Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Jun. 15, 2018 | Sep. 30, 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) | 5,772,032 | ||
Entity Public Float | $ 18,602,266 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets: | ||
Cash | $ 1,329 | $ 1,407 |
Accounts receivable, net of allowance for doubtful accounts of $27 in 2018 and $49 in 2017 | 2,664 | 2,135 |
Inventories, net | 9,034 | 7,972 |
Deferred tax assets | 157 | |
Prepaid expenses and other current assets | 590 | 565 |
Total current assets | 13,617 | 12,236 |
Equipment and leasehold improvements, net | 15,734 | 16,712 |
Restricted cash | 65 | |
Other assets | 291 | 213 |
Total assets | 29,707 | 29,161 |
Current liabilities: | ||
Line of credit | 500 | 611 |
Current maturities of long-term debt | 655 | 623 |
Customer deposits | 133 | 119 |
Accounts payable | 3,527 | 3,666 |
Accrued expenses | 892 | 1,013 |
Total current liabilities | 5,707 | 6,032 |
Long-term debt, less current maturities | 5,790 | 6,249 |
Deferred tax liabilities | 157 | |
Other long term liabilities | 103 | 116 |
Total liabilities | 11,600 | 12,554 |
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; issued and outstanding 5,772,032 shares at March 31, 2018 and 5,685,381 shares at March 31, 2017 | 115 | 114 |
Additional paid-in capital | 32,051 | 31,577 |
Accumulated deficit | (14,059) | (15,084) |
Total stockholders’ equity | 18,107 | 16,607 |
Total liabilities and stockholders’ equity | $ 29,707 | $ 29,161 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 27 | $ 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) | 5,772,032 | 5,685,381 |
Common stock, shares outstanding (in shares) | 5,772,032 | 5,685,381 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 34,115 | $ 32,042 | $ 31,840 |
Cost of sales | 20,744 | 19,818 | 19,974 |
Gross profit | 13,371 | 12,224 | 11,866 |
Operating expenses: | |||
General and administrative | 4,956 | 6,054 | 5,796 |
Sales and marketing | 6,438 | 6,259 | 6,222 |
Research and development | 563 | 593 | 633 |
Total operating expense | 11,957 | 12,906 | 12,651 |
Income (loss) from operations | 1,414 | (682) | (785) |
Other expense: | |||
Interest expense, net | (499) | (528) | (282) |
Total other expense, net | (499) | (528) | (282) |
Income (loss) before income taxes | 915 | (1,210) | (1,067) |
Income tax benefit (expense) | 110 | (5) | (3,328) |
Net income (loss) | $ 1,025 | $ (1,215) | $ (4,395) |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ 0.18 | $ (0.21) | $ (0.79) |
Diluted (in dollars per share) | $ 0.18 | $ (0.21) | $ (0.79) |
Shares used in calculation of net income (loss) per share: | |||
Basic (in shares) | 5,709 | 5,658 | 5,581 |
Diluted (in shares) | 5,781 | 5,658 | 5,581 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2015 | 5,564,799 | |||
Balance at Mar. 31, 2015 | $ 111 | $ 30,846 | $ (9,474) | $ 21,483 |
Issuances of common stock for Director Stock Grants (in shares) | 13,198 | |||
Issuances of common stock for Director Stock Grants | 78 | $ 78 | ||
Issuance of common stock for exercise of stock options for cash (in shares) | 21,800 | 21,800 | ||
Issuance of common stock for exercise of stock options for cash | $ 1 | 74 | $ 75 | |
Compensation expense related to stock options | 587 | 587 | ||
Net income (loss) | (4,395) | (4,395) | ||
Balance (in shares) at Mar. 31, 2016 | 5,599,797 | |||
Balance at Mar. 31, 2016 | $ 112 | 31,585 | (13,869) | 17,828 |
Issuances of common stock for Director Stock Grants (in shares) | 19,117 | |||
Issuances of common stock for Director Stock Grants | 78 | $ 78 | ||
Issuance of common stock for exercise of stock options for cash (in shares) | 18,000 | 18,000 | ||
Issuance of common stock for exercise of stock options for cash | $ 1 | 50 | $ 51 | |
Compensation expense related to stock options | 1 | 151 | 152 | |
Net income (loss) | (1,215) | (1,215) | ||
Issuance of common stock in connection with severance of former executive (in shares) | 77,500 | |||
Issuance of common stock in connection with severance of former executive | $ 1 | (1) | ||
Shares withheld from former executive for tax payments (in shares) | (29,033) | |||
Shares withheld from former executive for tax payments | $ (1) | (146) | (147) | |
Settlement agreement with former executive | (140) | (140) | ||
Balance (in shares) at Mar. 31, 2017 | 5,685,381 | |||
Balance at Mar. 31, 2017 | $ 114 | 31,577 | (15,084) | 16,607 |
Issuances of common stock for Director Stock Grants (in shares) | 57,501 | |||
Issuances of common stock for Director Stock Grants | $ 1 | 275 | $ 276 | |
Issuance of common stock for exercise of stock options for cash (in shares) | 29,150 | 29,150 | ||
Issuance of common stock for exercise of stock options for cash | 75 | $ 75 | ||
Compensation expense related to stock options | 124 | 124 | ||
Net income (loss) | 1,025 | 1,025 | ||
Compensation expense related to stock options (in shares) | ||||
Balance (in shares) at Mar. 31, 2018 | 5,772,032 | |||
Balance at Mar. 31, 2018 | $ 115 | $ 32,051 | $ (14,059) | $ 18,107 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 1,025,000 | $ (1,215,000) | $ (4,395,000) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||
Loss on sale or disposal of assets | 106,000 | 63,000 | 11,000 |
Depreciation and amortization | 1,877,000 | 1,978,000 | 1,520,000 |
Amortization of debt issue costs and other assets | 72,000 | 67,000 | 57,000 |
Share based compensation expense | 400,000 | 232,000 | 665,000 |
Provision for doubtful accounts | 130,000 | ||
Deferred income tax expense | 3,350,000 | ||
Net (increase) decrease in assets: | |||
Accounts receivable | (529,000) | 848,000 | 145,000 |
Inventories | (1,062,000) | (116,000) | (2,149,000) |
Prepaid expenses and other assets | (139,000) | 27,000 | (39,000) |
Net increase (decrease) in liabilities: | |||
Customer deposits | 13,000 | 2,000 | 86,000 |
Accounts payable | (139,000) | (334,000) | 1,036,000 |
Accrued expenses | (121,000) | (417,000) | 306,000 |
Deferred rent and other liabilities | (13,000) | 85,000 | 22,000 |
Net cash provided by operating activities | 1,490,000 | 1,220,000 | 745,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in equipment and leasehold improvements | (1,005,000) | (847,000) | (4,303,000) |
Investment in restricted cash | (65,000) | 486,000 | |
Net cash used in investing activities | (1,070,000) | (847,000) | (3,817,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from short term notes payable | 600,000 | 500,000 | |
Net (payments) draws on line of credit | (111,000) | 611,000 | |
Payment of short term notes payable | (600,000) | (500,000) | |
Proceeds from long-term debt, net of costs | 166,000 | 2,407,000 | |
Payments on capitalized leases | (90,000) | (77,000) | (44,000) |
Principal payments on long-term debt | (538,000) | (504,000) | (352,000) |
Shares withheld from former executive for tax payments | (147,000) | ||
Settlement agreement with former executive | (140,000) | ||
Proceeds from issuance of common stock and exercise of stock options | 75,000 | 51,000 | 75,000 |
Net cash (used in) provided by financing activities | (498,000) | (206,000) | 2,086,000 |
Net increase (decrease) in cash | (78,000) | 167,000 | (986,000) |
Cash at beginning of year | 1,407,000 | 1,240,000 | 2,226,000 |
Cash at end of year | 1,329,000 | 1,407,000 | 1,240,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest | 413,000 | 431,000 | 362,000 |
Income taxes | $ 47,000 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 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 two one 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. Liquidity As of March 31, 2018, $1.3 $7.9 $1.4 $6.2 March 31, 2017. August 30, 2016, June 3, 2016, $2.0 March 31, 2018, $0.5 $1.5 May 29, 2018, $0.5 $1.0 August 30, 2017 August 30, 2018, As of March 31, 2018, $6.4 August 2032. March 31, 2018. March 31, 2017, 1.92:1, 2.10:1. March 31, 2017, 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 2019 March 31, 2019, twelve March 31, 2019. no March 31, 2019. 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 forecast of future operating results, cash flows and financial position, inventory valuation and determination of production capacity and abnormal product costs, reserve for inventory, sales allowances, allowance for doubtful accounts and valuation of deferred tax assets. 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 3 three 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 Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. Cash, Accounts Receivable, Accounts Payable and Accrued Expenses Line of Credit and Long-Term Debt 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 March 31, 2018 $829,000. 32% 16%, March 31, 2018. 77% March 31, 2018. 24% March 31, 2017. 60% March 31, 2017. 19% 11%, March 31, 2016. 