Cyanotech (CYAN) 10-Q 11 Feb 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Feb. 05, 2021
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 Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		6,097,073
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.02 par value per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash	$ 3,322,000	$ 2,417,000
Accounts receivable, net of allowance for doubtful accounts of $31 at December 31, 2020 and $13 at March 31, 2020	1,682,000	2,154,000
Inventories, net	9,589,000	9,653,000
Prepaid expenses and other current assets	430,000	504,000
Total current assets	15,023,000	14,728,000
Equipment and leasehold improvements, net	12,363,000	13,042,000
Operating lease right-of-use assets, net	3,598,000	3,834,000
Other assets	129,000	183,000
Total assets	31,113,000	31,787,000
Current liabilities:
Accounts payable	1,550,000	2,137,000
Accrued expenses	701,000	849,000
Customer deposits	116,000	327,000
Operating lease obligations, current portion	338,000	319,000
Short-term contract obligation		38,000
Line of credit	1,750,000	2,000,000
Current maturities of long-term debt	2,204,000	689,000
Total current liabilities	6,659,000	6,359,000
Long-term debt, less current maturities	3,998,000	6,009,000
Long-term operating lease obligations	3,265,000	3,519,000
Other long-term liabilities	34,000	54,000
Total liabilities	13,956,000	15,941,000
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 6,097,073 shares at December 31, 2020 and 6,011,885 shares at March 31, 2020	122,000	120,000
Additional paid-in capital	33,182,000	32,994,000
Accumulated deficit	(16,147,000)	(17,268,000)
Total stockholders’ equity	17,157,000	15,846,000
Total liabilities and stockholders’ equity	$ 31,113,000	$ 31,787,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Accounts receivable, allowance for doubtful accounts	$ 31	$ 13
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)	6,097,073	6,011,885
Common stock, shares outstanding (in shares)	6,097,073	6,011,885

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 6,985,000	$ 7,504,000	$ 22,907,000	$ 23,265,000
Cost of sales	4,914,000	4,627,000	14,560,000	13,650,000
Gross profit	2,071,000	2,877,000	8,347,000	9,615,000
Operating expenses:
General and administrative	1,001,000	958,000	3,801,000	4,146,000
Sales and marketing	1,300,000	1,406,000	3,918,000	4,157,000
Research and development	211,000	146,000	519,000	487,000
Total operating expenses	2,512,000	2,510,000	8,238,000	8,790,000
(Loss) income from operations	(441,000)	367,000	109,000	825,000
Interest expense, net	(123,000)	(164,000)	(374,000)	(530,000)
Gain on extinguishment of debt	1,389,000		1,389,000
Income before income taxes	825,000	203,000	1,124,000	295,000
Income tax (benefit) expense	(2,000)	32,000	3,000	29,000
Net income	$ 827,000	$ 171,000	$ 1,121,000	$ 266,000
Net income per share:
Basic (in dollars per share)	$ 0.14	$ 0.03	$ 0.18	$ 0.04
Diluted (in dollars per share)	$ 0.13	$ 0.03	$ 0.18	$ 0.04
Shares used in calculation of net income per share:
Basic (in shares)	6,097	5,957	6,060	5,946
Diluted (in shares)	6,222	5,962	6,169	5,949

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Former Executive [Member]Common Stock [Member]	Former Executive [Member]Additional Paid-in Capital [Member]	Former Executive [Member]Retained Earnings [Member]	Former Executive [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Mar. 31, 2019					5,879,710
Balance at Mar. 31, 2019					$ 117	$ 32,447	$ (17,655)	$ 14,909
Share-based compensation expense						72		72
Net income							266	266
Issuance of common stock in connection with severance of former executive (in shares)					29,078
Issuance of common stock in connection with severance of former executive						(320)		(320)
Issuance of common stock in connection with severance of former executive						320		320
Shares withheld for tax payments (in shares)					(7,685)
Shares withheld for tax payments
Issuance of vested shares of restricted stock (in shares)					22,502
Issuance of vested shares of restricted stock					$ 1	(26)		(25)
Issuance of common stock for exercise of stock options for cash (in shares)					2,112
Issuance of common stock for exercise of stock options for cash						4		4
Balance (in shares) at Dec. 31, 2019					5,925,717
Balance at Dec. 31, 2019					$ 118	32,817	(17,389)	15,546
Balance (in shares) at Sep. 30, 2019					5,913,421
Balance at Sep. 30, 2019					$ 118	32,786	(17,560)	15,344
Share-based compensation expense						31		31
Net income							171	171
Issuance of common stock in connection with severance of former executive (in shares)					12,296
Issuance of common stock in connection with severance of former executive
Issuance of common stock in connection with severance of former executive
Balance (in shares) at Dec. 31, 2019					5,925,717
Balance at Dec. 31, 2019					$ 118	32,817	(17,389)	15,546
Balance (in shares) at Mar. 31, 2020					6,011,885
Balance at Mar. 31, 2020					$ 120	32,994	(17,268)	15,846
Share-based compensation expense						38		38
Net income							1,121	1,121
Issuance of common stock in connection with severance of former executive (in shares)					11,400
Issuance of common stock in connection with severance of former executive
Issuances of common stock for Director Stock Grants (in shares)					66,385
Issuances of common stock for Director Stock Grants					$ 1	157		158
Issuance of common stock in connection with severance of former executive
Shares withheld for tax payments (in shares)	(3,635)				(6,431)
Shares withheld for tax payments
Issuance of vested shares of restricted stock (in shares)					17,469
Issuance of vested shares of restricted stock					$ 1	(7)		$ (6)
Issuance of common stock for exercise of stock options for cash (in shares)
Balance (in shares) at Dec. 31, 2020					6,097,073
Balance at Dec. 31, 2020					$ 122	33,182	(16,147)	$ 17,157
Balance (in shares) at Sep. 30, 2020					6,097,073
Balance at Sep. 30, 2020					$ 122	33,164	(16,974)	16,312
Share-based compensation expense						18		18
Net income							827	827
Balance (in shares) at Dec. 31, 2020					6,097,073
Balance at Dec. 31, 2020					$ 122	$ 33,182	$ (16,147)	$ 17,157

