Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | Aug. 09, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Cyanotech Corp | |
Entity Central Index Key | 0000768408 | |
Trading Symbol | cyan | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 5,905,769 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash | $ 1,055,000 | $ 840,000 |
Accounts receivable, net of allowance for doubtful accounts of $27 at June 30, 2019 and $27 at March 31, 2019 | 1,794,000 | 1,982,000 |
Inventories, net | 11,570,000 | 11,274,000 |
Prepaid expenses and other current assets | 495,000 | 496,000 |
Total current assets | 14,914,000 | 14,592,000 |
Equipment and leasehold improvements, net | 14,309,000 | 14,752,000 |
Operating lease right-of-use assets, net | 4,056,000 | |
Other assets | 234,000 | 282,000 |
Total assets | 33,513,000 | 29,626,000 |
Current liabilities: | ||
Accounts payable | 3,742,000 | 4,922,000 |
Accrued expenses | 1,112,000 | 992,000 |
Customer deposits | 165,000 | 626,000 |
Operating lease obligations, current portion | 290,000 | |
Short-term contract obligation | 101,000 | 285,000 |
Line of credit | 2,000,000 | 2,000,000 |
Current maturities of long-term debt | 667,000 | 663,000 |
Total current liabilities | 8,077,000 | 9,488,000 |
Long-term debt, less current maturities | 6,509,000 | 5,172,000 |
Long-term operating lease obligations | 3,766,000 | |
Other long-term liabilities | 57,000 | 57,000 |
Total liabilities | 18,409,000 | 14,717,000 |
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 5,889,582 shares at June 30, 2019 and 5,879,710 shares at March 31, 2019 | 118,000 | 117,000 |
Additional paid-in capital | 32,774,000 | 32,447,000 |
Accumulated deficit | (17,788,000) | (17,655,000) |
Total stockholders’ equity | 15,104,000 | 14,909,000 |
Total liabilities and stockholders’ equity | $ 33,513,000 | $ 29,626,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
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) | 5,889,582 | 5,879,710 |
Common stock, shares outstanding (in shares) | 5,889,582 | 5,879,710 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 8,071,000 | $ 7,145,000 |
Cost of sales | 4,396,000 | 5,309,000 |
Gross profit | 3,675,000 | 1,836,000 |
Operating expenses: | ||
General and administrative | 2,031,000 | 1,372,000 |
Sales and marketing | 1,408,000 | 1,423,000 |
Research and development | 187,000 | 208,000 |
Total operating expenses | 3,626,000 | 3,003,000 |
Income (loss) from operations | 49,000 | (1,167,000) |
Interest expense, net | 185,000 | 130,000 |
Loss before income taxes | (136,000) | (1,297,000) |
Income tax benefit | (3,000) | (22,000) |
Net loss | $ (133,000) | $ (1,275,000) |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.02) | $ (0.22) |
Diluted (in dollars per share) | $ (0.02) | $ (0.22) |
Shares used in calculation of net loss per share: | ||
Basic (in shares) | 5,919 | 5,785 |
Diluted (in shares) | 5,919 | 5,785 |
Condensed Consolidated Statem_2
Condensed 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, 2018 | 5,772,032 | |||
Balance at Mar. 31, 2018 | $ 115 | $ 32,051 | $ (14,059) | $ 18,107 |
Issuance of common stock for exercise of stock for cash (in shares) | 6,000 | |||
Issuance of common stock for exercise of stock for cash | $ 1 | 17 | 18 | |
Issuance of vested shares of restricted stock (in shares) | 16,003 | |||
Issuance of vested shares of restricted stock | (32) | (32) | ||
Shares withheld for tax payments (in shares) | (5,148) | |||
Shares withheld for tax payments | ||||
Share based compensation expense | 34 | 34 | ||
Net income (loss) | (1,275) | (1,275) | ||
Balance (in shares) at Jun. 30, 2018 | 5,788,887 | |||
Balance at Jun. 30, 2018 | $ 116 | 32,070 | (15,334) | 16,852 |
Balance (in shares) at Mar. 31, 2019 | 5,879,710 | |||
Balance at Mar. 31, 2019 | $ 117 | 32,447 | (17,655) | $ 14,909 |
Issuance of common stock for exercise of stock for cash (in shares) | ||||
Issuance of common stock for exercise of stock for cash | 4 | $ 4 | ||
Issuance of vested shares of restricted stock (in shares) | 15,019 | |||
Issuance of vested shares of restricted stock | $ 1 | (18) | (17) | |
Shares withheld for tax payments (in shares) | (5,147) | |||
Shares withheld for tax payments | ||||
Settlement agreement with former executive | 320 | 320 | ||
Share based compensation expense | 21 | 21 | ||
Net income (loss) | (133) | (133) | ||
Balance (in shares) at Jun. 30, 2019 | 5,889,582 | |||
Balance at Jun. 30, 2019 | $ 118 | $ 32,774 | $ (17,788) | $ 15,104 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (133,000) | $ (1,275,000) | $ (133,000) | $ (1,275,000) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 491,000 | 475,000 | 491,000 | 475,000 |
Amortization of debt issue costs and other assets | 17,000 | 19,000 | ||
Amortization of operating leases right-of-use assets | 71,000 | |||
Share based compensation expense | 341,000 | 34,000 | ||
Net (increase) decrease in assets: | ||||
Accounts receivable | 188,000 | (140,000) | ||
Inventories | (296,000) | (453,000) | ||
Prepaid expenses and other assets | 40,000 | (3,000) | ||
Net increase (decrease) in liabilities: | ||||
Accounts payable | (1,180,000) | 208,000 | ||
Accrued expenses | 120,000 | 108,000 | ||
Customer deposits | (461,000) | 167,000 | ||
Operating lease obligations | (71,000) | |||
