Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 26, 2021 | Aug. 09, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000719274 | |
Entity Registrant Name | GIGA TRONICS INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-26 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 26, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-14605 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 94-2656341 | |
Entity Address, Address Line One | 5990 Gleason Drive | |
Entity Address, City or Town | Dublin | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94568 | |
City Area Code | 925 | |
Local Phone Number | 328-4650 | |
Title of 12(b) Security | Common Stock, No par value | |
Trading Symbol | GIGA | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,725,010 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 27, 2021 | [1] | Jun. 26, 2020 |
Current assets: | |||
Cash | $ 736 | $ 1,030 | |
Trade accounts receivable, net of allowance of $3 and $3, respectively | 801 | 394 | |
Inventories | 3,601 | 4,404 | |
Prepaid expenses | 100 | 63 | |
Unbilled receivable | 1,120 | 941 | |
Total current assets | 6,358 | 6,832 | |
Property and equipment, net | 455 | 429 | |
Right-of-use asset | 865 | 781 | |
Other long-term assets | 169 | 169 | |
Total assets | 7,847 | 8,211 | |
Liabilities and shareholders’ equity | |||
Accounts payable | 1,044 | 799 | |
Loan payable, net of discounts and issuance costs | 683 | 295 | |
Accrued payroll and benefits | 446 | 523 | |
Deferred revenue | 7 | 103 | |
Lease obligations | 445 | 455 | |
Prefunded warrants liability | 0 | 1,657 | |
Other current liabilities | 279 | 281 | |
Total current liabilities | 2,904 | 4,113 | |
Other non-current liabilities | 6 | 0 | |
Long term lease obligations | 690 | 571 | |
Total liabilities | 3,600 | 4,684 | |
Shareholders’ equity: | |||
Common stock; no par value; Authorized – 13,333,333 shares; 2,725,010 shares issued and outstanding at June 26, 2021 and 2,635,856 shares at March 27, 2021 | 32,306 | 32,736 | |
Accumulated deficit | (30,981) | (32,044) | |
Total shareholders’ equity | 4,247 | 3,527 | |
Total liabilities and shareholders’ equity | 7,847 | 8,211 | |
Series A Preferred Stock [Member] | |||
Shareholders’ equity: | |||
Preferred stock | 0 | 0 | |
Series B, C, and D Preferred Stock [Member] | |||
Shareholders’ equity: | |||
Preferred stock | 2,745 | 2,745 | |
Series E Preferred Stock [Member] | |||
Shareholders’ equity: | |||
Preferred stock | $ 177 | $ 90 | |
[1] | Derived from the audited financial statements as of and for the fiscal year ended March 27, 2021. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Mar. 27, 2021 | [1] | Jun. 26, 2020 |
Trade accounts receivable, allowance | $ 3,000 | $ 3,000 | |
Preferred stock, no 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) | 2,635,856 | 2,725,010 | |
Common stock, outstanding (in shares) | 2,635,856 | 2,725,010 | |
Series A Preferred Stock [Member] | |||
Preferred stock, authorized (in shares) | 250,000 | 250,000 | |
Preferred stock, issued (in shares) | 0 | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 | |
Series B, C, and D Preferred Stock [Member] | |||
Preferred stock, authorized (in shares) | 19,500 | 19,500 | |
Preferred stock, issued (in shares) | 17,782 | 17,782 | |
Preferred stock, outstanding (in shares) | 17,782 | 17,782 | |
Preferred stock, liquidation preference | $ 3,367,000 | $ 3,367,000 | |
Series E Preferred Stock [Member] | |||
Preferred stock, authorized (in shares) | 100,000 | 100,000 | |
Preferred stock, issued (in shares) | 100,000 | 5,700 | |
Preferred stock, outstanding (in shares) | 9,200 | 5,700 | |
Preferred stock, liquidation preference | $ 345,000 | $ 214,000 | |
[1] | Derived from the audited financial statements as of and for the fiscal year ended March 27, 2021. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Revenue | $ 2,050 | $ 3,548 |
Cost of revenue | 1,250 | 2,034 |
Gross profit | 800 | 1,514 |
Operating expenses: | ||
Engineering | 402 | 437 |
Selling, general and administrative | 1,098 | 969 |
Total operating expenses | 1,500 | 1,406 |
Operating income (loss) | (700) | 108 |
Interest expense, net and other: | ||
Other expense, net | (111) | 0 |
Interest expense, net | (3) | (33) |
Income (loss) before income taxes | (814) | 75 |
Provision for income taxes | 0 | 0 |
Net income (loss) | (814) | 75 |
Deemed dividend on Series E preferred stock | (3) | (3) |
Cumulative dividends on converted Series E preferred stock | (43) | 0 |
Net income (loss) attributable to common shareholders | $ (860) | $ 72 |
Income (loss) per common share – basic (in dollars per share) | $ (0.32) | $ 0.03 |
Income (loss) per common share – diluted (in dollars per share) | $ (0.32) | $ 0.03 |
Weighted average common shares used in per share calculation: | ||
Basic (in shares) | 2,725 | 2,636 |
Diluted (in shares) | 2,725 | 2,826 |
