Cyanotech (CYAN) 10-Q 9 Nov 22 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Document Information [Line Items]
Entity Central Index Key	0000768408
Entity Registrant Name	Cyanotech Corp
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	0-14602
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	91-1206026
Entity Address, Address Line One	73-4460 Queen Kaahumanu Hwy. #102
Entity Address, City or Town	Kailua-Kona
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96740
City Area Code	808
Local Phone Number	326-1353
Title of 12(b) Security	Common Stock, $0.02 par value per share
Trading Symbol	CYAN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,271,971

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Current assets:
Cash	$ 379,000	$ 2,589,000
Accounts receivable, net of allowance for doubtful accounts of $67 as of September 30, 2022 and March 31, 2022	2,118,000	3,664,000
Inventories	12,088,000	9,466,000
Prepaid expenses and other current assets	356,000	545,000
Total current assets	14,941,000	16,264,000
Equipment and leasehold improvements, net	11,747,000	11,885,000
Operating lease right-of-use assets, net	3,573,000	3,787,000
Other assets	92,000	109,000
Total assets	30,353,000	32,045,000
Current liabilities:
Accounts payable	1,544,000	2,362,000
Accrued expenses	1,078,000	1,412,000
Customer deposits	92,000	164,000
Operating lease obligations, current portion	294,000	393,000
Line of credit	1,300,000	0
Current maturities of long-term debt	277,000	490,000
Total current liabilities	4,585,000	4,821,000
Long-term debt, less current maturities	4,212,000	4,336,000
Long-term operating lease obligations	3,265,000	3,386,000
Other long-term liabilities	5,000	15,000
Total liabilities	12,067,000	12,558,000
Commitments and contingencies
Stockholders’ equity:
Preferred stock of $0.01 par value, authorized 10,000,000 shares; no shares issued and outstanding	0	0
Common stock of $0.02 par value, authorized 50,000,000 shares; issued and outstanding 6,271,971 shares at September 30, 2022 and 6,202,223 shares at March 31, 2022	125,000	124,000
Additional paid-in capital	33,767,000	33,557,000
Accumulated deficit	(15,606,000)	(14,194,000)
Total stockholders’ equity	18,286,000	19,487,000
Total liabilities and stockholders’ equity	$ 30,353,000	$ 32,045,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Accounts receivable, allowance for doubtful accounts	$ 67	$ 67
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)	6,271,971	6,202,223
Common stock, shares outstanding (in shares)	6,271,971	6,202,223

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 5,179,000	$ 9,419,000	$ 11,895,000	$ 18,383,000
Cost of sales	3,389,000	5,657,000	7,787,000	10,949,000
Gross profit	1,790,000	3,762,000	4,108,000	7,434,000
Operating expenses:
General and administrative	1,279,000	1,422,000	2,608,000	2,768,000
Sales and marketing	1,142,000	1,131,000	2,310,000	2,681,000
Research and development	206,000	127,000	452,000	284,000
Total operating expenses	2,627,000	2,680,000	5,370,000	5,733,000
(Loss) income from operations	(837,000)	1,082,000	(1,262,000)	1,701,000
Interest expense, net	(103,000)	(101,000)	(147,000)	(196,000)
(Loss) income before income taxes	(940,000)	981,000	(1,409,000)	1,505,000
Income tax expense	0	(11,000)	(3,000)	(14,000)
Net (loss) income	$ (940,000)	$ 970,000	$ (1,412,000)	$ 1,491,000
Net (loss) income per share:
Basic (in dollars per share)	$ (0.15)	$ 0.16	$ (0.23)	$ 0.24
Diluted (in dollars per share)	$ (0.15)	$ 0.16	$ (0.23)	$ 0.24
Shares used in calculation of net (loss) income per share:
Basic (in shares)	6,228	6,130	6,216	6,124
Diluted (in shares)	6,228	6,139	6,216	6,136

