Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Aug. 07, 2018 | |
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) | 5,788,887 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash | $ 935 | $ 1,329 |
Accounts receivable, net of allowance for doubtful accounts of $27 at June 30, 2018 and $27 at March 31, 2018 | 2,804 | 2,664 |
Inventories, net | 9,487 | 9,034 |
Prepaid expenses and other current assets | 593 | 590 |
Total current assets | 13,819 | 13,617 |
Equipment and leasehold improvements, net | 15,432 | 15,734 |
Restricted cash | 65 | |
Other assets | 280 | 291 |
Total assets | 29,531 | 29,707 |
Current liabilities: | ||
Line of credit | 1,250 | 500 |
Current maturities of long-term debt | 660 | 655 |
Customer deposits | 300 | 133 |
Accounts payable | 3,735 | 3,527 |
Accrued expenses | 1,000 | 892 |
Total current liabilities | 6,945 | 5,707 |
Long-term debt, less current maturities | 5,636 | 5,790 |
Other long-term liabilities | 98 | 103 |
Total liabilities | 12,679 | 11,600 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock of $0.01 par value, authorized 10,000,000 shares; no shares issued and outstanding | ||
Common stock of $0.02 par value, authorized 50,000,000 shares; 5,788,887 shares issued and outstanding at June 30, 2018 and 5,772,032 at March 31, 2018 | 116 | 115 |
Additional paid-in capital | 32,070 | 32,051 |
Accumulated deficit | (15,334) | (14,059) |
Total stockholders’ equity | 16,852 | 18,107 |
Total liabilities and stockholders’ equity | $ 29,531 | $ 29,707 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 27 | $ 27 |
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) | 5,788,887 | 5,772,032 |
Common stock, shares outstanding (in shares) | 5,788,887 | 5,772,032 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | $ 7,145 | $ 8,809 |
COST OF SALES | 5,309 | 5,206 |
Gross Profit | 1,836 | 3,603 |
OPERATING EXPENSES: | ||
General and administrative | 1,372 | 1,352 |
Sales and marketing | 1,423 | 1,489 |
Research and development | 208 | 142 |
Total operating expenses | 3,003 | 2,983 |
(Loss) income from operations | (1,167) | 620 |
Interest expense, net | 130 | 108 |
(Loss) income before income tax | (1,297) | 512 |
INCOME TAX (BENEFIT) EXPENSE | (22) | 11 |
NET (LOSS) INCOME | $ (1,275) | $ 501 |
NET (LOSS) INCOME PER SHARE: | ||
Basic (in dollars per share) | $ (0.22) | $ 0.09 |
Diluted (in dollars per share) | $ (0.22) | $ 0.09 |
SHARES USED IN CALCULATION OF NET (LOSS) INCOME PER SHARE: | ||
Basic (in shares) | 5,785 | 5,685 |
Diluted (in shares) | 5,785 | 5,719 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (1,275) | $ 501 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 475 | 479 |
Amortization of debt issue costs and other assets | 19 | 15 |
Share-based compensation expense | 34 | 31 |
Net (increase) decrease in assets: | ||
Accounts receivable | (140) | (484) |
Inventories | (453) | (9) |
Prepaid expenses and other assets | (3) | 138 |
Net increase (decrease) in liabilities: | ||
Customer deposits | 167 | (40) |
Accounts payable | 208 | (534) |
Accrued expenses | 108 | 130 |
Deferred rent and other liabilities | (5) | (17) |
Net cash (used in) provided by operating activities | (865) | 210 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in equipment and leasehold improvements | (173) | (56) |
Net cash used in investing activities | (173) | (56) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net draws (payments) on line of credit | 750 | (111) |
Principal payments on long-term debt | (141) | (130) |
Payments on capitalized leases | (16) | (21) |
Withholding on restricted stock unit vesting | (32) | |
Proceeds from stock options exercised | 18 | |
Net cash provided by (used in) financing activities | 579 | (262) |
Net decrease in cash and restricted cash | (459) | (108) |
Cash and restricted cash at beginning of period | 1,394 | 1,407 |
Cash at end of period | 935 | 1,299 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 103 | 104 |
Income taxes | ||
RECONCILIATION OF CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD: | ||
Cash | 1,329 | 1,407 |
Restricted cash | 65 | |
Cash and restricted cash at beginning of period | $ 1,394 | $ 1,407 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the instructions to Form 10 X not not March 31, 2018 March 31, 2018, 10 June 15, 2018. The accompanying condensed consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”, collectively the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions. Liquidity As of June 30, 2018, $0.9 $6.9 $1.3 $7.9 March 31, 2018. August 30, 2016, June 3, 2016, $2.0 June 30, 2018, $1.25 $0.75 August 30, 2017 August 30, 2018. As of June 30, 2018, $6.2 August 2032. March 31, 2018, Funds generated by operating activities and available cash continue to be the Company’s most significant sources of liquidity for working capital requirements, debt service and funding of maintenance levels of capital expenditures. Based upon the Company’s fiscal year 2019 March 31, 2019, twelve March 31, 2019. no March 31, 2019. Revenue Recognition The Company records revenue based on the five 1 2 3 4 5 may not Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling a performance obligation. The Company has elected to exclude sales, use and similar taxes from the measurement of the transaction price. The impact of this policy election is insignificant, as it aligns with our current practice. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, which includes costs for trade promotion programs, coupons, returns and early payment discounts. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. The Company reviews and updates these estimates at the end of each reporting period and the impact of any adjustments are recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, the Company considers the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 Revenue is recognized at the point in time that the control of the ordered products is transferred to the customer. Generally, this occurs when the product is delivered, or in some cases, picked up from one Customer contract liabilities consist of customer deposits received in advance of fulfilling an order and are shown separately on the consolidated balance sheets. During the three June 30, 2018, June 30, 2017, $112,000 $45,000, March 31, 2018 March 31, 2017, one not The following table represents revenue disaggregated three June 30, 2018 June 30, 2017 ( Three months ended June 30, 2018 Astaxanthin Spirulina Total Packaged products $ 5,095 $ 1,068 $ 6,163 Bulk products 263 719 982 Total $ 5,358 $ 1,787 $ 7,145 Three months ended June 30, 2017 Astaxanthin Spirulina Total Packaged products $ 5,505 $ 1,927 $ 7,432 Bulk products 221 1,156 1,377 Total $ 5,726 $ 3,083 $ 8,809 Recently Adopted Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 ) Scope of Modification Accounting No. 2017 09" . No. 2017 09 718, December 15, 2017 April 1, 2018 no In November 2016, 2016 18, Statement of Cash Flows (Topic 230 ): Restricted Cash” No. 2016 18” . 230, Statement of Cash Flows No. 2016 18 December 15, 2017, April 1, 2018 three June 30, 2018. 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 no In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 No. 2014 09" December 2016 2016 20. August 2015, No 2015 14 Revenue from Contracts with Customers (Topic 606 Deferral of the Effective Date, No. 2014 09 December 15, 2017. The new revenue standard is required to be applied either retrospectively to each prior reporting period presented or prospectively with the cumulative effect of initially applying the standard recognized at the date of the initial application, supplemented with certain disclosures related to the effect of adoption on previously reported amounts, if any (the modified retrospective method). The Company adopted the standard on April 1, 2018 not not not Recently Issued Accounting Pronouncements In July 2018, 2018 10 Codification Improvements to Topic 842, No. 2018 02” No. 2016 02 840, 840, No. 2016 02. In June 2018, 2018 07 Compensation - Stock Compensation (Topic 718 ” No. 2018 07” 718 No. 2018 07 December 15, 2018, no 606. 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. July 2018, No. 2018 11, Leases (Topic 842 March 2019. not |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. INVENTORIES Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first first June 30, 201 8 March 31, 201 8 (in thousands) Raw materials $ 371 $ 410 Work in process 3,301 2,602 Finished goods 5,663 5,878 Supplies 152 144 Inventories, net $ 9,487 $ 9,034 The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Abnormal costs related to spirulina production of $250,000 June 30, 2018. no June 30, 2017. $125,000 June 30, 2018. $9,000 June 30, 2017. |
Note 3 - Equipment and Leasehol
Note 3 - Equipment and Leasehold Improvements, Net | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, or the shorter of the land lease term or estimated useful lives for leasehold improvements as follows: Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Equipment and leasehold improvements consist of the following: June 30, 201 8 March 31, 201 8 (in thousands) Equipment $ 18,114 $ 17,935 Leasehold improvements 14,287 14,248 Furniture and fixtures 348 348 32,749 32,531 Less accumulated depreciation and amortization (17,821 ) (17,346 ) Construction-in-progress 504 549 Equipment and leasehold improvements, net $ 15,432 $ 15,734 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 June 30, 2018 March 31, 2018, |
Note 4 - Line of Credit
