Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Aug. 10, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | Cyanotech Corp | |
Entity Central Index Key | 768,408 | |
Trading Symbol | cyan | |
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) | 5,685,381 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash | $ 1,299 | $ 1,407 |
Accounts receivable, net of allowance for doubtful accounts of $31 at June 30, 2017 and $49 at March 31, 2017 | 2,619 | 2,135 |
Inventories, net | 7,981 | 7,972 |
Prepaid expenses and other current assets | 427 | 565 |
Total current assets | 12,326 | 12,079 |
Equipment and leasehold improvements, net | 16,289 | 16,712 |
Other assets | 207 | 213 |
Total assets | 28,822 | 29,004 |
Current liabilities: | ||
Line of credit | 500 | 611 |
Current maturities of long-term debt | 624 | 623 |
Customer deposits | 80 | 119 |
Accounts payable | 3,132 | 3,666 |
Accrued expenses | 1,143 | 1,013 |
Total current liabilities | 5,479 | 6,032 |
Long-term debt, less current maturities | 6,105 | 6,249 |
Other long-term liabilities | 99 | 116 |
Total liabilities | 11,683 | 12,397 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock of $0.01 par value, authorized 10,000,000 shares; no shares issued and outstanding | ||
Common stock of $0.02 par value, authorized 50,000,000 shares; 5,685,381 shares issued and outstanding at June 30, 2017 and March 31, 2017 | 114 | 114 |
Additional paid-in capital | 31,608 | 31,577 |
Accumulated deficit | (14,583) | (15,084) |
Total stockholders’ equity | 17,139 | 16,607 |
Total liabilities and stockholders’ equity | $ 28,822 | $ 29,004 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Accounts receivable, allowance for doubtful accounts | $ 31 | $ 49 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred, authorized shares (in shares) | 10,000,000 | 10,000,000 |
Preferred, issued shares (in shares) | 0 | 0 |
Preferred outstanding, shares (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 5,685,381 | 5,685,381 |
Common stock, shares outstanding (in shares) | 5,685,381 | 5,685,381 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
NET SALES | $ 8,809,000 | $ 7,322,000 |
COST OF SALES | 5,206,000 | 4,501,000 |
Gross Profit | 3,603,000 | 2,821,000 |
OPERATING EXPENSES: | ||
General and administrative | 1,352,000 | 1,710,000 |
Sales and marketing | 1,489,000 | 1,555,000 |
Research and development | 142,000 | 166,000 |
Total operating expenses | 2,983,000 | 3,431,000 |
Income (loss) from operations | 620,000 | (610,000) |
Interest expense, net | 108,000 | 132,000 |
Income (loss) before income tax | 512,000 | (742,000) |
INCOME TAX EXPENSE (BENEFIT) | 11,000 | (51,000) |
NET INCOME (LOSS) | $ 501,000 | $ (691,000) |
NET INCOME (LOSS) PER SHARE: | ||
Basic (in dollars per share) | $ 0.09 | $ (0.12) |
Diluted (in dollars per share) | $ 0.09 | $ (0.12) |
SHARES USED IN CALCULATION OF NET INCOME (LOSS) PER SHARE: | ||
Basic (in shares) | 5,685 | 5,633 |
Diluted (in shares) | 5,719 | 5,633 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 501 | $ (691) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Loss on disposal of assets | 3 | |
Depreciation and amortization | 479 | 493 |
Amortization of debt issue costs and other assets | 15 | 13 |
Share-based compensation expense | 31 | 78 |
Net (increase) decrease in assets: | ||
Accounts receivable | (484) | 737 |
Inventories | (9) | (532) |
Prepaid expenses and other assets | 138 | (102) |
Net increase (decrease) in liabilities: | ||
Customer deposits | (40) | (52) |
Accounts payable | (534) | (9) |
Accrued expenses | 130 | 230 |
Deferred rent and other liabilities | (17) | 4 |
Net cash provided by operating activities | 210 | 172 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in equipment and leasehold improvements | (56) | (170) |
Net cash used in investing activities | (56) | (170) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from short term note payable | 600 | |
Net payments on line of credit | (111) | |
Payments in stock withheld for tax payment on issuance | (147) | |
Principal payments on long-term debt | (130) | (124) |
Payments on capitalized leases | (21) | (17) |
Net cash (used in) provided by financing activities | (262) | 312 |
Net (decrease) increase in cash | (108) | 314 |
Cash at beginning of period | 1,407 | 1,240 |
Cash at end of period | 1,299 | 1,554 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 104 | 105 |
Income taxes |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the instructions to Form 10 X not not March 31, 2017 March 31, 2017, 10 June 22, 2017. The accompanying condensed consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”, collectively the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions. Liquidity and Debt Covenant Compliance As of June 30, 2017, $1.3 $6.8 $1.4 $6.0 March 31, 2017. August 30, 2016, June 3, 2016, $2.0 June 30, 2017, $0.5 $1.5 August 30, 2017 June 12, 2017 . As of June 30, 2017, $6.8 August 2032. March 31, 2017 2016, 1.92:1 1.97:1, 2.10:1. March 31, 2017 2016, not Funds generated by operating activities and available cash continue to be the Company's most significant sources of liquidity for working capital requirements, debt service and funding of maintenance levels of capital expenditures. Based upon the Company's fiscal year 2018 March 31, 2018, twelve March 31, 2018. no for the next fiscal year or its projected consolidated financial position as of March 31, 2018. As indicated above, the Bank has not March 31, 2017 2016 March 31, 2018 no not may may not Recent Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 2017 09 718, December 15, 2017 not In December 2016, 2016 20 “Technical Corrections and Improvements to Topic 606, No. 2016 20” 2016 19 “Technical Corrections and Improvements” No. 2016 19" one four 2016 20 December 15, 2017, April 1, 2018. not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 No. 2016 18” . 