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Mar. 31, 2021	6,116,073
Balance at Mar. 31, 2021	$ 122	$ 33,267	$ (16,348)	$ 17,041
Issuances of vested shares of restricted stock (in shares)	34,751
Issuances of vested shares of restricted stock	$ 1	(40)	0	(39)
Shares withheld for tax payments (in shares)	(12,096)
Share-based compensation expense		120		120
Net (loss) income			1,491	1,491
Net income (loss)			1,491	1,491
Balance (in shares) at Sep. 30, 2021	6,138,728
Balance at Sep. 30, 2021	$ 123	33,347	(14,857)	18,613
Balance (in shares) at Jun. 30, 2021	6,117,719
Balance at Jun. 30, 2021	$ 122	33,285	(15,827)	17,580
Issuances of vested shares of restricted stock (in shares)	32,210
Issuances of vested shares of restricted stock		(37)		(36)
Shares withheld for tax payments (in shares)	(11,201)
Share-based compensation expense		99		99
Net (loss) income			970	970
Net income (loss)			970	970
Balance (in shares) at Sep. 30, 2021	6,138,728
Balance at Sep. 30, 2021	$ 123	33,347	(14,857)	18,613
Balance (in shares) at Mar. 31, 2022	6,202,223
Balance at Mar. 31, 2022	$ 124	33,557	(14,194)	19,487
Issuances of common stock for Director Stock Grants (in shares)	64,489
Issuances of common stock for Director Stock Grants	$ 1	157	0	158
Issuances of vested shares of restricted stock (in shares)	8,312
Issuances of vested shares of restricted stock	$ 0	(10)	0	(10)
Shares withheld for tax payments (in shares)	(3,053)
Share-based compensation expense		63		63
Net (loss) income			(1,412)	(1,412)
Net income (loss)			(1,412)	(1,412)
Balance (in shares) at Sep. 30, 2022	6,271,971
Balance at Sep. 30, 2022	$ 125	33,767	(15,606)	18,286
Balance (in shares) at Jun. 30, 2022	6,203,643
Balance at Jun. 30, 2022	$ 124	33,576	(14,666)	19,034
Issuances of common stock for Director Stock Grants (in shares)	64,489
Issuances of common stock for Director Stock Grants	$ 1	157	0	158
Issuances of vested shares of restricted stock (in shares)	6,035
Issuances of vested shares of restricted stock		(7)		(7)
Shares withheld for tax payments (in shares)	(2,196)
Share-based compensation expense		41		41
Net (loss) income			(940)	(940)
Net income (loss)			(940)	(940)
Balance (in shares) at Sep. 30, 2022	6,271,971
Balance at Sep. 30, 2022	$ 125	$ 33,767	$ (15,606)	$ 18,286

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (1,412,000)	$ 1,491,000
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	834,000	798,000
Amortization of debt issue costs and other assets	23,000	32,000
Amortization of operating leases right-of-use assets	214,000	144,000
Share-based compensation expense	221,000	120,000
Provision for doubtful accounts		85,000
Net (increase) decrease in assets:
Accounts receivable	1,546,000	(726,000)
Inventories	(2,622,000)	(897,000)
Prepaid expenses and other assets	197,000	134,000
Net increase (decrease) in liabilities:
Accounts payable	(826,000)	(992,000)
Accrued expenses	(334,000)	406,000
Customer deposits	(72,000)	(14,000)
Operating lease obligations	(220,000)	(147,000)
Deferred rent and other liabilities	(9,000)	(8,000)
Net cash (used in) provided by operating activities	(2,460,000)	426,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in equipment and leasehold improvements	(690,000)	(521,000)
Net cash used in investing activities	(690,000)	(521,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net draws (payments) on line of credit	1,300,000	(650,000)
Net payments on debt – related party		(500,000)
Principal payments on long-term debt	(350,000)	(349,000)
Taxes paid related to net share settlement of restricted stock units	(10,000)	(39,000)
Net cash provided by (used in) financing activities	940,000	(1,538,000)
Net decrease in cash	(2,210,000)	(1,633,000)
Cash at beginning of period	2,589,000	3,767,000
Cash at end of period	379,000	2,134,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	149,000	180,000
Income taxes	$ 28,000	$ 2,000

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	6 Months Ended
	Sep. 30, 2022
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 BioAstin Hawaiian Astaxanthin 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, 2022 March 31, 2022, 10 June 22, 2022. Liquidity and Capital Resources As of September 30, 2022, March 31, 2022. September 30, 2022 March 31, 2022, August 30, 2023 September 30, 2022 March 31, 2022, April 12, 2024 As of September 30, 2022, August 2032. March 31, 2022, In April 2019, April 12, 2021, 5 12 September 30, 2022 March 31, 2022, In the second 2023, third 2023, 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. The Company has developed its operating plan to produce the cash flows necessary to meet all financing requirements. Although the Company has a history of either being in compliance with debt covenants or obtaining the necessary waivers, execution of its operating plan is dependent on many factors, some of which are not may

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Sep. 30, 2022
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 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 September 30, 2022, three September 30, 2021, six September 30, 2022, six September 30, 2021, Two September 30, 2022 March 31, 2022, 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 September 30, 2022 2021, not March 31, 2022 2021, six September 30, 2022 2021, March 31, 2022 2021, 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 September 30, 2022 Three Months Ended September 30, 2021 Packaged sales Astaxanthin packaged $ 2,854 $ 4,015 Spirulina packaged 1,061 1,796 Total packaged sales 3,915 5,811 Bulk sales Astaxanthin bulk 333 509 Spirulina bulk 784 2,985 Total bulk sales 1,117 3,494 Contract extraction revenue 147 114 Total net sales $ 5,179 $ 9,419 ($ in thousands) Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Packaged sales Astaxanthin packaged $ 6,379 $ 8,054 Spirulina packaged 2,572 4,538 Total packaged sales 8,951 12,592 Bulk sales Astaxanthin bulk 827 914 Spirulina bulk 1,877 4,569 Total bulk sales 2,704 5,483 Contract extraction revenue 240 308 Total net sales $ 11,895 $ 18,383 Recently Adopted Accounting Pronouncements In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 2019 12” 2019 12 December 15, 2020, 2019 12 April 1, 2021 no

