Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Jun. 14, 2024 | Sep. 29, 2023 | |
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 | 2024 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
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 | ||
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 | $ 3,327,018.4 | ||
Entity Common Stock, Shares Outstanding | 6,948,379 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Auditor Location | Newport Beach, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash | $ 707,000 | $ 974,000 |
Accounts receivable, net of allowance for credit losses of $11 in 2024 and $64 in 2023 | 2,102,000 | 1,331,000 |
Inventories | 7,313,000 | 10,707,000 |
Prepaid expenses and other current assets | 469,000 | 484,000 |
Total current assets | 10,591,000 | 13,496,000 |
Equipment and leasehold improvements, net | 10,109,000 | 11,366,000 |
Operating lease right-of-use assets, net | 4,284,000 | 4,776,000 |
Other assets | 128,000 | 90,000 |
Total assets | 25,112,000 | 29,728,000 |
Current liabilities: | ||
Accounts payable | 1,439,000 | 1,021,000 |
Accrued expenses | 757,000 | 1,101,000 |
Customer deposits | 198,000 | 89,000 |
Operating lease obligations, current portion | 530,000 | 483,000 |
Short-term debt – bank | 1,240,000 | 0 |
Line of credit – bank | 0 | 1,540,000 |
Line of credit – related party | 1,250,000 | 500,000 |
Current maturities of long-term debt | 3,140,000 | 3,369,000 |
Total current liabilities | 8,554,000 | 8,103,000 |
Long-term debt, less current maturities | 1,000,000 | 1,000,000 |
Long-term operating lease obligations | 3,744,000 | 4,275,000 |
Other long-term liabilities | 0 | 3,000 |
Total liabilities | 13,298,000 | 13,381,000 |
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 6,947,246 shares at March 31, 2024 and 6,271,971 shares at March 31, 2023 | 139,000 | 125,000 |
Additional paid-in capital | 34,576,000 | 33,856,000 |
Accumulated deficit | (22,901,000) | (17,634,000) |
Total stockholders’ equity | 11,814,000 | 16,347,000 |
Total liabilities and stockholders’ equity | $ 25,112,000 | $ 29,728,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Accounts receivable, allowance for doubtful accounts | $ 11 | $ 64 |
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) | 6,947,246 | 6,271,971 |
Common stock, shares outstanding (in shares) | 6,947,246 | 6,271,971 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net sales | $ 23,071 | $ 23,178 | $ 35,968 |
Cost of sales | 17,126 | 15,919 | 22,402 |
Gross profit | 5,945 | 7,259 | 13,566 |
Operating expenses: | |||
General and administrative | 4,464 | 4,659 | 5,367 |
Sales and marketing | 5,384 | 4,750 | 4,913 |
Research and development | 689 | 770 | 712 |
Total operating expense | 10,537 | 10,179 | 10,992 |
(Loss) income from operations | (4,592) | (2,920) | 2,574 |
Other income (expense): | |||
Interest expense, net | (668) | (502) | (392) |
(Loss) income before income taxes | (5,260) | (3,422) | 2,182 |
Income tax expense | (7) | (18) | (28) |
Net (loss) income | $ (5,267) | $ (3,440) | $ 2,154 |
Net (loss) income per share: | |||
Basic (in dollars per share) | $ (0.81) | $ (0.55) | $ 0.35 |
Diluted (in dollars per share) | $ (0.81) | $ (0.55) | $ 0.35 |
Shares used in calculation of net (loss) income per share: | |||
Basic (in shares) | 6,531 | 6,244 | 6,157 |
Diluted (in shares) | 6,531 | 6,244 | 6,168 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2021 | 6,116,073 | |||
Balance at Mar. 31, 2021 | $ 122 | $ 33,267 | $ (16,348) | $ 17,041 |
Issuances of common stock for Director Stock Grants (in shares) | 55,438 | |||
Issuances of common stock for Director Stock Grants | $ 1 | 157 | 0 | 158 |
Issuance of vested shares of restricted stock (in shares) | 46,963 | |||
Issuance of vested shares of restricted stock | $ 1 | (53) | (52) | |
Shares withheld for tax payments (in shares) | (16,251) | |||
Shares withheld for tax payments | $ 0 | 0 | 0 | 0 |
Share-based compensation expense | 0 | 186 | 0 | 186 |
Net income (loss) | $ 0 | 0 | 2,154 | 2,154 |
Balance (in shares) at Mar. 31, 2022 | 6,202,223 | |||
Balance at Mar. 31, 2022 | $ 124 | 33,557 | (14,194) | 19,487 |
Issuances of common stock for Director Stock Grants (in shares) | 64,489 | |||
Issuances of common stock for Director Stock Grants | $ 1 | 157 | 0 | 158 |
Issuance of vested shares of restricted stock (in shares) | 8,312 | |||
Issuance of vested shares of restricted stock | $ 0 | (10) | (10) | |
Shares withheld for tax payments (in shares) | (3,053) | |||
Shares withheld for tax payments | $ 0 | 0 | 0 | 0 |
Share-based compensation expense | 0 | 152 | 0 | 152 |
Net income (loss) | $ 0 | 0 | (3,440) | (3,440) |
Balance (in shares) at Mar. 31, 2023 | 6,271,971 | |||
Balance at Mar. 31, 2023 | $ 125 | 33,856 | (17,634) | 16,347 |
Issuances of common stock for Director Stock Grants (in shares) | 159,493 | |||
Issuances of common stock for Director Stock Grants | $ 3 | 123 | 0 | 126 |
Issuance of vested shares of restricted stock (in shares) | 135,272 | |||
Issuance of vested shares of restricted stock | $ 3 | (30) | 0 | (27) |
Shares withheld for tax payments (in shares) | (49,983) | |||
Shares withheld for tax payments | $ (1) | 0 | 0 | (1) |
Share-based compensation expense | 0 | 222 | 0 | 222 |
Net income (loss) | $ 0 | 0 | (5,267) | (5,267) |
Proceeds from the sale of common stock, net of expenses (in shares) | 400,000 | |||
Proceeds from the sale of common stock, net of expenses | $ 8 | 380 | 0 | 388 |
Issuances of common stock to Directors in lieu of cash for current year board fees (in shares) | 12,821 | |||
Issuances of common stock to Directors in lieu of cash for current year board fees | $ 1 | 10 | 0 | 11 |
Issuance of common stock to Directors in lieu of cash for prior year board fees (in shares) | 17,672 | |||
Issuance of common stock to Directors in lieu of cash for prior year board fees | $ 0 | 15 | 0 | 15 |
Balance (in shares) at Mar. 31, 2024 | 6,947,246 | |||
Balance at Mar. 31, 2024 | $ 139 | $ 34,576 | $ (22,901) | $ 11,814 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (5,267,000) | $ (3,440,000) | $ 2,154,000 |
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,589,000 | 1,655,000 | 1,599,000 |
Loss on impairment of assets | 0 | 5,000 | 21,000 |
Amortization of debt issue costs and other assets | (13,000) | 40,000 | 57,000 |
Amortization of operating leases right-of-use assets | 492,000 | 440,000 | 322,000 |
Share-based compensation expense | 359,000 | 310,000 | 344,000 |
Provision for credit losses | 22,000 | 64,000 | 35,000 |
Net (increase) decrease in assets: | |||
Accounts receivable | (793,000) | 2,269,000 | (1,263,000) |
Inventories | 3,394,000 | (1,231,000) | (717,000) |
Prepaid expenses and other assets | 2,000 | 60,000 | (74,000) |
Net increase (decrease) in liabilities: | |||
Accounts payable | 467,000 | (1,422,000) | (358,000) |
Accrued expenses | (329,000) | (311,000) | 568,000 |
Customer deposits | 109,000 | (75,000) | 40,000 |
Operating lease obligations | (484,000) | (452,000) | (331,000) |
Other liabilities | (3,000) | (12,000) | (18,000) |
Net cash (used in) provided by operating activities | (455,000) | (2,100,000) | 2,379,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in equipment and leasehold improvements | (381,000) | (1,068,000) | (1,270,000) |
Net cash used in investing activities | (381,000) | (1,068,000) | (1,270,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments on short term debt and line of credit – bank | (575,000) | (660,000) | (1,000,000) |
Draws on short term debt and line of credit – bank | 275,000 | 2,200,000 | 0 |
Net draws on line of credit – related party | 750,000 | 500,000 | 0 |
Payments on long-term debt – related party | 0 | 0 | (500,000) |
Principal payments on long-term debt – bank | (241,000) | (477,000) | (735,000) |
Proceeds from the issuance of common stock, net of expenses | 388,000 | 0 | 0 |
Taxes paid related to net share settlement of restricted stock units | (28,000) | (10,000) | (52,000) |
