Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 27, 2020 | Jul. 22, 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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 2,625,856 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 27, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, No par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 27, 2020 | Mar. 28, 2020 | |
Current assets: | |||
Cash and cash-equivalents | $ 642 | $ 657 | [1] |
Trade accounts receivable, net of allowance of $8 and $8, respectively | 1,108 | 932 | [1] |
Inventories, net | 3,004 | 3,261 | [1] |
Prepaid expenses and other current assets | 3,052 | 2,209 | [1] |
Total current assets | 7,806 | 7,059 | [1] |
Property and equipment, net | 466 | 508 | [1] |
Right of use asset | 1,106 | 1,183 | [1] |
Other long-term assets | 176 | 176 | [1] |
Total assets | 9,554 | 8,926 | [1] |
Liabilities and shareholders' equity | |||
Accounts payable | 761 | 803 | [1] |
Loans payable, net of discounts and issuance costs | 1,854 | 1,320 | [1] |
Accrued payroll and benefits | 428 | 300 | [1] |
Deferred revenue | 147 | 159 | [1] |
Lease obligations | 425 | 426 | [1] |
Other current liabilities | 375 | 364 | [1] |
Total current liabilities | 3,990 | 3,372 | [1] |
Other non-current liabilities | 90 | 119 | [1] |
Long term obligations – leases | 1,026 | 1,135 | [1] |
Total liabilities | 5,106 | 4,626 | [1] |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred stock; no par value; Authorized - 1,000,000 shares; Series A convertible- designated 250,000 shares; no shares at June 27, 2020 and March 28, 2020 issued and outstanding | |||
Common stock; no par value; Authorized – 13,333,333 shares; 2,635,856 shares at June 27, 2020 and 2,635,856 shares at March 28, 2020 issued and outstanding | 32,028 | 31,952 | [1] |
Accumulated deficit | (30,502) | (30,574) | [1] |
Total shareholders' equity | 4,448 | 4,300 | [1] |
Total liabilities and shareholders' equity | 9,554 | 8,926 | [1] |
Series B, C, and D Preferred Stock [Member] | |||
Shareholders' equity: | |||
Preferred stock; no par value; Authorized - 1,000,000 shares; Series A convertible- designated 250,000 shares; no shares at June 27, 2020 and March 28, 2020 issued and outstanding | 2,745 | 2,745 | [1] |
Series E Preferred Stock [Member] | |||
Shareholders' equity: | |||
Preferred stock; no par value; Authorized - 1,000,000 shares; Series A convertible- designated 250,000 shares; no shares at June 27, 2020 and March 28, 2020 issued and outstanding | $ 177 | $ 177 | [1] |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 27, 2020 | Mar. 28, 2020 | |
Trade accounts receivable, allowance | $ 8 | $ 8 | [1] |
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 | [1] |
Common stock, shares authorized (in shares) | 13,333,333 | 13,333,333 | [1] |
Common stock, issued (in shares) | 2,635,856 | 2,635,856 | [1] |
Common stock, outstanding (in shares) | 2,635,856 | 2,635,856 | [1] |
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 | [1] |
Preferred stock, outstanding (in shares) | 17,781.64 | 17,781.64 | [1] |
Preferred stock, liquidation preference | $ 3,367 | $ 3,367 | [1] |
Series E Preferred Stock [Member] | |||
Preferred stock, authorized (in shares) | 100,000 | 100,000 | [1] |
Preferred stock, issued (in shares) | 100,000 | ||
Preferred stock, outstanding (in shares) | 9,200 | 9,200 | [1] |
Preferred stock, liquidation preference | $ 345 | $ 345 | [1] |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Revenue | $ 3,548,000 | $ 3,498,000 |
Cost of goods and services | 2,034,000 | 1,968,000 |
Gross profit | 1,514,000 | 1,530,000 |
Operating expenses: | ||
Engineering | 437,000 | 355,000 |
Selling, general and administrative | 969,000 | 1,047,000 |
Total operating expenses | 1,406,000 | 1,402,000 |
Operating income | 108,000 | 128,000 |
Interest expense: | ||
Interest expense, net | (33,000) | (57,000) |
Interest expense from accretion of loan discount | (19,000) | |
Total interest expense, net | (33,000) | (76,000) |
Income before income taxes | 75,000 | 52,000 |
Provision for income taxes | 0 | 0 |
Net income | 75,000 | 52,000 |
Deemed dividend on Series E shares | (3,000) | (37,000) |
Net income attributable to common shareholders | $ 72,000 | $ 15,000 |
Income per common share – basic (in dollars per share) | $ 0.03 | $ 0.02 |
Income per common share – diluted (in dollars per share) | $ 0.03 | $ 0.01 |
Weighted average common shares used in per share calculation: | ||
Basic (in shares) | 2,636 | 718 |
Diluted (in shares) | 2,826 | 1,539 |
Product [Member] | ||
Revenue | $ 1,109,000 | $ 1,938,000 |
Service [Member] | ||
Revenue | $ 2,439,000 | $ 1,560,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - 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. 30, 2019 | 116,934 | 757,367 | |||
