Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2018 | Jul. 26, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | GIGA TRONICS INC | |
Entity Central Index Key | 719,274 | |
Trading Symbol | giga | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 10,418,953 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Current assets: | |||
Cash and cash-equivalents | $ 748 | $ 1,485 | [1] |
Trade accounts receivable, net of allowance of $8 and $8, respectively | 458 | 364 | [1] |
Inventories, net | 3,438 | 5,487 | [1] |
Prepaid expenses and other current assets | 792 | 87 | [1] |
Total current assets | 5,436 | 7,423 | [1] |
Property and equipment, net | 760 | 833 | [1] |
Other long term assets | 175 | 175 | [1] |
Total assets | 6,371 | 8,431 | [1] |
Liabilities and shareholders' equity | |||
Line of credit | 552 | 552 | [1] |
Accounts payable | 756 | 996 | [1] |
Loan payable, net of discounts and issuance costs | 1,523 | 1,447 | [1] |
Accrued payroll and benefits | 413 | 343 | [1] |
Deferred revenue | 257 | 3,374 | [1] |
Deferred rent, net of long term portion | 62 | 58 | [1] |
Capital lease obligations | 40 | 40 | [1] |
Deferred liability related to asset sale | 51 | 52 | [1] |
Other current liabilities | 959 | 947 | [1] |
Total current liabilities | 4,613 | 7,809 | [1] |
Long term deferred rent | 411 | 429 | [1] |
Long term obligations - capital lease | 50 | 62 | [1] |
Total liabilities | 5,074 | 8,300 | [1] |
Commitments and contingencies | |||
Shareholders' equity: | |||
Common stock no par value; Authorized - 40,000,000 shares; 10,418,953 shares at June 30, 2018 and 10,312,653 shares at March 31, 2018 issued and outstanding | 25,272 | 25,200 | [1] |
Accumulated deficit | (27,793) | (28,682) | [1] |
Total shareholders' equity | 1,297 | 131 | [1] |
Total liabilities and shareholders' equity | 6,371 | 8,431 | [1] |
Series A Preferred Stock [Member] | |||
Shareholders' equity: | |||
Preferred stock | [1] | ||
Series B, C, and D Preferred Stock [Member] | |||
Shareholders' equity: | |||
Preferred stock | 2,911 | 2,911 | [1] |
Series E Preferred Stock [Member] | |||
Shareholders' equity: | |||
Preferred stock | $ 907 | $ 702 | [1] |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | [1] |
Trade accounts receivable, allowance | $ 8 | $ 8 | |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 | |
Common stock, par value (in dollars per share) | $ 0 | $ 0 | |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | |
Common stock, issued (in shares) | 10,418,953 | 10,312,653 | |
Common stock, outstanding (in shares) | 10,418,953 | 10,312,653 | |
Series A Preferred Stock [Member] | |||
Preferred stock, authorized (in shares) | 250,000 | 250,000 | |
Preferred stock, issued (in shares) | 0 | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 | |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 | |
Series B, C, and D Preferred Stock [Member] | |||
Preferred stock, authorized (in shares) | 19,500 | 19,500 | |
Preferred stock, issued (in shares) | 18,533.51 | 18,533.51 | |
Preferred stock, outstanding (in shares) | 18,533.51 | 18,533.51 | |
Preferred stock, liquidation preference | $ 3,540 | $ 3,540 | |
Series E Preferred Stock [Member] | |||
Preferred stock, authorized (in shares) | 60,000 | 60,000 | |
Preferred stock, issued (in shares) | 53,400 | 43,800 | |
Preferred stock, outstanding (in shares) | 53,400 | 43,800 | |
Preferred stock, liquidation preference | $ 2,003 | $ 1,643 | |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Revenue | $ 2,843,000 | $ 1,991,000 |
Cost of goods and services | 774,000 | 1,525,000 |
Gross margin | 1,306,000 | 466,000 |
Operating expenses: | ||
Engineering | 375,000 | 452,000 |
Selling, general and administrative | 1,001,000 | 1,171,000 |
Total operating expenses | 1,376,000 | 1,623,000 |
Operating loss | (70,000) | (1,157,000) |
Interest expense: | ||
Interest expense, net | (127,000) | (79,000) |
Interest expense from accretion of loan discount | (50,000) | (22,000) |
Total interest expense, net | (177,000) | (101,000) |
Loss before income taxes | (247,000) | (1,258,000) |
Provision for income taxes | 62,000 | 0 |
Net loss | $ (287,000) | $ (1,258,000) |
Loss per common share - basic (in dollars per share) | $ (0.03) | $ (0.13) |
Loss per common share - diluted (in dollars per share) | $ (0.03) | $ (0.13) |
Weighted average common shares used in per share calculation: | ||
Basic (in shares) | 10,419 | 9,715 |
Diluted (in shares) | 10,419 | 9,715 |
Product [Member] | ||
Revenue | $ 207,000 | $ 316,000 |
Service [Member] | ||
Revenue | $ 2,843,000 | $ 1,675,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | ||
Cash flows from operating activities: | |||
Net loss | $ (287,000) | $ (1,258,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 73,000 | 247,000 | |
Stock based compensation | 57,000 | 46,000 | |
Estimated equity forward | 46,000 | ||
Accretion of discounts on debt | 50,000 | 22,000 | |
Accrued interest and fees on loan payable | 25,000 | ||
Change in deferred rent | (14,000) | 451,000 | |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (94,000) | 206,000 | |
Inventories | 468,000 | (178,000) | |
Prepaid expenses and other assets | (516,000) | 75,000 | |
Accounts payable | (240,000) | (441,000) | |
Accrued payroll and benefits | 70,000 | (156,000) | |
Deferred revenue | (550,000) | (167,000) | |
Other current liabilities | 12,000 | ||
Net cash used in operating activities | (945,000) | (1,107,000) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (620,000) | ||
Net cash used in investing activities | (620,000) | ||
Cash flows from financing activities: | |||
Principal payments on capital leases | (12,000) | (13,000) | |
Proceeds from borrowings, net of issuance costs | 1,456,000 | ||
Proceeds from issuance of preferred stock, net of issuance costs | 205,000 | ||
Exercise of warrants | 15,000 | ||
Net cash provided by financing activities | 208,000 | 1,443,000 | |
Decrease in cash and cash-equivalents | (737,000) | (284,000) | |
Beginning cash and cash-equivalents | 1,485,000 | [1] | 1,421,000 |
Ending cash and cash-equivalents | 748,000 | 1,137,000 | |
Supplementary disclosure of cash flow information: | |||
Cash paid for income taxes | |||
Cash paid for interest | 61,000 | 39,000 | |
Supplementary disclosure of noncash activities: | |||
Cumulative effect of adoption of ASC 606 on inventory | (1,581,000) | ||
Cumulative effect of adoption of ASC 606 on prepaid expenses and other current assets | 189,000 | ||
Cumulative effect of adoption of ASC 606 on deferred revenue | 2,567,000 | ||
Common stock issued in connection with debt issuance | 156,000 | ||