Note 3 - Inventories

Note 3 - Inventories	6 Months Ended
	Sep. 30, 2022
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 September 30, 2022 March 31, 2022 (in thousands) Raw materials $ 1,843 $ 1,490 Work in process 4,461 2,868 Finished goods 5,349 4,595 Supplies 435 513 Inventories $ 12,088 $ 9,466 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. The Company had no abnormal productions costs for the three September 30, 2022 2021. Beginning in fiscal 2021, first six 2023. not Other non-inventoriable fixed costs of $34,000 and $32,000 were expensed to cost of sales for the three September 30, 2022 2021, six September 30, 2022 2021,

Note 4 - Equipment and Leasehol

Note 4 - Equipment and Leasehold Improvements	6 Months Ended
	Sep. 30, 2022
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: September 30, 2022 March 31, 2022 (in thousands) Equipment $ 20,493 $ 20,231 Leasehold improvements 14,786 14,751 Furniture and fixtures 401 394 35,680 35,376 Less accumulated depreciation and amortization (25,164 ) (24,339 ) Construction-in-progress 1,231 848 Equipment and leasehold improvements, net $ 11,747 $ 11,885 Management has determined that no asset impairment existed as of September 30, 2022. three September 30, 2022 2021, six September 30, 2022 2021,

Note 5 - Line of Credit and Lon

Note 5 - Line of Credit and Long-term Debt	6 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	5. LINE OF CREDIT AND LONG-TERM DEBT Total debt consists of the following as of: September 30, 2022 March 31, 2022 (in thousands) Line of credit $ 1,300 $ — Long-term debt 3,588 3,938 Debt - related party 1,000 1,000 Less current maturities (1,577 ) (490 ) Long-term debt, excluding current maturities 4,311 4,448 Less unamortized debt issuance costs (99 ) (112 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 4,212 $ 4,336 Line of Credit and Term Loans On August 30, 2016, June 3, 2016, September 30, 2022 March 31, 2022) no At September 30, 2022 March 31, 2022, September 30, 2022 August 30, 2022 August 30, 2023. 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, “2015 July 30, 2015 ( “2015 2015 $2,500,000, 2015 September 18, 2015, The provisions of the 2015 September 1, 2022, seven 2015 September 30, 2022 March 31, 2022, first no 2015 September 2022 2015 March 31, 2022, In 2012, “2012 August 14, 2012 “2012 2012 2012 The provisions of the 2012 first August 14, 2032, nineteen 19 2012 September 30, 2022 March 31, 2022, first no 2012 September 30, 2022 March 31, 2022, The 2015 one December 31 December 31, 2015. 2015 2012 one December 31 December 31, 2012. 2012 September 30, 2022 March 31, 2022, Loan Covenants The Company’s Credit Agreement, 2015 2012 March 31, 2022, March 31, 2023. Debt Related Party In April 2019, April 2021. April 2021, April 2024, 12 September 30, 2022 March 31, 2022, September 30, 2022 March 31, 2022, first no Future principal payments under the loans and finance lease obligations at September 30, 2022 Payments Due (in thousands) Remainder of 2023 $ 277 2024 293 2025 1,310 2026 328 2027 348 Thereafter 2,032 Total principal payments $ 4,588

Note 6 - Operating Leases

Note 6 - Operating Leases	6 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	6. OPERATING LEASES The Company leases facilities, equipment and land under non-cancelable operating leases expiring through 2037. five April 1, 2019 two September 30, 2022, six September 30, 2022 2021, Supplemental balance sheet information related to leases consist of the following as of: Operating leases Balance Sheet Classification September 30, 2022 March 31, 2022 (in thousands) Right-of-use assets Operating lease right-of-use assets $ 4,720 $ 4,720 Accumulated lease amortization Operating lease right-of-use assets (1,147 ) (933 ) Total right-of-use assets $ 3,573 $ 3,787 Current lease liabilities Operating lease obligations $ 294 $ 393 Non-current lease liabilities Long-term operating lease obligations 3,265 3,386 Total lease liabilities $ 3,559 $ 3,779 Maturities of lease liabilities at September 30, 2022 Payments (in thousands) Remainder of 2023 $ 268 2024 480 2025 465 2026 439 2027 437 Thereafter 3,246 Total undiscounted lease payments 5,335 Less: present value discount (1,776 ) Total lease liability balance $ 3,559

Note 7 - Accrued Expenses

Note 7 - Accrued Expenses	6 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. ACCRUED EXPENSES Accrued expenses consist of the following as of: September 30, 2022 March 31, 2022 (in thousands) Bonus and profit sharing $ 232 $ 488 Wages 225 211 Vacation 414 392 Rent, interest and legal 58 108 Other accrued expenses 149 213 Total accrued expenses $ 1,078 $ 1,412

Note 8 - Other Commitments and

Note 8 - Other Commitments and Contingencies	6 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. COMMITMENTS AND CONTINGENCIES From time to time, the Company may no September 30, 2022.