Deferred rent and other liabilities | (5,000) | |||
Net cash used in operating activities | (873,000) | (865,000) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Investment in equipment and leasehold improvements | (48,000) | (173,000) | ||
Net cash used in investing activities | (48,000) | (173,000) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments on short term contract obligation | (184,000) | |||
Net draws on line of credit | 750,000 | |||
Proceeds from long-term debt - related party | 1,500,000 | |||
Principal payments on long-term debt | (148,000) | (141,000) | ||
Payments on finance leases | (19,000) | (16,000) | ||
Shares withheld for tax payments | (17,000) | (32,000) | ||
Proceeds from exercise of stock options | 4,000 | 18,000 | ||
Net cash provided by financing activities | 1,136,000 | 579,000 | ||
Net increase (decrease) in cash | 215,000 | (459,000) | ||
Cash and restricted cash at beginning of period | 1,394,000 | 840,000 | 1,394,000 | |
Cash and restricted cash at end of period | 1,055,000 | 935,000 | 1,055,000 | 935,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Interest | 166,000 | 103,000 | ||
Income taxes | ||||
Cash | 1,329,000 | |||
Restricted cash | 0 | 65,000 | ||
Cash and restricted cash at beginning of period | $ 1,394,000 | $ 840,000 | $ 1,394,000 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. ORGANIZATION AND BASIS OF PRESENTATION Cyanotech Corporation (the “Company”), located in Kailua-Kona, Hawaii, was incorporated in the state of Nevada on March 3, 1983 The Company is an agricultural company that produces high value natural products derived from microalgae grown in complex and intricate open-pond agricultural systems on the Kona coast of Hawaii. The Company's products include Hawaiian Spirulina Pacifica, a superfood with numerous benefits, including boosting the immune system and overall cellular health; and Hawaiian BioAstin, a powerful antioxidant shown to support and maintain the body's natural inflammatory response. 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 Accordingly, they do not not March 31, 2019 March 31, 2019, 10 July 1, 2019. Liquidity and Capital Resources As of June 30, 2019, $1.1 $6.8 $0.8 $5.1 March 31, 2019. April 2019, $1,500,000 6 13 August 30, 2016, June 3, 2016, $2.0 June 30, 2019 March 31, 2019, $2.0 August 30, 2019 As of June 30, 2019, $5.7 August 2032. March 31, 2019, 0.66:1 1.25:1. March 31, 2019, 1.49:1 1.50:1. June 17, 2019, March 31, 2019, Funds generated by operating activities and available cash are expected to 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. In the first 2020, Based upon the Company’s operating plan and related cash flow and financial projections, cash flows expected to be generated by operating activities and available financing are expected to be sufficient to fund its operations through at least June 30, 2020, March 31, 2020, no March 31, 2020. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Consolidation 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 intercompany balances and transactions have been eliminated in consolidation. Use of Estimates 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. Cash and Restricted Cash Cash primarily consists of cash on hand and cash in bank deposits. Proceeds from equipment loans are classified as restricted cash until drawn upon. There was no June 30, 2019 March 31, 2019. Concentration Risk A significant portion of revenue and accounts receivable are derived from a few major customers. For the three June 30, 2019 2018, two 32% 18%, 31% 27%, Three 54% 60% June 30, 2019 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 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 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, 2019 June 30, 2018, $511,000 $112,000, March 31, 2019 March 31, 2018, one not Disaggregation of Revenue The following table represents revenue disaggregated by major product line and extraction services for the: ($ in thousands) Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Packaged sales Astaxanthin packaged $ 4,610 $ 5,095 Spirulina packaged 1,914 1,068 Total packaged sales 6,524 6,163 Bulk sales Astaxanthin bulk 174 263 Spirulina bulk 1,233 719 Total bulk sales 1,407 982 Contract extraction revenue 140 — Total net sales $ 8,071 $ 7,145 Recently Adopted Accounting Pronouncements Effective April 1, 2019, 2016 02, Leases (Topic 842 No. 2018 01, 2018 10, 2018 11, 2018 20 2019 01 No. 2016 02, 842” 842 not 842 not 6. 7 In June 2018, 2018 07, Compensation - Stock Compensation (Topic 718 )” No. 2018 07” No. 2018 07 718 No. 2018 07 first 2020. No. 2018 07 April 1, 2019 no In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 ) Scope of Modification Accounting No. 2017 09" . No. 2017 09 718, December 15, 2017 No. 2017 09 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 March 31, 2017. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 ) Classification of Certain Cash Receipts and Cash Payments” No. 2016 15” 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 November 2018, 2018 18 Collaborative Arrangements not first 2021 606, April 1, 2018, In August 2018, 2018 15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” No. 2018 15” (Subtopic 350 - 40 ) 2018 15 first 2021 may In August 2018, 2018 13, Fair Value Measurement - Disclosure Framework (Topic 820 )” No. 2018 13” first 2021. |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. INVENTORIES Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first first June 3 0 , 201 9 March 31, 201 9 (in thousands) Raw materials $ 408 $ 495 Work in process 2,799 4,032 Finished goods 8,195 6,587 Supplies 168 160 Inventories, net $ 11,570 $ 11,274 The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. The Company expensed abnormal production costs of $250,000 three June 30, 2018. no three June 30, 2019. $14,000 $125,000 three June 30, 2019 2018, |
