Cyanotech (CYAN) 10-Q 10 Aug 17 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 10, 2017
Document Information [Line Items]
Entity Registrant Name	Cyanotech Corp
Entity Central Index Key	768,408
Trading Symbol	cyan
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		5,685,381
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash	$ 1,299	$ 1,407
Accounts receivable, net of allowance for doubtful accounts of $31 at June 30, 2017 and $49 at March 31, 2017	2,619	2,135
Inventories, net	7,981	7,972
Prepaid expenses and other current assets	427	565
Total current assets	12,326	12,079
Equipment and leasehold improvements, net	16,289	16,712
Other assets	207	213
Total assets	28,822	29,004
Current liabilities:
Line of credit	500	611
Current maturities of long-term debt	624	623
Customer deposits	80	119
Accounts payable	3,132	3,666
Accrued expenses	1,143	1,013
Total current liabilities	5,479	6,032
Long-term debt, less current maturities	6,105	6,249
Other long-term liabilities	99	116
Total liabilities	11,683	12,397
Commitments and contingencies
Stockholders’ equity:
Preferred stock of $0.01 par value, authorized 10,000,000 shares; no shares issued and outstanding
Common stock of $0.02 par value, authorized 50,000,000 shares; 5,685,381 shares issued and outstanding at June 30, 2017 and March 31, 2017	114	114
Additional paid-in capital	31,608	31,577
Accumulated deficit	(14,583)	(15,084)
Total stockholders’ equity	17,139	16,607
Total liabilities and stockholders’ equity	$ 28,822	$ 29,004

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Accounts receivable, allowance for doubtful accounts	$ 31	$ 49
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred, authorized shares (in shares)	10,000,000	10,000,000
Preferred, issued shares (in shares)	0	0
Preferred outstanding, shares (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.02	$ 0.02
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	5,685,381	5,685,381
Common stock, shares outstanding (in shares)	5,685,381	5,685,381

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
NET SALES	$ 8,809,000	$ 7,322,000
COST OF SALES	5,206,000	4,501,000
Gross Profit	3,603,000	2,821,000
OPERATING EXPENSES:
General and administrative	1,352,000	1,710,000
Sales and marketing	1,489,000	1,555,000
Research and development	142,000	166,000
Total operating expenses	2,983,000	3,431,000
Income (loss) from operations	620,000	(610,000)
Interest expense, net	108,000	132,000
Income (loss) before income tax	512,000	(742,000)
INCOME TAX EXPENSE (BENEFIT)	11,000	(51,000)
NET INCOME (LOSS)	$ 501,000	$ (691,000)
NET INCOME (LOSS) PER SHARE:
Basic (in dollars per share)	$ 0.09	$ (0.12)
Diluted (in dollars per share)	$ 0.09	$ (0.12)
SHARES USED IN CALCULATION OF NET INCOME (LOSS) PER SHARE:
Basic (in shares)	5,685	5,633
Diluted (in shares)	5,719	5,633

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 501	$ (691)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on disposal of assets		3
Depreciation and amortization	479	493
Amortization of debt issue costs and other assets	15	13
Share-based compensation expense	31	78
Net (increase) decrease in assets:
Accounts receivable	(484)	737
Inventories	(9)	(532)
Prepaid expenses and other assets	138	(102)
Net increase (decrease) in liabilities:
Customer deposits	(40)	(52)
Accounts payable	(534)	(9)
Accrued expenses	130	230
Deferred rent and other liabilities	(17)	4
Net cash provided by operating activities	210	172
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in equipment and leasehold improvements	(56)	(170)
Net cash used in investing activities	(56)	(170)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short term note payable		600
Net payments on line of credit	(111)
Payments in stock withheld for tax payment on issuance		(147)
Principal payments on long-term debt	(130)	(124)
Payments on capitalized leases	(21)	(17)
Net cash (used in) provided by financing activities	(262)	312
Net (decrease) increase in cash	(108)	314
Cash at beginning of period	1,407	1,240
Cash at end of period	1,299	1,554
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	104	105
Income taxes

