Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 19, 2014 | Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'CYANOTECH CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--03-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 5,488,038 | ' |
Entity Public Float | ' | ' | $32,034,666 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000768408 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $4,312 | $4,364 |
Accounts receivable, net of allowance for doubtful accounts of $6 in 2014 and $6 in 2013 | 3,347 | 3,766 |
Inventories, net | 4,876 | 3,688 |
Deferred tax assets | 216 | 110 |
Prepaid expenses and other current assets | 339 | 263 |
Total current assets | 13,090 | 12,191 |
Equipment and leasehold improvements, net | 11,826 | 8,835 |
Restricted cash | 1,368 | 3,360 |
Deferred tax assets | 3,124 | 3,429 |
Other assets | 902 | 772 |
Total assets | 30,310 | 28,587 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 204 | 128 |
Customer deposits | 30 | 33 |
Accounts payable | 3,184 | 1,852 |
Accrued expenses | 774 | 872 |
Total current liabilities | 4,192 | 2,885 |
Long-term debt, less current maturities | 5,263 | 5,454 |
Deferred rent | 8 | 21 |
Total liabilities | 9,463 | 8,360 |
Stockholders’ equity: | ' | ' |
Common stock of $0.02 par value, authorized 50,000,000 shares; issued and outstanding 5,488,038 shares at March 31, 2014 and 5,463,938 shares at March 31, 2013 | 110 | 109 |
Additional paid-in capital | 29,891 | 29,077 |
Accumulated deficit | -9,154 | -8,959 |
Total stockholders’ equity | 20,847 | 20,227 |
Total liabilities and stockholders’ equity | $30,310 | $28,587 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, net of allowance for doubtful accounts (in Dollars) | $6 | $6 |
Common stock, par value (in Dollars per share) | $0.02 | $0.02 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,488,038 | 5,463,938 |
Common stock, shares outstanding | 5,488,038 | 5,463,938 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Net sales | $28,905,000 | [1] | $27,581,000 | [1] | $24,631,000 | [1] |
Cost of sales | 17,341,000 | 16,623,000 | 14,857,000 | |||
Gross profit | 11,564,000 | 10,958,000 | 9,774,000 | |||
Operating expenses: | ' | ' | ' | |||
General and administrative | 6,415,000 | 4,680,000 | 4,014,000 | |||
Sales and marketing | 4,469,000 | 3,675,000 | 2,480,000 | |||
Research and development | 469,000 | 258,000 | 320,000 | |||
Loss on disposal of equipment and leasehold improvements | 46,000 | 46,000 | 57,000 | |||
Total operating expense | 11,399,000 | 8,659,000 | 6,871,000 | |||
Income from operations | 165,000 | 2,299,000 | 2,903,000 | |||
Other income (expense): | ' | ' | ' | |||
Loss on extinguishment of debt | ' | -51,000 | ' | |||
Interest expense, net | -118,000 | -60,000 | -55,000 | |||
Other income, net | ' | ' | 5,000 | |||
Total other expense, net | -118,000 | -111,000 | -50,000 | |||
Income before income tax (expense) benefit | 47,000 | 2,188,000 | 2,853,000 | |||
Income tax (expense) benefit | -242,000 | 2,021,000 | 779,000 | |||
Net income (loss) | ($195,000) | $4,209,000 | $3,632,000 | |||
Net income (loss) per share: | ' | ' | ' | |||
Basic (in Dollars per share) | ($0.04) | $0.77 | $0.67 | |||
Diluted (in Dollars per share) | ($0.03) | $0.74 | $0.66 | |||
Shares used in calculation of net income (loss) per share: | ' | ' | ' | |||
Basic (in Shares) | 5,478 | 5,455 | 5,414 | |||
Diluted (in Shares) | 5,661 | 5,655 | 5,534 | |||
[1] | Net sales are attributed to countries based on location of customer. |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | ||||
Balance at at Mar. 31, 2011 | $108 | $27,803 | ($16,800) | $11,111 |
Balance at (in Shares) at Mar. 31, 2011 | 5,395,168 | ' | ' | ' |
Issuances of common stock for Director Stock Grants | ' | 30 | ' | 30 |
Issuances of common stock for Director Stock Grants (in Shares) | 8,000 | ' | ' | ' |
Issuance of common stock for exercise of stock options for cash | 1 | 68 | ' | 69 |
Issuance of common stock for exercise of stock options for cash (in Shares) | 37,800 | ' | ' | 37,800 |
Compensation expense related to stock options | ' | 423 | ' | 423 |
Net income | ' | ' | 3,632 | 3,632 |
Balance at at Mar. 31, 2012 | 109 | 28,324 | -13,168 | 15,265 |
Balance at (in Shares) at Mar. 31, 2012 | 5,440,968 | ' | ' | ' |
Issuances of common stock for Director Stock Grants | ' | 74 | ' | 74 |
Issuances of common stock for Director Stock Grants (in Shares) | 13,000 | ' | ' | ' |
Issuance of common stock for exercise of stock options for cash | ' | 23 | ' | 23 |
Issuance of common stock for exercise of stock options for cash (in Shares) | 9,970 | ' | ' | 9,970 |
Compensation expense related to stock options | ' | 656 | ' | 656 |
Net income | ' | ' | 4,209 | 4,209 |
Balance at at Mar. 31, 2013 | 109 | 29,077 | -8,959 | 20,227 |
Balance at (in Shares) at Mar. 31, 2013 | 5,463,938 | ' | ' | ' |
Issuances of common stock for Director Stock Grants | 1 | 50 | ' | 51 |
Issuances of common stock for Director Stock Grants (in Shares) | 9,000 | ' | ' | ' |
Issuance of common stock for exercise of stock options for cash | ' | 36 | ' | 36 |
Issuance of common stock for exercise of stock options for cash (in Shares) | 15,100 | ' | ' | 15,100 |
Compensation expense related to stock options | ' | 728 | ' | 728 |
Net income | ' | ' | -195 | -195 |
Balance at at Mar. 31, 2014 | $110 | $29,891 | ($9,154) | $20,847 |
Balance at (in Shares) at Mar. 31, 2014 | 5,488,038 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | ($195,000) | $4,209,000 | $3,632,000 |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ' | ' | ' |
Loss on extinguishment of debt | ' | 51,000 | ' |
Loss on disposal of equipment and leasehold improvements | 46,000 | 46,000 | 57,000 |
Depreciation and amortization | 1,086,000 | 847,000 | 695,000 |
Amortization of debt issue costs and other assets | 43,000 | 94,000 | 42,000 |
Share based compensation expense | 770,000 | 730,000 | 453,000 |
Reduction of allowance for doubtful accounts | ' | -10,000 | -36,000 |
Reduction of inventory reserve | -3,000 | -32,000 | -107,000 |
Deferred income tax expense (benefit) | 199,000 | -2,095,000 | -892,000 |
Net (increase) decrease in assets: | ' | ' | ' |
Accounts receivable | 419,000 | -1,382,000 | 304,000 |
Inventories | -1,185,000 | -108,000 | 186,000 |
Prepaid expenses and other assets | -249,000 | -92,000 | -399,000 |
Net increase (decrease) in liabilities: | ' | ' | ' |
Customer deposits | -3,000 | -16,000 | -66,000 |
Accounts payable | 1,332,000 | 126,000 | 672,000 |
Accrued expenses | -98,000 | -480,000 | 529,000 |
Deferred rent | -13,000 | 9,000 | 12,000 |
Net cash provided by operating activities | 2,149,000 | 1,897,000 | 5,082,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Investment in equipment and leasehold improvements | -4,117,000 | -3,894,000 | -2,029,000 |
Proceeds from (investment in) restricted cash | 1,992,000 | -3,360,000 | ' |
Net cash used in investing activities | -2,125,000 | -7,254,000 | -2,029,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of common stock and exercise of stock options | 40,000 | 23,000 | 69,000 |
Proceeds from long-term debt, net of costs | ' | 5,531,000 | 95,000 |
Principal payments on long-term debt | -116,000 | -635,000 | -218,000 |
Payments for debt issuance costs | ' | -259,000 | ' |
Net cash (used in) provided by financing activities | -76,000 | 4,660,000 | -54,000 |
Net (decrease) increase in cash and cash equivalents | -52,000 | -697,000 | 2,999,000 |
Cash and cash equivalents at beginning of year | 4,364,000 | 5,061,000 | 2,062,000 |
Cash and cash equivalents at end of year | 4,312,000 | 4,364,000 | 5,061,000 |
Cash paid during the year for: | ' | ' | ' |
Interest | 259,000 | 117,000 | 59,000 |
Income taxes | $132,000 | $73,000 | $115,000 |
Note_1_Description_of_Business
Note 1 - Description of Business and Summary of Accounting Policies | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||
Note 1 Description of Business and Summary of Accounting Policies | |||||
Description of Business | |||||
Cyanotech Corporation (the “Company”) cultivates and produces high-value, high-quality natural products derived from microalgae for the nutritional supplements market. The Company currently cultivates, on a large-scale basis, two microalgal species from which its two major product lines are derived. The Company manufactures all of its products in the United States and sells its products worldwide. As the Company’s operations are solely related to microalgae-based products, management of the Company considers its operations to be in one industry segment. Correspondingly, the Company records revenue and cost of sales information by product category. | |||||
Basis of Presentation | |||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”). All significant intercompany balances and transactions have been eliminated in consolidation. | |||||
Estimates and Assumptions | |||||
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ significantly from those estimates and assumptions. Significant estimates include inventory valuation and determination of production capacity and abnormal product costs, reserve for inventory, allowance for bad debts and valuation of deferred tax asset. | |||||
Financial Instruments | |||||
Cash primarily consists of cash on hand and cash in bank deposits. | |||||
The Company applies a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||
Level 1—Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. | |||||
Level 2—Inputs to the valuation methodology include: | |||||
● | Quoted prices for similar assets or liabilities in active markets; | ||||
● | Quoted prices for identical or similar assets or liabilities in inactive markets; | ||||
● | Inputs other than quoted prices that are observable for the asset or liability; and | ||||
● | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. | |||||
Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value. | |||||
Cash and Cash Equivalents, Accounts Receivable and Accounts Payable - Due to the short-term nature of these instruments, management believes that the carrying amounts approximate fair value. | |||||
Long-Term Debt - The carrying amount of long-term debt approximates fair value as interest rates applied to the underlying debt are adjusted quarterly to market interest rates, which approximate current interest rates for similar debt instruments of comparable maturities. | |||||
Concentration of credit risk | |||||
The Company maintains its cash accounts with several banks located in Hawaii. The total cash balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per bank. The Company had cash balances at March 31, 2014 that exceeded the balance insured by the FDIC by $5,225,000. No individual customer accounted for more than 10% of accounts receivable or revenue at March 31, 2014 and 2013. | |||||
Trade Accounts Receivable and Allowance for Doubtful Accounts | |||||
Trade accounts receivable are recorded at the invoiced amount and do not accrue interest. The allowance for doubtful accounts reflects management’s best estimate of probable credit losses inherent in the accounts receivable balance. Management determines the allowance based on historical experience, specifically identified nonpaying accounts and other currently available evidence. Management reviews its allowance for doubtful accounts monthly with focus on significant individual past due balances over 90 days. All other balances are reviewed on a pooled basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers. | |||||
Inventories, net | |||||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. Market is defined as sales price less cost to dispose and a normal profit margin. Inventory costs include materials, labor, overhead and third party costs. | |||||
Management provides a reserve against inventory for known or expected inventory obsolescence. The reserve is determined by specific review of inventory items for product age and quality which may affect salability. At March 31, 2014 and 2013 the inventory reserve was $6,000 and $9,000, respectively. | |||||
The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Abnormal amounts of freight, handling costs and wasted material (spoilage) are recognized as current period charges and fixed production overhead costs are allocated to inventory based on the normal capacity of production facilities. Normal capacity is defined as “the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance.” The Company expensed abnormal production costs of $306,000, $1,157,000 and $1,174,000 to cost of sales for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. Non-inventoriable fixed costs were $91,000, $94,000 and $53,000 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively, and have been classified in cost of sales. | |||||
Equipment and Leasehold Improvements, net | |||||
Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, and the shorter of the land lease term (see Notes 3 and 7) or estimated useful lives for leasehold improvements as follows: | |||||
Equipment (in years) | 3 | to | 10 | ||
Furniture and fixtures (in years) | 3 | to | 7 | ||
Leasehold improvements (in years) | 10 | to | 25 | ||
Capital project costs are accumulated in construction in-progress until completed, at which time the costs are transferred to the relevant asset and commence depreciation. Repair and maintenance cost are expensed in the period incurred. Repairs and maintenance that significantly increase the useful life or value of the asset are capitalized and depreciated over the remaining life of the asset. The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Interest cost capitalized was $199,000 and $54,000 for the fiscal years ended March 31, 2014 and, 2013. No interest was capitalized in fiscal year 2012. | |||||