Note 4 - Line of Credit | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 4. LINE OF CREDIT On August 30, 2016, June 3, 2016, $2,000,000 5.00% June 30, 2018) + 2%, June 30, 2018, $1,250,000 $750,000 August 30, 2018. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. ACCRUED EXPENSES Accrued expenses consist of the following: June 30, 201 8 March 31, 201 8 (in thousands) Wages, commissions, bonus and profit sharing $ 807 $ 707 Rent and utilities 69 69 Other accrued expenses 124 116 Total accrued expenses $ 1,000 $ 892 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. LONG-TERM DEBT Long-term debt consists of the following: June 30, 201 8 March 31, 201 8 (in thousands) Long-term debt $ 6,520 $ 6,678 Less current maturities (660 ) (655 ) Long-term debt, excluding current maturities 5,860 6,023 Less unamortized debt issuance costs (224 ) (233 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 5,636 $ 5,790 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 5.00% June 30, 2018 2.0% first no 6.00%. 2015 5% first 2015 1% fifth no 2015 $1,644,000 $1,726,000 June 30, 2018 March 31, 2018, The 2015 one $113,900 0.50% December 31 December 31, 2015. 80% 2015 The Company executed a loan agreement with a lender providing for $5,500,000 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 5.00% June 30, 2018 1.0% first no 5.50%. $4,596,000 $4,648,000 June 30, 2018 March 31, 2018, The Loan includes a one $214,500 0.25% December 31 December 31, 2012. 80% On October 6, 2017, $175,000 4.75%. October 31, 2022, five 5 $149,000 $156,000 June 30, 2018 March 31, 2018, Capital Leases The Company has three $278,000 May 2019 March 2021 60 one 36 4.18% 12.90%. $131,000 $148,000 June 30, 2018 March 31, 2018, Future principal payments under the term loan and capital lease agreements as of June 30, 2018 Payments Due (in thousands) Next 12 Months $ 660 Year 2 684 Year 3 685 Year 4 716 Year 5 398 Thereafter 3,377 Total principal payments $ 6,520 |
Note 7 - Operating Leases
Note 7 - Operating Leases | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 7. OPERATING LEASES The Company leases facilities, equipment and land under operating leases expiring through 2035. June 30, 2018. Future minimum lease payments under all non-cancelable operating leases at June 30, 2018 Payments Due (in thousands) Next 12 Months $ 628 Year 2 611 Year 3 537 Year 4 533 Year 5 397 Thereafter 3,741 Total minimum lease payments $ 6,447 |
Note 8 - Other Commitments and
Note 8 - Other Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. OTHER COMMITMENTS AND CONTINGENCIES From time to time, the Company may not |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. SHARE-BASED COMPENSATION The Company accounts for share-based payment arrangements using fair value. If an award vests or becomes exercisable based on the achievement of a condition other than service, such as for meeting certain performance or market conditions, the award is classified as a liability. Liability-classified awards are remeasured to fair value at each balance sheet date until the award is settled. The Company currently has no not No. 107, As of June 30, 2018, two 2016 2016 2014 “2014 June 30, 2018, two 2005 “2005 2004 “2004 No 2005 2004 On August 25, 2016, 2016 2005 2016 1,300,000 600,000 June 30, 2018, 1,131,483 2016 On August 28, 2014, 2014 2014 350,000 June 30, 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 June 30, 201 8 Authorized Available Outstanding 2016 Plan 1,300,000 1,131,483 152,514 2014 Directors Plan 350,000 231,623 12,000 2005 Plan — — 437,400 2004 Directors Plan — — 12,000 Total 1,650,000 1,363,106 613,914 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no 2005 2014 No ten 10 $18,000 $15,000 three June 30, 2018 2017, A summary of option activity under the Company’s stock plans for the three June 30, 2018 Option Activity Shares Weighted Price Weighted Average years) Aggregate Outstanding at March 31, 2018 589,400 $ 4.06 4.9 $ 675,300 Granted — — Exercised (6,000 ) $ 2.85 Forfeited (2,000 ) $ 5.61 Outstanding at June 30, 2018 581,400 $ 4.07 4.7 $ 158,724 Exercisable at June 30, 2018 461,400 $ 4.21 3.6 $ 114,324 The aggregate intrinsic value in the table above is before applicable income taxes and represents the excess amount over the exercise price optionees would have received if all options had been exercised on the last business day of the period indicated, based on the Company’s closing stock price of $3.90 A summary of the Company’s non-vested options for the three June 30, 2018 Nonvested Options Shares Weighted Nonvested at March 31, 2018 120,000 $ 1.81 Granted — — Vested — — Forfeited — — Nonvested at June 30, 2018 120,000 $ 1.81 The following table summarizes the weighted average characteristics of outstanding stock options as of June 30, 2018: Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Price Number of Weighted Price $1.60 - $3.70 166,800 5.1 $ 3.06 91,800 $ 2.82 $3.71 - $4.42 239,100 4.5 3.83 194,100 3.83 $4.43 - $5.40 95,000 4.9 5.00 95,000 5.00 $5.41 - $7.08 80,500 4.4 5.77 80,500 5.77 Total stock options 581,400 4.7 $ 4.07 461,400 $ 4.21 The range of fair value assumptions related to options granted during the year ended March 31, 2018 201 8 Exercise Price $ 3.83 Volatility 51.91 % Risk Free Rate 2.50 % Vesting Period (years) 3.0 Forfeiture Rate 0.00 % Expected Life (in years) 6.00 Dividend Rate 0 % As of June 30, 2018, $163,000, 2.0 Restricted Stock Units (“RSUs”) RSUs are service-based awards granted to eligible employees under the 2016 2016 $16,000 $16,000 three June 30, 2018 2017, On April 5, 2018, 1,474 $5.25 two The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2018 39,675 $ 3.89 Granted 1,474 5.25 Vested (7,670 ) 3.92 Forfeited (965 ) 4.29 Nonvested restricted stock units at June 30, 2018 32,514 $ 3.93 As of June 30, 2018, $110,000, 1.8 Subsequent to June 30, 2018, 22,449 2016 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES On December 22, 2017 1, 34% 21% January 1, 2018. March 31, 2019 21%. 