADAR/EW) segment of the defense electronics market. The Company’s RADAR/EW test products are used to evaluate and improve the performance of RADAR/EW systems. The tables below presents information for the two Three Month Period Ended Three Month Period Ended (In thousands) Dec. 2 8 , 201 9 Dec. 2 8 , 201 9 Dec . 29 , 201 8 Dec. 29 , 201 8 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 6,231 $ 176 $ (1,058 ) $ 4,020 $ 67 $ (1,227 ) Microsource 2,952 2,456 902 2,570 1,826 737 Total $ 9,183 $ 2,632 $ (156 ) $ 6,590 $ 1,893 $ (490 ) Nine Month Period Ended Nine Month Period Ended (In thousands) Dec. 2 8 , 201 9 Dec. 2 8 , 201 9 Dec. 29, 2018 Dec. 29 , 2 018 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 6,231 $ 2,465 $ (2,511 ) $ 4,020 $ 246 $ (4,081 ) Microsource 2,952 6,700 2,487 2,570 7,377 3,064 Total $ 9,183 $ 9,165 $ (24 ) $ 6,590 $ 7,623 $ (1,017 ) During the third 2020, two 77% 45% second 32% third 2019, two 97% 68% second 29% During the first nine 2020, three 89% 45% second third 44% first nine 2019, two 97% 64% second 33% |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 1 2 ) Income Taxes The Company accounts for income taxes using the asset and liability method as codified in Topic 740. The Company recorded $2,000 $42,000 nine December 31, 2019 December 31, 2018, nine December 31, 2019 December 31, 2018 0% As of December 31, 2019, $123,000 not 12 |
Note 13 - Warranty Obligations
Note 13 - Warranty Obligations | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 1 3 ) Warranty Obligations The Company records a provision in cost of sales for estimated warranty obligations at the date products are sold. Adjustments are made as new information becomes available. The following provides a reconciliation of changes in the Company’s warranty reserve. The Company provides no Three Month Periods Ended Nine Month Periods Ended (In thousands) December 2 8 , 201 9 December 29 , 201 8 December 2 8 , 201 9 December 29 , 201 8 Balance at beginning of period $ 92 $ 85 $ 103 $ 164 Provision, net (36 ) (40 ) (41 ) (65 ) Warranty costs incurred (5 ) - (11 ) (54 ) Balance at end of period $ 51 $ 45 $ 51 $ 45 |
Note 14 - Preferred Stock and W
Note 14 - Preferred Stock and Warrants | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 1 4 ) Preferred Stock and Warrants Series E Senior Convertible Voting Perpetual Preferred Stock On March 26, 2018, 42,800 6.0% 15 March 28, 2018. 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 The purchase price for each Series E Share was $25.00. $1.095 $1.0 5% $57,000 5% 14,867 $3.75 During the 2019 57,200 $25.00 $1,405,000. 2019 $1.2 $212,000. 5% $56,875 5% 6.67 $3.75 For the nine December 28, 2019, no Series E Exchange The Company completed a private exchange offer on November 7, 2019, 896,636 88,600 3 9 1933 may The table below presents information as of December 28, 2019: Preferred Stock Shares Designated Shares Previously Issued Shares Outstanding Liquidation Preference (in thousands) Series B 10,000.00 9,997.00 9,245.13 $ 2,136 Series C 3,500.00 3,424.65 3,424.65 500 Series D 6,000.00 5,111.86 5,111.86 731 Series E 100,000.00 100,000.00 9,200.00 345 Total at December 28, 2019 119,500.00 118,533.51 26,981.64 $ 3,712 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 9 Months Ended |
Dec. 28, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 1 5 ) Subsequent Events None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Lessee, Leases [Policy Text Block] | Leases In February 2016, 2016 02 Leases 842 not 12 12 842. 842 840 842 March 31, 2019. July 2018, No. 2018 11, 842 842 one 2016 02 March 31, 2019 $1.4 $1.8 no 2016 02 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition and Deferred Revenue April 1, 2018, 2014 09 2015 2017 606, Revenue from Contracts with Customers (“ASC 606” not In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identifies the promised goods or services in the contract; (ii) determines whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measures the transaction price, including the constraint on variable consideration; (iv) allocates the transaction price to the performance obligations based on estimated selling prices; and (v) recognizes revenue when (or as) the Company satisfies each