Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 29, 2019 | Jul. 22, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | GIGA TRONICS INC | |
Entity Central Index Key | 0000719274 | |
Trading Symbol | giga | |
Current Fiscal Year End Date | --03-28 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 11,680,707 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 29, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 29, 2019 | Mar. 30, 2019 | |
Current assets: | |||
Cash and cash-equivalents | $ 1,010 | $ 878 | [1] |
Trade accounts receivable, net of allowance of $8 and $8, respectively | 823 | 568 | [1] |
Inventories, net | 2,748 | 2,734 | [1] |
Prepaid expenses and other current assets | 1,302 | 1,354 | [1] |
Total current assets | 5,883 | 5,534 | [1] |
Property and equipment, net | 543 | 569 | [1] |
Right of use asset | 1,297 | [1] | |
Other long term assets | 176 | 176 | [1] |
Total assets | 7,899 | 6,279 | [1] |
Liabilities and shareholders' equity | |||
Line of credit | 429 | [1] | |
Accounts payable | 930 | 747 | [1] |
Loan payable, net of discounts and issuance costs | 1,473 | 1,781 | [1] |
Accrued payroll and benefits | 387 | 476 | [1] |
Deferred rent | 74 | [1] | |
Lease obligations | 386 | 41 | [1] |
Deferred liability related to asset sale | 40 | 40 | [1] |
Other current liabilities | 715 | 754 | [1] |
Total current liabilities | 4,360 | 3,913 | [1] |
Other non-current liabilities | 242 | 172 | [1] |
Long term deferred rent | 358 | [1],[2] | |
Long term obligations - leases | 1,372 | 21 | [1] |
Total liabilities | 5,974 | 4,464 | [1] |
Commitments and contingencies | [1] | ||
Shareholders' equity: | |||
Convertible preferred stock | |||
Common stock; no par value; Authorized - 40,000,000 shares; 11,343,011 shares at June 29, 2019 and 11,360,511 shares at March 30, 2019 issued and outstanding | 25,654 | 25,557 | [1] |
Accumulated deficit | (28,533) | (28,548) | [1] |
Total shareholders' equity | 1,925 | 1,815 | [1] |
Total liabilities and shareholders' equity | 7,899 | 6,279 | [1] |
Series B, C, and D Preferred Stock [Member] | |||
Shareholders' equity: | |||
Convertible preferred stock | 2,911 | 2,911 | [1] |
Series E Preferred Stock [Member] | |||
Shareholders' equity: | |||
Convertible preferred stock | $ 1,893 | $ 1,895 | [1] |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 30, 2019. | ||
[2] | Represents noncurrent portion of deferred rent reclassified to Operating lease liability - non-current portion. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 29, 2019 | Mar. 30, 2019 | [1] |
Trade accounts receivable, allowance | $ 8 | $ 8 | |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 | |
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) | 11,343,011 | 11,360,511 | |
Common stock, outstanding (in shares) | 11,343,011 | 11,360,511 | |
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 | |
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) | 100,000 | 100,000 | |
Preferred stock, issued (in shares) | 98,400 | 98,400 | |
Preferred stock, outstanding (in shares) | 98,400 | 98,400 | |
Preferred stock, liquidation preference | $ 3,690 | $ 3,690 | |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 30, 2019. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Revenue | $ 3,498,000 | $ 3,050,000 |
Cost of goods and services | 1,968,000 | 1,744,000 |
Gross profit | 1,530,000 | 1,306,000 |
Operating expenses: | ||
Engineering | 355,000 | 375,000 |
Selling, general and administrative | 1,047,000 | 1,001,000 |
Total operating expenses | 1,402,000 | 1,376,000 |
Operating income (loss) | 128,000 | (70,000) |
Interest expense: | ||
Interest expense, net | (94,000) | (127,000) |
Interest expense from accretion of loan discount | (19,000) | (50,000) |
Total interest expense, net | (113,000) | (177,000) |
Income (loss) before income taxes | 15,000 | (247,000) |
Provision for income taxes | 0 | 40,000 |
Net income (loss) | $ 15,000 | $ (287,000) |
Income (loss) per common share – basic (in dollars per share) | $ 0 | $ (0.03) |
Income (loss) per common share – diluted (in dollars per share) | $ 0 | $ (0.03) |
Weighted average common shares used in per share calculation: | ||
Basic (in shares) | 10,775 | 10,419 |
Diluted (in shares) | 23,090 | 10,419 |
Product [Member] | ||
Revenue | $ 1,938,000 | $ 207,000 |
Service [Member] | ||
Revenue | $ 1,560,000 | $ 2,843,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock Including Additional Paid in Capital [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Mar. 31, 2018 | 62,334 | 10,312,653 | |||
Balance at Mar. 31, 2018 | $ 3,613 | $ 25,200 | $ (28,682) | $ 131 | |
Cumulative effect of ASC 606 adoption at Mar. 31, 2018 | 1,176 | 1,176 | |||
Net income (loss) | (287) | (287) | |||
Share based compensation | $ 57 | 57 | |||
Warrant exercises, net of issuance costs (in shares) | 60,300 | ||||
Warrant exercises, net of issuance costs | $ 15 | 15 | |||
Equity issuance for PFG Loan (in shares) | 7,500 | ||||
Equity issuance for PFG Loan | |||||
Restricted stock granted (in shares) | 38,500 | ||||
Series E preferred stock issuance, net of offering costs of $15 (in shares) | 9,600 | ||||
Series E preferred stock issuance, net of offering costs of $15 | $ 205 | 205 | |||
Balance (in shares) at Jun. 30, 2018 | 71,934 | 10,418,953 | |||
Balance at Jun. 30, 2018 | $ 3,818 | $ 25,272 | (27,793) | 1,297 | |
Balance (in shares) at Mar. 31, 2018 | 62,334 | 10,312,653 | |||
Balance at Mar. 31, 2018 | $ 3,613 | $ 25,200 | (28,682) | 131 | |
Cumulative effect of ASC 606 adoption at Mar. 31, 2018 | 1,176 | 1,176 | |||
Balance (in shares) at Mar. 30, 2019 | 116,934 | 11,360,511 | |||
Balance at Mar. 30, 2019 | $ 4,806 | $ 25,557 | (28,548) | 1,815 | [1] |
Net income (loss) | 15 | 15 | |||
Share based compensation | $ 95 | 95 | |||
Equity issuance for PFG Loan (in shares) | 2,500 | ||||
Equity issuance for PFG Loan | |||||
Series E preferred stock issuance, net of offering costs of $15 (in shares) | |||||
Series E preferred stock issuance, net of offering costs of $15 | $ (2) | $ 2 | |||
Restricted stock forfeited (in shares) | (20,000) | ||||
Balance (in shares) at Jun. 29, 2019 | 116,934 | 11,343,011 | |||
Balance at Jun. 29, 2019 | $ 4,804 | $ 25,654 | $ (28,533) | $ 1,925 | |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 30, 2019. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Preferred Stock Including Additional Paid in Capital [Member] | ||
Shares issued, issuance cost | $ 2 | $ 15 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 15 | $ (287) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 47 | 73 |
Share-based compensation | 95 | 57 |
Accretion of discounts on debt | 19 | 50 |
Accrued interest and fees on loan payable | (327) | 25 |