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the instructions to Form 10 X not not March 31, 2017 March 31, 2017, 10 June 22, 2017. The accompanying condensed consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”, collectively the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods 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 from those estimates and assumptions. Liquidity and Debt Covenant Compliance As of June 30, 2017, $1.3 $6.8 $1.4 $6.0 March 31, 2017. August 30, 2016, June 3, 2016, $2.0 June 30, 2017, $0.5 $1.5 August 30, 2017 June 12, 2017 . As of June 30, 2017, $6.8 August 2032. March 31, 2017 2016, 1.92:1 1.97:1, 2.10:1. March 31, 2017 2016, not Funds generated by operating activities and available cash continue to be the Company's most significant sources of liquidity for working capital requirements, debt service and funding of maintenance levels of capital expenditures. Based upon the Company's fiscal year 2018 March 31, 2018, twelve March 31, 2018. no for the next fiscal year or its projected consolidated financial position as of March 31, 2018. As indicated above, the Bank has not March 31, 2017 2016 March 31, 2018 no not may may not Recent Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 2017 09 718, December 15, 2017 not In December 2016, 2016 20 “Technical Corrections and Improvements to Topic 606, No. 2016 20” 2016 19 “Technical Corrections and Improvements” No. 2016 19" one four 2016 20 December 15, 2017, April 1, 2018. not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 No. 2016 18” . 230, 2016 18 December 15, 2017, April 1, 2018. not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 Classification of Certain Cash Receipts and Cash Payments” No. 2016 15” eight not No. 2016 15 December 15, 2017, April 1, 2018. not In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 Improvements to Employee Share-Based Payment Accounting” (“ No. 2016 09 ”) 718 No. 2016 09 December 15, 2016, may April 1, 2017, 2016 09 2016 09 not In March 2016, No. 2016 08, “Revenue from Contracts with Customers (Topic 606 No. 2016 08” April 2016, No. 2016 10, “Revenue from Contracts with Customers (Topic 606 May 2016, No. 2016 12, “Revenue from Contracts with Customers (Topic 606 No. 2016 08, No. 2016 10 No. 2016 12 No. 2014 09, Revenue from Contracts with Customers December 15, 2017, one April 1, 2018. not No. 2016 08, No. 2016 10 No. 2016 12 In February 2016, 2016 02, Leases (Topic 842 No. 2016 02” No. 2016 02 No. 2016 02 twelve No. 2016 02 December 15, 2018. No. 2016 02 April 1, 2019. not In November 2015, No. 2015 17, Income Taxes (Topic 740 2015 17 December 15, 2016, April 1, 2017 In August 2015, 2015 14, “Revenue from Contracts with Customers (Topic 606 2014 09 one December 15, 2017 not In July 2015, No. 2015 11, “Inventory: Simplifying the Measurement of Inventory” not first The new standard will be effective for fiscal years beginning after December 15, 2016, April 1, 2017. not In May 2014, No 2014 09, “Revenue from Contracts with Customers (Topic 606 605, December 15, 2017, December 31, 2016. April 1, 2018. first March 31, 2019 December 2017.

Note 2 - Inventories

Note 2 - Inventories	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	2. INVENTORIES Inventories are stated at the lower of cost or market. Cost is determined by the first first June 30, 201 7 March 31, 201 7 (in thousands) Raw materials $ 247 $ 347 Work in process 2,553 2,036 Finished goods (1) 5,064 5,460 Supplies 117 129 Inventories, net $ 7,981 $ 7,972 ( 1 Net of reserve for obsolescence of $33,000 $3,000 June 30, 2017 March 31, 2017, The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Non-inventoriable fixed costs related to spirulina production of $9,000 June 30, 2017. $28,000 June 30, 2016.

Note 3 - Equipment and Leasehol

Note 3 - Equipment and Leasehold Improvements, Net	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. 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, or the shorter of the land lease term or estimated useful lives for leasehold improvements as follows: Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Equipment and leasehold improvements consist of the following: June 30, 201 7 March 31, 201 7 (in thousands) Equipment $ 17,427 $ 17,492 Leasehold improvements 13,892 13,892 Furniture and fixtures 380 380 31,699 31,764 Less accumulated depreciation and amortization (16,315 ) (15,835 ) Construction-in-progress 905 783 Equipment and leasehold improvements, net $ 16,289 $ 16,712 The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not ’s fair value. Management has determined no June 30, 2017 2016,

Note 4 - Line of Credit

Note 4 - Line of Credit	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Short-term Debt [Text Block]	4. LINE OF CREDIT On August 30, 2016, June 3, 2016, ’s leasehold property in Kona, Hawaii. The Credit Agreement allows the Company to borrow up to $2,000,000 4.25% June 30, 2017) + 2%, August 30, 2017, may $600,000 June 30, 2017, $500,000 $1,500,000 August 30, 2017 June 12, 2017 . The Credit Agreement grants the Bank the following security interests in the Company ’s property: (a) a lien on the Company’s leasehold interest in its Kona facility; (b) an assignment of the Company’s interest in leases and rents on its Kona facility; and (c) a security interest in all fixtures, furnishings and equipment related to or used by the Company at the Kona facility. Each security interest is further subject to the terms of the Credit Agreement.

Note 5 - Accrued Expenses

Note 5 - Accrued Expenses	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	5. ACCRUED EXPENSES Accrued expenses consist of the following: June 30, 201 7 March 31, 201 7 (in thousands) Wages , commissions, bonus and profit sharing $ 912 $ 793 Rent and utilities 78 69 Other accrued expenses 153 151 Total accrued expenses $ 1,143 $ 1,013

Note 6 - Long-term Debt

Note 6 - Long-term Debt	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	6. LONG-TERM DEBT Long-term debt consists of the following: June 30, 201 7 March 31, 201 7 (in thousands) Long-term debt $ 6,988 $ 7,139 Less current maturities (624 ) (623 ) Long-term debt, excluding current maturities 6,364 6,516 Less unamortized debt issuance costs (259 ) (267 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 6,105 $ 6,249 Term Loans The Company executed a loan agreement with a lender providing for $2,500,000 “2015 ’s assets, pursuant to a Term Loan Agreement dated July 30, 2015 “2015 2015 $2,500,000, 2015 $500,000 September 18, 2015, The provisions of the 2015 Agreement require the payment of principal and interest until its maturity on September 1, 2022, seven 7 2015 4.25% June 30, 2017 2.0% first no 6.00%. 2015 5% first 2015 1% fifth no 2015 $1,970,000 $2,049,000 June 30, 2017 March 31, 2017, The 2015 one $113,900 0.50% December 31 December 31, 2015. 80% 2015 The Company executed a loan agreement with a lender providing for $5,500,000 ’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 $2,250,000 $3,250,000, The provisions of the Loan required the payment of interest only for the first 12 August 14, 2032, nineteen 19 4.25% June 30, 2017 1.0% first no 5.50%. 5% first 1% fifth no $4,804,000 $4,854,000 June 30, 2017 March 31, 2017, The Loan includes a one $214,500 0.25% December 31 December 31, 2012. 80% The Company ’s current ratio of 1.92 1 1.97 1 March 31, 2017 2016, 2.10 1; March 31, 2017 2016, not Capital Leases The Company has four $364,000 March 2018 March 2021 60 one 36 4.18% 12.90%. $214,000 $236,000 June 30, 2017 March 31, 2017, Future principal payments under the term loan and capital lease agreements as of June 30, 2017 Payments Due (in thousands) Next 12 Months $ 624 Year 2 636 Year 3 653 Year 4 652 Year 5 678 Thereafter 3,745 Total principal payments $ 6,988