Fully depreciated equipment disposal | $ 377,000 | ||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 1 The condensed consolidated financial statements included herein have been prepared by Giga-tronics Incorporated (“Giga-tronics” or the “Company”), pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated results of operations for the interim periods shown in this report are not 10 March 31, 2018. Principles of Consolidation Derivatives Revenue Recognition and Deferred Revenue April 1, 2018, 2014 09 2015 2017 606, Revenue from Contracts with Customers (“ASC 606” not In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identifies the promised goods or services in the contract; (ii) determines whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measures the transaction price, including the constraint on variable consideration; (iv) allocates the transaction price to the performance obligations based on estimated selling prices; and (v) recognizes revenue when (or as) the Company satisfies each performance obligation. The Company generates revenue through the design, manufacture, and sale of products used in defense industry to major prime defense contractors, the armed services (primarily in the U.S.) and research institutes. There is generally one not For the sale of standard or minimally customized products, the performance obligation is the series of finished products which are recognized at the points in time the units are transferred to the control of the customer, typically upon shipment. This type of revenue arrangement is typical for our commercial contracts within the Giga-tronics segment for its Advanced Signal Generation and Analysis system products used for testing RADAR and Electronic Warfare (“EW”) equipment. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC Topic 606. ● Design and manufacturing services ● Product supply – Distinct goods or services that are substantially the same ● Engineering services The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not not 2019 606 no $56,000. Transaction Price The Company has both fixed and variable consideration. Under the Company’s highly engineered design and manufacturing arrangements, advance payments and unit prices are considered fixed, as product is not may not Allocation of Consideration As part of the accounting for arrangements that contain multiple performance obligations, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. When a contract contains more than one Timing of Recognition Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recognized for design and manufacturing services and for engineering services over time proportionate to the costs that the Company has incurred to perform the services using the cost-to-cost input method and for products at a point in time. Approximately 99% 1% Changes in Estimates The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. For contracts using the cost-to-cost method, management reviews the progress and execution of the performance obligations. This process requires management judgment relative to estimating contract revenue and cost, and making assumptions for delivery schedule. This process requires management’s judgment to make reasonably dependable cost estimates. Since certain contracts extend over a longer period of time, the impact of revisions in cost and revenue estimates during the progress of work may 99% first 2019. The aggregate effects of these changes on contracts in the first 2019 Balance Sheet Presentation The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. Under the typical payment terms of over time contracts, the customer pays either performance-based payments or progress payments. Amounts billed and due from customers are classified as receivables on the Condensed Consolidated Balance Sheet. Interim payments may may not Remaining performance obligations represent the transaction price of firm orders for which work has not Recognition Prior to April 1, 2018 Prior to April 1, 2018 April 1, 2018 not 606 New Accounting Standards In February 2016, 2016 02 2016 02” 2016 02 one December 15, 2018. 2016 02 In May 2014, 2014 09 606” August 2015 March, April, May December 2016, 606, 606 606 606 may 606 December 15, 2017, first 2017. The Company adopted ASC 606 April 1, 2018 ( no 2017 2018 April 1, 2018. The most significant change relates to the timing of revenue and cost recognition on the Company’s customer contracts. Under ASC 606, April 1, 2018. Adopting ASC 606, may The cumulative effect of the changes made to the Company’s consolidated April 1, 2018 606 Balance at March 31, 2018 Topic ASC 606 Adjustments Balance at April 1, 2018 Assets Prepaid and other current assets $ 87 $ 188 $ 275 Inventories, net 5,487 (1,581 ) 3,906 Liabilities Deferred revenue $ 3,374 $ (2,568 ) $ 806 Stockholders' Equity Accumulated deficit $ (28,682 ) $ 1,176 $ (27,506 ) In accordance with the requirements of Topic 606, first June 30, 2018 For the first quarter ended June 30, 2018 Without ASC 606 Adoption Topic ASC 606 Adjustments As Reported Assets Prepaid and other current assets $ 149 $ 643 $ 792 Inventories, net 5,406 (1,968 ) 3,438 Liabilities Deferred revenue $ 2,966 $ (2,709 ) 257 Stockholders' Equity Accumulated deficit $ (29,177 ) $ 1,384 (27,793 ) Revenue Revenue $ 2,247 $ 596 $ 2,843 Costs of services Costs of services $ 416 $ 358 774 Net loss $ (525 ) $ (238 ) (287 ) Net loss per share, basic and fully diluted $ (0.05 ) $ 0.02 $ (0.03 ) |
Note 2 - Going Concern and Mana
Note 2 - Going Concern and Management's Plan | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | ( 2 The Company incurred net losses of $287,000 first 2019 $3.1 2018. $27.8 June 30, 2018. $945,000 $1.1 first 2019 2018, Our EW test system products have shipped to several customers, but potential delays in the refinement of features, longer than anticipated sales cycles, or the ability to efficiently manufacture our EW test system products, could significantly contribute to additional future losses and decreases in working capital. To help fund operations, the Company relies on advances under the line of credit with Bridge Bank which expires on May 6, 2019. June 30, 2018, $582,000, $143,000. In April 2017, $1.5 2018, June 2017 March 2018. March 26, 2018, $1.0 6, In order to raise additional working capital and to restructure the PFG loan, on March 26, 2018, 43,800 6.0% 15 $25.00. $1.095 $1.0 $0.25 100 13, To assist with the upfront purchases of inventory required for future product deliveries, the Company entered into advance payment arrangements with certain customers, whereby the customers reimburse the Company for raw material purchases prior to the shipment of the finished products. The Company will continue to seek similar terms in future agreements with these customers and other customers. Management will continue to review all aspects of its business including, but not Management will also continue to seek additional working capital and liquidity through debt (including debt refinancing), equity financing or possible product line sales or cessation of unprofitable business product lines, however there are no Our historical operating results and forecasting uncertainties indicate that substantial doubt exists related to our ability to continue as a going concern. Management believes that through the actions to date and possible future actions described above, we should have the necessary liquidity to continue operations at least twelve The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not |
Note 3 - Revenue Recognition
Note 3 - Revenue Recognition | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 3 The following table presents changes in the Company’s contract assets and liabilities for the three June 30, 2018. Balance at Beginning of the Period Additions Deductions Balance at the end of the Period (in thousands) Contract Assets $ 189 $ 466 $ 12 $ 643 Contract Liabilities: Deferred Revenue $ (806 ) $ (248 ) $ 787 $ 257 During the three June 30, 2018, Revenue recognized in the period from: Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 559 New activities in the period: Changes in estimates (29 ) Performance obligations satisfied 2,313 Total services revenue $ 2,843 As of June 30, 2018, $257,000, twelve |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 4 ) Inventories Inventories consisted of the following: (In thousands) June 30 , 201 8 March 31 , 201 8 Raw materials $ 1,147 $ 2,290 Work-in-progress 1,749 2,100 Finished goods 81 561 Demonstration inventory 461 536 Total $ 3,438 $ 5,487 |