Product [Member] | ||
Revenue | $ 51 | $ 1,109 |
Service [Member] | ||
Revenue | $ 1,999 | $ 2,439 |
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. 28, 2020 | 26,982 | 2,635,856 | |||
Balance at Mar. 28, 2020 | $ 2,922 | $ 31,952 | $ (30,574) | $ 4,300 | |
Net income (loss) | 0 | 0 | 72 | 72 | |
Stock based compensation | $ 0 | $ 76 | 0 | 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 | |
Balance (in shares) at Mar. 27, 2021 | 26,982 | 2,635,856 | |||
Balance at Mar. 27, 2021 | $ 2,922 | $ 32,306 | (30,981) | 4,247 | [1] |
Net income (loss) | 0 | 0 | (860) | (860) | |
Stock based compensation | $ 0 | $ 155 | 0 | 155 | |
Restricted stock granted (in shares) | 0 | 18,000 | |||
Restricted stock granted | $ 0 | $ 0 | 0 | 0 | |
Restricted stock forfeited (in shares) | 0 | (10,000) | |||
Restricted stock forfeited | $ 0 | $ 0 | 0 | 0 | |
Deemed dividend in connection with prefunded warrants issuance | $ 0 | $ 0 | (203) | (203) | |
Common stock issuance, net of offering costs (in shares) | 0 | 46,154 | |||
Common stock issuance, net of offering costs | $ 0 | $ 145 | 0 | 145 | |
Conversion of Series E preferred stock to common stock (in shares) | (3,500) | 35,000 | |||
Conversion of Series E preferred stock to common stock | $ (87) | $ 130 | 0 | 43 | |
Balance (in shares) at Jun. 26, 2021 | 23,482 | 2,725,010 | |||
Balance at Jun. 26, 2021 | $ 2,835 | $ 32,736 | $ (32,044) | $ 3,527 | |
[1] | Derived from the audited financial statements as of and for the fiscal year ended March 27, 2021. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (860,000) | $ 72,000 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 52,000 | 68,000 |
Stock based compensation | 155,000 | 76,000 |
Cumulative dividends on Series E preferred stock | 43,000 | 0 |
Gain on remeasurement of prefunded warrants liability | (46,000) | 0 |
Finance costs for issuance of prefunded warrants | 157,000 | 0 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 407,000 | (176,000) |
Inventories | (829,000) | 231,000 |
Prepaid expenses | 37,000 | (1,527,000) |
Unbilled receivable | 179,000 | 684,000 |
Right-of-use asset | 84,000 | 77,000 |
Accounts payable | (245,000) | (42,000) |
Accrued payroll and benefits | 77,000 | 128,000 |
Deferred revenue | 96,000 | (12,000) |
Accrued interest | 10,000 | (1,000) |
Other current and non-current liabilities | (16,000) | (17,000) |
Net cash used in operating activities | (699,000) | (439,000) |
Cash flows from financing activities: | ||
Payments on leases | (107,000) | (110,000) |
Repayments of borrowings | (1,008,000) | (597,000) |
Proceeds from loan payable, net of issuance costs | 620,000 | 1,131,000 |
Proceeds from issuance of stock, net of issuance costs | 145,000 | 0 |
Proceeds from issuance of prefunded warrants | 1,500,000 | 0 |
Finance costs from issuance of prefunded warrants | (157,000) | 0 |
Net cash provided by financing activities | 993,000 | 424,000 |
Increase (decrease) in cash | 294,000 | (15,000) |
Beginning cash | 736,000 | 657,000 |
Ending cash | 1,030,000 | 642,000 |
Supplementary disclosure of cash flow information: | ||
Cash paid for interest | 3,000 | 38,000 |
Prefunded Warrant Dividends [Member] | ||
Supplementary disclosure of non-cash activities: | ||
Deemed dividend on common shares | 203,000 | 0 |
Series E Preferred Stock Dividends [Member] | ||
Supplementary disclosure of non-cash activities: | ||
Deemed dividend on common shares | $ 43,000 | $ 0 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Organization and Significant Accounting Policies The condensed consolidated financial statements included herein have been prepared by Giga-tronics Incorporated (“Giga-tronics,” “Company,” “us” or “we”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated results of operations for the interim periods shown in this report are not 10 March 27, 2021 three June 26, 2021, no 10 March 27, 2021. On December 12, 2019, one Principles of Consolidation Use of Estimates |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2. Inventories Inventories are comprised of the following: Category (Dollars in thousands) June 26, 2021 March 27, 2021 Raw materials $ 1,576 $ 946 Work-in-progress 2,621 2,418 Finished goods 125 129 Demonstration inventory 82 108 Total $ 4,404 $ 3,601 |
Note 3 - Financed Receivables
Note 3 - Financed Receivables | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 3. Financed Receivables On March 11, 2019, Under the Restated Financing Agreement, Western Alliance Bank may Under the Restated Financing Agreement, interest accrues on outstanding amounts at an annual rate equal to the greater of prime or 4.5% plus one percent. The Company is required to pay certain fees, including an annual facility fee of $14,700 that is paid in two no may During the first 2022, first 2021, June 26, 2021 March 27, 2021, |
Note 4 - Term Loan