Net cash provided by (used in) financing activities | 569,000 | 1,553,000 | (2,287,000) |
Net decrease in cash | (267,000) | (1,615,000) | (1,178,000) |
Cash at beginning of year | 974,000 | 2,589,000 | 3,767,000 |
Cash at end of year | 707,000 | 974,000 | 2,589,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest | 583,000 | 408,000 | 342,000 |
Income taxes | $ 6,000 | $ 32,000 | $ 2,000 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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”). The Company operates in one one Liquidity and Going Concern The accompanying consolidated financial statements, as of and for the fiscal year ended March 31, 2024 2023, not two March 31, 2024 one March 31, 2023. June 2023, not may As of March 31, 2024, March 31, 2023. March 31, 2023, October 13, 2023, August 30, 2024 ( “2023 March 31, 2024, March 31, 2023, 5 The Company also has a loan facility with a related party that allows the Company to borrow up to $2,000,000 on a revolving basis (the “Revolver”). At March 31, 2024 March 31, 2023, April 12, 2025 ( 5 15 As of March 31, 2024, “2012 August 2032. 2012 2023 March 31, 2024, March 31, 2024, no may March 31, 2023, June 22, 2023, March 31, 2023. On December 15, 2023, 10 In April 2019, April 12, 2021, December 14, 2022 August 14, 2023, 5 15 March 31, 2024 2023, April 12, 2025. The Company continues to experience a loss from operations as the impacts from the macroeconomic environment led to lower sales across all of the Company’s portfolio for the fiscal year ended 2024. not may second 2023 2024, 2023, third 2024. Funds generated by operating activities and available cash are 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 a significant portion of the cash flows necessary to meet all financial requirements. Although the Company has a history of either being in compliance with debt covenants, or obtaining the necessary waivers, execution of its operating plan is dependent on many factors, some of which are not no March 31, 2025. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
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, Short-Term 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, 2024 2023 March 31, 2024, March 31, 2023, Two March 31, 2024 2023, 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. Cost is determined by 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, 2024 2023 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, 2024 2023, March 31, 2023 2022, 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, 2024, 2023 2022 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, 2024 2023, 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, 2024 2023, 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 estimated at the time of the grant and is based on historical forfeitures of similar grants. The fair value of restricted stock units is the closing stock price on the grant date. 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, 2024, 2023 2022 11. Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. There was no Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses 326” November 2018 2018 19, Codification Improvements to Topic 326, Credit Losses December 15, 2022. April 1, 2023, not In November 2023, 2023 07, Segment Reporting (Topic 28 2023 07” 2023 07 December 15, 2023, December 15, 2024, 2023 07 In December 2023, 2023 09, Income Taxes (Topic 740 2023 09” eight 12 2023 09 December 15, 2024, 2023 09 2023 09 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. INVENTORIES Inventories consist of the following as of March 31, 2024 2023: 2024 2023 (in thousands) Raw materials $ 1,149 $ 1,887 Work in process 2,195 2,049 Finished goods 3,658 6,502 Supplies 311 269 Inventories $ 7,313 $ 10,707 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 $206,000, $90,000 and $0 to cost of sales for the fiscal years ended March 31, 2024, 2023 2022, Beginning in fiscal year 2021 2023, first six 2024, not Other non-inventoriable fixed costs of $467,000, $269,000 and $136,000 were expensed to cost of sales for the fiscal years ended March 31, 2024, 2023 2022, Net realizable value adjustments for spirulina products of $256,000 were expensed to cost of sales for the fiscal year ended March 31, 2024, March 31, 2023 2022. |
Note 4 - Equipment and Leasehol
Note 4 - Equipment and Leasehold Improvements | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023: 2024 2023 (in thousands) Equipment $ 21,904 $ 21,649 Leasehold improvements 15,075 15,038 Furniture and fixtures 419 407 37,398 37,094 Less accumulated depreciation and amortization (27,500 ) (25,947 ) Construction in-progress 211 219 Equipment and leasehold improvements, net $ 10,109 $ 11,366 Management has determined that $0, $5,000 and $21,000 of asset impairment existed as of March 31, 2024, 2023 2022, Depreciation and amortization expense were approximately $1,589,000, $1,655,000 and $1,599,000 for the years ended March 31, 2024, 2023 2022, |
Note 5 - Line of Credit and Ter
Note 5 - Line of Credit and Term Debt | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. LINE OF CREDIT AND TERM DEBT Total debt consists of the following at March 31, 2024 2023 2024 2023 (in thousands) Line of credit – bank $ — $ 1,540 Short-term debt – bank 1,240 — Line of credit – related party 1,250 500 Long-term debt 3,220 3,461 Long-term debt – related party 1,000 1,000 Unamortized debt issuance costs (80 ) (92 ) Less current maturities (5,630 ) (5,409 ) Total long-term debt, less current maturities $ 1,000 $ 1,000 Line of Credit and Term Loans On June 3, 2016, 2012 2023 The Line of Credit allowed the Company to borrow up to $2,000,000 on a revolving basis. Borrowings under the Credit Agreement bear interest at the Wall Street Journal prime March 31, 2023) plus no October 13, 2023, 2023 no August 30, 2024. 2023 prime no March 31, 2024, 2023 March 31, 2023, 2023 In 2012, 2012 August 14, 2012 “2012 2012 2012 The provisions of the 2012 first August 14, 2032, nineteen 19 2012 March 31, 2024 March 31, 2023) first no 2012 March 31, 2024 2023, The 2012 one December 31 December 31, 2012. 2012 March 31, 2024 2023, Loan Covenants, Violations and Waiver The Company’s 2023 2012 March 31, 2023, not two June 22, 2023, March 31, 2023, June 21, 2023. March 31, 2024, not third March 31, 2024, no may Although the Term Loans mature in August 2032, twelve March 31, 2024 2023. Line of Credit and Debt Related Party In April 2019, April 2021. April 2021, April 2024, 15 December 2022, April 2025 August 14, 2023, At both March 31, 2024 2023, March 31, 2024 2023, prime and March 31, 2024 2023, plus first no less Future principal payments, excluding unamortized debt issuance costs, under the loans at March 31, 2024 Fiscal year ending March 31 (in thousands) 2025 $ 4,460 2026 1,000 Total principal payments $ 5,460 |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. ACCRUED EXPENSES Accrued expenses as of March 31, 2024 2023 2024 2023 (in thousands) Wages $ 234 $ 215 Bonus and profit sharing — 143 Vacation 327 393 Interest and legal 32 30 Other accrued expenses 164 320 Total accrued expenses $ 757 $ 1,101 |
Note 7 - Operating Leases
Note 7 - Operating Leases | 12 Months Ended |
Mar. 31, 2024 | |
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 December 31, 2027. March 31, 2024 2023, March 31, 2022 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 are based on the present value of lease payments over the lease terms, using the Bank’s incremental borrowing rate based on the information available at recognition, and the Company has elected to exclude non-lease components. The Company also leases two two March 31, 2024, March 31, 2023, March 31, 2023, one no March 31, 2024. Supplemental balance sheet information related to leases consist of the following as of: Operating leases Balance Sheet Classification March 31, 2024 March 31, 2023 (in thousands) Right-of-use assets Operating lease right-of-use assets $ 6,149 $ 6,149 Accumulated lease amortization Operating lease right-of-use assets (1,865 ) (1,373 ) Total right-of-use assets $ 4,284 $ 4,776 Current lease liabilities Operating lease obligations $ 530 $ 483 Non-current lease liabilities Long-term operating lease obligations 3,744 4,275 Total lease liabilities $ 4,274 $ 4,758 Maturities of lease liabilities at March 31, 2024 Fiscal year ending March 31 (in thousands) 2025 $ 820 2026 797 2027 798 2028 683 2029 416 Thereafter 2,344 Total undiscounted lease payments 5,858 Less: present value discount (1,584 ) Total lease liabilities balance $ 4,274 Rent expense, including contingent rent, under operating leases were $685,000, $506,000 and $713,000 for the years ended March 31, 2024, 2023 2022, March 31, 2024, 2023 2022, |