Change in deferred rent | 1 | (14) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (255) | (94) |
Inventories | (14) | 468 |
Prepaid expenses and other current assets | 52 | (516) |
Right of use asset | 64 | |
Accounts payable | 183 | (240) |
Accrued payroll and benefits | (89) | 70 |
Deferred revenue | (550) | |
Other current liabilities and non-current liabilities | 27 | 13 |
Net cash used in operating activities | (181) | (945) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (22) | |
Net cash used in investing activities | (22) | |
Cash flows from financing activities: | ||
Principal payments on leases | (94) | (12) |
Proceeds from borrowings, net of issuance costs | 429 | |
Proceeds from issuance of preferred stock, net of issuance costs | 205 | |
Exercise of warrants | 15 | |
Net cash provided by financing activities | 335 | 208 |
Increase (decrease) in cash and cash-equivalents | 132 | (737) |
Beginning cash and cash-equivalents | 878 | 1,485 |
Ending cash and cash-equivalents | 1,010 | 748 |
Supplementary disclosure of cash flow information: | ||
Cash paid for income taxes | 55 | |
Cash paid for interest | 256 | 61 |
Supplementary disclosure of noncash activities: | ||
Cumulative effect of adoption of ASC 606 on inventory | (1,581) | |
Cumulative effect of adoption of ASC 606 on prepaid expenses and other current assets | 189 | |
Cumulative effect of adoption of ASC 606 on deferred revenue | 2,567 | |
Cumulative effect of adoption of ASC 842 on right of use assets | 1,361 | |
Cumulative effect of adoption of ASC 842 on deferred rent | 429 | |
Cumulative effect of adoption of ASC 842 on lease liability | $ 1,790 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Jun. 29, 2019 | |
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,” “Company” or “we”), 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 30, 2019. Principles of Consolidation The consolidated financial statements include the accounts of Giga-tronics and its wholly-owned subsidiary, Microsource, Inc. (“Microsource”). All significant intercompany balances and transactions have been eliminated in consolidation Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016 - 02 - Leases (ASC 842 ), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less are accounted for similar to guidance for operating leases existing prior to ASC 842. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The Company adopted ASC 842 as of March 31, 2019. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued ASU No. 2018 - 11, Leases (Topic 842 ): Targeted Improvements, which amends ASC Topic 842 to provide another transition method, allowing a cumulative effect adjustment to the opening balance of retained earnings during the period of adoption. The Company has one long term office lease. The adoption of ASU 2016 - 02 on March 31, 2019 resulted in the recognition of right-of-use assets of approximately $1.4 million, lease liabilities for operating leases of approximately $1.8 million and no material impact to the Consolidated Statements of Operations or Cash Flows. See below for further information regarding the impact of the adoption of ASU 2016 - 02 on the Company's financial statements. Revenue Recognition and Deferred Revenue Beginning April 1, 2018, the Company follows the provisions of ASU 2014 - 09 as subsequently amended by the FASB between 2015 and 2017 and collectively known as ASC Topic 606, Revenue from Contracts with Customers (“ASC 606” ) . Amounts for prior periods are not adjusted and continue to be reported in accordance with the Company’s historic accounting practices. The guidance provides a unified model to determine how revenue is recognized. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. 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 the defense industry to major prime defense contractors, the armed services (primarily in the U.S.) and research institutes. There is generally one performance obligation in the Company’s contracts with its customers. For highly engineered products, the customer typically controls the work in process as evidenced either by contractual termination clauses or by the Company’s right to payment for costs incurred to date plus a reasonable profit for products or services that do not have an alternative use. In these circumstances, the performance obligation is the design and manufacturing service. As control transfers continuously over time on these contracts, revenue is recognized based on the extent of progress towards completion of the performance obligation using a cost-to-cost method. Engineering services are also satisfied over time and recognized on the cost-to-cost method. These types of revenue arrangements are typical for our defense contracts within the Microsource segment for its YIG RADAR filter products used in fighter jet aircrafts. 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. The Company’s performance obligations include: ● 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 separately identifiable from other promises in the contracts and, therefore, not distinct. 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 returnable and the Company has an enforceable right to reimbursement in the event of a cancellation. For standard and minimally customized products, payments can include variable consideration, such as product returns and sales allowances. The transaction price in engineering services arrangements may include estimated amounts of variable consideration, including award fees, incentive fees, or other provisions that can either increase or decrease the transaction price. Milestone payments are identified as variable consideration when determining the transaction price. At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. The Company estimates variable consideration at the amount to which they expect to be entitled, and determines whether to include estimated amounts as a reduction in the transaction price based largely on an assessment of the conditions that might trigger an adjustment to the transaction price and all information (historical, current and forecasted) that is reasonably available to the Company. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the estimation uncertainty is resolved. 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 performance obligation, the Company uses key assumptions to determine the stand-alone selling price of each performance obligation. Because of the customized nature of products and services, estimated stand-alone selling prices for most performance obligations are estimated using a cost-plus margin approach. For non-customized products, list prices generally represent the standalone selling price. The Company allocates the total transaction price to each performance obligation based on the estimated relative stand-alone selling prices of the promised goods or service underlying each performance obligation. 