Note 4 - Equipment and Leasehol
Note 4 - Equipment and Leasehold Improvements | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. EQUIPMENT AND LEASEHOLD IMPROVEMENTS Equipment and leasehold improvements consist of the following at: June 3 0 , 201 9 March 31, 201 9 (in thousands) Equipment $ 18,702 $ 18,679 Leasehold improvements 14,725 14,723 Furniture and fixtures 369 348 33,796 33,750 Less accumulated depreciation and amortization (19,745 ) (19,254 ) Construction-in-progress 258 256 Equipment and leasehold improvements, net $ 14,309 $ 14,752 Management has determined no June 30, 2019 March 31, 2019, $491,000 $475,000 three June 30, 2019 2018, |
Note 5 - Short-term Contract Ob
Note 5 - Short-term Contract Obligations | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 5. SHORT TERM CONTRACT OBLIGATION On November 30, 2018 six August 31, 2018. third $495,000 $100,000 $395,000 The short term obligation is comprised of two $180,000 $215,000. first $180,000 6.25% four December 1, 2018 March 31, 2019 July 15, 2019. June 30, 2019, no The second $215,000 twelve two $10,000 ten $19,543. December 1, 2018 October 15, 2019. $38,000 June 30, 2019 $101,000. |
Note 6 - Line of Credit and Lon
Note 6 - Line of Credit and Long-term Debt | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. LINE OF CREDIT AND LONG-TERM DEBT Total debt consists of the following at June 30, 2019 March 31, 2019: June 30, 201 9 March 31, 201 9 (in thousands) Line of credit $ 2,000 $ 2,000 Long-term debt 5,868 6,035 Long-term debt - related party 1,500 — Less current maturities (2,667 ) (2,663 ) Long-term debt, excluding current maturities 6,701 5,372 Less unamortized debt issuance costs (192 ) (200 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 6,509 $ 5,172 Line of Credit and Term Loans On August 30, 2016, June 3, 2016, $2,000,000 5.50% June 30, 2019 March 31, 2019) 2%, At both June 30, 2019 March 31, 2019, $2,000,000. August 30, 2018 August 30, 2019. August 30, 2018 2.10:1 1.50:1 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. In 2015, $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 5.5% June 30, 2019 March 31, 2019 2.0% first no 6.0%. 2015 5.0% first 2015 1.0% fifth no 2015 $1,301,000 $1,389,000 June 30, 2019 March 31, 2019, The 2015 one $113,900 0.5% December 31 December 31, 2015. 80% 2015 In 2012, $5,500,000 “2012 August 14, 2012 “2012 2012 $2,250,000 $3,250,000, 2012 The provisions of the 2012 first 12 August 14, 2032, nineteen 19 2012 5.5% June 30, 2019 March 31, 2019 1.0% first no 5.5%. 2012 $4,388,000 $4,439,000 June 30, 2019 March 31, 2019, The 2012 one $214,500 0.25% December 31 December 31, 2012. 80% 2012 Loan Covenant Violations and Waiver The Company’s Credit Agreement, 2015 2012 March 31, 2019, not $5,828,000 $2,000,000. June 17, 2019, March 31, 2019. June 30, 2019 March 31, 2019. Long-term Debt – Related Party In April 2019, $1,500,000. 6.5% April 2021 ( 13 $1,500,000 June 30, 2019. Equipment Finance Agreement On October 6, 2017, $175,000 4.75%. October 31, 2022; five 5 $118,000 $126,000 June 30, 2019 March 31, 2019, Financ e Lease Obligations In August 2016, $52,000 May 2019 36 12.90%. $7,800 March 31, 2019. In February 2016, $51,000 March 2021 60 4.18%. $19,000 $22,000 June 30, 2019 March 31, 2019, In July 2015, $174,000 July 2020 60 6.57%. $42,000 $52,000 June 30, 2019 March 31, 2019, Future principal payments under the loans and finance lease obligations at June 30, 2019 Payments Due (in thousands) Remainder of 2020 $ 667 2021 2,175 2022 711 2023 392 2024 282 Thereafter 3,141 Total principal payments $ 7,368 |
Note 7 - Operating Leases
Note 7 - Operating Leases | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 7. OPERATING LEASES The Company leases it facilities, equipment and land under non-cancelable operating leases expiring through 2037. April 1, 2019 June 30, 2019, 14.3 7.5% $147,000. Supplemental balance sheet information related to leases at June 30, 2019 Operating leases Balance Sheet Classification (in thousands) Right-of-use assets Operating lease right-of-use assets, net $ 4,056 Current lease liabilities Operating lease obligations $ 290 Non-current lease liabilities Long-term operating lease obligations 3,766 Total lease liabilities $ 4,056 Maturities of lease liabilities at June 30, 2019 Payments (in thousands) Remainder of 2020 $ 589 2021 595 2022 591 2023 481 2024 371 Thereafter 3,971 Total undiscounted lease payments 6,598 Less: present value discount (2,542 ) Total lease liability balance $ 4,056 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. ACCRUED EXPENSES Accrued expenses consist of the following: June 30, 2019 March 31, 2019 (in thousands) Wages, commissions, bonus and profit sharing $ 283 $ 145 Vacation 300 338 Severance 271 153 Rent, interest and legal 110 235 Other accrued expenses 148 121 Total accrued expenses $ 1,112 $ 992 |