21% March 31, 2019 March 31, 2018 December 31, 2018 no We utilize our estimated annual effective tax rate to determine our provision (benefit) for income taxes for interim periods. The income tax provision (benefit) is computed by multiplying the estimated annual effective tax rate by the year to date pre-tax book income (loss). We recorded income tax benefit of ( $22,000 $11,000 three June 30, 2018 2017, 1.7% 2.1% June 30, 2018 June 30, 2017, three June 30, 2018 21% not not The Company is subject to taxation in the United States and six may may As of June 30, 2018, no With few exceptions, the Company is no 2013. |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the “treasury stock” method. Reconciliations between the numerator and the denominator of the basic and diluted earnings (loss) per share computations for the three June 30, 2018 2017 Three Months Ended June 30, 201 8 Net Loss (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic and diluted loss per share $ (1,275 ) 5,785 $ (0.22 ) Three Months Ended June 30, 201 7 Net Income (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic income per share $ 501 5,685 $ 0.09 Effect of dilutive securities-Common stock options — 34 — Diluted income per share $ 501 5,719 $ 0.09 Basic and diluted loss per share are the same in periods of a net loss, because common share equivalents are anti-dilutive when a net loss is recorded. Diluted earnings per share does not 120,000 0 three June 30, 2018 2017, not 1,206 27,344 three June 30, 2018 2017, |
Note 12 - Concentrations of Ris
Note 12 - Concentrations of Risk | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. CONCENTRATIONS OF RISK Concentration of Accounts Receivable and Revenues At June 30, 2018, 79% two 42% 37%, March 31, 2018, 77% three 49%, 17% 11%, two 31% 27% three June 30, 2018. two 32% 13% three June 30, 2017. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions and Balances | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. RELATED PARTY TRANSACTIONS AND BALANCES During the three June 30, 2018, May 5, 2018 one not $120,000. $46,000 June 30, 2018 no three June 30, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Liquidity and Debt Covenant Compliance [Policy Text Block] | Liquidity As of June 30, 2018, $0.9 $6.9 $1.3 $7.9 March 31, 2018. August 30, 2016, June 3, 2016, $2.0 June 30, 2018, $1.25 $0.75 August 30, 2017 August 30, 2018. As of June 30, 2018, $6.2 August 2032. March 31, 2018, Funds generated by operating activities and available cash continue to be the Company’s most significant sources of liquidity for working capital requirements, debt service and funding of maintenance levels of capital expenditures. Based upon the Company’s fiscal year 2019 March 31, 2019, twelve March 31, 2019. no March 31, 2019. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company records revenue based on the five 1 2 3 4 5 may not Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling a performance obligation. The Company has elected to exclude sales, use and similar taxes from the measurement of the transaction price. The impact of this policy election is insignificant, as it aligns with our current practice. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, which includes costs for trade promotion programs, coupons, returns and early payment discounts. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. The Company reviews and updates these estimates at the end of each reporting period and the impact of any adjustments are recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, the Company considers the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 Revenue is recognized at the point in time that the control of the ordered products is transferred to the customer. Generally, this occurs when the product is delivered, or in some cases, picked up from one Customer contract liabilities consist of customer deposits received in advance of fulfilling an order and are shown separately on the consolidated balance sheets. During the three June 30, 2018, June 30, 2017, $112,000 $45,000, March 31, 2018 March 31, 2017, one not The following table represents revenue disaggregated three June 30, 2018 June 30, 2017 ( Three months ended June 30, 2018 Astaxanthin Spirulina Total Packaged products $ 5,095 $ 1,068 $ 6,163 Bulk products 263 719 982 Total $ 5,358 $ 1,787 $ 7,145 Three months ended June 30, 2017 Astaxanthin Spirulina Total Packaged products $ 5,505 $ 1,927 $ 7,432 Bulk products 221 1,156 1,377 Total $ 5,726 $ 3,083 $ 8,809 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 ) Scope of Modification Accounting No. 2017 09" . No. 2017 09 718, December 15, 2017 April 1, 2018 no In November 2016, 2016 18, Statement of Cash Flows (Topic 230 ): Restricted Cash” No. 2016 18” . 230, Statement of Cash Flows No. 2016 18 December 15, 2017, April 1, 2018 three June 30, 2018. 