Impairment of Long-Lived Assets | |||||
Management reviews long-lived assets, such as equipment, leasehold improvements and purchased intangibles subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized to the extent that the carrying amount exceeds the asset’s fair value. Assets to be disposed of and related liabilities would be separately presented in the consolidated balance sheet. Assets to be disposed of would be reported at the lower of the carrying value or fair value less costs to sell and would not be depreciated. | |||||
Accounting for Asset Retirement Obligations | |||||
Management evaluates quarterly the potential liability for asset retirement obligations under the Company’s lease for its principal facility and corporate headquarters. No liability has been recognized as of March 31, 2014 and 2013 (see Note 7). | |||||
Revenue Recognition | |||||
The Company recognizes revenues as goods are shipped to customers and title is transferred. The criteria for recognition of revenue are when persuasive evidence that an arrangement exists and both title and risk of loss have passed to the customer, the price is fixed or determinable, and collectability is reasonably assured. Sales returns and allowances are estimated and recorded as a reduction to sales in the period in which sales are recorded. The Company records net shipping charges and sales tax in cost of goods sold. | |||||
Research and Development | |||||
Research and development costs are expensed as incurred and consistent primarily of labor, benefits and outside research. | |||||
Advertising | |||||
Advertising costs are expensed as incurred. Total advertising expense for the years ended March 31, 2014, 2013 and 2012 was $1,126,000, $575,000 and $320,000, respectively. | |||||
Income Taxes | |||||
Income taxes are accounted for under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using income tax rates applicable to the period in which the tax difference is expected to reverse. A valuation allowance is recorded when management determines that some or all of the deferred tax assets are not likely to be realized. | |||||
In evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained upon examination, including resolution of related appeals or litigation processes, based on the technical merits of the position. If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company’s financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon settlement. As of March 31, 2014 and 2013, there was no significant liability for income tax associated with unrecognized tax benefits. | |||||
The Company recognizes accrued interest related to unrecognized tax benefits as well as any related penalties in interest expense in its condensed consolidated statements of operations. As of the date of adoption and during the years ended March 31, 2014, and 2013, there was no accrual for the payment of interest and penalties related to uncertain tax positions. | |||||
Share-Based Compensation | |||||
The Company accounts for share-based payment arrangements using fair value. If an award vests or becomes exercisable based on the achievement of a condition other than service, such as for meeting certain performance or market condition, the award is classified as a liability. Liability-classified awards are remeasured to fair value at each balance sheet date until the award is settled. The Company currently has no liability-classified awards. Equity- classified awards, including grants of employee stock options, are measured at the grant-date fair value of the award and are not subsequently remeasured unless an award is modified. The cost of equity-classified awards is recognized in the income statement over the period during which an employee is required to provide the service in exchange for the award, or the vesting period. All of the Company’s stock options are service-based awards, and considered equity-classified awards; as such, they are reflected only in Equity and Compensation Expense accounts. | |||||
The Company utilizes the Black-Scholes option pricing model to determine the fair value of each option award. Expected volatilities are based on the historical volatility of the Company’s common stock over a period consistent with that of the expected term of the options. The expected term of the options are estimated based on factors such as vesting periods, contractual expiration dates and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms. | |||||
Per Share Amounts | |||||
Basic earnings per common share is calculated by dividing net income for the year by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated by dividing net income for the year by the sum of the weighted average number of common shares outstanding during the year plus the number of potentially dilutive common shares (“dilutive securities”) that were outstanding during the year. Dilutive securities include options granted pursuant to the Company’s stock option plans, potential shares related to the Employee Stock Purchase Plan and Restricted Stock grants to employees and non-employees. Dilutive securities related to the Company’s stock option plans are included in the calculation of diluted earnings per common share using the treasury stock method. Potentially dilutive securities are excluded from the computation of earnings per share in periods in which a net loss is reported, as their effect would be antidilutive. A reconciliation of the numerators and denominators of the basic and diluted earnings per common share calculations for the years ended March 31, 2014, 2013 and 2012 is presented in Note 10. |
Note_2_Inventories_Net
Note 2 - Inventories, Net | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 2 Inventories, net | |||||||||
Inventories consist of the following as of March 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 1,411 | $ | 932 | |||||
Work in process | 337 | 330 | |||||||
Finished goods(1) | 2,847 | 2,164 | |||||||
Supplies | 281 | 262 | |||||||
$ | 4,876 | $ | 3,688 | ||||||
-1 | Net of reserve for obsolescence of $6,000 and $9,000 at March 31, 2014 and 2013, respectively. | ||||||||
Note_3_Equipment_and_Leasehold
Note 3 - Equipment and Leasehold Improvements, Net | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
Note 3 Equipment and Leasehold Improvements, net | |||||||||
Equipment and leasehold improvements consists of the following as of March 31, 2014 and 2013: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Equipment(1) | $ | 8,840 | $ | 7,455 | |||||
Leasehold improvements | 9,756 | 8,313 | |||||||
Furniture and fixtures | 291 | 208 | |||||||
18,887 | 15,976 | ||||||||
Less accumulated depreciation and amortization | (11,393 | ) | (10,496 | ) | |||||
Construction in-progress | 4,332 | 3,355 | |||||||
$ | 11,826 | $ | 8,835 | ||||||
-1 | Includes $97,000 of equipment under capital lease at March 31, 2013, with accumulated amortization of $58,000. | ||||||||
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. No such event occurred during the fiscal years ended March 31, 2014, 2013 and 2012. The Company recognized a loss on disposal of equipment and leasehold improvements in the amount of $46,000, $46,000 and $57,000 in fiscal 2014, 2013 and 2012 respectively. Depreciation and amortization expense was $1,086,000, $847,000 and $695,000 for the years ended March 31, 2014, 2013 and 2012, respectively. |
Note_4_Accrued_Expenses
Note 4 - Accrued Expenses | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
Note 4 Accrued Expenses | |||||||||
Components of accrued expenses as of March 31, 2014 and 2013 are as follows: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Wages, commissions and profit sharing | $ | 582 | $ | 623 | |||||
Customer rebates | 55 | 109 | |||||||
Other accrued expenses | 137 | 140 | |||||||
$ | 774 | $ | 872 | ||||||
Note_5_LongTerm_Debt
Note 5 - Long-Term Debt | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
Note 5 Long-Term Debt | |||||||||
Long-term debt consists of the following as of March 31, 2014 and 2013 as follows: | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Long-term debt | $ | 5,467 | $ | 5,582 | |||||
Less current maturities | (204 | ) | (128 | ) | |||||
Long-term debt, excluding current maturities | $ | 5,263 | $ | 5,454 | |||||
Term Loans | |||||||||
The Company executed a loan agreement with a lender providing for $5,500,000 in aggregate credit facilities (the “Loan”) secured by substantially all the Company’s assets, including a mortgage on the Company's interest in its lease at the National Energy Laboratory of Hawaii Authority, pursuant to a Term Loan Agreement dated August 14, 2012 (the “Loan Agreement”). The Loan Agreement is evidenced by promissory notes in the amounts of $2,250,000 and $3,250,000, the repayment of which is partially guaranteed under the provisions of a United States Department of Agriculture (“USDA”) Rural Development Guarantee program (the “Guarantees”). The proceeds of the Loan will be used to acquire new processing equipment and leasehold improvements at its Kona, Hawaii facility. | |||||||||
The provisions of the Loan require the payment of interest only for the first 12 months of the term; thereafter, and until its maturity on August 14, 2032, the obligation fully amortizes over nineteen (19) years. Interest on the Loan accrues on the outstanding principal balance at an annual variable rate equal to the published Wall Street Journal prime rate (3.25% at March 31, 2014) plus 1.0% and is adjustable on the first day of each calendar quarter and fixed for that quarter. At no time shall the annual interest rate be less than 5.50%. The Loan has a prepayment penalty of 5% for any prepayment made prior to the first anniversary of the date of the Loan Agreement, which penalty is reduced by 1% each year thereafter until the fifth anniversary of such date, after which there is no prepayment penalty. The balance under this Loan was $5,414,000 and $5,500,000 at March 31, 2014 and 2013, respectively. Proceeds from the Loan are classified as restricted cash until drawn upon to acquire new processing equipment and leasehold improvements. | |||||||||
The Loan includes a one-time origination and guaranty fees totaling $214,500 and an annual renewal fee payable in the amount of 0.25% of the USDA guaranteed portion of the outstanding principal balance as of December 31 of each year, beginning December 31, 2012. The USDA has guaranteed 80% of all amounts owing under the Loan. The Company is subject to financial covenants and customary affirmative and negative covenants. The Company was in compliance with these financial covenants at March 31, 2014. | |||||||||
The Company has three equipment loans with John Deere credit providing for $103,000 in equipment financing; these loans are payable in 48 equal monthly principal payments. At March 31, 2014 and 2013, the total outstanding combined balance was approximately $42,000 and $66,000, respectively. The equipment loans mature at various dates between May 2015 and June 2016. The loans are at a 0% rate of interest and are net of unamortized discount of $1,000 and $2,000 at March 31, 2014 and 2013, respectively. | |||||||||
In September 2011, the Company executed a Term Loan Agreement with Nissan Motor Acceptance Corporation providing for $23,000 in equipment financing, secured by the equipment. The Term Loan has a maturity date of September 13, 2016 and is payable in 60 equal monthly principal payments. The interest rate under this Term Loan is 0%. Imputed interest at a rate of 2% (cash discount offered by seller) has been recorded and is being amortized as interest over the term of the loan. The balance outstanding under the Term Loan was $12,000 and $15,000 at March 31, 2014 and 2013, respectively, less the unamortized discount of $300 and $600 at March 31, 2014 and 2013, respectively. | |||||||||
Capital Lease | |||||||||
In March 2010, the Company executed a capital lease agreement with Thermo Fisher Financial providing for $97,000 in equipment, secured by the equipment financed. The capital lease matured in March 2013 and was payable in 36 equal monthly payments. The interest rate under this capital lease is 6.6%. The balance under this lease was $0 and $34,000 at March 31, 2013 and 2012, respectively. | |||||||||
Future principal payments under the loan agreements as of March 31, 2014 are as follows: | |||||||||
Year ending March 31 | (in thousands) | ||||||||
2015 | $ | 204 | |||||||
2016 | 203 | ||||||||
2017 | 198 | ||||||||
2018 | 205 | ||||||||
2019 | 216 | ||||||||
Thereafter | 4,441 | ||||||||
Total principal payments | $ | 5,467 | |||||||
Note_6_Leases
Note 6 - Leases | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
Note 6 Leases | |||||
The Company’s principal facility and its corporate headquarters are located at the Natural Energy Laboratory of Hawaii Authority (“NELHA”) at Keahole Point in Kailua-Kona, Hawaii. The property is leased from the State of Hawaii under a 40-year commercial lease expiring in 2035. Under the terms of the existing NELHA lease, the Company could be required to remove improvements at the end of the lease term. Under generally accepted accounting principles in the United States, an entity should recognize the fair value of a liability for an asset retirement obligation in the period in which the retirement obligation is incurred, if a reasonable estimate of fair value can be made. If such an estimate cannot be made in the period the asset retirement obligation is incurred, the liability should be recognized when the fair value can be reasonably estimated. Based on communications with NELHA, we do not believe the projected cost for such removal to be material to the consolidated financial statements, or likely, given historical practices. However, conditions could change in the future. It is not possible to predict such changes or estimate any impact thereof. | |||||