performance obligation. The Company generates revenue through the design, manufacture, and sale of products used in the defense industry to major prime defense contractors, the U.S. armed services and research institutes. There is generally one not For the sale of standard or minimally customized products, the performance obligation is the series of finished products which are recognized at the points in time the units are transferred to the control of the customer, typically upon shipment. This type of revenue arrangement is typical for our commercial contracts within the Giga-tronics segment for its Advanced Signal Generation and Analysis system products used for testing RADAR and Electronic Warfare (“EW”) equipment. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC Topic 606. ● Design and manufacturing services ● Product supply – Distinct goods or services that are substantially the same ● Engineering services The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not not Transaction Price The Company has both fixed and variable consideration. Under the Company’s highly engineered design and manufacturing arrangements, advance payments and unit prices are considered fixed, as product is not may not Allocation of Consideration As part of the accounting for arrangements that contain multiple performance obligations, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. When a contract contains more than one Timing of Recognition Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recognized for design and manufacturing services and for engineering services over time proportionate to the costs that the Company has incurred to perform the services using the cost-to-cost input method and for products at a point in time. Changes in Estimates The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. For contracts using the cost-to-cost method, management reviews the progress and execution of the performance obligations. This process requires management judgment relative to estimating contract revenue and cost and making assumptions for delivery schedule. This process requires management’s judgment to make reasonably dependable cost estimates. Since certain contracts extend over a longer period of time, the impact of revisions in cost and revenue estimates during the progress of work may Balance Sheet Presentation The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. Under the typical payment terms of over time contracts, the customer pays either performance-based payments or progress payments. Amounts billed and due from customers are classified as receivables on the Condensed Consolidated Balance Sheet. Interim payments may may not Remaining performance obligations represent the transaction price of firm orders for which work has not Recognition Prior to April 1, 2018 Prior to April 1, 2018 April 1, 2018 not 606 |
Conversion of Convertible Preferred Stock [Policy Text Block] | Conversion of convertible preferred stock 260 10 S99 470 20 40 13 40 17 470 20 40 13 40 17 1 2 3 • Reduction of the original conversion price (thereby resulting in the issuance of additional shares of stock) • Issuance of warrants or other securities not • Payment of cash or other consideration (sometimes called a convertible stock sweetener) to those shareholders who convert during the specified time period. The additional consideration is usually offered to induce prompt conversion of the stock to another class of equity. ASC 470 20 40 14 not If a conversion of preferred stock is an inducement offer pursuant to ASC 470, 260 10 S99 2. 14. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In June 2018, 2018 07, first 2020, not In February 2016, 2016 02, 842 2016 02 March 31, 2019 not no Practical expedients elected The Company has elected to apply the package of practical expedients under ASU 2016 02 not not not The adoption of the new leases standard resulted in the following adjustments to the consolidated balance sheet as of March 30, 2019 ( Balance at 3/30/2019 Adoption Adjustment Balance at 3/31/2019 Assets: Right of use assets- Operating lease $ — $ 1,361 $ 1,361 Right of use assets- Finance lease 49 49 Property and equipment, net (a) 49 (49 ) — Liabilities: Deferred rent (b) $ 71 $ (71 ) $ — Operating lease liability, current portion — 337 337 Finance lease obligation, current portion — 41 41 Capital lease obligation, current portion (c) 41 (41 ) — Long term deferred rent (d) 358 (358 ) — Long term obligations – capital lease (e) 19 (19 ) — Operating lease liability, non-current portion — 1,453 1,453 Finance lease obligation, long-term portion — 19 19 (a) Represents net book value of capital lease assets reclassified to Finance right of use assets. (b) Represents current portion of deferred rent reclassified to Operating lease obligation, current portion. (c) Represents current portion of capital lease liability reclassified to Finance lease obligation - current portion. (d) Represents noncurrent portion of deferred rent reclassified to Operating lease liability - non-current portion. (e) Represents noncurrent portion of capital lease obligation reclassified to Finance lease obligation - non-current portion. Adoption of the standards related to leases had no |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Balance at 3/30/2019 Adoption Adjustment Balance at 3/31/2019 Assets: Right of use assets- Operating lease $ — $ 1,361 $ 1,361 Right of use assets- Finance lease 49 49 Property and equipment, net (a) 49 (49 ) — Liabilities: Deferred rent (b) $ 71 $ (71 ) $ — Operating lease liability, current portion — 337 337 Finance lease obligation, current portion — 41 41 Capital lease obligation, current portion (c) 41 (41 ) — Long term deferred rent (d) 358 (358 ) — Long term obligations – capital lease (e) 19 (19 ) — Operating lease liability, non-current portion — 1,453 1,453 Finance lease obligation, long-term portion — 19 19 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) December 28, 2019 March 3 0 , 201 9 Raw materials $ 985 $ 759 Work-in-progress 2,188 1,523 Finished goods 116 57 Demonstration inventory 297 395 Total $ 3,586 $ 2,734 |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 28, Classification 2019 Operating lease costs Operating expenses $ 375 Finance lease: Amortization of lease asset Depreciation and amortization 26 Interest on lease liability Interest expense 4 Total lease costs $ 405 |
Leases, Other Information [Table Text Block] | For the nine months ended December 28, 2019 Operating leases Finance leases Operating cash used for leases $ 429 — Financing cash used for leases — $ 35 Weighted-average remaining lease term 3.85 0.96 Weighted average discount rate 6.60 % 12.00 % |
Finance and Operating Leases, Liability, Maturity [Table Text Block] | Operating leases Finance leases Total Remainder current year $ 111 $ 12 $ 123 2021 458 20 478 2022 473 — 473 2023 487 — 487 Thereafter 209 — 209 Total future minimum lease payments 1,738 32 1,770 Less: imputed interest (199 ) (1 ) (200 ) Present value of lease liabilities $ 1,539 $ 31 $ 1,570 |
Note 9 - Loss Per Share (Tables
Note 9 - Loss Per Share (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Month Periods Ended Nine Month Periods Ended (In thousands) December 2 8 , 201 9 December 29 , 201 8 December 29, 2018 December 29 , 201 8 Common shares issuable upon exercise of stock options 250 174 250 174 Restricted stock awards 10 23 10 23 Issuable shares for interest on loan - 1 - 1 Common shares issuable upon conversion of convertible preferred stock 61 659 61 659 Common shares issuable upon exercise of warrants 169 230 169 230 |
Note 10 - Shared-based Compen_2
Note 10 - Shared-based Compensation and Employee Benefits Plans (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Month Periods Ended Nine Month Periods Ended December 2 8 , 201 9 December 29 , 201 8 December 2 8 , 201 9 December 29 , 201 8 Dividend yield — — — — Expected volatility — 96.21 % 101.97 % 95.29 % Risk-free interest rate — 2.84 % 2.25 % 2.83 % Expected term (years) — 8.28 8.36 8.30 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (Years) Aggregate Intrinsic Value (in thousands) Outstanding at March 31, 2018 98,580 $ 8.40 8.0 $ — Granted 100,319 4.65 9.6 Forfeited / Expired (16,533 ) 10.35 Outstanding at March 30, 2019 182,366 $ 6.15 8.4 $ — Granted 69,880 5.04 9.4 Forfeited / Expired (2,147 ) 7.15 Outstanding at December 28, 2019 250,099 $ 5.83 8.1 $ — Exercisable at December 28, 2019 80,275 $ 7.67 6.3 $ — At December 28, 2019, expected to vest in the future 169,824 $ 4.96 9.0 $ — |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted Average Fair Value Non-Vested at March 31, 2018 19,997 $ 9.75 Granted 20,680 4.65 Vested (16,667 ) 4.80 Forfeited or cancelled (1,667 ) 11.85 Non-Vested at March 30, 2019 22,343 $ 8.40 Granted — — Vested (11,009 ) 11.43 Forfeited or cancelled (1,334 ) 12.00 Non-Vested at December 28, 2019 10,000 $ 4.76 |