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 827,000	$ 171,000	$ 1,121,000	$ 1,121,000	$ 266,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	423,000	487,000		1,340,000	1,458,000
Gain from extinguishment of debt – PPP loan	(1,389,000)			(1,389,000)
Amortization of debt issue costs and other assets				73,000	51,000
Amortization of operating leases right-of-use assets				236,000	219,000
Share-based compensation expense				196,000	392,000
Provision for doubtful accounts				31,000
Net (increase) decrease in assets:
Accounts receivable				441,000	401,000
Inventories				64,000	68,000
Prepaid expenses and other assets				78,000	93,000
Net increase (decrease) in liabilities:
Accounts payable				(665,000)	(2,222,000)
Accrued expenses				(140,000)	(91,000)
Customer deposits				(211,000)	(217,000)
Operating lease obligations				(236,000)	(214,000)
Deferred rent and other liabilities				(20,000)
Net cash provided by operating activities				919,000	204,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in equipment and leasehold improvements				(583,000)	(180,000)
Net cash used in investing activities				(583,000)	(180,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on short-term contract obligation				(38,000)	(247,000)
Principal payments on the line of credit				(250,000)
Proceeds from long-term debt – related party					1,500,000
Proceeds from long-term debt – PPP loan				1,381,000
Principal payments on long-term debt				(498,000)	(443,000)
Payments on finance leases				(20,000)	(44,000)
Taxes paid related to net share settlement of restricted stock units				(6,000)	(25,000)
Proceeds from exercise of stock options					4,000
Net cash provided by financing activities				569,000	745,000
Net increase in cash				905,000	769,000
Cash at beginning of period				2,417,000	840,000
Cash at end of period	$ 3,322,000	$ 1,609,000	$ 3,322,000	3,322,000	1,609,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest				344,000	499,000
Income taxes				$ 14,000

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	9 Months Ended
	Dec. 31, 2020
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, 2020 March 31, 2020, 10 June 23, 2020. Liquidity and Capital Resources As of December 31, 2020, $3,322,000 $8,364,000 $2,417,000 $8,369,000, March 31, 2020. $2,000,000 December 31, 2020 March 31, 2020, $1,750,000 $2,000,000, August 30, 2021 As of December 31, 2020, $4,777,000 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, March 31, 2020, In response to the coronavirus (“COVID- 19” May 2020, $1,381,000, 2020 December 10, 2020, 6 April 2019, $1,500,000 6 13 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 fiscal year 2020, 2021. 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 December 31, 2021, March 31, 2021, no March 31, 2021.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	9 Months Ended
	Dec. 31, 2020
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 Cash primarily consists of cash on hand and cash in bank deposits. Concentration Risk A significant portion of revenue and accounts receivable are derived from a few major customers. For the three December 31, 2020 2019, two 18% 19%, 35% 17%, nine December 31, 2020 2019, two 17% 36% 17%, Two 76% 80%, December 31, 2020 March 31, 2020, 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 December 31, 2020 2019, $0 $33,000, March 31, 2020 2019, nine December 31, 2020 2019, $251,000 $550,000, March 31, 2020 2019, one not Disaggregation of Revenue The following table represents revenue disaggregated by major product line and extraction services for the: ($ in thousands) Three Months Dec ember 3 1 , 20 Three Months Ended Dec ember 3 1 , 9 Packaged sales Astaxanthin packaged $ 3,388 $ 4,513 Spirulina packaged 1,659 1,878 Total packaged sales 5,047 6,391 Bulk sales Astaxanthin bulk 291 377 Spirulina bulk 1,413 613 Total bulk sales 1,704 990 Contract extraction revenue 234 123 Total net sales $ 6,985 $ 7,504 ($ in thousands) Nine Months Ended Dec ember 3 1 , Nine Months Ended Dec ember 3 1 , Packaged sales Astaxanthin packaged $ 10,767 $ 13,870 Spirulina packaged 5,626 5,523 Total packaged sales 16,393 19,393 Bulk sales Astaxanthin bulk 1,173 879 Spirulina bulk 4,628 2,590 Total bulk sales 5,801 3,469 Contract extraction revenue 713 403 Total net sales $ 22,907 $ 23,265 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. 8 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 November 2018, 2018 18 Collaborative Arrangements 2018 18” not 606, April 1, 2018, 2018 18 April 1, 2020 no 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 ) No. 2018 15 April 1, 2020 no In August 2018, 2018 13, Fair Value Measurement - Disclosure Framework (Topic 820 )” No. 2018 13” April 1, 2020, no Recently Issued Accounting Pronouncements In December 2019, 2019 12, Simplifying the Accounting for Income Taxes” 2019 12” 2019 12 December 15, 2020, may

Note 3 - Inventories

Note 3 - Inventories	9 Months Ended
	Dec. 31, 2020
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 Dec ember 3 1 , 20 20 March 31, 20 20 (in thousands) Raw materials $ 690 $ 397 Work in process 3,792 4,172 Finished goods 4,894 4,945 Supplies 213 139 Inventories, net $ 9,589 $ 9,653 The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, fixed production overhead costs, idle facilities, freight handling costs and spoilage, as an expense in the period incurred, without adjusting overhead absorption rates. Normal production capacity is defined as the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. In fiscal 2021, first six not Other non-inventoriable fixed costs of $79,000 $158,000 three December 31, 2020 2019, $124,000 $258,000 nine December 31, 2020 2019,