The Company leases facilities, equipment and land under operating leases expiring through 2035. The land lease provides for contingent rentals in excess of minimum rental commitments based on a percentage of the Company’s sales. Contingent rental payments for the years ended March 31, 2014, 2013 and 2012 were $65,000, $75,000 and $188,000, respectively. | |||||
Future minimum lease payments under non-cancelable operating leases at March 31, 2014 are as follows: | |||||
Year ending March 31 | (in thousands) | ||||
2015 | $ | 499 | |||
2016 | 429 | ||||
2017 | 408 | ||||
2018 | 402 | ||||
2019 | 402 | ||||
Thereafter | 5,127 | ||||
Total minimum lease payments | $ | 7,267 | |||
Rent expense, including contingent rent, under operating leases amounted to $578,000, $602,000 and $509,000 for the years ended March 31, 2014, 2013 and 2012, respectively. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 7 Commitments and Contingencies | |
On September 12, 2012, the Company entered into an agreement with ThyssenKrupp Industrial Solutions (USA), Inc. (“TKIS”), formerly Uhde Corporation of America, for the purchase of supercritical carbon dioxide extraction equipment to be used in the processing of its natural astaxanthin (“Equipment”). Pursuant to the terms of the agreement, TKIS will build, ship and provide assistance in installing the Equipment. The Equipment, which was originally scheduled for delivery approximately 14 months from the date of the agreement, is now scheduled for a delivery in the second quarter of the next fiscal year. The Company will pay TKIS an aggregate of $3,222,000 for the equipment and services, of which $645,000 remains unpaid as of March 31, 2014. Progress payments through March 31, 2014 of $2,577,000 have been classified in construction in progress in the consolidated balance sheet. | |
We have previously disclosed the negative effect of the legal costs of one pending patent lawsuit against the Company and a related administrative proceeding initiated by the Company to challenge the validity of the patent which is the subject of the lawsuit.6 Due to extensive discovery, including multiple depositions on the patent matters described below, our legal costs grew significantly in the fourth quarter of this fiscal year (see Risk Factors, page 9, and discussion of increase in Operating Expenses, pages 16-17). | |
Patent claims by their nature are typically complex. When they involve issues of science requiring expert witness testimony intertwined with patent laws, regulations and the Manual of Patent Examining Procedure, as well as development of the underlying facts, litigants, like the Company, can incur significant legal costs and be forced to divert management time and focus to such litigation. | |
Patent litigation and Inter Partes Review matters: | |
On June 29, 2012, U.S.Nutraceuticals LLC, d/b/a Valensa International [“Valensa”] and The Board of Trustees of the University of Illinois [the “Patent Owner”] filed a lawsuit against Cyanotech Corporation and Nutrex Hawaii, Inc. in the U.S. District Court for the Middle District of Florida, Ocala Division (the “Litigation”) primarily alleging infringement of U.S. patent no. 5,527,533 2 (the “’533 Patent” or “Patent”). | |
In an effort by the Company to accelerate a determination of the invalidity of the ‘533 Patent, the Company petitioned the Patent Trial and Appeal Board (“PTAB”) of the U. S. Patent and Trademark Office on June 28 and 29, 2013 to conduct an administrative review of the validity of the ‘533 Patent, as challenged in our Petition; PTAB instituted an Inter Partes Review of 18 of the 27 Claims within the ‘533 Patent on December 19, 2013 (“IPR”). The Patent Owner is the respondent in the IPR. | |
(a) Factual Basis: (i) The product involved in the Litigation and the Inter Partes Review is a natural health supplement called astaxanthin (“Astaxanthin”) which the Company grows and harvests, and in different forms markets, and sells to wholesalers, retailers and consumers. Valensa is Patent Owner’s licensee of certain rights under the ‘533 Patent and was one of the Company’s domestic wholesale customers for several years until the expiration of its supply contract with us and after it was given a 12-month notice in December 2011 that our Company would no longer sell bulk product to Valensa and to other domestic bulk customers. Valensa manufactures, markets and sells products containing Astaxanthin to wholesalers and retailers. | |
(ii) All Claims within the ‘533 Patent are “method of treating” claims. The ‘533 Patent is generally described in the “Field of Invention” section as a method for retarding and ameliorating certain specified diseases, injuries or damage (“condition”) by administering a therapeutically-effective amount of Astaxanthin to an individual suffering from the condition. The ‘533 Patent includes 27 Claims pertaining to: retinal damage; retinal injury; neuronal damage to a retina; age-related macular degeneration; ischemic or intraocular pressure-related disease of a retina; inflammatory disease of a retina; a free radical-induced injury to the central nervous system or comprised of a traumatic or an ischemic injury; a degenerative disease; or a degenerative central nervous system disease of a brain or spinal cord. Patent Owner and Valensa assert that all 27 Claims under the ‘533 Patent are valid. The Company asserts that all 27 Claims are invalid and therefore the entire ‘533 Patent is invalid. | |
(iii) Patent Owner and Valensa allege in the Litigation, but the Company denies, that the scope of the ‘533 Patent method claims extends to, and its 27 Claims apply to, our manufacturing, marketing and sales of Astaxanthin as a nutritional supplement. Patent Owner and Valensa allege, but the Company denies, that the Claims of the ‘533 Patent broadly cover “eye health,” although those particular words do not appear in the ‘533 Patent. The Company alleges that whether one or all Claims within the ‘533 Patent are determined to be valid, no Claim was infringed by any of our manufacturing, marketing or sales of Astaxanthin products and we have not induced anyone to infringe the Patent. | |
(b) Relief Sought by Patent Owner and Valensa: (i) a declaration of patent infringement; (ii) a declaration that the patent infringement was intentional; (iii) a preliminary and a permanent injunction barring us and our employees and affiliates from infringing the ‘533 Patent 8; (iv) damages for infringement, plus interest and plus treble damages for willful infringement; (v) an award of attorneys’ fees and costs of suit, plus interest; and (vi) any further relief awarded by the Court. | |
(c) Relief Sought by Company: (i) a declaration of invalidity and unenforceability based on original patentability or on patent misuse; (ii) a declaration of non-infringement; (iii) a declaration of unfair competition under Hawaii law and under the Federal Lanham Act; (iv) a determination that this case is exceptional , thereby entitling the Company to recover its attorneys’ fees; (v) an award of compensatory damages to Company; (vi) an award of statutory damages under Hawaii law; (vii) an order that Patent Owner and Valensa pay over all of their unlawful profits to Company; (viii) an order to Patent Owner and Valensa to destroy all materials (e.g., advertising materials) in the possession or control of either Patent Owner and Valensa which have been determined to be false; (ix) an injunction against Patent Owner and Valensa from continuing any methods of competition declared to be in violation of Hawaii law or the Lanham Act; and (x) any further relief awarded by the Court. | |
The Court records of the Litigation9 and the filings in the Inter Partes Review10 can be found as indicated in the respective footnotes. An oral hearing is scheduled before PTAB on July 16, 2014; PTAB’s decision is expected prior to December 19, 2014. The trial in the Litigation is currently scheduled for March 2, 2015. |
Note_8_ShareBased_Compensation
Note 8 - Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||
Note 8 Share-Based Compensation | |||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
As of March 31, 2014, the Company had the following two shareholder approved stock plans under which shares were available for equity based awards: The 2005 Stock Option Plan (the “2005 Plan”) wherein 2,075,000 shares of common stock are reserved for issuance until the Plan terminates on August 21, 2015, and The Independent Director Stock Option and Stock Grant Plan (the “2004 Directors Plan”) wherein 200,000 shares of common stock are reserved for issuance until the plan terminates in 2014. | |||||||||||||||||||||||
Under the 2005 Plan, eligible employees and certain independent consultants may be granted options to purchase shares of the Company’s common stock. The shares issuable under the 2005 Plan will either be shares of the Company’s authorized but previously unissued common stock or shares reacquired by the Company, including shares purchased on the open market. As of March 31, 2014, there were 422,928 shares available for grant under the 2005 Plan. | |||||||||||||||||||||||
Under the 2004 Directors Plan, upon election to the Board of Directors at an annual stockholders meeting, a newly elected non-employee director will be granted a ten-year option to purchase 6,000 shares of the Company’s common stock. Options vest and become exercisable six months from the date of grant. In addition, on the date of each annual stockholders meeting, each non-employee director continuing in office is automatically issued 4,000 shares of the Company’s common stock, and an additional 1,000 shares to the director serving as Chairman of the Board, non-transferable for six months following the date of grant. As of March 31, 2014, there were 121,123 shares available for grant under the 2004 Directors Plan. | |||||||||||||||||||||||
The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: | |||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||
Authorized | Available | Outstanding | |||||||||||||||||||||
2005 Plan | 2,075,000 | 422,928 | 1,457,306 | ||||||||||||||||||||
2004 Directors Plan | 200,000 | 121,123 | 12,000 | ||||||||||||||||||||
Total | 2,275,000 | 544,051 | 1,469,306 | ||||||||||||||||||||
All stock option grants made under the 2005 Plan and the 2004 Directors Plan were issued at exercise prices no less than the Company’s closing stock price on the date of grant. Options under the 2005 Plan and 2004 Directors Plan were determined by the Board of Directors or the Stock Option and Compensation Committee of the Board in accordance with the provisions of the respective plans. The terms of each option grant include vesting, exercise, and other conditions are set forth in a Stock Option Agreement evidencing each grant. No option can have a life in excess of ten (10) years. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. The model requires various assumptions, including a risk-free interest rate, the expected term of the options, the expected stock price volatility over the expected term of the options, and the expected dividend yield. Compensation expense for employee stock options is recognized ratably over the vesting term. Compensation expense recognized for options issued under the 2005 Plan was $715,000, $653,000 and $407,000 for the years ended March 31, 2014, 2013 and 2012, respectively. Independent Director compensation expense of $55,000, $77,000 and $46,000 was recognized under the 2004 Directors Plan for the years ended March 31, 2014, 2013 and 2012, respectively. All stock-based compensation has been classified as general and administrative expense in the consolidated statement of operations. | |||||||||||||||||||||||
A summary of option activity under the Company’s stock plans for the years ended March 31, 2014, 2013 and 2012 is presented below: | |||||||||||||||||||||||
Option Activity | Shares | Weighted | Weighted Average | Aggregate | |||||||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||||||||
Exercise Price | Contractual | Value | |||||||||||||||||||||
Term (in years) | |||||||||||||||||||||||
Outstanding at March 31, 2011 | 426,650 | $ | 2.49 | 8.8 | $ | 395,693 | |||||||||||||||||
Granted | 922,516 | $ | 3.87 | ||||||||||||||||||||
Exercised | (37,800 | ) | $ | 1.82 | |||||||||||||||||||
Forfeited or Expired | (59,450 | ) | $ | 2.14 | |||||||||||||||||||
Expired | (750 | ) | $ | 4.2 | |||||||||||||||||||
Outstanding at March 31, 2012 | 1,251,166 | $ | 3.54 | 9 | $ | 8,243,956 | |||||||||||||||||
Granted | 258,000 | $ | 6.3 | ||||||||||||||||||||
Exercised | (9,970 | ) | $ | 2.34 | |||||||||||||||||||
Forfeited | (3,340 | ) | $ | 3.21 | |||||||||||||||||||
Outstanding at March 31, 2013 | 1,495,856 | $ | 4.03 | 8.3 | $ | 1,174,810 | |||||||||||||||||
Granted | 6,000 | $ | 5.56 | ||||||||||||||||||||
Exercised | (15,100 | ) | $ | 2.43 | |||||||||||||||||||
Forfeited | (17,450 | ) | $ | 4.53 | |||||||||||||||||||
Outstanding at March 31, 2014 | 1,469,306 | $ | 4.04 | 7.3 | $ | 2,034,303 | |||||||||||||||||
Exercisable at March 31, 2014 | 618,240 | $ | 3.47 | 6.9 | $ | 1,141,552 | |||||||||||||||||
The aggregate intrinsic value in the table above is before applicable income taxes and represents the excess amount over the exercise price optionees would have received if all options had been exercised on the last business day of the period indicated, based on the Company’s closing stock price of $5.24 for such day. The total intrinsic value of stock options exercised during fiscal years 2014, 2013 and 2012 were $51,000, $37,000 and $147,000, respectively. | |||||||||||||||||||||||