Balance at Mar. 30, 2019 | $ 4,806 | $ 25,557 | $ (28,548) | $ 1,815 | |
Net income (loss) | 15 | 15 | |||
Share based compensation | $ 95 | 95 | |||
Equity issuance for PFG Loan (in shares) | 167 | ||||
Equity issuance for PFG Loan | |||||
Restricted stock forfeited (in shares) | (1,333,000) | ||||
Restricted stock forfeited | |||||
Series E preferred stock issuance, reclass of offering costs | (2) | (2) | |||
Series E preferred stock issuance, reclass of offering costs | $ 2 | $ 2 | |||
Balance (in shares) at Jun. 29, 2019 | 116,934 | 756,201 | |||
Balance at Jun. 29, 2019 | $ 4,804 | $ 25,654 | (28,533) | 1,925 | |
Balance (in shares) at Mar. 28, 2020 | 26,982 | 2,635,856 | |||
Balance at Mar. 28, 2020 | $ 2,922 | $ 31,952 | (30,574) | 4,300 | [1] |
Net income (loss) | 72 | 72 | |||
Share based compensation | $ 76 | 76 | |||
Balance (in shares) at Jun. 27, 2020 | 26,982 | 2,635,856 | |||
Balance at Jun. 27, 2020 | $ 2,922 | $ 32,028 | $ (30,502) | $ 4,448 | |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Jun. 29, 2019USD ($) | |
Shares issued, issuance cost | $ 2 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 72 | $ 15 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 42 | 47 |
Share-based compensation | 76 | 95 |
Accretion of discounts on debt | 20 | |
Accrued interest and fees on loan payable | (31) | (327) |
Change in deferred rent | 1 | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (176) | (255) |
Inventories | 257 | (14) |
Prepaid expenses and other current assets | (843) | 52 |
Right of use asset | 77 | 64 |
Accounts payable | (42) | 183 |
Accrued payroll and benefits | 128 | (89) |
Deferred revenue | (12) | |
Other current liabilities and non-current liabilities | 13 | 27 |
Net cash used in operating activities | (439) | (181) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (22) | |
Net cash used in investing activities | (22) | |
Cash flows from financing activities: | ||
Principal payments on leases | (110) | (94) |
Proceeds from borrowings, net of issuance costs | 1,131 | 429 |
Repayments of borrowings | (597) | |
Net cash provided by financing activities | 424 | 335 |
Increase (decrease) in cash and cash-equivalents | (15) | 132 |
Beginning cash and cash-equivalents | 657 | 878 |
Ending cash and cash-equivalents | 642 | 1,010 |
Supplementary disclosure of cash flow information: | ||
Cash paid for income taxes | 55 | |
Cash paid for interest | 38 | 256 |
Supplementary disclosure of noncash activities: | ||
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 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Jun. 27, 2020 | |
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 28, 2020 three June 27, 2020, no 10 March 28, 2020. On December 12, 2019, one fifteen 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 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 E xpedients E lected The Company has elected the package of practical expedients to (a) not not not |
Note 2 - Inventories, Net
Note 2 - Inventories, Net | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 2 ) Inventories , net Inventories consisted of the following: (In thousands) June 2 7 , 20 20 March 28 , 20 20 Raw materials $ 924 $ 890 Work-in-progress 1,630 1,828 Finished goods 263 263 Demonstration inventory 187 280 Total $ 3,004 $ 3,261 |
Note 3 - Financed Receivables
Note 3 - Financed Receivables | 3 Months Ended |
Jun. 27, 2020 | |
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 June 27, 2020 March 28, 2020, $448,101 $527,468, |
Note 4 - Term Loan, Revolving L
Note 4 - Term Loan, Revolving Line of Credit and Warrants | 3 Months Ended |
Jun. 27, 2020 | |
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 ( April 27, 2019. 16% 9.5% 6.5% $100,000 $76,000 April 27, 2017, $24,000 $1,000 first In December 2018, April 27, 2019 November 1, 2019, May 1, 2019 $75,000 May 1, 2019 $500,000 March 30, 2019. On March 11, 2019, March 1, 2020 On June 28, 2019, December 28, 2019, not $11 first three 2020 January 31, 2020. On January 31, 2020, March 1, 2020 March 1, 2021, $75,000 February 1, 2020 $57,700 16%, 9.5% 6.5% $200,000. As of June 27, 2020 March 28, 2020, $619,200 $792,300, |
Note 5 - Paycheck Protection Pr