Note 8 - Other Commitments and
Note 8 - Other Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024. As of March 31, 2024, 2023 2022, ten April 2026 not |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 9. SHARE-BASED COMPENSATION As of March 31, 2024, two 2016 “2016 2014 “2014 On August 25, 2016, 2016 2016 March 31, 2024, 2016 On August 28, 2014, 2014 2014 2021 2014 March 31, 2024, 2014 The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of March 31, 2024 Authorized Available Outstanding 2016 Plan 1,300,000 635,679 415,820 2014 Directors Plan 650,000 33,220 12,000 Total 1,950,000 668,899 427,820 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no 2016 2014 No ten 10 March 31, 2024, 2023 2022, A summary of option activity under the Company’s stock plans for the years ended March 31, 2024, 2023 2022 Option Activity Shares Weighted Price Weighted Average (in years) Aggregate 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 $ — Granted 50,000 0.79 Expired (6,000 ) 5.56 Outstanding at March 31, 2024 297,000 $ 2.47 7.1 $ — Exercisable at March 31, 2024 172,000 $ 2.76 6.3 $ — 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 $0.29, $0.88 and $3.37 at March 31, 2024, 2023 2022, 2024, 2023 2022. A summary of the Company’s non-vested options for the year ended March 31, 2024 Nonvested Options Shares Weighted Nonvested at March 31, 2023 141,667 $ 1.55 Granted 50,000 0.48 Vested (66,667 ) 1.49 Nonvested at March 31, 2024 125,000 $ 1.16 The weighted average grant-date fair value of stock options granted during fiscal years 2024, 2023 2022 2024, 2023 2022 The following table summarizes the weighted average characteristics of outstanding stock options as of March 31, 2024: Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Exercise Price Number of Weighted Exercise Price $0.79 - $2.20 55,000 9.1 $ 0.91 5,000 $ 2.11 $2.21 - $2.34 100,000 6.3 $ 2.29 75,000 $ 2.29 $2.35 - $3.20 80,000 6.9 $ 2.80 63,334 $ 2.76 $3.21 - $5.91 62,000 7.0 $ 3.73 28,666 $ 4.09 Total stock options 297,000 7.1 $ 2.74 172,000 $ 2.76 The range of fair value assumptions related to options granted during the years ended March 31, 2024, 2023 2022 2024 2023 2022 Exercise Price $ 0.48 $ 1.94 $ 1.60 Volatility 61.63 % 57.47 % 58.23 % Risk Free Rate 4.34 % 3.36 % 1.06 % Vesting Period (in years) 3.0 3.0 3.0 Forfeiture Rate 16 % 19 % 0 % Expected Term (in years) 6.0 6.0 6.0 Dividend Rate 0 % 0 % 0 % Total unrecognized stock-based compensation expense related to all unvested stock options was $58,000, $124,000 and $139,000, at March 31, 2024, 2023 2022, Restricted Stock Grants of fully vested restricted stock issued to Non-Employee Directors during fiscal years 2024, 2023 2022 2014 March 31, 2024, 2023 2022, 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 one second 2024. April 3, 2023, two March 31, 2023. October 13, 2023, one March 31, 2024. Restricted Stock Units ( RSUs ) RSUs are service-based awards granted to eligible employees under our 2016 2016 March 31, 2024, 2023 2022, The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted 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 Granted 204,964 $ 0.49 Vested (135,272 ) 1.00 Forfeited (9,206 ) $ 2.12 Nonvested restricted stock units at March 31, 2024 130,820 $ 1.23 Total unrecognized stock-based compensation expense related to unvested restricted stock units was $98,000, $122,000 and $19,000 at March 31, 2024, 2023 2022, |
Note 10 - Common, Preferred Sto
Note 10 - Common, Preferred Stock and Stockholders' Equity | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 10. COMMON, PREFERRED STOCK AND STOCKHOLDERS EQUITY 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 March 31, 2024 2023. On December 15, 2023, 1933, 4 2 one December 15, 2023. March 31, 2024. The Shares are restricted securities under applicable federal securities laws and are subject to certain piggyback registration rights as provided for in the Subscription Agreement. |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024, 2023 2022 Net Income (loss) (Numerator) Shares Per Share (in thousands, except per share amounts) Year ended March 31, 2024: Basic and diluted loss per share $ (5,267 ) 6,531 $ (0.81 ) 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 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, 2024, |
Note 12 - Profit Sharing and 40
Note 12 - Profit Sharing and 401k Plan | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023. March 31, 2022. 401 two March 31, 2024, 2023 2022, |
Note 13 - Product Line and Geog
Note 13 - Product Line and Geographic Information | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024, 2023 2022 2024 2023 2022 Packaged sales Astaxanthin packaged $ 13,613 $ 12,227 $ 14,931 Spirulina packaged 5,779 4,814 7,604 Total packaged sales 19,392 17,041 22,535 Bulk sales Astaxanthin bulk 1,491 1,982 2,447 Spirulina bulk 1,572 3,541 10,386 Total bulk sales 3,063 5,523 12,833 Contract extraction and R&D services revenue 616 614 600 Total net sales $ 23,071 $ 23,178 $ 35,968 Cost of sales for contract extraction and R&D services for the years ended March 31, 2024, 2023 2022 Net sales by geographic region for the years ended March 31, 2024, 2023 2022 2024 2023 2022 (dollars in thousands) Net sales(1): United States $ 18,886 82 % $ 17,031 73 % $ 24,468 68 % Asia / Pacific 1,247 5 % 2,164 9 % 7,102 20 % Europe 1,596 7 % 2,440 11 % 3,183 9 % Other 1,342 6 % 1,543 7 % 1,215 3 % $ 23,071 100 % $ 23,178 100 % $ 35,968 100 % ( 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, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. INCOME TAXES Income tax (expense) benefit for the years ended March 31, 2024, 2023 2022 2024 2023 2022 (in thousands) Current: Federal $ — $ — $ — State (7 ) (18 ) (28 ) Total current (expense) benefit (7 ) (18 ) (28 ) Deferred: Federal — — — State — — — Total deferred expense — — — Income tax expense $ (7 ) $ (18 ) $ (28 ) The following table reconciles the amount of income taxes computed at the federal tax rate of 21% for each of the fiscal years ended March 31, 2024, 2023 2022, March 31, 2024, 2023 2022: 2024 2023 2022 (in thousands) Tax provision at federal statutory income tax rate $ 1,457 $ 952 $ (591 ) Stock-based compensation (44 ) (23 ) (16 ) Decrease (increase) in valuation allowance (1,404 ) (518 ) 557 State and local income taxes, net of federal tax benefit (6 ) (12 ) (2 ) Expired losses — (380 ) — Deferred tax true-up (25 ) (24 ) 34 Other, net 15 (13 ) (10 ) Income tax expense $ (7 ) $ (18 ) $ (28 ) 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, 2024 2023 2024 2023 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 4,471 $ 3,570 Inventory 213 50 Compensation accrual 109 177 Tax credit carry forwards 28 28 Interest limitation 268 108 Operating lease right-of-use assets 1,184 1,323 Section 174 Costs 223 118 Other 9 26 Gross deferred tax assets 6,505 5,400 Less valuation allowance (4,394 ) (2,990 ) Net deferred tax assets 2,111 2,410 Deferred tax liabilities: Operating lease obligations (1,186 ) (1,328 ) Depreciation and amortization (925 ) (1,082 ) Net deferred tax liabilities (2,111 ) (2,410 ) 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, 2024, 2023 2022, 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, 2024, Expires March 31, Federal Net Operating Loss State Net Operating Losses Research and Experimentation Tax Credit (in thousands) 2025 $ — $ — $ 8 2026 159 — 2 