Note 9 - Share-based Compensati

Note 9 - Share-based Compensation	6 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	9. SHARE-BASED COMPENSATION The Company has share-based compensation plans, which are more fully described in Note 10, 10 March 31, 2022 June 22, 2022. As of September 30, 2022, two 2016 “2016 2014 “2014 September 30, 2022, 2004 “2004 2004 The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of September 30, 2022 Authorized Available Outstanding 2016 Plan 1,300,000 879,875 306,896 2014 Directors Plan 650,000 223,206 12,000 2004 Directors Plan — — 6,000 Total 1,950,000 1,103,081 324,896 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no 2016 2014 No ten 10 three September 30, 2022 2021, six September 30, 2022 2021, A summary of option activity under the Company’s stock plans for the six September 30, 2022 Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at March 31, 2022 252,500 $ 3.34 6.5 $ 159,650 Granted 50,000 $ 3.43 Expired (49,500 ) $ 5.80 Outstanding at September 30, 2022 253,000 $ 2.88 8.0 $ 250 Exercisable at September 30, 2022 111,333 $ 2.90 7.1 $ 250 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 $2.16 and $3.37 at September 30, 2022 March 31, 2022, A summary of the Company’s non-vested options for the six September 30, 2022 Nonvested Options Shares Weighted Average Grant-Date Fair Value Nonvested at March 31, 2022 141,667 $ 1.33 Granted 50,000 1.94 Vested (50,000 ) 1.33 Nonvested at September 30, 2022 141,667 $ 1.55 The weighted average grant-date fair value of stock options granted during the six September 30, 2022 September 30, 2022, Restricted Stock Grants of fully vested restricted stock issued to Non-Employee Directors during the six September 30, 2022 2021 2014 three six September 30, 2022 2021, Restricted Stock Units ( RSUs ) RSUs are service-based awards granted to eligible employees under the 2016 2016 three September 30, 2022 2021, 2016 six September 30, 2022 2021, The following table summarizes information related to awarded RSUs for the six September 30, 2022: Nonvested Restricted Stock Units Shares Weighted Average Grant Price Nonvested restricted stock units at March 31, 2022 14,465 $ 2.22 Granted 66,423 3.13 Vested (8,312 ) 2.35 Forfeited (680 ) 2.82 Nonvested restricted stock units at September 30, 2022 71,896 $ 3.04 As of September 30, 2022,

Note 10 - Income Taxes

Note 10 - Income Taxes	6 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10. INCOME TAXES 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 expense of $0 and $11,000 for the three September 30, 2022 2021, three September 30, 2022 2021, six September 30, 2022 2021, six September 30, 2022 2021, not not The Company is subject to taxation in the United States and eight may may As of September 30, 2022 2021, With few exceptions, the Company is no 2018.

Note 11 - Earnings Per Share

Note 11 - Earnings Per Share	6 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	11. EARNINGS PER SHARE Basic earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the treasury stock method. Reconciliations between the numerator and the denominator of the basic and diluted (loss) income per share computations for the three six September 30, 2022 2021 Three Months Ended September 30, 2022 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (940 ) 6,228 $ (0.15 ) Three Months Ended September 30, 2021 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 970 6,130 $ 0.16 Effective dilutive securities – common stock options and restricted stock units — 9 — Diluted income per share $ 970 6,139 $ 0.16 Six Months Ended September 30, 2022 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (1,412 ) 6,216 $ (0.23 ) Six Months Ended September 30, 2021 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 1,491 6,124 $ 0.24 Effective dilutive securities – common stock options and restricted stock units — 12 — Diluted income per share $ 1,491 6,136 $ 0.24 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 three September 30, 2022, six September 30, 2022,

Note 12 - Related-party Transac

Note 12 - Related-party Transactions and Balances	6 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	12. RELATED PARTY TRANSACTIONS In April 2019, April 12, 2021. On April 12, 2021, may not $500,000, three April 12, 2021, no April 12, 2024, may On April 12, 2021, two At both September 30, 2022 March 31, 2022, September 30, 2022 March 31, 2022,

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2022
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 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 September 30, 2022, three September 30, 2021, six September 30, 2022, six September 30, 2021, Two September 30, 2022 March 31, 2022,
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 September 30, 2022 2021, not March 31, 2022 2021, six September 30, 2022 2021, March 31, 2022 2021, 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 September 30, 2022 Three Months Ended September 30, 2021 Packaged sales Astaxanthin packaged $ 2,854 $ 4,015 Spirulina packaged 1,061 1,796 Total packaged sales 3,915 5,811 Bulk sales Astaxanthin bulk 333 509 Spirulina bulk 784 2,985 Total bulk sales 1,117 3,494 Contract extraction revenue 147 114 Total net sales $ 5,179 $ 9,419 ($ in thousands) Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Packaged sales Astaxanthin packaged $ 6,379 $ 8,054 Spirulina packaged 2,572 4,538 Total packaged sales 8,951 12,592 Bulk sales Astaxanthin bulk 827 914 Spirulina bulk 1,877 4,569 Total bulk sales 2,704 5,483 Contract extraction revenue 240 308 Total net sales $ 11,895 $ 18,383
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Pronouncements In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 2019 12” 2019 12 December 15, 2020, 2019 12 April 1, 2021 no