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. 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 adjust the current period earnings through a cumulative catch-up basis. This method recognizes, in the current period, the cumulative effect of the changes on current and prior quarters. Contract cost and revenue estimates for significant contracts are generally reviewed and reassessed quarterly. 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 be made as work progresses, and for some contracts, an advance payment may be made. A liability is recognized for these interim and advance payments in excess of revenue recognized and is presented as a contract liability which is included within accrued liabilities and other long-term liabilities on the Condensed Consolidated Balance Sheet. Contract liabilities typically are not considered a significant financing component because these cash advances are used to meet working capital demands that can be higher in the early stages of a contract. When revenue recognized exceeds the amount billed to the customer, an unbilled receivable (contract asset) is recorded for the amount the Company is entitled to receive based on its enforceable right to payment. Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and excludes unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). Recognition Prior to April 1, 2018 Prior to April 1, 2018 under the legacy GAAP, the Company recorded revenue when there was persuasive evidence of an arrangement, delivery had occurred, the price was fixed and determinable, and collectability was reasonably assured. This occurred when products were shipped or the customer accepted title transfer. If the arrangement involved acceptance terms, the Company deferred revenue until product acceptance was received. On certain large development contracts, revenue was recognized upon achievement of substantive milestones. Advanced payments were recorded as deferred revenue until the revenue recognition criteria described above had been met. Amounts for periods ending prior to April 1, 2018 have not been adjusted for ASC 606 and continue to be reported in accordance with the Company’s previous accounting practices. New Accounting Standards In June 2018, the FASB issued ASU 2018 - 07, “Improvements to Nonemployee Share-Based Payment Accounting,” to simplify the accounting for share based transactions with nonemployees in which the grantor acquires goods or services to be used or consumed. Under the new standard, most of the guidance on recording share-based compensation granted to nonemployees will be aligned with the requirements for share-based compensation granted to employees. This standard will be effective in the first quarter of fiscal 2020, and early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In February 2016, the FASB issued authoritative guidance under ASU 2016 - 02, Leases (Topic 842 ). ASU 2016 - 02 requires lessees to recognize right-of-use assets and lease liabilities for most leases on the balance sheet and to provide expanded disclosures about leasing arrangements. The Company adopted the standard effective March 31, 2019 using the optional transition method and did not restate comparative periods. There was no effect on accumulated deficit at adoption. Practical expedients elected The Company has elected the package of practical expedients to (a) not reassess whether expired or existing contracts are or contain leases, (b) not reassess the lease classification for any expired or existing leases and (c) not reassess the accounting for initial direct costs. As a result, leases classified as operating leases prior to adoption of the new lease standard remain as operating leases and leases classified as capital leases prior to adoption of the new lease standard are now finance leases. The adoption of the new leases standard resulted in the following adjustments to the consolidated balance sheet as of March 31, 2019 ( in thousands): Balance at 3/30/2019 Adoption Adjustment Balance at 3/31/2019 Assets: Right of use assets- Operating lease $ — $ 1,361 $ 1,361 Right of use assets- Finance lease 49 49 Property and equipment, net (a) 49 (49 ) — Liabilities: Deferred rent (b) $ 71 $ (71 ) $ — Operating lease liability, current portion — 337 337 Finance lease obligation, current portion — 41 41 Capital lease obligation, current portion (c) 41 (41 ) — Long term deferred rent (d) 358 (358 ) — Long term obligations – capital lease (e) 19 (19 ) — Operating lease liability, non-current portion — 1,453 1,453 Finance lease obligation, long-term portion — 19 19 (a) Represents net book value of capital lease assets reclassified to Finance right of use assets. (b) Represents current portion of deferred rent reclassified to Operating lease obligation, current portion. (c) Represents current portion of capital lease liability reclassified to Finance lease obligation - current portion. (d) Represents noncurrent portion of deferred rent reclassified to Operating lease liability - non-current portion. (e) Represents noncurrent portion of capital lease obligation reclassified to Finance lease obligation - non-current portion. Adoption of the standards related to leases had no impact to cash from or used in operating, financing, or investing activities on our consolidated cash flows statements. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | ( 2 ) Inventories Inventories consisted of the following: (In thousands) June 29 , 201 9 March 3 0 , 201 9 Raw materials $ 900 $ 759 Work-in-progress 1,409 1,523 Finished goods 77 57 Demonstration inventory 362 395 Total $ 2,748 $ 2,734 |
Note 3 - Accounts Receivable Li
Note 3 - Accounts Receivable Line of Credit | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | ( 3 ) Accounts Receivable Line of Credit On March 11, 2019, May 6, 2015 ( Under the Restated Financing Agreement, Western Alliance Bank may 85% $2.5 $500,000 Under the Restated Financing Agreement, interest accrues on outstanding amounts at an annual rate equal to the greater of prime or 4.5% one $14,700, two no may The Restated Financing Agreement contains customary events of default, including, among others: non-payment of principal, interest or other amounts when due; providing false or misleading representations and information; Western Alliance Bank failing to have an enforceable first 500 may As of June 29, 2019 March 30, 2019, $429,000 zero |
Note 4 - Term Loan and Warrants