A summary of the Company’s non-vested options for the year ended March 31, 2014 is presented below: | |||||||||||||||||||||||
Nonvested Options | Shares | Weighted | |||||||||||||||||||||
Average | |||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
Nonvested at March 31, 2013 | 1,157,566 | $ | 3.05 | ||||||||||||||||||||
Granted | 6,000 | 0.84 | |||||||||||||||||||||
Vested | (301,650 | ) | 2.53 | ||||||||||||||||||||
Forfeited | (10,850 | ) | 3 | ||||||||||||||||||||
Nonvested at March 31, 2014 | 851,066 | $ | 3.22 | ||||||||||||||||||||
The weighted average grant-date fair value of stock options granted during fiscal years 2014, 2013 and 2012 was $5,000, $1,124,000 and $2,258,000, respectively. The total grant-date fair values of stock options that vested during fiscal years 2014, 2013 and 2012 were $763,000, $434,000 and $234,000, respectively. | |||||||||||||||||||||||
The following table summarizes the weighted average characteristics of outstanding stock options as of March 31, 2014: | |||||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||||
Range of | Number | Remaining | Weighted | Number of | Weighted | ||||||||||||||||||
Exercise Prices | of Shares | Life (Years) | Average Price | Shares | Average Price | ||||||||||||||||||
$1.60 | - | $3.70 | 429,150 | 6.5 | $ | 2.93 | 388,830 | $ | 2.86 | ||||||||||||||
$3.71 | - | $4.42 | 729,156 | 7.4 | $ | 3.82 | 150,160 | $ | 3.82 | ||||||||||||||
$4.43 | - | $5.40 | 72,500 | 7.9 | $ | 5.17 | 27,500 | $ | 5.18 | ||||||||||||||
$5.41 | - | $7.08 | 238,500 | 8.3 | $ | 6.38 | 51,750 | $ | 6.16 | ||||||||||||||
Total stock options | 1,469,306 | 7.3 | $ | 4.04 | 618,240 | $ | 3.47 | ||||||||||||||||
The range of fair value assumptions related to options granted during the years ended March 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Exercise Price | $5.56 | $5.26 -7.08 | $3.58-5.40 | ||||||||||||||||||||
Volatility | 38.00% | 78.26-80.39% | 56.18-78.61% | ||||||||||||||||||||
Risk Free Rate | 0.14% | 0.85- 0.93% | 0.09-2.25 % | ||||||||||||||||||||
Vesting Period | 6 months | 5-7 years | 0-5 years | ||||||||||||||||||||
Forfeiture Rate | 0.00% | 7.66-9.00% | 0-16.88% | ||||||||||||||||||||
Expected Life (in years) | 1.00 | 6.25 | 0.25-8.25 | ||||||||||||||||||||
Dividend Rate | 0% | 0% | 0% | ||||||||||||||||||||
As of March 31, 2014, total unrecognized stock-based compensation expense related to all unvested stock options was $1,976,000, which is expected to be expensed over a weighted average period of 3.6 years. |
Note_9_Common_and_Preferred_St
Note 9 - Common and Preferred Stock | 12 Months Ended |
Mar. 31, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
Note 9 Common and Preferred Stock | |
The Company has authorized a total of sixty million shares of which fifty million shares are authorized common stock and ten million shares are authorized preferred stock. None of the preferred stock was issued or outstanding at March 31, 2014 and 2013. Under the terms of the Company’s Amended and Restated Articles of Incorporation, the Board of Directors are authorized to determine or alter the rights, preferences, privileges and restrictions of the Company’s authorized but unissued shares of preferred stock. |
Note_10_Earnings_Per_Share
Note 10 - Earnings Per Share | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
Note 10 Earnings Per Share | |||||||||||||
Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options and warrants using the treasury stock method. | |||||||||||||
Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the years ended March 31, 2014, 2013 and 2012 are as follows: | |||||||||||||
Net Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Year ended March 31, 2014: | |||||||||||||
Basic loss per share | $ | (195 | ) | 5,478 | $ | (0.04 | ) | ||||||
Effective dilutive securities— Common stock options | — | 183 | 0.01 | ||||||||||
Diluted income per share | $ | (195 | ) | 5,661 | $ | (0.03 | ) | ||||||
Year ended March 31, 2013: | |||||||||||||
Basic income per share | $ | 4,209 | 5,455 | $ | 0.77 | ||||||||
Effective dilutive securities— Common stock options | — | 200 | (.03 | ) | |||||||||
Diluted income per share | $ | 4,209 | 5,655 | $ | 0.74 | ||||||||
Year ended March 31, 2012: | |||||||||||||
Basic and diluted loss per share | $ | 3,632 | 5,414 | $ | 0.67 | ||||||||
Effective dilutive securities— Common stock options | — | 120 | (.01 | ) | |||||||||
Diluted income per share | $ | 3,632 | 5,534 | $ | 0.66 | ||||||||
Diluted earnings per share does not include the impact of common stock options totaling 725,000, 696,000 and 918,000 for the fiscal years ending March 31, 2014, 2013 and 2012, respectively, as the effect of their inclusion would be anti-dilutive. |
Note_11_Profit_Sharing_Plan_an
Note 11 - Profit Sharing Plan and 401k Plan | 12 Months Ended |
Mar. 31, 2014 | |
Profit Sharing Plan And 401 Plan Disclosure [Abstract] | ' |
Profit Sharing Plan And 401 Plan Disclosure [Text Block] | ' |
Note 11 Profit Sharing Plan and 401k Plan | |
The Company sponsors a profit sharing plan for all employees not covered under a separate management incentive plan. Under the profit sharing plan, a percentage determined by the Board of Directors of pre-tax profits on a quarterly basis may be allocated to non-management employees at management’s discretion. The profit sharing bonus may be distributed all in cash on an after-tax basis or distributed half in cash (on an after-tax basis) and the remainder deposited in an employee’s 401(k) account on a pre-tax basis. Employees may also make voluntary pre-tax contributions to their 401(k) accounts. Compensation expense under this plan was approximately $17,000, $115,000 and $146,000 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. Additionally, the Company makes a retirement contribution to all employees individual 401(k) accounts equal to two percent of each employee’s base pay for each bi-weekly pay period on a pre-tax basis. Retirement expense under this plan was approximately $110,000, $90,000 and $70,000 for fiscal years ended March 31, 2014, 2013 and 2012, respectively. |
Note_12_Major_Customers_and_Ge
Note 12 - Major Customers and Geographic Information | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
Note 12 Major Customers and Geographic Information | |||||||||||||||||||||||||
Net sales by product line for the years 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Spirulina products | $ | 9,297 | $ | 8,863 | $ | 8, 701 | |||||||||||||||||||
Natural astaxanthin products | |||||||||||||||||||||||||
BioAstin® | 19,598 | 18,713 | 15,912 | ||||||||||||||||||||||
Other products | 10 | 5 | 18 | ||||||||||||||||||||||
$ | 28,905 | $ | 27,581 | $ | 24,631 | ||||||||||||||||||||
There were no individual customers at or above 10% of our total net sales for fiscal years 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The following table presents sales for the years 2014, 2013 and 2012 by geographic region: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Net sales(1): | |||||||||||||||||||||||||
United States | $ | 18,155 | 63 | % | $ | 17,386 | 63 | % | $ | 16,430 | 67 | % | |||||||||||||
Europe | 5,164 | 18 | % | 5,442 | 20 | % | 4,458 | 18 | % | ||||||||||||||||
Asia / Pacific | 3,106 | 10 | % | 2,754 | 10 | % | 1,807 | 7 | % | ||||||||||||||||
Other | 2,480 | 9 | % | 1,999 | 9 | % | 1,936 | 8 | % | ||||||||||||||||
$ | 28,905 | 100 | % | $ | 27,581 | 100 | % | $ | 24,631 | 100 | % | ||||||||||||||
-1 | Net sales are attributed to countries based on location of customer. | ||||||||||||||||||||||||
Note_13_Income_Taxes
Note 13 - Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
Note 13 Income Taxes | |||||||||||||
Income tax benefit (expense) for the years ended March 31, 2014, 2013 and 2012 consisted of: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 20 | $ | (53 | ) | $ | (66 | ) | |||||
State | (63 | ) | (21 | ) | (47 | ) | |||||||
Total current | (43 | ) | (74 | ) | (113 | ) | |||||||
Deferred: | |||||||||||||
Federal | (141 | ) | 1,894 | 859 | |||||||||
State | (58 | ) | 201 | 33 | |||||||||
Total deferred | (199 | ) | 2,095 | 892 | |||||||||
Income tax (expense) benefit | $ | (242 | ) | $ | 2,021 | $ | 779 | ||||||
The following table reconciles the amount of income taxes computed at the federal statutory rate of 34%, for all periods presented, to the amount reflected in the Company’s consolidated statements of operations for the years ended March 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Tax provision at federal statutory income tax rate | $ | (16 | ) | $ | (744 | ) | $ | (970 | ) | ||||
State income taxes benefit (expense), net of federal income tax effect | (39 | ) | (130 | ) | (68 | ) | |||||||
Decrease in valuation allowance for utilization of deferred tax assets | — | 1,082 | 1,100 | ||||||||||
Reduction in valuation allowance | — | 1,912 | 892 | ||||||||||
Stock based compensation | (199 | ) | (201 | ) | (97 | ) | |||||||
State rate adjustment | (41 | ) | — | — | |||||||||
R&D credit | 24 | — | — | ||||||||||
Other, net | 29 | 102 | (78 | ) | |||||||||
Income tax (expense) benefit | $ | (242 | ) | $ | 2,021 | $ | 779 | ||||||
The tax effects of temporary differences related to various assets, liabilities and carry forwards that give rise to deferred tax assets and deferred tax liabilities as of March 31, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carry forwards | $ | 3,938 | $ | 3,674 | |||||||||
Compensation accrual | 189 | 134 | |||||||||||
Inventory differences | 95 | 14 | |||||||||||
Tax credit carry forwards | 171 | 156 | |||||||||||
Other | 20 | 12 | |||||||||||
Gross deferred tax assets | 4,413 | 3,990 | |||||||||||
Less valuation allowance | — | — | |||||||||||
Net deferred tax assets | 4,413 | 3,990 | |||||||||||
Deferred tax liability: Depreciation and amortization | (1,073 | ) | (451 | ) | |||||||||
Net deferred tax assets | $ | 3,340 | $ | 3,539 | |||||||||
In assessing the valuation allowance for deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. As of March 31, 2013 management had reduced the valuation allowance against deferred tax assets based on a review of historical taxable income and future expectations. As of March 31, 2014, based upon several years of historical taxable income and expectations for future taxable income over the periods in which net deferred tax assets are deductible, management believes it is more likely than not the Company will realize its gross deferred tax assets before they expire. The amount of the deferred tax assets considered realizable, however, could change if estimates of future taxable income during the carry forward period change. | |||||||||||||
At March 31, 2014, the Company has net operating loss carry forwards and tax credit carry forwards available to offset future federal income tax as follows (in thousands): | |||||||||||||
Expires March 31, | Net Operating | Research and | |||||||||||
Losses | Experimentation | ||||||||||||
Tax Credits | |||||||||||||
2020 | $ | — | 8 | ||||||||||
2021 | 1,002 | 2 | |||||||||||
2022 | 3,161 | — | |||||||||||
2023 | 1,863 | 1 | |||||||||||
2026 | 159 | — | |||||||||||
2027 | 2,665 | 1 | |||||||||||
2028 | 1,612 | 16 | |||||||||||
2029 | — | 24 | |||||||||||
2031 | 389 | — | |||||||||||
2033 | 2 | — | |||||||||||
2034 | 55 | — | |||||||||||
$ | 10,908 | $ | 52 | ||||||||||
In addition, at March 31, 2014, the Company has alternative minimum tax credit carry forwards of approximately $120,000 available to reduce future federal regular income taxes over an indefinite period. | |||||||||||||
At March 31, 2014, the Company has state tax net operating loss carry forwards available to offset future Hawaii state taxable income of $6,020,000. These carry forwards expire March 31, 2016 through 2031. | |||||||||||||
The following represents the open tax years and jurisdictions that the Company used in its evaluation of tax positions: | |||||||||||||
Open tax years ending March 31, | Jurisdiction | ||||||||||||
2011 | - | 2014 | U.S. Federal | ||||||||||
2011 | - | 2014 | State of Hawaii | ||||||||||
2010 | - | 2014 | State of California | ||||||||||
Note_14_Selected_Quarterly_Fin
Note 14 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
Note 14 Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
Quarter(1) | Quarter(1) | Quarter(1) | Quarter | ||||||||||||||||||
(1)(2) | |||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 6,909 | $ | 7,299 | $ | 7,438 | $ | 7,259 | $ | 28,905 | |||||||||||
Gross profit | 2,852 | 2,993 | 3,145 | 2,574 | 11,564 | ||||||||||||||||
Net income (loss) | 30 | 106 | 36 | (367 | ) | (195 | ) | ||||||||||||||
Net income (loss) per share | |||||||||||||||||||||
Basic | 0.01 | 0.02 | 0.01 | (0.07 | ) | (0.04 | ) | ||||||||||||||
Diluted | 0.01 | 0.02 | 0.01 | (0.06 | ) | (0.03 | ) | ||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 6,506 | $ | 6,936 | $ | 7,242 | $ | 6,897 | $ | 27,581 | |||||||||||
Gross profit | 2,574 | 2,812 | 2,865 | 2,707 | 10,958 | ||||||||||||||||
Net income | 493 | 476 | 607 | 2,633 | 4,209 | ||||||||||||||||
Net income per share | |||||||||||||||||||||
Basic | 0.09 | 0.09 | 0.11 | 0.48 | 0.77 | ||||||||||||||||
Diluted | 0.08 | 0.08 | 0.11 | 0.47 | 0.74 | ||||||||||||||||
-1 | The third and fourth quarters of 2014 include abnormal costs of $44,000 and $353,000, respectively. The first, second, third and fourth quarters of 2013 include abnormal production costs of $233,000, $481,000, $161,000 and $282,000, respectively. | ||||||||||||||||||||