Note 5 - Accounts Receivable Li
Note 5 - Accounts Receivable Line of Credit | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 5 ) Accounts Receivable Line of Credit On June 1, 2015 $2.5 $2.5 $2.0 $500,000 May 23, 2017, May 7, 2017) May 6, 2019. The loan agreement is secured by all assets of the Company including intellectual property and general intangibles and provides for a borrowing capacity equal to 80% May 6, 2019 1.5% $12,500 May 2017. 150% 90 As of June 30, 2018, June 30, 2018, $552,000 |
Note 6 - Term Loans, Revolving
Note 6 - Term Loans, Revolving Line of Credit and Warrants | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 6 ) Term Loan s , Revolving Line of Credit and Warrants On April 27, 2017, $1,500,000 April 28, 2017 ( “2017 2017 April 27, 2019, 2017 16% 9.5% 6.5% $100,000 $76,000 April 27, 2017, $24,000 $1,000 first Additionally, the 2017 250,000 190,000 April 27, 2017) 60,000 2,500 first 2017 2017 2017 5, The requirement to issue 60,000 815 15 25. not The proceeds received upon issuing the loan were allocated to: i) common stock, for the fair value of the 190,000 $1,576,000 $1,500,000 $76,000. $326,000, Fees paid to the lender and third parties $ 44,000 Back-end fee 76,000 Estimated fair value of embedded equity forward 49,000 Fair value of 190,000 shares of common stock issued to lender 157,000 Aggregate discount amount $ 326,000 The bifurcated embedded derivative and the debt discount are presented net with the related loan balance in the consolidated balance sheets. The debt discount is being amortized to interest expense over the loan’s term using the effective interest method. During the fiscal year ended March 31, 2018, $127,000 June 30, 2018, 375,000 PFG’s ability to call the debt on default (contingent put) and its ability to assess interest rate at a default rate (contingent interest) are embedded derivatives, which the Company evaluated. The fair value of these embedded features was determined to be immaterial and was not Between June 24, 2017 March 25, 2018, not 22% On March 26, 2018, 13 $1.7 2017 $1.0 16%, 2014 260,000 $1.42 $0.25 one March 13, 2020. The amendments to the 2017 $43,700, 2017 2017 The Company anticipates it will need to seek additional funds through the issuance of new debt, equity securities or product line sales in order to repay the 2017 no |
Note 7 - Fair Value
Note 7 - Fair Value | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 7 ) Fair Value Pursuant to the accounting guidance for fair value measurement and its subsequent updates, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a hierarchy for inputs used in measuring fair value that minimizes the use of unobservable inputs by requiring the use of observable market data when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on active market data. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The fair value hierarchy is broken down into the three • Level 1 1 • Level 2 2 • Level 3 no The carrying amounts of the Company’s cash and cash-equivalents and line of credit approximate their fair values at each balance sheet date due to the short-term maturity of these financial instruments, and generally result in inputs categorized as Level 1 2 On March 26, 2018, 150,000 0.96 85%, 2.12%, no There were no no June 30, 2018 March 31, 2018. |
Note 8 - Loss Per Share
Note 8 - Loss Per Share | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 8 ) Loss Per Share Basic loss per share (EPS) is calculated by dividing net income or loss by the weighted average common shares outstanding during the period. Diluted EPS reflects the net incremental shares that would be issued if unvested restricted shares became vested and dilutive outstanding stock options were exercised, using the treasury stock method. In the case of a net loss, it is assumed that no Three Months Ended (In thousands ) June 30, 2018 June 24, 2017 (in thousands): Common shares issuable upon exercise of stock options 1,498 1,104 Restricted stock awards 262 350 Issuable shares for interest on loan 25 60 Common shares issuable upon conversion of convertible preferred stock 7,113 1,853 Common shares issuable upon exercise of warrants 3,960 3,737 The stock options, restricted stock, convertible preferred stocks and warrants not three June 30, 2018 June 24, 2017 |
Note 9 - Share Based Compensati
Note 9 - Share Based Compensation | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ( 9 ) S tock Based Compensation The Company has established the 2005 2,850,000 100% 2005 2025. 2000 no one four five not 10 may June 30, 2018, no June 30, 2018, 437,677. ten Stock Options In calculating compensation related to stock option grants, the fair value of each stock option was estimated on the date of grant using the Black-Scholes-Merton option-pricing model and the following weighted average assumptions: Three Months Ended June 30, 2018 June 2 4 , 2017 Dividend yield — — Expected volatility 92.55 % — Risk-free interest rate 2.82 % — Expected term (years) 8.36 — The computation of expected volatility used in the Black-Scholes-Merton option-pricing model is based on the historical volatility of the Company’s share price. The expected term is estimated based on a review of historical employee exercise behavior with respect to option grants. The risk-free interest rate is based on the U.S. Treasury rates with maturity similar to the expected term of the option on the date of grant. A summary of the changes in stock options outstanding for the three June 30, 2018 March 31, 2018 Weighted Average Weighted Average Remaining Aggregate Shares Exercise Price per share Contractual Terms (Years) Intrinsic Value Outstanding at March 25, 2017 1,104,500 $ 1.41 6.1 $ 3 Granted 856,000 0.34 10.0 Forfeited / Expired (481,800 ) 1.34 Outstanding at March 31, 2018 1,478,700 $ 0.56 8.0 $ — Granted 50,000 0.27 10.0 Forfeited / Expired (31,000 ) 1.41 Outstanding at June 30, 2018 1,497,700 $ 0.53 7.8 $ — Exercisable at June 30, 2018 500,650 $ 0.79 4.4 $ — At June 30, 2018 expected to vest in the future 702,491 $ 0.40 9.6 $ — As of June 30, 2018, $205,000 3.71 7,200 June 30, 2018, 26,500 June 24, 2017. June 30, 2018 June 24, 2017 $9,052 $33,000 no three June 30, 2018 June 24, 2017. three June 30, 2018 June 24, 2017 $20,000 $37,000, Restricted Stock The Company granted no first 2019. No first 2018. June 30, 2018, $61,000 0.87 three June 30, 2018 June 24, 2017 $37,000 $9,000, A summary of the changes in non-vested RSAs outstanding for the three June 30, 2018 March 31, 2018 Shares Weighted Average Fair Value Non-Vested at March 25, 2017 — $ — Granted 586,950 0.66 Vested (51,000 ) (0.60 ) Forfeited or cancelled (236,000 ) (0.68 ) Non-Vested at March 31, 2018 299,950 $ 0.65 Vested (37,500 ) (0.39 ) Non-Vested at June 30, 2018 262,450 $ 0.68 |
Note 10 - Significant Customer