2027 2,665 — — 2028 1,612 — 1 Thereafter 2,767 15,333 17 Indefinite 9,962 — — $ 17,165 $ 15,333 $ 28 At March 31, 2024, 2018 100% 2018 80% March 31, 2024, March 31, 2037 2044. March 31, 2024, March 31, 2030 2044. March 31, 2024, 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 2021 - 2024 U.S. Federal 2021 - 2024 State of Hawaii 2020 - 2024 State of California |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions and Balances | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15. RELATED-PARTY TRANSACTIONS AND BALANCES In April 2019, interest April 12, 2021. On April 12, 2021, may not $500,000, three April 12, 2021, interest no may On April 12, 2021, two On December 14, 2022, April 12, 2025 may On August 14, 2023, may $1,000,000 At both March 31, 2024 2023, March 31, 2024 2023, March 31, 2024 2023, |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. SUBSEQUENT EVENTS The Company had no |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 31, 2024 shares | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information On March 6, 2024 Michael Davis Chairman of the Company’s Board of Directors satisfy 10b5 1 315,000 June 7, 2025 |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Trading Arrangement Adoption Date | March 6, 2024 |
Trading Arrangement, Individual Name | Michael Davis |
Trading Arrangement, Individual Title | Chairman of the Company’s Board of Directors |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Trading Arrangement, Securities Aggregate Available Amount | 315,000 |
Trading Arrangement Expiration Date | June 7, 2025 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
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, Short-Term 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, 2024 2023 March 31, 2024, March 31, 2023, Two March 31, 2024 2023, |
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. Cost is determined by 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, 2024 2023 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, 2024 2023, March 31, 2023 2022, 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, 2024, 2023 2022 |
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, 2024 2023, 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, 2024 2023, |
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 estimated at the time of the grant and is based on historical forfeitures of similar grants. The fair value of restricted stock units is the closing stock price on the grant date. |
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, 2024, 2023 2022 11. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation. There was no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses 326” November 2018 2018 19, Codification Improvements to Topic 326, Credit Losses December 15, 2022. April 1, 2023, not In November 2023, 2023 07, Segment Reporting (Topic 28 2023 07” 2023 07 December 15, 2023, December 15, 2024, 2023 07 In December 2023, 2023 09, Income Taxes (Topic 740 2023 09” eight 12 2023 09 December 15, 2024, 2023 09 2023 09 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2024 2023 (in thousands) Raw materials $ 1,149 $ 1,887 Work in process 2,195 2,049 Finished goods 3,658 6,502 Supplies 311 269 Inventories $ 7,313 $ 10,707 |
Note 4 - Equipment and Leaseh_2
Note 4 - Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2024 2023 (in thousands) Equipment $ 21,904 $ 21,649 Leasehold improvements 15,075 15,038 Furniture and fixtures 419 407 37,398 37,094 Less accumulated depreciation and amortization (27,500 ) (25,947 ) Construction in-progress 211 219 Equipment and leasehold improvements, net $ 10,109 $ 11,366 |
Note 5 - Line of Credit and T_2
Note 5 - Line of Credit and Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | 2024 2023 (in thousands) Line of credit – bank $ — $ 1,540 Short-term debt – bank 1,240 — Line of credit – related party 1,250 500 Long-term debt 3,220 3,461 Long-term debt – related party 1,000 1,000 Unamortized debt issuance costs (80 ) (92 ) Less current maturities (5,630 ) (5,409 ) Total long-term debt, less current maturities $ 1,000 $ 1,000 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Fiscal year ending March 31 (in thousands) 2025 $ 4,460 2026 1,000 Total principal payments $ 5,460 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2024 2023 (in thousands) Wages $ 234 $ 215 Bonus and profit sharing — 143 Vacation 327 393 Interest and legal 32 30 Other accrued expenses 164 320 Total accrued expenses $ 757 $ 1,101 |
Note 7 - Operating Leases (Tabl
Note 7 - Operating Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Supplement Balance Sheet Information for Operating Lease [Table Text Block] | Operating leases Balance Sheet Classification March 31, 2024 March 31, 2023 (in thousands) Right-of-use assets Operating lease right-of-use assets $ 6,149 $ 6,149 Accumulated lease amortization Operating lease right-of-use assets (1,865 ) (1,373 ) Total right-of-use assets $ 4,284 $ 4,776 Current lease liabilities Operating lease obligations $ 530 $ 483 Non-current lease liabilities Long-term operating lease obligations 3,744 4,275 Total lease liabilities $ 4,274 $ 4,758 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Fiscal year ending March 31 (in thousands) 2025 $ 820 2026 797 2027 798 2028 683 2029 416 Thereafter 2,344 Total undiscounted lease payments 5,858 Less: present value discount (1,584 ) Total lease liabilities balance $ 4,274 |
Note 9 - Share-based Compensa_2
Note 9 - Share-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of March 31, 2024 Authorized Available Outstanding 2016 Plan 1,300,000 635,679 415,820 2014 Directors Plan 650,000 33,220 12,000 Total 1,950,000 668,899 427,820 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Option Activity Shares Weighted Price Weighted Average (in years) Aggregate 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 $ — Granted 50,000 0.79 Expired (6,000 ) 5.56 Outstanding at March 31, 2024 297,000 $ 2.47 7.1 $ — Exercisable at March 31, 2024 172,000 $ 2.76 6.3 $ — |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Options Shares Weighted Nonvested at March 31, 2023 141,667 $ 1.55 Granted 50,000 0.48 Vested (66,667 ) 1.49 Nonvested at March 31, 2024 125,000 $ 1.16 |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Exercise Price Number of Weighted Exercise Price $0.79 - $2.20 55,000 9.1 $ 0.91 5,000 $ 2.11 $2.21 - $2.34 100,000 6.3 $ 2.29 75,000 $ 2.29 $2.35 - $3.20 80,000 6.9 $ 2.80 63,334 $ 2.76 $3.21 - $5.91 62,000 7.0 $ 3.73 28,666 $ 4.09 Total stock options 297,000 7.1 $ 2.74 172,000 $ 2.76 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2024 2023 2022 Exercise Price $ 0.48 $ 1.94 $ 1.60 Volatility 61.63 % 57.47 % 58.23 % Risk Free Rate 4.34 % 3.36 % 1.06 % Vesting Period (in years) 3.0 3.0 3.0 Forfeiture Rate 16 % 19 % 0 % Expected Term (in years) 6.0 6.0 6.0 Dividend Rate 0 % 0 % 0 % |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested Restricted Stock Units Shares Weighted 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 Granted 204,964 $ 0.49 Vested (135,272 ) 1.00 Forfeited (9,206 ) $ 2.12 Nonvested restricted stock units at March 31, 2024 130,820 $ 1.23 |
Note 11 - Earnings (Loss) Per_2
Note 11 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income (loss) (Numerator) Shares Per Share (in thousands, except per share amounts) Year ended March 31, 2024: Basic and diluted loss per share $ (5,267 ) 6,531 $ (0.81 ) 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 |
Note 13 - Product Line and Ge_2