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 no In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 No. 2014 09" December 2016 2016 20. August 2015, No 2015 14 Revenue from Contracts with Customers (Topic 606 Deferral of the Effective Date, No. 2014 09 December 15, 2017. The new revenue standard is required to be applied either retrospectively to each prior reporting period presented or prospectively with the cumulative effect of initially applying the standard recognized at the date of the initial application, supplemented with certain disclosures related to the effect of adoption on previously reported amounts, if any (the modified retrospective method). The Company adopted the standard on April 1, 2018 not not not Recently Issued Accounting Pronouncements In July 2018, 2018 10 Codification Improvements to Topic 842, No. 2018 02” No. 2016 02 840, 840, No. 2016 02. In June 2018, 2018 07 Compensation - Stock Compensation (Topic 718 ” No. 2018 07” 718 No. 2018 07 December 15, 2018, no 606. 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. July 2018, No. 2018 11, Leases (Topic 842 March 2019. not |
Note 1 - Significant Accounti20
Note 1 - Significant Accounting Policies (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended June 30, 2018 Astaxanthin Spirulina Total Packaged products $ 5,095 $ 1,068 $ 6,163 Bulk products 263 719 982 Total $ 5,358 $ 1,787 $ 7,145 Three months ended June 30, 2017 Astaxanthin Spirulina Total Packaged products $ 5,505 $ 1,927 $ 7,432 Bulk products 221 1,156 1,377 Total $ 5,726 $ 3,083 $ 8,809 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 201 8 March 31, 201 8 (in thousands) Raw materials $ 371 $ 410 Work in process 3,301 2,602 Finished goods 5,663 5,878 Supplies 152 144 Inventories, net $ 9,487 $ 9,034 |
Note 3 - Equipment and Leaseh22
Note 3 - Equipment and Leasehold Improvements, Net (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant, and Equipment, Estimated Useful Lives [Table Text Block] | Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 |
Property, Plant and Equipment [Table Text Block] | June 30, 201 8 March 31, 201 8 (in thousands) Equipment $ 18,114 $ 17,935 Leasehold improvements 14,287 14,248 Furniture and fixtures 348 348 32,749 32,531 Less accumulated depreciation and amortization (17,821 ) (17,346 ) Construction-in-progress 504 549 Equipment and leasehold improvements, net $ 15,432 $ 15,734 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 201 8 March 31, 201 8 (in thousands) Wages, commissions, bonus and profit sharing $ 807 $ 707 Rent and utilities 69 69 Other accrued expenses 124 116 Total accrued expenses $ 1,000 $ 892 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 201 8 March 31, 201 8 (in thousands) Long-term debt $ 6,520 $ 6,678 Less current maturities (660 ) (655 ) Long-term debt, excluding current maturities 5,860 6,023 Less unamortized debt issuance costs (224 ) (233 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 5,636 $ 5,790 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Payments Due (in thousands) Next 12 Months $ 660 Year 2 684 Year 3 685 Year 4 716 Year 5 398 Thereafter 3,377 Total principal payments $ 6,520 |
Note 7 - Operating Leases (Tabl
Note 7 - Operating Leases (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Payments Due (in thousands) Next 12 Months $ 628 Year 2 611 Year 3 537 Year 4 533 Year 5 397 Thereafter 3,741 Total minimum lease payments $ 6,447 |
Note 9 - Share-based Compensa26
Note 9 - Share-based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of June 30, 201 8 Authorized Available Outstanding 2016 Plan 1,300,000 1,131,483 152,514 2014 Directors Plan 350,000 231,623 12,000 2005 Plan — — 437,400 2004 Directors Plan — — 12,000 Total 1,650,000 1,363,106 613,914 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Option Activity Shares Weighted Price Weighted Average years) Aggregate Outstanding at March 31, 2018 589,400 $ 4.06 4.9 $ 675,300 Granted — — Exercised (6,000 ) $ 2.85 Forfeited (2,000 ) $ 5.61 Outstanding at June 30, 2018 581,400 $ 4.07 4.7 $ 158,724 Exercisable at June 30, 2018 461,400 $ 4.21 3.6 $ 114,324 |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Options Shares Weighted Nonvested at March 31, 2018 120,000 $ 1.81 Granted — — Vested — — Forfeited — — Nonvested at June 30, 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 Price Number of Weighted Price $1.60 - $3.70 166,800 5.1 $ 3.06 91,800 $ 2.82 $3.71 - $4.42 239,100 4.5 3.83 194,100 3.83 $4.43 - $5.40 95,000 4.9 5.00 95,000 5.00 $5.41 - $7.08 80,500 4.4 5.77 80,500 5.77 Total stock options 581,400 4.7 $ 4.07 461,400 $ 4.21 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 8 Exercise Price $ 3.83 Volatility 51.91 % Risk Free Rate 2.50 % Vesting Period (years) 3.0 Forfeiture Rate 0.00 % Expected Life (in years) 6.00 Dividend Rate 0 % |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2018 39,675 $ 3.89 Granted 1,474 5.25 Vested (7,670 ) 3.92 Forfeited (965 ) 4.29 Nonvested restricted stock units at June 30, 2018 32,514 $ 3.93 |
Note 11 - Earnings (Loss) Per27
Note 11 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 201 8 Net Loss (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic and diluted loss per share $ (1,275 ) 5,785 $ (0.22 ) Three Months Ended June 30, 201 7 Net Income (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic income per share $ 501 5,685 $ 0.09 Effect of dilutive securities-Common stock options — 34 — Diluted income per share $ 501 5,719 $ 0.09 |