Note 4 - Equipment and Leasehol

Note 4 - Equipment and Leasehold Improvements	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. EQUIPMENT AND LEASEHOLD IMPROVEMENTS Equipment and leasehold improvements consist of the following as of: Dec ember 3 1 , 20 20 March 31, 20 20 (in thousands) Equipment $ 19,104 $ 18,841 Leasehold improvements 14,755 14,736 Furniture and fixtures 373 369 34,232 33,946 Less accumulated depreciation and amortization (22,519 ) (21,179 ) Construction-in-progress 650 275 Equipment and leasehold improvements, net $ 12,363 $ 13,042 Management has determined no December 31, 2020 March 31, 2020, $423,000 $487,000 three December 31, 2020 2019, $1,340,000 $1,458,000 nine December 31, 2020 2019,

Note 5 - Short-term Contract Ob

Note 5 - Short-term Contract Obligation	9 Months Ended
	Dec. 31, 2020
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 was comprised of two $180,000 $215,000. first $180,000 6.25% four December 1, 2018 July 15, 2019. no December 31, 2020 March 31, 2020. The second $215,000 twelve December 1, 2018 October 15, 2019. $38,000 December 31, 2020 March 31, 2020 $0 $38,000,

Note 6 - Line of Credit and Lon

Note 6 - Line of Credit and Long-term Debt	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	6. LINE OF CREDIT AND LONG-TERM DEBT Total debt consists of the following as of: Dec ember 3 1 , 20 20 March 31, 20 20 (in thousands) Line of credit $ 1,750 $ 2,000 Long-term debt 4,849 5,367 Debt - related party 1,500 1,500 Long-term debt – PPP loan — — Less current maturities (3,954 ) (2,689 ) Long-term debt, excluding current maturities 4,145 6,178 Less unamortized debt issuance costs (147 ) (169 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 3,998 $ 6,009 Line of Credit and Term Loans On August 30, 2016, June 3, 2016, $2,000,000 3.25% 4.75% December 31, 2020 March 31, 2020, 2%, no 5.25%. At December 31, 2020 March 31, 2020, $1,750,000 $2,000,000, August 30, 2020 August 30, 2021. 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 3.25% 4.75% December 31, 2020 March 31, 2020, 2.0% first no 6.0%. 2015 5.0% first 2015 1.0% fifth no 2015 $735,000 $1,027,000 December 31, 2020 March 31, 2020, 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 3.25% 4.75% December 31, 2020 March 31, 2020, 1.0% first no 5.5%. 2012 $4,042,000 $4,222,000 December 31, 2020 March 31, 2020, The 2015 one $113,900 0.5% December 31 December 31, 2015. 80% 2015 2012 one $214,500 0.25% December 31 December 31, 2012. 80% 2012 $147,000 $169,000 December 31, 2020 March 31, 2020, Loan Covenants The Company's Credit Agreement, 2015 2012 March 31, 2020, March 31, 2021. Long-term Debt – PPP In May 2020, $1,381,000, May 5, 2022. 1% November 5, 2020, six October 2020, April 2021 August 2021. may December 10, 2020, three nine December 31, 2020, $1,389,000 $1,381,000 $8,000. Debt – Related Party In April 2019, $1,500,000, 1%, 4.25% 5.5% December 31, 2020 March 30, 2020, April 2021 ( 13 $1,500,000 December 31, 2020 March 31, 2020 Equipment Finance Agreement In October 2017, $175,000 4.75%. October 31, 2022. $68,000 $94,000 December 31, 2020 March 31, 2020, Finance Lease Obligations In February 2016, $51,000 March 2021 60 4.18%. $4,000 $11,000 December 31, 2020 March 31, 2020, In July 2015, $174,000 July 2020 60 6.57%. $0 $13,000 December 31, 2020 March 31, 2020, Future principal payments under the loans and finance lease obligations at December 31, 2020 Payments Due (in thousands) Remainder of 2021 $ 176 2022 2,213 2023 477 2024 289 2025 306 Thereafter 2,888 Total principal payments $ 6,349

Note 7 - Operating Leases

Note 7 - Operating Leases	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	7. OPERATING LEASES The Company leases facilities, equipment and land under non-cancelable operating leases expiring through 2037. five April 1, 2019 December 31, 2020, 13.6 7.5% nine December 31, 2020 2019, $445,000 Supplemental balance sheet information related to leases consist of the following as of: Operating leases Balance Sheet Classification Dec ember 3 1 , 2020 March 31, 2020 (in thousands) Right-of-use assets Operating lease right-of-use assets $ 4,128 $ 4,128 Accumulated lease amortization Operating lease right-of-use assets (530 ) (294 ) Total right-of-use assets $ 3,598 $ 3,834 Current lease liabilities Operating lease obligations $ 338 $ 319 Non-current lease liabilities Long-term operating lease obligations 3,265 3,519 Total lease liabilities $ 3,603 $ 3,838 Maturities of lease liabilities at December 31, 2020 Payments (in thousands) Remainder of 2021 $ 148 2022 593 2023 371 2024 371 2025 348 Thereafter 3,883 Total undiscounted lease payments 5,714 Less: present value discount (2,111 ) Total lease liability balance $ 3,603

Note 8 - Accrued Expenses

Note 8 - Accrued Expenses	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. ACCRUED EXPENSES Accrued expenses consist of the following as of: Dec ember 3 1 , 20 20 March 31, 20 20 (in thousands) Wages, commissions, bonus and profit sharing $ 90 $ 295 Vacation 383 301 Rent, interest and legal 97 76 Other accrued expenses 131 177 Total accrued expenses $ 701 $ 849

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. COMMITMENTS AND CONTINGENCIES From time to time, the Company may no December 31, 2020.