Note 7 - Operating Leases

Note 7 - Operating Leases	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	7. OPERATING LEASES The Company leases facilities, equipment and land under operating leases expiring through 2035. ’s sales. Management has accrued for the estimated contingent rent as of June 30, 2017. Future minimum lease payments under all non-cancelable operating leases at June 30, 2017 Payments Due (in thousands) Next 12 Months $ 614 Year 2 618 Year 3 608 Year 4 526 Year 5 532 Thereafter 4,157 Total minimum lease payments $ 7,055

Note 8 - Other Commitments and

Note 8 - Other Commitments and Contingencies	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. OTHER COMMITMENTS AND CONTINGENCIES From time to time, the Company may not or claims which, individually or in aggregate, would have a material effect on its consolidated financial position, results of operations or cash flows.

Note 9 - Share-based Compensati

Note 9 - Share-based Compensation	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	9. 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 conditions, 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 not ’s stock options are service-based awards, and because the Company’s stock options are “plain vanilla,” as defined by the U.S. Securities and Exchange Commission in Staff Accounting Bulletin No. 107, As of June 30, 2017, two 2016 2016 2014 “2014 June 30, 2017, two 2005 “2005 2004 “2004 No 2005 2004 On August 25, 2016, ’s shareholders approved the 2016 2005 2016 1,300,000 600,000 June 30, 2017, 1,247,656 2016 On August 28, 2014, ’s shareholders approved the 2014 2014 350,000 June 30, 2017, 289,124 2014 The following table presents shares authorized, available for future grant and outstanding under each of the Company ’s plans: As of June 30, 2017 Authorized Available Outstanding 2016 Plan 1,300,000 1,247,656 52,344 2014 Directors Plan 350,000 289,124 12,000 2005 Plan — — 477,500 2004 Directors Plan — — 12,000 Total 1,650,000 1,536,780 553,844 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no ’s closing stock price on the date of grant. Options under the 2005 2014 No ten 10 $15,000 $77,000 three June 30, 2017 2016, 2014 $16,000 $0 three June 30, 2017 2016, A summary of option activity under the Company ’s stock plans for the three June 30, 2017 Option Activity Shares Weighted Average Price Weighted Average Remaining Aggregate Intrinsic Outstanding at March 31, 201 7 503,000 $ 4.10 4.7 $ 145,946 Granted — — Exercised — — Forfeited (1,500 ) $ 3.11 Outstanding at June 30, 201 7 501,500 $ 4.10 4.4 $ 103,461 Exercisable at June 30, 201 7 482,000 $ 4.07 4.3 $ 103,461 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 $3.55 A summary of the Company ’s non-vested options for the three June 30, 2017 Nonvested Options Shares Weighted Average Nonvested at March 31, 201 7 19 ,500 $ 2 .93 Granted — — Vested — — Forfeited — — Nonvested at June 30, 201 7 19 ,500 $ 2 .93 The following table summarizes the weighted average characteristics of outstanding stock options as of June 30, 2017: Outstanding Options Exercisable Options Range of Exercise Prices Number of Shares Remaining Life (Years) Weighted Average Price Number of Shares Weighted Average Price $1.60 - $3.70 1 24,620 2 .7 $ 2.7 3 1 24,620 $ 2.7 3 $3.71 - $4.42 19 7,380 4 .3 3.8 3 1 97,380 3.8 3 $4.43 - $5.40 95 ,000 5 .9 5.00 75 ,500 5.0 4 $5.41 - $7.08 8 4,500 5 .4 5 .77 8 4,500 5 .77 Total stock options 501 ,500 4 .4 $ 4. 10 482 ,000 $ 4. 07 The range of fair value assumptions related to options granted during the year ended March 31, 2017 201 7 Exercise Price $ 4.08 Volatility 51.13 % Risk Free Rate 0.60 % Vesting Period (years) 0.5 Forfeiture Rate 0.00 % Expected Life (in years) 1.00 Dividend Rate 0 % As of June 30, 2017, $11,000, 0.3 Subsequent to June 30, 2017, 75,000 2016 Restricted Stock Units (“RSUs”) RSUs are service-based awards granted to eligible employees under the 2016 On March 31, 2017, 25,000 $3.85 three On April 5, 2017, 28,074 $3.92 over a period of three The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Average Nonvested restricted stock units at March 31, 2017 25,000 $ 3.85 Granted 28,074 3.92 Vested — — Exercised — — Forfeited (730 ) 3.92 Nonvested restricted stock units at June 30, 2017 52,344 $ 3.89 As of June 30, 2017, $183,000, 2.8

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. INCOME TAXES We utilize our estimated annual effective tax rate to determine our provision (benefit) for income taxes for interim periods. The income tax provision (benefit) is computed by multiplying the estimated annual effective tax rate by the year to date pre-tax book income (loss). We recorded income tax expense of $11,000 $51,000 three June 30, 2017 2016, 2.1% 6.8% June 30, 2017 June 30, 2016, three June 30, 2017 34% not not The Company is subject to taxation in the United States and two preparation of tax returns requires management to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company. Management, in consultation with its tax advisors, files its tax returns based on interpretations that are believed to be reasonable under the circumstances. The income tax returns, however, are subject to routine reviews by the various taxing authorities. As part of these reviews, a taxing authority may may As of June 30, 2017, no With few exceptions, the Company is no 201 2.