Note 11 - Significant Custome_2
Note 11 - Significant Customer and Industry Segment Information (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Month Period Ended Three Month Period Ended (In thousands) Dec. 2 8 , 201 9 Dec. 2 8 , 201 9 Dec . 29 , 201 8 Dec. 29 , 201 8 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 6,231 $ 176 $ (1,058 ) $ 4,020 $ 67 $ (1,227 ) Microsource 2,952 2,456 902 2,570 1,826 737 Total $ 9,183 $ 2,632 $ (156 ) $ 6,590 $ 1,893 $ (490 ) Nine Month Period Ended Nine Month Period Ended (In thousands) Dec. 2 8 , 201 9 Dec. 2 8 , 201 9 Dec. 29, 2018 Dec. 29 , 2 018 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 6,231 $ 2,465 $ (2,511 ) $ 4,020 $ 246 $ (4,081 ) Microsource 2,952 6,700 2,487 2,570 7,377 3,064 Total $ 9,183 $ 9,165 $ (24 ) $ 6,590 $ 7,623 $ (1,017 ) |
Note 13 - Warranty Obligations
Note 13 - Warranty Obligations (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Month Periods Ended Nine Month Periods Ended (In thousands) December 2 8 , 201 9 December 29 , 201 8 December 2 8 , 201 9 December 29 , 201 8 Balance at beginning of period $ 92 $ 85 $ 103 $ 164 Provision, net (36 ) (40 ) (41 ) (65 ) Warranty costs incurred (5 ) - (11 ) (54 ) Balance at end of period $ 51 $ 45 $ 51 $ 45 |
Note 14 - Preferred Stock and_2
Note 14 - Preferred Stock and Warrants (Tables) | 9 Months Ended |
Dec. 28, 2019 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Preferred Stock Shares Designated Shares Previously Issued Shares Outstanding Liquidation Preference (in thousands) Series B 10,000.00 9,997.00 9,245.13 $ 2,136 Series C 3,500.00 3,424.65 3,424.65 500 Series D 6,000.00 5,111.86 5,111.86 731 Series E 100,000.00 100,000.00 9,200.00 345 Total at December 28, 2019 119,500.00 118,533.51 26,981.64 $ 3,712 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) $ in Thousands | Dec. 12, 2019 | Dec. 28, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 30, 2019USD ($) |
Number of Leases | 1 | |||
Operating Lease, Right-of-Use Asset | $ 1,164 | $ 1,361 | ||
Operating Lease, Liability, Total | $ 1,539 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | 1,361 | |||
Operating Lease, Liability, Total | $ 1,800 | |||
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Adoption of New Leases Standard (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 31, 2019 | Mar. 30, 2019 | |||
Right of use assets- Operating lease | $ 1,164 | $ 1,361 | ||||
Right of use assets- Finance lease | 49 | |||||
Property and equipment, net | 552 | 569 | ||||
Deferred rent (b) | 2 | [1] | 74 | |||
Operating lease liability, current portion | 396 | 337 | 41 | |||
Finance lease obligation, current portion | 41 | |||||
Capital lease obligation, current portion (c) | [2] | 41 | ||||
Long term deferred rent (d) | 2 | [3] | 358 | [3] | ||
Long term obligations – capital lease (e) | [4] | 19 | ||||
Operating lease liability, non-current portion | $ 1,174 | 1,453 | 21 | |||
Finance lease obligation, long-term portion | 19 | |||||
Assets Leased to Others [Member] | ||||||
Property and equipment, net | [5] | $ 49 | ||||
Accounting Standards Update 2016-02 [Member] | ||||||
Right of use assets- Operating lease | 1,361 | |||||
Right of use assets- Finance lease | 49 | |||||
Deferred rent (b) | [1] | (71) | ||||
Operating lease liability, current portion | 337 | |||||
Finance lease obligation, current portion | 41 | |||||
Capital lease obligation, current portion (c) | [2] | (41) | ||||
Long term deferred rent (d) | [3] | (358) | ||||
Long term obligations – capital lease (e) | [4] | (19) | ||||
Operating lease liability, non-current portion | 1,453 | |||||
Finance lease obligation, long-term portion | 19 | |||||
Accounting Standards Update 2016-02 [Member] | Assets Leased to Others [Member] | ||||||
Property and equipment, net | [5] | $ (49) | ||||