Note 13 - Product Line and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | 2024 2023 2022 Packaged sales Astaxanthin packaged $ 13,613 $ 12,227 $ 14,931 Spirulina packaged 5,779 4,814 7,604 Total packaged sales 19,392 17,041 22,535 Bulk sales Astaxanthin bulk 1,491 1,982 2,447 Spirulina bulk 1,572 3,541 10,386 Total bulk sales 3,063 5,523 12,833 Contract extraction and R&D services revenue 616 614 600 Total net sales $ 23,071 $ 23,178 $ 35,968 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 2024 2023 2022 (dollars in thousands) Net sales(1): United States $ 18,886 82 % $ 17,031 73 % $ 24,468 68 % Asia / Pacific 1,247 5 % 2,164 9 % 7,102 20 % Europe 1,596 7 % 2,440 11 % 3,183 9 % Other 1,342 6 % 1,543 7 % 1,215 3 % $ 23,071 100 % $ 23,178 100 % $ 35,968 100 % |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2024 2023 2022 (in thousands) Current: Federal $ — $ — $ — State (7 ) (18 ) (28 ) Total current (expense) benefit (7 ) (18 ) (28 ) Deferred: Federal — — — State — — — Total deferred expense — — — Income tax expense $ (7 ) $ (18 ) $ (28 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2024 2023 2022 (in thousands) Tax provision at federal statutory income tax rate $ 1,457 $ 952 $ (591 ) Stock-based compensation (44 ) (23 ) (16 ) Decrease (increase) in valuation allowance (1,404 ) (518 ) 557 State and local income taxes, net of federal tax benefit (6 ) (12 ) (2 ) Expired losses — (380 ) — Deferred tax true-up (25 ) (24 ) 34 Other, net 15 (13 ) (10 ) Income tax expense $ (7 ) $ (18 ) $ (28 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2024 2023 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 4,471 $ 3,570 Inventory 213 50 Compensation accrual 109 177 Tax credit carry forwards 28 28 Interest limitation 268 108 Operating lease right-of-use assets 1,184 1,323 Section 174 Costs 223 118 Other 9 26 Gross deferred tax assets 6,505 5,400 Less valuation allowance (4,394 ) (2,990 ) Net deferred tax assets 2,111 2,410 Deferred tax liabilities: Operating lease obligations (1,186 ) (1,328 ) Depreciation and amortization (925 ) (1,082 ) Net deferred tax liabilities (2,111 ) (2,410 ) Net deferred tax assets (liabilities) $ — $ — |
Schedule of Operating Loss and Tax Credit Carry Forwards [Table Text Block] | Expires March 31, Federal Net Operating Loss State Net Operating Losses Research and Experimentation Tax Credit (in thousands) 2025 $ — $ — $ 8 2026 159 — 2 2027 2,665 — — 2028 1,612 — 1 Thereafter 2,767 15,333 17 Indefinite 9,962 — — $ 17,165 $ 15,333 $ 28 |
Summary of Income Tax Contingencies [Table Text Block] | Open tax years ending March 31, Jurisdiction 2021 - 2024 U.S. Federal 2021 - 2024 State of Hawaii 2020 - 2024 State of California |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) - USD ($) | 12 Months Ended | ||||||||||
Dec. 15, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | Oct. 13, 2023 | Sep. 30, 2023 | Aug. 14, 2023 | Dec. 31, 2022 | Apr. 30, 2019 | Aug. 30, 2016 | |
Cash and Cash Equivalents, at Carrying Value | $ 707,000 | $ 974,000 | |||||||||
Working Capital (Deficit) | 2,037,000 | 5,393,000 | |||||||||
Line of Credit, Current | 0 | 1,540,000 | |||||||||
Lines of Credit, Related Party, Current | 1,250,000 | 500,000 | |||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 3,220,000 | ||||||||||
Proceeds from Issuance of Common Stock | 388,000 | 0 | $ 0 | ||||||||
Unsecured Subordinated Loan From Skywords [Member] | |||||||||||
Debt Instrument, Face Amount | 1,000,000 | 1,000,000 | $ 1,500,000 | ||||||||
Private Placement [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 400,000 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1 | ||||||||||
Legal Fees | $ 12,000 | 12,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 388,000 | ||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | $ 2,000,000 | |||||||||
Line of Credit, Current | 1,240,000 | 1,540,000 | $ 1,480,000 | ||||||||
Related Party 1 [Member] | Revolving Credit Facility [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 1,000,000 | |||||||
Lines of Credit, Related Party, Current | $ 1,250,000 | $ 500,000 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Cash, Uninsured Amount | $ 166,000 | $ 422,000 | |
Contract with Customer, Liability, Revenue Recognized | 26,000 | 94,000 | |
Advertising Expense | 1,308,000 | 1,513,000 | $ 1,458,000 |
Unrecognized Tax Benefits | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 2 | 2 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 1 [Member] | |||
Concentration Risk, Percentage | 34% | 34% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 2 [Member] | |||
Concentration Risk, Percentage | 17% | 6% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 2 | 2 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 72% | 46% |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Estimated Useful Lives (Details) | Mar. 31, 2024 |
Equipment [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 10 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 25 years |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Inventory Abnormal Production Costs | $ 206,000 | $ 90,000 | $ 0 |
Non Inventoriable Fixed Costs | 467,000 | 269,000 | 136,000 |
Spirulina Products [Member] | |||
Inventory Write-down | $ 256,000 | $ 0 | $ 0 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Raw materials | $ 1,149 | $ 1,887 |
Work in process | 2,195 | 2,049 |
Finished goods | 3,658 | 6,502 |
Supplies | 311 | 269 |
Inventories | $ 7,313 | $ 10,707 |
Note 4 - Equipment and Leaseh_3
Note 4 - Equipment and Leasehold Improvements (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Asset Impairment Charges | $ 0 | $ 5,000 | $ 21,000 |
Depreciation, Depletion and Amortization | $ 1,589,000 | $ 1,655,000 | $ 1,599,000 |
Note 4 - Equipment and Leaseh_4
Note 4 - Equipment and Leasehold Improvements - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Equipment and leasehold improvements, gross | $ 37,398 | $ 37,094 |
Less accumulated depreciation and amortization | (27,500) | (25,947) |
Construction in-progress | 211 | 219 |
Equipment and leasehold improvements, net | 10,109 | 11,366 |
Equipment [Member] | ||
Equipment and leasehold improvements, gross | 21,904 | 21,649 |
Leasehold Improvements [Member] | ||
Equipment and leasehold improvements, gross | 15,075 | 15,038 |
Furniture and Fixtures [Member] | ||
Equipment and leasehold improvements, gross | $ 419 | $ 407 |
Note 5 - Line of Credit and T_3
Note 5 - Line of Credit and Term Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | 37 Months Ended | ||||||||||||||||
Mar. 31, 2024 | Oct. 13, 2023 | Mar. 31, 2023 | Apr. 12, 2021 | Aug. 30, 2016 | Aug. 14, 2012 | Apr. 30, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2020 | Apr. 30, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Aug. 14, 2023 | Jun. 21, 2023 | Dec. 31, 2022 | Dec. 14, 2022 | Apr. 30, 2019 | |
Line of Credit, Current | $ 0 | $ 1,540,000 | $ 0 | $ 1,540,000 | |||||||||||||||
Long-Term Debt | 5,460,000 | 5,460,000 | |||||||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 3,220,000 | 3,220,000 | |||||||||||||||||
Debt Issuance Costs, Current, Net | 80,000 | 92,000 | 80,000 | 92,000 | |||||||||||||||
Long-term Debt, Current Maturities, Total | 5,630,000 | 5,409,000 | 5,630,000 | 5,409,000 | |||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 583,000 | 408,000 | $ 342,000 | ||||||||||||||||
Lines of Credit, Related Party, Current | $ 1,250,000 | $ 500,000 | 1,250,000 | 500,000 | |||||||||||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | |||||||||||
Unsecured Subordinated Loan [Member] | |||||||||||||||||||
Long-Term Debt, Gross | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||||||||||||||||
Debt Instrument Reference Rate | 8.50% | 7.50% | 8.50% | 7.50% | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||||||||||
Proceeds from Issuance of Debt | $ 5,500,000 | ||||||||||||||||||
Debt Instrument Interest Payment Period (Month) | 12 months | ||||||||||||||||||
Debt Instrument Amortization Period (Year) | 19 years | ||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 3,220,000 | $ 3,461,000 | $ 3,220,000 | $ 3,461,000 | |||||||||||||||
Debt Instrument One Time Origination and Guaranty Fees | $ 214,500 | ||||||||||||||||||
Debt Instrument Annual Renewal Fee Payable Percentage | 0.25% | 0.25% | |||||||||||||||||
Debt Instrument Guaranteed Portion | 80% | 80% | |||||||||||||||||
Debt Covenant, Further Advances of Credit Agreement, Immediate Freeze | $ 1,770,000 | ||||||||||||||||||
Term Loan Agreement, Promissory Note One [Member] | |||||||||||||||||||