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	($ in thousands) Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Packaged sales Astaxanthin packaged $ 2,854 $ 4,015 Spirulina packaged 1,061 1,796 Total packaged sales 3,915 5,811 Bulk sales Astaxanthin bulk 333 509 Spirulina bulk 784 2,985 Total bulk sales 1,117 3,494 Contract extraction revenue 147 114 Total net sales $ 5,179 $ 9,419 ($ in thousands) Six Months Ended September 30, 2022 Six Months Ended September 30, 2021 Packaged sales Astaxanthin packaged $ 6,379 $ 8,054 Spirulina packaged 2,572 4,538 Total packaged sales 8,951 12,592 Bulk sales Astaxanthin bulk 827 914 Spirulina bulk 1,877 4,569 Total bulk sales 2,704 5,483 Contract extraction revenue 240 308 Total net sales $ 11,895 $ 18,383

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	6 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2022 March 31, 2022 (in thousands) Raw materials $ 1,843 $ 1,490 Work in process 4,461 2,868 Finished goods 5,349 4,595 Supplies 435 513 Inventories $ 12,088 $ 9,466

Note 4 - Equipment and Leaseh_2

Note 4 - Equipment and Leasehold Improvements (Tables)	6 Months Ended
	Sep. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, 2022 March 31, 2022 (in thousands) Equipment $ 20,493 $ 20,231 Leasehold improvements 14,786 14,751 Furniture and fixtures 401 394 35,680 35,376 Less accumulated depreciation and amortization (25,164 ) (24,339 ) Construction-in-progress 1,231 848 Equipment and leasehold improvements, net $ 11,747 $ 11,885

Note 5 - Line of Credit and L_2

Note 5 - Line of Credit and Long-term Debt (Tables)	6 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	September 30, 2022 March 31, 2022 (in thousands) Line of credit $ 1,300 $ — Long-term debt 3,588 3,938 Debt - related party 1,000 1,000 Less current maturities (1,577 ) (490 ) Long-term debt, excluding current maturities 4,311 4,448 Less unamortized debt issuance costs (99 ) (112 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 4,212 $ 4,336
Schedule of Maturities of Long-Term Debt [Table Text Block]	Payments Due (in thousands) Remainder of 2023 $ 277 2024 293 2025 1,310 2026 328 2027 348 Thereafter 2,032 Total principal payments $ 4,588

Note 6 - Operating Leases (Tabl

Note 6 - Operating Leases (Tables)	6 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Supplement Balance Sheet Information for Operating Lease [Table Text Block]	Operating leases Balance Sheet Classification September 30, 2022 March 31, 2022 (in thousands) Right-of-use assets Operating lease right-of-use assets $ 4,720 $ 4,720 Accumulated lease amortization Operating lease right-of-use assets (1,147 ) (933 ) Total right-of-use assets $ 3,573 $ 3,787 Current lease liabilities Operating lease obligations $ 294 $ 393 Non-current lease liabilities Long-term operating lease obligations 3,265 3,386 Total lease liabilities $ 3,559 $ 3,779
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Payments (in thousands) Remainder of 2023 $ 268 2024 480 2025 465 2026 439 2027 437 Thereafter 3,246 Total undiscounted lease payments 5,335 Less: present value discount (1,776 ) Total lease liability balance $ 3,559

Note 7 - Accrued Expenses (Tabl

Note 7 - Accrued Expenses (Tables)	6 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, 2022 March 31, 2022 (in thousands) Bonus and profit sharing $ 232 $ 488 Wages 225 211 Vacation 414 392 Rent, interest and legal 58 108 Other accrued expenses 149 213 Total accrued expenses $ 1,078 $ 1,412

Note 9 - Share-based Compensa_2

Note 9 - Share-based Compensation (Tables)	6 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block]	As of September 30, 2022 Authorized Available Outstanding 2016 Plan 1,300,000 879,875 306,896 2014 Directors Plan 650,000 223,206 12,000 2004 Directors Plan — — 6,000 Total 1,950,000 1,103,081 324,896
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at March 31, 2022 252,500 $ 3.34 6.5 $ 159,650 Granted 50,000 $ 3.43 Expired (49,500 ) $ 5.80 Outstanding at September 30, 2022 253,000 $ 2.88 8.0 $ 250 Exercisable at September 30, 2022 111,333 $ 2.90 7.1 $ 250
Schedule of Nonvested Share Activity [Table Text Block]	Nonvested Options Shares Weighted Average Grant-Date Fair Value Nonvested at March 31, 2022 141,667 $ 1.33 Granted 50,000 1.94 Vested (50,000 ) 1.33 Nonvested at September 30, 2022 141,667 $ 1.55
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Nonvested Restricted Stock Units Shares Weighted Average Grant Price Nonvested restricted stock units at March 31, 2022 14,465 $ 2.22 Granted 66,423 3.13 Vested (8,312 ) 2.35 Forfeited (680 ) 2.82 Nonvested restricted stock units at September 30, 2022 71,896 $ 3.04

Note 11 - Earnings Per Share (T

Note 11 - Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, 2022 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (940 ) 6,228 $ (0.15 ) Three Months Ended September 30, 2021 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 970 6,130 $ 0.16 Effective dilutive securities – common stock options and restricted stock units — 9 — Diluted income per share $ 970 6,139 $ 0.16 Six Months Ended September 30, 2022 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (1,412 ) 6,216 $ (0.23 ) Six Months Ended September 30, 2021 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 1,491 6,124 $ 0.24 Effective dilutive securities – common stock options and restricted stock units — 12 — Diluted income per share $ 1,491 6,136 $ 0.24