-2 | The fourth quarter of 2013 includes the tax benefit of $1,912,000, due to reduction in valuation allowance of deferred tax assets. | ||||||||||||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||||||||||
Schedule II | |||||||||||||||||||||
Cyanotech Corporation and Subsidiary | |||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||
Years Ended March 31, 2014, 2013 and 2012 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance at | ||||||||||||||||
Beginning | Costs and | Other | End of Year | ||||||||||||||||||
of Year | Expense | Accounts | |||||||||||||||||||
Allowance for Doubtful Accounts: | |||||||||||||||||||||
2014 | $ | 6 | 10 | — | (10 | ) | $ | 6 | |||||||||||||
2013 | 16 | (10 | ) | — | — | 6 | |||||||||||||||
2012 | 58 | (36 | ) | — | (6 | ) | 16 | ||||||||||||||
Inventory Reserve: | |||||||||||||||||||||
2014 | $ | 9 | — | — | (3 | ) | $ | 6 | |||||||||||||
2013 | 41 | — | — | (32 | ) | 9 | |||||||||||||||
2012 | 148 | 5 | — | (112 | ) | 41 | |||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||
Basis of Presentation | |||||
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”). All significant intercompany balances and transactions have been eliminated in consolidation. | |||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||
Estimates and Assumptions | |||||
The preparation of the consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ significantly from those estimates and assumptions. Significant estimates include inventory valuation and determination of production capacity and abnormal product costs, reserve for inventory, allowance for bad debts and valuation of deferred tax asset. | |||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||
Financial Instruments | |||||
Cash primarily consists of cash on hand and cash in bank deposits. | |||||
The Company applies a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||
Level 1—Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. | |||||
Level 2—Inputs to the valuation methodology include: | |||||
● | Quoted prices for similar assets or liabilities in active markets; | ||||
● | Quoted prices for identical or similar assets or liabilities in inactive markets; | ||||
● | Inputs other than quoted prices that are observable for the asset or liability; and | ||||
● | Inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||||
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. | |||||
Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value. | |||||
Cash and Cash Equivalents, Accounts Receivable and Accounts Payable - Due to the short-term nature of these instruments, management believes that the carrying amounts approximate fair value. | |||||
Long-Term Debt - The carrying amount of long-term debt approximates fair value as interest rates applied to the underlying debt are adjusted quarterly to market interest rates, which approximate current interest rates for similar debt instruments of comparable maturities. | |||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||
Concentration of credit risk | |||||
The Company maintains its cash accounts with several banks located in Hawaii. The total cash balances are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per bank. The Company had cash balances at March 31, 2014 that exceeded the balance insured by the FDIC by $5,225,000. No individual customer accounted for more than 10% of accounts receivable or revenue at March 31, 2014 and 2013. | |||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||
Trade Accounts Receivable and Allowance for Doubtful Accounts | |||||
Trade accounts receivable are recorded at the invoiced amount and do not accrue interest. The allowance for doubtful accounts reflects management’s best estimate of probable credit losses inherent in the accounts receivable balance. Management determines the allowance based on historical experience, specifically identified nonpaying accounts and other currently available evidence. Management reviews its allowance for doubtful accounts monthly with focus on significant individual past due balances over 90 days. All other balances are reviewed on a pooled basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers. | |||||
Inventory, Policy [Policy Text Block] | ' | ||||
Inventories, net | |||||
Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. Market is defined as sales price less cost to dispose and a normal profit margin. Inventory costs include materials, labor, overhead and third party costs. | |||||
Management provides a reserve against inventory for known or expected inventory obsolescence. The reserve is determined by specific review of inventory items for product age and quality which may affect salability. At March 31, 2014 and 2013 the inventory reserve was $6,000 and $9,000, respectively. | |||||
The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Abnormal amounts of freight, handling costs and wasted material (spoilage) are recognized as current period charges and fixed production overhead costs are allocated to inventory based on the normal capacity of production facilities. Normal capacity is defined as “the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance.” The Company expensed abnormal production costs of $306,000, $1,157,000 and $1,174,000 to cost of sales for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. Non-inventoriable fixed costs were $91,000, $94,000 and $53,000 for the fiscal years ended March 31, 2014, 2013 and 2012, respectively, and have been classified in cost of sales. | |||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||
Equipment and Leasehold Improvements, net | |||||
Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, and the shorter of the land lease term (see Notes 3 and 7) or estimated useful lives for leasehold improvements as follows: | |||||
Equipment (in years) | 3 | to | 10 | ||
Furniture and fixtures (in years) | 3 | to | 7 | ||
Leasehold improvements (in years) | 10 | to | 25 | ||
Capital project costs are accumulated in construction in-progress until completed, at which time the costs are transferred to the relevant asset and commence depreciation. Repair and maintenance cost are expensed in the period incurred. Repairs and maintenance that significantly increase the useful life or value of the asset are capitalized and depreciated over the remaining life of the asset. The Company capitalizes interest cost incurred on funds used to construct property, plant, and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Interest cost capitalized was $199,000 and $54,000 for the fiscal years ended March 31, 2014 and, 2013. No interest was capitalized in fiscal year 2012. | |||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||
Impairment of Long-Lived Assets | |||||
Management reviews long-lived assets, such as equipment, leasehold improvements and purchased intangibles subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized to the extent that the carrying amount exceeds the asset’s fair value. Assets to be disposed of and related liabilities would be separately presented in the consolidated balance sheet. Assets to be disposed of would be reported at the lower of the carrying value or fair value less costs to sell and would not be depreciated. | |||||
Asset Retirement Obligations, Policy [Policy Text Block] | ' | ||||
Accounting for Asset Retirement Obligations | |||||
Management evaluates quarterly the potential liability for asset retirement obligations under the Company’s lease for its principal facility and corporate headquarters. No liability has been recognized as of March 31, 2014 and 2013 (see Note 7). | |||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||
Revenue Recognition | |||||
The Company recognizes revenues as goods are shipped to customers and title is transferred. The criteria for recognition of revenue are when persuasive evidence that an arrangement exists and both title and risk of loss have passed to the customer, the price is fixed or determinable, and collectability is reasonably assured. Sales returns and allowances are estimated and recorded as a reduction to sales in the period in which sales are recorded. The Company records net shipping charges and sales tax in cost of goods sold. | |||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||
Research and Development | |||||
Research and development costs are expensed as incurred and consistent primarily of labor, benefits and outside research. | |||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||
Advertising | |||||
Advertising costs are expensed as incurred. Total advertising expense for the years ended March 31, 2014, 2013 and 2012 was $1,126,000, $575,000 and $320,000, respectively. | |||||
Income Tax, Policy [Policy Text Block] | ' | ||||
Income Taxes | |||||
Income taxes are accounted for under the asset and liability method. The asset and liability method requires the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using income tax rates applicable to the period in which the tax difference is expected to reverse. A valuation allowance is recorded when management determines that some or all of the deferred tax assets are not likely to be realized. | |||||
In evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained upon examination, including resolution of related appeals or litigation processes, based on the technical merits of the position. If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company’s financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon settlement. As of March 31, 2014 and 2013, there was no significant liability for income tax associated with unrecognized tax benefits. | |||||
The Company recognizes accrued interest related to unrecognized tax benefits as well as any related penalties in interest expense in its condensed consolidated statements of operations. As of the date of adoption and during the years ended March 31, 2014, and 2013, there was no accrual for the payment of interest and penalties related to uncertain tax positions. | |||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||
Share-Based Compensation | |||||
The Company accounts for share-based payment arrangements using fair value. If an award vests or becomes exercisable based on the achievement of a condition other than service, such as for meeting certain performance or market condition, the award is classified as a liability. Liability-classified awards are remeasured to fair value at each balance sheet date until the award is settled. The Company currently has no liability-classified awards. Equity- classified awards, including grants of employee stock options, are measured at the grant-date fair value of the award and are not subsequently remeasured unless an award is modified. The cost of equity-classified awards is recognized in the income statement over the period during which an employee is required to provide the service in exchange for the award, or the vesting period. All of the Company’s stock options are service-based awards, and considered equity-classified awards; as such, they are reflected only in Equity and Compensation Expense accounts. | |||||
The Company utilizes the Black-Scholes option pricing model to determine the fair value of each option award. Expected volatilities are based on the historical volatility of the Company’s common stock over a period consistent with that of the expected term of the options. The expected term of the options are estimated based on factors such as vesting periods, contractual expiration dates and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms. | |||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||
Per Share Amounts | |||||
Basic earnings per common share is calculated by dividing net income for the year by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated by dividing net income for the year by the sum of the weighted average number of common shares outstanding during the year plus the number of potentially dilutive common shares (“dilutive securities”) that were outstanding during the year. Dilutive securities include options granted pursuant to the Company’s stock option plans, potential shares related to the Employee Stock Purchase Plan and Restricted Stock grants to employees and non-employees. Dilutive securities related to the Company’s stock option plans are included in the calculation of diluted earnings per common share using the treasury stock method. Potentially dilutive securities are excluded from the computation of earnings per share in periods in which a net loss is reported, as their effect would be antidilutive. A reconciliation of the numerators and denominators of the basic and diluted earnings per common share calculations for the years ended March 31, 2014, 2013 and 2012 is presented in Note 10 |
Note_1_Description_of_Business1
Note 1 - Description of Business and Summary of Accounting Policies (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Accounting Policies [Abstract] | ' | ||||
Property, Plant, and Equipment, Estimated Useful Lives [Table Text Block] | ' | ||||
Equipment (in years) | 3 | to | 10 | ||
Furniture and fixtures (in years) | 3 | to | 7 | ||
Leasehold improvements (in years) | 10 | to | 25 |
Note_2_Inventories_Net_Tables
Note 2 - Inventories, Net (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 1,411 | $ | 932 | |||||
Work in process | 337 | 330 | |||||||
Finished goods(1) | 2,847 | 2,164 | |||||||
Supplies | 281 | 262 | |||||||
$ | 4,876 | $ | 3,688 |
Note_3_Equipment_and_Leasehold1
Note 3 - Equipment and Leasehold Improvements, Net (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Equipment(1) | $ | 8,840 | $ | 7,455 | |||||