Note 4 - Term Loan | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 4. Term Loan On April 27, 2017, April 28, 2017 ( As of June 26, 2021 March 27, 2021, zero |
Note 5 - Paycheck Protection Pr
Note 5 - Paycheck Protection Program Under the Cares Act | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Paycheck Protection Program CARES Act [Text Block] | Note 5. Paycheck Protection Program under the CARES Act On April 23, 2020, 470, April 23, 2022 1.0% On November 19, 2020, |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 6. Leases Operating leases Building - April 1, 2017 August 31, 2023. 77 twelve five Per the terms of the Company’s lease agreements, the Company does not not not Lease costs For the three Description (Dollars in thousands) Classification June 26, 2021 Operating lease costs Operating expenses $ 133 Other information: Three month period ended June 26, 2021 Operating leases Operating cash used for leases $ 150 Future lease payments as of June 26, 2021, Description (Dollars in thousands) Operating leases 2022 (remaining 9 months) $ 377 2023 515 2024 209 Total future minimum lease payments 1,101 Less: imputed interest (108 ) Present value of lease liabilities $ 993 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurement | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7. Fair Value Measurement ASC 820 820 820 1 2 three 1 3 The three 820 • Level 1 1 • Level 2 2 • Level 3 no In determining the fair value of warrants, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Upon issuance on April 27, 2021 June 26, 2021 8. The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement on a recurring basis are as follows: Level 1 Level 2 Level 3 Total Balance at March 27, 2021 Liabilities Prefunded warrants liability $ — $ — $ — $ — Balance at June 26, 2021 Liabilities Prefunded warrants liability $ — $ — $ 1,657 $ 1,657 During the three June 26, 2021 March 27, 2021, no 1, 2, 3 not The fair value measurement of the prefunded warrants has been determined considering its intrinsic value because of the de-minimis exercise price of $0.01 per share. The Company’s common stock fair value is a significant Level 3 Prefunded warrants liability Balance at March 27, 2021 $ Initial fair value of prefunded warrants issued in April 2021 1,703 Gain on remeasurement of prefunded warrants liability (46 ) Balance at June 26, 2021 $ 1,657 There were no assets measured at fair value on a recurring basis and there were no assets measured at fair value on a non-recurring basis at June 26, 2021 March 27, 2021. March 27, 2021. |
Note 8 - Sales of Common Stock
Note 8 - Sales of Common Stock and Prefunded Warrants | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 8. Sales of Common Stock and Prefunded Warrants On April 27, 2021, The Prefunded Warrants are immediately exercisable and may not not 30 five first 2022. Pursuant to the terms of the Purchase Agreement, and as a condition to closing the private placement, the Company and each Investor simultaneously entered into a registration rights agreement (“Registration Rights Agreement”) requiring the Company to file a registration statement with the SEC within 45 On April 27, 2021, April 27, 2026. not On June 6, 2021, June 6, 2021. 14. |
Note 9 - Income (Loss) Per Shar
Note 9 - Income (Loss) Per Share | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9. Income (Loss) Per Share Basic income (loss) per share is calculated by dividing net income (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 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 26, 2021 June 27, 2020 (In thousands except per share data) Three Months Ended June 26, 2021 June 27, 2020 Net income (loss) $ (860 ) $ 72 Weighted average basic shares outstanding 2,725 2,636 Effect of dilutive securities — 190 Weighted-average dilutive shares 2,725 2,826 Basic earnings per share $ (0.32 ) $ 0.03 Diluted earnings per share $ (0.32 ) $ 0.03 There were no dilutive securities in the three June 26, 2021 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation and Employee Benefits Plans | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 10. Stock-based Compensation and Employee Benefit Plans The Company maintains the 2018 2018 2005 2005 During the first 2022, four first 2022 first 2021, not may not may June 26, 2021 March 27, 2021, As of June 26, 2021, 2018 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: Description Three Months Ended June 26, 2021 June 27, 2020 Dividend yield — — Expected volatility 107 % — Risk-free interest rate 0.82 % — Expected term (years) 5.50 — 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 26, 2021 Description Shares Weighted Average Price per share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at March 27, 2021 374,808 5.00 7.90 $ — Granted 18,000 3.28 9.72 — Forfeited / Expired (15,228 ) 4.05 — — Outstanding at June 26, 2021 377,580 $ 4.90 $ 7.76 $ — Exercisable at June 26, 2021 157,169 $ 6.37 $ 6.09 $ — As of June 26, 2021, June 26, 2021 June 27, 2020. June 26, 2021 June 27, 2020 three June 26, 2021 June 27, 2020. three June 26, 2021 June 27, 2020 Restricted Stock The Company granted 18,000 restricted stock awards (“RSAs”) during the first 2022 first 2021. As of June 26, 2021, three June 26, 2021 June 27, 2020 A summary of the changes in non-vested RSAs outstanding for the three June 26, 2021 Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Non-Vested at March 27, 2021 — $ — Granted 18,000 $ 4.12 Vested (3,000 ) $ 4.12 Non-Vested at June 26, 2021 15,000 $ 4.12 |