Proceeds from Issuance of Debt | $ 2,250,000 | ||||||||||||||||||
Term Loan Agreement, Promissory Note Two [Member] | |||||||||||||||||||
Proceeds from Issuance of Debt | $ 3,250,000 | ||||||||||||||||||
Skywords Note [Member] | |||||||||||||||||||
Debt Instrument Reference Rate | 8.50% | 7.50% | 8.50% | 7.50% | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||||||||||
Repayments of Long-term Debt, Total | $ 500,000 | $ 500,000 | |||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 1,900 | 1,900 | |||||||||||||||||
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||||||||||
Long-Term Debt | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||||||
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 | 1,000,000 | $ 1,000,000 | |||||||||||||||
Skywords Amended Note [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||||||||||
Debt Instrument, Floor Interest Rate | 5% | 5% | |||||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | $ 1,000,000 | |||||||||||||||||
Minimum [Member] | Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate During Period | 5.50% | ||||||||||||||||||
Minimum [Member] | Skywords Note [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate During Period | 5% | ||||||||||||||||||
First Foundation Bank [Member] | Term Loan Converted From Line of Credit [Member] | |||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | 2% | |||||||||||||||||
Debt Instrument, Periodic Payment | $ 40,000 | ||||||||||||||||||
Debt Instrument, Floor Interest Rate | 7% | ||||||||||||||||||
Long-Term Debt | $ 1,240,000 | 1,240,000 | |||||||||||||||||
Debt Instrument, Interest Rate During Period | 8.50% | ||||||||||||||||||
First Foundation Bank [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||||||||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | $ 2,000,000 | 2,000,000 | ||||||||||||||||
Debt Instrument Reference Rate | 8% | 8% | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||||||||||
Line of Credit, Current | $ 1,240,000 | $ 1,480,000 | $ 1,540,000 | $ 1,240,000 | $ 1,540,000 | ||||||||||||||
Long-Term Line of Credit | $ 1,540,000 | $ 1,540,000 | |||||||||||||||||
Related Party 1 [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 1,000,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 7.50% | 8.50% | 7.50% | |||||||||||||||
Lines of Credit, Related Party, Current | $ 1,250,000 | $ 500,000 | $ 1,250,000 | $ 500,000 |
Note 5 - Line of Credit and T_4
Note 5 - Line of Credit and Term Debt - Summary of Line of Credit and Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Short-term debt – bank | $ 1,240 | $ 0 |
Unamortized debt issuance costs | (80) | (92) |
Less current maturities | (5,630) | (5,409) |
Total long-term debt, less current maturities | 1,000 | 1,000 |
Line of Credit Excluding Related Party [Member] | ||
Long-term debt | 0 | 1,540 |
Line of Credit, Related Party [Member] | ||
Long-term debt | 1,250 | 500 |
Long-term Debt, Excluding Related Party Debt [Member] | ||
Long-term debt | 3,220 | 3,461 |
Unsecured Subordinated Loan [Member] | ||
Long-term debt | $ 1,000 | $ 1,000 |
Note 5 - Line of Credit and T_5
Note 5 - Line of Credit and Term Debt - Future Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2025 | $ 4,460 |
2026 | 1,000 |
Total principal payments | $ 5,460 |
Note 6 - Accrued Expenses - Com
Note 6 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Wages | $ 234 | $ 215 |
Bonus and profit sharing | 0 | 143 |
Vacation | 327 | 393 |
Interest and legal | 32 | 30 |
Other accrued expenses | 164 | 320 |
Total accrued expenses | $ 757 | $ 1,101 |
Note 7 - Operating Leases (Deta
Note 7 - Operating Leases (Details Textual) | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Operating Leases, Expense, Contingent Rentals | $ 0 | $ 73,000 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 9 years 1 month 6 days | 9 years 9 months 18 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 7.30% | 7.30% | |
Operating Lease, Cost | $ 818,000 | $ 719,000 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 1,429,000 | ||
Operating Lease, Expense | 685,000 | 506,000 | $ 713,000 |
State and Local Jurisdiction [Member] | |||
Real Estate Tax Expense | $ 38,000 | $ 37,000 | $ 30,000 |
Solar Lease for Buildings [Member] | |||
Leases, Number of Lease Properties | 2 | ||
Lessee, Operating Lease, Term of Contract (Year) | 84 months | ||
Equipment [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 48 months | ||
HAWAII1 [Member] | |||
Leases, Number of Lease Properties | 2 | ||
HAWAII1 [Member] | Commercial Lease Expiring in 2035 [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 40 years | ||
HAWAII1 [Member] | Commercial Lease Expiring in 2037 [Member] | |||
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, 2024 | Mar. 31, 2023 |
Right-of-use assets | $ 6,149 | $ 6,149 |
Accumulated lease amortization | (1,865) | (1,373) |
Total right-of-use assets | 4,284 | 4,776 |
Current lease liabilities | 530 | 483 |
Non-current lease liabilities | 3,744 | 4,275 |
Total lease liabilities | $ 4,274 | $ 4,758 |
Note 7 - Operating Leases - Ope
Note 7 - Operating Leases - Operating Leases Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
2025 | $ 820 | |
2026 | 797 | |
2027 | 798 | |
2028 | 683 | |
2029 | 416 | |
Thereafter | 2,344 | |
Total undiscounted lease payments | 5,858 | |
Less: present value discount | (1,584) | |
Total lease liabilities balance | $ 4,274 | $ 4,758 |
Note 8 - Other Commitments an_2
Note 8 - Other Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Purchase Obligation | $ 808,000 | $ 822,000 | $ 1,105,000 |
Purchase Obligation Agreement, Term (Year) | 10 years |
Note 9 - Share-based Compensa_3
Note 9 - Share-based Compensation (Details Textual) | 12 Months Ended | ||||||
Oct. 13, 2023 shares | Apr. 03, 2023 shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Aug. 25, 2016 shares | Aug. 28, 2014 shares | |
Number of Shareholder Approved Share-based Compensation Plans | 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,950,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 668,899 | ||||||
Share Price (in dollars per share) | $ / shares | $ 0.29 | $ 0.88 | $ 3.37 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 0 | $ 0 | $ 0 | ||||
ShareBased Compensation Arrangement By Share Based Payment Award Weighted Average Grant Date Fair Value Options Granted | $ | 24,000 | 97,000 | 80,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | 99,000 | 67,000 | 40,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ | 98,000 | 90,000 | 63,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 58,000 | $ 124,000 | $ 139,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 days | 1 year 7 months 6 days | 2 years 1 month 6 days | ||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 126,000 | $ 158,000 | $ 158,000 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 159,493 | 64,489 | 55,438 | ||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Two Board Members [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 15,500 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 17,672 | ||||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | One Board Member [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 10,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,821 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 204,964 | 66,423 | 38,672 | ||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 124,000 | $ 62,000 | $ 123,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 98,000 | $ 122,000 | $ 19,000 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 2 months 12 days | 2 years 3 months 18 days | 1 year 2 months 12 days | ||||
Maximum [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
The 2016 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,300,000 | 1,300,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 635,679 | ||||||
The 2016 Plan [Member] | Maximum [Member] | |||||||
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] | |||||||