Leasehold improvements | 9,756 | 8,313 | |||||||
Furniture and fixtures | 291 | 208 | |||||||
18,887 | 15,976 | ||||||||
Less accumulated depreciation and amortization | (11,393 | ) | (10,496 | ) | |||||
Construction in-progress | 4,332 | 3,355 | |||||||
$ | 11,826 | $ | 8,835 |
Note_4_Accrued_Expenses_Tables
Note 4 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Wages, commissions and profit sharing | $ | 582 | $ | 623 | |||||
Customer rebates | 55 | 109 | |||||||
Other accrued expenses | 137 | 140 | |||||||
$ | 774 | $ | 872 |
Note_5_LongTerm_Debt_Tables
Note 5 - Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Long-term debt | $ | 5,467 | $ | 5,582 | |||||
Less current maturities | (204 | ) | (128 | ) | |||||
Long-term debt, excluding current maturities | $ | 5,263 | $ | 5,454 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
Year ending March 31 | (in thousands) | ||||||||
2015 | $ | 204 | |||||||
2016 | 203 | ||||||||
2017 | 198 | ||||||||
2018 | 205 | ||||||||
2019 | 216 | ||||||||
Thereafter | 4,441 | ||||||||
Total principal payments | $ | 5,467 |
Note_6_Leases_Tables
Note 6 - Leases (Tables) | 12 Months Ended | ||||
Mar. 31, 2014 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Year ending March 31 | (in thousands) | ||||
2015 | $ | 499 | |||
2016 | 429 | ||||
2017 | 408 | ||||
2018 | 402 | ||||
2019 | 402 | ||||
Thereafter | 5,127 | ||||
Total minimum lease payments | $ | 7,267 |
Note_8_ShareBased_Compensation1
Note 8 - Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Schedule Of Share Based Compensation, Shares Authorized, Available And Outstanding By Plan [Table Text Block] | ' | ||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||
Authorized | Available | Outstanding | |||||||||||||||||||||
2005 Plan | 2,075,000 | 422,928 | 1,457,306 | ||||||||||||||||||||
2004 Directors Plan | 200,000 | 121,123 | 12,000 | ||||||||||||||||||||
Total | 2,275,000 | 544,051 | 1,469,306 | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||
Option Activity | Shares | Weighted | Weighted Average | Aggregate | |||||||||||||||||||
Average | Remaining | Intrinsic | |||||||||||||||||||||
Exercise Price | Contractual | Value | |||||||||||||||||||||
Term (in years) | |||||||||||||||||||||||
Outstanding at March 31, 2011 | 426,650 | $ | 2.49 | 8.8 | $ | 395,693 | |||||||||||||||||
Granted | 922,516 | $ | 3.87 | ||||||||||||||||||||
Exercised | (37,800 | ) | $ | 1.82 | |||||||||||||||||||
Forfeited or Expired | (59,450 | ) | $ | 2.14 | |||||||||||||||||||
Expired | (750 | ) | $ | 4.2 | |||||||||||||||||||
Outstanding at March 31, 2012 | 1,251,166 | $ | 3.54 | 9 | $ | 8,243,956 | |||||||||||||||||
Granted | 258,000 | $ | 6.3 | ||||||||||||||||||||
Exercised | (9,970 | ) | $ | 2.34 | |||||||||||||||||||
Forfeited | (3,340 | ) | $ | 3.21 | |||||||||||||||||||
Outstanding at March 31, 2013 | 1,495,856 | $ | 4.03 | 8.3 | $ | 1,174,810 | |||||||||||||||||
Granted | 6,000 | $ | 5.56 | ||||||||||||||||||||
Exercised | (15,100 | ) | $ | 2.43 | |||||||||||||||||||
Forfeited | (17,450 | ) | $ | 4.53 | |||||||||||||||||||
Outstanding at March 31, 2014 | 1,469,306 | $ | 4.04 | 7.3 | $ | 2,034,303 | |||||||||||||||||
Exercisable at March 31, 2014 | 618,240 | $ | 3.47 | 6.9 | $ | 1,141,552 | |||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||||||||
Nonvested Options | Shares | Weighted | |||||||||||||||||||||
Average | |||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||
Nonvested at March 31, 2013 | 1,157,566 | $ | 3.05 | ||||||||||||||||||||
Granted | 6,000 | 0.84 | |||||||||||||||||||||
Vested | (301,650 | ) | 2.53 | ||||||||||||||||||||
Forfeited | (10,850 | ) | 3 | ||||||||||||||||||||
Nonvested at March 31, 2014 | 851,066 | $ | 3.22 | ||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||
Outstanding Options | Exercisable Options | ||||||||||||||||||||||
Range of | Number | Remaining | Weighted | Number of | Weighted | ||||||||||||||||||
Exercise Prices | of Shares | Life (Years) | Average Price | Shares | Average Price | ||||||||||||||||||
$1.60 | - | $3.70 | 429,150 | 6.5 | $ | 2.93 | 388,830 | $ | 2.86 | ||||||||||||||
$3.71 | - | $4.42 | 729,156 | 7.4 | $ | 3.82 | 150,160 | $ | 3.82 | ||||||||||||||
$4.43 | - | $5.40 | 72,500 | 7.9 | $ | 5.17 | 27,500 | $ | 5.18 | ||||||||||||||
$5.41 | - | $7.08 | 238,500 | 8.3 | $ | 6.38 | 51,750 | $ | 6.16 | ||||||||||||||
Total stock options | 1,469,306 | 7.3 | $ | 4.04 | 618,240 | $ | 3.47 | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Exercise Price | $5.56 | $5.26 -7.08 | $3.58-5.40 | ||||||||||||||||||||
Volatility | 38.00% | 78.26-80.39% | 56.18-78.61% | ||||||||||||||||||||
Risk Free Rate | 0.14% | 0.85- 0.93% | 0.09-2.25 % | ||||||||||||||||||||
Vesting Period | 6 months | 5-7 years | 0-5 years | ||||||||||||||||||||
Forfeiture Rate | 0.00% | 7.66-9.00% | 0-16.88% | ||||||||||||||||||||
Expected Life (in years) | 1.00 | 6.25 | 0.25-8.25 | ||||||||||||||||||||
Dividend Rate | 0% | 0% | 0% |
Note_10_Earnings_Per_Share_Tab
Note 10 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Net Income | Shares | Per Share | |||||||||||
(Numerator) | (Denominator) | Amount | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Year ended March 31, 2014: | |||||||||||||
Basic loss per share | $ | (195 | ) | 5,478 | $ | (0.04 | ) | ||||||
Effective dilutive securities— Common stock options | — | 183 | 0.01 | ||||||||||
Diluted income per share | $ | (195 | ) | 5,661 | $ | (0.03 | ) | ||||||
Year ended March 31, 2013: | |||||||||||||
Basic income per share | $ | 4,209 | 5,455 | $ | 0.77 | ||||||||
Effective dilutive securities— Common stock options | — | 200 | (.03 | ) | |||||||||
Diluted income per share | $ | 4,209 | 5,655 | $ | 0.74 | ||||||||
Year ended March 31, 2012: | |||||||||||||
Basic and diluted loss per share | $ | 3,632 | 5,414 | $ | 0.67 | ||||||||
Effective dilutive securities— Common stock options | — | 120 | (.01 | ) | |||||||||
Diluted income per share | $ | 3,632 | 5,534 | $ | 0.66 |
Note_12_Major_Customers_and_Ge1
Note 12 - Major Customers and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | ' | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||
Spirulina products | $ | 9,297 | $ | 8,863 | $ | 8, 701 | |||||||||||||||||||
Natural astaxanthin products | |||||||||||||||||||||||||
BioAstin® | 19,598 | 18,713 | 15,912 | ||||||||||||||||||||||
Other products | 10 | 5 | 18 | ||||||||||||||||||||||
$ | 28,905 | $ | 27,581 | $ | 24,631 | ||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Net sales(1): | |||||||||||||||||||||||||
United States | $ | 18,155 | 63 | % | $ | 17,386 | 63 | % | $ | 16,430 | 67 | % | |||||||||||||
Europe | 5,164 | 18 | % | 5,442 | 20 | % | 4,458 | 18 | % | ||||||||||||||||
Asia / Pacific | 3,106 | 10 | % | 2,754 | 10 | % | 1,807 | 7 | % | ||||||||||||||||
Other | 2,480 | 9 | % | 1,999 | 9 | % | 1,936 | 8 | % | ||||||||||||||||
$ | 28,905 | 100 | % | $ | 27,581 | 100 | % | $ | 24,631 | 100 | % |
Note_13_Income_Taxes_Tables
Note 13 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 20 | $ | (53 | ) | $ | (66 | ) | |||||
State | (63 | ) | (21 | ) | (47 | ) | |||||||
Total current | (43 | ) | (74 | ) | (113 | ) | |||||||
Deferred: | |||||||||||||
Federal | (141 | ) | 1,894 | 859 | |||||||||
State | (58 | ) | 201 | 33 | |||||||||
Total deferred | (199 | ) | 2,095 | 892 | |||||||||
Income tax (expense) benefit | $ | (242 | ) | $ | 2,021 | $ | 779 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Tax provision at federal statutory income tax rate | $ | (16 | ) | $ | (744 | ) | $ | (970 | ) | ||||
State income taxes benefit (expense), net of federal income tax effect | (39 | ) | (130 | ) | (68 | ) | |||||||
Decrease in valuation allowance for utilization of deferred tax assets | — | 1,082 | 1,100 | ||||||||||
Reduction in valuation allowance | — | 1,912 | 892 | ||||||||||
Stock based compensation | (199 | ) | (201 | ) | (97 | ) | |||||||
State rate adjustment | (41 | ) | — | — | |||||||||
R&D credit | 24 | — | — | ||||||||||
Other, net | 29 | 102 | (78 | ) | |||||||||
Income tax (expense) benefit | $ | (242 | ) | $ | 2,021 | $ | 779 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carry forwards | $ | 3,938 | $ | 3,674 | |||||||||
Compensation accrual | 189 | 134 | |||||||||||
Inventory differences | 95 | 14 | |||||||||||
Tax credit carry forwards | 171 | 156 | |||||||||||
Other | 20 | 12 | |||||||||||
Gross deferred tax assets | 4,413 | 3,990 | |||||||||||
Less valuation allowance | — | — | |||||||||||
Net deferred tax assets | 4,413 | 3,990 | |||||||||||
Deferred tax liability: Depreciation and amortization | (1,073 | ) | (451 | ) | |||||||||
Net deferred tax assets | $ | 3,340 | $ | 3,539 | |||||||||
Schedule Of Operating Loss And Tax Credit Carry Forwards [Table Text Block] | ' | ||||||||||||
Expires March 31, | Net Operating | Research and | |||||||||||
Losses | Experimentation | ||||||||||||
Tax Credits | |||||||||||||
2020 | $ | — | 8 | ||||||||||
2021 | 1,002 | 2 | |||||||||||
2022 | 3,161 | — | |||||||||||
2023 | 1,863 | 1 | |||||||||||
2026 | 159 | — | |||||||||||
2027 | 2,665 | 1 | |||||||||||
2028 | 1,612 | 16 | |||||||||||
2029 | — | 24 | |||||||||||
2031 | 389 | — | |||||||||||
2033 | 2 | — | |||||||||||
2034 | 55 | — | |||||||||||
$ | 10,908 | $ | 52 | ||||||||||
Summary of Income Tax Contingencies [Table Text Block] | ' | ||||||||||||
Open tax years ending March 31, | Jurisdiction | ||||||||||||
2011 | - | 2014 | U.S. Federal | ||||||||||
2011 | - | 2014 | State of Hawaii | ||||||||||
2010 | - | 2014 | State of California |
Note_14_Selected_Quarterly_Fin1
Note 14 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||||
Quarter(1) | Quarter(1) | Quarter(1) | Quarter | ||||||||||||||||||
(1)(2) | |||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
2014 | |||||||||||||||||||||
Net sales | $ | 6,909 | $ | 7,299 | $ | 7,438 | $ | 7,259 | $ | 28,905 | |||||||||||
Gross profit | 2,852 | 2,993 | 3,145 | 2,574 | 11,564 | ||||||||||||||||
Net income (loss) | 30 | 106 | 36 | (367 | ) | (195 | ) | ||||||||||||||
Net income (loss) per share | |||||||||||||||||||||
Basic | 0.01 | 0.02 | 0.01 | (0.07 | ) | (0.04 | ) | ||||||||||||||
Diluted | 0.01 | 0.02 | 0.01 | (0.06 | ) | (0.03 | ) | ||||||||||||||
2013 | |||||||||||||||||||||
Net sales | $ | 6,506 | $ | 6,936 | $ | 7,242 | $ | 6,897 | $ | 27,581 | |||||||||||
Gross profit | 2,574 | 2,812 | 2,865 | 2,707 | 10,958 | ||||||||||||||||
Net income | 493 | 476 | 607 | 2,633 | 4,209 | ||||||||||||||||
Net income per share | |||||||||||||||||||||
Basic | 0.09 | 0.09 | 0.11 | 0.48 | 0.77 | ||||||||||||||||
Diluted | 0.08 | 0.08 | 0.11 | 0.47 | 0.74 |
Note_1_Description_of_Business2
Note 1 - Description of Business and Summary of Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Microalgal Species Cultivated | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number Of Product Lines | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of Operating Segments | ' | ' | ' | ' | ' | ' | 1 | ' | ' |
Cash FDIC Insured Amount, Limit Per Bank | $250,000 | ' | ' | ' | ' | ' | $250,000 | ' | ' |
Cash Uninsured, Amount One | 5,225,000 | ' | ' | ' | ' | ' | 5,225,000 | ' | ' |
Number Of Days Past Due Of Significant Individual Balances For Monthly Review Of Allowance For Doubtful Accounts | ' | ' | ' | ' | ' | ' | '90 days | ' | ' |
Inventory Valuation Reserves | 6,000 | ' | 9,000 | ' | ' | ' | 6,000 | 9,000 | ' |
Inventory, Abnormal Production Costs | 353,000 | 44,000 | 282,000 | 161,000 | 481,000 | 233,000 | 306,000 | 1,157,000 | 1,174,000 |
Non Inventoriable Fixed Costs | ' | ' | ' | ' | ' | ' | 91,000 | 94,000 | 53,000 |
Interest Costs Capitalized | ' | ' | ' | ' | ' | ' | 199,000 | 54,000 | 0 |
Asset Retirement Obligation | 0 | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Advertising Expense | ' | ' | ' | ' | ' | ' | 1,126,000 | 575,000 | 320,000 |
Unrecognized Tax Benefits | 0 | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0 | ' | $0 | ' | ' | ' | $0 | $0 | ' |
Share-Based Compensation Arrangement, Number Of Liability Classified Awards | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Note_1_Description_of_Business3
Note 1 - Description of Business and Summary of Accounting Policies (Details) - Estimated Useful Lives | 12 Months Ended |
Mar. 31, 2014 | |
Equipment [Member] | ' |
Note 1 - Description of Business and Summary of Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '10 years |
Equipment [Member] | Minimum [Member] | ' |
Note 1 - Description of Business and Summary of Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '3 years |
Furniture and Fixtures [Member] | ' |
Note 1 - Description of Business and Summary of Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '7 years |
Furniture and Fixtures [Member] | Minimum [Member] | ' |
Note 1 - Description of Business and Summary of Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '3 years |
Leasehold Improvements [Member] | ' |
Note 1 - Description of Business and Summary of Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '25 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Note 1 - Description of Business and Summary of Accounting Policies (Details) - Estimated Useful Lives [Line Items] | ' |
Estimated useful life | '10 years |
Note_2_Inventories_Net_Details
Note 2 - Inventories, Net (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Inventory Valuation Reserves | $6,000 | $9,000 |
Note_2_Inventories_Net_Details1
Note 2 - Inventories, Net (Details) - Components of Inventory (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Components of Inventory [Abstract] | ' | ' | ||
Raw materials | $1,411 | $932 | ||
Work in process | 337 | 330 | ||
Finished goods(1) | 2,847 | [1] | 2,164 | [1] |
Supplies | 281 | 262 | ||
$4,876 | $3,688 | |||