Note 1 - Organization and Bas_2

Note 1 - Organization and Basis of Presentation (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Mar. 31, 2022	Apr. 30, 2019	Aug. 30, 2016
Cash and Cash Equivalents, at Carrying Value, Total	$ 379,000	$ 379,000	$ 2,589,000
Working Capital (Deficit)	10,356,000	10,356,000	11,443,000
Line of Credit, Current	1,300,000	1,300,000	0
Long-term Debt and Capital Lease Obligations, Current and Noncurrent	3,588,000	3,588,000
Unsecured Subordinated Loan From Skywords [Member]
Debt Instrument, Face Amount			1,000,000	$ 1,500,000
First Foundation Bank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			2,000,000		$ 2,000,000
Line of Credit, Current	1,300,000	1,300,000	0
Proceeds from Lines of Credit, Total	1,300,000
Related Party [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500,000	500,000
Line of Credit, Current	$ 0	$ 0	$ 0
Line of Credit Facility, Expiration Date		Apr. 12, 2024

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual)	3 Months Ended			6 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2022
Contract with Customer, Liability, Revenue Recognized	$ 0		$ 0	$ 91,000	$ 49,000
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Number of Major Customers	1		2	2	2
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 1 [Member]
Concentration Risk, Percentage	48%		28%	35%	21%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 2 [Member]
Concentration Risk, Percentage			21%	10%	16%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Number of Major Customers		2				2
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Number 1 [Member]
Concentration Risk, Percentage				76%		76%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Number 2 [Member]
Concentration Risk, Percentage				63%		63%

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Revenue By Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 5,179	$ 9,419	$ 11,895	$ 18,383
Packaged Astaxanthin [Member]
Net sales	2,854	4,015	6,379	8,054
Packaged Spirulina [Member]
Net sales	1,061	1,796	2,572	4,538
Packaged Products [Member]
Net sales	3,915	5,811	8,951	12,592
Bulk Astaxanthin [Member]
Net sales	333	509	827	914
Bulk Spirulina [Member]
Net sales	784	2,985	1,877	4,569
Bulk Products [Member]
Net sales	1,117	3,494	2,704	5,483
Contract Extraction [Member]
Net sales	$ 147	$ 114	$ 240	$ 308

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Inventory Abnormal Production Costs		$ 0		$ 0
Non Inventoriable Fixed Costs	$ 34,000		$ 32,000		$ 69,000	$ 36,000

Note 3 - Inventories - Componen

Note 3 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Raw materials	$ 1,843	$ 1,490
Work in process	4,461	2,868
Finished goods	5,349	4,595
Supplies	435	513
Inventories	$ 12,088	$ 9,466

Note 4 - Equipment and Leaseh_3

Note 4 - Equipment and Leasehold Improvements (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Asset Impairment Charges, Total			$ 0
Depreciation, Depletion and Amortization, Total	$ 417,000	$ 398,000	$ 834,000	$ 798,000

Note 4 - Equipment and Leaseh_4

Note 4 - Equipment and Leasehold Improvements - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Equipment and leasehold improvements, gross	$ 35,680	$ 35,376
Less accumulated depreciation and amortization	(25,164)	(24,339)
Construction-in-progress	1,231	848
Equipment and leasehold improvements, net	11,747	11,885
Equipment [Member]
Equipment and leasehold improvements, gross	20,493	20,231
Leasehold Improvements [Member]
Equipment and leasehold improvements, gross	14,786	14,751
Furniture and Fixtures [Member]
Equipment and leasehold improvements, gross	$ 401	$ 394