[1] | Represents current portion of deferred rent reclassified to Operating lease obligation, current portion. | |||||
[2] | Represents current portion of capital lease liability reclassified to Finance lease obligation - current portion. | |||||
[3] | Represents noncurrent portion of deferred rent reclassified to Operating lease liability - non-current portion. | |||||
[4] | Represents noncurrent portion of capital lease obligation reclassified to Finance lease obligation - non-current portion. | |||||
[5] | Represents net book value of capital lease assets reclassified to Finance right of use assets. |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Raw materials | $ 985 | $ 759 |
Work-in-progress | 2,188 | 1,523 |
Finished goods | 116 | 57 |
Demonstration inventory | 297 | 395 |
Total | $ 3,586 | $ 2,734 |
Note 3 - Financed Receivables (
Note 3 - Financed Receivables (Details Textual) - Restated Financing Agreement [Member] - USD ($) | Mar. 11, 2019 | Dec. 28, 2019 | Mar. 30, 2019 | May 06, 2015 |
Advance Rate, Percent of Invoices Issued | 85.00% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Debt Instrument, Fee Amount | $ 14,700 | |||
Debt Instrument, Basis Spread in Case of Default | 5.00% | |||
Long-term Line of Credit, Total | $ 138,754 | $ 0 | ||
Non-Formula Basis Sub-Limit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Note 4 - Term Loan, Revolving_2
Note 4 - Term Loan, Revolving Line of Credit and Warrants (Details Textual) - PFG Loan [Member] - USD ($) | 1 Months Ended | |||
Dec. 29, 2018 | Dec. 28, 2019 | Mar. 30, 2019 | Apr. 27, 2017 | |
Debt Instrument, Face Amount | $ 1,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 16.00% | |||
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, Periodic Payment, Principal | $ 75,000 | |||
Debt Instrument, Required Additional Capital To Extend Maturity | $ 500,000 | |||
Debt Instrument, Covenant Compliance, Minimum Cumulative Revenue | $ 11,000,000 | |||
Long-term Debt, Total | $ 1,000,000 | $ 1,800,000 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | Apr. 01, 2017USD ($) | Dec. 28, 2019USD ($) |
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 1,738,000 | |
Dublin, CA [Member] | ||
Lessee, Operating Lease, Term of Contract | 6 years 150 days | |
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 2,384,913 | |
Lessee, Operating Lease, Annual Increase Per Rentable Square Foot | 0.05 | |
Lease Abatement Subject to Conditions | $ 173,079 | |
Lease Abatement Subject To Conditions, Term | 150 days | |
Operating Lease, Tenant Improvements Provided by Landlord | $ 358,095 |
Note 5 - Leases - Lease Costs (
Note 5 - Leases - Lease Costs (Details) $ in Thousands | 9 Months Ended |
Dec. 28, 2019USD ($) | |
Operating lease costs | $ 375 |
Amortization of lease asset | 26 |
Interest on lease liability | 4 |
Total lease costs | $ 405 |
Note 5 - Leases - Other Informa
Note 5 - Leases - Other Information (Details) $ in Thousands | 9 Months Ended |
Dec. 28, 2019USD ($) | |
Operating cash used for leases | $ 429 |
Financing cash used for leases | $ 35 |
Weighted-average remaining lease term, operating leases (Year) | 3 years 310 days |
Weighted-average remaining lease term, finance leases (Year) | 350 days |
Weighted average discount rate, operating leases | 6.60% |
Weighted average discount rate, finance leases | 12.00% |
Note 5 - Leases - Future Lease
Note 5 - Leases - Future Lease Payments (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Operating leases, remainder current year | $ 111 |
Finance leases, remainder current year | 12 |
Total, remainder current year | 123 |
Operating leases, 2021 | 458 |
Finance leases, 2021 | 20 |
Total, 2021 | 478 |
Operating leases, 2022 | 473 |
Finance leases, 2022 | |
Total, 2022 | 473 |
Operating leases, 2023 | 487 |
Finance leases, 2023 | |
Total, 2023 | 487 |
Operating leases, thereafter | 209 |
Finance leases, thereafter | |
Total, thereafter | 209 |
Total future minimum lease payments, operating leases | 1,738 |
Total future minimum lease payments, finance leases | 32 |
Total future minimum lease payments | 1,770 |
Less: imputed interest, operating leases | (199) |
Less: imputed interest, finance leases | (1) |
Less: imputed interest, total | (200) |