44% March 31, 2016. ten 70%, 60% 58% 2018, 2017 2016, Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not not 90 not Inventories, net Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first third 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 March 31, 2018 2017, $5,000 $3,000, 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 $538,000, $120,000 $395,000 March 31, 2018, 2017 2016, $271,000, $134,000 $149,000 March 31, 2018, 2017 2016, 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 6 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. Repairs and Maintenance costs 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. 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 not 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 March 31, 2018 2017 7 Revenue Recognition We recognize revenues when the customer takes ownership and assumes the risk of loss. We have determined that transfer of title and risk of loss generally occurs when product is received by the customer, except in instances where the shipment terms are explicitly FOB Origin, and accordingly we recognize revenue at the point of delivery to the customer. For shipments with terms of FOB Origin where transfer of title and risk of loss occurs at the point of shipping, revenue is recognized upon shipment to the customer. Sales returns and allowances are estimated and recorded as a reduction to sales in the period in which sales are recorded. We record net shipping charges and sales tax in cost of goods sold. Research and Development Research and development costs are expensed as incurred and consist primarily of labor, benefits and outside research. Advertising Advertising costs are expensed as incurred. Total advertising expense for the years ended March 31, 2018, 2017 2016 $1,548,000, $813,000 $942,000, 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. Judgment is required in determining any valuation allowance recorded against deferred tax assets, specifically net operating loss carryforwards, tax credit carryforwards and deductible temporary differences that may In evaluating a tax position for recognition, management evaluates whether it is more-likely-than- not not 50% March 31, 2018 2017, no 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, 2018, 2017 2016, no Share-Based Compensation The Company accounts for share-based payment arrangements using fair value. The Company currently has no not 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 (loss) per common share is calculated by dividing net income (loss) 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 restricted stock units and stock options granted pursuant to the Company’s stock option plans. 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 income (loss) per common share calculations for the years ended March 31, 2018, 2017 2016 11. New Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 ) Scope of Modification Accounting. 2017 09 718, December 15, 2017 not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 ): Restricted Cash” 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 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 ): Balance Sheet Classification of Deferred Taxes” 2015 17 December 15, 2016, April 1, 2017 In July 2015, No. 2015 11, “Inventory: Simplifying the Measurement of Inventory” not first December 15, 2016, April 1, 2017. not In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 December 2016 2016 20. August 2015, No 2015 14 Revenue from Contracts with Customers (Topic 606 Deferral of the Effective Date, 2014 09 December 15, 2017, not The Company adopted ASC 606 April 1, 2018. 606 April 1, 2018 not |
Note 2 - Inventories, Net
Note 2 - Inventories, Net | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 2 Inventories consist of the following as of March 31, 2018 2017: 201 8 201 7 (in thousands) Raw materials $ 410 $ 347 Work in process 2,602 2,036 Finished goods(1) 5,878 5,460 Supplies 144 129 Inventories, net $ 9,034 $ 7,972 ( 1 Net of reserve for obsolescence of $5,000 $3,000 March 31, 2018 2017, |
Note 3 - Equipment and Leasehol
Note 3 - Equipment and Leasehold Improvements, Net | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 Equipment and leasehold improvements consists of the following as of March 31, 2018 2017: 201 8 201 7 (in thousands) Equipment(1) $ 17,935 $ 17,492 Leasehold improvements 14,248 13,892 Furniture and fixtures 348 380 32,531 31,764 Less accumulated depreciation and amortization (17,346 ) (15,835 ) Construction in-progress 549 783 Equipment and leasehold improvements, net $ 15,734 $ 16,712 ( 1 Includes $373,000 March 31, 2018 2017 $175,000 $106,000, The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not No March 31, 2018, 2017 2016. $106,000, $63,000 $11,000 2018, 2017 2016 $1,877,000, $1,978,000 $1,520,000 March 31, 2018, 2017 2016, The Company capitalized interest in the amount of $0, $0 $173,000 March 31, 2018, 2017 2016, |
Note 4 - Notes Payable
Note 4 - Notes Payable | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 4 Notes Payable On August 30, 2016, June 3, 2016, $2,000,000 4.75% March 31, 2018) + 2%, March 31, 2018, $500,000 $1,500,000 August 30, 2018. On May 29, 2018, $500,000 $1,000,000 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 | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 5 Accrued Expenses Components of accrued expenses as of March 31, 2018 2017 201 8 201 7 (in thousands) Wages, commissions, bonus and profit sharing $ 707 $ 793 Rent and utilities 69 69 Other accrued expenses 116 151 Total accrued expenses $ 892 $ 1,013 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 6 Long-term debt consists of the following as of March 31, 2018 2017 201 8 201 7 (in thousands) Long-term debt $ 6,678 $ 7,139 Less current maturities (655 ) (623 ) Long-term debt, excluding current maturities 6,023 6,516 Less unamortized debt issuance costs (233 ) (267 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 5,790 $ 6,249 Term Loans The Company executed a loan agreement with a lender providing for $2,500,000 “2015 July 30, 2015 “2015 2015 $2,500,000, 2015 $500,000 September 18, 2015, The provisions of the 2015 September 1, 2022, seven 7 2015 4.75% March 31, 2018 2.0% first no 6.00%. 2015 5% first 2015 1% fifth no 2015 $1,726,000 $2,049,000 March 31, 2018 2017, The 2015 one $113,900 0.50% December 31 December 31, 2015. 80% 2015 March 31, 2018. The Company executed a loan agreement with a lender providing for $5,500,000 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 4.75% March 31, 2018 1.0% first no 5.50%. $4,648,000 $4,854,000 March 31, 2018 2017, The Loan included a one $214,500 0.25% December 31 December 31, 2012. 80% March 31, 2018. On October 6, 2017, $175,000 4.75%. October 31, 2022, five 5 $156,000 March 31, 2018. $65,000 Capital Leases In August 2016, $52,000 May 2019 36 12.90%. $28,000 $43,000 March 31, 2018 2017, In February 2016, $51,000 March 2021 60 4.18%. $32,000 $42,000 March 31, 2018 March 31, 2017, In July 2015, $174,000 July 2020 60 6.57%. $88,000 $121,000 March 31, 2018 March 31, 2017, In March 2015, $86,000 March 2018 36 6.5%. $0 $30,000 March 31, 2018 2017, Future principal payments under the loan and capital lease agreements as of March 31, 2018 Year ending March 31 (in thousands) 2019 $ 655 2020 682 2021 690 2022 707 2023 513 Thereafter 3,431 Total principal payments $ 6,678 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | Note 7 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 2035. not not The Company leases facilities, equipment and land under operating leases expiring through 2035. March 31, 2018, 2017 2016 $49,000, $80,000 $65,000, Future minimum lease payments under non-cancelable operating leases at March 31, 2018 Year ending March 31 (in thousands) 2019 $ 626 2020 636 2021 536 2022 535 2023 456 Thereafter 3,815 Total minimum lease payments $ 6,604 Rent expense, including contingent rent, under operating leases amounted to $578,000, $605,000 $622,000 March 31, 2018, 2017 2016, |
Note 8 - Other Commitments and
Note 8 - Other Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 8 From time to time, the Company may no March 31, 2018. As of March 31, 2018, $449,000, not |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9 As of March 31, 2018, two 2016 2016 2014 “2014 March 31, 2018, two 2005 “2005 2004 “2004 No 2005 2004 On August 25, 2016, 2016 2005 2016 1,300,000 600,000 March 31, 2018, 1,131,992 2016 On August 28, 2014, 2014 2014 350,000 March 31, 2018, 231,623 2014 The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of March 31, 201 8 Authorized Available Outstanding 2016 Plan 1,300,000 1,131,992 159,675 2014 Directors Plan 350,000 231,623 12,000 2005 Plan — — 445,400 2004 Directors Plan — — 12,000 Total 1,650,000 1,363,615 629,075 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no 2016 2005 2014 No ten 10 $62,000, $154,000 $587,000 March 31, 2018, 2017 2016, A summary of option activity under the Company’s stock plans for the years ended March 31, 2018, 2017 2016 Option Activity Shares Weighted Weighted Average (in years) Aggregate Outstanding at March 31, 2015 1,433,216 $ 4.08 6.4 $ 6,221,909 Granted 6,000 5.91 Exercised (21,800 ) 3.26 Forfeited (732,416 ) 3.59 Outstanding at March 31, 2016 685,000 $ 4.65 5.7 $ 566,323 Granted 6,000 4.08 Exercised (18,000 ) 2.77 Forfeited (170,000 ) 6.44 Outstanding at March 31, 2017 503,000 $ 4.10 4.7 $ 145,946 Granted 120,000 