Note 11 - Earnings (Loss) Per S

Note 11 - Earnings (Loss) Per Share	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	11. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings (loss) 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 using the “treasury stock” method. Reconciliations between the numerator and the denominator of the basic and diluted earnings (loss) per share computations for the three June 30, 2017 2016 Three Months Ended June 30, 201 7 Net Income (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic income per share $ 501 5,685 $ 0.09 Effect of dilutive securities-Common stock options — 34 — Diluted income per share $ 501 5,719 $ 0.09 Three Months Ended June 30, 201 6 Net Loss (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic and diluted loss per share $ (691 ) 5,633 $ (0.12 ) Basic and diluted loss per share are the same in periods of a net loss, because common share equivalents are anti-dilutive when a net loss is recorded. Diluted earnings per share does not 0 45,000 three June 30, 2017 2016, not 27,344 three June 30, 2017,

Note 12 - Concentrations of Ris

Note 12 - Concentrations of Risk	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. CONCENTRATIONS OF RISK Concentration of Accounts Receivable and Revenues At June 30, 201 7, 46% three 21%, 15% 10%, March 31, 2017, 59% three 38%, 12% 9%, two 32% 13% three June 30, 2017. one 19% three June 30, 2016.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Liquidity and Debt Covenant Compliance [Policy Text Block]	Liquidity and Debt Covenant Compliance As of June 30, 2017, $1.3 $6.8 $1.4 $6.0 March 31, 2017. August 30, 2016, June 3, 2016, $2.0 June 30, 2017, $0.5 $1.5 August 30, 2017 June 12, 2017 . As of June 30, 2017, $6.8 August 2032. March 31, 2017 2016, 1.92:1 1.97:1, 2.10:1. March 31, 2017 2016, not Funds generated by operating activities and available cash continue to be the Company's most significant sources of liquidity for working capital requirements, debt service and funding of maintenance levels of capital expenditures. Based upon the Company's fiscal year 2018 March 31, 2018, twelve March 31, 2018. no for the next fiscal year or its projected consolidated financial position as of March 31, 2018. As indicated above, the Bank has not March 31, 2017 2016 March 31, 2018 no not may may not
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 2017 09 718, December 15, 2017 not In December 2016, 2016 20 “Technical Corrections and Improvements to Topic 606, No. 2016 20” 2016 19 “Technical Corrections and Improvements” No. 2016 19" one four 2016 20 December 15, 2017, April 1, 2018. not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 No. 2016 18” . 230, 2016 18 December 15, 2017, April 1, 2018. not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 Classification of Certain Cash Receipts and Cash Payments” No. 2016 15” eight not No. 2016 15 December 15, 2017, April 1, 2018. not In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 Improvements to Employee Share-Based Payment Accounting” (“ No. 2016 09 ”) 718 No. 2016 09 December 15, 2016, may April 1, 2017, 2016 09 2016 09 not In March 2016, No. 2016 08, “Revenue from Contracts with Customers (Topic 606 No. 2016 08” April 2016, No. 2016 10, “Revenue from Contracts with Customers (Topic 606 May 2016, No. 2016 12, “Revenue from Contracts with Customers (Topic 606 No. 2016 08, No. 2016 10 No. 2016 12 No. 2014 09, Revenue from Contracts with Customers December 15, 2017, one April 1, 2018. not No. 2016 08, No. 2016 10 No. 2016 12 In February 2016, 2016 02, Leases (Topic 842 No. 2016 02” No. 2016 02 No. 2016 02 twelve No. 2016 02 December 15, 2018. No. 2016 02 April 1, 2019. not In November 2015, No. 2015 17, Income Taxes (Topic 740 2015 17 December 15, 2016, April 1, 2017 In August 2015, 2015 14, “Revenue from Contracts with Customers (Topic 606 2014 09 one December 15, 2017 not In July 2015, No. 2015 11, “Inventory: Simplifying the Measurement of Inventory” not first The new standard will be effective for fiscal years beginning after December 15, 2016, April 1, 2017. not In May 2014, No 2014 09, “Revenue from Contracts with Customers (Topic 606 605, December 15, 2017, December 31, 2016. April 1, 2018. first March 31, 2019 December 2017.