Note 11 - Significant Customer
Note 11 - Significant Customer and Industry Segment Information | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11. Significant Customer and Industry Segment Information The Company has two reportable segments, Microsource and the Giga-tronics Division. Microsource’s primary business is the design of custom Microwave Integrated Components (“MIC”) as well as the production of MIC components using chip and wire assembly methods. Microsource offers a line of tunable, synthesized Band Reject Filters for solving interference problems in RADAR and Electronic Warfare ("RADAR/EW") applications. Self-protection systems onboard high-performance military aircraft often require RADAR filters to block electromagnetic interference generated by other onboard electronic systems, primarily from the aircraft’s main RADAR system. These high-speed, tunable notch filters can quickly block interference from both continuous wave and wide bandwidth emissions. Using proprietary driver and phase lock technology, these filters offer tuning speeds that are up to ten two The Giga-tronics Division designs, manufactures and markets a family of functional test products for the 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 Period Ended June 26, 2021 Description (Dollars in thousands) Giga-tronics Division Microsource Total Revenue $ 51 $ 1,999 $ 2,050 Interest expense, net $ (3 ) $ — $ (3 ) Depreciation and amortization $ 52 $ — $ 52 Income (loss) before income taxes $ (824 ) $ 10 $ (814 ) Assets $ 5,640 $ 2,571 $ 8,211 Three Month Period Ended June 27, 2020 Description (Dollars in thousands) Giga-tronics Division Microsource Total Revenue $ 1,109 $ 2,439 $ 3,548 Interest expense, net $ (33 ) $ — $ (33 ) Depreciation and amortization $ 68 $ — $ 68 Income (loss) before income taxes $ (130 ) $ 205 $ 75 Assets $ 6,319 $ 3,235 $ 9,554 During the first 2022, second first 2021, second |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12. Income Taxes The Company accounts for income taxes using the asset and liability method as codified in Topic 740. The Company recorded no income tax expense for the three June 26, 2021 June 27, 2020. three June 26, 2021 June 27, 2020 As of June 26, 2021, not 12 |
Note 13 - Warranty Obligations
Note 13 - Warranty Obligations | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | Note 13. Warranty Obligations The Company records a liability in cost of revenue 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 Warranty Obligations (Dollars in thousands) Three Months Ended June 26, 2021 June 27, 2020 Balance at beginning of period $ 51 $ 34 Provision, net 17 3 Warranty costs incurred (21 ) — Balance at end of period $ 47 $ 37 |
Note 14 - Preferred Stock and W
Note 14 - Preferred Stock and Warrants | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | Note 14. P Series E Senior Convertible Voting Perpetual Preferred Stock On March 26, 2018, 15 2019 Holders of Series E Shares are entitled to receive, when 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% of the initial purchase price of $25.00 per share or in-kind (at the Company’s election) through the issuance of shares of the Company’s common stock, based on the 10 Series E Exchange The Company completed a private exchange offer on November 7, 2019, 3 9 1933 may During the three June 26, 2021, June 26, 2021. 8. The table below presents Preferred Stock information as of June 26, 2021 March 27, 2021: Preferred Stock Designated Shares Shares Liquidation As of June 26, 2021 Shares Issued Outstanding Preference Series B 10,000 9,997 9,245 $ 2,136 Series C 3,500 3,425 3,425 500 Series D 6,000 5,112 5,112 731 Series E 100,000 100,000 5,700 214 Total at June 26, 2021 119,500 118,534 23,482 $ 3,581 Preferred Stock Designated Shares Shares Liquidation As of March 27, 2021 Shares Issued Outstanding Preference Series B 10,000 9,997 9,245 $ 2,136 Series C 3,500 3,425 3,425 500 Series D 6,000 5,112 5,112 731 Series E 100,000 100,000 9,200 345 Total at March 27, 2021 119,500 118,534 26,982 $ 3,712 |
Note 15 - COVID-19 (Coronavirus