3.53 Exercised (29,150 ) 2.59 Forfeited (3,700 ) 4.50 Expired (750 ) 1.60 Outstanding at March 31, 2018 589,400 $ 4.06 4.9 $ 675,300 Exercisable at March 31, 2018 469,400 $ 4.20 3.8 $ 486,900 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 $5.10, $3.85, $4.98 $8.42 March 31, 2018, 2017, 2016 2015 2018, 2017 2016 $67,000, $23,000 $58,000, A summary of the Company’s non-vested options for the year ended March 31, 2018 Nonvested Options Shares Weighted Nonvested at March 31, 2017 19,500 $ 2.93 Granted 120,000 1.81 Vested (19,500 ) 2.93 Nonvested at March 31, 2018 120,000 $ 1.81 The weighted average grant-date fair value of stock options granted during fiscal years 2018, 2017 2016 $67,000, $5,000 $7,000, 2018, 2017 2016 $57,000, $332,000 $651,000, The following table summarizes the weighted average characteristics of outstanding stock options as of March 31, 2018: Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Number of Weighted $1.60 - $3.70 172,200 5.3 $ 3.05 97,200 $ 2.81 $3.71 - $4.42 239,700 4.7 $ 3.83 194,700 $ 3.83 $4.43 - $5.40 95,000 5.2 $ 5.00 95,500 $ 5.00 $5.41 - $7.08 82,500 4.6 $ 5.77 82,500 $ 5.77 Total stock options 589,400 4.9 $ 4.06 469,400 $ 4.20 The range of fair value assumptions related to options granted during the years ended March 31, 2018, 2017 2016 201 8 201 7 201 6 Exercise Price $ 3.83 $ 4.08 $ 5.91 Volatility 51.91 % 51.13 % 50.00 % Risk Free Rate 2.50 % 0.60 % 0.22 % Vesting Period (in years) 3.0 0.5 0.5 Forfeiture Rate 0.00 % 0.00 % 0.00 % Expected Life (in years) 6.00 1.00 1.00 Dividend Rate 0 % 0 % 0 % As of March 31, 2018, $181,000, 2.3 Restricted Stock Grants of fully vested restricted stock issued to Non-Employee Directors was 57,501, 19,117 13,198 three March 31, 2018, 2017 2016, 2014 $276,000, $78,000 $78,000 three March 31, 2018, 2017 2016, Restricted Stock Units (“RSUs”) RSUs are service-based awards granted to eligible employees under our 2016 2016 $62,000, $0 $0 March 31, 2018, 2017 2016, The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2017 25,000 $ 3.85 Granted 28,074 $ 3.92 Vested (8,333 ) $ 3.85 Exercised — $ — Forfeited (5,066 ) $ 3.92 Nonvested restricted stock units at March 31, 2018 39,675 $ 3.89 As of March 31, 2018, $122,730. On April 5, 2018, 1,474 $5.25 two |
Note 10 - Common and Preferred
Note 10 - Common and Preferred Stock | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 10 The Company has authorized a total of sixty million fifty million ten million None March 31, 2018 2017. |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11 Basic earnings (loss) 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 using the treasury stock method. Reconciliations between the numerator and the denominator of the basic and diluted income (loss) per share computations for the years ended March 31, 2018, 2017 2016 Net Income (l oss ) (Numerator) Shares Per Share (in thousands, except per share amounts) Year ended March 31, 2018: Basic income per share $ 1,025 5,709 $ 0.18 Effective dilutive securities—Common stock options — 72 — Diluted income per share $ 1,025 5,781 $ 0.18 Year ended March 31, 2017: Basic and diluted loss per share $ (1,215 ) 5,658 $ (0.21 ) Year ended March 31, 2016: Basic and diluted loss per share $ (4,395 ) 5,581 $ (0.79 ) Basic and diluted per share amounts 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 120,000, 6,000 58,000 March 31, 2018, 2017 2016, not 39,675 25,000 March 31, 2018 2017, |
Note 12 - Profit Sharing Plan a
Note 12 - Profit Sharing Plan and 401k Plan | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Profit Sharing Plan and 401 Plan Disclosure [Text Block] | Note 12 401k The Company sponsors a profit sharing plan for all employees not may may 401 may 401 $91,000, $4,000 $0 March 31, 2018, 2017 2016, 401 two $117,000, $139,000 $147,000 March 31, 2018, 2017 2016, |
Note 13 - Product Line and Geog
Note 13 - Product Line and Geographic Information | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13 Net sales by product line for the years 2018, 2017 2016 201 8 201 7 201 6 (in thousands) Net sales: Natural astaxanthin products BioAstin® $ 21,650 $ 19,357 $ 19,829 Spirulina products Spirulina Pacifica® 12,465 12,685 12,011 $ 34,115 $ 32,042 $ 31,840 Net sales by geographic region for the years 2018, 2017 2016 201 8 201 7 201 6 (dollars in thousands) Net sales(1): United States $ 26,348 77 % $ 22,978 72 % $ 22,711 71 % Asia / Pacific 3,238 9 % 4,017 13 % 4,130 13 % Europe 2,540 8 % 3,652 11 % 2,990 9 % Other 1,989 6 % 1,395 4 % 2,009 7 % $ 34,115 100 % $ 32,042 100 % $ 31,840 100 % ( 1 Net sales are attributed to countries based on location of customer. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 14 Income tax benefit (expense) for the years ended March 31, 2018, 2017 2016 2018 2017 2016 (in thousands) Current: Federal $ 112 $ (2 ) $ (1 ) State (2 ) (3 ) 23 Total current benefit (expense) 110 (5 ) 22 Deferred: Federal — — (3,027 ) State — — (323 ) Total deferred expense — — (3,350 ) Income tax benefit (expense) $ 110 $ (5 ) $ (3,328 ) On December 22, 2017 1, 34% 21% January 1, 2018. March 31, 2018 30.79%. 21% March 31, 2019 On December 22, 2017, No. 118 118" not $1.2 no March 31, 2018 December 31, 2018 no The following table reconciles the amount of income taxes computed at the federal blended rate of 30.79% March 31, 2018 34% March 31, 2017 2016, March 31, 2018, 2017 2016: 2018 2017 2016 (in thousands) Tax provision at federal statutory income tax rate $ (282 ) $ 411 $ 363 Stock based compensation (11 ) (281 ) (128 ) Decrease (increase) in valuation allowance 1,565 (158 ) (3,564 ) State income taxes benefit (expense), net of federal income tax effect (36 ) 49 25 State rate adjustment 3 (1 ) 1 AMT Credit 112 — — Tax Cuts and Jobs Act (1,244 ) — — Other, net 3 (25 ) (25 ) Income tax benefit (expense) $ 110 $ (5 ) $ (3,328 ) 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, 2018 2017 2018 2017 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 2,903 $ 4,325 Inventory 295 405 Compensation accrual 153 187 Tax credit carry forwards 36 147 Other 22 40 Gross deferred tax assets 3,409 5,104 Less valuation allowance (2,158 ) (3,722 ) Net deferred tax assets 1,251 1,382 Deferred tax liability- Depreciation and amortization (1,251 ) (1,382 ) Net deferred tax assets $ — $ — In assessing the valuation allowance for deferred tax assets, management considers whether it is more likely than not not In fiscal 2016, $3,564,000 may At March 31, 2018, Expires March 31, Net Operating Research and 2020 $ — $ 8 2021 — 2 2022 2,839 — 2023 1,863 1 2026 159 — 2027 2,665 1 2028 1,612 16 2031 389 — 2032 44 — 2033 76 — 2034 392 — 2035 18 — 2037 1,681 — Indefinite carryforward 266 — $ 12,004 $ 28 Under the Tax Act, the corporate Alternative Minimum Tax (AMT) was repealed. Taxpayers with AMT credit carryovers can use the credits to offset regular tax liability for any taxable year. In addition, the AMT credit is refundable in any taxable year beginning after 2017 2022 50% 100% 2021 2022. $120,000 March 31, 2018. 6.6% $8,000 $112,000 March 31, 2018 March 31, 2022: Tax Year Ended: AMT Credit Refund Request March 31, 2018 $ 56,000 March 31, 2019 28,000 March 31, 2020 14,000 March 31, 2021 7,000 March 31, 2022 7,000 $ 112,000 At March 31, 2018, $746,000. March 31, 2030 2037. March 31, 2018, $6,532,000. March 31, 2030 2037. 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 2015 - 2018 U.S. Federal 2015 - 2018 State of Hawaii 2014 - 2018 State of California |
Note 15 - Selected Quarterly Fi
Note 15 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 15 First Second Third Fourth Year (in thousands, except per share data) 201 8 Net sales $ 8,809 $ 8,055 $ 9,150 $ 8,101 $ 34,115 Gross profit 3,603 3,620 4,240 1,908 13,371 Net income (loss) 501 475 1,107 (1,058 ) 1,025 Net income (loss) per share Basic and diluted 0.09 0.08 0.19 (0.18 ) 0.18 201 7 Net sales $ 7,322 $ 9,862 $ 7,605 $ 7,253 $ 32,042 Gross profit 2,821 3,885 2,857 2,661 12,224 Net income (loss) (691 ) 99 (349 ) (274 ) (1,215 ) Net income (loss) per share Basic and diluted (0.12 ) 0.02 (0.06 ) (0.05 ) (0.21 ) ( 1 The first, second, third fourth 2018 $9,000, $75,000, $4,000 $720,000, third fourth 2017 $28,000, $73,000, $148,000 $5,000, |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II Cyanotech Corporation and Subsidiary Valuation and Qualifying Accounts Years Ended March 31, 201 8 , 201 7 and 201 6 (in thousands) Additions Description Balance at Charged to Charged to Deductions Balance at Year Allowance for Doubtful Accounts: 2018 $ 49 $ — $ — $ 22 $ 27 2017 136 — — 87 49 2016 6 130 — — 136 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
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. |
Liquidity and Debt Covenant Compliance [Policy Text Block] | Liquidity As of March 31, 2018, $1.3 $7.9 $1.4 $6.2 March 31, 2017. August 30, 2016, June 3, 2016, $2.0 March 31, 2018, $0.5 $1.5 May 29, 2018, $0.5 $1.0 August 30, 2017 August 30, 2018, As of March 31, 2018, $6.4 August 2032. March 31, 2018. March 31, 2017, 1.92:1, 2.10:1. March 31, 2017, 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 2019 March 31, 2019, twelve March 31, 2019. no March 31, 2019. |
