Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Jun. 15, 2023 | Sep. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2023 | ||
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 Highway, Suite 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,128,352.16 | ||
Entity Common Stock, Shares Outstanding | 6,291,086 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Auditor Location | Newport Beach, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | ||
Cash | $ 974,000 | $ 2,589,000 |
Accounts receivable, net of allowance for doubtful accounts of $64 in 2023 and $67 in 2022 | 1,331,000 | 3,664,000 |
Inventories | 10,707,000 | 9,466,000 |
Prepaid expenses and other current assets | 484,000 | 545,000 |
Total current assets | 13,496,000 | 16,264,000 |
Equipment and leasehold improvements, net | 11,366,000 | 11,885,000 |
Operating lease right-of-use assets, net | 4,776,000 | 3,787,000 |
Other assets | 90,000 | 109,000 |
Total assets | 29,728,000 | 32,045,000 |
Current liabilities: | ||
Accounts payable | 1,021,000 | 2,362,000 |
Accrued expenses | 1,101,000 | 1,412,000 |
Customer deposits | 89,000 | 164,000 |
Operating lease obligations, current portion | 483,000 | 393,000 |
Line of credit | 1,540,000 | 0 |
Line of credit – related party | 500,000 | 0 |
Current maturities of long-term debt | 3,369,000 | 490,000 |
Total current liabilities | 8,103,000 | 4,821,000 |
Long-term debt, less current maturities | 1,000,000 | 4,336,000 |
Long-term operating lease obligations | 4,275,000 | 3,386,000 |
Other long-term liabilities | 3,000 | 15,000 |
Total liabilities | 13,381,000 | 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 March 31, 2023 and 6,202,223 shares at March 31, 2022 | 125,000 | 124,000 |
Additional paid-in capital | 33,856,000 | 33,557,000 |
Accumulated deficit | (17,634,000) | (14,194,000) |
Total stockholders’ equity | 16,347,000 | 19,487,000 |
Total liabilities and stockholders’ equity | $ 29,728,000 | $ 32,045,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Accounts receivable, allowance for doubtful accounts | $ 64 | $ 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Net sales | $ 23,178 | $ 35,968 | $ 32,345 |
Cost of sales | 15,919 | 22,402 | 21,228 |
Gross profit | 7,259 | 13,566 | 11,117 |
Operating expenses: | |||
General and administrative | 4,659 | 5,367 | 4,876 |
Sales and marketing | 4,750 | 4,913 | 5,518 |
Research and development | 770 | 712 | 639 |
Total operating expense | 10,179 | 10,992 | 11,033 |
(Loss) income from operations | (2,920) | 2,574 | 84 |
Other income (expense): | |||
Interest expense, net | (502) | (392) | (550) |
Gain on extinguishment of debt | 0 | 0 | 1,389 |
Total other income (expense), net | (502) | (392) | 839 |
(Loss) income before income taxes | (3,422) | 2,182 | 923 |
Income tax expense | (18) | (28) | (3) |
Net (loss) income | $ (3,440) | $ 2,154 | $ 920 |
Net (loss) income per share: | |||
Basic (in dollars per share) | $ (0.55) | $ 0.35 | $ 0.15 |
Diluted (in dollars per share) | $ (0.55) | $ 0.35 | $ 0.15 |
Shares used in calculation of net (loss) income per share: | |||
Basic (in shares) | 6,244 | 6,157 | 6,070 |
Diluted (in shares) | 6,244 | 6,168 | 6,079 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Former Executive [Member] | Common Stock [Member] | |||
Statement [Line Items] | |||
Shares withheld from former executive for tax payments (in shares) | (3,635) | ||
Shares withheld from former executive for tax payments | $ 0 | ||
Shares withheld for tax payments | 0 | ||
Former Executive [Member] | Additional Paid-in Capital [Member] | |||
Statement [Line Items] | |||
Shares withheld from former executive for tax payments | 0 | ||
Shares withheld for tax payments | 0 | ||
Former Executive [Member] | Retained Earnings [Member] | |||
Statement [Line Items] | |||
Shares withheld from former executive for tax payments | 0 | ||
Shares withheld for tax payments | 0 | ||
Former Executive [Member] | |||
Statement [Line Items] | |||
Shares withheld from former executive for tax payments | 0 | ||
Shares withheld for tax payments | $ 0 | ||
Common Stock [Member] | |||
Statement [Line Items] | |||
Balance (in shares) | 6,202,223 | 6,116,073 | 6,011,885 |
Balance | $ 124 | $ 122 | $ 120 |
Issuances of common stock for Director Stock Grants (in shares) | 64,489 | 55,438 | 66,395 |
Issuances of common stock for Director Stock Grants | $ 1 | $ 1 | $ 1 |
Issuance of common stock for exercise of stock options for cash (in shares) | 19,000 | ||
Issuance of common stock for exercise of stock options for cash | $ 0 | ||
Issuance of common stock in connection with severance of former executive (in shares) | 11,400 | ||
Issuance of common stock in connection with severance of former executive | $ 0 | ||
Shares withheld from former executive for tax payments (in shares) | (3,053) | (16,251) | (6,431) |
Shares withheld from former executive for tax payments | $ 0 | $ 0 | $ 0 |
Issuance of vested shares of restricted stock (in shares) | 8,312 | 46,963 | 17,469 |
Issuance of vested shares of restricted stock | $ 0 | $ 1 | $ 1 |
Share-based compensation expense | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 |
Shares withheld for tax payments | $ 0 | $ 0 | $ 0 |
Balance (in shares) | 6,271,971 | 6,202,223 | 6,116,073 |
Balance | $ 125 | $ 124 | $ 122 |
Additional Paid-in Capital [Member] | |||
Statement [Line Items] | |||
Balance | 33,557 | 33,267 | 32,994 |
Issuances of common stock for Director Stock Grants | 157 | 157 | 157 |
Issuance of common stock for exercise of stock options for cash | 68 | ||
Issuance of common stock in connection with severance of former executive | 0 | ||
Shares withheld from former executive for tax payments | 0 | 0 | 0 |
Issuance of vested shares of restricted stock | (10) | (53) | (8) |
Share-based compensation expense | 152 | 186 | 56 |
Net income (loss) | 0 | 0 | 0 |
Shares withheld for tax payments | 0 | 0 | 0 |
Balance | 33,856 | 33,557 | 33,267 |
Retained Earnings [Member] | |||
Statement [Line Items] | |||
Balance | (14,194) | (16,348) | (17,268) |
Issuances of common stock for Director Stock Grants | 0 | 0 | 0 |
Issuance of common stock for exercise of stock options for cash | 0 | ||
Issuance of common stock in connection with severance of former executive | 0 | ||
Shares withheld from former executive for tax payments | 0 | 0 | 0 |
Issuance of vested shares of restricted stock | |||
Share-based compensation expense | 0 | 0 | 0 |
Net income (loss) | (3,440) | 2,154 | 920 |
Shares withheld for tax payments | 0 | 0 | 0 |
Balance | (17,634) | (14,194) | (16,348) |
Balance | 19,487 | 17,041 | 15,846 |
Issuances of common stock for Director Stock Grants | 158 | 158 | $ 158 |
Issuance of common stock for exercise of stock options for cash (in shares) | 19,000 | ||
Issuance of common stock for exercise of stock options for cash | $ 68 | ||
Issuance of common stock in connection with severance of former executive | 0 | ||
Shares withheld from former executive for tax payments | 0 | 0 | 0 |
Issuance of vested shares of restricted stock | (10) | (52) | (7) |
Share-based compensation expense | 152 | 186 | 56 |
Net income (loss) | (3,440) | 2,154 | 920 |
Shares withheld for tax payments | 0 | 0 | 0 |
Balance | $ 16,347 | $ 19,487 | $ 17,041 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (3,440,000) | $ 2,154,000 | $ 920,000 |
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,655,000 | 1,599,000 | 1,748,000 |
Gain from extinguishment of debt – PPP loan | 0 | 0 | (1,389,000) |
Loss on impairment of assets | 5,000 | 21,000 | 64,000 |
Amortization of debt issue costs and other assets | 40,000 | 57,000 | 90,000 |
Amortization of operating leases right-of-use assets | 440,000 | 322,000 | 317,000 |
Share-based compensation expense | 310,000 | 344,000 | 214,000 |
Provision for doubtful accounts | 64,000 | 35,000 | 46,000 |
Net (increase) decrease in assets: | |||
Accounts receivable | 2,269,000 | (1,263,000) | (328,000) |
Inventories | (1,231,000) | (717,000) | 1,238,000 |
Prepaid expenses and other assets | 60,000 | (74,000) | 18,000 |
Net increase (decrease) in liabilities: | |||
Accounts payable | (1,422,000) | (358,000) | 4,000 |
Accrued expenses | (311,000) | 568,000 | 3,000 |
Customer deposits | (75,000) | 40,000 | (203,000) |
Operating lease obligations | (452,000) | (331,000) | (320,000) |
Deferred rent and other liabilities | (12,000) | (18,000) | (22,000) |
Net cash (used in) provided by operating activities | (2,100,000) | 2,379,000 | 2,400,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in equipment and leasehold improvements | (1,068,000) | (1,270,000) | (760,000) |
Net cash used in investing activities | (1,068,000) | (1,270,000) | (760,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments on short-term contract obligation | 0 | 0 | (38,000) |
Net draws (payments) on line of credit | 1,540,000 | (1,000,000) | (1,000,000) |
Net draws on line of credit – related party | 500,000 | 0 | 0 |
Net (payments) draws on long-term debt – related party | 0 | (500,000) | 0 |
Proceeds from long-term debt – PPP loan | 0 | 0 | 1,381,000 |
Principal payments on long-term debt | (477,000) | (735,000) | (670,000) |
Payments on finance leases | 0 | 0 | (24,000) |
Taxes paid related to net share settlement of restricted stock units | (10,000) | (52,000) | (7,000) |
Proceeds from issuance of common stock and exercise of stock options | 0 | 0 | 68,000 |
Net cash provided by (used in) financing activities | 1,553,000 | (2,287,000) | (290,000) |
Net (decrease) increase in cash | (1,615,000) | (1,178,000) | 1,350,000 |
Cash at beginning of year | 2,589,000 | 3,767,000 | 2,417,000 |
Cash at end of year | 974,000 | 2,589,000 | 3,767,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest | 408,000 | 342,000 | 446,000 |
Income taxes | $ 32,000 | $ 2,000 | $ 14,000 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 12 Months Ended |
Mar. 31, 2023 | |