Operating leases, present value of lease liabilities | 1,539 |
Finance leases, present value of lease liabilities | 31 |
Total present value of lease liabilities | $ 1,570 |
Note 6 - Fair Value (Details Te
Note 6 - Fair Value (Details Textual) $ in Thousands | Mar. 26, 2018yrshares | Dec. 28, 2019USD ($) | Mar. 30, 2019USD ($) |
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 | |
Fair Value, Nonrecurring [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |
PFG Warrants [Member] | |||
Stock Issued During Period, Shares, Revaluation of Warrants | shares | 150,000 | ||
PFG Warrants [Member] | Fair Value, Recurring [Member] | Measurement Input, Expected Term [Member] | |||
Derivative Liability, Measurement Input | yr | 0.96 | ||
PFG Warrants [Member] | Fair Value, Recurring [Member] | Measurement Input, Price Volatility [Member] | |||
Derivative Liability, Measurement Input | 0.85 | ||
PFG Warrants [Member] | Fair Value, Recurring [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Derivative Liability, Measurement Input | 0.0212 | ||
PFG Warrants [Member] | Fair Value, Recurring [Member] | Measurement Input, Expected Dividend Rate [Member] | |||
Derivative Liability, Measurement Input | 0 |
Note 7 - Sale of Common Stock (
Note 7 - Sale of Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 08, 2019 | Mar. 28, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 |
Stock Issued During Period, Shares, New Issues | 10,490,000 | ||||
Shares Issued, Price Per Share | $ 0.25 | ||||
Proceeds from Issuance of Common Stock | $ 2,100 | $ 2,053 | |||
Series E Preferred Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues | 42,800 | 0 | 57,200 | ||
Shares Issued, Price Per Share | $ 25 | $ 25 | |||
Preferred Stock, Shares Outstanding, Ending Balance | 9,200 | 98,400 | |||
Conversion of Series E Preferred Stock into Common Stock [Member] | |||||
Conversion of Stock, Shares Issued | 896,636 | ||||
Conversion of Stock, Shares Converted | 88,600 | ||||
Underwriter Warrants [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 314,700 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.30 | ||||
Warrants and Rights Outstanding, Term | 5 years |
Note 8 - Reverse Stock Split (D
Note 8 - Reverse Stock Split (Details Textual) | Dec. 12, 2019shares | Dec. 28, 2019shares | Mar. 30, 2019shares |
Common Stock, Shares, Outstanding, Ending Balance | 2,476,982 | 2,476,900 | 757,367 |
Common Stock, Shares Authorized | 13,333,333 | 13,333,333 | 13,333,333 |
Reverse Stock Split [Member] | |||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 |
Note 9 - Loss Per Share - Share
Note 9 - Loss Per Share - Shares Excluded from the Diluted EPS Calculation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 250 | 174 | 250 | 174 |
Restricted Stock [Member] | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 10 | 23 | 10 | 23 |
Common Shares Issuable for Debt Interest [Member] | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1 | 1 | ||
Convertible Debt Securities [Member] | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 61 | 659 | 61 | 659 |
Warrant [Member] | ||||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 169 | 230 | 169 | 230 |
Note 10 - Shared-based Compen_3
Note 10 - Shared-based Compensation and Employee Benefits Plans (Details Textual) - USD ($) | Sep. 20, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 13,240 | 423 | 47,700 | 1,940 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 61,000 | $ 5,000 | $ 185,000 | $ 34,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 0 | 0 | ||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 452,000 | $ 452,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |||||
Share-based Payment Arrangement, Expense | $ 56,000 | $ 28,000 | $ 159,000 | $ 85,000 | ||
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 | 0 | 0 | 0 | 0 | 20,680 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9,600 | $ 9,600 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 91 days | |||||
Share-based Payment Arrangement, Expense | $ 9,600 | $ 26,000 | $ 70,000 | $ 83,000 | ||
The 2018 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 166,667 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 42,493 | 42,493 | ||||