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 201 7 March 31, 201 7 (in thousands) Raw materials $ 247 $ 347 Work in process 2,553 2,036 Finished goods (1) 5,064 5,460 Supplies 117 129 Inventories, net $ 7,981 $ 7,972

Note 3 - Equipment and Leaseh20

Note 3 - Equipment and Leasehold Improvements, Net (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Property, Plant, and Equipment, Estimated Useful Lives [Table Text Block]	Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25
Property, Plant and Equipment [Table Text Block]	June 30, 201 7 March 31, 201 7 (in thousands) Equipment $ 17,427 $ 17,492 Leasehold improvements 13,892 13,892 Furniture and fixtures 380 380 31,699 31,764 Less accumulated depreciation and amortization (16,315 ) (15,835 ) Construction-in-progress 905 783 Equipment and leasehold improvements, net $ 16,289 $ 16,712

Note 5 - Accrued Expenses (Tabl

Note 5 - Accrued Expenses (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, 201 7 March 31, 201 7 (in thousands) Wages , commissions, bonus and profit sharing $ 912 $ 793 Rent and utilities 78 69 Other accrued expenses 153 151 Total accrued expenses $ 1,143 $ 1,013

Note 6 - Long-term Debt (Tables

Note 6 - Long-term Debt (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 201 7 March 31, 201 7 (in thousands) Long-term debt $ 6,988 $ 7,139 Less current maturities (624 ) (623 ) Long-term debt, excluding current maturities 6,364 6,516 Less unamortized debt issuance costs (259 ) (267 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 6,105 $ 6,249
Schedule of Maturities of Long-term Debt [Table Text Block]	Payments Due (in thousands) Next 12 Months $ 624 Year 2 636 Year 3 653 Year 4 652 Year 5 678 Thereafter 3,745 Total principal payments $ 6,988

Note 7 - Operating Leases (Tabl

Note 7 - Operating Leases (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Payments Due (in thousands) Next 12 Months $ 614 Year 2 618 Year 3 608 Year 4 526 Year 5 532 Thereafter 4,157 Total minimum lease payments $ 7,055

Note 9 - Share-based Compensa24

Note 9 - Share-based Compensation (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block]	As of June 30, 2017 Authorized Available Outstanding 2016 Plan 1,300,000 1,247,656 52,344 2014 Directors Plan 350,000 289,124 12,000 2005 Plan — — 477,500 2004 Directors Plan — — 12,000 Total 1,650,000 1,536,780 553,844
Share-based Compensation, Stock Options, Activity [Table Text Block]	Option Activity Shares Weighted Average Price Weighted Average Remaining Aggregate Intrinsic Outstanding at March 31, 201 7 503,000 $ 4.10 4.7 $ 145,946 Granted — — Exercised — — Forfeited (1,500 ) $ 3.11 Outstanding at June 30, 201 7 501,500 $ 4.10 4.4 $ 103,461 Exercisable at June 30, 201 7 482,000 $ 4.07 4.3 $ 103,461
Schedule of Nonvested Share Activity [Table Text Block]	Nonvested Options Shares Weighted Average Nonvested at March 31, 201 7 19 ,500 $ 2 .93 Granted — — Vested — — Forfeited — — Nonvested at June 30, 201 7 19 ,500 $ 2 .93
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Outstanding Options Exercisable Options Range of Exercise Prices Number of Shares Remaining Life (Years) Weighted Average Price Number of Shares Weighted Average Price $1.60 - $3.70 1 24,620 2 .7 $ 2.7 3 1 24,620 $ 2.7 3 $3.71 - $4.42 19 7,380 4 .3 3.8 3 1 97,380 3.8 3 $4.43 - $5.40 95 ,000 5 .9 5.00 75 ,500 5.0 4 $5.41 - $7.08 8 4,500 5 .4 5 .77 8 4,500 5 .77 Total stock options 501 ,500 4 .4 $ 4. 10 482 ,000 $ 4. 07
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	201 7 Exercise Price $ 4.08 Volatility 51.13 % Risk Free Rate 0.60 % Vesting Period (years) 0.5 Forfeiture Rate 0.00 % Expected Life (in years) 1.00 Dividend Rate 0 %
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Nonvested Restricted Stock Units Shares Weighted Average Nonvested restricted stock units at March 31, 2017 25,000 $ 3.85 Granted 28,074 3.92 Vested — — Exercised — — Forfeited (730 ) 3.92 Nonvested restricted stock units at June 30, 2017 52,344 $ 3.89

Note 11 - Earnings (Loss) Per25

Note 11 - Earnings (Loss) Per Share (Tables)	3 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, 201 7 Net Income (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic income per share $ 501 5,685 $ 0.09 Effect of dilutive securities-Common stock options — 34 — Diluted income per share $ 501 5,719 $ 0.09 Three Months Ended June 30, 201 6 Net Loss (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic and diluted loss per share $ (691 ) 5,633 $ (0.12 )

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Aug. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)
Cash and Cash Equivalents, at Carrying Value	$ 1,299,000	$ 1,407,000		$ 1,554,000	$ 1,240,000
Working Capital (Deficit)	6,800,000	6,000,000
Line of Credit, Current	$ 500,000	$ 611,000
Term Loan Agreement, Maturing on August 14, 2032 [Member]
Current Ratio	6.8	1.92			1.97
Debt Covenant, Minimum Current Ratio		2.1
First Foundation Bank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000,000		$ 2,000,000
Line of Credit, Current	500,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 1,500,000

Note 2 - Inventories (Details T

Note 2 - Inventories (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Inventory Valuation Reserves	$ 33,000		$ 3,000
Non Inventoriable Fixed Costs	$ 9,000	$ 28,000

Note 2 - Inventories - Componen

Note 2 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands		Jun. 30, 2017	Mar. 31, 2017
Raw materials		$ 247	$ 347
Work in process		2,553	2,036
Finished goods (1)	[1]	5,064	5,460
Supplies		117	129
Inventories, net		$ 7,981	$ 7,972
[1]	Net of reserve for obsolescence of $33,000 and $3,000 at June 30, 2017 and March 31, 2017, respectively.