[1] | Net of reserve for obsolescence of $6,000 and $9,000 at March 31, 2014 and 2013, respectively. |
Note_3_Equipment_and_Leasehold2
Note 3 - Equipment and Leasehold Improvements, Net (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Capital Leased Assets, Gross | ' | $97,000 | ' |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | ' | 58,000 | ' |
Gain (Loss) on Disposition of Assets | -46,000 | -46,000 | -57,000 |
Depreciation, Depletion and Amortization | $1,086,000 | $847,000 | $695,000 |
Note_3_Equipment_and_Leasehold3
Note 3 - Equipment and Leasehold Improvements, Net (Details) - Components of Equipment and Leasehold Improvements (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ||
$18,887 | $15,976 | |||
Less accumulated depreciation and amortization | -11,393 | -10,496 | ||
Construction in-progress | 4,332 | 3,355 | ||
11,826 | 8,835 | |||
Equipment [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Equipment and leasehold improvements, gross | 8,840 | [1] | 7,455 | [1] |
Leasehold Improvements [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Equipment and leasehold improvements, gross | 9,756 | 8,313 | ||
Furniture and Fixtures [Member] | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Equipment and leasehold improvements, gross | $291 | $208 | ||
[1] | Includes $97,000 of equipment under capital lease at March 31, 2013, with accumulated amortization of $58,000. |
Note_4_Accrued_Expenses_Detail
Note 4 - Accrued Expenses (Details) - Components of Accrued Expenses (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Accrued Expenses [Abstract] | ' | ' |
Wages, commissions and profit sharing | $582 | $623 |
Customer rebates | 55 | 109 |
Other accrued expenses | 137 | 140 |
$774 | $872 |
Note_5_LongTerm_Debt_Details
Note 5 - Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 14, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 14, 2012 | Aug. 14, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2010 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 |
Term Loan Agreement, Maturing On August 14, 2032 [Member] | Term Loan Agreement, Maturing On August 14, 2032 [Member] | Term Loan Agreement, Maturing On August 14, 2032 [Member] | Term Loan Agreement, Promissory Note One [Member] | Term Loan Agreement, Promissory Note Two [Member] | Equipment Loans With John Deere [Member] | Equipment Loans With John Deere [Member] | Term Loan Agreement With Nissan Motor Acceptance Corporation, Maturing On September 13, 2016 [Member] | Term Loan Agreement With Nissan Motor Acceptance Corporation, Maturing On September 13, 2016 [Member] | Term Loan Agreement With Nissan Motor Acceptance Corporation, Maturing On September 13, 2016 [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Minimum [Member] | Maximum [Member] | |||
Term Loan Agreement, Maturing On August 14, 2032 [Member] | Equipment Loans With John Deere [Member] | ||||||||||||||||
Note 5 - Long-Term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | $5,500,000 | ' | ' | $2,250,000 | $3,250,000 | $103,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Payment Period | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Amortization Period | ' | ' | '19 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Reference Rate | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' |
Debt Instrument, Prepayment Penalty Percentage | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Prepayment Penalty Percentage Reduction During Each Year | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt And Capital Lease Obligations, Current And Noncurrent | 5,467,000 | 5,582,000 | ' | 5,414,000 | 5,500,000 | ' | ' | 42,000 | 66,000 | 23,000 | ' | ' | 97,000 | 0 | 34,000 | ' | ' |
Debt Instrument, One-Time Origination And Guaranty Fees | ' | ' | ' | 214,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Annual Renewal Fee Payable Percentage | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Guaranteed Portion | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Number of Equipment Loans | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payments, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 months | ' | ' | '36 months | ' | ' | ' | '48 months |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | 0.00% | ' | ' | 6.60% | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | 1,000 | 2,000 | ' | 300 | 600 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000 | $15,000 | ' | ' | ' | ' | ' |
Note_5_LongTerm_Debt_Details_S
Note 5 - Long-Term Debt (Details) - Summary of Long-Term Debt (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of Long-Term Debt [Abstract] | ' | ' |
Long-term debt | $5,467 | $5,582 |
Less current maturities | -204 | -128 |
Long-term debt, excluding current maturities | $5,263 | $5,454 |
Note_5_LongTerm_Debt_Details_F
Note 5 - Long-Term Debt (Details) - Future Principal Payments Under the Loan Agreements (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Future Principal Payments Under the Loan Agreements [Abstract] | ' | ' |
2015 | $204 | ' |
2016 | 203 | ' |
2017 | 198 | ' |
2018 | 205 | ' |
2019 | 216 | ' |
Thereafter | 4,441 | ' |
Total principal payments | $5,467 | $5,582 |
Note_6_Leases_Details
Note 6 - Leases (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Leases [Abstract] | ' | ' | ' |
Operating Leases, Term | '40 years | ' | ' |
Operating Leases, Rent Expense, Contingent Rentals | $65,000 | $75,000 | $188,000 |
Operating Leases, Rent Expense, Net | $578,000 | $602,000 | $509,000 |
Note_6_Leases_Details_Summary_
Note 6 - Leases (Details) - Summary of Future Minimum Lease Payments Under Non-Cancelable Operating Leases (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Summary of Future Minimum Lease Payments Under Non-Cancelable Operating Leases [Abstract] | ' |
2015 | $499 |
2016 | 429 |
2017 | 408 |
2018 | 402 |
2019 | 402 |
Thereafter | 5,127 |
Total minimum lease payments | $7,267 |
Note_7_Commitments_and_Conting1
Note 7 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | |
Sep. 12, 2012 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Long-Term Purchase Commitment, Estimated Delivery Period | '14 months | ' |
Long-term Purchase Commitment, Amount | $3,222,000 | ' |
Long-Term Purchase Commitment, Amount Payable | ' | 645,000 |
Long-Term Purchase Commitment, Amount Classified In Construction In Progress | ' | $2,577,000 |
Note_8_ShareBased_Compensation2
Note 8 - Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Number Of Shareholder Approved Share-Based Compensation Plans | 2 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 2,275,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 544,051 | ' | ' |
Share Price (in Dollars per share) | $5.24 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $51,000 | $37,000 | $147,000 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Weighted-Average Grant Date Fair-Value Options Granted | 5,000 | 1,124,000 | 2,258,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 763,000 | 434,000 | 234,000 |
Employee Stock Option [Member] | 2005 Plan [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 715,000 | 653,000 | 407,000 |
Employee Stock Option [Member] | 2004 Directors Plan [Member] | Non-Employee Director [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options Grants, Initial, Gross (in Shares) | 6,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '6 months | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,976,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 219 days | ' | ' |
Employee Stock Option [Member] | Maximum [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | '10 years | ' | ' |
Restricted Stock [Member] | 2004 Directors Plan [Member] | Non-Employee Director [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '6 months | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Annual Grants (in Shares) | 4,000 | ' | ' |
Restricted Stock [Member] | 2004 Directors Plan [Member] | Director Serving As Chairman of the Board [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '6 months | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Annual Grants (in Shares) | 1,000 | ' | ' |
2005 Plan [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 2,075,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 422,928 | ' | ' |
2004 Directors Plan [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 200,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 121,123 | ' | ' |
Allocated Share-based Compensation Expense | $55,000 | $77,000 | $46,000 |
Note_8_ShareBased_Compensation3
Note 8 - Share-Based Compensation (Details) - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Note 8 - Share-Based Compensation (Details) - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan [Line Items] | ' | ' | ' | ' |
Authorized (in shares) | 2,275,000 | ' | ' | ' |
Available (in shares) | 544,051 | ' | ' | ' |
Outstanding (in shares) | 1,469,306 | 1,495,856 | 1,251,166 | 426,650 |
2005 Plan [Member] | ' | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan [Line Items] | ' | ' | ' | ' |
Authorized (in shares) | 2,075,000 | ' | ' | ' |
Available (in shares) | 422,928 | ' | ' | ' |
Outstanding (in shares) | 1,457,306 | ' | ' | ' |
2004 Directors Plan [Member] | ' | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan [Line Items] | ' | ' | ' | ' |
Authorized (in shares) | 200,000 | ' | ' | ' |
Available (in shares) | 121,123 | ' | ' | ' |
Outstanding (in shares) | 12,000 | ' | ' | ' |
Note_8_ShareBased_Compensation4
Note 8 - Share-Based Compensation (Details) - Summary of Option Activity Under Stock Plans (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Summary of Option Activity Under Stock Plans [Abstract] | ' | ' | ' | ' |
Outstanding at March 31, | 1,469,306 | 1,495,856 | 1,251,166 | 426,650 |
Outstanding at March 31, | $4.04 | $4.03 | $3.54 | $2.49 |
Outstanding at March 31, | '7 years 109 days | '8 years 109 days | '9 years | '8 years 292 days |
Outstanding at March 31, | $2,034,303 | $1,174,810 | $8,243,956 | $395,693 |
Exercisable at March 31, 2014 | 618,240 | ' | ' | ' |
Exercisable at March 31, 2014 | $3.47 | ' | ' | ' |
Exercisable at March 31, 2014 | '6 years 328 days | ' | ' | ' |
Exercisable at March 31, 2014 | $1,141,552 | ' | ' | ' |
Granted | 6,000 | 258,000 | 922,516 | ' |
Granted | $5.56 | $6.30 | $3.87 | ' |
Exercised | -15,100 | -9,970 | -37,800 | ' |
Exercised | $2.43 | $2.34 | $1.82 | ' |
Forfeited | -17,450 | -3,340 | ' | ' |
Forfeited | $4.53 | $3.21 | ' | ' |
Forfeited or Expired | ' | ' | -59,450 | ' |
Forfeited or Expired | ' | ' | $2.14 | ' |
Expired | ' | ' | -750 | ' |
Expired | ' | ' | $4.20 | ' |
Note_8_ShareBased_Compensation5
Note 8 - Share-Based Compensation (Details) - Summary of Non-Vested Options (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Summary of Non-Vested Options [Abstract] | ' | ' | ' |
Nonvested at March 31, | 1,157,566 | ' | ' |
Nonvested at March 31, | $3.05 | ' | ' |
Granted | 6,000 | 258,000 | 922,516 |
Granted | $0.84 | ' | ' |
Vested | -301,650 | ' | ' |
Vested | $2.53 | ' | ' |
Forfeited | -10,850 | ' | ' |
Forfeited | $3 | ' | ' |
Nonvested at March 31, | 851,066 | 1,157,566 | ' |
Nonvested at March 31, | $3.22 | $3.05 | ' |
Note_8_ShareBased_Compensation6
Note 8 - Share-Based Compensation (Details) - Summary of the Weighted-Average Characteristics of Outstanding Stock Options (USD $) | 12 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices (Minimum) | ' |
Outstanding Options - Number of Shares (in Shares) | 1,469,306 |
Outstanding Options - Remaining Life (Years) | '7 years 109 days |
Outstanding Options - Weighted Average Price | $4.04 |
Exercisable Options - Number of Shares (in Shares) | 618,240 |
Exercisable Options - Weighted Average Price | $3.47 |
Range 01 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices (Minimum) | $1.60 |
Range of Exercise Prices (Maximum) | $3.70 |
Outstanding Options - Number of Shares (in Shares) | 429,150 |
Outstanding Options - Remaining Life (Years) | '6 years 6 months |
Outstanding Options - Weighted Average Price | $2.93 |
Exercisable Options - Number of Shares (in Shares) | 388,830 |
Exercisable Options - Weighted Average Price | $2.86 |
Range 02 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices (Minimum) | $3.71 |
Range of Exercise Prices (Maximum) | $4.42 |
Outstanding Options - Number of Shares (in Shares) | 729,156 |
Outstanding Options - Remaining Life (Years) | '7 years 146 days |
Outstanding Options - Weighted Average Price | $3.82 |
Exercisable Options - Number of Shares (in Shares) | 150,160 |
Exercisable Options - Weighted Average Price | $3.82 |
Range 03 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices (Minimum) | $4.43 |
Range of Exercise Prices (Maximum) | $5.40 |
Outstanding Options - Number of Shares (in Shares) | 72,500 |
Outstanding Options - Remaining Life (Years) | '7 years 328 days |
Outstanding Options - Weighted Average Price | $5.17 |
Exercisable Options - Number of Shares (in Shares) | 27,500 |
Exercisable Options - Weighted Average Price | $5.18 |
Range 04 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices (Minimum) | $5.41 |
Range of Exercise Prices (Maximum) | $7.08 |
Outstanding Options - Number of Shares (in Shares) | 238,500 |
Outstanding Options - Remaining Life (Years) | '8 years 109 days |
Outstanding Options - Weighted Average Price | $6.38 |
Exercisable Options - Number of Shares (in Shares) | 51,750 |
Exercisable Options - Weighted Average Price | $6.16 |
Note_8_ShareBased_Compensation7
Note 8 - Share-Based Compensation (Details) - Summary of Valuation Assumptions Related to Options Granted (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Note 8 - Share-Based Compensation (Details) - Summary of Valuation Assumptions Related to Options Granted [Line Items] | ' | ' | ' |