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 forecast of future operating results, cash flows and financial position, inventory valuation and determination of production capacity and abnormal product costs, reserve for inventory, sales allowances, allowance for doubtful accounts and valuation of deferred tax assets. |
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 3 three 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 Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. Cash, Accounts Receivable, Accounts Payable and Accrued Expenses Line of Credit and Long-Term Debt |
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 March 31, 2018 $829,000. 32% 16%, March 31, 2018. 77% March 31, 2018. 24% March 31, 2017. 60% March 31, 2017. 19% 11%, March 31, 2016. 44% March 31, 2016. ten 70%, 60% 58% 2018, 2017 2016, |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and do not not 90 not |
Inventory, Policy [Policy Text Block] | Inventories, net Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first third 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 March 31, 2018 2017, $5,000 $3,000, 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 $538,000, $120,000 $395,000 March 31, 2018, 2017 2016, $271,000, $134,000 $149,000 March 31, 2018, 2017 2016, |
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 6 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. Repairs and Maintenance costs 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. |
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 not |
Asset Retirement Obligation [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 March 31, 2018 2017 7 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition We recognize revenues when the customer takes ownership and assumes the risk of loss. We have determined that transfer of title and risk of loss generally occurs when product is received by the customer, except in instances where the shipment terms are explicitly FOB Origin, and accordingly we recognize revenue at the point of delivery to the customer. For shipments with terms of FOB Origin where transfer of title and risk of loss occurs at the point of shipping, revenue is recognized upon shipment to the customer. Sales returns and allowances are estimated and recorded as a reduction to sales in the period in which sales are recorded. We record 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 consist 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, 2018, 2017 2016 $1,548,000, $813,000 $942,000, |
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. Judgment is required in determining any valuation allowance recorded against deferred tax assets, specifically net operating loss carryforwards, tax credit carryforwards and deductible temporary differences that may In evaluating a tax position for recognition, management evaluates whether it is more-likely-than- not not 50% March 31, 2018 2017, no 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, 2018, 2017 2016, no |
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. The Company currently has no not 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 (loss) per common share is calculated by dividing net income (loss) 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 restricted stock units and stock options granted pursuant to the Company’s stock option plans. 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 income (loss) per common share calculations for the years ended March 31, 2018, 2017 2016 11. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 ) Scope of Modification Accounting. 2017 09 718, December 15, 2017 not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 ): Restricted Cash” 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 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 ): Balance Sheet Classification of Deferred Taxes” 2015 17 December 15, 2016, April 1, 2017 In July 2015, No. 2015 11, “Inventory: Simplifying the Measurement of Inventory” not first December 15, 2016, April 1, 2017. not In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 December 2016 2016 20. August 2015, No 2015 14 Revenue from Contracts with Customers (Topic 606 Deferral of the Effective Date, 2014 09 December 15, 2017, not The Company adopted ASC 606 April 1, 2018. 606 April 1, 2018 not |
Note 1 - Description of Busin24
Note 1 - Description of Business and Summary of Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
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 (Tabl
Note 2 - Inventories, Net (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 201 8 201 7 (in thousands) Raw materials $ 410 $ 347 Work in process 2,602 2,036 Finished goods(1) 5,878 5,460 Supplies 144 129 Inventories, net $ 9,034 $ 7,972 |
Note 3 - Equipment and Leaseh26
Note 3 - Equipment and Leasehold Improvements, Net (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 201 8 201 7 (in thousands) Equipment(1) $ 17,935 $ 17,492 Leasehold improvements 14,248 13,892 Furniture and fixtures 348 380 32,531 31,764 Less accumulated depreciation and amortization (17,346 ) (15,835 ) Construction in-progress 549 783 Equipment and leasehold improvements, net $ 15,734 $ 16,712 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 201 8 201 7 (in thousands) Wages, commissions, bonus and profit sharing $ 707 $ 793 Rent and utilities 69 69 Other accrued expenses 116 151 Total accrued expenses $ 892 $ 1,013 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 201 8 201 7 (in thousands) Long-term debt $ 6,678 $ 7,139 Less current maturities (655 ) (623 ) Long-term debt, excluding current maturities 6,023 6,516 Less unamortized debt issuance costs (233 ) (267 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 5,790 $ 6,249 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending March 31 (in thousands) 2019 $ 655 2020 682 2021 690 2022 707 2023 513 Thereafter 3,431 Total principal payments $ 6,678 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending March 31 (in thousands) 2019 $ 626 2020 636 2021 536 2022 535 2023 456 Thereafter 3,815 Total minimum lease payments $ 6,604 |
Note 9 - Share-based Compensa30
Note 9 - Share-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of March 31, 201 8 Authorized Available Outstanding 2016 Plan 1,300,000 1,131,992 159,675 2014 Directors Plan 350,000 231,623 12,000 2005 Plan — — 445,400 2004 Directors Plan — — 12,000 Total 1,650,000 1,363,615 629,075 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Option Activity Shares Weighted Weighted Average (in years) Aggregate Outstanding at March 31, 2015 1,433,216 $ 4.08 6.4 $ 6,221,909 Granted 6,000 5.91 Exercised (21,800 ) 3.26 Forfeited (732,416 ) 3.59 Outstanding at March 31, 2016 685,000 $ 4.65 5.7 $ 566,323 Granted 6,000 4.08 Exercised (18,000 ) 2.77 Forfeited (170,000 ) 6.44 Outstanding at March 31, 2017 503,000 $ 4.10 4.7 $ 145,946 Granted 120,000 3.53 Exercised (29,150 ) 2.59 Forfeited (3,700 ) 4.50 Expired (750 ) 1.60 Outstanding at March 31, 2018 589,400 $ 4.06 4.9 $ 675,300 Exercisable at March 31, 2018 469,400 $ 4.20 3.8 $ 486,900 |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Options Shares Weighted Nonvested at March 31, 2017 19,500 $ 2.93 Granted 120,000 1.81 Vested (19,500 ) 2.93 Nonvested at March 31, 2018 120,000 $ 1.81 |
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 Remaining Weighted Number of Weighted $1.60 - $3.70 172,200 5.3 $ 3.05 97,200 $ 2.81 $3.71 - $4.42 239,700 4.7 $ 3.83 194,700 $ 3.83 $4.43 - $5.40 95,000 5.2 $ 5.00 95,500 $ 5.00 $5.41 - $7.08 82,500 4.6 $ 5.77 82,500 $ 5.77 Total stock options 589,400 4.9 $ 4.06 469,400 $ 4.20 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 8 201 7 201 6 Exercise Price $ 3.83 $ 4.08 $ 5.91 Volatility 51.91 % 51.13 % 50.00 % Risk Free Rate 2.50 % 0.60 % 0.22 % Vesting Period (in years) 3.0 0.5 0.5 Forfeiture Rate 0.00 % 0.00 % 0.00 % Expected Life (in years) 6.00 1.00 1.00 Dividend Rate 0 % 0 % 0 % |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2017 25,000 $ 3.85 Granted 28,074 $ 3.92 Vested (8,333 ) $ 3.85 Exercised — $ — Forfeited (5,066 ) $ 3.92 Nonvested restricted stock units at March 31, 2018 39,675 $ 3.89 |
Note 11 - Earnings (Loss) Per31
Note 11 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income (l oss ) (Numerator) Shares Per Share (in thousands, except per share amounts) Year ended March 31, 2018: Basic income per share $ 1,025 5,709 $ 0.18 Effective dilutive securities—Common stock options — 72 — Diluted income per share $ 1,025 5,781 $ 0.18 Year ended March 31, 2017: Basic and diluted loss per share $ (1,215 ) 5,658 $ (0.21 ) Year ended March 31, 2016: Basic and diluted loss per share $ (4,395 ) 5,581 $ (0.79 ) |
Note 13 - Product Line and Ge32