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 Shares Available for Grant (in shares) | 33,220 | ||||||
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, 2024 | Aug. 25, 2016 | Aug. 28, 2014 |
Authorized (in shares) | 1,950,000 | ||
Available (in shares) | 668,899 | ||
Outstanding (in shares) | 427,820 | ||
The 2016 Plan [Member] | |||
Authorized (in shares) | 1,300,000 | 1,300,000 | |
Available (in shares) | 635,679 | ||
Outstanding (in shares) | 415,820 | ||
2014 Directors Plan [Member] | |||
Authorized (in shares) | 650,000 | 350,000 | |
Available (in shares) | 33,220 | ||
Outstanding (in shares) | 12,000 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Outstanding (in shares) | 253,000 | 252,500 | 374,300 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.88 | $ 3.34 | $ 3.64 | |
Outstanding, weighted average remaining contractual term (Year) | 7 years 1 month 6 days | 7 years 6 months | 6 years 6 months | 3 years 10 months 24 days |
Outstanding, aggregate intrinsic value | $ 0 | $ 0 | $ 159,650 | $ 129,700 |
Granted (in shares) | 50,000 | 50,000 | 50,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 0.79 | $ 3.43 | $ 2.96 | |
Forfeited (in shares) | (5,000) | |||
Forfeited, weighted average exercise price (in dollars per share) | $ 5.21 | |||
Expired (in shares) | (6,000) | (49,500) | (166,800) | |
Expired, weighted average exercise price (in dollars per share) | $ 5.56 | $ 5.8 | $ 3.84 | |
Outstanding (in shares) | 297,000 | 253,000 | 252,500 | 374,300 |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.47 | $ 2.88 | $ 3.34 | $ 3.64 |
Exercisable (in shares) | 172,000 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ 2.76 | |||
Exercisable, weighted average remaining contractual term (Year) | 6 years 3 months 18 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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Nonvested (in shares) | 141,667 | ||
Nonvested (in dollars per share) | $ 1.55 | ||
Granted (in shares) | 50,000 | 50,000 | 50,000 |
Granted (in dollars per share) | $ 0.48 | ||
Vested (in shares) | (66,667) | ||
Vested (in dollars per share) | $ 1.49 | ||
Nonvested (in shares) | 125,000 | 141,667 | |
Nonvested (in dollars per share) | $ 1.16 | $ 1.55 |
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, 2024 $ / shares shares | |
Outstanding Options Number of Shares (in shares) | shares | 297,000 |
Outstanding Options Remaining Life (Year) | 7 years 1 month 6 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.74 |
Exercisable Options Number of Shares (in shares) | shares | 172,000 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.76 |
Range 01 [Member] | |
Lower Range of Exercise (in dollars per share) | 0.79 |
Upper Range of Exercise (in dollars per share) | $ 2.2 |
Outstanding Options Number of Shares (in shares) | shares | 55,000 |
Outstanding Options Remaining Life (Year) | 9 years 1 month 6 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 0.91 |
Exercisable Options Number of Shares (in shares) | shares | 5,000 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.11 |
Range 02 [Member] | |
Lower Range of Exercise (in dollars per share) | 2.21 |
Upper Range of Exercise (in dollars per share) | $ 2.34 |
Outstanding Options Number of Shares (in shares) | shares | 100,000 |
Outstanding Options Remaining Life (Year) | 6 years 3 months 18 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.29 |
Exercisable Options Number of Shares (in shares) | shares | 75,000 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.29 |
Range 03 [Member] | |
Lower Range of Exercise (in dollars per share) | 2.35 |
Upper Range of Exercise (in dollars per share) | $ 3.2 |
Outstanding Options Number of Shares (in shares) | shares | 80,000 |
Outstanding Options Remaining Life (Year) | 6 years 10 months 24 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.8 |
Exercisable Options Number of Shares (in shares) | shares | 63,334 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.76 |
Range 04 [Member] | |
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 | 62,000 |
Outstanding Options Remaining Life (Year) | 7 years |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.73 |
Exercisable Options Number of Shares (in shares) | shares | 28,666 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 4.09 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Exercise Price (in dollars per share) | $ 0.48 | $ 1.94 | $ 1.6 |
Volatility | 61.63% | 57.47% | 58.23% |
Risk Free Rate | 4.34% | 3.36% | 1.06% |
Vesting Period (Year) | 3 years | 3 years | 3 years |
Forfeiture Rate | 16% | 19% | 0% |
Expected Term (in years) (Year) | 6 years | 6 years | 6 years |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
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 |
Granted (in shares) | 204,964 | 66,423 | 38,672 |
Granted, weighted average grant price (in dollars per share) | $ 0.49 | $ 3.13 | $ 2.91 |
Vested (in shares) | (135,272) | (8,312) | (46,963) |
Vested, weighted average grant price (in dollars per share) | $ 1 | $ 2.35 | $ 2.85 |
Forfeited (in shares) | (9,206) | (2,242) | (5,432) |
Forfeited, weighted average grant price (in dollars per share) | $ 2.12 | $ 2.91 | $ 2.51 |
Nonvested restricted stock units (in shares) | 130,820 | 70,334 | 14,465 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ 1.23 | $ 3.04 | $ 2.22 |
Note 10 - Common, Preferred S_2
Note 10 - Common, Preferred Stock and Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 15, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
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 | ||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.02 | $ 0.02 | ||
Proceeds from Issuance of Common Stock | $ 388,000 | $ 0 | $ 0 | |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | ||
Private Placement [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | 400,000 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.02 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 1 | |||
Proceeds From Sale of Common Stock, Gross Value | $ 400,000 | |||
Legal Fees | 12,000 | $ 12,000 | ||
Proceeds from Issuance of Common Stock | $ 388,000 |
Note 11 - Earnings (Loss) Per_3
Note 11 - Earnings (Loss) Per Share (Details Textual) | 12 Months Ended |
Mar. 31, 2024 shares | |
Common Stock Options and Restricted Stock Units [Member] | |
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, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ (5,267) | $ (3,440) | $ 2,154 |
Shares outstanding - basic and diluted (in shares) | 6,531 | 6,244 | 6,157 |
Earnings per share - basic and diluted (in dollars per share) | $ (0.81) | $ (0.55) | $ 0.35 |
Effective dilutive securities—Common stock options and restricted stock units | $ 0 | ||
Effective dilutive securities—Common stock options and restricted stock units, outstanding (in shares) | 11 | ||
Net income - diluted | $ 2,154 | ||
Shares outstanding - diluted (in shares) | 6,531 | 6,244 | 6,168 |
Diluted income per share (in dollars per share) | $ (0.81) | $ (0.55) | $ 0.35 |
Note 12 - Profit Sharing and _2
Note 12 - Profit Sharing and 401k Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Profit Sharing Defined Contribution Plan [Member] | |||
Defined Contribution Plan, Cost | $ 0 | $ 0 | $ 121,000 |
Defined Contribution 401K Plan [Member] | |||
Defined Contribution Plan, Cost | $ 82,000 | $ 138,000 | $ 135,000 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cost of Goods and Services Sold | $ 17,126,000 | $ 15,919,000 | $ 22,402,000 |
Contract Extraction [Member] | |||
Cost of Goods and Services Sold | $ 358,000 | $ 441,000 | $ 439,000 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Total net sales | $ 23,071 | $ 23,178 | $ 35,968 |
Packaged Astaxanthin [Member] | |||
Total net sales | 13,613 | 12,227 | 14,931 |
Packaged Spirulina [Member] | |||
Total net sales | 5,779 | 4,814 | 7,604 |
Packaged Products [Member] | |||
Total net sales | 19,392 | 17,041 | 22,535 |
Bulk Astaxanthin [Member] | |||
Total net sales | 1,491 | 1,982 | 2,447 |
Bulk Spirulina [Member] | |||