Note 9 - Other Commitments and
Note 9 - Other Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES From time to time, the Company may not |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. SHARE-BASED COMPENSATION The Company has share-based compensation plans, which are more fully described in Note 10, 10 March 31, 2019 July 1, 2019. As of June 30, 2019, two 2016 “2016 2014 “2014 June 30, 2019, two 2005 “2005 2004 “2004 No 2005 2004 The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of June 3 0 , 201 9 Authorized Available Outstanding 2016 Plan 1,300,000 1,068,627 198,358 2014 Directors Plan 350,000 184,400 116,724 2005 Plan — — 292,412 2004 Directors Plan — — 12,000 Total 1,650,000 1,253,027 619,494 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 $113,000 $18,000 three June 2019 2018, three June 30, 2019, $109,000 A summary of option activity under the Company’s stock plans for the three June 30, 2019 Option Activity Shares Weighted Price Weighted Average years) Aggregate Outstanding at March 31, 2019 539,800 $ 4.06 4.7 $ 15,480 Granted — $ — Exercised — $ — Forfeited (53,388 ) $ 3.94 Outstanding at June 30, 2019 486,412 $ 4.08 2.8 $ 7,154 Exercisable at June 30, 2019 486,412 $ 4.20 2.0 $ 2,154 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 $3.10 $3.24 June 30, 2019 March 31, 2019, A summary of the Company’s non-vested options for the three June 30, 2019 Nonvested Options Shares Weighted Nonvested at March 31, 2019 130,000 $ 1.70 Vested (80,000 ) 1.81 Nonvested at June 30, 2019 50,000 $ 1.52 As of June 30, 2019, $66,000, 3.5 Restricted Stock Units (“RSUs”) RSUs are service-based awards granted to eligible employees under the 2016 2016 $23,000 $16,000 three June 30, 2019 2018, three June 30, 2019, $6,000 The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2019 38,814 $ 3.98 Granted 561 3.22 Vested (6,686 ) 4.01 Forfeited (2,338 ) 4.01 Nonvested restricted stock units at June 30, 2019 30,351 $ 3.98 As of June 30, 2019, $78,000, 1.3 Common Stock At June 30, 2019, $205,000 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES On December 22, 2017 1, 34% 21% January 1, 2018. 21% March 31, 2019 The Company utilizes its estimated annual effective tax rate to determine its provision or benefit for income taxes for interim periods. The income tax provision or benefit is computed by multiplying the estimated annual effective tax rate by the year to date pre-tax book income (loss). The Company recorded an income tax benefit of $3,000 $22,000 three June 30, 2019 2018, 2.3% 1.7% three June 30, 2019 2018, three June 30, 2019 2018 21% not not The Company is subject to taxation in the United States and six may may As of June 30, 2019 2018, no With few exceptions, the Company is no 2014. |
Note 12 - Loss Per Share
Note 12 - Loss Per Share | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. LOSS PER SHARE Basic 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 loss per share computations for the three June 30, 2019 2018 Three Months Ended June 3 0 , 201 9 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (133 ) 5,919 $ (0.02 ) Three Months Ended June 3 0 , 201 8 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (1,275 ) 5,785 $ (0.22 ) 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 50,000 120,000 three June 30, 2019 2018, not 14,646 1,206 three June 30, 2019 2018, |
Note 13 - Related-party Transac
Note 13 - Related-party Transactions and Balances | 3 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. RELATED PARTY TRANSACTIONS During the three June 30, 2018, May 5, 2018 one not $120,000 During the three June 30, 2019, $1,500,000 1% April 12, 2021, may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation 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 intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates 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. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Restricted Cash Cash primarily consists of cash on hand and cash in bank deposits. Proceeds from equipment loans are classified as restricted cash until drawn upon. There was no June 30, 2019 March 31, 2019. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration Risk A significant portion of revenue and accounts receivable are derived from a few major customers. For the three June 30, 2019 2018, two 32% 18%, 31% 27%, Three 54% 60% June 30, 2019 March 31, 2019, |
Revenue [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 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 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, 2019 June 30, 2018, $511,000 $112,000, March 31, 2019 March 31, 2018, one not Disaggregation of Revenue The following table represents revenue disaggregated by major product line and extraction services for the: ($ in thousands) Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Packaged sales Astaxanthin packaged $ 4,610 $ 5,095 Spirulina packaged 1,914 1,068 Total packaged sales 6,524 6,163 Bulk sales Astaxanthin bulk 174 263 Spirulina bulk 1,233 719 Total bulk sales 1,407 982 Contract extraction revenue 140 — Total net sales $ 8,071 $ 7,145 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Effective April 1, 2019, 2016 02, Leases (Topic 842 No. 2018 01, 2018 10, 2018 11, 2018 20 2019 01 No. 2016 02, 842” 842 not 842 not 6. 