Note 5 - Line of Credit and L_3

Note 5 - Line of Credit and Long-term Debt (Details Textual) - USD ($)					1 Months Ended	6 Months Ended			12 Months Ended
	Apr. 12, 2021	Sep. 18, 2015	Jul. 30, 2015	Aug. 14, 2012	Apr. 30, 2021	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2020	Apr. 30, 2019	Aug. 30, 2016
Line of Credit, Current						$ 1,300,000			$ 0
Repayments of Notes Payable		$ 500,000
Long-term Debt and Capital Lease Obligations, Current and Noncurrent						3,588,000
Debt Issuance Costs, Net, Total						99,000			112,000
Long-term Debt, Current Maturities, Total						1,577,000			490,000
Interest Paid, Excluding Capitalized Interest, Operating Activities						149,000		$ 180,000
Unsecured Subordinated Loan [Member]
Long-term Debt, Gross						$ 1,000,000			$ 1,000,000
The 2015 Loan Agreement [Member]
Debt Instrument Reference Rate						4.75%			3.25%
Proceeds from Issuance of Debt			$ 2,500,000
Debt Instrument, Term (Year)			7 years
Long-term Debt and Capital Lease Obligations, Current and Noncurrent									$ 218,000
Debt Instrument One Time Origination and Guaranty Fees							$ 113,900
Debt Instrument Annual Renewal Fee Payable Percentage							0.50%
Debt Instrument Guaranteed Portion							80%
Term Loan Agreement, Maturing on August 14, 2032 [Member]
Debt Instrument Reference Rate						4.75%			3.25%
Debt Instrument, Basis Spread on Variable Rate							1%
Proceeds from Issuance of Debt				$ 5,500,000
Long-term Debt and Capital Lease Obligations, Current and Noncurrent						$ 3,588,000			$ 3,720,000
Debt Instrument Interest Payment Period (Month)				12 months
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%
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
Skywords Note [Member]
Debt Instrument Reference Rate						4.75%			3.25%
Repayments of Long-term Debt, Total	$ 500,000				$ 500,000
Interest Paid, Excluding Capitalized Interest, Operating Activities	$ 1,900				1,900
Skywords Note [Member] | Unsecured Subordinated Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage						5.75%			5%
Debt Instrument, Face Amount										$ 1,500,000	$ 1,500,000
Long-term Debt, Current Maturities, Total					$ 500,000
Long-term Debt, Gross									$ 1,000,000
Skywords Amended Note [Member]
Debt Instrument, Term (Year)	3 years
Debt Instrument, Face Amount	$ 500,000
Debt Instrument, Floor Interest Rate	5%				5%
Minimum [Member] | The 2015 Loan Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage			6%
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, Basis Spread on Variable Rate			2%
Prime Rate [Member] | Skywords Note [Member]
Debt Instrument, Basis Spread on Variable Rate					1%
Prime Rate [Member] | Skywords Note [Member] | Unsecured Subordinated Loan [Member]
Debt Instrument, Basis Spread on Variable Rate										1%
Prime Rate [Member] | Skywords Amended Note [Member]
Debt Instrument, Basis Spread on Variable Rate	1%
Prime Rate [Member] | Minimum [Member] | Skywords Note [Member]
Debt Instrument, Interest Rate During Period					5%
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
Line of Credit, Current						$ 1,300,000			$ 0
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument Reference Rate						4.75%			3.25%
Debt Instrument, Basis Spread on Variable Rate									2%

Note 5 - Line of Credit and L_4

Note 5 - Line of Credit and Long-term Debt - Summary of Line of Credit and Long-term Debt (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Less current maturities	$ (1,577,000)	$ (490,000)
Long-term debt, excluding current maturities	4,311,000	4,448,000
Less unamortized debt issuance costs	(99,000)	(112,000)
Total long-term debt, net of current maturities and unamortized debt issuance costs	4,212,000	4,336,000
Line of Credit [Member]
Long-term debt	1,300,000	0
Long-term Debt, Excluding Related Party Debt [Member]
Long-term debt	3,588,000	3,938,000
Unsecured Subordinated Loan [Member]
Long-term debt	$ 1,000,000	$ 1,000,000

Note 5 - Line of Credit and L_5

Note 5 - Line of Credit and Long-term Debt - Future Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Remainder of 2023	$ 277
2024	293
2025	1,310
2026	328
2027	348
Thereafter	2,032
Total principal payments	$ 4,588

Note 6 - Operating Leases (Deta

Note 6 - Operating Leases (Details Textual)	6 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Operating Lease, Weighted Average Remaining Lease Term (Year)	12 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	7.20%
Operating Lease, Expense	$ 344,000	$ 296,000
Solar Lease for Buildings [Member]
Leases, Number of Lease Properties	2
Lessee, Operating Lease, Term of Contract (Month)	84 months

Note 6 - Operating Leases - Sup

Note 6 - Operating Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Right-of-use assets	$ 4,720	$ 4,720
Accumulated lease amortization	(1,147)	(933)
Total right-of-use assets	3,573	3,787
Current lease liabilities	294	393
Non-current lease liabilities	3,265	3,386
Total lease liabilities	$ 3,559	$ 3,779

Note 6 - Operating Leases - Ope

Note 6 - Operating Leases - Operating Leases Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Remainder of 2023	$ 268
2024	480
2025	465
2026	439
2027	437
Thereafter	3,246
Total undiscounted lease payments	5,335
Less: present value discount	(1,776)
Total lease liability balance	$ 3,559	$ 3,779

Note 7 - Accrued Expenses - Com

Note 7 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Bonus and profit sharing	$ 232	$ 488
Wages	225	211
Vacation	414	392
Rent, interest and legal	58	108
Other accrued expenses	149	213
Total accrued expenses	$ 1,078	$ 1,412

Note 9 - Share-based Compensa_3

Note 9 - Share-based Compensation (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) shares	Mar. 31, 2020	Mar. 31, 2022 $ / 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	1,103,081		1,103,081
Share Price (in dollars per share) | $ / shares	$ 2.16		$ 2.16			$ 3.37
ShareBased Compensation Arrangement By Share Based Payment Award Weighted Average Grant Date Fair Value Options Granted			$ 97,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense	$ 24,000	$ 17,000	41,000	$ 30,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	166,000		$ 166,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years
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	0	$ 158,000	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares			64,489	0
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares			66,423
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-Based Payment Arrangement, Expense	17,000	$ 82,000	$ 22,000	$ 90,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 153,000		$ 153,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 8 months 12 days
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