Exercise Price (in Dollars per share) | $5.56 | ' | ' |
Volatility | 38.00% | ' | ' |
Risk Free Rate | 0.14% | ' | ' |
Vesting Period | '6 months | ' | ' |
Forfeiture Rate | 0.00% | ' | ' |
Expected Life (in years) | '1 year | '6 years 3 months | ' |
Dividend Rate | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) - Summary of Valuation Assumptions Related to Options Granted [Line Items] | ' | ' | ' |
Exercise Price (in Dollars per share) | ' | 5.26 | 3.58 |
Volatility | ' | 78.26% | 56.18% |
Risk Free Rate | ' | 0.85% | 0.09% |
Vesting Period | ' | '5 years | '0 years |
Forfeiture Rate | ' | 7.66% | 0.00% |
Expected Life (in years) | ' | ' | '3 months |
Maximum [Member] | ' | ' | ' |
Note 8 - Share-Based Compensation (Details) - Summary of Valuation Assumptions Related to Options Granted [Line Items] | ' | ' | ' |
Exercise Price (in Dollars per share) | ' | 7.08 | 5.4 |
Volatility | ' | 80.39% | 78.61% |
Risk Free Rate | ' | 0.93% | 2.25% |
Vesting Period | ' | '7 years | '5 years |
Forfeiture Rate | ' | 9.00% | 16.88% |
Expected Life (in years) | ' | ' | '8 years 3 months |
Note_9_Common_and_Preferred_St1
Note 9 - Common and Preferred Stock (Details) | Mar. 31, 2014 | Mar. 31, 2013 |
Stockholders' Equity Note [Abstract] | ' | ' |
Shares Authorized | 60,000,000 | ' |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Authorized | 10,000,000 | ' |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Note_10_Earnings_Per_Share_Det
Note 10 - Earnings Per Share (Details) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 725,000 | 696,000 | 918,000 |
Note_10_Earnings_Per_Share_Det1
Note 10 - Earnings Per Share (Details) - Summary of Reconciliations Between the Numerator and the Denominator of the Basic and Diluted Earnings Per Share Computations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Summary of Reconciliations Between the Numerator and the Denominator of the Basic and Diluted Earnings Per Share Computations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic income per share | ($367) | $36 | $106 | $30 | $2,633 | $607 | $476 | $493 | ($195) | $4,209 | $3,632 |
Basic income per share | ' | ' | ' | ' | ' | ' | ' | ' | 5,478 | 5,455 | 5,414 |
Basic income per share | ($0.07) | $0.01 | $0.02 | $0.01 | $0.48 | $0.11 | $0.09 | $0.09 | ($0.04) | $0.77 | $0.67 |
Effective dilutive securities— Common stock options | ' | ' | ' | ' | ' | ' | ' | ' | 183 | 200 | 120 |
Effective dilutive securities— Common stock options | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ($0.03) | ($0.01) |
Diluted income per share | ' | ' | ' | ' | ' | ' | ' | ' | ($195) | $4,209 | $3,632 |
Diluted income per share | ' | ' | ' | ' | ' | ' | ' | ' | 5,661 | 5,655 | 5,534 |
Diluted income per share | ($0.06) | $0.01 | $0.02 | $0.01 | $0.47 | $0.11 | $0.08 | $0.08 | ($0.03) | $0.74 | $0.66 |
Note_11_Profit_Sharing_Plan_an1
Note 11 - Profit Sharing Plan and 401k Plan (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Profit Sharing Defined Contribution Plan [Member] | ' | ' | ' |
Note 11 - Profit Sharing Plan and 401k Plan (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $17,000 | $115,000 | $146,000 |
Defined Contribution 401K Plan [Member] | ' | ' | ' |
Note 11 - Profit Sharing Plan and 401k Plan (Details) [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $110,000 | $90,000 | $70,000 |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 2.00% | ' | ' |
Note_12_Major_Customers_and_Ge2
Note 12 - Major Customers and Geographic Information (Details) (Major Customer One [Member], Customer Concentration Risk [Member], Sales [Member]) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Major Customer One [Member] | Customer Concentration Risk [Member] | Sales [Member] | ' | ' | ' |
Note 12 - Major Customers and Geographic Information (Details) [Line Items] | ' | ' | ' |
Number Of Major Customers | 0 | 0 | 0 |
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Note_12_Major_Customers_and_Ge3
Note 12 - Major Customers and Geographic Information (Details) - Net Sales by Product Line (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $7,259 | $7,438 | $7,299 | $6,909 | $6,897 | $7,242 | $6,936 | $6,506 | $28,905 | [1] | $27,581 | [1] | $24,631 | [1] |
Spirulina Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,297 | 8,863 | 8,701 | |||
Natural Astaxanthin Products Bio Astin [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 19,598 | 18,713 | 15,912 | |||
Other Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $5 | $18 | |||
[1] | Net sales are attributed to countries based on location of customer. |
Note_12_Major_Customers_and_Ge4
Note 12 - Major Customers and Geographic Information (Details) - Sales by Geographic Region (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $7,259 | $7,438 | $7,299 | $6,909 | $6,897 | $7,242 | $6,936 | $6,506 | $28,905 | [1] | $27,581 | [1] | $24,631 | [1] |
Geographic Concentration Risk [Member] | UNITED STATES | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 63.00% | [1] | 63.00% | [1] | 67.00% | [1] |
Geographic Concentration Risk [Member] | Europe [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | [1] | 20.00% | [1] | 18.00% | [1] |
Geographic Concentration Risk [Member] | Asia Pacific [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | [1] | 10.00% | [1] | 7.00% | [1] |
Geographic Concentration Risk [Member] | Other Countries [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | [1] | 9.00% | [1] | 8.00% | [1] |
Geographic Concentration Risk [Member] | Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 18,155 | [1] | 17,386 | [1] | 16,430 | [1] |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,164 | [1] | 5,442 | [1] | 4,458 | [1] |
Asia Pacific [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,106 | [1] | 2,754 | [1] | 1,807 | [1] |
Other Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales(1): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $2,480 | [1] | $1,999 | [1] | $1,936 | [1] |
[1] | Net sales are attributed to countries based on location of customer. |
Note_13_Income_Taxes_Details
Note 13 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% |
Operating Loss Carryforwards (in Dollars) | $10,908,000 | ' | ' |
State and Local Jurisdiction [Member] | HAWAII | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards (in Dollars) | 6,020,000 | ' | ' |
Alternative Minimum Tax [Member] | ' | ' | ' |
Note 13 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Tax Credit Carryforward, Amount (in Dollars) | $120,000 | ' | ' |
Note_13_Income_Taxes_Details_C
Note 13 - Income Taxes (Details) - Components of Income Tax Benefit (Expense) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Current: | ' | ' | ' |
Federal | $20 | ($53) | ($66) |
State | -63 | -21 | -47 |
Total current | -43 | -74 | -113 |
Deferred: | ' | ' | ' |
Federal | -141 | 1,894 | 859 |
State | -58 | 201 | 33 |
Total deferred | -199 | 2,095 | 892 |
Income tax (expense) benefit | ($242) | $2,021 | $779 |
Note_13_Income_Taxes_Details_R
Note 13 - Income Taxes (Details) - Reconciliation of the Amount of Income Taxes Computed at the Federal Statutory Rate to the Amount Reflected in Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Reconciliation of the Amount of Income Taxes Computed at the Federal Statutory Rate to the Amount Reflected in Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' |
Tax provision at federal statutory income tax rate | ' | ($16,000) | ($744,000) | ($970,000) |
State income taxes benefit (expense), net of federal income tax effect | ' | -39,000 | -130,000 | -68,000 |
Decrease in valuation allowance for utilization of deferred tax assets | ' | ' | 1,082,000 | 1,100,000 |
Reduction in valuation allowance | -1,912,000 | ' | 1,912,000 | 892,000 |
Stock based compensation | ' | -199,000 | -201,000 | -97,000 |
State rate adjustment | ' | -41,000 | ' | ' |
R&D credit | ' | 24,000 | ' | ' |
Other, net | ' | 29,000 | 102,000 | -78,000 |
Income tax (expense) benefit | ' | ($242,000) | $2,021,000 | $779,000 |
Note_13_Income_Taxes_Details_T
Note 13 - Income Taxes (Details) - Tax Effects of Temporary Differences Related to Various Assets, Liabilities and Carry Forwards That Give Rise to Deferred Tax Assets and Deferred Rax Liabilities (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carry forwards | $3,938 | $3,674 |
Compensation accrual | 189 | 134 |
Inventory differences | 95 | 14 |
Tax credit carry forwards | 171 | 156 |
Other | 20 | 12 |
Gross deferred tax assets | 4,413 | 3,990 |
Net deferred tax assets | 4,413 | 3,990 |
Deferred tax liability: Depreciation and amortization | -1,073 | -451 |
Net deferred tax assets | $3,340 | $3,539 |
Note_13_Income_Taxes_Details_N
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax (USD $) | Mar. 31, 2014 |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | $10,908,000 |
Expiration Date One [Member] | Research Tax Credit Carryforward [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Tax credit carry forwards | 8,000 |
Expiration Date Two [Member] | Research Tax Credit Carryforward [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Tax credit carry forwards | 2,000 |
Expiration Date Two [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 1,002,000 |
Expiration Date Three [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 3,161,000 |
Expiration Date Four [Member] | Research Tax Credit Carryforward [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Tax credit carry forwards | 1,000 |
Expiration Date Four [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 1,863,000 |
Expiration Date Five [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 159,000 |
Expiration Date Six [Member] | Research Tax Credit Carryforward [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Tax credit carry forwards | 1,000 |
Expiration Date Six [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 2,665,000 |
Expiration Date Seven [Member] | Research Tax Credit Carryforward [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Tax credit carry forwards | 16,000 |
Expiration Date Seven [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 1,612,000 |
Expiration Date Eight [Member] | Research Tax Credit Carryforward [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Tax credit carry forwards | 24,000 |
Expiration Date Nine [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 389,000 |
Expiration Date Ten [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 2,000 |
Expiration Date Eleven [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Net operating losses | 55,000 |
Research Tax Credit Carryforward [Member] | ' |
Note 13 - Income Taxes (Details) - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax [Line Items] | ' |
Tax credit carry forwards | $52,000 |
Note_13_Income_Taxes_Details_O
Note 13 - Income Taxes (Details) - Open Tax Years and Jurisdictions That the Company Used In Its Evaluation of Tax Positions | 12 Months Ended |
Mar. 31, 2014 | |
Internal Revenue Service (IRS) [Member] | Minimum [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Open tax year | '2011 |
Internal Revenue Service (IRS) [Member] | Maximum [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Open tax year | '2014 |
State and Local Jurisdiction [Member] | HAWAII | Minimum [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Open tax year | '2011 |
State and Local Jurisdiction [Member] | HAWAII | Maximum [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Open tax year | '2014 |
State and Local Jurisdiction [Member] | CALIFORNIA | Minimum [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Open tax year | '2010 |
State and Local Jurisdiction [Member] | CALIFORNIA | Maximum [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Open tax year | '2014 |
Note_14_Selected_Quarterly_Fin2
Note 14 - Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory, Abnormal Production Costs | $353,000 | $44,000 | $282,000 | $161,000 | $481,000 | $233,000 | $306,000 | $1,157,000 | $1,174,000 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | ' | ' | $1,912,000 | ' | ' | ' | ' | ($1,912,000) | ($892,000) |
Note_14_Selected_Quarterly_Fin3
Note 14 - Selected Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Information (Unaudited) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |||
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $7,259 | $7,438 | $7,299 | $6,909 | $6,897 | $7,242 | $6,936 | $6,506 | $28,905 | [1] | $27,581 | [1] | $24,631 | [1] |
Gross profit | 2,574 | 3,145 | 2,993 | 2,852 | 2,707 | 2,865 | 2,812 | 2,574 | 11,564 | 10,958 | 9,774 | |||
Net income (loss) | ($367) | $36 | $106 | $30 | $2,633 | $607 | $476 | $493 | ($195) | $4,209 | $3,632 | |||
Net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic (in Dollars per share) | ($0.07) | $0.01 | $0.02 | $0.01 | $0.48 | $0.11 | $0.09 | $0.09 | ($0.04) | $0.77 | $0.67 | |||
Diluted (in Dollars per share) | ($0.06) | $0.01 | $0.02 | $0.01 | $0.47 | $0.11 | $0.08 | $0.08 | ($0.03) | $0.74 | $0.66 | |||
[1] | Net sales are attributed to countries based on location of customer. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation and Qualifying Accounts (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Allowance for Doubtful Accounts: | ' | ' | ' |
Balance at Beginning of Year | $6 | $16 | $58 |
Charged to Costs and Expense | 10 | -10 | -36 |
Deductions | -10 | ' | -6 |
Balance at End of Year | 6 | 6 | 16 |
Inventory Valuation Reserve [Member] | ' | ' | ' |
Allowance for Doubtful Accounts: | ' | ' | ' |
Balance at Beginning of Year | 9 | 41 | 148 |
Charged to Costs and Expense | ' | ' | 5 |
Deductions | -3 | -32 | -112 |
Balance at End of Year | $6 | $9 | $41 |