Note 10 - Significant Customer and Industry Segment Information | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 1 0 ) Significant Customer and Industry Segment Information The Company has two ● The Giga-tronics Division historically produced a broad line of test and measurement equipment used primarily for the design, production, repair and maintenance of products in aerospace, telecommunications, RADAR, and electronic warfare. The Company completed the divestiture of its switch and legacy product lines, and is now solely focused on producing the ASG and the ASA. ● Microsource primarily develops and manufactures YIG RADAR filters used in fighter jet aircraft for two The tables below present information for the two Three Month Periods Ended Three Month Periods Ended (In thousands) At June 30 , 201 8 June 30 , 201 8 At June 2 4 , 201 7 June 2 4 , 201 7 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 4,418 $ 38 $ (1559 ) $ 6,153 $ 297 $ (1,849 ) Microsource 1,953 1,061 1,272 2,907 1,694 591 Total $ 6,371 $ 1,099 $ (287 ) $ 9,060 $ 1,991 $ (1,258 ) During the first 2019, one 64% second 31% first 2018, one 43% second 37% |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 1 1 ) Income Taxes The Company accounts for income taxes using the asset and liability method as codified in Topic 740. The Company recorded $62,000 three June 30, 2018 no three June 24, 2017. April 2018, $62,000, $45,000 $107,000. three June 30, 2018 June 24, 2017 0% As of June 30, 2018, $122,000 not 12 On December 22, 2017, 35% 21% January 1, 2018, December 31, 2017. not 0%, |
Note 12 - Warranty Obligations
Note 12 - Warranty Obligations | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 1 2 ) Warranty Obligations The Company records a liability in cost of sales for estimated warranty obligations at the date products are sold. Adjustments are made as new information becomes available. The following provides a reconciliation of changes in the Company’s warranty reserve. The Company provides no (In thousands) Three Months Ended June 30 , 201 8 Three Months Ended June 2 4 , 201 7 Balance at beginning of period $ 164 $ 123 Provision, net 6 1 Warranty costs incurred (29 ) (33 ) Balance at end of period $ 141 $ 91 |
Note 13 - Preferred Stock and W
Note 13 - Preferred Stock and Warrants | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 1 3 ) Preferred Stock and Warrants Series E Senior Convertible Voting Perpetual Preferred Stock On March 26, 2018, 43,800 6.0% 15 March 28, 2018. The purchase price for each Series E Share was $25.00. $1.095 $1.0 5% $57,000 5% 223,000 $0.25 Each Series E Share is initially convertible (at the option of the holder) at a conversion price of $0.25 100 March 31, 2018, 43,800 4,380,000 31% 27% 22% 300% $75.00 Each Series E Share has a liquidation preference of 150% $37.50, Holders of Series E Shares are entitled to receive, when, as and if declared by the Company’s Board of Directors, cumulative preferential dividends, payable semiannual in cash at a rate per annum equal to 6.0% $25.00 10 Holders of Series E Shares generally vote together with the common stock on an as-converted basis on each matter submitted to the vote or approval of the holders of common stock, and vote as a separate class with respect to certain actions that adversely affect the rights of the holders of Series E Shares and on other matters as required by law. In addition, the approval of the Holders of the Series E shares is generally required prior to the Company’s issuance of any securities having rights senior to or in parity with the Series E Shares with respect to dividends or liquidation preferences. The Series E Shares’ right to approve parity securities will terminate at such time that ( 1 22,300 50% first 2 20 30 $0.75 30 100,000 144 1933, The Company and each Series E investor entered into an Investor Rights Agreement. Under this agreement, the Company agreed to, among other things, use best efforts to file certain registration statements for the resale of common stock of the Company that the investor may may two not 66.6% $1.7 8 In connection with the sale of Series E Shares, the Company agreed to reduce the exercise price of certain warrants issued in connection with the Company’s private placement in January 2016 ( 18 2,787,872 “2016 2016 0.75 $1.15 2016 2016 $1.15 $0.25 2016 $200,000 50% 2016 2016 $0.25, 2016 $200,000 50% January 2016 2016 $0.25. 1,759,268 2016 $0.25. The fair value attributable to re-pricing the 2016 2016 $203,000, $557,000, In addition, warrants to purchase 292,727 $1.15 $0.25 $53,000 For the three June 30, 2018, 8,800 $25.00 $220,000. The table below presents information as of June 30, 2018 March 31, 2018: Preferred Stock Shares Shares Shares Liquidation Preference Designated Issued Outstanding (in thousands) Series B 10,000.00 9,997.00 9,997.00 $ 2,309 Series C 3,500.00 3,424.65 3,424.65 500 Series D 6,000.00 5,111.86 5,111.86 731 Series E 60,000.00 43,800.00 43,800.00 1,643 Total at March 31, 2018 79,500.00 62,333.51 62,333.51 $ 5,183 Series E 9,600.00 9,600.00 360 Total at June 30, 2018 79,500.00 71,933.51 71,933.51 $ 5,413 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 1 4 ) Subsequent Events During August 2018, 1,400 $25.00 $35,000. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Derivatives, Policy [Policy Text Block] | Derivatives |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition and Deferred Revenue April 1, 2018, 2014 09 2015 2017 606, Revenue from Contracts with Customers (“ASC 606” not In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identifies the promised goods or services in the contract; (ii) determines whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measures the transaction price, including the constraint on variable consideration; (iv) allocates the transaction price to the performance obligations based on estimated selling prices; and (v) recognizes revenue when (or as) the Company satisfies each performance obligation. The Company generates revenue through the design, manufacture, and sale of products used in defense industry to major prime defense contractors, the armed services (primarily in the U.S.) and research institutes. There is generally one not For the sale of standard or minimally customized products, the performance obligation is the series of finished products which are recognized at the points in time the units are transferred to the control of the customer, typically upon shipment. This type of revenue arrangement is typical for our commercial contracts within the Giga-tronics segment for its Advanced Signal Generation and Analysis system products used for testing RADAR and Electronic Warfare (“EW”) equipment. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC Topic 606. ● Design and manufacturing services ● Product supply – Distinct goods or services that are substantially the same ● Engineering services The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not not 2019 606 no $56,000. Transaction Price The Company has both fixed and variable consideration. Under the Company’s highly engineered design and manufacturing arrangements, advance payments and unit prices are considered fixed, as product is not may not Allocation of Consideration As part of the accounting for arrangements that contain multiple performance obligations, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. When a contract contains more than one Timing of Recognition Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company generally uses the cost-to-cost measure of progress as this measure best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recognized for design and manufacturing services and for engineering services over time proportionate to the costs that the Company has incurred to perform the services using the cost-to-cost input method and for products at a point in time. Approximately 99% 1% Changes in Estimates The effect of a contract modification on the transaction price and the measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. For contracts using the cost-to-cost method, management reviews the progress and execution of the performance obligations. This process requires management judgment relative to estimating contract revenue and cost, and making assumptions for delivery schedule. This process requires management’s judgment to make reasonably dependable cost estimates. Since certain contracts extend over a longer period of time, the impact of revisions in cost and revenue estimates during the progress of work may 99% first 2019. The aggregate effects of these changes on contracts in the first 2019 Balance Sheet Presentation The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. Under the typical payment terms of over time contracts, the customer pays either performance-based payments or progress payments. Amounts billed and due from customers are classified as receivables on the Condensed Consolidated Balance Sheet. Interim payments may may not Remaining performance obligations represent the transaction price of firm orders for which work has not Recognition Prior to April 1, 2018 Prior to April 1, 2018 April 1, 2018 not 606 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In February 2016, 2016 02 2016 02” 2016 02 one December 15, 2018. 