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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”). Intercompany balances and transactions have been eliminated in consolidation. Liquidity and Going Concern The accompanying consolidated financial statements, as of and for the fiscal year ended March 31, 2023, March 31, 2023. not March 31, 2023 not may As of March 31, 2023, March 31, 2022. March 31, 2023 2022, August 30, 2023, The Company also has a loan facility with a related party that allows the Company to borrow up to $1,000,000 on a revolving basis (the “Revolver”). At March 31, 2023 March 31, 2022, April 12, 2025 ( 5 15 As of March 31, 2023, August 2032. March 31, 2023, June 22, 2023, March 31, 2023, $1,770,000 June 21, 2023. March 31, 2022, In April 2019, April 12, 2021 December 14, 2022, 5 15 March 31, 2023 2022, April 12, 2025. The Company experienced a loss from operations resulting in net cash outflows from operating activities of $2,100,000 for the fiscal year ended March 31, 2023, 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 financial requirements through at least June 30, 2024. not no March 31, 2024. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("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. Financial Instruments and Fair Value The Company applies a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 3 three Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; and ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified contractual term, the Level 2 Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. Cash, Accounts Receivable, Accounts Payable, Accrued Expenses and Customer Deposits Line of Credit, Revolver and Long-Term Debt Cash Cash primarily consists of cash on hand and cash in bank deposits. Concentration Risk The Company maintains its cash accounts in banks located in Hawaii, which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 March 31, 2023 2022 March 31, 2023, two March 31, 2022, two March 31, 2023 2022, Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not not 90 not Inventories Inventories are stated at the lower of cost or net realizable value. Inventories are determined using the first first third may 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. Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, and the shorter of the land lease term (see Notes 4 7 Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Capital project costs are accumulated in construction-in-progress until completed, at which time the costs are transferred to the relevant asset and commence depreciation. Repairs and Maintenance costs are expensed in the period incurred. Repairs and maintenance that significantly increase the useful life or value of the asset are capitalized and depreciated over the remaining life of the asset. The Company capitalizes interest cost incurred on funds used to construct property and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Impairment of Long-Lived Assets Management reviews long-lived assets, such as equipment, leasehold improvements and purchased intangibles subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not Accounting for Asset Retirement Obligations Management evaluates quarterly the potential liability for asset retirement obligations under the Company’s lease for its principal facility and corporate headquarters. No March 31, 2023 2022 7 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 years ended March 31, 2023 2022, March 31, 2022 2021, one not Research and Development Research and development costs are expensed as incurred and consist primarily of labor, benefits and outside research. Advertising Advertising costs are expensed as incurred. Total advertising expense for the years ended March 31, 2023, 2022 2021 Income Taxes Income taxes are accounted for under the asset and liability method. The asset and liability method require the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using income tax rates applicable to the period in which the tax difference is expected to reverse. Judgment is required in determining any valuation allowance recorded against deferred tax assets, specifically net operating loss carryforwards, tax credit carryforwards and deductible temporary differences that may In evaluating a tax position for recognition, management evaluates whether it is more-likely-than- not not 50% March 31, 2023 2022, The Company recognizes accrued interest related to unrecognized tax benefits as well as any related penalties in interest expense in its consolidated statements of operations. During the years ended March 31, 2023 2022, Share-Based Compensation The Company accounts for share-based payment arrangements using fair value. The Company currently has no not The Company utilizes the Black-Scholes option pricing model to determine the fair value of each option award. Expected volatilities are based on the historical volatility of the Company’s common stock over a period consistent with that of the expected term of the options. The expected term of the options is estimated based on factors such as vesting periods, contractual expiration dates and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms. The forfeiture rate of the options is based on historical forfeitures of similar grants. Per Share Amounts Basic earnings (loss) per common share is calculated by dividing net income (loss) for the year by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated by dividing net income for the year by the sum of the weighted average number of common shares outstanding during the year plus the number of potentially dilutive common shares (“dilutive securities”) that were outstanding during the year. Dilutive securities include restricted stock units and stock options granted pursuant to the Company’s stock option plans. Dilutive securities related to the Company’s stock option plans are included in the calculation of diluted earnings per common share using the treasury stock method. Potentially dilutive securities are excluded from the computation of earnings per share in periods in which a net loss is reported, as their effect would be antidilutive. A reconciliation of the numerators and denominators of the basic and diluted income (loss) per common share calculations for the years ended March 31, 2023, 2022 2021 11. Recent Accounting Pronouncements In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 2019 12” 2019 12 December 15, 2020, April 1, 2021, no In June 2016, 2016 13, Financial Instruments - Credit Losses 326” November 2018 2018 19, Codification Improvements to Topic 326, December 15, 2022. |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. INVENTORIES Inventories consist of the following as of March 31, 2023 2022: 2023 2022 (in thousands) Raw materials $ 1,887 $ 1,490 Work in process 2,049 2,868 Finished goods 6,502 4,595 Supplies 269 513 Inventories $ 10,707 $ 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 expensed abnormal production costs of $90,000, $0 and $110,000 to cost of sales for the fiscal years ended March 31, 2023, 2022 2021, Beginning in fiscal 2021, first six 2022 2023. not Other non-inventoriable fixed costs of $269,000, $136,000 and $179,000 were expensed to cost of sales for the fiscal years ended March 31, 2023, 2022 2021, |
Note 4 - Equipment and Leasehol
Note 4 - Equipment and Leasehold Improvements | 12 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 2022: 2023 2022 (in thousands) Equipment $ 21,649 $ 20,231 Leasehold improvements 15,038 14,751 Furniture and fixtures 407 394 37,094 35,376 Less accumulated depreciation and amortization (25,947 ) (24,339 ) Construction in-progress 219 848 Equipment and leasehold improvements, net $ 11,366 $ 11,885 Management has determined that $5,000, $21,000 and $64,000 of asset impairment existed as of March 31, 2023, 2022 2021, Depreciation and amortization expense were approximately $1,655,000, $1,599,000 and $1,748,000 for the years ended March 31, 2023, 2022 2021, |
Note 5 - Line of Credit and Lon
Note 5 - Line of Credit and Long-term Debt | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. LINE OF CREDIT AND LONG-TERM DEBT Total debt consists of the following at March 31, 2023 2022 2023 2022 (in thousands) Line of credit $ 1,540 $ — Line of credit – related party 500 — Long-term debt 3,369 3,938 Long-term debt – related party 1,000 1,000 Less current maturities (5,409 ) (490 ) Long-term debt, excluding current maturities 1,000 4,448 Less unamortized debt issuance costs — (112 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 1,000 $ 4,336 Line of Credit and Term Loans On August 30, 2016, June 3, 2016, March 31, 2023 March 31, 2022) no At March 31, 2023 2022, March 31, 2023 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, The provisions of the 2015 September 1, 2022. 2015 March 31, 2023 March 31, 2022) first no 2015 September 2022 March 31, 2022, In 2012, “2012 August 14, 2012 “2012 2012 2012 The provisions of the 2012 first August 14, 2032, nineteen 19 2012 March 31, 2023 March 31, 2022) first no 2012 March 31, 2023 2022, The 2015 one December 31 December 31, 2015. 2015 2012 one December 31 December 31, 2012. 2012 March 31, 2023 2022, March 31, 2023 Loan Covenants, Violations and Waiver The Company’s Credit Agreement, 2015 2012 March 31, 2023, not two June 22, 2023, March 31, 2023, June 21, 2023. March 31, 2022, Although the Term Loans mature in August 2032, twelve March 31, 2023. Long-term Debt PPP In response to the coronavirus ("COVID- 19" May 2020, May 2022. December 2020, 2021, Line of Credit and Debt Related Party In April 2019, April 2021. April 2021, April 2024, 15 December 2022, April 2025 March 31, 2023 2022, March 31, 2023 2022, March 31, 2023 2022, first no Future principal payments, excluding unamortized debt issuance costs, under the loans at March 31, 2023 Fiscal year ending March 31 (in thousands) 2024 $ 3,461 2026 1,000 Total principal payments $ 4,461 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. ACCRUED EXPENSES Accrued expenses as of March 31, 2023 2022 2023 2022 (in thousands) Bonus and profit sharing $ 143 $ 488 Wages 215 211 Vacation 393 392 Rent, interest and legal 30 108 Other accrued expenses 320 213 Total accrued expenses $ 1,101 $ 1,412 |
Note 7 - Operating Leases