Note 5 - Paycheck Protection Program (the "PPP") Under the Cares Act | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Paycheck Protection Program CARES Act [Text Block] | ( 5 ) Paycheck Protection Program (the “PPP”) under the CARES Act On April 23, 2020, $786,200 470 November 2020. 958 605, not The PPP Loan is evidenced by a promissory note dated April 21, 2020 ( April 23, 2022 1.0% November 1, 2020 may no A portion of the principal outstanding and accrued interest under the PPP Loan is forgivable by the U.S. Small Business Administration if the Company uses the loan proceeds for certain purposes designated in the CARES Act, including payroll costs (as defined in the CARES Act), rents and utilities during the 24 24 may |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 6 ) 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 three June 27, Classification 2020 Operating lease costs Operating expenses $ 133 Finance lease: Amortization of lease asset Depreciation and amortization 8 Interest on lease liability Interest expense — Total lease costs $ 141 Other information: For the three months ended: June 27, 2020 Operating leases Finance leases Operating cash used for leases $ 147 — Financing cash used for leases — $ 11 Weighted-average remaining lease term (years) 3.39 0.47 Weighted-average discount rate 6.50 % 12.00 % Future lease payments as of June 27, 2020 Operating leases Finance leases Total Remainder 2021 $ 366 $ 9 $ 375 2022 503 — 503 2023 514 — 514 Thereafter 209 — 209 Total future minimum lease payments 1,592 9 1,601 Less: imputed interest (151 ) — (151 ) Present value of lease liabilities $ 1,441 $ 9 $ 1,450 |
Note 7 - Fair Value
Note 7 - Fair Value | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 7 ) 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 There were no no June 27, 2020 March 28, 2020. |
Note 8 - Sale of Common Stock
Note 8 - Sale of Common Stock | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 8 ) Sale of Common Stock On November 8, 2019, 699,333 $3.75 $2.1 20,980 $4.50 five In addition, on November 8, 2019, 896,636 88,600 9,200 $345,000 June 27, 2020 March 28, 2020. On March 11, 2020, two 146,668 $3.75 $550,004. March 11, 2020. $510,000. |
Note 9 - Reverse Stock Split
Note 9 - Reverse Stock Split | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Reverse Stock Split [Text Block] | ( 9 ) Reverse Stock Split On December 12, 2019, 1 15 The reverse stock split reduced the number of shares of common stock outstanding from 37,154,730 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 10 - Income (Loss) Per Sha
Note 10 - Income (Loss) Per Share | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 10 ) Income Per Share Basic income per share is calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per share (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 addition, certain options are considered antidilutive because assumed proceeds from exercise price, related tax benefits and average future compensation was greater than the weighted average number of options outstanding multiplied by the average market price during the period. Shares included in the diluted EPS calculation for the three June 27, 2020 June 27, (In thousands except per share data) 2020 Net income $ 72 Weighted average basic shares outstanding 2,636 Effect of dilutive securities 190 Weighted-average dilutive shares 2,826 Basic earnings per share $ 0.03 Diluted earnings per share $ 0.03 Shares included in the diluted EPS calculation for the three June 29, 2019 June 29, (In thousands except per share data) 2019 Net income $ 15 Weighted average basic shares outstanding 718 Effect of dilutive securities 821 Weighted-average dilutive shares 1,539 Basic earnings per share $ 0.02 Diluted earnings per share $ 0.01 |
Note 11 - Shared-based Compensa
Note 11 - Shared-based Compensation and Employee Benefit Plans | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 1 1 ) S tock -based Compensation and Employee Benefit Plans The Company maintains a 2018 166,667 June 27, 2020, 24,493 2018 No 2005 2000 2005 Outstanding options generally vest in one four five ten may June 27, 2020, no Stock Options In calculating compensation related to stock option grants, the fair value of each stock option was estimated on the date of grant using the Black-Scholes-Merton option-pricing model and the following weighted average assumptions: Three Months Ended June 2 7 , 20 20 June 29 , 201 9 Dividend yield — — Expected volatility — 101.66 % Risk-free interest rate — 2.35 % Expected term (years) — 8.36 The computation of expected volatility used in the Black-Scholes-Merton option-pricing model is based on the historical volatility of the Company's share price. The expected term is estimated based on a review of historical employee exercise behavior with respect to option grants. The risk-free interest rate is based on the U.S. Treasury rates with maturity similar to the expected term of the option on the date of grant. A summary of the changes in stock options outstanding for the three June 27, 2020 March 28, 2020 Weighted Average Exercise Price Weighted Average Remaining Contractual Aggregate Intrinsic Shares per share Terms (Years) Value Outstanding at March 30, 2019 