Note 10 - Share-based Compensat

Note 10 - Share-based Compensation	9 Months Ended
	Dec. 31, 2020
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, 2020 June 23, 2020. As of December 31, 2020, two 2016 “2016 2014 “2014 December 31, 2020, 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 Dec ember 3 1 , 20 20 Authorized Available Outstanding 2016 Plan 1,300,000 1,078,358 163,688 2014 Directors Plan 350,000 43,133 12,000 2005 Plan — — 235,300 2004 Directors Plan — — 12,000 Total 1,650,000 1,121,491 422,988 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 $10,000 $5,000 three December 31, 2020 2019, $19,000 $123,000 nine December 31, 2020 2019, first nine 2020, $109,000 A summary of option activity under the Company's stock plans for the six December 31, 2020 Option Activity Shares Weighted Price Weighted Average years) Aggregate Outstanding at March 31, 2020 318,300 $ 4.08 3.0 $ — Granted 130,000 $ 2.35 Exercised — $ — Forfeited (54,000 ) $ 3.16 Outstanding at December 31, 2020 394,300 $ 2.21 4.0 $ 94,600 Exercisable at December 31, 2020 269,300 $ 2.69 1.4 $ 7,850 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 $3.04 $2.06 December 31, 2020 March 31, 2020, A summary of the Company's non-vested options for the nine December 31, 2020 Nonvested Options Shares Weighted Nonvested at March 31, 2020 37,500 $ 1.52 Granted 130,000 1.20 Vested (5,000 ) 1.27 Forfeited (37,500 ) 1.52 Nonvested at December 31, 2020 125,000 $ 1.19 The weighted average grant-date fair value of stock options granted during the nine December 31, 2020 $6,000. December 31, 2020, $132,000, 3.3 Restricted Stock Grants of fully vested restricted stock issued during the first nine 2021 66,385 2014 $158,000. Restricted Stock Units (“RSUs”) RSUs are service-based awards granted to eligible employees under the 2016 2016 $8,000 $26,000 three December 31, 2020 2019, 2016 $20,000 $64,000 nine December 31, 2020 2019, first nine 2020, $6,000 The following table summarizes information related to awarded RSUs for the nine December 31, 2020: Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2020 12,766 $ 3.98 Granted 28,647 2.15 Vested (9,135 ) 3.97 Forfeited (3,590 ) 2.23 Nonvested restricted stock units at December 31, 2020 28,688 $ 2.38 As of December 31, 2020, $51,000, 2.2 Common Stock In the first nine 2020, $205,000

Note 11 - Income Taxes

Note 11 - Income Taxes	9 Months Ended
	Dec. 31, 2020
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 $2,000 $32,000 three December 31, 2020 2019, $3,000 $29,000 nine December 31, 2020 2019, 0.2% 15.8% three December 31, 2020 2019, 0.3% 9.8% nine December 31, 2020 2019, 21% not not The Company is subject to taxation in the United States and seven may may At December 31, 2020 2019, no With few exceptions, the Company is no 2016. In response to the COVID- 19 March 2020. may 2018 2020 five not 80% 2018, 2019 2020. 2020 In addition, the CARES Act increases the limitation applied to the deductibility of business interest from 30% 50% 2019 2020 25% 15 100% not three nine December 31, 2020. On December 27, 2020, 2021 2020 276 2020 32 2020 27, third 2021.

Note 12 - Earnings Per Share

Note 12 - Earnings Per Share	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	12. EARNINGS PER SHARE Basic earnings per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the treasury stock method. Reconciliations between the numerator and the denominator of the basic and diluted income per share computations for the three nine December 31, 2020 2019 Three Months Ended Dec ember 3 1 , 20 20 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 827 6,097 $ 0.14 Effective dilutive securities – common stock options and restricted stock units — 125 — Diluted income per share $ 827 6,222 $ 0.13 Three Months Ended Dec ember 3 1 , 20 19 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 171 5,957 $ 0.03 Effective dilutive securities – restricted stock units — 5 — Diluted income per share $ 171 5,962 $ 0.03 Nine Months Ended December 3 1 , 20 20 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 1,121 6,060 $ 0.18 Effective dilutive securities – common stock options and restricted stock units — 109 — Diluted income per share $ 1,121 6,169 $ 0.18 Nine Months Ended Dec ember 3 1 , 20 19 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 266 5,946 $ 0.04 Effective dilutive securities – common stock options and restricted stock units — 3 — Diluted income per share $ 266 5,949 $ 0.04 Restricted stock units become dilutive within the period granted and remain dilutive until the units vest and are issued as common stock.

Note 13 - Related Party Transac

Note 13 - Related Party Transactions	9 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	13. RELATED PARTY TRANSACTIONS During the nine December 31, 2019, $1,500,000 1% April 12, 2021, may December 31, 2020 March 31, 2020, $1,500,000 December 31, 2020 March 31, 2020

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2020
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, Policy [Policy Text Block]	Cash Cash primarily consists of cash on hand and cash in bank deposits.
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 December 31, 2020 2019, two 18% 19%, 35% 17%, nine December 31, 2020 2019, two 17% 36% 17%, 76% 80%, December 31, 2020 March 31, 2020,
Revenue from Contract with Customer [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 December 31, 2020 2019, $0 $33,000, March 31, 2020 2019, nine December 31, 2020 2019, $251,000 $550,000, March 31, 2020 2019, one not Disaggregation of Revenue The following table represents revenue disaggregated by major product line and extraction services for the: ($ in thousands) Three Months Dec ember 3 1 , 20 Three Months Ended Dec ember 3 1 , 9 Packaged sales Astaxanthin packaged $ 3,388 $ 4,513 Spirulina packaged 1,659 1,878 Total packaged sales 5,047 6,391 Bulk sales Astaxanthin bulk 291 377 Spirulina bulk 1,413 613 Total bulk sales 1,704 990 Contract extraction revenue 234 123 Total net sales $ 6,985 $ 7,504 ($ in thousands) Nine Months Ended Dec ember 3 1 , Nine Months Ended Dec ember 3 1 , Packaged sales Astaxanthin packaged $ 10,767 $ 13,870 Spirulina packaged 5,626 5,523 Total packaged sales 16,393 19,393 Bulk sales Astaxanthin bulk 1,173 879 Spirulina bulk 4,628 2,590 Total bulk sales 5,801 3,469 Contract extraction revenue 713 403 Total net sales $ 22,907 $ 23,265
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. 8 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 November 2018, 2018 18 Collaborative Arrangements 2018 18” not 606, April 1, 2018, 2018 18 April 1, 2020 no 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 ) No. 2018 15 April 1, 2020 no In August 2018, 2018 13, Fair Value Measurement - Disclosure Framework (Topic 820 )” No. 2018 13” April 1, 2020, no Recently Issued Accounting Pronouncements In December 2019, 2019 12, Simplifying the Accounting for Income Taxes” 2019 12” 2019 12 December 15, 2020, may