Note 3 - Equipment and Leaseh29

Note 3 - Equipment and Leasehold Improvements, Net - Estimated Useful Lives (Details)	3 Months Ended
	Jun. 30, 2017
Equipment [Member] | Minimum [Member]
Estimated useful lives (Year)	3 years
Equipment [Member] | Maximum [Member]
Estimated useful lives (Year)	10 years
Furniture and Fixtures [Member] | Minimum [Member]
Estimated useful lives (Year)	3 years
Furniture and Fixtures [Member] | Maximum [Member]
Estimated useful lives (Year)	7 years
Leasehold Improvements [Member] | Minimum [Member]
Estimated useful lives (Year)	10 years
Leasehold Improvements [Member] | Maximum [Member]
Estimated useful lives (Year)	25 years

Note 3 - Equipment and Leaseh30

Note 3 - Equipment and Leasehold Improvements, Net - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands		Jun. 30, 2017	Mar. 31, 2017
Equipment and leasehold improvements, gross		$ 31,699	$ 31,764
Less accumulated depreciation and amortization		(16,315)	(15,835)
Construction-in-progress		905	783
Equipment and leasehold improvements, net		16,289	16,712
Equipment [Member]
Equipment and leasehold improvements, gross	[1]	17,427	17,492
Leasehold Improvements [Member]
Equipment and leasehold improvements, gross		13,892	13,892
Furniture and Fixtures [Member]
Equipment and leasehold improvements, gross		$ 380	$ 380
[1]	Includes $373,000 and $314,000 of equipment under capital lease at March 31, 2017 and 2016 respectlively, with accumulated amortization of $106,000 and $41,000, respectively.

Note 4 - Line of Credit (Detail

Note 4 - Line of Credit (Details Textual) - USD ($)	Aug. 30, 2016	Sep. 18, 2015	Jun. 30, 2017	Mar. 31, 2017
Repayments of Notes Payable		$ 500,000
Line of Credit, Current			$ 500,000	$ 611,000
First Foundation Bank [Member]
Repayments of Notes Payable	$ 600,000
First Foundation Bank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,000,000		2,000,000
Line of Credit, Current			500,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 1,500,000
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument Reference Rate			4.25%
Debt Instrument, Basis Spread on Variable Rate	2.00%

Note 5 - Accrued Expenses - Com

Note 5 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Wages, commissions, bonus and profit sharing	$ 912	$ 793
Rent and utilities	78	69
Other accrued expenses	153	151
Total accrued expenses	$ 1,143	$ 1,013

Note 6 - Long-term Debt (Detail

Note 6 - Long-term Debt (Details Textual)	Sep. 18, 2015USD ($)	Aug. 14, 2012USD ($)	Jul. 30, 2015USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2016
Repayments of Notes Payable	$ 500,000
Debt Instrument, Term			7 years
Bank of the West Finance [Member]
Capital Leased Assets, Number of Units				4
Capital Leased Assets, Gross				$ 364,000
Debt Instrument Periodic Payments Number				60
Capital Lease Obligations				$ 214,000		$ 236,000
Bank of the West Finance [Member] | Capital Lease Asses Payable in 36 Equal Monthly Payments [Member]
Capital Leased Assets, Number of Units				1
Debt Instrument Periodic Payments Number				36
Minimum [Member] | Bank of the West Finance [Member]
Debt Instrument, Interest Rate, Stated Percentage				4.18%
Maximum [Member] | Bank of the West Finance [Member]
Debt Instrument, Interest Rate, Stated Percentage				12.90%
2015 Loan Agreement [Member]
Debt Instrument Guaranteed Portion				80.00%
Proceeds from Issuance of Debt			$ 2,500,000
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				$ 1,970,000	$ 2,049,000
Debt Instrument One Time Origination and Guaranty Fees				$ 113,900
Debt Instrument Annual Renewal Fee Payable Percentage				0.50%
2015 Loan Agreement [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage				6.00%
2015 Loan Agreement [Member] | Prime Rate [Member]
Debt Instrument Reference Rate				4.25%
Debt Instrument, Basis Spread on Variable Rate				2.00%
Term Loan Agreement, Maturing on August 14, 2032 [Member]
Debt Instrument Guaranteed Portion				80.00%
Current Ratio				6.8	1.92		1.97
Debt Covenant, Minimum Current Ratio					2.1
Proceeds from Issuance of Debt		$ 5,500,000
Debt Instrument Interest Payment Period		1 year
Debt Instrument Amortization Period		19 years
Debt Instrument Reference Rate				4.25%
Debt Instrument, Basis Spread on Variable Rate				1.00%
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				$ 4,804,000	$ 4,854,000
Debt Instrument One Time Origination and Guaranty Fees				$ 214,500
Debt Instrument Annual Renewal Fee Payable Percentage				0.25%
Term Loan Agreement, Maturing on August 14, 2032 [Member] | Minimum [Member]
Debt Instrument, Interest Rate During Period				5.50%
Term Loan Agreement, Promissory Note One [Member]
Proceeds from Issuance of Debt		$ 2,250,000
Term Loan Agreement, Promissory Note Two [Member]
Proceeds from Issuance of Debt		$ 3,250,000