182,366 $ 6.15 8.4 $ — Granted 73,880 4.98 9.2 Forfeited / Expired (15,488 ) 5.13 Outstanding at March 28, 2020 240,758 $ 5.86 7.9 $ — Granted — — — Forfeited / Expired — — Outstanding at June 27, 2020 240,758 $ 5.86 7.6 $ — Exercisable at June 27, 2020 111,935 $ 6.96 6.6 $ — At June 27, 2020 expected to vest in the future 91,964 $ 4.90 8.5 $ — As of June 27, 2020, $364,000 2.48 24,693 June 27, 2020, 13,819 June 29, 2019. June 27, 2020 June 29, 2019 $105,124 $53,032 no three June 27, 2020 June 29, 2019. three June 27, 2020 June 29, 2019 $68,000 $51,000, Restricted Stock The Company granted no first 2021 2020. June 27, 2020, $24,000 0.75 three June 27, 2020 June 29, 2019 $8,000 $44,000, A summary of the changes in non-vested RSAs outstanding for the three June 27, 2020 March 28, 2020 Shares Weighted Average Fair Value per share Non-Vested at March 30, 2019 22,343 $ 8.40 Granted 10,000 3.97 Vested (21,009 ) 8.25 Forfeited or cancelled (1,334 ) 12.00 Non-Vested at March 28, 2020 10,000 $ 3.97 Vested — — Forfeited or cancelled — — Non-Vested at June 27, 2020 10,000 $ 3.97 |
Note 12 - Significant Customer
Note 12 - Significant Customer and Industry Segment Information | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 12 ) Significant Customer and Industry Segment Information The Company has two ten 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. Our RADAR/EW test products are used to evaluate and improve the performance of RADAR/EW systems. The table below presents information for the two Three Month Periods Ended Three Month Periods Ended (In thousands) At June 2 7 , 20 20 June 2 7 , 20 20 June 2 7 , 20 20 At June 29 , 201 9 June 29 , 201 9 June 29 , 201 9 Assets Net Sales Net Income Assets Net Sales Net Income (Loss) (Loss) Giga-tronics Division $ 6,319 $ 1,109 $ (813 ) $ 5,421 $ 1,916 $ (547 ) Microsource 3,235 2,439 885 2,478 1,582 562 Total $ 9,554 $ 3,548 $ 72 $ 7,899 $ 3,498 $ 15 During the first 2021, one 54% second 28% first 2020, one 50% second 39% |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 1 3 ) Income Taxes The Company accounts for income taxes using the asset and liability method as codified in Topic 740. The Company recorded no three June 27, 2020 June 29, 2019. three June 27, 2020 June 29, 2019 0% As of June 27, 2020, $132,000 not 12 |
Note 14 - Warranty Obligations
Note 14 - Warranty Obligations | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 1 4 ) Warranty Obligations The Company records a liability in cost of goods and services for estimated warranty obligations at the date products are sold. Adjustments are made as new information becomes available. The following provides a reconciliation of changes in the Company's warranty reserve. The Company provides no (In thousands) Three Months Ended June 2 7 , 20 20 Three Months Ended June 29 , 201 9 Balance at beginning of period $ 34 $ 104 Provision, net 3 12 Warranty costs incurred — (3 ) Balance at end of period $ 37 $ 113 |
Note 15 - Preferred Stock and W
Note 15 - Preferred Stock and Warrants | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 1 5 ) Preferred Stock and Warrants Series E Senior Convertible Voting Perpetual Preferred Stock On March 28, 2018, 42,800 6.0% 15 $1.095 $1.0 2019 56,200 $1,405,000 $1.2 $212,000. 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 Series E Exchange The Company completed a private exchange offer on November 7, 2019, 896,636 88,600 3 9 1933 may During the three June 27, 2020, no The table below presents information as of June 27, 2020 March 28, 2020: Preferred Stock Shares Shares Shares Liquidation Preference Designated Issued Outstanding (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 June 27, 2020 and March 28, 2020 119,500.00 118,533.51 26,981.64 $ 3,712 |
Note 16 - COVID-19 (Coronavirus
Note 16 - COVID-19 (Coronavirus) | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | ( 1 6 ) COVID- 19 On January 30, 2020, 19” March 2020 March 2020, 19 19 March 2020, The COVID- 19 19 not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Jun. 27, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 1 7 ) Subsequent Events None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 27, 2020 | |
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 |
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 |
Revenue from Contract with Customer [Policy Text Block] | Practical E xpedients E lected The Company has elected the package of practical expedients to (a) not not not |
Note 2 - Inventories, Net (Tabl