Note 4 - Term Loan and Warrants | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 4 ) Term Loan 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 3, 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 quarter ended June 29, 2019, $20,000 June 29, 2019, 400,000 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 2017 22% On March 26, 2018, 12 $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 In December 2018, 2017 April 27, 2019 November 1, 2019, May 1, 2019 $75,000 May 1, 2019 $500,000 March 30, 2019, On March 11, 2019, 2017 March 1, 2020 On June 28, 2019, 2017 June 29, 2019. The Company anticipates it will need to achieve significant product shipments and resulting cash inflows and or seek additional funds through the issuance of new debt or equity securities to repay the 2017 |
Note 5 - Leases
Note 5 - Leases | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 5 ) L eases Operating leases Building - 77 April 1, 2017 August 31, 2023. $2,384,913 77 $0.05 $173,079 five $358,095. Per the terms of the Company’s lease agreements, the Company does not not not Lease costs For the three June 29, Classification 2019 Operating lease costs Operating expenses $ 125 Finance lease: Amortization of lease asset Depreciation and amortization 10 Interest on lease liability Interest expense 2 Total lease costs $ 137 Other information: For the three months ended: June 29, 2019 Operating leases Finance leases Operating cash used for leases $ 143 — Financing cash used for leases — $ 13 Weighted-average remaining lease term 4.17 1.21 Weighted average discount rate 6.50 % 12.00 % Future lease payments as of June 29, 2019 Operating leases Finance leases Total Remainder current year $ 333 $ 32 $ 365 2021 458 22 480 2022 473 — 473 2023 487 — 487 Thereafter 209 — 209 Total future minimum lease payments 1,960 54 2,014 Less: imputed interest (252 ) (4 ) (256 ) Present value of lease liabilities $ 1,708 $ 50 $ 1,758 |
Note 6 - Fair Value
Note 6 - Fair Value | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 6 ) 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 29, 2019 March 30, 2019. |
Note 7 - Income (loss) Per Shar
Note 7 - Income (loss) Per Share | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 7 ) Income ( l oss ) Per Share Basic income (loss) per share is calculated by dividing net income or loss by the weighted average common shares outstanding during the period. Diluted earnings per share (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 Shares included in the diluted EPS calculation for the three June 29, 2019 June 29, (In thousands except per share data) 2019 Net income (loss) $ 15 Weighted average basic shares outstanding 10,775 Effect of dilutive securities 12,315 Weighted-average dilutive shares 23,090 Basic earnings per share $ 0.00 Diluted earnings per share $ 0.00 Shares excluded from the diluted EPS calculation for the three June 30, 2018 June 30, (In thousands) 2018 Common shares issuable upon exercise of stock options 1,498 Restricted stock awards 262 Issuable shares for interest on loan 25 Common shares issuable upon conversion of convertible preferred stock 7,113 Common shares issuable upon exercise of warrants 3,960 |
Note 8 - Shared-based Compensat
Note 8 - Shared-based Compensation and Employee Benefit Plans | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 8 ) S hared-based Compensation and Employee Benefit Plans During September 2005, 2005 2,850,000 100% 2014, 2005 2025. one four five not 10 may June 29, 2019, no ten On September 20, 2018, 2018 may 2,500,000 2018 no 2005 2005 2000 no Options granted generally vest in one four five not 10 may June 29, 2019, no June 29, 2019, 838,500. 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 29 , 201 9 June 30 , 201 8 Dividend yield — — Expected volatility 101.66 % 92.55 % Risk-free interest rate 2.35 % 2.82 % Expected term (years) 8.36 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 29, 2019 March 30, 2019 Weighted Average Weighted Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price per share Terms (Years) Value Outstanding at March 31, 2018 1,478,700 $ 0.56 8.0 $ — Granted 1,504,000 0.31 9.6 Forfeited / Expired (248,000 ) 0.69 Outstanding at March 30, 2019 2,734,700 $ 0.41 8.4 $ — Granted 847,500 0.34 9.9 Forfeited / Expired (32,200 ) 0.48 Outstanding at June 29, 2019 3,550,000 $ 0.39 8.5 $ — Exercisable at June 29, 2019 860,992 $ 0.58 5.9 $ — At June 29, 2019 expected to vest in the future 702,491 $ 0.40 9.6 $ — As of June 29, 2019, $497,000 3.32 207,292 June 29, 2019, 7,200 June 30, 2018. June 29, 2019 June 30, 2018 $53,032 $9,052 no three June 29, 2019 June 30, 2018. three June 29, 2019 June 30, 2018 $51,000 $20,000, Restricted Stock The Company granted no first 2020 2019. June 29, 2019, $33,000 0.68 three June 29, 2019 June 30, 2018 $44,000 $37,000, A summary of the changes in non-vested RSAs outstanding for the three June 29, 2019 March 30, 2019 Shares Weighted Average Fair Value per share Non-Vested at March 31, 2018 299,950 $ 0.65 Granted 310,000 0.31 Vested (250,000 ) 0.32 Forfeited or cancelled (25,000 ) 0.79 Non-Vested at March 30, 2019 334,950 $ 0.56 Vested (144,950 ) 0.80 Forfeited or cancelled (20,000 ) 0.80 Non-Vested at June 29, 2019 170,000 $ 0.34 |
Note 9 - Significant Customer a
Note 9 - Significant Customer and Industry Segment Information | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 9 ) Significant Customer and Industry Segment Information The Company has two two The Giga-tronics Division designs, manufactures and markets a family of functional test products for the RADAR and Electronic Warfare (RADAR/EW) segment of the defense electronics market. The Company’s RADAR/EW test products are used to evaluate and improve the performance of RADAR/EW systems. The table below presents information for the two Three Month Periods Ended Three Month Periods Ended (In thousands) At June 29, 2019 June 29, 2019 June 29, 2019 At June 30, 2018 June 30, 2018 June 30, 2018 Assets Net Sales Net Income Assets Net Sales Net Income (Loss) (Loss) Giga-tronics Division $ 5,421 $ 1,916 $ (548 ) $ 4,418 $ 129 $ (1,559 ) Microsource 2,478 1,582 562 1,953 2,921 1,272 Total $ 7,899 $ 3,498 $ 14 $ 6,371 $ 3,050 $ (287 ) During the first 2020, one 50% second 39% first 2019, one 64% second 31% |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 10 ) Income Taxes The Company accounts for income taxes using the asset and liability method as codified in Topic 740. The Company recorded no three June 29, 2019 $40,000 three June 30, 2018. three June 29, 2019 June 30, 2018 0% 16% As of June 29, 2019, $123,000 no 12 |
Note 11 - Warranty Obligations