7 In June 2018, 2018 07, Compensation - Stock Compensation (Topic 718 )” No. 2018 07” No. 2018 07 718 No. 2018 07 first 2020. No. 2018 07 April 1, 2019 no In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 ) Scope of Modification Accounting No. 2017 09" . No. 2017 09 718, December 15, 2017 No. 2017 09 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 March 31, 2017. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 ) Classification of Certain Cash Receipts and Cash Payments” No. 2016 15” 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 November 2018, 2018 18 Collaborative Arrangements not first 2021 606, April 1, 2018, In August 2018, 2018 15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” No. 2018 15” (Subtopic 350 - 40 ) 2018 15 first 2021 may In August 2018, 2018 13, Fair Value Measurement - Disclosure Framework (Topic 820 )” No. 2018 13” first 2021. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | ($ in thousands) Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Packaged sales Astaxanthin packaged $ 4,610 $ 5,095 Spirulina packaged 1,914 1,068 Total packaged sales 6,524 6,163 Bulk sales Astaxanthin bulk 174 263 Spirulina bulk 1,233 719 Total bulk sales 1,407 982 Contract extraction revenue 140 — Total net sales $ 8,071 $ 7,145 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 3 0 , 201 9 March 31, 201 9 (in thousands) Raw materials $ 408 $ 495 Work in process 2,799 4,032 Finished goods 8,195 6,587 Supplies 168 160 Inventories, net $ 11,570 $ 11,274 |
Note 4 - Equipment and Leaseh_2
Note 4 - Equipment and Leasehold Improvements (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 3 0 , 201 9 March 31, 201 9 (in thousands) Equipment $ 18,702 $ 18,679 Leasehold improvements 14,725 14,723 Furniture and fixtures 369 348 33,796 33,750 Less accumulated depreciation and amortization (19,745 ) (19,254 ) Construction-in-progress 258 256 Equipment and leasehold improvements, net $ 14,309 $ 14,752 |
Note 6 - Line of Credit and L_2
Note 6 - Line of Credit and Long-term Debt (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 201 9 March 31, 201 9 (in thousands) Line of credit $ 2,000 $ 2,000 Long-term debt 5,868 6,035 Long-term debt - related party 1,500 — Less current maturities (2,667 ) (2,663 ) Long-term debt, excluding current maturities 6,701 5,372 Less unamortized debt issuance costs (192 ) (200 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 6,509 $ 5,172 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Payments Due (in thousands) Remainder of 2020 $ 667 2021 2,175 2022 711 2023 392 2024 282 Thereafter 3,141 Total principal payments $ 7,368 |
Note 7 - Operating Leases (Tabl
Note 7 - Operating Leases (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Supplement Balance Sheet Information for Operating Lease [Table Text Block] | Operating leases Balance Sheet Classification (in thousands) Right-of-use assets Operating lease right-of-use assets, net $ 4,056 Current lease liabilities Operating lease obligations $ 290 Non-current lease liabilities Long-term operating lease obligations 3,766 Total lease liabilities $ 4,056 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Payments (in thousands) Remainder of 2020 $ 589 2021 595 2022 591 2023 481 2024 371 Thereafter 3,971 Total undiscounted lease payments 6,598 Less: present value discount (2,542 ) Total lease liability balance $ 4,056 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2019 March 31, 2019 (in thousands) Wages, commissions, bonus and profit sharing $ 283 $ 145 Vacation 300 338 Severance 271 153 Rent, interest and legal 110 235 Other accrued expenses 148 121 Total accrued expenses $ 1,112 $ 992 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of June 3 0 , 201 9 Authorized Available Outstanding 2016 Plan 1,300,000 1,068,627 198,358 2014 Directors Plan 350,000 184,400 116,724 2005 Plan — — 292,412 2004 Directors Plan — — 12,000 Total 1,650,000 1,253,027 619,494 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option Activity Shares Weighted Price Weighted Average years) Aggregate Outstanding at March 31, 2019 539,800 $ 4.06 4.7 $ 15,480 Granted — $ — Exercised — $ — Forfeited (53,388 ) $ 3.94 Outstanding at June 30, 2019 486,412 $ 4.08 2.8 $ 7,154 Exercisable at June 30, 2019 486,412 $ 4.20 2.0 $ 2,154 |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Options Shares Weighted Nonvested at March 31, 2019 130,000 $ 1.70 Vested (80,000 ) 1.81 Nonvested at June 30, 2019 50,000 $ 1.52 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2019 38,814 $ 3.98 Granted 561 3.22 Vested (6,686 ) 4.01 Forfeited (2,338 ) 4.01 Nonvested restricted stock units at June 30, 2019 30,351 $ 3.98 |
Note 12 - Loss Per Share (Table
Note 12 - Loss Per Share (Tables) | 3 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 3 0 , 201 9 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (133 ) 5,919 $ (0.02 ) Three Months Ended June 3 0 , 201 8 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (1,275 ) 5,785 $ (0.22 ) |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) | Jun. 30, 2019USD ($) | Apr. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Aug. 30, 2018 | Mar. 31, 2017 | Aug. 30, 2016USD ($) |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 1,055,000 | $ 840,000 | ||||