Note 2 - Inventories, Net (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) June 2 7 , 20 20 March 28 , 20 20 Raw materials $ 924 $ 890 Work-in-progress 1,630 1,828 Finished goods 263 263 Demonstration inventory 187 280 Total $ 3,004 $ 3,261 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | June 27, Classification 2020 Operating lease costs Operating expenses $ 133 Finance lease: Amortization of lease asset Depreciation and amortization 8 Interest on lease liability Interest expense — Total lease costs $ 141 |
Leases, Other Information [Table Text Block] | For the three months ended: June 27, 2020 Operating leases Finance leases Operating cash used for leases $ 147 — Financing cash used for leases — $ 11 Weighted-average remaining lease term (years) 3.39 0.47 Weighted-average discount rate 6.50 % 12.00 % |
Finance and Operating Leases, Liability, Maturity [Table Text Block] | Operating leases Finance leases Total Remainder 2021 $ 366 $ 9 $ 375 2022 503 — 503 2023 514 — 514 Thereafter 209 — 209 Total future minimum lease payments 1,592 9 1,601 Less: imputed interest (151 ) — (151 ) Present value of lease liabilities $ 1,441 $ 9 $ 1,450 |
Note 10 - Income (Loss) Per S_2
Note 10 - Income (Loss) Per Share (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | June 27, (In thousands except per share data) 2020 Net income $ 72 Weighted average basic shares outstanding 2,636 Effect of dilutive securities 190 Weighted-average dilutive shares 2,826 Basic earnings per share $ 0.03 Diluted earnings per share $ 0.03 June 29, (In thousands except per share data) 2019 Net income $ 15 Weighted average basic shares outstanding 718 Effect of dilutive securities 821 Weighted-average dilutive shares 1,539 Basic earnings per share $ 0.02 Diluted earnings per share $ 0.01 |
Note 11 - Shared-based Compen_2
Note 11 - Shared-based Compensation and Employee Benefit Plans (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended June 2 7 , 20 20 June 29 , 201 9 Dividend yield — — Expected volatility — 101.66 % Risk-free interest rate — 2.35 % Expected term (years) — 8.36 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Exercise Price Weighted Average Remaining Contractual Aggregate Intrinsic Shares per share Terms (Years) Value Outstanding at March 30, 2019 182,366 $ 6.15 8.4 $ — Granted 73,880 4.98 9.2 Forfeited / Expired (15,488 ) 5.13 Outstanding at March 28, 2020 240,758 $ 5.86 7.9 $ — Granted — — — Forfeited / Expired — — Outstanding at June 27, 2020 240,758 $ 5.86 7.6 $ — Exercisable at June 27, 2020 111,935 $ 6.96 6.6 $ — At June 27, 2020 expected to vest in the future 91,964 $ 4.90 8.5 $ — |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted Average Fair Value per share Non-Vested at March 30, 2019 22,343 $ 8.40 Granted 10,000 3.97 Vested (21,009 ) 8.25 Forfeited or cancelled (1,334 ) 12.00 Non-Vested at March 28, 2020 10,000 $ 3.97 Vested — — Forfeited or cancelled — — Non-Vested at June 27, 2020 10,000 $ 3.97 |
Note 12 - Significant Custome_2
Note 12 - Significant Customer and Industry Segment Information (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Month Periods Ended Three Month Periods Ended (In thousands) At June 2 7 , 20 20 June 2 7 , 20 20 June 2 7 , 20 20 At June 29 , 201 9 June 29 , 201 9 June 29 , 201 9 Assets Net Sales Net Income Assets Net Sales Net Income (Loss) (Loss) Giga-tronics Division $ 6,319 $ 1,109 $ (813 ) $ 5,421 $ 1,916 $ (547 ) Microsource 3,235 2,439 885 2,478 1,582 562 Total $ 9,554 $ 3,548 $ 72 $ 7,899 $ 3,498 $ 15 |
Note 14 - Warranty Obligations
Note 14 - Warranty Obligations (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) Three Months Ended June 2 7 , 20 20 Three Months Ended June 29 , 201 9 Balance at beginning of period $ 34 $ 104 Provision, net 3 12 Warranty costs incurred — (3 ) Balance at end of period $ 37 $ 113 |
Note 15 - Preferred Stock and_2
Note 15 - Preferred Stock and Warrants (Tables) | 3 Months Ended |
Jun. 27, 2020 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Preferred Stock Shares Shares Shares Liquidation Preference Designated Issued Outstanding (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 June 27, 2020 and March 28, 2020 119,500.00 118,533.51 26,981.64 $ 3,712 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) $ in Thousands | Dec. 12, 2019 | Jun. 27, 2020USD ($) | Mar. 28, 2020USD ($) | [1] | Dec. 28, 2019 | Mar. 31, 2019USD ($) |
Number of Leases | 1 | |||||
Operating Lease, Right-of-Use Asset | $ 1,106 | $ 1,183 | ||||
Operating Lease, Liability, Total | $ 1,441 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 1,400 | |||||
Operating Lease, Liability, Total | $ 1,800 | |||||
Reverse Stock Split [Member] | ||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | |||||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |
Note 2 - Inventories, Net - Inv
Note 2 - Inventories, Net - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Mar. 28, 2020 | |
Raw materials | $ 924 | $ 890 | |
Work-in-progress | 1,630 | 1,828 | |