2016 02 In May 2014, 2014 09 606” August 2015 March, April, May December 2016, 606, 606 606 606 may 606 December 15, 2017, first 2017. The Company adopted ASC 606 April 1, 2018 ( no 2017 2018 April 1, 2018. The most significant change relates to the timing of revenue and cost recognition on the Company’s customer contracts. Under ASC 606, April 1, 2018. Adopting ASC 606, may The cumulative effect of the changes made to the Company’s consolidated April 1, 2018 606 Balance at March 31, 2018 Topic ASC 606 Adjustments Balance at April 1, 2018 Assets Prepaid and other current assets $ 87 $ 188 $ 275 Inventories, net 5,487 (1,581 ) 3,906 Liabilities Deferred revenue $ 3,374 $ (2,568 ) $ 806 Stockholders' Equity Accumulated deficit $ (28,682 ) $ 1,176 $ (27,506 ) In accordance with the requirements of Topic 606, first June 30, 2018 For the first quarter ended June 30, 2018 Without ASC 606 Adoption Topic ASC 606 Adjustments As Reported Assets Prepaid and other current assets $ 149 $ 643 $ 792 Inventories, net 5,406 (1,968 ) 3,438 Liabilities Deferred revenue $ 2,966 $ (2,709 ) 257 Stockholders' Equity Accumulated deficit $ (29,177 ) $ 1,384 (27,793 ) Revenue Revenue $ 2,247 $ 596 $ 2,843 Costs of services Costs of services $ 416 $ 358 774 Net loss $ (525 ) $ (238 ) (287 ) Net loss per share, basic and fully diluted $ (0.05 ) $ 0.02 $ (0.03 ) |
Note 1 - Organization and Sig21
Note 1 - Organization and Significant Accounting Policies (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Balance at March 31, 2018 Topic ASC 606 Adjustments Balance at April 1, 2018 Assets Prepaid and other current assets $ 87 $ 188 $ 275 Inventories, net 5,487 (1,581 ) 3,906 Liabilities Deferred revenue $ 3,374 $ (2,568 ) $ 806 Stockholders' Equity Accumulated deficit $ (28,682 ) $ 1,176 $ (27,506 ) For the first quarter ended June 30, 2018 Without ASC 606 Adoption Topic ASC 606 Adjustments As Reported Assets Prepaid and other current assets $ 149 $ 643 $ 792 Inventories, net 5,406 (1,968 ) 3,438 Liabilities Deferred revenue $ 2,966 $ (2,709 ) 257 Stockholders' Equity Accumulated deficit $ (29,177 ) $ 1,384 (27,793 ) Revenue Revenue $ 2,247 $ 596 $ 2,843 Costs of services Costs of services $ 416 $ 358 774 Net loss $ (525 ) $ (238 ) (287 ) Net loss per share, basic and fully diluted $ (0.05 ) $ 0.02 $ (0.03 ) |
Note 3 - Revenue Recognition (T
Note 3 - Revenue Recognition (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | Balance at Beginning of the Period Additions Deductions Balance at the end of the Period (in thousands) Contract Assets $ 189 $ 466 $ 12 $ 643 Contract Liabilities: Deferred Revenue $ (806 ) $ (248 ) $ 787 $ 257 |
Disaggregation of Revenue [Table Text Block] | Revenue recognized in the period from: Amounts included in contract liabilities at the beginning of the period: Performance obligations satisfied $ 559 New activities in the period: Changes in estimates (29 ) Performance obligations satisfied 2,313 Total services revenue $ 2,843 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) June 30 , 201 8 March 31 , 201 8 Raw materials $ 1,147 $ 2,290 Work-in-progress 1,749 2,100 Finished goods 81 561 Demonstration inventory 461 536 Total $ 3,438 $ 5,487 |
Note 6 - Term Loans, Revolvin24
Note 6 - Term Loans, Revolving Line of Credit and Warrants (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
PFG Loan [Member] | |
Notes Tables | |
Schedule of Debt Discount [Table Text Block] | Fees paid to the lender and third parties $ 44,000 Back-end fee 76,000 Estimated fair value of embedded equity forward 49,000 Fair value of 190,000 shares of common stock issued to lender 157,000 Aggregate discount amount $ 326,000 |
Note 8 - Loss Per Share (Tables
Note 8 - Loss Per Share (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended (In thousands ) June 30, 2018 June 24, 2017 (in thousands): Common shares issuable upon exercise of stock options 1,498 1,104 Restricted stock awards 262 350 Issuable shares for interest on loan 25 60 Common shares issuable upon conversion of convertible preferred stock 7,113 1,853 Common shares issuable upon exercise of warrants 3,960 3,737 |
Note 9 - Share Based Compensa26
Note 9 - Share Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended June 30, 2018 June 2 4 , 2017 Dividend yield — — Expected volatility 92.55 % — Risk-free interest rate 2.82 % — Expected term (years) 8.36 — |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Weighted Average Remaining Aggregate Shares Exercise Price per share Contractual Terms (Years) Intrinsic Value Outstanding at March 25, 2017 1,104,500 $ 1.41 6.1 $ 3 Granted 856,000 0.34 10.0 Forfeited / Expired (481,800 ) 1.34 Outstanding at March 31, 2018 1,478,700 $ 0.56 8.0 $ — Granted 50,000 0.27 10.0 Forfeited / Expired (31,000 ) 1.41 Outstanding at June 30, 2018 1,497,700 $ 0.53 7.8 $ — Exercisable at June 30, 2018 500,650 $ 0.79 4.4 $ — At June 30, 2018 expected to vest in the future 702,491 $ 0.40 9.6 $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Shares Weighted Average Fair Value Non-Vested at March 25, 2017 — $ — Granted 586,950 0.66 Vested (51,000 ) (0.60 ) Forfeited or cancelled (236,000 ) (0.68 ) Non-Vested at March 31, 2018 299,950 $ 0.65 Vested (37,500 ) (0.39 ) Non-Vested at June 30, 2018 262,450 $ 0.68 |
Note 10 - Significant Custome27
Note 10 - Significant Customer and Industry Segment Information (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Month Periods Ended Three Month Periods Ended (In thousands) At June 30 , 201 8 June 30 , 201 8 At June 2 4 , 201 7 June 2 4 , 201 7 Assets Net Sales Net Income (Loss) Assets Net Sales Net Income (Loss) Giga-tronics Division $ 4,418 $ 38 $ (1559 ) $ 6,153 $ 297 $ (1,849 ) Microsource 1,953 1,061 1,272 2,907 1,694 591 Total $ 6,371 $ 1,099 $ (287 ) $ 9,060 $ 1,991 $ (1,258 ) |
Note 12 - Warranty Obligations
Note 12 - Warranty Obligations (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) Three Months Ended June 30 , 201 8 Three Months Ended June 2 4 , 201 7 Balance at beginning of period $ 164 $ 123 Provision, net 6 1 Warranty costs incurred (29 ) (33 ) Balance at end of period $ 141 $ 91 |
Note 13 - Preferred Stock and29
Note 13 - Preferred Stock and Warrants (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Stock by Class [Table Text Block] | Preferred Stock Shares Shares Shares Liquidation Preference Designated Issued Outstanding (in thousands) Series B 10,000.00 9,997.00 9,997.00 $ 2,309 Series C 3,500.00 3,424.65 3,424.65 500 Series D 6,000.00 5,111.86 5,111.86 731 Series E 60,000.00 43,800.00 43,800.00 1,643 Total at March 31, 2018 79,500.00 62,333.51 62,333.51 $ 5,183 Series E 9,600.00 9,600.00 360 Total at June 30, 2018 79,500.00 71,933.51 71,933.51 $ 5,413 |