Note 13 - Product Line and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | 201 8 201 7 201 6 (in thousands) Net sales: Natural astaxanthin products BioAstin® $ 21,650 $ 19,357 $ 19,829 Spirulina products Spirulina Pacifica® 12,465 12,685 12,011 $ 34,115 $ 32,042 $ 31,840 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 201 8 201 7 201 6 (dollars in thousands) Net sales(1): United States $ 26,348 77 % $ 22,978 72 % $ 22,711 71 % Asia / Pacific 3,238 9 % 4,017 13 % 4,130 13 % Europe 2,540 8 % 3,652 11 % 2,990 9 % Other 1,989 6 % 1,395 4 % 2,009 7 % $ 34,115 100 % $ 32,042 100 % $ 31,840 100 % |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 2016 (in thousands) Current: Federal $ 112 $ (2 ) $ (1 ) State (2 ) (3 ) 23 Total current benefit (expense) 110 (5 ) 22 Deferred: Federal — — (3,027 ) State — — (323 ) Total deferred expense — — (3,350 ) Income tax benefit (expense) $ 110 $ (5 ) $ (3,328 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 2016 (in thousands) Tax provision at federal statutory income tax rate $ (282 ) $ 411 $ 363 Stock based compensation (11 ) (281 ) (128 ) Decrease (increase) in valuation allowance 1,565 (158 ) (3,564 ) State income taxes benefit (expense), net of federal income tax effect (36 ) 49 25 State rate adjustment 3 (1 ) 1 AMT Credit 112 — — Tax Cuts and Jobs Act (1,244 ) — — Other, net 3 (25 ) (25 ) Income tax benefit (expense) $ 110 $ (5 ) $ (3,328 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 2,903 $ 4,325 Inventory 295 405 Compensation accrual 153 187 Tax credit carry forwards 36 147 Other 22 40 Gross deferred tax assets 3,409 5,104 Less valuation allowance (2,158 ) (3,722 ) Net deferred tax assets 1,251 1,382 Deferred tax liability- Depreciation and amortization (1,251 ) (1,382 ) Net deferred tax assets $ — $ — |
Schedule of Operating Loss and Tax Credit Carry Forwards [Table Text Block] | Expires March 31, Net Operating Research and 2020 $ — $ 8 2021 — 2 2022 2,839 — 2023 1,863 1 2026 159 — 2027 2,665 1 2028 1,612 16 2031 389 — 2032 44 — 2033 76 — 2034 392 — 2035 18 — 2037 1,681 — Indefinite carryforward 266 — $ 12,004 $ 28 |
Schedule of Alternative Minimum Tax Credit Carryforwards Refundable [Text Block] | Tax Year Ended: AMT Credit Refund Request March 31, 2018 $ 56,000 March 31, 2019 28,000 March 31, 2020 14,000 March 31, 2021 7,000 March 31, 2022 7,000 $ 112,000 |
Summary of Income Tax Contingencies [Table Text Block] | Open tax years ending March 31, Jurisdiction 2015 - 2018 U.S. Federal 2015 - 2018 State of Hawaii 2014 - 2018 State of California |
Note 15 - Selected Quarterly 34
Note 15 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Year (in thousands, except per share data) 201 8 Net sales $ 8,809 $ 8,055 $ 9,150 $ 8,101 $ 34,115 Gross profit 3,603 3,620 4,240 1,908 13,371 Net income (loss) 501 475 1,107 (1,058 ) 1,025 Net income (loss) per share Basic and diluted 0.09 0.08 0.19 (0.18 ) 0.18 201 7 Net sales $ 7,322 $ 9,862 $ 7,605 $ 7,253 $ 32,042 Gross profit 2,821 3,885 2,857 2,661 12,224 Net income (loss) (691 ) 99 (349 ) (274 ) (1,215 ) Net income (loss) per share Basic and diluted (0.12 ) 0.02 (0.06 ) (0.05 ) (0.21 ) |
Schedule II - Valuation and Q35
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Additions Description Balance at Charged to Charged to Deductions Balance at Year Allowance for Doubtful Accounts: 2018 $ 49 $ — $ — $ 22 $ 27 2017 136 — — 87 49 2016 6 130 — — 136 |
Note 1 - Description of Busin36
Note 1 - Description of Business and Summary of Accounting Policies (Details Textual) | May 29, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Aug. 30, 2016USD ($) | Mar. 31, 2015USD ($) |
Number of Microalgal Species Cultivated | 2 | ||||||||||||||
Number of Product Lines | 2 | ||||||||||||||
Number of Operating Segments | 1 | ||||||||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 1,329,000 | $ 1,407,000 | $ 1,329,000 | $ 1,407,000 | $ 1,240,000 | $ 2,226,000 | |||||||||
Working Capital (Deficit) | 7,900,000 | 6,200,000 | 7,900,000 | 6,200,000 | |||||||||||
Line of Credit, Current | 500,000 | 611,000 | 500,000 | 611,000 | |||||||||||
Cash Uninsured Amount One | 829,000 | 829,000 | |||||||||||||
Inventory Valuation Reserves, Ending Balance | 5,000 | 3,000 | 5,000 | 3,000 | |||||||||||
Inventory Abnormal Production Costs | 720,000 | $ 4,000 | $ 75,000 | $ 9,000 | 5,000 | $ 148,000 | $ 73,000 | $ 28,000 | 538,000 | 120,000 | 395,000 | ||||
Non Inventoriable Fixed Costs | 271,000 | 134,000 | 149,000 | ||||||||||||
Asset Retirement Obligation, Ending Balance | 0 | 0 | 0 | 0 | |||||||||||
Advertising Expense | 1,548,000 | 813,000 | 942,000 | ||||||||||||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | 0 | 0 | |||||||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||||||||||||
Concentration Risk, Percentage | 70.00% | 60.00% | 58.00% | ||||||||||||
Number of Major Customers | 2 | 1 | 2 | ||||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Number 1 [Member] | |||||||||||||||
Concentration Risk, Percentage | 32.00% | 24.00% | 19.00% | ||||||||||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Number 2 [Member] | |||||||||||||||
Concentration Risk, Percentage | 16.00% | 11.00% | |||||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||||||
Concentration Risk, Percentage | 77.00% | 60.00% | 44.00% | ||||||||||||
Number of Major Customers | 3 | 3 | 2 | ||||||||||||
First Foundation Bank [Member] | |||||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 6,400,000 | $ 6,400,000 | |||||||||||||
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 | 500,000 | 500,000 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||||||||
Current Ratio | 1.92 | 1.92 | |||||||||||||
Debt Covenant, Minimum Current Ratio | 2.1 | 2.1 | |||||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000,000 | ||||||||||||||
Proceeds from Lines of Credit, Total | $ 500,000 |
Note 1 - Description of Busin37
Note 1 - Description of Business and Summary of Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Mar. 31, 2018 | |
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 2 - Inventories, Net (Deta
Note 2 - Inventories, Net (Details Textual) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Inventory Valuation Reserves, Ending Balance | $ 5,000 | $ 3,000 |
Note 2 - Inventories, Net - Com
Note 2 - Inventories, Net - Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | |
Raw materials | $ 410 | $ 347 | |
Work in process | 2,602 | 2,036 | |
Finished goods(1) | [1] | 5,878 | 5,460 |
Supplies | 144 | 129 | |
Inventories, net | $ 9,034 | $ 7,972 | |
[1] | Net of reserve for obsolescence of $5,000 and $3,000 at March 31, 2018 and 2017, respectively. |
Note 3 - Equipment and Leaseh40
Note 3 - Equipment and Leasehold Improvements, Net (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Capital Leased Assets, Gross, Total | $ 373,000 | $ 373,000 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 175,000 | 106,000 | |
Gain (Loss) on Disposition of Assets, Total | (106,000) | (63,000) | $ (11,000) |
Depreciation, Depletion and Amortization, Total | 1,877,000 | 1,978,000 | 1,520,000 |
Interest Costs Capitalized | $ 0 | $ 0 | $ 173,000 |
Note 3 - Equipment and Leaseh41
Note 3 - Equipment and Leasehold Improvements, Net - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 | |
Equipment and leasehold improvements, gross | $ 32,531 | $ 31,764 | |
Less accumulated depreciation and amortization | (17,346) | (15,835) | |
Construction in-progress | 549 | 783 | |
Equipment and leasehold improvements, net | 15,734 | 16,712 | |
Equipment [Member] | |||
Equipment and leasehold improvements, gross | [1] | 17,935 | 17,492 |
Leasehold Improvements [Member] | |||
Equipment and leasehold improvements, gross | 14,248 | 13,892 | |
Furniture and Fixtures [Member] | |||
Equipment and leasehold improvements, gross | $ 348 | $ 380 | |
[1] | Includes $373,000 of equipment under capital lease at March 31, 2018 and 2017 respectively, with accumulated amortization of $175,000 and $106,000, respectively. |
Note 4 - Notes Payable (Details
Note 4 - Notes Payable (Details Textual) - USD ($) | May 29, 2018 | Aug. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Aug. 31, 2016 |
Line of Credit, Current | $ 500,000 | $ 611,000 | |||
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 | 500,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,500,000 | $ 1,500,000 | |||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,000,000 | ||||
Proceeds from Lines of Credit, Total | $ 500,000 | ||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||||
Debt Instrument Reference Rate | 4.75% | ||||
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 | Mar. 31, 2018 | Mar. 31, 2017 |
Wages, commissions, bonus and profit sharing | $ 707 | $ 793 |
Rent and utilities | 69 | 69 |
Other accrued expenses | 116 | 151 |
Total accrued expenses | $ 892 | $ 1,013 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) | Oct. 06, 2017USD ($) | Sep. 18, 2015USD ($) | Jul. 01, 2015 | Mar. 31, 2015USD ($) | Aug. 14, 2012USD ($) | Feb. 29, 2016USD ($) | Jul. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Jul. 31, 2015USD ($) |
Repayments of Notes Payable | $ 500,000 | $ 600,000 | $ 500,000 | ||||||||||
Long-term Debt, Total | 156,000 | ||||||||||||
Proceeds from Issuance of Long-term Debt, Total | 166,000 | $ 2,407,000 | |||||||||||
Capital Leased Assets, Gross, Total | 373,000 | 373,000 | |||||||||||