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	($ in thousands) Three Months Dec ember 3 1 , 20 Three Months Ended Dec ember 3 1 , 9 Packaged sales Astaxanthin packaged $ 3,388 $ 4,513 Spirulina packaged 1,659 1,878 Total packaged sales 5,047 6,391 Bulk sales Astaxanthin bulk 291 377 Spirulina bulk 1,413 613 Total bulk sales 1,704 990 Contract extraction revenue 234 123 Total net sales $ 6,985 $ 7,504 ($ in thousands) Nine Months Ended Dec ember 3 1 , Nine Months Ended Dec ember 3 1 , Packaged sales Astaxanthin packaged $ 10,767 $ 13,870 Spirulina packaged 5,626 5,523 Total packaged sales 16,393 19,393 Bulk sales Astaxanthin bulk 1,173 879 Spirulina bulk 4,628 2,590 Total bulk sales 5,801 3,469 Contract extraction revenue 713 403 Total net sales $ 22,907 $ 23,265

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Dec ember 3 1 , 20 20 March 31, 20 20 (in thousands) Raw materials $ 690 $ 397 Work in process 3,792 4,172 Finished goods 4,894 4,945 Supplies 213 139 Inventories, net $ 9,589 $ 9,653

Note 4 - Equipment and Leaseh_2

Note 4 - Equipment and Leasehold Improvements (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	Dec ember 3 1 , 20 20 March 31, 20 20 (in thousands) Equipment $ 19,104 $ 18,841 Leasehold improvements 14,755 14,736 Furniture and fixtures 373 369 34,232 33,946 Less accumulated depreciation and amortization (22,519 ) (21,179 ) Construction-in-progress 650 275 Equipment and leasehold improvements, net $ 12,363 $ 13,042

Note 6 - Line of Credit and L_2

Note 6 - Line of Credit and Long-term Debt (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	Dec ember 3 1 , 20 20 March 31, 20 20 (in thousands) Line of credit $ 1,750 $ 2,000 Long-term debt 4,849 5,367 Debt - related party 1,500 1,500 Long-term debt – PPP loan — — Less current maturities (3,954 ) (2,689 ) Long-term debt, excluding current maturities 4,145 6,178 Less unamortized debt issuance costs (147 ) (169 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 3,998 $ 6,009
Schedule of Maturities of Long-term Debt [Table Text Block]	Payments Due (in thousands) Remainder of 2021 $ 176 2022 2,213 2023 477 2024 289 2025 306 Thereafter 2,888 Total principal payments $ 6,349

Note 7 - Operating Leases (Tabl

Note 7 - Operating Leases (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Supplement Balance Sheet Information for Operating Lease [Table Text Block]	Operating leases Balance Sheet Classification Dec ember 3 1 , 2020 March 31, 2020 (in thousands) Right-of-use assets Operating lease right-of-use assets $ 4,128 $ 4,128 Accumulated lease amortization Operating lease right-of-use assets (530 ) (294 ) Total right-of-use assets $ 3,598 $ 3,834 Current lease liabilities Operating lease obligations $ 338 $ 319 Non-current lease liabilities Long-term operating lease obligations 3,265 3,519 Total lease liabilities $ 3,603 $ 3,838
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Payments (in thousands) Remainder of 2021 $ 148 2022 593 2023 371 2024 371 2025 348 Thereafter 3,883 Total undiscounted lease payments 5,714 Less: present value discount (2,111 ) Total lease liability balance $ 3,603

Note 8 - Accrued Expenses (Tabl

Note 8 - Accrued Expenses (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	Dec ember 3 1 , 20 20 March 31, 20 20 (in thousands) Wages, commissions, bonus and profit sharing $ 90 $ 295 Vacation 383 301 Rent, interest and legal 97 76 Other accrued expenses 131 177 Total accrued expenses $ 701 $ 849

Note 10 - Share-based Compens_2

Note 10 - Share-based Compensation (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block]	As of Dec ember 3 1 , 20 20 Authorized Available Outstanding 2016 Plan 1,300,000 1,078,358 163,688 2014 Directors Plan 350,000 43,133 12,000 2005 Plan — — 235,300 2004 Directors Plan — — 12,000 Total 1,650,000 1,121,491 422,988
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Option Activity Shares Weighted Price Weighted Average years) Aggregate Outstanding at March 31, 2020 318,300 $ 4.08 3.0 $ — Granted 130,000 $ 2.35 Exercised — $ — Forfeited (54,000 ) $ 3.16 Outstanding at December 31, 2020 394,300 $ 2.21 4.0 $ 94,600 Exercisable at December 31, 2020 269,300 $ 2.69 1.4 $ 7,850
Schedule of Nonvested Share Activity [Table Text Block]	Nonvested Options Shares Weighted Nonvested at March 31, 2020 37,500 $ 1.52 Granted 130,000 1.20 Vested (5,000 ) 1.27 Forfeited (37,500 ) 1.52 Nonvested at December 31, 2020 125,000 $ 1.19
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2020 12,766 $ 3.98 Granted 28,647 2.15 Vested (9,135 ) 3.97 Forfeited (3,590 ) 2.23 Nonvested restricted stock units at December 31, 2020 28,688 $ 2.38