Note 7 - Operating Leases | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. OPERATING LEASES The Company’s principal facility and its corporate headquarters are located at the Natural Energy Laboratory of Hawaii Authority (“NELHA”) at Keahole Point in Kailua-Kona, Hawaii. The Company leases two properties from the State of Hawaii under a 40-year commercial lease expiring in 2035 2037. not not The Company leases facilities, equipment and land under non-cancelable operating leases expiring through 2037. five January 1, 2023. March 31, 2023, 2022 2021 Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and liabilities were recognized at April 1, 2019 two two March 31, 2023, March 31, 2022, March 31, 2023, one Supplemental balance sheet information related to leases consist of the following as of: Operating leases Balance Sheet Classification March 31, 2023 March 31, 2022 (in thousands) Right-of-use assets Operating lease right-of-use assets $ 6,149 $ 4,720 Accumulated lease amortization Operating lease right-of-use assets (1,373 ) (933 ) Total right-of-use assets $ 4,776 $ 3,787 Current lease liabilities Operating lease obligations $ 483 $ 393 Non-current lease liabilities Long-term operating lease obligations 4,275 3,386 Total lease liabilities $ 4,758 $ 3,779 Maturities of lease liabilities at March 31, 2023 Fiscal year ending March 31 (in thousands) 2024 $ 810 2025 820 2026 797 2027 798 2028 683 Thereafter 2,760 Total undiscounted lease payments 6,668 Less: present value discount (1,910 ) Total lease liabilities balance $ 4,758 Rent expense, including contingent rent, under operating leases were $506,000, $713,000 and $616,000 for the years ended March 31, 2023, 2022 2021, March 31, 2023, 2022 2021, |
Note 8 - Other Commitments and
Note 8 - Other Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. OTHER COMMITMENTS AND CONTINGENCIES From time to time, the Company may no March 31, 2023. As of March 31, 2023, 2022 2021, ten April 2026 not |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. SHARE-BASED COMPENSATION As of March 31, 2023, two 2016 “2016 2014 “2014 March 31, 2022, 2004 “2004 2004 On August 25, 2016, 2016 2016 March 31, 2023, 2016 On August 28, 2014, 2014 2014 2021 2014 March 31, 2023, 2014 The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of March 31, 2023 Authorized Available Outstanding 2016 Plan 1,300,000 881,437 305,334 2014 Directors Plan 650,000 223,206 12,000 2004 Directors Plan — — 6,000 Total 1,950,000 1,104,643 323,334 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no 2016 2004 2014 No ten 10 March 31, 2023, 2022 2021, A summary of option activity under the Company’s stock plans for the years ended March 31, 2023, 2022 2021 Option Activity Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at March 31, 2020 318,300 $ 4.08 3.0 $ — Granted 130,000 2.35 Exercised (19,000 ) 3.59 Forfeited (55,000 ) 3.13 Outstanding at March 31, 2021 374,300 $ 3.64 3.9 $ 129,700 Granted 50,000 2.96 Forfeited (5,000 ) 5.21 Expired (166,800 ) 3.84 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 March 31, 2023 253,000 $ 2.88 7.5 $ — Exercisable at March 31, 2023 111,333 $ 2.90 6.6 $ — 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 $0.88, $3.37 and $3.30 at March 31, 2023, 2022 2021, 2021 2023 2022. A summary of the Company’s non-vested options for the year ended March 31, 2023 Nonvested Options Shares Weighted Average Grant-Date Fair Value Nonvested at March 31, 2022 141,667 $ 1.33 Granted 50,000 1.94 Expired (50,000 ) 1.33 Nonvested at March 31, 2023 141,667 $ 1.55 The weighted average grant-date fair value of stock options granted during fiscal years 2023, 2022 2021 2023, 2022 2021 The following table summarizes the weighted average characteristics of outstanding stock options as of March 31, 2023: Outstanding Options Exercisable Options Range of Exercise Prices Number of Shares Remaining Life (Years) Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price $ 2.11 - $ 2.34 105,000 7.2 $ 2.28 55,000 $ 2.27 $ 2.35 - $2.76 30,000 7.5 $ 2.54 21,666 $ 2.53 $ 2.77 - $3.20 50,000 8.1 $ 2.96 16,667 $ 2.96 $ 3.21 - $5.91 68,000 7.3 $ 3.89 18,000 $ 5.18 Total stock options 253,000 7.5 $ 2.88 111,333 $ 2.90 The range of fair value assumptions related to options granted during the years ended March 31, 2023, 2022 2021 2023 2022 2021 Exercise Price $ 1.94 $ 1.60 $ 1.20 Volatility 57.47 % 58.23 % 54.44 % Risk Free Rate 3.36 % 1.06 % 0.40 % Vesting Period (in years) 3.0 3.0 3.0 Forfeiture Rate 19 % 0 % 0 % Expected Life (in years) 6.0 6.0 6.2 Dividend Rate 0 % 0 % 0 % Total unrecognized stock-based compensation expense related to all unvested stock options was $124,000 and $139,000, at March 31, 2023 2022, Restricted Stock Grants of fully vested restricted stock issued to Non-Employee Directors during fiscal years 2023, 2022 2021 2014 March 31, 2023, 2022 2021, To reduce the Company’s ongoing cash expenses, the Nominating and Corporate Governance Committee of the Board of Directors adopted a resolution allowing each director to elect to receive his or her quarterly director fees in the form of restricted stock in lieu of cash. Two Board members elected to receive shares of restricted stock in lieu of cash for the third 2023. April 3, 2023, two March 31, 2023, Restricted Stock Units ( RSUs ) RSUs are service-based awards granted to eligible employees under our 2016 2016 March 31, 2023, 2022 2021, The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Average Grant Price Nonvested restricted stock units at March 31, 2020 12,766 $ 3.98 Granted 28,647 $ 2.15 Vested (9,135 ) $ 3.97 Forfeited (4,090 ) $ 2.21 Nonvested restricted stock units at March 31, 2021 28,188 $ 2.38 Granted 38,672 $ 2.91 Vested (46,963 ) $ 2.85 Forfeited (5,432 ) $ 2.51 Nonvested restricted stock units at March 31, 2022 14,465 $ 2.22 Granted 66,423 $ 3.13 Vested (8,312 ) $ 2.35 Forfeited (2,242 ) $ 2.91 Nonvested restricted stock units at March 31, 2023 70,334 $ 3.04 Total unrecognized stock-based compensation expense related to unvested restricted stock units was $122,000 and $19,000 at March 31, 2023 2022, On April 6, 2023, three |
Note 10 - Common and Preferred
Note 10 - Common and Preferred Stock | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. COMMON AND PREFERRED STOCK The Company has authorized a total of sixty million shares of which fifty million shares are authorized common stock and ten million shares are authorized preferred stock. None of the preferred stock was issued or outstanding at March 31, 2023 2022. |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings 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 and unvested restricted stock units using the treasury stock method. Reconciliations between the numerator and the denominator of the basic and diluted income (loss) per share computations for the years ended March 31, 2023, 2022 2021 Net Income (loss) (Numerator) Shares (Denominator) Per Share Amount (in thousands, except per share amounts) Year ended March 31, 2023: Basic and diluted loss per share $ (3,440 ) 6,244 $ (0.55 ) Year ended March 31, 2022: Basic income per share $ 2,154 6,157 $ 0.35 Effective dilutive securities—Common stock options and restricted stock units — 11 — Diluted income per share $ 2,154 6,168 $ 0.35 Year ended March 31, 2021: Basic income per share $ 920 6,070 $ 0.15 Effective dilutive securities—Common stock options and restricted stock units — 8 — Diluted income per share $ 920 6,079 $ 0.15 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 March 31, 2023, |
Note 12 - Profit Sharing and 40
Note 12 - Profit Sharing and 401k Plan | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Profit Sharing Plan and 401 Plan Disclosure [Text Block] | 12. PROFIT SHARING AND 401 The Company sponsors a profit sharing plan for all employees not may may 401 may 401 March 31, 2023, 2022 2021, 401 two March 31, 2023, 2022 2021, |
Note 13 - Product Line and Geog
Note 13 - Product Line and Geographic Information | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. PRODUCT LINE AND GEOGRAPHIC INFORMATION Disaggregation of Revenue The following table represents revenue disaggregated by major product line and extraction services for the years ended March 31, 2023, 2022 2021 2023 2022 2021 Packaged sales Astaxanthin packaged $ 12,227 $ 14,931 $ 14,512 Spirulina packaged 4,814 7,604 7,616 Total packaged sales 17,041 22,535 22,128 Bulk sales Astaxanthin bulk 1,982 2,447 2,279 Spirulina bulk 3,541 10,386 7,119 Total bulk sales 5,523 12,833 9,398 Contract extraction and R&D services revenue 614 600 819 Total net sales $ 23,178 $ 35,968 $ 32,345 Cost of sales for contract extraction and R&D services for the years ended March 31, 2023, 2022 2021 Net sales by geographic region for the years ended March 31, 2023, 2022 2021 2023 2022 2021 (dollars in thousands) Net sales(1): United States $ 17,031 73 % $ 24,468 68 % $ 21,474 66 % Asia / Pacific 2,164 9 % 7,102 20 % 5,827 18 % Europe 2,440 11 % 3,183 9 % 3,416 11 % Other 1,543 7 % 1,215 3 % 1,628 5 % $ 23,178 100 % $ 35,968 100 % $ 32,345 100 % ( 1 Net sales are attributed to countries based on location of customer. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. INCOME TAXES On December 22, 2017, 1, January 1, 2022, 174 five 15 The Inflation Reduction Act of 2022 August 16, 2022. three 1% not 2023. On August 9, 2022, 2022 not 2023. Income tax (expense) benefit for the years ended March 31, 2023, 2022 2021 2023 2022 2021 (in thousands) Current: Federal $ — $ — $ — State (18 ) (28 ) (3 ) Total current (expense) benefit (18 ) (28 ) (3 ) Deferred: Federal — — — State — — — Total deferred expense — — — Income tax expense $ (18 ) $ (28 ) $ (3 ) The following table reconciles the amount of income taxes computed at the federal tax rate of 21% for each of the years ended March 31, 2023, 2022 2021, March 31, 2023, 2022 2021: 2023 2022 2021 (in thousands) Tax provision at federal statutory income tax rate $ 952 $ (591 ) $ (263 ) Stock-based compensation (23 ) (16 ) (11 ) Decrease (increase) in valuation allowance (518 ) 557 (17 ) State and local income taxes, net of federal tax benefit (12 ) (2 ) 1 Expired losses (380 ) — — Deferred tax true-up (24 ) 34 27 CARES Act, PPP Loan Forgiveness — — 298 Other, net (13 ) (10 ) (38 ) Income tax expense $ (18 ) $ (28 ) $ (3 ) The tax effects of temporary differences related to various assets, liabilities and carry forwards that give rise to deferred tax assets and deferred tax liabilities as of March 31, 2023 2022 2023 2022 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 3,570 $ 3,140 Inventory 50 175 Compensation accrual 177 251 Tax credit carry forwards 28 28 Interest limitation 108 — Operating lease right-of-use assets 1,323 1,025 Section 174 Costs 118 — Other 26 27 Gross deferred tax assets 5,400 4,646 Less valuation allowance (2,990 ) (2,473 ) Net deferred tax assets 2,410 2,173 Deferred tax liabilities: Operating lease obligations (1,328 ) (1,027 ) Depreciation and amortization (1,082 ) (1,146 ) Net deferred tax liabilities (2,410 ) (2,173 ) Net deferred tax assets (liabilities) $ — $ — In assessing the valuation allowance for deferred tax assets, management considers whether it is more likely than not not As of March 31, 2023, 2022 2021, While the Company’s long-term financial outlook remains positive, the Company concluded that its ability to rely on its long-term outlook as to future taxable income was limited due to the relative weight of the negative evidence from its recent cumulative losses. The Company’s conclusion regarding the need for a valuation allowance against its deferred tax assets could change in the future based on improvements in operating performance, which may At March 31, 2023, Expires March 31, Net Operating Loss State Net Operating Losses Research and Experimentation Tax Credit (in thousands) 2025 $ — $ — $ 8 2026 159 — 2 2027 2,665 — — Thereafter 4,379 11,150 18 Indefinite 6,850 — — $ 14,053 $ 11,150 $ 28 At March 31, 2023, 2018 100% 2018 80% March 31, 2023, March 31, 2030 2040. March 31, 2023, March 31, 2030 2040. March 31, 2023, The following, in general, represents the open tax years and jurisdictions that the Company used in its evaluation of tax positions. The Company has unused net operating losses carried forward, which cause the statute to remain open up to the amount of unused loss with the statute not Open tax years ending March 31, Jurisdiction 2020 - 2023 U.S. Federal 2020 - 2023 State of Hawaii 2019 - 2023 State of California |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions and Balances | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15. RELATED-PARTY TRANSACTIONS AND BALANCES In April 2019, April 12, 2021. On April 12, 2021, may not $500,000, three April 12, 2021, no may On April 12, 2021, two On December 14, 2022, April 12, 2025 may At both March 31, 2023 2022, $1,000,000, March 31, 2023 2022, March 31, 2023 2022, |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. SUBSEQUENT EVENTS On May 2, 2023, not 5550 2 $1.00 30 no 180 October 30, 2023, $1.00 ten 180 On June 15, 2023, 5500 2 The Company had no 6 June 22, 2023, 9 April 2023. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | II Cyanotech Corporation Valuation and Qualifying Accounts Years Ended March 31, 2023, 2022 2021 (in thousands) Additions Description Balance at Beginning of Year Charged to Costs and Expense Charged to Other Accounts Deductions Balance at End of Year Allowance for Doubtful Accounts: 2023 $ 67 $ 64 $ — $ 67 $ 64 2022 32 40 — 5 67 2021 13 46 — 27 32 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("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. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments and Fair Value The Company applies a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 3 three Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; and ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified contractual term, the Level 2 Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. Cash, Accounts Receivable, Accounts Payable, Accrued Expenses and Customer Deposits Line of Credit, Revolver and Long-Term Debt |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Cash primarily consists of cash on hand and cash in bank deposits. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration Risk The Company maintains its cash accounts in banks located in Hawaii, which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 March 31, 2023 2022 March 31, 2023, two March 31, 2022, two March 31, 2023 2022, |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not not 90 not |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Inventories are determined using the first first third may 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. |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, and the shorter of the land lease term (see Notes 4 7 Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Capital project costs are accumulated in construction-in-progress until completed, at which time the costs are transferred to the relevant asset and commence depreciation. Repairs and Maintenance costs are expensed in the period incurred. Repairs and maintenance that significantly increase the useful life or value of the asset are capitalized and depreciated over the remaining life of the asset. The Company capitalizes interest cost incurred on funds used to construct property and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Management reviews long-lived assets, such as equipment, leasehold improvements and purchased intangibles subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not |
Asset Retirement Obligation [Policy Text Block] | Accounting for Asset Retirement Obligations Management evaluates quarterly the potential liability for asset retirement obligations under the Company’s lease for its principal facility and corporate headquarters. No March 31, 2023 2022 7 |
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 years ended March 31, 2023 2022, March 31, 2022 2021, one not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred and consist primarily of labor, benefits and outside research. |
Advertising Cost [Policy Text Block] | Advertising Advertising costs are expensed as incurred. Total advertising expense for the years ended March 31, 2023, 2022 2021 |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. The asset and liability method require the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using income tax rates applicable to the period in which the tax difference is expected to reverse. Judgment is required in determining any valuation allowance recorded against deferred tax assets, specifically net operating loss carryforwards, tax credit carryforwards and deductible temporary differences that may In evaluating a tax position for recognition, management evaluates whether it is more-likely-than- not not 50% March 31, 2023 2022, The Company recognizes accrued interest related to unrecognized tax benefits as well as any related penalties in interest expense in its consolidated statements of operations. During the years ended March 31, 2023 2022, |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company accounts for share-based payment arrangements using fair value. The Company currently has no not The Company utilizes the Black-Scholes option pricing model to determine the fair value of each option award. Expected volatilities are based on the historical volatility of the Company’s common stock over a period consistent with that of the expected term of the options. The expected term of the options is estimated based on factors such as vesting periods, contractual expiration dates and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms. The forfeiture rate of the options is based on historical forfeitures of similar grants. |
Earnings Per Share, Policy [Policy Text Block] | Per Share Amounts Basic earnings (loss) per common share is calculated by dividing net income (loss) for the year by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated by dividing net income for the year by the sum of the weighted average number of common shares outstanding during the year plus the number of potentially dilutive common shares (“dilutive securities”) that were outstanding during the year. Dilutive securities include restricted stock units and stock options granted pursuant to the Company’s stock option plans. Dilutive securities related to the Company’s stock option plans are included in the calculation of diluted earnings per common share using the treasury stock method. Potentially dilutive securities are excluded from the computation of earnings per share in periods in which a net loss is reported, as their effect would be antidilutive. A reconciliation of the numerators and denominators of the basic and diluted income (loss) per common share calculations for the years ended March 31, 2023, 2022 2021 11. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 2019 12” 2019 12 December 15, 2020, April 1, 2021, no In June 2016, 2016 13, Financial Instruments - Credit Losses 326” November 2018 2018 19, Codification Improvements to Topic 326, December 15, 2022. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant, and Equipment, Estimated Useful Lives [Table Text Block] | Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2023 2022 (in thousands) Raw materials $ 1,887 $ 1,490 Work in process 2,049 2,868 Finished goods 6,502 4,595 Supplies 269 513 Inventories $ 10,707 $ 9,466 |
Note 4 - Equipment and Leaseh_2
Note 4 - Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2023 2022 (in thousands) Equipment $ 21,649 $ 20,231 Leasehold improvements 15,038 14,751 Furniture and fixtures 407 394 37,094 35,376 Less accumulated depreciation and amortization (25,947 ) (24,339 ) Construction in-progress 219 848 Equipment and leasehold improvements, net $ 11,366 $ 11,885 |
Note 5 - Line of Credit and L_2
Note 5 - Line of Credit and Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | 2023 2022 (in thousands) Line of credit $ 1,540 $ — Line of credit – related party 500 — Long-term debt 3,369 3,938 Long-term debt – related party 1,000 1,000 Less current maturities (5,409 ) (490 ) Long-term debt, excluding current maturities 1,000 4,448 Less unamortized debt issuance costs — (112 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 1,000 $ 4,336 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Fiscal year ending March 31 (in thousands) 2024 $ 3,461 2026 1,000 Total principal payments $ 4,461 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2023 2022 (in thousands) Bonus and profit sharing $ 143 $ 488 Wages 215 211 Vacation 393 392 Rent, interest and legal 30 108 Other accrued expenses 320 213 Total accrued expenses $ 1,101 $ 1,412 |
Note 7 - Operating Leases (Tabl
Note 7 - Operating Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Supplement Balance Sheet Information for Operating Lease [Table Text Block] | Operating leases Balance Sheet Classification March 31, 2023 March 31, 2022 (in thousands) Right-of-use assets Operating lease right-of-use assets $ 6,149 $ 4,720 Accumulated lease amortization Operating lease right-of-use assets (1,373 ) (933 ) Total right-of-use assets $ 4,776 $ 3,787 Current lease liabilities Operating lease obligations $ 483 $ 393 Non-current lease liabilities Long-term operating lease obligations 4,275 3,386 Total lease liabilities $ 4,758 $ 3,779 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal year ending March 31 (in thousands) 2024 $ 810 2025 820 2026 797 2027 798 2028 683 Thereafter 2,760 Total undiscounted lease payments 6,668 Less: present value discount (1,910 ) Total lease liabilities balance $ 4,758 |