Thermo Fisher Financial [Member] | |||||||||||||
Capital Leased Assets, Gross, Total | $ 52,000 | ||||||||||||
Thermo Fisher Financial [Member] | Capital Lease Obligations [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 86,000 | $ 0 | 30,000 | ||||||||||
Debt Instrument Periodic Payments Number | 36 | ||||||||||||
Thermo Fisher Financial [Member] | Capital Lease Asses Payable in 36 Equal Monthly Payments [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.90% | ||||||||||||
Debt Instrument Periodic Payments Number | 36 | ||||||||||||
Capital Lease Obligations, Total | $ 28,000 | 43,000 | |||||||||||
Bank of the West Finance [Member] | |||||||||||||
Capital Leased Assets, Gross, Total | $ 51,000 | ||||||||||||
Debt Instrument Periodic Payments Number | 60 | ||||||||||||
Bank of the West Finance [Member] | Capital Lease Obligations [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.18% | ||||||||||||
Capital Lease Obligations, Total | $ 32,000 | 42,000 | |||||||||||
Hungtington Technology Finance [Member] | |||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 174,000 | ||||||||||||
Hungtington Technology Finance [Member] | Capital Lease Obligations [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.57% | ||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 88,000 | 121,000 | |||||||||||
Debt Instrument Periodic Payments Number | 60 | ||||||||||||
The 2015 Loan Agreement [Member] | |||||||||||||
Proceeds from Issuance of Debt | $ 2,500,000 | ||||||||||||
Debt Instrument, Term | 7 years | ||||||||||||
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 | $ 1,726,000 | 2,049,000 | |||||||||||
Debt Instrument One Time Origination and Guaranty Fees | $ 113,900 | ||||||||||||
Debt Instrument Annual Renewal Fee Payable Percentage | 0.50% | ||||||||||||
Debt Instrument Guaranteed Portion | 80.00% | ||||||||||||
The 2015 Loan Agreement [Member] | Minimum [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||||
The 2015 Loan Agreement [Member] | Prime Rate [Member] | |||||||||||||
Debt Instrument Reference Rate | 4.75% | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||||||||||
Proceeds from Issuance of Debt | $ 5,500,000 | ||||||||||||
Debt Instrument Reference Rate | 4.75% | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 4,648,000 | $ 4,854,000 | |||||||||||
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 Interest Payment Period | 1 year | ||||||||||||
Debt Instrument Amortization Period | 19 years | ||||||||||||
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 | ||||||||||||
Equipment Finance Agreement [Member] | |||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 175,000 | ||||||||||||
Equipment Finance Agreement [Member] | Restricted Cash [Member] | |||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 65,000 |
Note 6 - Long-term Debt - Summa
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
Total principal payments | $ 6,678 | $ 7,139 |
Less current maturities | (655) | (623) |
Long-term debt, excluding current maturities | 6,023 | 6,516 |
Less unamortized debt issuance costs | (233) | (267) |
Total long-term debt, net of current maturities and unamortized debt issuance costs | $ 5,790 | $ 6,249 |
Note 6 - Long-term Debt - Futur
Note 6 - Long-term Debt - Future Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
2,019 | $ 655 | |
2,020 | 682 | |
2,021 | 690 | |
2,022 | 707 | |
2,023 | 513 | |
Thereafter | 3,431 | |
Total principal payments | $ 6,678 | $ 7,139 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Leases Term | 40 years | ||
Operating Leases, Rent Expense, Contingent Rentals | $ 49,000 | $ 80,000 | $ 65,000 |
Operating Leases, Rent Expense, Net, Total | $ 578,000 | $ 605,000 | $ 622,000 |
Note 7 - Leases - Summary of Fu
Note 7 - Leases - Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,019 | $ 626 |
2,020 | 636 |
2,021 | 536 |
2,022 | 535 |
2,023 | 456 |
Thereafter | 3,815 |
Total minimum lease payments | $ 6,604 |
Note 8 - Other Commitments an49
Note 8 - Other Commitments and Contingencies (Details Textual) | Mar. 31, 2018USD ($) |
Purchase Obligation, Total | $ 449,000 |
Note 9 - Share-based Compensa50
Note 9 - Share-based Compensation (Details Textual) | Apr. 05, 2018$ / sharesshares | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Aug. 25, 2016shares | Mar. 31, 2015$ / shares | Aug. 28, 2014shares |
Number of Shareholder Approved Share-based Compensation Plans | 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,363,615 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,650,000 | ||||||
Share Price | $ / shares | $ 5.10 | $ 3.85 | $ 4.98 | $ 8.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 67,000 | $ 23,000 | $ 58,000 | ||||
ShareBased Compensation Arrangement By Share Based Payment Award Weighted Average Grant Date Fair Value Options Granted | $ | 67,000 | 5,000 | 7,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | 57,000 | 332,000 | 651,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | 181,000 | ||||||
Employee Stock Option [Member] | |||||||
Allocated Share-based Compensation Expense, Total | $ | $ 62,000 | 154,000 | 587,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | ||||||
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] | Employees [Member] | |||||||
Allocated Share-based Compensation Expense, Total | $ | $ 62,000 | 0 | 0 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | 122,730 | ||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,474 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5.25 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||||||
Restricted Stock [Member] | Non-employee Directors [Member] | |||||||
Allocated Share-based Compensation Expense, Total | $ | $ 276,000 | $ 78,000 | $ 78,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,501 | 19,117 | 13,198 | ||||
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 | 1,131,992 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,300,000 | ||||||
The 2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,131,992 | ||||||
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 | 231,623 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | 350,000 | |||||
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 Compensa51
Note 9 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) - shares | Mar. 31, 2018 | Mar. 31, 2017 | Aug. 25, 2016 | Aug. 28, 2014 |
Authorized (in shares) | 1,650,000 | |||
Available (in shares) | 1,363,615 | |||
Outstanding (in shares) | 629,075 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Outstanding (in shares) | 39,675 | 25,000 | ||
The 2016 Plan [Member] | ||||
Authorized (in shares) | 1,300,000 | |||
Available (in shares) | 1,131,992 | |||
The 2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Authorized (in shares) | 1,300,000 | |||
Available (in shares) | 1,131,992 | |||
Outstanding (in shares) | 159,675 | |||
2014 Directors Plan [Member] | ||||
Authorized (in shares) | 350,000 | 350,000 | ||
Available (in shares) | 231,623 | |||
Outstanding (in shares) | 12,000 | |||
The 2005 Plan [Member] | ||||
Authorized (in shares) | ||||
Available (in shares) | 0 | |||
Outstanding (in shares) | 445,400 | |||
2004 Directors Plan [Member] | ||||
Authorized (in shares) | ||||
Available (in shares) | 0 | |||
Outstanding (in shares) | 12,000 |
Note 9 - Share-based Compensa52
Note 9 - Share-based Compensation - Summary of Option Activity Under Stock Plans (Details) - USD ($) | 12 Months Ended | 15 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Outstanding (in shares) | 503,000 | 685,000 | 1,433,216 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.10 | $ 4.65 | $ 4.08 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 328 days | 4 years 255 days | 5 years 255 days | 6 years 146 days |
Outstanding, aggregate intrinsic value | $ 675,300 | $ 145,946 | $ 566,323 | $ 6,221,909 |
Granted (in shares) | 120,000 | 6,000 | 6,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.53 | $ 4.08 | $ 5.91 | |
Exercised (in shares) | (29,150) | (18,000) | (21,800) | |
Exercised, weighted average exercise price (in dollars per share) | $ 2.59 | $ 2.77 | $ 3.26 | |
Forfeited (in shares) | (3,700) | (170,000) | (732,416) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 4.50 | $ 6.44 | $ 3.59 | |
Expired (in shares) | (750) | |||
Expired, weighted average exercise price (in dollars per share) | $ 1.60 | |||
Outstanding (in shares) | 589,400 | 503,000 | 685,000 | 1,433,216 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.06 | $ 4.10 | $ 4.65 | $ 4.08 |
Exercisable (in shares) | 469,400 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ 4.20 | |||
Exercisable, weighted average remaining contractual term (Year) | 3 years 292 days | |||
Exercisable, aggregate intrinsic value | $ 486,900 |
Note 9 - Share-based Compensa53
Note 9 - Share-based Compensation - Summary of Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Nonvested (in shares) | 19,500 | ||
Nonvested (in dollars per share) | $ 2.93 | ||
Granted (in shares) | 120,000 | 6,000 | 6,000 |
Granted (in dollars per share) | $ 1.81 | ||
Vested (in shares) | (19,500) | ||
Vested (in dollars per share) | $ 2.93 | ||