Note 9 - Share-based Compensa_4

Note 9 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details)	Sep. 30, 2022 shares
Authorized (in shares)	1,950,000
Available (in shares)	1,103,081
Outstanding (in shares)	324,896
The 2016 Plan [Member]
Authorized (in shares)	1,300,000
Available (in shares)	879,875
Outstanding (in shares)	306,896
2014 Directors Plan [Member]
Authorized (in shares)	650,000
Available (in shares)	223,206
Outstanding (in shares)	12,000
The 2004 Directors Plan [Member]
Available (in shares)	0
Outstanding (in shares)	6,000

Note 9 - Share-based Compensa_5

Note 9 - Share-based Compensation - Summary of Option Activity Under Stock Plans (Details) - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Outstanding (in shares)	252,500
Outstanding, weighted average exercise price (in dollars per share)	$ 3.34
Outstanding, weighted average remaining contractual term (Year)	8 years	6 years 6 months
Outstanding, aggregate intrinsic value	$ 250	$ 159,650
Granted (in shares)	50,000
Granted, weighted average exercise price (in dollars per share)	$ 3.43
Expired (in shares)	(49,500)
Expired, weighted average exercise price (in dollars per share)	$ 5.80
Outstanding (in shares)	253,000	252,500
Outstanding, weighted average exercise price (in dollars per share)	$ 2.88	$ 3.34
Exercisable (in shares)	111,333
Exercisable, weighted average exercise price (in dollars per share)	$ 2.90
Exercisable, weighted average remaining contractual term (Year)	7 years 1 month 6 days
Exercisable, aggregate intrinsic value	$ 250

Note 9 - Share-based Compensa_6

Note 9 - Share-based Compensation - Summary of Non-vested Options (Details)	6 Months Ended
	Sep. 30, 2022 $ / shares shares
Nonvested (in shares) | shares	141,667
Nonvested (in dollars per share) | $ / shares	$ 1.33
Granted (in shares) | shares	50,000
Granted (in dollars per share) | $ / shares	$ 1.94
Vested (in shares) | shares	(50,000)
Vested (in dollars per share) | $ / shares	$ 1.33
Nonvested (in shares) | shares	141,667
Nonvested (in dollars per share) | $ / shares	$ 1.55

Note 9 - Share-based Compensa_7

Note 9 - Share-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Sep. 30, 2022 $ / shares shares
Nonvested restricted stock units (in shares) | shares	14,465
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ / shares	$ 2.22
Granted (in shares) | shares	66,423
Granted, weighted average grant price (in dollars per share) | $ / shares	$ 3.13
Vested (in shares) | shares	(8,312)
Vested, weighted average grant price (in dollars per share) | $ / shares	$ 2.35
Forfeited (in shares) | shares	(680)
Forfeited, weighted average grant price (in dollars per share) | $ / shares	$ 2.82
Nonvested restricted stock units (in shares) | shares	71,896
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ / shares	$ 3.04

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Expense (Benefit), Total	$ 0	$ 11,000	$ 3,000	$ 14,000
Effective Income Tax Rate Reconciliation, Percent, Total	0%	1.10%	0%	1%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0

Note 11 - Earnings Per Share (D

Note 11 - Earnings Per Share (Details Textual) - shares	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Common Stock Options and Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	5,000	7,000

Note 11 - Earnings Per Share -

Note 11 - 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		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net (loss) income	$ (940)	$ 970	$ (1,412)	$ 1,491
Basic (in shares)	6,228	6,130	6,216	6,124
Basic (in dollars per share)	$ (0.15)	$ 0.16	$ (0.23)	$ 0.24
Shares outstanding - basic (in shares)	6,228	6,130	6,216	6,124
Earnings per share - basic (in dollars per share)	$ (0.15)	$ 0.16	$ (0.23)	$ 0.24
Effective dilutive securities – common stock options and restricted stock units (in shares)		9		12
Net income - diluted		$ 970		$ 1,491
Shares outstanding - diluted (in shares)	6,228	6,139	6,216	6,136
Diluted income per share (in dollars per share)	$ (0.15)	$ 0.16	$ (0.23)	$ 0.24

Note 12 - Related-party Trans_2

Note 12 - Related-party Transactions and Balances (Details Textual) - USD ($)		1 Months Ended	6 Months Ended		12 Months Ended
	Apr. 12, 2021	Apr. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2020	Mar. 31, 2022	Apr. 30, 2019
Interest Paid, Excluding Capitalized Interest, Operating Activities			$ 149,000	$ 180,000
Long-Term Debt, Total			4,588,000
Conversion of Skywords Note Into Revolving Loans [Member]
Debt Conversion, Original Debt, Amount	$ 500,000
Skywords Note [Member]
Repayments of Long-term Debt, Total	500,000	$ 500,000
Interest Paid, Excluding Capitalized Interest, Operating Activities	1,900	$ 1,900
Skywords Note [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1%
Skywords Note [Member] | Unsecured Subordinated Loan [Member]
Debt Instrument, Face Amount					$ 1,500,000		$ 1,500,000
Long-Term Debt, Total			$ 1,000,000			$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage			5.75%			5%
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate					1%
Skywords Amended Note [Member]
Debt Instrument, Face Amount	$ 500,000
Debt Instrument, Term (Year)	3 years
Debt Instrument, Floor Interest Rate	5%	5%
Skywords Amended Note [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1%