Note 9 - Share-based Compensa_2
Note 9 - Share-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of March 31, 2023 Authorized Available Outstanding 2016 Plan 1,300,000 881,437 305,334 2014 Directors Plan 650,000 223,206 12,000 2004 Directors Plan — — 6,000 Total 1,950,000 1,104,643 323,334 |
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, 2020 318,300 $ 4.08 3.0 $ — Granted 130,000 2.35 Exercised (19,000 ) 3.59 Forfeited (55,000 ) 3.13 Outstanding at March 31, 2021 374,300 $ 3.64 3.9 $ 129,700 Granted 50,000 2.96 Forfeited (5,000 ) 5.21 Expired (166,800 ) 3.84 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 March 31, 2023 253,000 $ 2.88 7.5 $ — Exercisable at March 31, 2023 111,333 $ 2.90 6.6 $ — |
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 Expired (50,000 ) 1.33 Nonvested at March 31, 2023 141,667 $ 1.55 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding Options Exercisable Options Range of Exercise Prices Number of Shares Remaining Life (Years) Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price $ 2.11 - $ 2.34 105,000 7.2 $ 2.28 55,000 $ 2.27 $ 2.35 - $2.76 30,000 7.5 $ 2.54 21,666 $ 2.53 $ 2.77 - $3.20 50,000 8.1 $ 2.96 16,667 $ 2.96 $ 3.21 - $5.91 68,000 7.3 $ 3.89 18,000 $ 5.18 Total stock options 253,000 7.5 $ 2.88 111,333 $ 2.90 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 2022 2021 Exercise Price $ 1.94 $ 1.60 $ 1.20 Volatility 57.47 % 58.23 % 54.44 % Risk Free Rate 3.36 % 1.06 % 0.40 % Vesting Period (in years) 3.0 3.0 3.0 Forfeiture Rate 19 % 0 % 0 % Expected Life (in years) 6.0 6.0 6.2 Dividend Rate 0 % 0 % 0 % |
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, 2020 12,766 $ 3.98 Granted 28,647 $ 2.15 Vested (9,135 ) $ 3.97 Forfeited (4,090 ) $ 2.21 Nonvested restricted stock units at March 31, 2021 28,188 $ 2.38 Granted 38,672 $ 2.91 Vested (46,963 ) $ 2.85 Forfeited (5,432 ) $ 2.51 Nonvested restricted stock units at March 31, 2022 14,465 $ 2.22 Granted 66,423 $ 3.13 Vested (8,312 ) $ 2.35 Forfeited (2,242 ) $ 2.91 Nonvested restricted stock units at March 31, 2023 70,334 $ 3.04 |
Note 11 - Earnings (Loss) Per_2
Note 11 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income (loss) (Numerator) Shares (Denominator) Per Share Amount (in thousands, except per share amounts) Year ended March 31, 2023: Basic and diluted loss per share $ (3,440 ) 6,244 $ (0.55 ) Year ended March 31, 2022: Basic income per share $ 2,154 6,157 $ 0.35 Effective dilutive securities—Common stock options and restricted stock units — 11 — Diluted income per share $ 2,154 6,168 $ 0.35 Year ended March 31, 2021: Basic income per share $ 920 6,070 $ 0.15 Effective dilutive securities—Common stock options and restricted stock units — 8 — Diluted income per share $ 920 6,079 $ 0.15 |
Note 13 - Product Line and Ge_2
Note 13 - Product Line and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | 2023 2022 2021 Packaged sales Astaxanthin packaged $ 12,227 $ 14,931 $ 14,512 Spirulina packaged 4,814 7,604 7,616 Total packaged sales 17,041 22,535 22,128 Bulk sales Astaxanthin bulk 1,982 2,447 2,279 Spirulina bulk 3,541 10,386 7,119 Total bulk sales 5,523 12,833 9,398 Contract extraction and R&D services revenue 614 600 819 Total net sales $ 23,178 $ 35,968 $ 32,345 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2023 2022 2021 (dollars in thousands) Net sales(1): United States $ 17,031 73 % $ 24,468 68 % $ 21,474 66 % Asia / Pacific 2,164 9 % 7,102 20 % 5,827 18 % Europe 2,440 11 % 3,183 9 % 3,416 11 % Other 1,543 7 % 1,215 3 % 1,628 5 % $ 23,178 100 % $ 35,968 100 % $ 32,345 100 % |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 2021 (in thousands) Current: Federal $ — $ — $ — State (18 ) (28 ) (3 ) Total current (expense) benefit (18 ) (28 ) (3 ) Deferred: Federal — — — State — — — Total deferred expense — — — Income tax expense $ (18 ) $ (28 ) $ (3 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 2021 (in thousands) Tax provision at federal statutory income tax rate $ 952 $ (591 ) $ (263 ) Stock-based compensation (23 ) (16 ) (11 ) Decrease (increase) in valuation allowance (518 ) 557 (17 ) State and local income taxes, net of federal tax benefit (12 ) (2 ) 1 Expired losses (380 ) — — Deferred tax true-up (24 ) 34 27 CARES Act, PPP Loan Forgiveness — — 298 Other, net (13 ) (10 ) (38 ) Income tax expense $ (18 ) $ (28 ) $ (3 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 3,570 $ 3,140 Inventory 50 175 Compensation accrual 177 251 Tax credit carry forwards 28 28 Interest limitation 108 — Operating lease right-of-use assets 1,323 1,025 Section 174 Costs 118 — Other 26 27 Gross deferred tax assets 5,400 4,646 Less valuation allowance (2,990 ) (2,473 ) Net deferred tax assets 2,410 2,173 Deferred tax liabilities: Operating lease obligations (1,328 ) (1,027 ) Depreciation and amortization (1,082 ) (1,146 ) Net deferred tax liabilities (2,410 ) (2,173 ) Net deferred tax assets (liabilities) $ — $ — |
Schedule of Operating Loss and Tax Credit Carry Forwards [Table Text Block] | Expires March 31, Net Operating Loss State Net Operating Losses Research and Experimentation Tax Credit (in thousands) 2025 $ — $ — $ 8 2026 159 — 2 2027 2,665 — — Thereafter 4,379 11,150 18 Indefinite 6,850 — — $ 14,053 $ 11,150 $ 28 |
Summary of Income Tax Contingencies [Table Text Block] | Open tax years ending March 31, Jurisdiction 2020 - 2023 U.S. Federal 2020 - 2023 State of Hawaii 2019 - 2023 State of California |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Additions Description Balance at Beginning of Year Charged to Costs and Expense Charged to Other Accounts Deductions Balance at End of Year Allowance for Doubtful Accounts: 2023 $ 67 $ 64 $ — $ 67 $ 64 2022 32 40 — 5 67 2021 13 46 — 27 32 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) - USD ($) | 12 Months Ended | ||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 21, 2023 | Dec. 31, 2022 | Apr. 30, 2019 | Aug. 30, 2016 | |
Statement [Line Items] | |||||||
Cash and Cash Equivalents, at Carrying Value | $ 974,000 | $ 2,589,000 | |||||
Working Capital (Deficit) | 5,393,000 | 11,443,000 | |||||
Line of Credit, Current | 1,540,000 | 0 | |||||
Lines of Credit, Related Party, Current | 500,000 | 0 | |||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 3,461,000 | ||||||
Net Cash Provided by (Used in) Operating Activities | (2,100,000) | 2,379,000 | $ 2,400,000 | ||||
Proceeds from Lines of Credit, Related Parties | 500,000 | 0 | $ 0 | ||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||||
Statement [Line Items] | |||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 3,461,000 | 3,720,000 | |||||
Unsecured Subordinated Loan From Skywords [Member] | |||||||
Statement [Line Items] | |||||||
Debt Instrument, Face Amount | 1,000,000 | 1,000,000 | $ 1,500,000 | ||||
Subsequent Event [Member] | Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||||
Statement [Line Items] | |||||||
Debt Covenant, Further Advances of Credit Agreement, Immediate Freeze | $ 1,770,000 | ||||||
First Foundation Bank [Member] | |||||||
Statement [Line Items] | |||||||
Proceeds from Lines of Credit | 1,540,000 | ||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | |||||||
Statement [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | $ 2,000,000 | |||||
Line of Credit, Current | 1,540,000 | 0 | |||||
Related Party 1 [Member] | Revolving Credit Facility [Member] | |||||||
Statement [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | $ 1,000,000 | |||||
Lines of Credit, Related Party, Current | 500,000 | $ 0 | |||||
Proceeds from Lines of Credit, Related Parties | $ 500,000 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Statement [Line Items] | |||
Cash, Uninsured Amount | $ 422,000 | $ 2,089,000 | |
Contract with Customer, Liability, Revenue Recognized | 94,000 | 55,000 | |
Advertising Expense | 1,513,000 | 1,458,000 | $ 2,116,000 |
Unrecognized Tax Benefits | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Statement [Line Items] | |||
Number of Major Customers | 2 | 2 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 1 [Member] | |||
Statement [Line Items] | |||
Concentration Risk, Percentage | 34% | 22% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 2 [Member] | |||
Statement [Line Items] | |||
Concentration Risk, Percentage | 6% | 19% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Statement [Line Items] | |||
Number of Major Customers | 2 | 2 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||
Statement [Line Items] | |||
Concentration Risk, Percentage | 46% | 63% |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Estimated Useful Lives (Details) | Mar. 31, 2023 |
Equipment [Member] | Minimum [Member] | |
Statement [Line Items] | |
Estimated useful lives (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Statement [Line Items] | |
Estimated useful lives (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Statement [Line Items] | |
Estimated useful lives (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Statement [Line Items] | |
Estimated useful lives (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Statement [Line Items] | |
Estimated useful lives (Year) | 10 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Statement [Line Items] | |
Estimated useful lives (Year) | 25 years |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Inventory Abnormal Production Costs | $ 90,000 | $ 0 | $ 110,000 |
Non Inventoriable Fixed Costs | $ 269,000 | $ 136,000 | $ 179,000 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Raw materials | $ 1,887 | $ 1,490 |
Work in process | 2,049 | 2,868 |
Finished goods | 6,502 | 4,595 |
Supplies | 269 | 513 |
Inventories | $ 10,707 | $ 9,466 |
Note 4 - Equipment and Leaseh_3
Note 4 - Equipment and Leasehold Improvements (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Asset Impairment Charges | $ 5,000 | $ 21,000 | $ 64,000 |
Depreciation, Depletion and Amortization | $ 1,655,000 | $ 1,599,000 | $ 1,748,000 |
Note 4 - Equipment and Leaseh_4