Note 1 - Organization and Sig30
Note 1 - Organization and Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 2,843,000 | $ 1,991,000 |
Revenue, Performance Obligation, Recognized over Time | 99.00% | |
Revenue, Performance Obligation, Recognized at Point in Time | 1.00% | |
Technology Service [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 56,000 |
Note 1 - Organization and Sig31
Note 1 - Organization and Significant Accounting Policies - Adoption of Topic 606 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Mar. 31, 2018 | Apr. 01, 2018 | ||
Prepaid expenses and other current assets | $ 792,000 | $ 87,000 | [1] | $ 275,000 | |
Inventories, net | 3,438,000 | 5,487,000 | [1] | 3,906,000 | |
Deferred revenue | 257,000 | 3,374,000 | [1] | 806,000 | |
Accumulated deficit | (27,793,000) | (28,682,000) | [1] | (27,506,000) | |
Revenue | 2,843,000 | $ 1,991,000 | |||
Costs of services | 774,000 | 1,525,000 | |||
Net loss | $ (287,000) | $ (1,258,000) | $ (3,100,000) | ||
Net loss per share, basic and fully diluted (in dollars per share) | $ (0.03) | ||||
Accounting Standards Update 2014-09 [Member] | |||||
Prepaid expenses and other current assets | 188,000 | ||||
Inventories, net | (1,581,000) | ||||
Deferred revenue | (2,568,000) | ||||
Accumulated deficit | $ 1,176,000 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Prepaid expenses and other current assets | $ 149,000 | ||||
Inventories, net | 5,406,000 | ||||
Deferred revenue | 2,966,000 | ||||
Accumulated deficit | (29,177,000) | ||||
Revenue | 2,247,000 | ||||
Costs of services | 416,000 | ||||
Net loss | $ (525,000) | ||||
Net loss per share, basic and fully diluted (in dollars per share) | $ (0.05) | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||
Prepaid expenses and other current assets | $ 643,000 | ||||
Inventories, net | (1,968,000) | ||||
Deferred revenue | (2,709,000) | ||||
Accumulated deficit | 1,384,000 | ||||
Revenue | 596,000 | ||||
Costs of services | 358,000 | ||||
Net loss | $ (238,000) | ||||
Net loss per share, basic and fully diluted (in dollars per share) | $ 0.02 | ||||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Note 2 - Going Concern and Ma32
Note 2 - Going Concern and Management's Plan (Details Textual) | Mar. 26, 2018USD ($)$ / sharesshares | Apr. 27, 2017USD ($)shares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 24, 2017USD ($) | Mar. 31, 2018USD ($) | Apr. 01, 2018USD ($) | |
Net Income (Loss) Attributable to Parent, Total | $ (287,000) | $ (1,258,000) | $ (3,100,000) | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | (27,793,000) | $ (28,682,000) | [1] | $ (27,506,000) | |||
Net Cash Provided by (Used in) Operating Activities, Total | (945,000) | (1,107,000) | |||||
Long-term Line of Credit, Total | 582,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 143,000 | ||||||
Proceeds from Issuance of Convertible Preferred Stock, Net of Issuance Costs | $ 205,000 | ||||||
Series E Preferred Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues | shares | 43,800 | 8,800 | |||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||
Issuance of Stock, Number of Investors | 15 | ||||||
Shares Issued, Price Per Share | $ / shares | $ 25 | $ 25 | |||||
Proceeds from Issuance of Convertible Preferred Stock | $ 1,095,000 | $ 220,000 | |||||
Proceeds from Issuance of Convertible Preferred Stock, Net of Issuance Costs | $ 1,000,000 | ||||||
Convertible Preferred Stock, Conversion Price Per Share | $ / shares | $ 0.25 | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 100 | ||||||
PFG Loan [Member] | |||||||
Debt Instrument, Face Amount | $ 1,500,000 | ||||||
Debt Instrument, Modification Agreement, Conditions, Gross Proceeds from Sale of Convertible Preferred Stock | $ 1,000,000 | ||||||
Stock Issued During Period, Shares, New Issues | shares | 190,000 | ||||||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Note 3 - Revenue Recognition (D
Note 3 - Revenue Recognition (Details Textual) | Jun. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Amount | $ 257,000 |
Note 3 - Revenue Recognition -
Note 3 - Revenue Recognition - Changes in Contract Assets and Liabilities (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2018USD ($) | |
Contract Assets, Balance | $ 189 |
Contract Assets, Additions | 466 |
Contract Assets, Deductions | 12 |
Contract Assets, Balance | 643 |
Contract Liabilities: Deferred Revenue, Balance | 806 |
Contract Liabilities: Deferred Revenue, Additions | (248) |
Contract Liabilities: Deferred Revenue, Deductions | 787 |
Contract Liabilities: Deferred Revenue, Balance | $ 257 |
Note 3 - Revenue Recognition 35
Note 3 - Revenue Recognition - Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Performance obligations satisfied | $ 559 | |
Changes in estimates | (29) | |
Performance obligations satisfied | 2,313 | |
Revenue | 2,843 | $ 1,991 |
Service [Member] | ||
Revenue | $ 2,843 | $ 1,675 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Apr. 01, 2018 | Mar. 31, 2018 | |
Raw materials | $ 1,147 | $ 2,290 | ||
Work-in-progress | 1,749 | 2,100 | ||
Finished goods | 81 | 561 | ||
Demonstration inventory | 461 | 536 | ||
Total | $ 3,438 | $ 3,906 | $ 5,487 | [1] |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Note 5 - Accounts Receivable 37
Note 5 - Accounts Receivable Line of Credit (Details Textual) - USD ($) | Jun. 01, 2015 | May 31, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | [1] |
Long-term Line of Credit, Total | $ 582,000 | ||||
Line of Credit, Current | 552,000 | $ 552,000 | |||
New Amended Credit Facility 2 [Member] | |||||
Long-term Line of Credit, Total | $ 2,500,000 | ||||
Advance Rate | 80.00% | ||||
Line of Credit Facility, Commitment Fee Amount | $ 12,500 | ||||
Asset Coverage Ratio | 150.00% | ||||
Accounts Receivable, Aging from Invoice Date | 90 days | ||||
Line of Credit, Current | $ 552,000 | ||||
New Amended Credit Facility 2 [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
New Amended Credit Facility 2 [Member] | Borrowing Base for International Services Sub-Limit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | ||||
New Amended Credit Facility 2 [Member] | Formula-Basis Sub-Limit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | ||||
New Amended Credit Facility 2 [Member] | Non-Formula Basis Sub-Limit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Note 6 - Term Loans, Revolvin38
Note 6 - Term Loans, Revolving Line of Credit and Warrants (Details Textual) - USD ($) | Mar. 26, 2018 | Apr. 27, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Mar. 25, 2018 | Mar. 31, 2018 |
Amortization of Debt Discount (Premium) | $ 50,000 | $ 22,000 | ||||
PFG Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 260,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.25 | $ 1.42 | ||||
Class of Warrant or Right, Extension of Exercise Period | 1 year | |||||
Fair Value Adjustment of Warrants | $ 43,700 | |||||
PFG Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 16.00% | 16.00% | ||||
Debt Instrument, Cash Interest Rate | 9.50% | |||||
Debt Instrument, Deferred Interest Rate | 6.50% | |||||
Debt Instrument, Maximum Fee Amount to be Paid upon Maturity | $ 100,000 | |||||
Debt Instrument, Fee Amount | 76,000 | |||||
Debt Instrument, Remaining Fee Amount | 24,000 | |||||
Debt Instrument, Remaining Fee Amount, Per Month | $ 1,000 | |||||
Number of New Shares to be Issued, Maximum | 250,000 | |||||
Stock Issued During Period, Shares, New Issues | 190,000 | |||||