Note 1 - Significant Accounti28
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Aug. 30, 2016 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 935,000 | $ 1,329,000 | $ 1,407,000 | ||
Working Capital (Deficit) | 6,900,000 | 7,900,000 | |||
Line of Credit, Current | 1,250,000 | $ 500,000 | |||
Deposit Account [Member] | |||||
Contract with Customer, Liability, Revenue Recognized | 112,000 | $ 45,000 | |||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||||
Line of Credit, Current | 1,250,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 750,000 | ||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 6,200,000 |
Note 1 - Significant Accounti29
Note 1 - Significant Accounting Policies - Revenue By Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | |
Revenue | $ 7,145 | $ 8,809 | $ 8,809 |
Packaged Astaxanthin [Member] | |||
Revenue | 5,095 | 5,505 | |
Packaged Spirulina [Member] | |||
Revenue | 1,068 | 1,927 | |
Packaged Products [Member] | |||
Revenue | 6,163 | 7,432 | |
Bulk Astaxanthin [Member] | |||
Revenue | 263 | 221 | |
Bulk Spirulina [Member] | |||
Revenue | 719 | 1,156 | |
Bulk Products [Member] | |||
Revenue | 982 | 1,377 | |
Astaxanthin [Member] | |||
Revenue | 5,358 | 5,726 | |
Spirulina [Member] | |||
Revenue | $ 1,787 | $ 3,083 |
Note 2 - Inventories (Details T
Note 2 - Inventories (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Inventory Abnormal Production Costs | $ 250,000 | $ 0 |
Non Inventoriable Fixed Costs | $ 125,000 | $ 9,000 |
Note 2 - Inventories - Componen
Note 2 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Raw materials | $ 371 | $ 410 | |
Work in process | 3,301 | 2,602 | |
Finished goods | [1] | 5,663 | 5,878 |
Supplies | 152 | 144 | |
Inventories, net | $ 9,487 | $ 9,034 | |
[1] | Net of reserve for obsolescence of $1,000 and $5,000 at June 30, 2018 and March 31, 2018, respectively. |
Note 3 - Equipment and Leaseh32
Note 3 - Equipment and Leasehold Improvements, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Asset Impairment Charges, Total | $ 0 | $ 0 |
Note 3 - Equipment and Leaseh33
Note 3 - Equipment and Leasehold Improvements, Net - Estimated Useful Lives (Details) | 3 Months Ended |
Jun. 30, 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 3 - Equipment and Leaseh34
Note 3 - Equipment and Leasehold Improvements, Net - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Equipment and leasehold improvements, gross | $ 32,749 | $ 32,531 | |
Less accumulated depreciation and amortization | (17,821) | (17,346) | |
Construction-in-progress | 504 | 549 | |
Equipment and leasehold improvements, net | 15,432 | 15,734 | |
Equipment [Member] | |||
Equipment and leasehold improvements, gross | [1] | 18,114 | 17,935 |
Leasehold Improvements [Member] | |||
Equipment and leasehold improvements, gross | 14,287 | 14,248 | |
Furniture and Fixtures [Member] | |||
Equipment and leasehold improvements, gross | $ 348 | $ 348 | |
[1] | Includes $373,000 of equipment under capital lease at March 31, 2018 and 2017 respectively, with accumulated amortization of $175,000 and $106,000, respectively. |
Note 4 - Line of Credit (Detail
Note 4 - Line of Credit (Details Textual) - USD ($) | Aug. 30, 2016 | Jun. 30, 2018 | Mar. 31, 2018 |
Line of Credit, Current | $ 1,250,000 | $ 500,000 | |
First Foundation Bank [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||
Line of Credit, Current | 1,250,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 750,000 | ||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||
Debt Instrument Reference Rate | 5.00% | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 5 - Accrued Expenses - Com
Note 5 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Wages, commissions, bonus and profit sharing | $ 807 | $ 707 |
Rent and utilities | 69 | 69 |
Other accrued expenses | 124 | 116 |
Total accrued expenses | $ 1,000 | $ 892 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) | Oct. 06, 2017USD ($) | Sep. 18, 2015USD ($) | Aug. 14, 2012USD ($) | Jul. 30, 2015USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) |
Repayments of Notes Payable | $ 500,000 | |||||
Long-term Debt, Total | $ 149,000 | $ 156,000 | ||||
Bank of the West Finance [Member] | ||||||
Capital Leased Assets, Gross, Total | $ 278,000 | |||||
Debt Instrument Periodic Payments Number | 60 | |||||
Capital Lease Obligations, Total | $ 131,000 | 148,000 | ||||
Bank of the West Finance [Member] | Capital Lease Asses Payable in 36 Equal Monthly Payments [Member] | ||||||
Debt Instrument Periodic Payments Number | 36 | |||||
Capital Leased Assets, Number of Units | 1 | |||||
Minimum [Member] | Bank of the West Finance [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.18% | |||||
Maximum [Member] | Bank of the West Finance [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.90% | |||||
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 | $ 1,644,000 | 1,726,000 | ||||