The 2018 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
The 2018 Equity Incentive Plan [Member] | Share-based Payment Arrangement, 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 | |||||
Equity Incentive Plan 2005 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 | ||||
Stock Option Plan 2000 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 |
Note 10 - Shared-based Compen_4
Note 10 - Shared-based Compensation and Employee Benefits Plans - Weighted Average Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Dividend yield | ||||
Expected volatility | 96.21% | 101.97% | 95.29% | |
Risk-free interest rate | 2.84% | 2.25% | 2.83% | |
Expected term (Year) | 8 years 102 days | 8 years 131 days | 8 years 109 days |
Note 10 - Shared-based Compen_5
Note 10 - Shared-based Compensation and Employee Benefits Plans - Changes in Stock Options Outstanding (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2019 | Mar. 30, 2019 | Mar. 31, 2018 | |
Outstanding, Shares (in shares) | 182,366 | 98,580 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 6.15 | $ 8.40 | |
Outstanding, Weighted average remaining contractual terms (Year) | 8 years 36 days | 8 years 146 days | 8 years |
Outstanding | |||
Granted, Shares (in shares) | 69,880 | 100,319 | |
Granted, weighted average exercise price (in dollars per share) | $ 5.04 | $ 4.65 | |
Granted, Weighted average remaining contractual terms (Year) | 9 years 146 days | 9 years 219 days | |
Forfeited / Expired, Shares (in shares) | (2,147) | (16,533) | |
Forfeited / Expired, weighted average exercise price (in dollars per share) | $ 7.15 | $ 10.35 | |
Outstanding, Shares (in shares) | 250,099 | 182,366 | 98,580 |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.83 | $ 6.15 | $ 8.40 |
Exercisable, shares (in shares) | 80,275 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 7.67 | ||
Exercisable, Weighted average remaining contractual terms (Year) | 6 years 109 days | ||
Exercisable | |||
Expected to vest in the future, shares (in shares) | 169,824 | ||
Expected to vest in the future, weighted average exercise price (in dollars per share) | $ 4.96 | ||
Expected to vest in the future, Weighted average remaining contractual terms (Year) | 9 years | ||
Expected to vest in the future |
Note 10 - Shared-based Compen_6
Note 10 - Shared-based Compensation and Employee Benefits Plans - Changes in Nonvested Restricted Stock Awards Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 | |
Non-Vested, Shares (in shares) | 22,343 | 19,997 | 19,997 | ||
Non-vested, Weighted average fair value (in dollars per share) | $ 8.40 | $ 9.75 | $ 9.75 | ||
Granted, Shares (in shares) | 0 | 0 | 0 | 0 | 20,680 |
Granted, Weighted average fair value (in dollars per share) | $ 4.65 | ||||
Vested, Shares (in shares) | (11,009) | (16,667) | |||
Vested, Weighted average fair value (in dollars per share) | $ 11.43 | $ 4.80 | |||
Forfeited or cancelled, shares (in shares) | (1,334) | (1,667) | |||
Forfeited or cancelled, Weighted average fair value (in dollars per share) | $ 12 | $ 11.85 | |||
Non-Vested, Shares (in shares) | 10,000 | 10,000 | 22,343 | ||
Non-vested, Weighted average fair value (in dollars per share) | $ 4.76 | $ 4.76 | $ 8.40 |
Note 11 - Significant Custome_3
Note 11 - Significant Customer and Industry Segment Information (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Number of Reportable Segments | 2 | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 2 | 2 | 3 | 2 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | ||||
Concentration Risk, Percentage | 77.00% | 97.00% | 97.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | First Customer [Member] | Microsource [Member] | ||||
Concentration Risk, Percentage | 45.00% | 68.00% | 45.00% | 64.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Second Customer [Member] | Microsource [Member] | ||||
Concentration Risk, Percentage | 32.00% | 29.00% | 44.00% | 33.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Customers [Member] | ||||
Concentration Risk, Percentage | 89.00% | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Third Customer [Member] | Gigatronics Division [Member] | ||||
Concentration Risk, Percentage | 44.00% |
Note 11 - Significant Custome_4