Note 11 - Warranty Obligations | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 1 1 ) Warranty Obligations The Company records a liability in cost of goods and services 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 29 , 201 9 Three Months Ended June 30 , 201 8 Balance at beginning of period $ 104 $ 164 Provision, net 12 6 Warranty costs incurred (3 ) (29 ) Balance at end of period $ 113 $ 141 |
Note 12 - Preferred Stock and W
Note 12 - Preferred Stock and Warrants | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | ( 1 2 ) 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 During the 2019 57,200 $25.00 $1,405,000. 2019 $1.2 $212,000. 5% $56,875 5% 100 $0.25 During the three June 29, 2019, no The table below presents information as of June 29, 2019 March 30, 2019: 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 100,000.00 100,000.00 98,400.00 3,690 Total at June 29, 2019 and March 30, 2019 119,500.00 118,533.51 116,933.51 $ 7,230 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | ( 1 3 ) Subsequent Events None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 29, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Lessee, Leases [Policy Text Block] | Leases In February 2016, 2016 02 Leases 842 not 12 12 842. 842 840 842 March 31, 2019. July 2018, No. 2018 11, 842 842 one 2016 02 March 31, 2019 $1.4 $1.8 no 2016 02 |
Revenue from Contract with Customer [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 the 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 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. 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 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 June 2018, 2018 07, first 2020, not In February 2016, 2016 02, 842 2016 02 March 31, 2019 not no Practical expedients elected The Company has elected the package of practical expedients to (a) not not not The adoption of the new leases standard resulted in the following adjustments to the consolidated balance sheet as of March 31, 2019 ( Balance at 3/30/2019 Adoption Adjustment Balance at 3/31/2019 Assets: Right of use assets- Operating lease $ — $ 1,361 $ 1,361 Right of use assets- Finance lease 49 49 Property and equipment, net (a) 49 (49 ) — Liabilities: Deferred rent (b) $ 71 $ (71 ) $ — Operating lease liability, current portion — 337 337 Finance lease obligation, current portion — 41 41 Capital lease obligation, current portion (c) 41 (41 ) — Long term deferred rent (d) 358 (358 ) — Long term obligations – capital lease (e) 19 (19 ) — Operating lease liability, non-current portion — 1,453 1,453 Finance lease obligation, long-term portion — 19 19 (a) Represents net book value of capital lease assets reclassified to Finance right of use assets. (b) Represents current portion of deferred rent reclassified to Operating lease obligation, current portion. (c) Represents current portion of capital lease liability reclassified to Finance lease obligation - current portion. (d) Represents noncurrent portion of deferred rent reclassified to Operating lease liability - non-current portion. (e) Represents noncurrent portion of capital lease obligation reclassified to Finance lease obligation - non-current portion. Adoption of the standards related to leases had no |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Balance at 3/30/2019 Adoption Adjustment Balance at 3/31/2019 Assets: Right of use assets- Operating lease $ — $ 1,361 $ 1,361 Right of use assets- Finance lease 49 49 Property and equipment, net (a) 49 (49 ) — Liabilities: Deferred rent (b) $ 71 $ (71 ) $ — Operating lease liability, current portion — 337 337 Finance lease obligation, current portion — 41 41 Capital lease obligation, current portion (c) 41 (41 ) — Long term deferred rent (d) 358 (358 ) — Long term obligations – capital lease (e) 19 (19 ) — Operating lease liability, non-current portion — 1,453 1,453 Finance lease obligation, long-term portion — 19 19 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (In thousands) June 29 , 201 9 March 3 0 , 201 9 Raw materials $ 900 $ 759 Work-in-progress 1,409 1,523 Finished goods 77 57 Demonstration inventory 362 395 Total $ 2,748 $ 2,734 |
Note 4 - Term Loan and Warran_2
Note 4 - Term Loan and Warrants (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
PFG Loan [Member] | |
Notes Tables | |
Schedule of Debt Discount [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Fees paid to the lender and third parties</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Back-end fee</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Estimated fair value of embedded equity forward</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Fair value of 190,000 shares of common stock issued to lender</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Aggregate discount amount</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>" id="sjs-B5"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Fees paid to the lender and third parties</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Back-end fee</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Estimated fair value of embedded equity forward</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Fair value of 190,000 shares of common stock issued to lender</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Aggregate discount amount</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">326,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div> |
Note 5 - Leases (Tables)
Note 5 - Leases (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | June 29, Classification 2019 Operating lease costs Operating expenses $ 125 Finance lease: Amortization of lease asset Depreciation and amortization 10 Interest on lease liability Interest expense 2 Total lease costs $ 137 |
Leases, Other Information [Table Text Block] | For the three months ended: June 29, 2019 Operating leases Finance leases Operating cash used for leases $ 143 — Financing cash used for leases — $ 13 Weighted-average remaining lease term 4.17 1.21 Weighted average discount rate 6.50 % 12.00 % |
Finance and Operating Leases, Liability, Maturity [Table Text Block] | Operating leases Finance leases Total Remainder current year $ 333 $ 32 $ 365 2021 458 22 480 2022 473 — 473 2023 487 — 487 Thereafter 209 — 209 Total future minimum lease payments 1,960 54 2,014 Less: imputed interest (252 ) (4 ) (256 ) Present value of lease liabilities $ 1,708 $ 50 $ 1,758 |
Note 7 - Income (loss) Per Sh_2
Note 7 - Income (loss) Per Share (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | June 29, (In thousands except per share data) 2019 Net income (loss) $ 15 Weighted average basic shares outstanding 10,775 Effect of dilutive securities 12,315 Weighted-average dilutive shares 23,090 Basic earnings per share $ 0.00 Diluted earnings per share $ 0.00 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | June 30, (In thousands) 2018 Common shares issuable upon exercise of stock options 1,498 Restricted stock awards 262 Issuable shares for interest on loan 25 Common shares issuable upon conversion of convertible preferred stock 7,113 Common shares issuable upon exercise of warrants 3,960 |