Note 12 - Earnings Per Share (T

Note 12 - Earnings Per Share (Tables)	9 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Dec ember 3 1 , 20 20 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 827 6,097 $ 0.14 Effective dilutive securities – common stock options and restricted stock units — 125 — Diluted income per share $ 827 6,222 $ 0.13 Three Months Ended Dec ember 3 1 , 20 19 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 171 5,957 $ 0.03 Effective dilutive securities – restricted stock units — 5 — Diluted income per share $ 171 5,962 $ 0.03 Nine Months Ended December 3 1 , 20 20 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 1,121 6,060 $ 0.18 Effective dilutive securities – common stock options and restricted stock units — 109 — Diluted income per share $ 1,121 6,169 $ 0.18 Nine Months Ended Dec ember 3 1 , 20 19 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 266 5,946 $ 0.04 Effective dilutive securities – common stock options and restricted stock units — 3 — Diluted income per share $ 266 5,949 $ 0.04

Note 1 - Organization and Bas_2

Note 1 - Organization and Basis of Presentation (Details Textual)	1 Months Ended	9 Months Ended
	May 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Apr. 30, 2019USD ($)	Mar. 31, 2019	Aug. 30, 2016USD ($)
Cash and Cash Equivalents, at Carrying Value, Ending Balance		$ 3,322,000		$ 2,417,000
Working Capital (Deficit)		8,364,000		8,369,000
Line of Credit, Current		1,750,000		2,000,000
Proceeds from Issuance of Unsecured Debt		1,381,000
SBA CARES Act Paycheck Protection Program [Member]
Proceeds from Issuance of Unsecured Debt	$ 1,381,000
Unsecured Subordinated Loan From Skywords [Member]
Debt Instrument, Face Amount					$ 1,500,000
First Foundation Bank [Member]
Line of Credit, Current		1,750,000		2,000,000
Long-term Debt and Capital Lease Obligations, Current and Noncurrent		4,777,000
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					$ 2,000,000
Line of Credit, Current		$ 1,750,000		$ 2,000,000
Current Ratio						1.49
Debt Covenant, Minimum Current Ratio						1.5

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020
Contract with Customer, Liability, Revenue Recognized	$ 0	$ 33,000	$ 251,000	$ 550,000
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Number of Major Customers	2	2	2	2
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 1 [Member]
Concentration Risk, Percentage	18.00%	35.00%	17.00%	36.00%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 2 [Member]
Concentration Risk, Percentage	19.00%	17.00%	17.00%	17.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Number of Major Customers			2		2
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member]
Concentration Risk, Percentage			76.00%		80.00%

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Revenue By Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 6,985	$ 7,504	$ 22,907	$ 23,265
Packaged Astaxanthin [Member]
Net sales	3,388	4,513	10,767	13,870
Packaged Spirulina [Member]
Net sales	1,659	1,878	5,626	5,523
Packaged Products [Member]
Net sales	5,047	6,391	16,393	19,393
Bulk Astaxanthin [Member]
Net sales	291	377	1,173	879
Bulk Spirulina [Member]
Net sales	1,413	613	4,628	2,590
Bulk Products [Member]
Net sales	1,704	990	5,801	3,469
Contract Extraction [Member]
Net sales	$ 234	$ 123	$ 713	$ 403

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Non Inventoriable Fixed Costs	$ 79,000	$ 158,000	$ 124,000	$ 258,000

Note 3 - Inventories - Componen

Note 3 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Raw materials	$ 690	$ 397
Work in process	3,792	4,172
Finished goods	4,894	4,945
Supplies	213	139
Inventories, net	$ 9,589	$ 9,653

Note 4 - Equipment and Leaseh_3

Note 4 - Equipment and Leasehold Improvements (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Asset Impairment Charges, Total			$ 0		$ 0
Depreciation, Depletion and Amortization, Total	$ 423,000	$ 487,000	$ 1,340,000	$ 1,458,000

Note 4 - Equipment and Leaseh_4

Note 4 - Equipment and Leasehold Improvements - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Equipment and leasehold improvements, gross	$ 34,232	$ 33,946
Less accumulated depreciation and amortization	(22,519)	(21,179)
Construction-in-progress	650	275
Equipment and leasehold improvements, net	12,363	13,042
Equipment [Member]
Equipment and leasehold improvements, gross	19,104	18,841
Leasehold Improvements [Member]
Equipment and leasehold improvements, gross	14,755	14,736
Furniture and Fixtures [Member]
Equipment and leasehold improvements, gross	$ 373	$ 369

Note 5 - Short-term Contract _2

Note 5 - Short-term Contract Obligation (Details Textual)	Nov. 30, 2018USD ($)a	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)
Short-term Non-bank Loans and Notes Payable				$ 38,000
Short-term Obligation for Cellana Asset Purchase [Member]
Debt Instrument, Face Amount	$ 180,000
Debt Instrument, Interest Rate, Stated Percentage	6.25%
Debt Instrument, Periodic Payment, Number of Monthly Payments	4
Short-term Non-bank Loans and Notes Payable		0		0
Short-term Obligation for Cellana Asset Purchase 2 [Member]
Debt Instrument, Face Amount	$ 215,000
Debt Instrument, Periodic Payment, Number of Monthly Payments	12
Short-term Non-bank Loans and Notes Payable		$ 0		$ 38,000
Debt Instrument, Hold-back, Amount			$ 38,000
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 (Acre) | a	6