Number of New Shares to be Issued, Remaining | 60,000 | |||||
Number of New Shares to be Issued, Remaining, Per Month | 2,500 | |||||
Long-term Debt, Total | $ 1,576,000 | |||||
Debt Instrument, Unamortized Discount, Total | $ 326,000 | |||||
Amortization of Debt Discount (Premium) | $ 127,000 | |||||
Stock Issued During Period, Shares, Loan Agreement | 375,000 | |||||
Debt Instrument, Interest Rate During Period | 22.00% | |||||
Debt Instrument, Amount of Indebtedness Restructured | $ 1,700,000 | |||||
Debt Instrument, Modification Agreement, Conditions, Gross Proceeds from Sale of Convertible Preferred Stock | $ 1,000,000 |
Note 6 - Term Loans, Revolvin39
Note 6 - Term Loans, Revolving Line of Credit and Warrants - Debt Discount (Details) - PFG Loan [Member] | Apr. 27, 2017USD ($) |
Aggregate discount amount | $ 326,000 |
Fees Paid to Lenders and Third Parties [Member] | |
Aggregate discount amount | 44,000 |
Backend Fees [Member] | |
Aggregate discount amount | 76,000 |
Estimated Fair Value of Derivatives [Member] | |
Aggregate discount amount | 49,000 |
Equity Issued to Lenders [Member] | |
Aggregate discount amount | $ 157,000 |
Note 6 - Term Loans, Revolvin40
Note 6 - Term Loans, Revolving Line of Credit and Warrants - Debt Discount (Details) (Parentheticals) | Apr. 27, 2017shares |
PFG Loan [Member] | |
Common stock issued to lender (in shares) | 190,000 |
Note 7 - Fair Value (Details Te
Note 7 - Fair Value (Details Textual) $ in Thousands | Mar. 26, 2018yrshares | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) |
Fair Value, Measurements, Recurring [Member] | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |
PFG Warrants [Member] | |||
Stock Issued During Period, Shares, Revaluation of Warrants | shares | 150,000 | ||
PFG Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Expected Term [Member] | |||
Derivative Liability, Measurement Input | yr | 0.96 | ||
PFG Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Price Volatility [Member] | |||
Derivative Liability, Measurement Input | 0.85 | ||
PFG Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Derivative Liability, Measurement Input | 0.0212 | ||
PFG Warrants [Member] | Fair Value, Measurements, Recurring [Member] | Measurement Input, Expected Dividend Rate [Member] | |||
Derivative Liability, Measurement Input | 0 |
Note 8 - Loss Per Share - Net L
Note 8 - Loss Per Share - Net Loss and Common Shares Used in Per Share Computations (Details) - shares shares in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Equity Option [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1,498 | 1,104 |
Restricted Stock [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 262 | 350 |
Common Shares Issuable for Debt Interest [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 25 | 60 |
Convertible Debt Securities [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 7,113 | 1,853 |
Warrant [Member] | ||
Anti-dilutive securities excluded from computation of earning per share (in shares) | 3,960 | 3,737 |
Note 9 - Share Based Compensa43
Note 9 - Share Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | Mar. 31, 2018 | |
Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 586,950 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 61,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 317 days | ||
Allocated Share-based Compensation Expense, Total | $ 37,000 | $ 9,000 | |
2000 Stock Option Plan and 2005 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,850,000 | ||
Percent Of Fair Market Value Of Common Stock At Date Of Grant | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 437,677 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 205,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 259 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 7,200 | 26,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 9,052 | $ 33,000 | |
Proceeds from Stock Options Exercised | 0 | 0 | |
Allocated Share-based Compensation Expense, Total | $ 20,000 | $ 37,000 |
Note 9 - Share Based Compensa44
Note 9 - Share Based Compensation - Weighted Average Assumptions (Details) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Dividend yield | ||
Expected volatility | 92.55% | |
Risk-free interest rate | 2.82% | |
Expected term (Year) | 8 years 131 days |
Note 9 - Share Based Compensa45
Note 9 - Share Based Compensation - Changes in Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 25, 2017 | |
Outstanding, Shares (in shares) | 1,478,700 | 1,104,500 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.56 | $ 1.41 | |
Outstanding, Weighted average remaining contractual terms (Year) | 7 years 292 days | 8 years | 6 years 36 days |
Outstanding | $ 3 | ||
Granted, Shares (in shares) | 50,000 | 856,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 0.27 | $ 0.34 | |
Granted, Weighted average remaining contractual terms (Year) | 10 years | 10 years | |
Forfeited / Expired, Shares (in shares) | (31,000) | (481,800) | |
Forfeited / Expired, weighted average exercise price (in dollars per share) | $ 1.41 | $ 1.34 | |
Forfeited / Expired, Weighted average remaining contractual term (Year) | |||
Outstanding, Shares (in shares) | 1,497,700 | 1,478,700 | 1,104,500 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.53 | $ 0.56 | $ 1.41 |
Exercisable, Shares (in shares) | 500,650 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 0.79 | ||
Exercisable, Weighted average remaining contractual terms (Year) | 4 years 146 days | ||
Exercisable | |||
Expected to vest in the future, Shares (in shares) | 702,491 | ||
Expected to vest in the future, weighted average exercise price (in dollars per share) | $ 0.40 | ||
Expected to vest in the future, Weighted average remaining contractual terms (Year) | 9 years 219 days | ||
Expected to vest in the future |
Note 9 - Share Based Compensa46
Note 9 - Share Based Compensation - Changes in Nonvested Restricted Stock Awards Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | Mar. 31, 2018 | |
Non-Vested at March 25, 2017 (in shares) | 299,950 | 0 | 0 |
Non-Vested at March 25, 2017 (in dollars per share) | $ 0.65 | $ 0 | $ 0 |
Granted, Shares (in shares) | 0 | 0 | 586,950 |
Granted, Weighted average fair value (in dollars per share) | $ 0.66 | ||
Vested, Shares (in shares) | (37,500) | (51,000) | |
Vested, Weighted average fair value (in dollars per share) | $ (0.39) | $ (0.60) | |
Forfeited or cancelled (in shares) | (236,000) | ||
Forfeited or cancelled, Weighted average fair value (in dollars per share) | $ (0.68) | ||
Non-Vested at March 31, 2018 (in shares) | 262,450 | 299,950 | |
Non-Vested at March 31, 2018 (in dollars per share) | $ 0.68 | $ 0.65 |
Note 10 - Significant Custome47
Note 10 - Significant Customer and Industry Segment Information (Details Textual) | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Number of Reportable Segments | 2 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Number of Major Customers | 2 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | First Customer [Member] | Microsource [Member] | ||
Concentration Risk, Percentage | 64.00% | 43.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Second Customer [Member] | Microsource [Member] | ||
Concentration Risk, Percentage | 31.00% | 37.00% |
Note 10 - Significant Custome48
Note 10 - Significant Customer and Industry Segment Information - Breakdown of Customer and Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Mar. 31, 2018 | ||
Assets | $ 6,371,000 | $ 9,060,000 | $ 8,431,000 | [1] |
Sales Revenue | 2,843,000 | 1,991,000 | ||