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 | 5.00% | |||||
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 | 5.00% | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 4,596,000 | $ 4,648,000 | ||||
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 |
Note 6 - Long-term Debt - Summa
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Total principal payments | $ 6,520 | $ 6,678 |
Less current maturities | (660) | (655) |
Long-term debt, excluding current maturities | 5,860 | 6,023 |
Less unamortized debt issuance costs | (224) | (233) |
Total long-term debt, net of current maturities and unamortized debt issuance costs | $ 5,636 | $ 5,790 |
Note 6 - Long-term Debt - Futur
Note 6 - Long-term Debt - Future Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 |
Next 12 Months | $ 660 | |
Year 2 | 684 | |
Year 3 | 685 | |
Year 4 | 716 | |
Year 5 | 398 | |
Thereafter | 3,377 | |
Total principal payments | $ 6,520 | $ 6,678 |
Note 7 - Operating Leases - Sum
Note 7 - Operating Leases - Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Next 12 Months | $ 628 |
Year 2 | 611 |
Year 3 | 537 |
Year 4 | 533 |
Year 5 | 397 |
Thereafter | 3,741 |
Total minimum lease payments | $ 6,447 |
Note 9 - Share-based Compensa41
Note 9 - Share-based Compensation (Details Textual) | Apr. 05, 2018$ / sharesshares | Aug. 01, 2018shares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($) | Aug. 25, 2016shares | 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 | 1,363,106 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,650,000 | |||||
Share Price | $ / shares | $ 3.90 | |||||
Employee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ | $ 18,000 | $ 15,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 163,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ | $ 16,000 | $ 16,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 110,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | |||||
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 | |||||
Restricted Stock Units (RSUs) [Member] | Employees [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 | |||||
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 | 1,131,483 | |||||
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 | 1,131,483 | |||||
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] | Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,449 | |||||
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 Compensa42
Note 9 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) - shares | Jun. 30, 2018 | Mar. 31, 2018 | Aug. 25, 2016 | Aug. 28, 2014 |
Authorized (in shares) | 1,650,000 | |||
Available (in shares) | 1,363,106 | |||
Outstanding (in shares) | 613,914 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Outstanding (in shares) | 32,514 | 39,675 | ||
The 2016 Plan [Member] | ||||
Authorized (in shares) | 1,300,000 | |||
Available (in shares) | 1,131,483 | |||
The 2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Authorized (in shares) | 1,300,000 | |||
Available (in shares) | 1,131,483 | |||
Outstanding (in shares) | 152,514 | |||
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) | 437,400 | |||
2004 Directors Plan [Member] | ||||
Authorized (in shares) | ||||
Available (in shares) | 0 | |||
Outstanding (in shares) | 12,000 |
Note 9 - Share-based Compensa43
Note 9 - Share-based Compensation - Summary of Option Activity Under Stock Plans (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Outstanding (in shares) | 589,400 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.06 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 255 days | 4 years 328 days |
Outstanding, aggregate intrinsic value | $ 158,724 | $ 675,300 |
Granted (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | (6,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 2.85 | |
Forfeited (in shares) | (2,000) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 5.61 | |
Outstanding (in shares) | 581,400 | 589,400 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.07 | $ 4.06 |
Exercisable (in shares) | 461,400 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 4.21 | |
Exercisable, weighted average remaining contractual term (Year) | 3 years 219 days | |
Exercisable, aggregate intrinsic value | $ 114,324 |
Note 9 - Share-based Compensa44
Note 9 - Share-based Compensation - Summary of Non-vested Options (Details) | 3 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Nonvested (in shares) | shares | 120,000 |
Granted (in shares) | shares | |
Vested (in shares) | shares | |
Forfeited (in shares) | shares | |
Nonvested (in shares) | shares | 120,000 |
Nonvested (in dollars per share) | $ / shares | $ 1.81 |
Granted (in dollars per share) | $ / shares | |
Vested (in dollars per share) | $ / shares | |
Forfeited (in dollars per share) | $ / shares | |
Nonvested (in dollars per share) | $ / shares | $ 1.81 |
Note 9 - Share-based Compensa45
Note 9 - Share-based Compensation - Summary of the Weighted-average Characteristics of Outstanding Stock Options (Details) | 3 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Outstanding Options Number of Shares (in shares) | shares | 581,400 |