Finished goods | 263 | 263 | |
Demonstration inventory | 187 | 280 | |
Total | $ 3,004 | $ 3,261 | [1] |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |
Note 3 - Financed Receivables (
Note 3 - Financed Receivables (Details Textual) - Restated Financing Agreement [Member] - USD ($) | Mar. 11, 2019 | Jun. 27, 2020 | Mar. 28, 2020 |
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 | $ 448,101 | $ 527,468 | |
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 ($) | Feb. 01, 2020 | Jan. 31, 2020 | Dec. 29, 2018 | Mar. 01, 2021 | Jun. 27, 2020 | Mar. 28, 2020 | Dec. 28, 2019 | Apr. 27, 2017 |
Debt Instrument, Face Amount | $ 1,500,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 16.00% | 16.00% | ||||||
Debt Instrument, Cash Interest Rate | 9.50% | 9.50% | ||||||
Debt Instrument, Deferred Interest Rate | 6.50% | 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 | $ 57,700 | $ 75,000 | ||||||
Debt Instrument, Required Additional Capital To Extend Maturity | $ 500,000 | |||||||
Debt Instrument, Covenant Compliance, Minimum Cumulative Revenue | $ 11,000,000 | |||||||
Repayments of Long-term Debt, Total | $ 75,000 | |||||||
Long-term Debt, Total | $ 619,200 | $ 792,300 | ||||||
Maximum [Member] | Forecast [Member] | ||||||||
Long-term Debt, Total | $ 200,000 |
Note 5 - Paycheck Protection _2
Note 5 - Paycheck Protection Program (the "PPP") Under the Cares Act (Details Textual) - USD ($) | Apr. 23, 2020 | Jun. 27, 2020 | Jun. 29, 2019 |
Proceeds from Issuance of Long-term Debt, Total | $ 1,131,000 | $ 429,000 | |
Paycheck Protection Program CARES Act [Member] | |||
Proceeds from Issuance of Long-term Debt, Total | $ 786,200 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | Apr. 01, 2017USD ($) | Jun. 27, 2020USD ($) |
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 1,592,000 | |
Dublin, CA [Member] | ||
Lessee, Operating Lease, Term of Contract (Month) | 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 (Month) | 150 days | |
Operating Lease, Tenant Improvements Provided by Landlord | $ 358,095 |
Note 6 - Leases - Lease Costs (
Note 6 - Leases - Lease Costs (Details) $ in Thousands | 3 Months Ended |
Jun. 27, 2020USD ($) | |
Operating lease costs | $ 133 |
Amortization of lease asset | 8 |
Interest on lease liability | |
Total lease costs | $ 141 |
Note 6 - Leases - Other Informa
Note 6 - Leases - Other Information (Details) $ in Thousands | 3 Months Ended |
Jun. 27, 2020USD ($) | |
Operating cash used for leases | $ 147 |
Financing cash used for leases | $ 11 |
Weighted-average remaining lease term, operating leases (Year) | 3 years 142 days |
Weighted-average remaining lease term, finance leases (Year) | 171 days |
Weighted average discount rate, operating leases | 6.50% |
Weighted average discount rate, finance leases | 12.00% |
Note 6 - Leases - Future Lease
Note 6 - Leases - Future Lease Payments (Details) $ in Thousands | Jun. 27, 2020USD ($) |
Operating leases, Remainder 2021 | $ 366 |
Finance leases, remainder current year | 9 |
Total, remainder current year | 375 |
Operating leases, 2022 | 503 |
Finance leases, 2022 | |
Total, 2022 | 503 |
Operating leases, 2023 | 514 |
Finance leases, 2023 | |
Total, 2023 | 514 |
Operating leases,Thereafter | 209 |
Finance leases,Thereafter | |
Total, Thereafter | 209 |
Total future minimum lease payments, operating leases | 1,592 |
Total future minimum lease payments, finance leases | 9 |
Total future minimum lease payments | 1,601 |
Less: imputed interest, operating leases | (151) |
Less: imputed interest, finance leases | |
Less: imputed interest, total | (151) |
Operating leases, present value of lease liabilities | 1,441 |
Finance leases, present value of lease liabilities | 9 |
Total present value of lease liabilities | $ 1,450 |
Note 7 - Fair Value (Details Te
Note 7 - Fair Value (Details Textual) - USD ($) $ in Thousands | Jun. 27, 2020 | Mar. 28, 2020 |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 8 - Sale of Common Stock (
Note 8 - Sale of Common Stock (Details Textual) - USD ($) | Mar. 11, 2020 | Nov. 08, 2019 | Nov. 07, 2019 | Mar. 28, 2018 | Jun. 29, 2019 | Mar. 30, 2019 | Jun. 27, 2020 | Mar. 28, 2020 | [1] |
Stock Issued During Period, Shares, New Issues (in shares) | 146,668 | 699,333 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.75 | $ 3.75 | |||||||
Proceeds from Issuance of Common Stock | $ 510,000 | $ 2,100,000 | |||||||
Stock Issued During Period, Value, New Issues | $ 550,004 | ||||||||
Series E Preferred Stock [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 42,800 | 56,200 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 25 | ||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 9,200 | 9,200 | |||||||