Working Capital (Deficit) | 6,800,000 | 5,100,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||||
Line of Credit, Current | 2,000,000 | $ 2,000,000 | ||||
First Foundation Bank [Member] | ||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 5,700,000 | |||||
Debt Service Coverage Ratio | (0.66) | |||||
Debt Covenant, Minimum Debt Service Coverage Ratio | 1.25 | |||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||||
Line of Credit, Current | $ 2,000,000 | $ 2,000,000 | ||||
Current Ratio | 1.49 | |||||
Debt Covenant, Minimum Current Ratio | 1.5 | 1.5 | 2.1 | |||
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500,000 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018 | Jun. 30, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Restricted Cash and Cash Equivalents, Total | $ 0 | $ 0 | $ 65,000 | ||
Contract with Customer, Liability, Revenue Recognized | $ 511,000 | $ 112,000 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Number of Major Customers | 2 | 2 | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 1 [Member] | |||||
Concentration Risk, Percentage | 32.00% | 31.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 2 [Member] | |||||
Concentration Risk, Percentage | 18.00% | 27.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Major Customers | 3 | 3 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member] | |||||
Concentration Risk, Percentage | 54.00% | 60.00% |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Revenue By Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 8,071 | $ 7,145 |
Packaged Astaxanthin [Member] | ||
Net sales | 4,610 | 5,095 |
Packaged Spirulina [Member] | ||
Net sales | 1,914 | 1,068 |
Packaged Products [Member] | ||
Net sales | 6,524 | 6,163 |
Bulk Astaxanthin [Member] | ||
Net sales | 174 | 263 |
Bulk Spirulina [Member] | ||
Net sales | 1,233 | 719 |
Bulk Products [Member] | ||
Net sales | 1,407 | 982 |
Contract Extraction [Member] | ||
Net sales | $ 140 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Inventory Abnormal Production Costs | $ 0 | $ 250,000 |
Non Inventoriable Fixed Costs | $ 14,000 | $ 125,000 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | |
Raw materials | $ 408 | $ 495 | |
Work in process | 2,799 | 4,032 | |
Finished goods | [1] | 8,195 | 6,587 |
Supplies | 168 | 160 | |
Inventories, net | $ 11,570 | $ 11,274 | |
[1] | Net of reserve for obsolescence of $1,000 and $5,000 at June 30, 2018 and March 31, 2018, respectively. |
Note 4 - Equipment and Leaseh_3
Note 4 - Equipment and Leasehold Improvements (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Asset Impairment Charges, Total | $ 0 | $ 0 | |||
Depreciation, Depletion and Amortization, Total | $ 491,000 | $ 475,000 | $ 491,000 | $ 475,000 |
Note 4 - Equipment and Leaseh_4
Note 4 - Equipment and Leasehold Improvements, Net - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Equipment and leasehold improvements, gross | $ 33,796 | $ 33,750 |
Less accumulated depreciation and amortization | (19,745) | (19,254) |
Construction-in-progress | 258 | 256 |
Equipment and leasehold improvements, net | 14,309 | 14,752 |
Equipment [Member] | ||
Equipment and leasehold improvements, gross | 18,702 | 18,679 |
Leasehold Improvements [Member] | ||
Equipment and leasehold improvements, gross | 14,725 | 14,723 |
Furniture and Fixtures [Member] | ||
Equipment and leasehold improvements, gross | $ 369 | $ 348 |
Note 5 - Short-term Contract _2
Note 5 - Short-term Contract Obligations (Details Textual) | Nov. 30, 2018USD ($)a | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) |
Short-term Non-bank Loans and Notes Payable | $ 101,000 | $ 285,000 | |
Short-term Obligation for Cellana Asset Purchase [Member] | |||
Debt Instrument, Face Amount | $ 180,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||
Short-term Non-bank Loans and Notes Payable | 0 | ||
Short-term Obligation for Cellana Asset Purchase 2 [Member] | |||
Debt Instrument, Face Amount | $ 215,000 | ||
Short-term Non-bank Loans and Notes Payable | $ 101,000 | ||
Debt Instrument, Hold-back, Amount | 38,000 | ||
Short-term Obligation for Cellana Asset Purchase 2 [Member] | Redeemed in Two Monthly Payments [Member] | |||
Debt Instrument, Periodic Payment, Total | 10,000 | ||
Short-term Obligation for Cellana Asset Purchase 2 [Member] | Redeemed in Ten Monthly Payments [Member] | |||
Debt Instrument, Periodic Payment, Total | 19,543 | ||
Cellana Asset Purchase [Member] | |||
Noncash or Part Noncash Acquisition, Value of Assets Acquired, Total | 495,000 | ||
Payments to Acquire Buildings | 100,000 | ||
Issuance of Short Term Obligations | $ 395,000 | ||
Research Facility Owned by Cellana [Member] | |||
Area of Real Estate Property | a | 6 |
Note 6 - Line of Credit and L_3
Note 6 - Line of Credit and Long-term Debt (Details Textual) | Oct. 06, 2017USD ($) | Aug. 30, 2016USD ($) | Sep. 18, 2015USD ($) | Aug. 14, 2012USD ($) | Apr. 30, 2019USD ($) | Aug. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Jul. 31, 2015USD ($) | Jul. 30, 2015USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Aug. 30, 2018 | Mar. 31, 2017 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||||||||||||
Line of Credit, Current | $ 2,000,000 | $ 2,000,000 | |||||||||||
Repayments of Notes Payable | $ 500,000 | ||||||||||||