Note 8 - Shared-based Compens_2
Note 8 - Shared-based Compensation and Employee Benefit Plans (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended June 29 , 201 9 June 30 , 201 8 Dividend yield — — Expected volatility 101.66 % 92.55 % Risk-free interest rate 2.35 % 2.82 % Expected term (years) 8.36 8.36 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Weighted Average Remaining Contractual Aggregate Intrinsic Shares Exercise Price per share Terms (Years) Value Outstanding at March 31, 2018 1,478,700 $ 0.56 8.0 $ — Granted 1,504,000 0.31 9.6 Forfeited / Expired (248,000 ) 0.69 Outstanding at March 30, 2019 2,734,700 $ 0.41 8.4 $ — Granted 847,500 0.34 9.9 Forfeited / Expired (32,200 ) 0.48 Outstanding at June 29, 2019 3,550,000 $ 0.39 8.5 $ — Exercisable at June 29, 2019 860,992 $ 0.58 5.9 $ — At June 29, 2019 expected to vest in the future 702,491 $ 0.40 9.6 $ — |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares Weighted Average Fair Value per share Non-Vested at March 31, 2018 299,950 $ 0.65 Granted 310,000 0.31 Vested (250,000 ) 0.32 Forfeited or cancelled (25,000 ) 0.79 Non-Vested at March 30, 2019 334,950 $ 0.56 Vested (144,950 ) 0.80 Forfeited or cancelled (20,000 ) 0.80 Non-Vested at June 29, 2019 170,000 $ 0.34 |
Note 9 - Significant Customer_2
Note 9 - Significant Customer and Industry Segment Information (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Month Periods Ended Three Month Periods Ended (In thousands) At June 29, 2019 June 29, 2019 June 29, 2019 At June 30, 2018 June 30, 2018 June 30, 2018 Assets Net Sales Net Income Assets Net Sales Net Income (Loss) (Loss) Giga-tronics Division $ 5,421 $ 1,916 $ (548 ) $ 4,418 $ 129 $ (1,559 ) Microsource 2,478 1,582 562 1,953 2,921 1,272 Total $ 7,899 $ 3,498 $ 14 $ 6,371 $ 3,050 $ (287 ) |
Note 11 - Warranty Obligations
Note 11 - Warranty Obligations (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) Three Months Ended June 29 , 201 9 Three Months Ended June 30 , 201 8 Balance at beginning of period $ 104 $ 164 Provision, net 12 6 Warranty costs incurred (3 ) (29 ) Balance at end of period $ 113 $ 141 |
Note 12 - Preferred Stock and_2
Note 12 - Preferred Stock and Warrants (Tables) | 3 Months Ended |
Jun. 29, 2019 | |
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 100,000.00 100,000.00 98,400.00 3,690 Total at June 29, 2019 and March 30, 2019 119,500.00 118,533.51 116,933.51 $ 7,230 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) $ in Thousands | Jun. 29, 2019USD ($) | Mar. 31, 2019USD ($) | Mar. 30, 2019USD ($) | [1] |
Number of Leases | 1 | |||
Operating Lease, Right-of-Use Asset | $ 1,297 | $ 1,361 | ||
Operating Lease, Liability, Total | $ 1,708 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | 1,361 | |||
Operating Lease, Liability, Total | $ 1,800 | |||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 30, 2019. |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Adoption of New Leases Standard (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Mar. 31, 2019 | Mar. 30, 2019 | |||
Right of use assets- Operating lease | $ 1,297 | $ 1,361 | [1] | |||
Right of use assets- Finance lease | 49 | |||||
Property and equipment, net | 543 | 569 | [1] | |||
Deferred rent (b) | [2] | 74 | [1] | |||
Operating lease liability, current portion | 386 | 337 | 41 | [1] | ||
Finance lease obligation, current portion | 41 | |||||
Capital lease obligation, current portion (c) | [3] | 41 | ||||
Long term deferred rent (d) | [4] | 358 | [1],[4] | |||
Long term obligations – capital lease (e) | [5] | 19 | ||||
Operating lease liability, non-current portion | $ 1,372 | 1,453 | 21 | [1] | ||
Finance lease obligation, long-term portion | 19 | |||||
Assets Leased to Others [Member] | ||||||
Property and equipment, net | [6] | $ 49 | ||||
Accounting Standards Update 2016-02 [Member] | ||||||
Right of use assets- Operating lease | 1,361 | |||||
Right of use assets- Finance lease | 49 | |||||
Deferred rent (b) | [2] | (71) | ||||
Operating lease liability, current portion | 337 | |||||
Finance lease obligation, current portion | 41 | |||||
Capital lease obligation, current portion (c) | [3] | (41) | ||||
Long term deferred rent (d) | [4] | (358) | ||||
Long term obligations – capital lease (e) | [5] | (19) | ||||
Operating lease liability, non-current portion | 1,453 | |||||
Finance lease obligation, long-term portion | 19 | |||||
Accounting Standards Update 2016-02 [Member] | Assets Leased to Others [Member] | ||||||
Property and equipment, net | [6] | $ (49) | ||||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 30, 2019. | |||||
[2] | Represents current portion of deferred rent reclassified to Operating lease obligation, current portion. | |||||
[3] | Represents current portion of capital lease liability reclassified to Finance lease obligation - current portion. | |||||
[4] | Represents noncurrent portion of deferred rent reclassified to Operating lease liability - non-current portion. | |||||
[5] | Represents noncurrent portion of capital lease obligation reclassified to Finance lease obligation - non-current portion. | |||||
[6] | Represents net book value of capital lease assets reclassified to Finance right of use assets. |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories, Net of Reserves (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Mar. 30, 2019 | |
Raw materials | $ 900 | $ 759 | |
Work-in-progress | 1,409 | 1,523 | |
Finished goods | 77 | 57 | |
Demonstration inventory | 362 | 395 | |
Total | $ 2,748 | $ 2,734 | [1] |
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 30, 2019. |
Note 3 - Accounts Receivable _2
Note 3 - Accounts Receivable Line of Credit (Details Textual) - Restated Financing Agreement [Member] - USD ($) | Mar. 11, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | May 06, 2015 |
Advance Rate, Percent of Invoices Issued | 85.00% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
Debt Instrument, Fee Amount | $ 14,700 | |||
Debt Instrument, Basis Spread in Case of Default | 5.00% | |||
Long-term Line of Credit, Total | $ 429,000 | $ 0 | ||
Non-Formula Basis Sub-Limit [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Note 4 - Term Loan and Warran_3
Note 4 - Term Loan and Warrants (Details Textual) - USD ($) | Mar. 26, 2018 | Apr. 27, 2017 | Dec. 29, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | Mar. 25, 2018 | Jun. 29, 2019 |
Amortization of Debt Discount (Premium) | $ 19,000 | $ 50,000 | |||||