Note 6 - Long-term Debt - Summa

Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Total principal payments	$ 6,988	$ 7,139
Less current maturities	(624)	(623)
Long-term debt, excluding current maturities	6,364	6,516
Less unamortized debt issuance costs	(259)	(267)
Total long-term debt, net of current maturities and unamortized debt issuance costs	$ 6,105	$ 6,249

Note 6 - Long-term Debt - Futur

Note 6 - Long-term Debt - Future Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Mar. 31, 2017
Next 12 Months	$ 624
Year 2	636
Year 3	653
Year 4	652
Year 5	678
Thereafter	3,745
Total principal payments	$ 6,988	$ 7,139

Note 7 - Operating Leases - Sum

Note 7 - Operating Leases - Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2017USD ($)
Next 12 Months	$ 614
Year 2	618
Year 3	608
Year 4	526
Year 5	532
Thereafter	4,157
Total minimum lease payments	$ 7,055

Note 9 - Share-based Compensa37

Note 9 - Share-based Compensation (Details Textual)	Apr. 05, 2017$ / sharesshares	Mar. 31, 2017$ / sharesshares	Aug. 10, 2017shares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Aug. 25, 2016shares	Aug. 28, 2014shares
Share Price | $ / shares				$ 3.55
Number of Shareholder Approved Share-based Compensation Plans				2
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				1,536,780
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,650,000
Employee Stock Option [Member]
Allocated Share-based Compensation Expense | $				$ 15,000	$ 77,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $				$ 11,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				109 days
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $				$ 183,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 292 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				28,074
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares				$ 3.92
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		25,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares		$ 3.85
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	28,074
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 3.92
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
The 2005 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
The 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				1,247,656
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						1,300,000
The 2016 Plan [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures			75,000
The 2016 Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				1,247,656
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,300,000
The 2016 Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized for Issuance in Connection with Performance Awards and Stock Awards						600,000
2014 Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				289,124
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				350,000			350,000
2014 Directors Plan [Member] | Restricted Stock [Member]
Allocated Share-based Compensation Expense | $				$ 16,000	$ 0
2004 Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized

Note 9 - Share-based Compensa38

Note 9 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) - shares	Jun. 30, 2017	Mar. 31, 2017	Aug. 25, 2016	Aug. 28, 2014
Authorized (in shares)	1,650,000
Available (in shares)	1,536,780
Outstanding (in shares)	501,500	503,000
Outstanding (in shares)	553,844
Restricted Stock Units (RSUs) [Member]
Outstanding (in shares)	52,344	25,000
The 2016 Plan [Member]
Authorized (in shares)			1,300,000
Available (in shares)	1,247,656
The 2016 Plan [Member] | Restricted Stock Units (RSUs) [Member]
Outstanding (in shares)	52,344
Authorized (in shares)	1,300,000
Available (in shares)	1,247,656
2014 Directors Plan [Member]
Authorized (in shares)	350,000			350,000
Available (in shares)	289,124
Outstanding (in shares)	12,000
The 2005 Plan [Member]
Authorized (in shares)
Available (in shares)	0
Outstanding (in shares)	477,500
2004 Directors Plan [Member]
Authorized (in shares)
Available (in shares)	0
Outstanding (in shares)	12,000

Note 9 - Share-based Compensa39

Note 9 - Share-based Compensation - Summary of Option Activity Under Stock Plans (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017
Outstanding (in shares)	503,000
Outstanding, weighted average exercise price (in dollars per share)	$ 4.10
Outstanding, weighted average exercise price (in dollars per share)	$ 4.10	$ 4.10
Outstanding, weighted average remaining contractual term (Year)	4 years 146 days	4 years 255 days
Outstanding, aggregate intrinsic value	$ 103,461	$ 145,946
Granted (in shares)
Granted, weighted average exercise price (in dollars per share)
Exercised (in shares)
Exercised, weighted average exercise price (in dollars per share)
Forfeited (in shares)	(1,500)
Exercisable (in shares)	482,000
Exercisable, weighted average exercise price (in dollars per share)	$ 4.07
Forfeited, weighted average exercise price (in dollars per share)	$ 3.11
Outstanding (in shares)	501,500	503,000
Exercisable, weighted average remaining contractual term (Year)	4 years 109 days
Exercisable, aggregate intrinsic value	$ 103,461

Note 9 - Share-based Compensa40

Note 9 - Share-based Compensation - Summary of Non-vested Options (Details)	3 Months Ended
	Jun. 30, 2017$ / sharesshares
Nonvested (in shares) | shares	19,500
Nonvested (in dollars per share) | $ / shares	$ 2.93
Granted (in shares) | shares
Granted (in dollars per share) | $ / shares
Vested (in shares) | shares
Vested (in dollars per share) | $ / shares
Forfeited (in shares) | shares
Forfeited (in dollars per share) | $ / shares
Nonvested (in shares) | shares	19,500
Nonvested (in dollars per share) | $ / shares	$ 2.93