Preferred Stock, Liquidation Preference, Value | $ 345,000 | $ 345,000 | |||||||
Conversion of Series E Preferred Stock into Common Stock [Member] | |||||||||
Conversion of Stock, Shares Issued (in shares) | 896,636 | 896,636 | |||||||
Conversion of Stock, Shares Converted (in shares) | 88,600 | 88,600 | |||||||
Underwriter Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 20,980 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.50 | ||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |
Note 9 - Reverse Stock Split (D
Note 9 - Reverse Stock Split (Details Textual) | Dec. 12, 2019shares | Jun. 27, 2020shares | Mar. 28, 2020shares | [1] | Dec. 11, 2019shares |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 2,476,982 | 2,635,856 | 2,635,856 | 37,154,730 | |
Common Stock, Shares Authorized (in shares) | 13,333,333 | 13,333,333 | 13,333,333 | ||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | ||||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |
Note 10 - Income (loss) Per S_3
Note 10 - Income (loss) Per Share - Shares Included in Diluted EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Net income | $ 72 | $ 15 |
Weighted average basic shares outstanding (in shares) | 2,636 | 718 |
Effect of dilutive securities (in shares) | 190 | 821 |
Weighted-average dilutive shares (in shares) | 2,826 | 1,539 |
Basic earnings per share (in dollars per share) | $ 0.03 | $ 0.02 |
Diluted earnings per share (in dollars per share) | $ 0.03 | $ 0.01 |
Note 11 - Shared-based Compen_3
Note 11 - Shared-based Compensation and Employee Benefit Plans (Details Textual) - USD ($) | Sep. 20, 2018 | Jun. 27, 2020 | Jun. 29, 2019 | Mar. 28, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 24,693 | 13,819 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 105,124 | $ 53,032 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 364,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 175 days | |||
Share-based Payment Arrangement, Expense | $ 68,000 | $ 51,000 | ||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | 10,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 24,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 273 days | |||
Share-based Payment Arrangement, Expense | $ 8,000 | $ 44,000 | ||
The 2018 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 166,667 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 24,493 | |||
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 (Year) | 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 (Year) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Equity Incentive Plan 2005 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 |
Note 11 - Shared-based Compen_4
Note 11 - Shared-based Compensation and Employee Benefit Plans - Weighted Average Assumptions (Details) | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Dividend yield | ||
Expected volatility | 101.66% | |
Risk-free interest rate | 2.35% | |
Expected term (Year) | 8 years 131 days |
Note 11 - Shared-based Compen_5
Note 11 - Shared-based Compensation and Employee Benefit Plans - Changes in Stock Options Outstanding (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 27, 2020 | Mar. 28, 2020 | Mar. 30, 2019 | |
Outstanding, Shares (in shares) | 240,758 | 182,366 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.86 | $ 6.15 | |
Outstanding, Weighted average remaining contractual terms (Year) | 7 years 219 days | 7 years 328 days | 8 years 146 days |
Outstanding | |||
Granted, Shares (in shares) | 73,880 | ||
Granted, weighted average exercise price (in dollars per share) | $ 4.98 | ||
Granted, Weighted average remaining contractual terms (Year) | 9 years 73 days | ||
Forfeited / Expired, Shares (in shares) | (15,488) | ||
Forfeited / Expired, weighted average exercise price (in dollars per share) | $ 5.13 | ||
Outstanding, Shares (in shares) | 240,758 | 240,758 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.86 | $ 5.86 | |
Exercisable, shares (in shares) | 111,935 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 6.96 | ||
Exercisable, Weighted average remaining contractual terms (Year) | 6 years 219 days | ||
Exercisable | |||
Expected to vest in the future, shares (in shares) | 91,964 | ||
Expected to vest in the future, weighted average exercise price (in dollars per share) | $ 4.90 | ||
Expected to vest in the future, Weighted average remaining contractual terms (Year) | 8 years 182 days | ||
Expected to vest in the future |
Note 11 - Shared-based Compen_6
Note 11 - Shared-based Compensation and Employee Benefit Plans - Changes in Nonvested Restricted Stock Awards Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | Mar. 28, 2020 | |
Non-Vested, Shares (in shares) | 10,000 | 22,343 | 22,343 |
Non-vested, Weighted average fair value (in dollars per share) | $ 3.97 | $ 8.40 | $ 8.40 |