Note 15 - COVID-19 (Coronavirus) | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | Note 15. COVID- 19 On January 30, 2020, 19” March 2020 March 2020, 19 19 March 2020, The COVID- 19 19 not |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Jun. 26, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 16. Subsequent Events On July 28, 2021, no 480, 815, not July 28, 2021 8. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 26, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Category (Dollars in thousands) June 26, 2021 March 27, 2021 Raw materials $ 1,576 $ 946 Work-in-progress 2,621 2,418 Finished goods 125 129 Demonstration inventory 82 108 Total $ 4,404 $ 3,601 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Description (Dollars in thousands) Classification June 26, 2021 Operating lease costs Operating expenses $ 133 |
Leases, Other Information [Table Text Block] | Three month period ended June 26, 2021 Operating leases Operating cash used for leases $ 150 |
Finance and Operating Leases, Liability, Maturity [Table Text Block] | Description (Dollars in thousands) Operating leases 2022 (remaining 9 months) $ 377 2023 515 2024 209 Total future minimum lease payments 1,101 Less: imputed interest (108 ) Present value of lease liabilities $ 993 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurement (Tables) | 3 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Total Balance at March 27, 2021 Liabilities Prefunded warrants liability $ — $ — $ — $ — Balance at June 26, 2021 Liabilities Prefunded warrants liability $ — $ — $ 1,657 $ 1,657 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Prefunded warrants liability Balance at March 27, 2021 $ Initial fair value of prefunded warrants issued in April 2021 1,703 Gain on remeasurement of prefunded warrants liability (46 ) Balance at June 26, 2021 $ 1,657 |
Note 9 - Income (Loss) Per Sh_2
Note 9 - Income (Loss) Per Share (Tables) | 3 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (In thousands except per share data) Three Months Ended June 26, 2021 June 27, 2020 Net income (loss) $ (860 ) $ 72 Weighted average basic shares outstanding 2,725 2,636 Effect of dilutive securities — 190 Weighted-average dilutive shares 2,725 2,826 Basic earnings per share $ (0.32 ) $ 0.03 Diluted earnings per share $ (0.32 ) $ 0.03 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation and Employee Benefits Plans (Tables) | 3 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Description Three Months Ended June 26, 2021 June 27, 2020 Dividend yield — — Expected volatility 107 % — Risk-free interest rate 0.82 % — Expected term (years) 5.50 — |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Description Shares Weighted Average Price per share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at March 27, 2021 374,808 5.00 7.90 $ — Granted 18,000 3.28 9.72 — Forfeited / Expired (15,228 ) 4.05 — — Outstanding at June 26, 2021 377,580 $ 4.90 $ 7.76 $ — Exercisable at June 26, 2021 157,169 $ 6.37 $ 6.09 $ — |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Non-Vested at March 27, 2021 — $ — Granted 18,000 $ 4.12 Vested (3,000 ) $ 4.12 Non-Vested at June 26, 2021 15,000 $ 4.12 |
Note 11 - Significant Custome_2
Note 11 - Significant Customer and Industry Segment Information (Tables) | 3 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Month Period Ended June 26, 2021 Description (Dollars in thousands) Giga-tronics Division Microsource Total Revenue $ 51 $ 1,999 $ 2,050 Interest expense, net $ (3 ) $ — $ (3 ) Depreciation and amortization $ 52 $ — $ 52 Income (loss) before income taxes $ (824 ) $ 10 $ (814 ) Assets $ 5,640 $ 2,571 $ 8,211 Three Month Period Ended June 27, 2020 Description (Dollars in thousands) Giga-tronics Division Microsource Total Revenue $ 1,109 $ 2,439 $ 3,548 Interest expense, net $ (33 ) $ — $ (33 ) Depreciation and amortization $ 68 $ — $ 68 Income (loss) before income taxes $ (130 ) $ 205 $ 75 Assets $ 6,319 $ 3,235 $ 9,554 |
Note 13 - Warranty Obligations
Note 13 - Warranty Obligations (Tables) | 3 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Warranty Obligations (Dollars in thousands) Three Months Ended June 26, 2021 June 27, 2020 Balance at beginning of period $ 51 $ 34 Provision, net 17 3 Warranty costs incurred (21 ) — Balance at end of period $ 47 $ 37 |
Note 14 - Preferred Stock and_2
Note 14 - Preferred Stock and Warrants (Tables) | 3 Months Ended |
Jun. 26, 2021 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Preferred Stock Designated Shares Shares Liquidation As of June 26, 2021 Shares Issued Outstanding Preference Series B 10,000 9,997 9,245 $ 2,136 Series C 3,500 3,425 3,425 500 Series D 6,000 5,112 5,112 731 Series E 100,000 100,000 5,700 214 Total at June 26, 2021 119,500 118,534 23,482 $ 3,581 Preferred Stock Designated Shares Shares Liquidation As of March 27, 2021 Shares Issued Outstanding Preference Series B 10,000 9,997 9,245 $ 2,136 Series C 3,500 3,425 3,425 500 Series D 6,000 5,112 5,112 731 Series E 100,000 100,000 9,200 345 Total at March 27, 2021 119,500 118,534 26,982 $ 3,712 |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Dec. 12, 2019 |