Long-term Debt, Total | 118,000 | 126,000 | |||||||||||
Thermo Fisher Financial [Member] | |||||||||||||
Capital Leased Assets, Gross, Total | $ 52,000 | ||||||||||||
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 | 7,800 | ||||||||||||
Bank of the West Finance [Member] | |||||||||||||
Capital Leased Assets, Gross, Total | $ 51,000 | ||||||||||||
Debt Instrument Periodic Payments Number | 60 | ||||||||||||
Hungtington Technology Finance [Member] | |||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 174,000 | ||||||||||||
Unsecured Subordinated Loan [Member] | |||||||||||||
Long-term Debt, Gross | 1,500,000 | ||||||||||||
Capital Lease Obligations [Member] | Bank of the West Finance [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.18% | ||||||||||||
Capital Lease Obligations, Total | 19,000 | 22,000 | |||||||||||
Capital Lease Obligations [Member] | Hungtington Technology Finance [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.57% | ||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 42,000 | 52,000 | |||||||||||
Debt Instrument Periodic Payments Number | 60 | ||||||||||||
The 2015 Loan Agreement [Member] | |||||||||||||
Proceeds from Issuance of Debt | $ 2,500,000 | ||||||||||||
Debt Instrument, Prepayment Penalty Percentage | 5.00% | ||||||||||||
Debt Instrument, Prepayment Penalty Percentage Reduction During Each Year | 1.00% | ||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 1,301,000 | $ 1,389,000 | |||||||||||
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% | ||||||||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||||||||||
Debt Instrument Reference Rate | 5.50% | 5.50% | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||||
Proceeds from Issuance of Debt | $ 5,500,000 | ||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 4,388,000 | $ 4,439,000 | |||||||||||
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 | ||||||||||||
Term Loan Payable [Member] | |||||||||||||
Term Loan subject to Immediate Repayment Due to Debt Agreement Violation | $ 5,828,000 | ||||||||||||
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | ||||||||||||
Long-term Debt, Gross | $ 1,500,000 | ||||||||||||
Equipment Finance Agreement [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 175,000 | ||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||
Prime Rate [Member] | The 2015 Loan Agreement [Member] | |||||||||||||
Debt Instrument Reference Rate | 5.50% | 5.50% | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||
Prime Rate [Member] | Skywords Note [Member] | Unsecured Subordinated Loan [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||||||
First Foundation Bank [Member] | |||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 5,700,000 | ||||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||||||||||||
Line of Credit, Current | 2,000,000 | $ 2,000,000 | |||||||||||
Debt Covenant, Minimum Current Ratio | 1.5 | 1.5 | 2.1 | ||||||||||
Line of Credit Subject to Immediate Repayment Due to Debt Agreement Violation | $ 2,000,000 | ||||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||||||||
Debt Instrument Reference Rate | 5.50% | 5.50% | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 6 - Line of Credit and L_4
Note 6 - Line of Credit and Long-term Debt - Summary of Line of Credit and Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Less current maturities | $ (2,667) | $ (2,663) |
Long-term debt, excluding current maturities | 6,701 | 5,372 |
Less unamortized debt issuance costs | (192) | (200) |
Total long-term debt, net of current maturities and unamortized debt issuance costs | 6,509 | 5,172 |
Line of Credit [Member] | ||
Long-term debt | 2,000 | 2,000 |
Long-term Debt, Excluding Related Party Debt [Member] | ||
Long-term debt | 5,868 | 6,035 |
Unsecured Subordinated Loan [Member] | ||
Long-term debt | $ 1,500 |
Note 6 - Line of Credit and L_5
Note 6 - Line of Credit and Long-term Debt - Future Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Remainder of 2020 | $ 667 |
2021 | 2,175 |
2022 | 711 |
2023 | 392 |
2024 | 282 |
Thereafter | 3,141 |
Total principal payments | $ 7,368 |
Note 7 - Operating Leases (Deta
Note 7 - Operating Leases (Details Textual) | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Operating Lease, Weighted Average Remaining Lease Term | 14 years 109 days |
Operating Lease, Weighted Average Discount Rate, Percent | 7.50% |
Operating Lease, Cost | $ 147,000 |
Note 7 - Operating Leases - Sup
Note 7 - Operating Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Right-of-use assets | $ 4,056 | |
Current lease liabilities | 290 | |
Non-current lease liabilities | 3,766 | |
Total lease liabilities | $ 4,056 |
Note 7 - Operating Leases - Ope
Note 7 - Operating Leases - Operating Leases Maturities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Remainder of 2020 | $ 589 |
2021 | 595 |
2022 | 591 |
2023 | 481 |
2024 | 371 |
Thereafter | 3,971 |
Total undiscounted lease payments | 6,598 |
Less: present value discount | (2,542) |
Total lease liability balance | $ 4,056 |
Note 8 - Accrued Expenses - Com
Note 8 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 |
Wages, commissions, bonus and profit sharing | $ 283 | $ 145 |
Vacation | 300 | 338 |
Severance | 271 | 153 |
Rent, interest and legal | 110 | 235 |
Other accrued expenses | 148 | 121 |