Note 4 - Equipment and Leasehold Improvements - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Equipment and leasehold improvements, gross | $ 37,094 | $ 35,376 |
Less accumulated depreciation and amortization | (25,947) | (24,339) |
Construction in-progress | 219 | 848 |
Equipment and leasehold improvements, net | 11,366 | 11,885 |
Equipment [Member] | ||
Statement [Line Items] | ||
Equipment and leasehold improvements, gross | 21,649 | 20,231 |
Leasehold Improvements [Member] | ||
Statement [Line Items] | ||
Equipment and leasehold improvements, gross | 15,038 | 14,751 |
Furniture and Fixtures [Member] | ||
Statement [Line Items] | ||
Equipment and leasehold improvements, gross | $ 407 | $ 394 |
Note 5 - Line of Credit and L_3
Note 5 - Line of Credit and Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||
Apr. 12, 2021 | Aug. 30, 2016 | Jul. 30, 2015 | Aug. 14, 2012 | Apr. 30, 2021 | May 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 21, 2023 | Dec. 31, 2022 | Dec. 14, 2022 | Apr. 30, 2019 | |
Statement [Line Items] | ||||||||||||||
Line of Credit, Current | $ 1,540,000 | $ 0 | ||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 3,461,000 | |||||||||||||
Debt Issuance Costs, Current, Net | 92,000 | |||||||||||||
Debt Issuance Costs, Net | 0 | 112,000 | ||||||||||||
Proceeds from Issuance of Unsecured Debt | 0 | 0 | $ 1,381,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 0 | 0 | 1,389,000 | |||||||||||
Long-term Debt, Current Maturities, Total | 5,409,000 | 490,000 | ||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 408,000 | 342,000 | 446,000 | |||||||||||
Lines of Credit, Related Party, Current | 500,000 | 0 | ||||||||||||
Unsecured Subordinated Loan [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Long-Term Debt, Gross | 1,000,000 | 1,000,000 | ||||||||||||
The 2015 Loan Agreement [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Proceeds from Issuance of Debt | $ 2,500,000 | |||||||||||||
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% | |||||||||||||
The 2015 Loan Agreement [Member] | Minimum [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||||||||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument Reference Rate | 7.50% | 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 | $ 3,461,000 | $ 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, Maturing on August 14, 2032 [Member] | Subsequent Event [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Covenant, Further Advances of Credit Agreement, Immediate Freeze | $ 1,770,000 | |||||||||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | Minimum [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate During Period | 5.50% | |||||||||||||
Term Loan Agreement, Promissory Note One [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Proceeds from Issuance of Debt | $ 2,250,000 | |||||||||||||
Term Loan Agreement, Promissory Note Two [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Proceeds from Issuance of Debt | $ 3,250,000 | |||||||||||||
SBA CARES Act Paycheck Protection Program [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Proceeds from Issuance of Unsecured Debt | $ 1,381,000 | |||||||||||||
Debt Instrument, Decrease, Principal Forgiveness | 1,381,000 | |||||||||||||
Debt Instrument, Decrease, Accrued Interest Forgiveness | 8,000 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 1,389,000 | |||||||||||||
Skywords Note [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument Reference Rate | 7.50% | 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] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
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 | $ 1,000,000 | ||||||||||||
Skywords Amended Note [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | $ 1,000,000 | ||||||||||||
Debt Instrument, Floor Interest Rate | 5% | 5% | ||||||||||||
Prime Rate [Member] | The 2015 Loan Agreement [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument Reference Rate | 7.50% | 3.25% | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||||||||||
Prime Rate [Member] | Skywords Note [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||||||
Prime Rate [Member] | Skywords Note [Member] | Unsecured Subordinated Loan [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||||||
Prime Rate [Member] | Skywords Note [Member] | Minimum [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate During Period | 5% | |||||||||||||
Prime Rate [Member] | Skywords Amended Note [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | $ 2,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||||||
Line of Credit, Current | $ 1,540,000 | $ 0 | ||||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Debt Instrument Reference Rate | 8% | 3.25% | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||||||||||
Related Party 1 [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | $ 1,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 5% | ||||||||||||
Lines of Credit, Related Party, Current | $ 500,000 | $ 0 |
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 ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Less current maturities | $ (5,409,000) | $ (490,000) |
Long-term debt, excluding current maturities | 1,000,000 | 4,448,000 |
Less unamortized debt issuance costs | 0 | (112,000) |
Total long-term debt, net of current maturities and unamortized debt issuance costs | 1,000,000 | 4,336,000 |
Line of Credit Excluding Related Party [Member] | ||
Statement [Line Items] | ||
Long-term debt | 1,540,000 | 0 |
Line of Credit, Related Party [Member] | ||
Statement [Line Items] | ||
Long-term debt | 500,000 | 0 |
Long-term Debt, Excluding Related Party Debt [Member] | ||
Statement [Line Items] | ||
Long-term debt | 3,369,000 | 3,938,000 |
Unsecured Subordinated Loan [Member] | ||
Statement [Line Items] | ||
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 | Mar. 31, 2023 USD ($) |
Statement [Line Items] | |
2024 | $ 3,461 |
2026 | 1,000 |
Total principal payments | $ 4,461 |
Note 6 - Accrued Expenses - Com
Note 6 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Bonus and profit sharing | $ 143 | $ 488 |
Wages | 215 | 211 |
Vacation | 393 | 392 |
Rent, interest and legal | 30 | 108 |
Other accrued expenses | 320 | 213 |
Total accrued expenses | $ 1,101 | $ 1,412 |
Note 7 - Operating Leases (Deta
Note 7 - Operating Leases (Details Textual) | 12 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Statement [Line Items] | |||
Operating Leases, Expense, Contingent Rentals | $ 0 | $ 73,000 | $ 50,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 9 years 9 months 18 days | 12 years 2 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 7.30% | 7.20% | |
Operating Lease, Cost | $ 719,000 | $ 603,000 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,429,000 | ||
Operating Lease, Expense | 506,000 | 713,000 | 616,000 |
State and Local Jurisdiction [Member] | |||
Statement [Line Items] | |||
Real Estate Tax Expense | $ 37,000 | $ 30,000 | $ 28,000 |
Solar Lease for Buildings [Member] | |||
Statement [Line Items] | |||
Leases, Number of Lease Properties | 2 | ||
Lessee, Operating Lease, Term of Contract (Year) | 84 months | ||
Equipment [Member] | |||
Statement [Line Items] | |||
Lessee, Operating Lease, Term of Contract (Year) | 48 years | ||
HAWAII1 [Member] | |||
Statement [Line Items] | |||
Leases, Number of Lease Properties | 2 | ||
HAWAII1 [Member] | Commercial Lease Expiring in 2035 [Member] | |||
Statement [Line Items] | |||
Lessee, Operating Lease, Term of Contract (Year) | 40 years | ||
HAWAII1 [Member] | Commercial Lease Expiring in 2037 [Member] | |||
Statement [Line Items] | |||
Lessee, Operating Lease, Term of Contract (Year) | 19 years |
Note 7 - Operating Leases - Sup
Note 7 - Operating Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Right-of-use assets | $ 6,149 | $ 4,720 |
Accumulated lease amortization | (1,373) | (933) |
Total right-of-use assets | 4,776 | 3,787 |
Current lease liabilities | 483 | 393 |
Non-current lease liabilities | 4,275 | 3,386 |
Total lease liabilities | $ 4,758 | $ 3,779 |
Note 7 - Operating Leases - Ope
Note 7 - Operating Leases - Operating Leases Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
2024 | $ 810 | |
2025 | 820 | |
2026 | 797 | |
2027 | 798 | |
2028 | 683 | |
Thereafter | 2,760 | |
Total undiscounted lease payments | 6,668 | |
Less: present value discount | (1,910) | |
Total lease liabilities balance | $ 4,758 | $ 3,779 |
Note 8 - Other Commitments an_2
Note 8 - Other Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Purchase Obligation | $ 822,000 | $ 1,105,000 | $ 1,005,000 |
Purchase Obligation Agreement, Term (Year) | 10 years |
Note 9 - Share-based Compensa_3
Note 9 - Share-based Compensation (Details Textual) | 12 Months Ended | ||||||
Apr. 06, 2023 $ / shares shares | Apr. 03, 2023 shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) $ / shares shares | Aug. 25, 2016 shares | Aug. 28, 2014 shares | |
Statement [Line Items] | |||||||
Number of Shareholder Approved Share-based Compensation Plans | 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,104,643 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,950,000 | ||||||
Share Price (in dollars per share) | $ / shares | $ 0.88 | $ 3.37 | $ 3.30 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 0 | $ 0 | $ 6,000 | ||||
ShareBased Compensation Arrangement By Share Based Payment Award Weighted Average Grant Date Fair Value Options Granted | $ | 97,000 | 80,000 | 155,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | 67,000 | 40,000 | 6,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Statement [Line Items] | |||||||
Share-Based Payment Arrangement, Expense | $ | 90,000 | 63,000 | 29,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 124,000 | $ 139,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | 2 years 1 month 6 days | |||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | |||||||
Statement [Line Items] | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 158,000 | $ 158,000 | $ 158,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 64,489 | 55,438 | 66,385 | ||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Two Board Members [Member] | |||||||
Statement [Line Items] | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 15,500 | ||||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Two Board Members [Member] | Subsequent Event [Member] | |||||||