Reverse Stock Split [Member] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Jun. 26, 2021 | Mar. 27, 2021 | Jun. 26, 2020 | |
Raw materials | $ 1,576 | $ 946 | ||
Work-in-progress | 2,621 | 2,418 | ||
Finished goods | 125 | 129 | ||
Demonstration inventory | 82 | 108 | ||
Total | $ 4,404 | $ 3,601 | [1] | $ 4,404 |
[1] | Derived from the audited financial statements as of and for the fiscal year ended March 27, 2021. |
Note 3 - Financed Receivables (
Note 3 - Financed Receivables (Details Textual) - Restated Financing Agreement [Member] - USD ($) | Mar. 11, 2019 | Jun. 26, 2021 | Jun. 27, 2020 | Mar. 27, 2021 |
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 | |||
Proceeds from Lines of Credit, Total | $ 620,000 | $ 344,000 | ||
Repayments of Lines of Credit | 1,000,000 | $ 424,000 | ||
Long-term Line of Credit, Total | $ 295,246 | $ 683,382 |
Note 4 - Term Loan (Details Tex
Note 4 - Term Loan (Details Textual) - PFG Loan [Member] - USD ($) $ in Thousands | Jun. 26, 2021 | Mar. 27, 2021 | Apr. 27, 2017 |
Debt Instrument, Face Amount | $ 1,500 | ||
Long-term Debt, Total | $ 0 | $ 0 |
Note 5 - Paycheck Protection _2
Note 5 - Paycheck Protection Program Under the Cares Act (Details Textual) - USD ($) | Apr. 23, 2020 | Jun. 26, 2021 | Jun. 27, 2020 |
Proceeds from Issuance of Long-term Debt, Total | $ 620,000 | $ 1,131,000 | |
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 ($) | Jun. 26, 2021USD ($) |
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 1,101,000 | |
Dublin, CA [Member] | ||
Lessee, Operating Lease, Term of Contract (Month) | 77 months | |
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) | 5 months | |
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. 26, 2021USD ($) | |
Operating lease costs | $ 133 |
Note 6 - Leases - Other Informa
Note 6 - Leases - Other Information (Details) $ in Thousands | 3 Months Ended |
Jun. 26, 2021USD ($) | |
Operating cash used for leases | $ 150 |
Note 6 - Leases - Future Lease
Note 6 - Leases - Future Lease Payments (Details) $ in Thousands | Jun. 26, 2021USD ($) |
2022 (remaining 9 months) | $ 377 |
2023 | 515 |
2024 | 209 |
Total future minimum lease payments | 1,101 |
Less: imputed interest | (108) |
Present value of lease liabilities | $ 993 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurement (Details Textual) $ in Thousands | Jun. 26, 2021USD ($) | Apr. 27, 2021 | Mar. 27, 2021USD ($) |
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||
Fair Value, Nonrecurring [Member] | |||
Assets, Fair Value Disclosure | $ 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | ||
Measurement Input, Exercise Price [Member] | Prefunded Warrants [Member] | |||
Derivative Liability, Measurement Input | 0.01 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurement - Fair Value Measurement on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 26, 2021 | Mar. 27, 2021 |
Prefunded warrants liability | $ 1,657 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Prefunded warrants liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Prefunded warrants liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Prefunded warrants liability | $ 1,657 | $ 0 |
Note 7 - Fair Value Measureme_5
Note 7 - Fair Value Measurement - Level 3 Input Valuation of Warrants (Details) - Fair Value, Inputs, Level 3 [Member] - Warrant Liability [Member] $ in Thousands | 3 Months Ended |
Jun. 26, 2021USD ($) | |
Balance at March 27, 2021 | $ 0 |
Initial fair value of prefunded warrants issued in April 2021 | 1,703 |
Gain on remeasurement of prefunded warrants liability | (46) |
Balance at June 26, 2021 | $ 1,657 |
Note 8 - Sales of Common Stoc_2
Note 8 - Sales of Common Stock and Prefunded Warrants (Details Textual) - USD ($) | Jun. 06, 2021 | Apr. 27, 2021 | Nov. 07, 2019 | Jun. 26, 2021 | Jun. 27, 2020 |
Proceeds from Issuance of Warrants | $ 1,500,000 | $ 0 | |||
Dividends, Common Stock, Total | 203,000 | ||||
Warrant Issuance Cost | 157,000 | 0 | |||
Fair Value Adjustment of Warrants | (46,000) | 0 | |||
Stock Issued During Period, Shares, New Issues (in shares) | 46,154 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.25 | ||||
Proceeds from Issuance of Common Stock | $ 150,000 | $ 145,000 | $ 0 | ||
Proceeds from Issuance of Common Stock, Net | $ 145,000 | ||||
Conversion of Series E Preferred Stock into Common Stock [Member] | |||||
Conversion of Stock, Shares Converted (in shares) | 3,500 | 88,600 | 3,500 | ||
Prefunded Warrants [Member] | Measurement Input, Exercise Price [Member] | Minimum [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.01 | ||||
Private Placement [Member] | Prefunded Warrants [Member] | |||||
Class of Warrant or Right, Number of Warrants Issued (in shares) | 461,538 | ||||
Proceeds from Issuance of Warrants | $ 1,500,000 | ||||