Total net sales | 1,572 | 3,541 | 10,386 |
Bulk Products [Member] | |||
Total net sales | 3,063 | 5,523 | 12,833 |
Contract Extraction and R&D Services [Member] | |||
Total net sales | $ 616 | $ 614 | $ 600 |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Net sales | $ 23,071 | $ 23,178 | $ 35,968 | |
Geographic Concentration Risk [Member] | ||||
Net sales | [1] | $ 23,071 | $ 23,178 | $ 35,968 |
Net sales, percent | [1] | 100% | 100% | 100% |
Geographic Concentration Risk [Member] | UNITED STATES | ||||
Net sales | [1] | $ 18,886 | $ 17,031 | $ 24,468 |
Net sales, percent | [1] | 82% | 73% | 68% |
Geographic Concentration Risk [Member] | Asia Pacific [Member] | ||||
Net sales | [1] | $ 1,247 | $ 2,164 | $ 7,102 |
Net sales, percent | [1] | 5% | 9% | 20% |
Geographic Concentration Risk [Member] | Europe [Member] | ||||
Net sales | [1] | $ 1,596 | $ 2,440 | $ 3,183 |
Net sales, percent | [1] | 7% | 11% | 9% |
Geographic Concentration Risk [Member] | Other Countries [Member] | ||||
Net sales | [1] | $ 1,342 | $ 1,543 | $ 1,215 |
Net sales, percent | [1] | 6% | 7% | 3% |
[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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Operating Loss Carryforwards | $ 17,165,000 | ||
Domestic Tax Jurisdiction [Member] | |||
Operating Loss Carryforwards | 17,165,000 | ||
Operating Loss Carryforwards, Expiration Period (Year) | 20 years | ||
Domestic Tax Jurisdiction [Member] | Prior To 2018 Tax Year [Member] | |||
Operating Loss Carryforwards Subject to Expiration | $ 7,203,000 | ||
Operating Loss Carryforwards Not Subject to Expiration | 9,962,000 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards | 15,333,000 | ||
State and Local Jurisdiction [Member] | Other States [Member] | |||
Operating Loss Carryforwards | 656,000 | ||
State and Local Jurisdiction [Member] | Carryforwards Expire March 31, 2037 through 2044 [Member] | California Franchise Tax Board [Member] | |||
Operating Loss Carryforwards Subject to Expiration | 4,959,000 | ||
State and Local Jurisdiction [Member] | Carryforwards Expire March 31, 2030 through 2044 [Member] | State of Hawaii Department of Taxation [Member] | |||
Operating Loss Carryforwards Subject to Expiration | $ 9,718,000 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Federal | $ 0 | $ 0 | $ 0 |
State | (7) | (18) | (28) |
Total current (expense) benefit | (7) | (18) | (28) |
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total deferred expense | 0 | 0 | 0 |
Income tax expense | $ (7) | $ (18) | $ (28) |
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, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Tax provision at federal statutory income tax rate | $ 1,457 | $ 952 | $ (591) |
Stock-based compensation | (44) | (23) | (16) |
Decrease (increase) in valuation allowance | (1,404) | (518) | 557 |
State and local income taxes, net of federal tax benefit | (6) | (12) | (2) |
Expired losses | 0 | (380) | 0 |
Deferred tax true-up | (25) | (24) | 34 |
Other, net | 15 | (13) | (10) |
Income tax expense | $ (7) | $ (18) | $ (28) |
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, 2024 | Mar. 31, 2023 |
Net operating loss carry forwards | $ 4,471 | $ 3,570 |
Inventory | 213 | 50 |
Compensation accrual | 109 | 177 |
Tax credit carry forwards | 28 | 28 |
Interest limitation | 268 | 108 |
Operating lease right-of-use assets | 1,184 | 1,323 |
Section 174 Costs | 223 | 118 |
Other | 9 | 26 |
Gross deferred tax assets | 6,505 | 5,400 |
Less valuation allowance | (4,394) | (2,990) |
Net deferred tax assets | 2,111 | 2,410 |
Operating lease obligations | (1,186) | (1,328) |
Depreciation and amortization | (925) | (1,082) |
Net deferred tax liabilities | (2,111) | (2,410) |
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, 2024 USD ($) |
Operating Loss Carryforwards | $ 17,165 |
Research Tax Credit Carryforward [Member] | |
Research and Experimentation Tax Credits | 28 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards | 15,333 |
Expiration Tax Year 2025 [Member] | |
Operating Loss Carryforwards | 0 |
Expiration Tax Year 2025 [Member] | Research Tax Credit Carryforward [Member] | |
Research and Experimentation Tax Credits | 8 |
Expiration Tax Year 2025 [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards | 0 |
Expiration Tax Year 2026 [Member] | |
Operating Loss Carryforwards | 159 |
Expiration Tax Year 2026 [Member] | Research Tax Credit Carryforward [Member] | |
Research and Experimentation Tax Credits | 2 |
Expiration Tax Year 2026 [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards | 0 |
Expiration Tax Year 2027 [Member] | |
Operating Loss Carryforwards | 2,665 |
Expiration Tax Year 2027 [Member] | Research Tax Credit Carryforward [Member] | |
Research and Experimentation Tax Credits | 0 |
Expiration Tax Year 2027 [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards | 0 |
ExpirationTax Year 2028 [Member] | |
Operating Loss Carryforwards | 1,612 |
ExpirationTax Year 2028 [Member] | Research Tax Credit Carryforward [Member] | |
Research and Experimentation Tax Credits | 1 |
ExpirationTax Year 2028 [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards | 0 |
Expiration Tax Year After 2028 [Member] | |
Operating Loss Carryforwards | 2,767 |
Expiration Tax Year After 2028 [Member] | Research Tax Credit Carryforward [Member] | |
Research and Experimentation Tax Credits | 17 |
Expiration Tax Year After 2028 [Member] | State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards | 15,333 |
Indefinite [Member] | |
Operating Loss Carryforwards | 9,962 |
Indefinite [Member] | Research Tax Credit Carryforward [Member] | |
Research and Experimentation Tax Credits | 0 |
Indefinite [Member] | State and Local Jurisdiction [Member] | |
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, 2024 | |
Domestic Tax Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | |
Open tax year | 2021 2022 2023 2024 |
State and Local Jurisdiction [Member] | Hawaii Department of Taxation [Member] | |
Open tax year | 2021 2022 2023 2024 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Open tax year | 2020 2021 2022 2023 2024 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions and Balances (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | 37 Months Ended | ||||||||||||||
Mar. 31, 2024 | Oct. 13, 2023 | Mar. 31, 2023 | Apr. 12, 2021 | Aug. 30, 2016 | Apr. 30, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2020 | Apr. 30, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Aug. 14, 2023 | Dec. 31, 2022 | Dec. 14, 2022 | Apr. 30, 2019 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 583,000 | $ 408,000 | $ 342,000 | ||||||||||||||
Long-Term Debt | $ 5,460,000 | 5,460,000 | |||||||||||||||
Lines of Credit, Related Party, Current | $ 1,250,000 | $ 500,000 | 1,250,000 | 500,000 | |||||||||||||
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | |||||||||
Revolving Credit Facility [Member] | Related Party 1 [Member] | |||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 1,000,000 | |||||||||||||
Lines of Credit, Related Party, Current | $ 1,250,000 | $ 500,000 | $ 1,250,000 | $ 500,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 7.50% | 8.50% | 7.50% | |||||||||||||
Conversion of Skywords Note Into Revolving Loans [Member] | |||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 500,000 | ||||||||||||||||
Skywords Note [Member] | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||||||||
Repayments of Long-term Debt, Total | 500,000 | $ 500,000 | |||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 1,900 | $ 1,900 | |||||||||||||||
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 1,500,000 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||||||||
Long-Term Debt | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||||
Skywords Amended Note [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | $ 1,000,000 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||||||||
Debt Instrument, Term (Year) | 3 years | ||||||||||||||||
Debt Instrument, Floor Interest Rate | 5% | 5% |