Statement [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 17,672 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Statement [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 66,423 | 38,672 | 28,647 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 3.13 | $ 2.91 | $ 2.15 | ||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||||
Statement [Line Items] | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 62,000 | $ 123,000 | $ 28,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 122,000 | $ 19,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | 1 year 2 months 12 days | |||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Subsequent Event [Member] | |||||||
Statement [Line Items] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,900 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0.94 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Maximum [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Statement [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
The 2004 Directors Plan [Member] | |||||||
Statement [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||
The 2016 Plan [Member] | |||||||
Statement [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 881,437 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,300,000 | 1,300,000 | |||||
The 2016 Plan [Member] | Maximum [Member] | |||||||
Statement [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized for Issuance in Connection with Performance Awards and Stock Awards (in shares) | 600,000 | ||||||
2014 Directors Plan [Member] | |||||||
Statement [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 223,206 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 650,000 | 350,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 300,000 |
Note 9 - Share-based Compensa_4
Note 9 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) - shares | Mar. 31, 2023 | Aug. 25, 2016 | Aug. 28, 2014 |
Statement [Line Items] | |||
Authorized (in shares) | 1,950,000 | ||
Available (in shares) | 1,104,643 | ||
Outstanding (in shares) | 323,334 | ||
The 2016 Plan [Member] | |||
Statement [Line Items] | |||
Authorized (in shares) | 1,300,000 | 1,300,000 | |
Available (in shares) | 881,437 | ||
Outstanding (in shares) | 305,334 | ||
2014 Directors Plan [Member] | |||
Statement [Line Items] | |||
Authorized (in shares) | 650,000 | 350,000 | |
Available (in shares) | 223,206 | ||
Outstanding (in shares) | 12,000 | ||
The 2004 Directors Plan [Member] | |||
Statement [Line Items] | |||
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 ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement [Line Items] | ||||
Outstanding (in shares) | 252,500 | 374,300 | 318,300 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.34 | $ 3.64 | $ 4.08 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 6 months | 6 years 6 months | 3 years 10 months 24 days | 3 years |
Outstanding, aggregate intrinsic value | $ 0 | $ 159,650 | $ 129,700 | $ 0 |
Granted (in shares) | 50,000 | 50,000 | 130,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.43 | $ 2.96 | $ 2.35 | |
Exercised (in shares) | (19,000) | |||
Exercised, weighted average exercise price (in dollars per share) | $ 3.59 | |||
Forfeited (in shares) | (5,000) | (55,000) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 5.21 | $ 3.13 | ||
Expired (in shares) | (49,500) | (166,800) | ||
Expired, weighted average exercise price (in dollars per share) | $ 5.80 | $ 3.84 | ||
Outstanding (in shares) | 253,000 | 252,500 | 374,300 | 318,300 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.88 | $ 3.34 | $ 3.64 | $ 4.08 |
Exercisable (in shares) | 111,333 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ 2.90 | |||
Exercisable, weighted average remaining contractual term (Year) | 6 years 7 months 6 days | |||
Exercisable, aggregate intrinsic value | $ 0 |
Note 9 - Share-based Compensa_6
Note 9 - Share-based Compensation - Summary of Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Nonvested (in shares) | 141,667 | ||
Nonvested (in dollars per share) | $ 1.33 | ||
Granted (in shares) | 50,000 | 50,000 | 130,000 |
Granted (in dollars per share) | $ 1.94 | ||
Expired (in shares) | 50,000 | ||
Expired (in dollars per share) | $ 1.33 | ||
Nonvested (in shares) | 141,667 | 141,667 | |
Nonvested (in dollars per share) | $ 1.55 | $ 1.33 |
Note 9 - Share-based Compensa_7
Note 9 - Share-based Compensation - Summary of the Weighted-average Characteristics of Outstanding Stock Options (Details) | 12 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Statement [Line Items] | |
Outstanding Options Number of Shares (in shares) | shares | 253,000 |
Outstanding Options Remaining Life (Year) | 7 years 6 months |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.88 |
Exercisable Options Number of Shares (in shares) | shares | 111,333 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.90 |
Range 01 [Member] | |
Statement [Line Items] | |
Lower Range of Exercise (in dollars per share) | 2.11 |
Upper Range of Exercise (in dollars per share) | $ 2.34 |
Outstanding Options Number of Shares (in shares) | shares | 105,000 |
Outstanding Options Remaining Life (Year) | 7 years 2 months 12 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.28 |
Exercisable Options Number of Shares (in shares) | shares | 55,000 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.27 |
Range 02 [Member] | |
Statement [Line Items] | |
Lower Range of Exercise (in dollars per share) | 2.35 |
Upper Range of Exercise (in dollars per share) | $ 2.76 |
Outstanding Options Number of Shares (in shares) | shares | 30,000 |
Outstanding Options Remaining Life (Year) | 7 years 6 months |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.54 |
Exercisable Options Number of Shares (in shares) | shares | 21,666 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.53 |
Range 03 [Member] | |
Statement [Line Items] | |
Lower Range of Exercise (in dollars per share) | 2.77 |
Upper Range of Exercise (in dollars per share) | $ 3.20 |
Outstanding Options Number of Shares (in shares) | shares | 50,000 |
Outstanding Options Remaining Life (Year) | 8 years 1 month 6 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.96 |
Exercisable Options Number of Shares (in shares) | shares | 16,667 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.96 |
Range 04 [Member] | |
Statement [Line Items] | |
Lower Range of Exercise (in dollars per share) | 3.21 |
Upper Range of Exercise (in dollars per share) | $ 5.91 |
Outstanding Options Number of Shares (in shares) | shares | 68,000 |
Outstanding Options Remaining Life (Year) | 7 years 3 months 18 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.89 |
Exercisable Options Number of Shares (in shares) | shares | 18,000 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 5.18 |
Note 9 - Share-based Compensa_8
Note 9 - Share-based Compensation - Summary of Valuation Assumptions Related to Options Granted (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Exercise Price (in dollars per share) | $ 1.94 | $ 1.60 | $ 1.20 |
Volatility | 57.47% | 58.23% | 54.44% |
Risk Free Rate | 3.36% | 1.06% | 0.40% |
Vesting Period (Year) | 3 years | 3 years | 3 years |
Forfeiture Rate | 19% | 0% | 0% |
Expected Life (Year) | 6 years | 6 years | 6 years 2 months 12 days |
Dividend Rate | 0% | 0% | 0% |
Note 9 - Share-based Compensa_9
Note 9 - Share-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Nonvested restricted stock units (in shares) | 14,465 | 28,188 | 12,766 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ 2.22 | $ 2.38 | $ 3.98 |
Granted (in shares) | 66,423 | 38,672 | 28,647 |
Granted, weighted average grant price (in dollars per share) | $ 3.13 | $ 2.91 | $ 2.15 |
Vested (in shares) | (8,312) | (46,963) | (9,135) |
Vested, weighted average grant price (in dollars per share) | $ 2.35 | $ 2.85 | $ 3.97 |
Forfeited (in shares) | (2,242) | (5,432) | (4,090) |
Forfeited, weighted average grant price (in dollars per share) | $ 2.91 | $ 2.51 | $ 2.21 |
Nonvested restricted stock units (in shares) | 70,334 | 14,465 | 28,188 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ 3.04 | $ 2.22 | $ 2.38 |
Note 10 - Common and Preferre_2
Note 10 - Common and Preferred Stock (Details Textual) - shares | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Shares Authorized (in shares) | 60,000,000 | |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued (in shares) | 0 | 0 |
Note 11 - Earnings (Loss) Per_3
Note 11 - Earnings (Loss) Per Share (Details Textual) | 12 Months Ended |
Mar. 31, 2023 shares | |
Common Stock Options and Restricted Stock Units [Member] | |
Statement [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 3,000 |
Note 11 - Earnings (Loss) Per_4
Note 11 - Earnings (Loss) Per Share - Summary of Reconciliations Between the Numerator and the Denominator of the Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Net (loss) income | $ (3,440) | $ 2,154 | $ 920 |
Basic (in shares) | 6,244 | 6,157 | 6,070 |
Basic (in dollars per share) | $ (0.55) | $ 0.35 | $ 0.15 |
Shares outstanding - basic (in shares) | 6,244 | 6,157 | 6,070 |
Earnings per share - basic (in dollars per share) | $ (0.55) | $ 0.35 | $ 0.15 |
Effective dilutive securities—Common stock options and restricted stock units | $ 0 | $ 0 | |
Effective dilutive securities—Common stock options and restricted stock units (in shares) | 11 | 8 | |
Net income - diluted | $ 2,154 | $ 920 | |
Shares outstanding - diluted (in shares) | 6,244 | 6,168 | 6,079 |
Diluted income per share (in dollars per share) | $ (0.55) | $ 0.35 | $ 0.15 |
Diluted (in dollars per share) | $ (0.55) | $ 0.35 | $ 0.15 |
Note 12 - Profit Sharing and _2
Note 12 - Profit Sharing and 401k Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Profit Sharing Defined Contribution Plan [Member] | |||
Statement [Line Items] | |||
Defined Contribution Plan, Cost | $ 0 | $ 121,000 | $ 25,000 |
Defined Contribution 401K Plan [Member] | |||
Statement [Line Items] | |||
Defined Contribution Plan, Cost | $ 138,000 | $ 135,000 | $ 141,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2% |
Note 13 - Product Line and Ge_3
Note 13 - Product Line and Geographic Information (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Cost of Goods and Services Sold | $ 15,919,000 | $ 22,402,000 | $ 21,228,000 |
Contract Extraction [Member] | |||
Statement [Line Items] | |||
Cost of Goods and Services Sold | $ 441,000 | $ 439,000 | $ 337,000 |