Class of Warrant or Right, Price Per Warrant (in dollars per share) | $ 3.25 | ||||
Proceeds from Issuance of Warrants, Net | $ 1,343,000 | ||||
Class of Warrant or Right, Maximum Common Stock Ownership Percentage After The Exercise | 9.99% | ||||
Derivative Liability, Total | $ 1,703,000 | ||||
Dividends, Common Stock, Total | 203,000 | ||||
Warrant Issuance Cost | $ 157,000 | ||||
Fair Value Adjustment of Warrants | $ (46,000) | ||||
Private Placement [Member] | Placement Agent Warrants [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 3.575 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 23,076 |
Note 9 - Income (Loss) Per Sh_3
Note 9 - Income (Loss) Per Share (Details Textual) shares in Thousands | 3 Months Ended |
Jun. 26, 2021shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 |
Note 9 - Income (Loss) Per Sh_4
Note 9 - Income (Loss) Per Share - Shares Included in Diluted EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Net income (loss) | $ (860) | $ 72 |
Weighted average basic shares outstanding (in shares) | 2,725 | 2,636 |
Effect of dilutive securities (in shares) | 0 | 190 |
Weighted-average dilutive shares (in shares) | 2,725 | 2,826 |
Basic earnings per share (in dollars per share) | $ (0.32) | $ 0.03 |
Diluted earnings per share (in dollars per share) | $ (0.32) | $ 0.03 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation and Employee Benefits Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | Mar. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 18,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 19,661 | 24,693 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 76,771 | $ 105,124 | |
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 | $ 393,602 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 5 months 4 days | ||
Share-based Payment Arrangement, Expense | $ 129,000 | $ 68,000 | |
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 | 0 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 18,000 | 0 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 40,334 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 9 months | ||
Share-based Payment Arrangement, Expense | $ 26,000 | $ 8,000 | |
The 2018 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 416,667 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 123,167 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 18,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | $ 58,974 | ||
The 2018 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [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, 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 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation and Employee Benefits Plans - Weighted Average Assumptions (Details) | 3 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 107.00% | 0.00% |
Risk-free interest rate | 0.82% | 0.00% |
Expected term (Year) | 5 years 6 months |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation and Employee Benefits Plans - Changes in Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 26, 2021 | Mar. 27, 2021 | |
Outstanding, Shares (in shares) | 374,808 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 5 | |
Outstanding, Weighted average remaining contractual terms (Year) | 7 years 9 months 3 days | 7 years 10 months 24 days |
Outstanding | $ 0 | $ 0 |
Granted, Shares (in shares) | 18,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.28 | |
Granted, Weighted average remaining contractual terms (Year) | 9 years 8 months 19 days | |
Forfeited / Expired, Shares (in shares) | (15,228) | |
Forfeited / Expired, weighted average exercise price (in dollars per share) | $ 4.05 | |
Outstanding, Shares (in shares) | 377,580 | 374,808 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.90 | $ 5 |
Exercisable, Shares (in shares) | 157,169 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 6.37 | |
Exercisable, Weighted average remaining contractual terms (Year) | 6 years 1 month 2 days | |
Exercisable | $ 0 |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation and Employee Benefits Plans - Changes in Nonvested Restricted Stock Awards Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Non-Vested, Shares (in shares) | 0 | |
Non-vested, Weighted average fair value (in dollars per share) | $ 0 | |
Granted, Shares (in shares) | 18,000 | 0 |
Granted, Weighted average fair value (in dollars per share) | $ 4.12 | |
Vested, Shares (in shares) | (3,000) | |
Vested, Weighted average fair value (in dollars per share) | $ 4.12 | |
Non-Vested, Shares (in shares) | 15,000 | |
Non-vested, Weighted average fair value (in dollars per share) | $ 4.12 |
Note 11 - Significant Custome_3
Note 11 - Significant Customer and Industry Segment Information (Details Textual) | 3 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Number of Reportable Segments | 2 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Microsource [Member] | ||