Note 9 - Share-based Compensa41

Note 9 - Share-based Compensation - Summary of the Weighted-average Characteristics of Outstanding Stock Options (Details)	3 Months Ended
	Jun. 30, 2017$ / sharesshares
Outstanding Options Weighted Average Price (in dollars per share)	$ 4.10
Exercisable Options Number of Shares (in shares) | shares	482,000
Exercisable Options Weighted Average Price (in dollars per share)	$ 4.07
Outstanding Options Number of Shares (in shares) | shares	501,500
Outstanding Options Remaining Life (Year)	4 years 146 days
Range 01 [Member]
Outstanding Options Weighted Average Price (in dollars per share)	$ 2.73
Exercisable Options Number of Shares (in shares) | shares	124,620
Exercisable Options Weighted Average Price (in dollars per share)	$ 2.73
Lower Range of Exercise (in dollars per share)	1.60
Upper Range of Exercise (in dollars per share)	$ 3.70
Outstanding Options Number of Shares (in shares) | shares	124,620
Outstanding Options Remaining Life (Year)	2 years 255 days
Range 02 [Member]
Outstanding Options Weighted Average Price (in dollars per share)	$ 3.83
Exercisable Options Number of Shares (in shares) | shares	197,380
Exercisable Options Weighted Average Price (in dollars per share)	$ 3.83
Lower Range of Exercise (in dollars per share)	3.71
Upper Range of Exercise (in dollars per share)	$ 4.42
Outstanding Options Number of Shares (in shares) | shares	197,380
Outstanding Options Remaining Life (Year)	4 years 109 days
Range 03 [Member]
Outstanding Options Weighted Average Price (in dollars per share)	$ 5
Exercisable Options Number of Shares (in shares) | shares	75,500
Exercisable Options Weighted Average Price (in dollars per share)	$ 5.04
Lower Range of Exercise (in dollars per share)	4.43
Upper Range of Exercise (in dollars per share)	$ 5.40
Outstanding Options Number of Shares (in shares) | shares	95,000
Outstanding Options Remaining Life (Year)	5 years 328 days
Range 04 [Member]
Outstanding Options Weighted Average Price (in dollars per share)	$ 5.77
Exercisable Options Number of Shares (in shares) | shares	84,500
Exercisable Options Weighted Average Price (in dollars per share)	$ 5.77
Lower Range of Exercise (in dollars per share)	5.41
Upper Range of Exercise (in dollars per share)	$ 7.08
Outstanding Options Number of Shares (in shares) | shares	84,500
Outstanding Options Remaining Life (Year)	5 years 146 days

Note 9 - Share-based Compensa42

Note 9 - Share-based Compensation - Summary of Valuation Assumptions Related to Options Granted (Details)	3 Months Ended
	Jun. 30, 2017$ / shares
Exercise Price (in dollars per share)	$ 4.08
Volatility	51.13%
Risk Free Rate	0.60%
Vesting Period (years) (Year)	182 days
Forfeiture Rate	0.00%
Expected Life (in years) (Year)	1 year
Dividend Rate	0.00%

Note 9 - Share-based Compensa43

Note 9 - Share-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Jun. 30, 2017$ / sharesshares
Nonvested restricted stock units at March 31, 2017 (in shares) | shares	25,000
Nonvested restricted stock units at March 31, 2016, weighted average grant price (in dollars per share) | $ / shares	$ 3.85
Granted (in shares) | shares	28,074
Granted, weighted average grant price (in dollars per share) | $ / shares	$ 3.92
Vested (in shares) | shares
Vested, weighted average grant price (in dollars per share) | $ / shares
Exercised (in shares) | shares
Exercised, weighted average grant price (in dollars per share) | $ / shares
Nonvested restricted stock units at March 31, 2017, weighted average grant price (in dollars per share) | $ / shares	$ 3.89
Forfeited (in shares) | shares	(730)
Forfeited, weighted average grant price (in dollars per share) | $ / shares	$ 3.92
Nonvested restricted stock units at June 30, 2017 (in shares) | shares	52,344

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Expense (Benefit)	$ 11,000	$ (51,000)
Unrecognized Tax Benefits	$ 0
Effective Income Tax Rate Reconciliation, Percent	2.10%	6.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%

Note 11 - Earnings (Loss) Per45

Note 11 - Earnings (Loss) Per Share (Details Textual) - shares	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	45,000
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	27,344

Note 11 - Earnings (Loss) Per46

Note 11 - Earnings (Loss) Per Share - Summary of Reconciliations Between the Numerator and the Denominator of the Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Effect of dilutive securities on net income	$ 0
Shares - dilutive securities (in shares)	34
Net Income - diluted	$ 501
Diluted (in shares)	5,719	5,633
Diluted (in dollars per share)	$ 0.09	$ (0.12)
Net Income - basic	$ 501	$ (691)
Basic (in shares)	5,685	5,633
Basic (in dollars per share)	$ 0.09	$ (0.12)
Shares (in shares)		5,633
Per Share Amount (in dollars per share)		$ (0.12)

Note 12 - Concentrations of R47

Note 12 - Concentrations of Risk (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Accounts Receivable [Member]
Concentration Risk, Percentage	46.00%		59.00%
Number of Major Customers	3		3
Accounts Receivable [Member] | Customer Number 1 [Member]
Concentration Risk, Percentage	21.00%		38.00%
Accounts Receivable [Member] | Customer Number 2 [Member]
Concentration Risk, Percentage	15.00%		12.00%
Accounts Receivable [Member] | Customer Number 3 [Member]
Concentration Risk, Percentage	10.00%		9.00%
Sales Revenue, Net [Member]
Concentration Risk, Percentage		19.00%
Number of Major Customers	2	1
Sales Revenue, Net [Member] | Customer Number 1 [Member]
Concentration Risk, Percentage	32.00%
Sales Revenue, Net [Member] | Customer Number 2 [Member]
Concentration Risk, Percentage	13.00%