Note 11 - Significant Customer and Industry Segment Information - Breakdown of Customer and Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Mar. 30, 2019 | |
Assets | $ 9,183 | $ 6,590 | $ 9,183 | $ 6,590 | $ 6,279 | ||||
Sales Revenue | 2,632 | 1,893 | 9,165 | 7,623 | |||||
Net income (loss) | (156) | $ 80 | $ 52 | (490) | $ (260) | $ (267) | (24) | (1,017) | |
Gigatronics Division [Member] | |||||||||
Assets | 6,231 | 4,020 | 6,231 | 4,020 | |||||
Sales Revenue | 176 | 67 | 2,465 | 246 | |||||
Net income (loss) | (1,058) | (1,227) | (2,511) | (4,081) | |||||
Microsource [Member] | |||||||||
Assets | 2,952 | 2,570 | 2,952 | 2,570 | |||||
Sales Revenue | 2,456 | 1,826 | 6,700 | 7,377 | |||||
Net income (loss) | $ 902 | $ 737 | $ 2,487 | $ 3,064 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Income Tax Expense (Benefit), Total | $ 2,000 | $ 42,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% | ||
Unrecognized Tax Benefits, Ending Balance | 123,000 | $ 123,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 | $ 0 |
Note 13 - Warranty Obligation_2
Note 13 - Warranty Obligations - Reconciliation of Company's Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |
Balance at beginning of period | $ 92 | $ 85 | $ 103 | $ 164 |
Provision, net | (36) | (40) | (41) | (65) |
Warranty costs incurred | (5) | (11) | (54) | |
Balance at end of period | $ 51 | $ 45 | $ 51 | $ 45 |
Note 14 - Preferred Stock and_3
Note 14 - Preferred Stock and Warrants (Details Textual) | Nov. 08, 2019$ / sharesshares | Mar. 28, 2018USD ($)$ / sharesshares | Dec. 28, 2019shares | Mar. 30, 2019USD ($)$ / sharesshares |
Stock Issued During Period, Shares, New Issues | 10,490,000 | |||
Shares Issued, Price Per Share | $ / shares | $ 0.25 | |||
Conversion of Series E Preferred Stock into Common Stock [Member] | ||||
Conversion of Stock, Shares Issued | 896,636 | |||
Conversion of Stock, Shares Converted | 88,600 | |||
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% | 5.00% | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,867 | 6.67 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 3.75 | $ 3.75 | ||
Series E Preferred Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 42,800 | 0 | 57,200 | |
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||
Issuance of Stock, Number of Investors | 15 | |||
Shares Issued, Price Per Share | $ / shares | $ 25 | $ 25 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 1,095,000 | $ 1,405,000 | ||
Proceeds from Issuance of Preferred Stock and Preference Stock, Net of Issuance Costs | $ | $ 1,000,000 | $ 1,200,000 | ||
Stock Issued During Period, Placement Agent Fees, Percentage of Gross Proceeds | 5.00% | 5.00% | ||
Payments of Stock Issuance Costs | $ | $ 57,000 | $ 212,000 | ||
Series E Preferred Stock [Member] | Placement Agent [Member] | ||||
Payments of Stock Issuance Costs | $ | $ 56,875 |
Note 14 - Preferred Stock and_4
Note 14 - Preferred Stock and Warrants - Preferred Stock Information (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Mar. 30, 2019 |
Designated shares (in shares) | 1,000,000 | 1,000,000 |
Series B Preferred Stock [Member] | ||
Designated shares (in shares) | 10,000 | |
Shares issued (in shares) | 9,997 | |
Preferred Stock, Shares Outstanding, Ending Balance | 9,245.13 | |
Liquidation preference | $ 2,136 | |
Series C Preferred Stock [Member] | ||
Designated shares (in shares) | 3,500 | |
Shares issued (in shares) | 3,424.65 | |
Preferred Stock, Shares Outstanding, Ending Balance | 3,424.65 | |
Liquidation preference | $ 500 | |
Series D Preferred Stock [Member] | ||
Designated shares (in shares) | 6,000 | |
Shares issued (in shares) | 5,111.86 | |
Preferred Stock, Shares Outstanding, Ending Balance | 5,111.86 | |
Liquidation preference | $ 731 | |
Series E Preferred Stock [Member] | ||
Designated shares (in shares) | 100,000 | 100,000 |
Shares issued (in shares) | 100,000 | |
Preferred Stock, Shares Outstanding, Ending Balance | 9,200 | 98,400 |
Liquidation preference | $ 345 | $ 3,690 |
Series B, C, D, and E Preferred Stock [Member] | ||
Designated shares (in shares) | 119,500 | |
Shares issued (in shares) | 118,533.51 | |
Preferred Stock, Shares Outstanding, Ending Balance | 26,981.64 | |
Liquidation preference | $ 3,712 |