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% |