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, Loan Agreement | 190,000 | 190,000 | 400,000 | ||||
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 | $ 326,000 | $ 326,000 | ||||
Amortization of Debt Discount (Premium) | $ 20,000 | ||||||
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 | ||||||
Debt Instrument, Periodic Payment, Principal | $ 75,000 | ||||||
Debt Instrument, Required Additional Capital To Extend Maturity | $ 500,000 |
Note 4 - Term Loan and Warran_4
Note 4 - Term Loan and Warrants - Debt Discount (Details) - PFG Loan [Member] - USD ($) | Jun. 29, 2019 | Apr. 27, 2017 |
Aggregate discount amount | $ 326,000 | $ 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 4 - Term Loan and Warran_5
Note 4 - Term Loan and Warrants - Debt Discount (Details) (Parentheticals) - shares | Apr. 27, 2017 | Jun. 29, 2019 | Jun. 29, 2019 |
PFG Loan [Member] | |||
Common stock issued to lender (in shares) | 190,000 | 190,000 | 400,000 |
Note 5 - Leases (Details Textua
Note 5 - Leases (Details Textual) | Apr. 01, 2017USD ($)$ / ft² | Jun. 29, 2019USD ($) |
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 1,960,000 | |
Dublin, CA [Member] | ||
Lessee, Operating Lease, Term of Contract | 6 years 150 days | |
Lessee, Operating Lease, Liability, Payments, Due, Total | $ 2,384,913 | |
Lessee, Operating Lease, Annual Increase Per Rentable Square Foot | $ / ft² | 0.05 | |
Lease Abatement Subject to Conditions | $ 173,079 | |
Lease Abatement Subject To Conditions, Term | 150 days | |
Operating Lease, Tenant Improvements Provided by Landlord | $ 358,095 |
Note 5 - Leases - Lease Costs (
Note 5 - Leases - Lease Costs (Details) $ in Thousands | 3 Months Ended |
Jun. 29, 2019USD ($) | |
Operating lease costs | $ 125 |
Amortization of lease asset | 10 |
Interest on lease liability | 2 |
Total lease costs | $ 137 |
Note 5 - Leases - Other Informa
Note 5 - Leases - Other Information (Details) $ in Thousands | 3 Months Ended |
Jun. 29, 2019USD ($) | |
Operating cash used for leases | $ 143 |
Financing cash used for leases | $ 13 |
Weighted-average remaining lease term, operating leases (Year) | 4 years 62 days |
Weighted-average remaining lease term, finance leases (Year) | 1 year 76 days |
Weighted average discount rate, operating leases | 6.50% |
Weighted average discount rate, finance leases | 12.00% |
Note 5 - Leases - Future Lease
Note 5 - Leases - Future Lease Payments (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Operating leases, remainder current year | $ 333 |
Finance leases, remainder current year | 32 |
Remainder current year | 365 |
Operating leases, 2021 | 458 |
Finance leases, 2021 | 22 |
2021 | 480 |
Operating leases, 2022 | 473 |
Finance leases, 2022 | |
2022 | 473 |
Operating leases, 2023 | 487 |
Finance leases, 2023 | |
2023 | 487 |
Operating leases, thereafter | 209 |
Finance leases, thereafter | |
Thereafter | 209 |
Total future minimum lease payments, operating leases | 1,960 |
Total future minimum lease payments, finance leases | 54 |
Total future minimum lease payments | 2,014 |
Less: imputed interest, operating leases | (252) |
Less: imputed interest, finance leases | (4) |
Less: imputed interest | (256) |
Operating leases, present value of lease liabilities | 1,708 |
Finance leases, present value of lease liabilities | 50 |
Present value of lease liabilities | $ 1,758 |
Note 6 - Fair Value (Details Te
Note 6 - Fair Value (Details Textual) $ in Thousands | Mar. 26, 2018yrshares | Jun. 29, 2019USD ($) | Mar. 30, 2019USD ($) |
Fair Value, Recurring [Member] | |||
Assets, Fair Value Disclosure | $ 0 | $ 0 | |
Fair Value, 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, Recurring [Member] | Measurement Input, Expected Term [Member] | |||
Derivative Liability, Measurement Input | yr | 0.96 | ||
PFG Warrants [Member] | Fair Value, Recurring [Member] | Measurement Input, Price Volatility [Member] | |||
Derivative Liability, Measurement Input | 0.85 | ||
PFG Warrants [Member] | Fair Value, Recurring [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Derivative Liability, Measurement Input | 0.0212 | ||
PFG Warrants [Member] | Fair Value, Recurring [Member] | Measurement Input, Expected Dividend Rate [Member] | |||
Derivative Liability, Measurement Input | 0 |
Note 7 - Income (loss) Per Sh_3
Note 7 - Income (loss) Per Share - Shares Included in Diluted EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ 15 | $ (287) |
Weighted average basic shares outstanding (in shares) | 10,775 | 10,419 |
Effect of dilutive securities (in shares) | 12,315 | |
Weighted-average dilutive shares (in shares) | 23,090 | 10,419 |
Basic earnings per share (in dollars per share) | $ 0 | $ (0.03) |
Diluted earnings per share (in dollars per share) | $ 0 | $ (0.03) |
Note 7 - Income (loss) Per Sh_4
Note 7 - Income (loss) Per Share - Shares Excluded from the Diluted EPS Calculation (Details) shares in Thousands | 3 Months Ended |
Jun. 30, 2018shares | |
Share-based Payment Arrangement, Option [Member] | |
Anti-dilutive securities excluded from computation of earning per share (in shares) | 1,498 |
Restricted Stock [Member] | |
Anti-dilutive securities excluded from computation of earning per share (in shares) | 262 |
Common Shares Issuable for Debt Interest [Member] | |
Anti-dilutive securities excluded from computation of earning per share (in shares) | 25 |
Convertible Debt Securities [Member] | |
Anti-dilutive securities excluded from computation of earning per share (in shares) | 7,113 |
Warrant [Member] | |
Anti-dilutive securities excluded from computation of earning per share (in shares) | 3,960 |
Note 8 - Shared-based Compens_3
Note 8 - Shared-based Compensation and Employee Benefit Plans (Details Textual) - USD ($) | Sep. 20, 2018 | Sep. 30, 2005 | Jun. 29, 2019 | Jun. 30, 2018 | Mar. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 838,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 207,292 | 7,200 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 53,032 | $ 9,052 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 497,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 116 days | ||||
Share-based Payment Arrangement, Expense | $ 51,000 | $ 20,000 | |||
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 | 310,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 33,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 248 days | ||||
Share-based Payment Arrangement, Expense | $ 44,000 | $ 37,000 | |||
Equity Incentive Plan 2005 [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 | 0 | ||||
Equity Incentive Plan 2005 [Member] | Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Equity Incentive Plan 2005 [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Equity Incentive Plan 2005 [Member] | Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