Outstanding Options Remaining Life (Year) | 4 years 255 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 4.07 |
Exercisable Options Number of Shares (in shares) | shares | 461,400 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 4.21 |
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 | 166,800 |
Outstanding Options Remaining Life (Year) | 5 years 36 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.06 |
Exercisable Options Number of Shares (in shares) | shares | 91,800 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.82 |
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 | 239,100 |
Outstanding Options Remaining Life (Year) | 4 years 182 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.83 |
Exercisable Options Number of Shares (in shares) | shares | 194,100 |
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) | 4 years 328 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5 |
Exercisable Options Number of Shares (in shares) | shares | 95,000 |
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 | 80,500 |
Outstanding Options Remaining Life (Year) | 4 years 146 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5.77 |
Exercisable Options Number of Shares (in shares) | shares | 80,500 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 5.77 |
Note 9 - Share-based Compensa46
Note 9 - Share-based Compensation - Summary of Valuation Assumptions Related to Options Granted (Details) | 3 Months Ended |
Jun. 30, 2018$ / shares | |
Exercise Price (in dollars per share) | $ 3.83 |
Volatility | 51.91% |
Risk Free Rate | 2.50% |
Vesting Period (years) (Year) | 3 years |
Forfeiture Rate | 0.00% |
Expected Life (in years) (Year) | 6 years |
Dividend Rate | 0.00% |
Note 9 - Share-based Compensa47
Note 9 - Share-based Compensation - Restricted Stock Units (Details) | 3 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Nonvested restricted stock units at March 31, 2018 (in shares) | |
Nonvested restricted stock units at June 30, 2018 (in shares) | 613,914 |
Restricted Stock Units (RSUs) [Member] | |
Nonvested restricted stock units at March 31, 2018 (in shares) | 39,675 |
Granted (in shares) | 1,474 |
Vested (in shares) | (7,670) |
Forfeited (in shares) | (965) |
Nonvested restricted stock units at June 30, 2018 (in shares) | 32,514 |
Nonvested restricted stock units at March 31, 2017, weighted average grant price (in dollars per share) | $ / shares | $ 3.89 |
Granted, weighted average grant price (in dollars per share) | $ / shares | 5.25 |
Vested, weighted average grant price (in dollars per share) | $ / shares | 3.92 |
Forfeited, weighted average grant price (in dollars per share) | $ / shares | 4.29 |
Nonvested restricted stock units at March 31, 2018, weighted average grant price (in dollars per share) | $ / shares | $ 3.93 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (22,000) | $ 11,000 |
Effective Income Tax Rate Reconciliation, Percent, Total | 1.70% | 2.10% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 11 - Earnings (Loss) Per49
Note 11 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 120,000 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,206 | 27,344 |
Note 11 - Earnings (Loss) Per50
Note 11 - Earnings (Loss) Per Share - Summary of Reconciliations Between the Numerator and the Denominator of the Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net income (loss) | $ (1,275) | $ 501 |
Shares outstanding - basic and diluted (in shares) | 5,785 | |
Earnings per share - basic and diluted (in dollars per share) | $ (0.22) | |
Net (loss) income | $ (1,275) | $ 501 |
Shares outstanding - basic (in shares) | 5,785 | 5,685 |
Earnings per share - basic (in dollars per share) | $ (0.22) | $ 0.09 |
Effect of dilutive securities on net income | ||
Shares - dilutive securities (in shares) | 34 | |
Net income - diluted | $ 501 | |
Shares outstanding - diluted (in shares) | 5,785 | 5,719 |
Earnings per share - diluted (in dollars per share) | $ (0.22) | $ 0.09 |
Note 12 - Concentrations of R51
Note 12 - Concentrations of Risk (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | |
Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 79.00% | 77.00% | |
Number of Major Customers | 2 | 3 | |
Accounts Receivable [Member] | Customer Number 2 [Member] | |||
Concentration Risk, Percentage | 42.00% | 17.00% | |
Accounts Receivable [Member] | Customer Number 1 [Member] | |||
Concentration Risk, Percentage | 37.00% | 49.00% | |
Accounts Receivable [Member] | Customer Number 3 [Member] | |||
Concentration Risk, Percentage | 11.00% | ||
Sales Revenue, Net [Member] | |||
Number of Major Customers | 2 | 2 | |
Sales Revenue, Net [Member] | Customer Number 2 [Member] | |||
Concentration Risk, Percentage | 27.00% | 13.00% | |
Sales Revenue, Net [Member] | Customer Number 1 [Member] | |||
Concentration Risk, Percentage | 31.00% | 32.00% |
Note 13 - Related Party Trans52
Note 13 - Related Party Transactions and Balances (Details Textual) - Director [Member] | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Due to Related Parties, Total | $ 120,000 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 46,000 |