Net Income (Loss) Attributable to Parent, Total | (287,000) | (1,258,000) | $ (3,100,000) | |
Gigatronics Division [Member] | ||||
Assets | 4,418,000 | 6,153,000 | ||
Sales Revenue | 38,000 | 297,000 | ||
Net Income (Loss) Attributable to Parent, Total | (1,559,000) | (1,849,000) | ||
Microsource [Member] | ||||
Assets | 1,953,000 | 2,907,000 | ||
Sales Revenue | 1,061,000 | 1,694,000 | ||
Net Income (Loss) Attributable to Parent, Total | $ 1,272,000 | $ 591,000 | ||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Dec. 31, 2018 | Mar. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 62,000 | $ 0 | ||
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | $ 62,000 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 0.00% | ||
Unrecognized Tax Benefits, Ending Balance | $ 122,000 | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | ||||
Accrued Income Taxes, Total | $ 107,000 | $ 45,000 |
Note 12 - Warranty Obligation50
Note 12 - Warranty Obligations - Reconciliation of Company's Estimated Warranty Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Balance at beginning of period | $ 164 | $ 123 |
Provision, net | 6 | 1 |
Warranty costs incurred | (29) | (33) |
Balance at end of period | $ 141 | $ 91 |
Note 13 - Preferred Stock and51
Note 13 - Preferred Stock and Warrants (Details Textual) - USD ($) | Mar. 26, 2018 | Apr. 27, 2017 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 25, 2018 | Jan. 19, 2016 |
PFG Loan [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 190,000 | |||||
Debt Instrument, Amount of Indebtedness Restructured | $ 1,700,000 | |||||
Series E Preferred Stock Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights, Percentage of Common Shares Into Which the Preferred Shares Can Be Converted | 5.00% | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 223,000 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.25 | |||||
The 2016 Warrants [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,787,872 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.25 | $ 1.15 | ||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 0.75 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights, Alternative Price for Certain Investors | $ 0.25 | |||||
Class of Warrant or Right, Exercise Price Reduction, Number | 1,759,268 | |||||
Placement Agent Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.25 | $ 1.15 | ||||
Class of Warrant or Right, Exercise Price Reduction, Number | 292,727 | |||||
Series E Preferred Stock [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 43,800 | 8,800 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||
Issuance of Stock, Number of Investors | 15 | |||||
Shares Issued, Price Per Share | $ 25 | $ 25 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 1,095,000 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock, Net of Issuance Costs | $ 1,000,000 | |||||
Stock Issued During Period, Placement Agent Fees, Percentage of Gross Proceeds | 5.00% | |||||
Payments of Stock Issuance Costs | $ 57,000 | |||||
Convertible Preferred Stock, Conversion Price Per Share | $ 0.25 | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 100 | |||||
Convertible Preferred Stock, Common Shares That Would Be Issued If All Preferred Shares Were Converted | 4,380,000 | |||||
Convertible Preferred Stock, Common Shares That Would Be Issued If All Preferred Shares Were Converted, Percentage of Pro Forma Common Stock | 31.00% | |||||
Convertible Preferred Stock, Common Shares That Would Be Issued If All Preferred Shares Were Converted, Percentage of Pro Forma Common Stock If All Classes of Convertible Preferred Stock Were Converted | 27.00% | |||||
Convertible Preferred Stock, Common Shares That Would Be Issued If All Preferred Shares Were Converted, Percentage of Pro Forma Common Stock If All Convertible Preferred Stock Were Converted and All Warrants Exercised | 22.00% | |||||
Preferred Stock, Redemption Price Percentage | 300.00% | |||||
Preferred Stock, Redemption Price Per Share | $ 75 | |||||
Preferred Stock, Liquidation Preference, Percentage | 150.00% | |||||
Preferred Stock, Liquidation Preference Per Share | $ 37.50 | |||||
Convertible Preferred Stock, Termination of Right to Approve Parity Securities, Threshold Shares | 22,300 | |||||
Convertible Preferred Stock, Termination of Right to Approve Parity Securities, Threshold Percentage | 50.00% | |||||
Convertible Preferred Stock, Termination of Right to Approve Parity Securities, Threshold Closing Price | $ 0.75 | |||||
Convertible Preferred Stock, Termination of Right to Approve Parity Securities, Threshold Trading Volume | 100,000 | |||||
Preferred Stock, Investor Rights Agreement, Period During Which Payment-in-kind Dividends May Potentially Be Received | 2 years | |||||
Preferred Stock, Investor Rights Agreement, Ability to Issue Additional Debt Other Than Trade Debt and Commercial Bank Working Capital Debt, Required Percentage of Approval By Holders | 66.60% | |||||
Issuance of Preferred Stock, Amount Deducted from Gross Proceeds Attributable to the Re-pricing of Warrants | $ 203,000 | |||||
Beneficial Conversion Feature Upon Issuance of Preferred Shares | 557,000 | |||||
Fair Value of Warrants Issued as Issuance Costs for Preferred Stock | 53,000 | |||||
Proceeds from Issuance of Convertible Preferred Stock | 1,095,000 | $ 220,000 | ||||
Series E Preferred Stock [Member] | The 2016 Warrants [Member] | ||||||
Class of Warrant or Right, Alternative Exercise Price, Criteria, Amount of Preferred Stock Purchased | $ 200,000 | |||||
Class of Warrant or Right, Alternative Exercise Price, Criteria, Percentage of Preferred Stock Purchased | 50.00% |
Note 13 - Preferred Stock and52
Note 13 - Preferred Stock and Warrants - Preferred Stock Information (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | |
Designated shares (in shares) | 1,000,000 | 1,000,000 | [1] |
Series B Preferred Stock [Member] | |||
Designated shares (in shares) | 10,000 | ||
Shares issued (in shares) | 9,997 | ||
Shares outstanding (in shares) | 9,997 | ||
Liquidation preference | $ 2,309 | ||
Series C Preferred Stock [Member] | |||
Designated shares (in shares) | 3,500 | ||
Shares issued (in shares) | 3,424.65 | ||
Shares outstanding (in shares) | 3,424.65 | ||
Liquidation preference | $ 500 | ||
Series D Preferred Stock [Member] | |||
Designated shares (in shares) | 6,000 | ||
Shares issued (in shares) | 5,111.86 | ||
Shares outstanding (in shares) | 5,111.86 | ||
Liquidation preference | $ 731 | ||
Series E Preferred Stock [Member] | |||
Designated shares (in shares) | 60,000 | 60,000 | [1] |
Shares issued (in shares) | 53,400 | 43,800 | [1] |
Shares outstanding (in shares) | 53,400 | 43,800 | [1] |
Liquidation preference | $ 2,003 | $ 1,643 | [1] |
Series B, C, D, and E Preferred Stock [Member] | |||
Designated shares (in shares) | 79,500 | 79,500 | |
Shares issued (in shares) | 71,933.51 | 62,333.51 | |
Shares outstanding (in shares) | 71,933.51 | 62,333.51 | |
Liquidation preference | $ 5,413 | $ 5,183 | |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 31, 2018. |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - Series E Preferred Stock [Member] - USD ($) | Aug. 13, 2018 | Mar. 26, 2018 | Jun. 30, 2018 |
Stock Issued During Period, Shares, New Issues | 43,800 | 8,800 | |
Shares Issued, Price Per Share | $ 25 | $ 25 | |
Proceeds from Issuance of Convertible Preferred Stock | $ 1,095,000 | $ 220,000 | |
Subsequent Event [Member] | |||
Stock Issued During Period, Shares, New Issues | 1,400 | ||
Shares Issued, Price Per Share | $ 25 | ||
Proceeds from Issuance of Convertible Preferred Stock | $ 35,000 |