The 2018 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 | ||||
The 2018 Equity Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
The 2018 Equity Incentive Plan [Member] | Share-based Payment Arrangement, 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 Option Plan 2000 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 |
Note 8 - Shared-based Compens_4
Note 8 - Shared-based Compensation and Employee Benefit Plans - Weighted Average Assumptions (Details) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Dividend yield | ||
Expected volatility | 101.66% | 92.55% |
Risk-free interest rate | 2.35% | 2.82% |
Expected term (Year) | 8 years 131 days | 8 years 131 days |
Note 8 - Shared-based Compens_5
Note 8 - Shared-based Compensation and Employee Benefit Plans- Changes in Stock Options Outstanding (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 29, 2019 | Mar. 30, 2019 | |
Outstanding, Shares (in shares) | 2,734,700 | 1,478,700 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.41 | $ 0.56 |
Outstanding, Weighted average remaining contractual terms (Year) | 8 years 182 days | 8 years |
Outstanding | ||
Granted, Shares (in shares) | 847,500 | 1,504,000 |
Granted, weighted average exercise price (in dollars per share) | $ 0.34 | $ 0.31 |
Granted, Weighted average remaining contractual terms (Year) | 9 years 328 days | 9 years 219 days |
Forfeited / Expired, Shares (in shares) | (32,200) | (248,000) |
Forfeited / Expired, weighted average exercise price (in dollars per share) | $ 0.48 | $ 0.69 |
Outstanding, Shares (in shares) | 3,550,000 | 2,734,700 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.39 | $ 0.41 |
Exercisable, shares (in shares) | 860,992 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 0.58 | |
Exercisable, Weighted average remaining contractual terms (Year) | 5 years 328 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 8 - Shared-based Compens_6
Note 8 - Shared-based Compensation and Employee Benefit Plans - Changes in Nonvested Restricted Stock Awards Outstanding (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | Mar. 30, 2019 | |
Non-Vested, Shares (in shares) | 334,950 | 299,950 | 299,950 |
Non-vested, Weighted average fair value (in dollars per share) | $ 0.56 | $ 0.65 | $ 0.65 |
Granted, Shares (in shares) | 0 | 0 | 310,000 |
Granted, Weighted average fair value (in dollars per share) | $ 0.31 | ||
Vested, Shares (in shares) | (144,950) | (250,000) | |
Vested, Weighted average fair value (in dollars per share) | $ 0.80 | $ 0.32 | |
Forfeited or cancelled, shares (in shares) | (20,000) | (25,000) | |
Forfeited or cancelled, Weighted average fair value (in dollars per share) | $ 0.80 | $ 0.79 | |
Non-vested, Weighted average fair value (in dollars per share) | $ 0.56 | $ 0.65 | $ 0.65 |
Non-Vested, Shares (in shares) | 170,000 | 334,950 | |
Non-vested, Weighted average fair value (in dollars per share) | $ 0.34 | $ 0.56 |
Note 9 - Significant Customer_3
Note 9 - Significant Customer and Industry Segment Information (Details Textual) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Number of Reportable Segments | 2 | |
Microsource [Member] | ||
Number of Major Customers | 2 | |
Microsource [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | First Customer [Member] | ||
Concentration Risk, Percentage | 64.00% | |
Microsource [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Second Customer [Member] | ||
Concentration Risk, Percentage | 39.00% | 31.00% |
Gigatronics Division [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | First Customer [Member] | ||
Concentration Risk, Percentage | 50.00% |
Note 9 - Significant Customer_4
Note 9 - Significant Customer and Industry Segment Information - Breakdown of Customer and Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 29, 2019 | Jun. 30, 2018 | Mar. 30, 2019 | [1] | |
Assets | $ 7,899 | $ 6,371 | $ 6,279 | |
Sales Revenue | 3,498 | 3,050 | ||
Net Income (Loss) | 15 | (287) | ||
Gigatronics Division [Member] | ||||
Assets | 5,421 | 4,418 | ||
Sales Revenue | 1,916 | 129 | ||
Net Income (Loss) | (548) | (1,559) | ||
Microsource [Member] | ||||
Assets | 2,478 | 1,953 | ||
Sales Revenue | 1,582 | 2,921 | ||
Net Income (Loss) | $ 562 | $ 1,272 | ||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 30, 2019. |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 40,000 |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | 16.00% |
Unrecognized Tax Benefits, Ending Balance | $ 123,000 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0 |
Note 11 - Warranty Obligation_2
Note 11 - Warranty Obligations - Reconciliation of Company's Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Balance at beginning of period | $ 104 | $ 164 |
Provision, net | 12 | 6 |
Warranty costs incurred | (3) | (29) |
Balance at end of period | $ 113 | $ 141 |
Note 12 - Preferred Stock and_3
Note 12 - Preferred Stock and Warrants (Details Textual) | Mar. 28, 2018USD ($)$ / sharesshares | Jun. 29, 2019shares | Mar. 30, 2019USD ($)$ / sharesshares |
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% | 5.00% | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 223,000 | 100 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.25 | $ 0.25 | |
Series E Preferred Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | shares | 43,800 | 0 | 57,200 |
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 Preferred Stock and Preference Stock | $ 1,095,000 | $ 1,405,000 | |
Proceeds from Issuance of Preferred Stock and Preference Stock, Net of Issuance Costs | $ 1,000,000 | $ 1,200,000 | |
Stock Issued During Period, Placement Agent Fees, Percentage of Gross Proceeds | 5.00% | 5.00% | |
Payments of Stock Issuance Costs | $ 57,000 | $ 212,000 | |
Series E Preferred Stock [Member] | Placement Agent [Member] | |||
Payments of Stock Issuance Costs | $ 56,875 |
Note 12 - Preferred Stock and_4
Note 12 - Preferred Stock and Warrants - Preferred Stock Information (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Mar. 30, 2019 | [1] |
Designated shares (in shares) | 1,000,000 | 1,000,000 | |
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) | 100,000 | 100,000 | |
Shares issued (in shares) | 98,400 | 98,400 | |
Shares outstanding (in shares) | 98,400 | 98,400 | |
Liquidation preference | $ 3,690 | $ 3,690 | |
Series B, C, D, and E Preferred Stock [Member] | |||
Designated shares (in shares) | 119,500 | ||
Shares issued (in shares) | 118,533.51 | ||
Shares outstanding (in shares) | 116,933.51 | ||
Liquidation preference | $ 7,230 | ||
[1] | Derived from the audited consolidated financial statements as of and for the fiscal year ended March 30, 2019. |