Total accrued expenses | $ 1,112 | $ 992 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) | 3 Months Ended | ||
Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($) | Mar. 31, 2019$ / shares | |
Number of Shareholder Approved Share-based Compensation Plans | 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 1,253,027 | ||
Share Price | $ / shares | $ 3.10 | $ 3.24 | |
Former Executive [Member] | |||
Share-based Payment Arrangement, Expense | $ 205,000 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Expense | 113,000 | $ 18,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 66,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 182 days | ||
Share-based Payment Arrangement, Option [Member] | Former Executive [Member] | |||
Share-based Payment Arrangement, Expense | $ 109,000 | ||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Expense | $ 23,000 | $ 16,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 78,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 109 days | ||
Restricted Stock Units (RSUs) [Member] | Former Executive [Member] | |||
Share-based Payment Arrangement, Expense | $ 6,000 | ||
The 2005 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 0 |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) | Jun. 30, 2019shares |
Authorized (in shares) | 1,650,000 |
Available (in shares) | 1,253,027 |
Outstanding (in shares) | 619,494 |
The 2016 Plan [Member] | |
Authorized (in shares) | 1,300,000 |
Available (in shares) | 1,068,627 |
Outstanding (in shares) | 198,358 |
2014 Directors Plan [Member] | |
Authorized (in shares) | 350,000 |
Available (in shares) | 184,400 |
Outstanding (in shares) | 116,724 |
The 2005 Plan [Member] | |
Authorized (in shares) | |
Available (in shares) | 0 |
Outstanding (in shares) | 292,412 |
2004 Directors Plan [Member] | |
Authorized (in shares) | |
Available (in shares) | |
Outstanding (in shares) | 12,000 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Summary of Option Activity Under Stock Plans (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
Outstanding (in shares) | 539,800 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.06 | |
Outstanding, weighted average remaining contractual term (Year) | 2 years 292 days | 4 years 255 days |
Outstanding, aggregate intrinsic value | $ 7,154 | $ 15,480 |
Granted (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | ||
Exercised, weighted average exercise price (in dollars per share) | ||
Forfeited (in shares) | (53,388) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 3.94 | |
Outstanding (in shares) | 486,412 | 539,800 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.08 | $ 4.06 |
Exercisable (in shares) | 486,412 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 4.20 | |
Exercisable, weighted average remaining contractual term (Year) | 2 years | |
Exercisable, aggregate intrinsic value | $ 2,154 |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Summary of Non-vested Options (Details) | 3 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Nonvested (in shares) | shares | 130,000 |
Nonvested (in dollars per share) | $ / shares | $ 1.70 |
Vested (in shares) | shares | (80,000) |
Vested (in dollars per share) | $ / shares | $ 1.81 |
Nonvested (in shares) | shares | 50,000 |
Nonvested (in dollars per share) | $ / shares | $ 1.52 |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Restricted Stock Units (Details) | 3 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Nonvested restricted stock units (in shares) | 619,494 |
Restricted Stock Units (RSUs) [Member] | |
Nonvested restricted stock units (in shares) | 38,814 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ / shares | $ 3.98 |
Granted (in shares) | 561 |
Granted, weighted average grant price (in dollars per share) | $ / shares | $ 3.22 |
Vested (in shares) | (6,686) |
Vested, weighted average grant price (in dollars per share) | $ / shares | $ (4.01) |
Forfeited (in shares) | (2,338) |
Forfeited, weighted average grant price (in dollars per share) | $ / shares | $ 4.01 |
Nonvested restricted stock units (in shares) | 30,351 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ / shares | $ 3.98 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Income Tax Expense (Benefit), Total | $ (3,000) | $ (22,000) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 2.30% | 1.70% | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 12 - Loss Per Share (Detai
Note 12 - Loss Per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 50,000 | 120,000 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14,646 | 1,206 |
Note 12 - Loss Per Share - Summ
Note 12 - 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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ (133) | $ (1,275) | $ (133) | $ (1,275) |
Shares outstanding - basic and diluted (in shares) | 5,919 | 5,785 | ||
Basic and diluted loss per share (in dollars per share) | $ (0.02) | $ (0.22) |
Note 13 - Related-party Trans_2
Note 13 - Related-party Transactions and Balances (Details Textual) - USD ($) | 1 Months Ended | |
Apr. 30, 2019 | Jun. 30, 2019 | |
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | ||
Debt Instrument, Face Amount | $ 1,500,000 | |
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Director [Member] | ||
Due to Related Parties, Total | $ 120,000 |