Granted, Shares (in shares) | 0 | 0 | 10,000 |
Granted, Weighted average fair value (in dollars per share) | $ 3.97 | ||
Vested, Shares (in shares) | (21,009) | ||
Vested, Weighted average fair value (in dollars per share) | $ 8.25 | ||
Forfeited or cancelled, shares (in shares) | (1,334) | ||
Forfeited or cancelled, Weighted average fair value (in dollars per share) | $ 12 | ||
Non-Vested, Shares (in shares) | 10,000 | 10,000 | |
Non-vested, Weighted average fair value (in dollars per share) | $ 3.97 | $ 3.97 |
Note 12 - Significant Custome_3
Note 12 - Significant Customer and Industry Segment Information (Details Textual) | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Number of Reportable Segments | 2 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Microsource [Member] | ||
Number of Major Customers | 1 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Microsource [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 54.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Microsource [Member] | Second Customer [Member] | ||
Concentration Risk, Percentage | 39.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Gigatronics Division [Member] | ||
Number of Major Customers | 1 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Gigatronics Division [Member] | One Customer [Member] | ||
Concentration Risk, Percentage | 50.00% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Gigatronics Division [Member] | Second Customer [Member] | ||
Concentration Risk, Percentage | 28.00% |
Note 12 - Significant Custome_4
Note 12 - Significant Customer and Industry Segment Information - Breakdown of Customer and Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 27, 2020 | Jun. 29, 2019 | Mar. 28, 2020 | [1] | |
Assets | $ 9,554 | $ 7,899 | $ 8,926 | |
Sales Revenue | 3,548 | 3,498 | ||
Net income (loss) | 72 | 15 | ||
Gigatronics Division [Member] | ||||
Assets | 6,319 | 5,421 | ||
Sales Revenue | 1,109 | 1,916 | ||
Net income (loss) | (813) | (547) | ||
Microsource [Member] | ||||
Assets | 3,235 | 2,478 | ||
Sales Revenue | 2,439 | 1,582 | ||
Net income (loss) | $ 885 | $ 562 | ||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) xbrli-pure in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% |
Unrecognized Tax Benefits, Ending Balance | $ 132,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 |
Note 14 - Warranty Obligation_2
Note 14 - Warranty Obligations - Reconciliation of Company's Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Balance at beginning of period | $ 34 | $ 104 |
Provision, net | 3 | 12 |
Warranty costs incurred | (3) | |
Balance at end of period | $ 37 | $ 113 |
Note 15 - Preferred Stock and_3
Note 15 - Preferred Stock and Warrants (Details Textual) | Mar. 11, 2020$ / sharesshares | Nov. 08, 2019$ / sharesshares | Nov. 07, 2019shares | Mar. 28, 2018USD ($)$ / sharesshares | Mar. 30, 2019USD ($)shares |
Stock Issued During Period, Shares, New Issues (in shares) | 146,668 | 699,333 | |||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.75 | $ 3.75 | |||
Conversion of Series E Preferred Stock into Common Stock [Member] | |||||
Conversion of Stock, Shares Issued (in shares) | 896,636 | 896,636 | |||
Conversion of Stock, Shares Converted (in shares) | 88,600 | 88,600 | |||
Series E Preferred Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 42,800 | 56,200 | |||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||
Issuance of Stock, Number of Investors | 15 | ||||
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 | |||
Payments of Stock Issuance Costs | $ | $ 212,000 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 25 |
Note 15 - Preferred Stock and_4
Note 15 - Preferred Stock and Warrants - Preferred Stock Information (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Mar. 28, 2020 | |
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 (in shares) | 9,245.13 | ||
Preferred Stock, Liquidation Preference, Value | $ 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 (in shares) | 3,424.65 | ||
Preferred Stock, Liquidation Preference, Value | $ 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 (in shares) | 5,111.86 | ||
Preferred Stock, Liquidation Preference, Value | $ 731 | ||
Series E Preferred Stock [Member] | |||
Designated shares (in shares) | 100,000 | 100,000 | [1] |
Shares issued (in shares) | 100,000 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 9,200 | 9,200 | [1] |
Preferred Stock, Liquidation Preference, Value | $ 345 | $ 345 | [1] |
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 (in shares) | 26,981.64 | ||
Preferred Stock, Liquidation Preference, Value | $ 3,712 | ||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 28, 2020. |