Note 13 - Product Line and Ge_4
Note 13 - Product Line and Geographic Information - Net Sales by Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Total net sales | $ 23,178 | $ 35,968 | $ 32,345 |
Packaged Astaxanthin [Member] | |||
Statement [Line Items] | |||
Total net sales | 12,227 | 14,931 | 14,512 |
Packaged Spirulina [Member] | |||
Statement [Line Items] | |||
Total net sales | 4,814 | 7,604 | 7,616 |
Packaged Products [Member] | |||
Statement [Line Items] | |||
Total net sales | 17,041 | 22,535 | 22,128 |
Bulk Astaxanthin [Member] | |||
Statement [Line Items] | |||
Total net sales | 1,982 | 2,447 | 2,279 |
Bulk Spirulina [Member] | |||
Statement [Line Items] | |||
Total net sales | 3,541 | 10,386 | 7,119 |
Bulk Products [Member] | |||
Statement [Line Items] | |||
Total net sales | 5,523 | 12,833 | 9,398 |
Contract Extraction and R&D Services [Member] | |||
Statement [Line Items] | |||
Total net sales | $ 614 | $ 600 | $ 819 |
Note 13 - Product Line and Ge_5
Note 13 - Product Line and Geographic Information - Sales by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Statement [Line Items] | ||||
Net sales | $ 23,178 | $ 35,968 | $ 32,345 | |
Geographic Concentration Risk [Member] | ||||
Statement [Line Items] | ||||
Net sales | [1] | $ 23,178 | $ 35,968 | $ 32,345 |
Net sales, percent | [1] | 100% | 100% | 100% |
Geographic Concentration Risk [Member] | UNITED STATES | ||||
Statement [Line Items] | ||||
Net sales | [1] | $ 17,031 | $ 24,468 | $ 21,474 |
Net sales, percent | [1] | 73% | 68% | 66% |
Geographic Concentration Risk [Member] | Asia Pacific [Member] | ||||
Statement [Line Items] | ||||
Net sales | [1] | $ 2,164 | $ 7,102 | $ 5,827 |
Net sales, percent | [1] | 9% | 20% | 18% |
Geographic Concentration Risk [Member] | Europe [Member] | ||||
Statement [Line Items] | ||||
Net sales | [1] | $ 2,440 | $ 3,183 | $ 3,416 |
Net sales, percent | [1] | 11% | 9% | 11% |
Geographic Concentration Risk [Member] | Other Countries [Member] | ||||
Statement [Line Items] | ||||
Net sales | [1] | $ 1,543 | $ 1,215 | $ 1,628 |
Net sales, percent | [1] | 7% | 3% | 5% |
[1]Net sales are attributed to countries based on location of customer. |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Operating Loss Carryforwards | $ 14,053,000 | ||
Domestic Tax Authority [Member] | |||
Statement [Line Items] | |||
Operating Loss Carryforwards | $ 14,053,000 | ||
Operating Loss Carryforwards, Expiration Period (Year) | 20 years | ||
Domestic Tax Authority [Member] | Prior To 2018 Tax Year [Member] | |||
Statement [Line Items] | |||
Operating Loss Carryforwards Subject to Expiration | $ 7,203,000 | ||
Operating Loss Carryforwards Not Subject to Expiration | 6,850,000 | ||
State and Local Jurisdiction [Member] | |||
Statement [Line Items] | |||
Operating Loss Carryforwards | 11,150,000 | ||
State and Local Jurisdiction [Member] | Other States [Member] | |||
Statement [Line Items] | |||
Operating Loss Carryforwards | 290,000 | ||
State and Local Jurisdiction [Member] | Carryforwards Expire March 31, 2039 through 2040 [Member] | California Franchise Tax Board [Member] | |||
Statement [Line Items] | |||
Operating Loss Carryforwards Subject to Expiration | 2,946,000 | ||
State and Local Jurisdiction [Member] | Carryforwards Expire March 31, 2030 through 2040 [Member] | State of Hawaii Department of Taxation [Member] | |||
Statement [Line Items] | |||
Operating Loss Carryforwards Subject to Expiration | $ 7,914,000 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Federal | $ 0 | $ 0 | $ 0 |
State | (18) | (28) | (3) |
Total current (expense) benefit | (18) | (28) | (3) |
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total deferred expense | 0 | 0 | 0 |
Income tax expense | $ (18) | $ (28) | $ (3) |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of the Amount of Income Taxes Computed at the Federal Statutory Rate to the Amount Reflected in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Tax provision at federal statutory income tax rate | $ 952 | $ (591) | $ (263) |
Stock-based compensation | (23) | (16) | (11) |
Decrease (increase) in valuation allowance | (518) | 557 | (17) |
State and local income taxes, net of federal tax benefit | (12) | (2) | 1 |
Expired losses | (380) | 0 | 0 |
Deferred tax true-up | (24) | 34 | 27 |
CARES Act, PPP Loan Forgiveness | 0 | 0 | 298 |
Other, net | (13) | (10) | (38) |
Income tax expense | $ (18) | $ (28) | $ (3) |
Note 14 - Income Taxes - Effect
Note 14 - Income Taxes - Effects of Temporary Differences Related to Various Assets, Liabilities and Carry Forwards That Give Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Statement [Line Items] | ||
Net operating loss carry forwards | $ 3,570 | $ 3,140 |
Inventory | 50 | 175 |
Compensation accrual | 177 | 251 |
Tax credit carry forwards | 28 | 28 |
Interest limitation | 108 | 0 |
Operating lease right-of-use assets | 1,323 | 1,025 |
Section 174 Costs | 118 | 0 |
Other | 26 | 27 |
Gross deferred tax assets | 5,400 | 4,646 |
Less valuation allowance | (2,990) | (2,473) |
Net deferred tax assets | 2,410 | 2,173 |
Operating lease obligations | (1,328) | (1,027) |
Depreciation and amortization | (1,082) | (1,146) |
Net deferred tax liabilities | (2,410) | (2,173) |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Note 14 - Income Taxes - Net Op
Note 14 - Income Taxes - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Statement [Line Items] | |
Operating Loss Carryforwards | $ 14,053 |
Research Tax Credit Carryforward [Member] | |
Statement [Line Items] | |
Research and Experimentation Tax Credits | 28 |
State and Local Jurisdiction [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 11,150 |
Expiration Tax Year 2025 [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 0 |
Expiration Tax Year 2025 [Member] | Research Tax Credit Carryforward [Member] | |
Statement [Line Items] | |
Research and Experimentation Tax Credits | 8 |
Expiration Tax Year 2025 [Member] | State and Local Jurisdiction [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 0 |
Expiration Tax Year 2026 [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 159 |
Expiration Tax Year 2026 [Member] | Research Tax Credit Carryforward [Member] | |
Statement [Line Items] | |
Research and Experimentation Tax Credits | 2 |
Expiration Tax Year 2026 [Member] | State and Local Jurisdiction [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 0 |
Expiration Tax Year 2027 [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 2,665 |
Expiration Tax Year 2027 [Member] | Research Tax Credit Carryforward [Member] | |
Statement [Line Items] | |
Research and Experimentation Tax Credits | 0 |
Expiration Tax Year 2027 [Member] | State and Local Jurisdiction [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 0 |
Expiration Tax Year After 2027 [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 4,379 |
Expiration Tax Year After 2027 [Member] | Research Tax Credit Carryforward [Member] | |
Statement [Line Items] | |
Research and Experimentation Tax Credits | 18 |
Expiration Tax Year After 2027 [Member] | State and Local Jurisdiction [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 11,150 |
Indefinite [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | 6,850 |
Indefinite [Member] | Research Tax Credit Carryforward [Member] | |
Statement [Line Items] | |
Research and Experimentation Tax Credits | 0 |
Indefinite [Member] | State and Local Jurisdiction [Member] | |
Statement [Line Items] | |
Operating Loss Carryforwards | $ 0 |
Note 14 - Income Taxes - Open T
Note 14 - Income Taxes - Open Tax Years and Jurisdictions That the Company Used in Its Evaluation of Tax Positions (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Statement [Line Items] | |
Open tax year | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Statement [Line Items] | |
Open tax year | 2023 |
State and Local Jurisdiction [Member] | Hawaii Department of Taxation [Member] | Earliest Tax Year [Member] | |
Statement [Line Items] | |
Open tax year | |
State and Local Jurisdiction [Member] | Hawaii Department of Taxation [Member] | Latest Tax Year [Member] | |
Statement [Line Items] | |
Open tax year | 2023 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Earliest Tax Year [Member] | |
Statement [Line Items] | |
Open tax year | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Latest Tax Year [Member] | |
Statement [Line Items] | |
Open tax year | 2023 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions and Balances (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Apr. 12, 2021 | Apr. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 14, 2022 | Apr. 30, 2019 | |
Statement [Line Items] | ||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 408,000 | $ 342,000 | $ 446,000 | |||||
Long-Term Debt, Total | 4,461,000 | |||||||
Lines of Credit, Related Party, Current | 500,000 | 0 | ||||||
Revolving Credit Facility [Member] | Related Party 1 [Member] | ||||||||
Statement [Line Items] | ||||||||
Lines of Credit, Related Party, Current | $ 500,000 | $ 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 5% | ||||||
Conversion of Skywords Note Into Revolving Loans [Member] | ||||||||
Statement [Line Items] | ||||||||
Debt Conversion, Original Debt, Amount | $ 500,000 | |||||||
Skywords Note [Member] | ||||||||
Statement [Line Items] | ||||||||
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] | ||||||||
Statement [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | ||||||||
Statement [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 1,500,000 | ||||||
Long-Term Debt, Total | $ 1,000,000 | |||||||
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | Prime Rate [Member] | ||||||||
Statement [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||
Skywords Amended Note [Member] | ||||||||
Statement [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 500,000 | $ 1,000,000 | ||||||
Debt Instrument, Term (Year) | 3 years | |||||||
Debt Instrument, Floor Interest Rate | 5% | 5% | ||||||
Skywords Amended Note [Member] | Prime Rate [Member] | ||||||||
Statement [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement [Line Items] | |||
Balance at Beginning of Year | $ 67 | $ 32 | $ 13 |
Additions Charged to Costs and Expense | 64 | 40 | 46 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | 67 | 5 | 27 |
Balance at End of Year | $ 64 | $ 67 | $ 32 |