Number of Major Customers | 1 | 1 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Microsource [Member] | Customer One [Member] | ||
Concentration Risk, Percentage | 85.00% | 54.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Microsource [Member] | Customer Two [Member] | ||
Concentration Risk, Percentage | 14.00% | 28.00% |
Note 11 - Significant Custome_4
Note 11 - Significant Customer and Industry Segment Information - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 26, 2021 | Jun. 27, 2020 | Mar. 27, 2021 | [1] | Jun. 26, 2020 | |
Revenue | $ 2,050 | $ 3,548 | |||
Interest expense, net | (3) | (33) | |||
Depreciation and amortization | 52 | 68 | |||
Income (loss) before income taxes | (814) | 75 | |||
Assets | 8,211 | 9,554 | $ 7,847 | $ 8,211 | |
Gigatronics Division [Member] | |||||
Revenue | 51 | 1,109 | |||
Interest expense, net | (3) | (33) | |||
Depreciation and amortization | 52 | 68 | |||
Income (loss) before income taxes | (824) | (130) | |||
Assets | 5,640 | 6,319 | |||
Microsource [Member] | |||||
Revenue | 1,999 | 2,439 | |||
Interest expense, net | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | |||
Income (loss) before income taxes | 10 | 205 | |||
Assets | $ 2,571 | $ 3,235 | |||
[1] | Derived from the audited financial statements as of and for the fiscal year ended March 27, 2021. |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) Pure in Thousands | 3 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% |
Unrecognized Tax Benefits, Ending Balance | $ 52,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 |
Note 13 - Warranty Obligation_2
Note 13 - Warranty Obligations - Reconciliation of Company's Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 26, 2021 | Jun. 27, 2020 | |
Balance at beginning of period | $ 51 | $ 34 |
Provision, net | 17 | 3 |
Warranty costs incurred | (21) | 0 |
Balance at end of period | $ 47 | $ 37 |
Note 14 - Preferred Stock and_3
Note 14 - Preferred Stock and Warrants (Details Textual) - USD ($) | Jun. 06, 2021 | Nov. 07, 2019 | Mar. 26, 2018 | Jun. 26, 2021 | Mar. 30, 2019 | Mar. 27, 2021 | [1] | Jun. 26, 2020 |
Stock Issued During Period, Shares, New Issues (in shares) | 46,154 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 3.25 | |||||||
Conversion of Series E Preferred Stock into Common Stock [Member] | ||||||||
Conversion of Stock, Shares Issued (in shares) | 896,636 | 35,000 | ||||||
Conversion of Stock, Shares Converted (in shares) | 3,500 | 88,600 | 3,500 | |||||
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% | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,100,000 | $ 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) | $ 25 | |||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 5,700 | 9,200 | 5,700 | |||||
Preferred Stock, Liquidation Preference, Value | $ 214,000 | $ 345,000 | $ 214,000 | |||||
[1] | Derived from the audited financial statements as of and for the fiscal year ended March 27, 2021. |
Note 14 - Preferred Stock and_4
Note 14 - Preferred Stock and Warrants - Preferred Stock Information (Details) - USD ($) | Jun. 26, 2021 | Mar. 27, 2021 | Jun. 26, 2020 | |
Designated shares (in shares) | 1,000,000 | [1] | 1,000,000 | |
Series B Preferred Stock [Member] | ||||
Designated shares (in shares) | 10,000 | 10,000 | ||
Shares issued (in shares) | 9,997 | 9,997 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 9,245 | 9,245 | ||
Preferred Stock, Liquidation Preference, Value | $ 2,136,000 | $ 2,136,000 | ||
Series C Preferred Stock [Member] | ||||
Designated shares (in shares) | 3,500 | 3,500 | ||
Shares issued (in shares) | 3,425 | 3,425 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 3,425 | 3,425 | ||
Preferred Stock, Liquidation Preference, Value | $ 500,000 | $ 500,000 | ||
Series D Preferred Stock [Member] | ||||
Designated shares (in shares) | 6,000 | 6,000 | ||
Shares issued (in shares) | 5,112 | 5,112 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 5,112 | 5,112 | ||
Preferred Stock, Liquidation Preference, Value | $ 731,000 | $ 731,000 | ||
Series E Preferred Stock [Member] | ||||
Designated shares (in shares) | 100,000 | 100,000 | [1] | 100,000 |
Shares issued (in shares) | 100,000 | 100,000 | [1] | 5,700 |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 5,700 | 9,200 | [1] | 5,700 |
Preferred Stock, Liquidation Preference, Value | $ 214,000 | $ 345,000 | [1] | $ 214,000 |
Series B, C, D, and E Preferred Stock [Member] | ||||
Designated shares (in shares) | 119,500 | 119,500 | ||
Shares issued (in shares) | 118,534 | 118,534 | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 23,482 | 26,982 | ||
Preferred Stock, Liquidation Preference, Value | $ 3,581,000 | $ 3,712,000 | ||
[1] | Derived from the audited financial statements as of and for the fiscal year ended March 27, 2021. |