Nonvested (in shares) | 120,000 | 19,500 | |
Nonvested (in dollars per share) | $ 1.81 | $ 2.93 |
Note 9 - Share-based Compensa54
Note 9 - Share-based Compensation - Summary of the Weighted-average Characteristics of Outstanding Stock Options (Details) | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Outstanding Options Number of Shares (in shares) | shares | 589,400 |
Outstanding Options Remaining Life (Year) | 4 years 328 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 4.06 |
Exercisable Options Number of Shares (in shares) | shares | 469,400 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 4.20 |
Range 01 [Member] | |
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 | 172,200 |
Outstanding Options Remaining Life (Year) | 5 years 109 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.05 |
Exercisable Options Number of Shares (in shares) | shares | 97,200 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.81 |
Range 02 [Member] | |
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 | 239,700 |
Outstanding Options Remaining Life (Year) | 4 years 255 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.83 |
Exercisable Options Number of Shares (in shares) | shares | 194,700 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 3.83 |
Range 03 [Member] | |
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 73 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5 |
Exercisable Options Number of Shares (in shares) | shares | 95,500 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 5 |
Range 04 [Member] | |
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 | 82,500 |
Outstanding Options Remaining Life (Year) | 4 years 219 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5.77 |
Exercisable Options Number of Shares (in shares) | shares | 82,500 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 5.77 |
Note 9 - Share-based Compensa55
Note 9 - Share-based Compensation - Summary of Valuation Assumptions Related to Options Granted (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Exercise Price (in dollars per share) | $ 3.83 | $ 4.08 | $ 5.91 |
Volatility | 51.91% | 51.13% | 50.00% |
Risk Free Rate | 2.50% | 0.60% | 0.22% |
Vesting Period (in years) (Year) | 3 years | 182 days | 182 days |
Forfeiture Rate | 0.00% | 0.00% | 0.00% |
Expected Life (in years) (Year) | 6 years | 1 year | 1 year |
Dividend Rate | 0.00% | 0.00% | 0.00% |
Note 9 - Share-based Compensa56
Note 9 - Share-based Compensation - Restricted Stock Units (Details) | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Nonvested restricted stock units at March 31, 2018 (in shares) | 629,075 |
Restricted Stock Units (RSUs) [Member] | |
Nonvested restricted stock units at March 31, 2017 (in shares) | 25,000 |
Nonvested restricted stock units at March 31, 2017, weighted average grant price (in dollars per share) | $ / shares | $ 3.85 |
Granted (in shares) | 28,074 |
Granted, weighted average grant price (in dollars per share) | $ / shares | $ 3.92 |
Vested (in shares) | (8,333) |
Vested, weighted average grant price (in dollars per share) | $ / shares | $ 3.85 |
Exercised (in shares) | |
Exercised, weighted average grant price (in dollars per share) | $ / shares | |
Forfeited (in shares) | (5,066) |
Forfeited, weighted average grant price (in dollars per share) | $ / shares | $ 3.92 |
Nonvested restricted stock units at March 31, 2018 (in shares) | 39,675 |
Nonvested restricted stock units at March 31, 2018, weighted average grant price (in dollars per share) | $ / shares | $ 3.89 |
Note 10 - Common and Preferre57
Note 10 - Common and Preferred Stock (Details Textual) - shares | Mar. 31, 2018 | Mar. 31, 2017 |
Shares Authorized | 60,000,000 | |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued, Total | 0 | 0 |
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 |
Note 11 - Earnings (Loss) Per58
Note 11 - Earnings (Loss) Per Share (Details Textual) - shares | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 120,000 | 6,000 | 58,000 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 39,675 | 25,000 |
Note 11 - Earnings (Loss) Per59
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 | 12 Months Ended | |||||||||||||||||
Mar. 31, 2018 | [1] | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net income (loss) | $ (1,058) | $ 1,107 | $ 475 | $ 501 | $ (274) | $ (349) | $ 99 | $ (691) | $ 1,025 | $ (1,215) | $ (4,395) | ||||||||
Shares outstanding - basic (in shares) | 5,709 | 5,658 | 5,581 | ||||||||||||||||
Earnings per share - basic (in dollars per share) | $ 0.18 | $ (0.21) | $ (0.79) | ||||||||||||||||
Effective dilutive securities—Common stock options | |||||||||||||||||||
Effective dilutive securities—Common stock options oustanding (in shares) | 72 | ||||||||||||||||||
Net income - diluted | $ 1,025 | ||||||||||||||||||
Shares outstanding - diluted (in shares) | 5,781 | 5,658 | 5,581 | ||||||||||||||||
Earnings per share - diluted (in dollars per share) | $ 0.18 | $ (0.21) | $ (0.79) | ||||||||||||||||
Shares outstanding - basic and diluted (in shares) | 5,658 | 5,581 | |||||||||||||||||
Basic and diluted loss per share (in dollars per share) | $ (0.18) | $ 0.19 | $ 0.08 | $ 0.09 | $ (0.05) | $ (0.06) | $ 0.02 | $ (0.12) | $ 0.18 | $ (0.21) | $ (0.79) | ||||||||
[1] | The first, second, third and fourth quarters of 2018 include abnormal production costs of $9,000, $75,000, $4,000 and $720,000, respectively. The first, second, third and fourth quarters of 2017 include abnormal production costs of $28,000, $73,000, $148,000 and $5,000, respectively. |
Note 12 - Profit Sharing Plan60
Note 12 - Profit Sharing Plan and 401k Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Profit Sharing Defined Contribution Plan [Member] | |||
Defined Contribution Plan, Cost | $ 91,000 | $ 4,000 | $ 0 |
Defined Contribution 401K Plan [Member] | |||
Defined Contribution Plan, Cost | $ 117,000 | $ 139,000 | $ 147,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
Note 13 - Product Line and Ge61
Note 13 - Product Line and Geographic Information - Net Sales by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2018 | [1] | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales: | |||||||||||||||||||
Net sales | $ 8,101 | $ 9,150 | $ 8,055 | $ 8,809 | $ 7,253 | $ 7,605 | $ 9,862 | $ 7,322 | $ 34,115 | $ 32,042 | $ 31,840 | ||||||||
Natural Astaxanthin Products Bio Astin [Member] | |||||||||||||||||||
Net sales: | |||||||||||||||||||
Net sales | 21,650 | 19,357 | 19,829 | ||||||||||||||||
Spirulina Products [Member] | |||||||||||||||||||
Net sales: | |||||||||||||||||||
Net sales | $ 12,465 | $ 12,685 | $ 12,011 | ||||||||||||||||
[1] | The first, second, third and fourth quarters of 2018 include abnormal production costs of $9,000, $75,000, $4,000 and $720,000, respectively. The first, second, third and fourth quarters of 2017 include abnormal production costs of $28,000, $73,000, $148,000 and $5,000, respectively. |
Note 13 - Product Line and Ge62
Note 13 - Product Line and Geographic Information - Sales by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2018 | [1] | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | ||
Net sales(1): | ||||||||||||||||||||
Net sales | $ 8,101 | $ 9,150 | $ 8,055 | $ 8,809 | $ 7,253 | $ 7,605 | $ 9,862 | $ 7,322 | $ 34,115 | $ 32,042 | $ 31,840 | |||||||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||||||||||||||||
Net sales(1): | ||||||||||||||||||||
Net sales | [2] | $ 34,115 | $ 32,042 | $ 31,840 | ||||||||||||||||
Concentration Risk, Percentage | [2] | 100.00% | 100.00% | 100.00% | ||||||||||||||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | UNITED STATES | ||||||||||||||||||||
Net sales(1): | ||||||||||||||||||||
Net sales | [2] | $ 26,348 | $ 22,978 | $ 22,711 | ||||||||||||||||
Concentration Risk, Percentage | [2] | 77.00% | 72.00% | 71.00% | ||||||||||||||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Asia Pacific [Member] | ||||||||||||||||||||
Net sales(1): | ||||||||||||||||||||
Net sales | [2] | $ 3,238 | $ 4,017 | $ 4,130 | ||||||||||||||||
Concentration Risk, Percentage | [2] | 9.00% | 13.00% | 13.00% | ||||||||||||||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Europe [Member] | ||||||||||||||||||||
Net sales(1): | ||||||||||||||||||||
Net sales | [2] | $ 2,540 | $ 3,652 | $ 2,990 | ||||||||||||||||
Concentration Risk, Percentage | [2] | 8.00% | 11.00% | 9.00% | ||||||||||||||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Other Countries [Member] | ||||||||||||||||||||
Net sales(1): | ||||||||||||||||||||
Net sales | [2] | $ 1,989 | $ 1,395 | $ 2,009 | ||||||||||||||||
Concentration Risk, Percentage | [2] | 6.00% | 4.00% | 7.00% | ||||||||||||||||
[1] | The first, second, third and fourth quarters of 2018 include abnormal production costs of $9,000, $75,000, $4,000 and $720,000, respectively. The first, second, third and fourth quarters of 2017 include abnormal production costs of $28,000, $73,000, $148,000 and $5,000, respectively. | |||||||||||||||||||