Note 6 - Line of Credit and L_3

Note 6 - Line of Credit and Long-term Debt (Details Textual)	Apr. 30, 2019USD ($)	Aug. 30, 2016USD ($)	Sep. 18, 2015USD ($)	Jul. 30, 2015USD ($)	Aug. 14, 2012USD ($)	May 31, 2020USD ($)	Feb. 29, 2016USD ($)	Jul. 31, 2015USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Oct. 06, 2017USD ($)
Line of Credit, Current									$ 1,750,000			$ 1,750,000		$ 2,000,000
Repayments of Notes Payable			$ 500,000
Debt Issuance Costs, Net, Total									147,000			147,000		169,000
Proceeds from Issuance of Unsecured Debt												1,381,000
Gain (Loss) on Extinguishment of Debt, Total									1,389,000			1,389,000
Long-term Debt, Total									6,349,000			6,349,000
Finance Lease Agreement with Bank of the West [Member]
Debt Instrument, Interest Rate, Stated Percentage							4.18%
Finance Lease, Right-of-Use Asset, before Accumulated Amortization							$ 51,000
Finance Lease Liability, Number of Periodic Payments							60
Finance Lease, Liability, Total									4,000			4,000		11,000
Finance Lease Agreement with Huntington Technology Finance [Member]
Debt Instrument, Interest Rate, Stated Percentage								6.57%
Finance Lease, Right-of-Use Asset, before Accumulated Amortization								$ 174,000
Finance Lease Liability, Number of Periodic Payments								60
Finance Lease, Liability, Total									0			0		13,000
Unsecured Subordinated Loan [Member]
Long-term Debt, Gross									1,500,000			1,500,000		1,500,000
The 2015 Loan Agreement [Member]
Proceeds from Issuance of Debt				$ 2,500,000
Debt Instrument, Term (Year)				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									$ 735,000			735,000		$ 1,027,000
Debt Instrument One Time Origination and Guaranty Fees												$ 113,900
Debt Instrument Annual Renewal Fee Payable Percentage									0.50%			0.50%
Debt Instrument Guaranteed Portion									80.00%			80.00%
Term Loan Agreement, Maturing on August 14, 2032 [Member]
Debt Instrument Reference Rate									3.25%			3.25%		4.75%
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									$ 4,042,000			$ 4,042,000		$ 4,222,000
Debt Instrument Interest Payment Period (Month)					1 year
Debt Instrument Amortization Period (Year)					19 years
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%			80.00%
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
SBA CARES Act Paycheck Protection Program [Member]
Proceeds from Issuance of Unsecured Debt						$ 1,381,000
Gain (Loss) on Extinguishment of Debt, Total									$ 1,389,000			$ 1,389,000
Debt Instrument, Decrease, Principal Forgiveness												1,381,000
Debt Instrument, Decrease, Accrued Interest Forgiveness												8,000
Long-term Debt, Gross
Skywords Note [Member] | Unsecured Subordinated Loan [Member]
Debt Instrument, Face Amount	$ 1,500,000								$ 1,500,000			$ 1,500,000		$ 1,500,000	$ 1,500,000
Debt Instrument, Interest Rate, Effective Percentage									4.25%			4.25%		5.50%
Long-term Debt, Gross									$ 1,500,000			$ 1,500,000		$ 1,500,000
Equipment Finance Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage																4.75%
Debt Agreement, Maximum Borrowing Capacity																$ 175,000
Long-term Debt, Total									$ 68,000			$ 68,000		$ 94,000
Minimum [Member] | The 2015 Loan Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage				6.00%
Minimum [Member] | Term Loan Agreement, Maturing on August 14, 2032 [Member]
Debt Instrument, Interest Rate During Period												5.50%
Prime Rate [Member] | The 2015 Loan Agreement [Member]
Debt Instrument Reference Rate									3.25%			3.25%		4.75%
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%											1.00%
First Foundation Bank [Member]
Line of Credit, Current									$ 1,750,000			$ 1,750,000		$ 2,000,000
Long-term Debt and Capital Lease Obligations, Current and Noncurrent									4,777,000			4,777,000
First Foundation Bank [Member] | Minimum [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.25%
First Foundation Bank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 2,000,000							2,000,000			2,000,000
Line of Credit, Current									$ 1,750,000			$ 1,750,000		$ 2,000,000
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument Reference Rate									3.25%			3.25%		4.75%
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 ($)	Dec. 31, 2020	Mar. 31, 2020
Less current maturities	$ (3,954,000)	$ (2,689,000)
Long-term debt, excluding current maturities	4,145,000	6,178,000
Less unamortized debt issuance costs	(147,000)	(169,000)
Total long-term debt, net of current maturities and unamortized debt issuance costs	3,998,000	6,009,000
SBA CARES Act Paycheck Protection Program [Member]
Long-term debt
Line of Credit [Member]
Long-term debt	1,750,000	2,000,000
Long-term Debt, Excluding Related Party Debt [Member]
Long-term debt	4,849,000	5,367,000
Unsecured Subordinated Loan [Member]
Long-term debt	$ 1,500,000	$ 1,500,000

Note 6 - Line of Credit and L_5

Note 6 - Line of Credit and Long-term Debt - Future Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Remainder of 2021	$ 176
2022	2,213
2023	477
2024	289
2025	306
Thereafter	2,888
Total principal payments	$ 6,349

Note 7 - Operating Leases (Deta

Note 7 - Operating Leases (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Lease, Weighted Average Remaining Lease Term (Year)	13 years 219 days
Operating Lease, Weighted Average Discount Rate, Percent	7.50%
Operating Lease, Expense	$ 445,000	$ 445,000

Note 7 - Operating Leases - Sup

Note 7 - Operating Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Right-of-use assets	$ 4,128	$ 4,128
Accumulated lease amortization	(530)	(294)
Total right-of-use assets	3,598	3,834
Current lease liabilities	338	319
Non-current lease liabilities	3,265	3,519
Total lease liabilities	$ 3,603	$ 3,838

Note 7 - Operating Leases - Ope

Note 7 - Operating Leases - Operating Leases Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Remainder of 2021	$ 148
2022	593
2023	371
2024	371
2025	348
Thereafter	3,883
Total undiscounted lease payments	5,714
Less: present value discount	(2,111)
Total lease liability balance	$ 3,603	$ 3,838

Note 8 - Accrued Expenses - Com

Note 8 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Wages, commissions, bonus and profit sharing	$ 90	$ 295
Vacation	383	301
Rent, interest and legal	97	76
Other accrued expenses	131	177
Total accrued expenses	$ 701	$ 849

Note 10 - Share-based Compens_3

Note 10 - Share-based Compensation (Details Textual)	3 Months Ended		9 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)	Sep. 30, 2020shares	Mar. 31, 2020$ / shares
Number of Shareholder Approved Share-based Compensation Plans	2		2
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares	1,121,491		1,121,491
Share Price (in dollars per share) | $ / shares	$ 3.04		$ 3.04			$ 2.06
ShareBased Compensation Arrangement By Share Based Payment Award Weighted Average Grant Date Fair Value Options Granted			$ 6,000
Former Executive [Member]
Share-based Payment Arrangement, Expense			205,000
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense	$ 10,000	$ 5,000	19,000	$ 123,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	132,000		$ 132,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			3 years 109 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 (Year)			10 years
Restricted Stock [Member] | Share-based Payment Arrangement, Nonemployee [Member]
Share-based Payment Arrangement, Expense			$ 158,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares			66,385
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Expense	8,000	$ 26,000	$ 20,000	$ 64,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 51,000		$ 51,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 73 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares			28,647
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 (in shares) | shares	0		0
The 2004 Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | shares	0		0		0

Note 10 - Share-based Compens_4

Note 10 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) - shares	Dec. 31, 2020	Sep. 30, 2020
Authorized (in shares)	1,650,000
Available (in shares)	1,121,491
Outstanding (in shares)	422,988
The 2016 Plan [Member]
Authorized (in shares)	1,300,000
Available (in shares)	1,078,358
Outstanding (in shares)	163,688
2014 Directors Plan [Member]
Authorized (in shares)	350,000
Available (in shares)	43,133
Outstanding (in shares)	12,000
The 2005 Plan [Member]
Authorized (in shares)
Available (in shares)	0
Outstanding (in shares)	235,300
The 2004 Directors Plan [Member]
Authorized (in shares)
Available (in shares)	0	0
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 ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Outstanding (in shares)	318,300
Outstanding, weighted average exercise price (in dollars per share)	$ 4.08
Outstanding, weighted average remaining contractual term (Year)	4 years	3 years
Outstanding, aggregate intrinsic value	$ 94,600
Granted (in shares)	130,000
Granted, weighted average exercise price (in dollars per share)	$ 2.35
Exercised (in shares)
Exercised, weighted average exercise price (in dollars per share)
Forfeited (in shares)	(54,000)
Forfeited, weighted average exercise price (in dollars per share)	$ 3.16
Outstanding (in shares)	394,300	318,300
Outstanding, weighted average exercise price (in dollars per share)	$ 2.21	$ 4.08
Exercisable (in shares)	269,300
Exercisable, weighted average exercise price (in dollars per share)	$ 2.69
Exercisable, weighted average remaining contractual term (Year)	1 year 146 days
Exercisable, aggregate intrinsic value	$ 7,850

Note 10 - Share-based Compens_6

Note 10 - Share-based Compensation - Summary of Non-vested Options (Details)	9 Months Ended
	Dec. 31, 2020$ / sharesshares
Nonvested (in shares) | shares	37,500
Nonvested (in dollars per share) | $ / shares	$ 1.52
Granted (in shares) | shares	130,000
Granted (in dollars per share) | $ / shares	$ 1.20
Vested (in shares) | shares	(5,000)
Vested (in dollars per share) | $ / shares	$ 1.27
Forfeited (in shares) | shares	(37,500)
Forfeited (in dollars per share) | $ / shares	$ 1.52
Nonvested (in shares) | shares	125,000
Nonvested (in dollars per share) | $ / shares	$ 1.19

Note 10 - Share-based Compens_7

Note 10 - Share-based Compensation - Restricted Stock Units (Details)	9 Months Ended
	Dec. 31, 2020$ / sharesshares
Nonvested restricted stock units (in shares)	422,988
Restricted Stock Units (RSUs) [Member]
Nonvested restricted stock units (in shares)	12,766
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ / shares	$ 3.98
Granted (in shares)	28,647
Granted, weighted average grant price (in dollars per share) | $ / shares	$ 2.15
Vested (in shares)	(9,135)
Vested, weighted average grant price (in dollars per share) | $ / shares	$ (3.97)
Forfeited (in shares)	(3,590)
Forfeited, weighted average grant price (in dollars per share) | $ / shares	$ 2.23
Nonvested restricted stock units (in shares)	28,688
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ / shares	$ 2.38

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Expense (Benefit), Total	$ (2,000)	$ 32,000	$ 3,000	$ 29,000
Effective Income Tax Rate Reconciliation, Percent, Total	0.20%	15.80%	0.30%	9.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0	$ 0	$ 0

Note 12 - Earnings Per Share -

Note 12 - Earnings 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		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 827	$ 171	$ 1,121	$ 1,121	$ 266
Shares outstanding - basic (in shares)	6,097	5,957	6,060	6,060	5,946
Earnings per share - basic (in dollars per share)	$ 0.14	$ 0.03	$ 0.18	$ 0.18	$ 0.04
Effective dilutive securities – common stock options and restricted stock units (in shares)	125	5	109		3
Net income - diluted	$ 827	$ 171	$ 1,121		$ 266
Shares outstanding - diluted (in shares)	6,222	5,962	6,169	6,169	5,949
Earnings per share - diluted (in dollars per share)	$ 0.13	$ 0.03	$ 0.18	$ 0.18	$ 0.04

Note 13 - Related Party Trans_2

Note 13 - Related Party Transactions (Details Textual) - Skywords Note [Member] - Unsecured Subordinated Loan [Member] - USD ($)	Apr. 30, 2019	Dec. 31, 2020	Mar. 31, 2020	Sep. 30, 2019
Debt Instrument, Face Amount	$ 1,500,000	$ 1,500,000	$ 1,500,000	$ 1,500,000
Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.00%