[2] | Net sales are attributed to countries based on location of customer. |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | Dec. 22, 2017 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 30.79% | 34.00% | 34.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 1,200,000 | |||||
Deferred Tax Assets, Valuation Allowance, Total | $ 2,158,000 | $ 2,158,000 | $ 3,722,000 | $ 3,564,000 | ||
Tax Credit Carryforward, Amount | $ 28,000 | $ 28,000 | ||||
Alternative Minimum Tax, Sequestration Rate | 6.60% | 6.60% | ||||
Adjusted Alternative Minimum Tax Credit Carryforward | $ 8,000 | $ 8,000 | ||||
Alternative Minimum Tax Refundable | 112,000 | 112,000 | ||||
Operating Loss Carryforwards, Total | 12,004,000 | 12,004,000 | ||||
California Franchise Tax Board [Member] | State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Total | 746,000 | 746,000 | ||||
Hawaii Department of Taxation [Member] | State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Total | 6,532,000 | 6,532,000 | ||||
AMT [Member] | ||||||
Tax Credit Carryforward, Amount | $ 120,000 | $ 120,000 | ||||
Taxable Year Beginning After 2017 and Before 2022 [Member] | ||||||
Alternative Minimum Tax Refund Percentage | 50.00% | 50.00% | ||||
taxable years beginning in 2021 [Member] | ||||||
Alternative Minimum Tax Refund Percentage | 100.00% | 100.00% | ||||
Latest Tax Year [Member] | California Franchise Tax Board [Member] | State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Expiration Date | Mar. 31, 2037 | |||||
Latest Tax Year [Member] | Hawaii Department of Taxation [Member] | State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Expiration Date | Mar. 31, 2037 | |||||
Earliest Tax Year [Member] | California Franchise Tax Board [Member] | State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Expiration Date | Mar. 31, 2030 | |||||
Earliest Tax Year [Member] | Hawaii Department of Taxation [Member] | State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards, Expiration Date | Mar. 31, 2030 | |||||
Scenario, Forecast [Member] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 14 - Income taxes - Compon
Note 14 - Income taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Current: | |||
Federal | $ 112 | $ (2) | $ (1) |
State | (2) | (3) | 23 |
Total current benefit (expense) | 110 | (5) | 22 |
Deferred: | |||
Federal | (3,027) | ||
State | (323) | ||
Total deferred expense | (3,350) | ||
Income tax benefit (expense) | $ 110 | $ (5) | $ (3,328) |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of the Amount of Income Taxes Computed at the Federal Statutory Rate to the Amount Reflected in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Tax provision at federal statutory income tax rate | $ (282) | $ 411 | $ 363 |
Stock based compensation | (11) | (281) | (128) |
Decrease (increase) in valuation allowance | 1,565 | (158) | (3,564) |
State income taxes benefit (expense), net of federal income tax effect | (36) | 49 | 25 |
State rate adjustment | 3 | (1) | 1 |
AMT Credit | 112 | ||
Tax Cuts and Jobs Act | (1,244) | ||
Other, net | 3 | (25) | (25) |
Income tax benefit (expense) | $ 110 | $ (5) | $ (3,328) |
Note 14 - Income Taxes - Effect
Note 14 - Income Taxes - Effects of Temporary Differences Related to Various Assets, Liabilities and Carry Forwards That Give Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred tax assets: | |||
Net operating loss carry forwards | $ 2,903,000 | $ 4,325,000 | |
Inventory | 295,000 | 405,000 | |
Compensation accrual | 153,000 | 187,000 | |
Tax credit carry forwards | 36,000 | 147,000 | |
Other | 22,000 | 40,000 | |
Gross deferred tax assets | 3,409,000 | 5,104,000 | |
Less valuation allowance | (2,158,000) | (3,722,000) | $ (3,564,000) |
Net deferred tax assets | 1,251,000 | 1,382,000 | |
Deferred tax liability- Depreciation and amortization | (1,251,000) | (1,382,000) | |
Net deferred tax assets | $ 0 | $ 0 |
Note 14 - Income Taxes - Net Op
Note 14 - Income Taxes - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Operating Loss Carryforwards, Total | $ 12,004 |
Tax Credit Carryforward, Amount | 28 |
Expiration Tax Year 2020 [Member] | |
Operating Loss Carryforwards, Total | |
Tax Credit Carryforward, Amount | 8 |
Expiration Tax Period 2021 [Member] | |
Operating Loss Carryforwards, Total | |
Tax Credit Carryforward, Amount | 2 |
Expiration Tax Year 2022 [Member] | |
Operating Loss Carryforwards, Total | 2,839 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2023 [Member] | |
Operating Loss Carryforwards, Total | 1,863 |
Tax Credit Carryforward, Amount | 1 |
Expiration Tax Year 2026 [Member] | |
Operating Loss Carryforwards, Total | 159 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2027 [Member] | |
Operating Loss Carryforwards, Total | 2,665 |
Tax Credit Carryforward, Amount | 1 |
ExpirationTax Year 2028 [Member] | |
Operating Loss Carryforwards, Total | 1,612 |
Tax Credit Carryforward, Amount | 16 |
Expiration Tax Year 2031 [Member] | |
Operating Loss Carryforwards, Total | 389 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2032 [Member] | |
Operating Loss Carryforwards, Total | 44 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2033 [Member] | |
Operating Loss Carryforwards, Total | 76 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2034 [Member] | |
Operating Loss Carryforwards, Total | 392 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2035 [Member] | |
Operating Loss Carryforwards, Total | 18 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2037 [Member] | |
Operating Loss Carryforwards, Total | 1,681 |
Tax Credit Carryforward, Amount | |
Indefinite Period [Member] | |
Operating Loss Carryforwards, Total | 266 |
Tax Credit Carryforward, Amount |
Note 14 - Income Taxes - Refund
Note 14 - Income Taxes - Refundable Alternative Minimum Tax Credit Carryforwards (Details) | Mar. 31, 2018USD ($) |
Refundable Alternative Minimum Tax Credit Carryforward | $ 112,000 |
Tax Year 2018 [Member] | |
Refundable Alternative Minimum Tax Credit Carryforward | 56,000 |
Tax Year 2019 [Member] | |
Refundable Alternative Minimum Tax Credit Carryforward | 28,000 |
Tax Year 2020 [Member] | |
Refundable Alternative Minimum Tax Credit Carryforward | 14,000 |
Tax Year 2021 [Member] | |
Refundable Alternative Minimum Tax Credit Carryforward | 7,000 |
Tax Year 2022 [Member] | |
Refundable Alternative Minimum Tax Credit Carryforward | $ 7,000 |
Note 14 - Income taxes - Open T
Note 14 - Income taxes - Open Tax Years and Jurisdictions That the Company Used In Its Evaluation of Tax Positions (Details) | 12 Months Ended |
Mar. 31, 2018 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,014 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Open tax year | 2,018 |
State and Local Jurisdiction [Member] | Hawaii Department of Taxation [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,014 |
State and Local Jurisdiction [Member] | Hawaii Department of Taxation [Member] | Latest Tax Year [Member] | |
Open tax year | 2,018 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Earliest Tax Year [Member] | |
Open tax year | 2,013 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Latest Tax Year [Member] | |
Open tax year | 2,018 |
Note 15 - Selected Quarterly 70
Note 15 - Selected Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Inventory Abnormal Production Costs | $ 720,000 | $ 4,000 | $ 75,000 | $ 9,000 | $ 5,000 | $ 148,000 | $ 73,000 | $ 28,000 | $ 538,000 | $ 120,000 | $ 395,000 |
Note 15 - Selected Quarterly 71
Note 15 - Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2018 | [1] | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Net sales | $ 8,101 | $ 9,150 | $ 8,055 | $ 8,809 | $ 7,253 | $ 7,605 | $ 9,862 | $ 7,322 | $ 34,115 | $ 32,042 | $ 31,840 | ||||||||
Gross profit | 1,908 | 4,240 | 3,620 | 3,603 | 2,661 | 2,857 | 3,885 | 2,821 | 13,371 | 12,224 | 11,866 | ||||||||
Net income (loss) | $ (1,058) | $ 1,107 | $ 475 | $ 501 | $ (274) | $ (349) | $ 99 | $ (691) | $ 1,025 | $ (1,215) | $ (4,395) | ||||||||
Net income (loss) per share | |||||||||||||||||||
Basic and diluted loss per share (in dollars per share) | $ (0.18) | $ 0.19 | $ 0.08 | $ 0.09 | $ (0.05) | $ (0.06) | $ 0.02 | $ (0.12) | $ 0.18 | $ (0.21) | $ (0.79) | ||||||||
Net sales | $ 8,101 | $ 9,150 | $ 8,055 | $ 8,809 | $ 7,253 | $ 7,605 | $ 9,862 | $ 7,322 | $ 34,115 | $ 32,042 | $ 31,840 | ||||||||
Gross profit | 1,908 | 4,240 | 3,620 | 3,603 | 2,661 | 2,857 | 3,885 | 2,821 | 13,371 | 12,224 | 11,866 | ||||||||
Net income (loss) | $ (1,058) | $ 1,107 | $ 475 | $ 501 | $ (274) | $ (349) | $ 99 | $ (691) | $ 1,025 | $ (1,215) | $ (4,395) | ||||||||
[1] | The first, second, third and fourth quarters of 2018 include abnormal production costs of $9,000, $75,000, $4,000 and $720,000, respectively. The first, second, third and fourth quarters of 2017 include abnormal production costs of $28,000, $73,000, $148,000 and $5,000, respectively. |
Schedule II - Valuation and Q72
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Balance at Beginning of Year | $ 49 | $ 136 | $ 6 |
Additions Charged to Costs and Expense | 130 | ||
Additions Charged to Other Accounts | |||
Deductions | 22 | 87 | |
Balance at End of Year | $ 27 | $ 49 | $ 136 |