230, 2016 18 December 15, 2017, April 1, 2018. not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 Classification of Certain Cash Receipts and Cash Payments” No. 2016 15” eight not No. 2016 15 December 15, 2017, April 1, 2018. not In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 Improvements to Employee Share-Based Payment Accounting” (“ No. 2016 09 ”) 718 No. 2016 09 December 15, 2016, may April 1, 2017, 2016 09 2016 09 not In March 2016, No. 2016 08, “Revenue from Contracts with Customers (Topic 606 No. 2016 08” April 2016, No. 2016 10, “Revenue from Contracts with Customers (Topic 606 May 2016, No. 2016 12, “Revenue from Contracts with Customers (Topic 606 No. 2016 08, No. 2016 10 No. 2016 12 No. 2014 09, Revenue from Contracts with Customers December 15, 2017, one April 1, 2018. not No. 2016 08, No. 2016 10 No. 2016 12 In February 2016, 2016 02, Leases (Topic 842 No. 2016 02” No. 2016 02 No. 2016 02 twelve No. 2016 02 December 15, 2018. No. 2016 02 April 1, 2019. not In November 2015, No. 2015 17, Income Taxes (Topic 740 2015 17 December 15, 2016, April 1, 2017 In August 2015, 2015 14, “Revenue from Contracts with Customers (Topic 606 2014 09 one December 15, 2017 not In July 2015, No. 2015 11, “Inventory: Simplifying the Measurement of Inventory” not first The new standard will be effective for fiscal years beginning after December 15, 2016, April 1, 2017. not In May 2014, No 2014 09, “Revenue from Contracts with Customers (Topic 606 605, December 15, 2017, December 31, 2016. April 1, 2018. first March 31, 2019 December 2017. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. INVENTORIES Inventories are stated at the lower of cost or market. Cost is determined by the first first June 30, 201 7 March 31, 201 7 (in thousands) Raw materials $ 247 $ 347 Work in process 2,553 2,036 Finished goods (1) 5,064 5,460 Supplies 117 129 Inventories, net $ 7,981 $ 7,972 ( 1 Net of reserve for obsolescence of $33,000 $3,000 June 30, 2017 March 31, 2017, The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Non-inventoriable fixed costs related to spirulina production of $9,000 June 30, 2017. $28,000 June 30, 2016. |
Note 3 - Equipment and Leasehol
Note 3 - Equipment and Leasehold Improvements, Net | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, or the shorter of the land lease term or estimated useful lives for leasehold improvements as follows: Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Equipment and leasehold improvements consist of the following: June 30, 201 7 March 31, 201 7 (in thousands) Equipment $ 17,427 $ 17,492 Leasehold improvements 13,892 13,892 Furniture and fixtures 380 380 31,699 31,764 Less accumulated depreciation and amortization (16,315 ) (15,835 ) Construction-in-progress 905 783 Equipment and leasehold improvements, net $ 16,289 $ 16,712 The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not ’s fair value. Management has determined no June 30, 2017 2016, |
Note 4 - Line of Credit
Note 4 - Line of Credit | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 4. LINE OF CREDIT On August 30, 2016, June 3, 2016, ’s leasehold property in Kona, Hawaii. The Credit Agreement allows the Company to borrow up to $2,000,000 4.25% June 30, 2017) + 2%, August 30, 2017, may $600,000 June 30, 2017, $500,000 $1,500,000 August 30, 2017 June 12, 2017 . The Credit Agreement grants the Bank the following security interests in the Company ’s property: (a) a lien on the Company’s leasehold interest in its Kona facility; (b) an assignment of the Company’s interest in leases and rents on its Kona facility; and (c) a security interest in all fixtures, furnishings and equipment related to or used by the Company at the Kona facility. Each security interest is further subject to the terms of the Credit Agreement. |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. ACCRUED EXPENSES Accrued expenses consist of the following: June 30, 201 7 March 31, 201 7 (in thousands) Wages , commissions, bonus and profit sharing $ 912 $ 793 Rent and utilities 78 69 Other accrued expenses 153 151 Total accrued expenses $ 1,143 $ 1,013 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6. LONG-TERM DEBT Long-term debt consists of the following: June 30, 201 7 March 31, 201 7 (in thousands) Long-term debt $ 6,988 $ 7,139 Less current maturities (624 ) (623 ) Long-term debt, excluding current maturities 6,364 6,516 Less unamortized debt issuance costs (259 ) (267 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 6,105 $ 6,249 Term Loans The Company executed a loan agreement with a lender providing for $2,500,000 “2015 ’s assets, pursuant to a Term Loan Agreement dated July 30, 2015 “2015 2015 $2,500,000, 2015 $500,000 September 18, 2015, The provisions of the 2015 Agreement require the payment of principal and interest until its maturity on September 1, 2022, seven 7 2015 4.25% June 30, 2017 2.0% first no 6.00%. 2015 5% first 2015 1% fifth no 2015 $1,970,000 $2,049,000 June 30, 2017 March 31, 2017, The 2015 one $113,900 0.50% December 31 December 31, 2015. 80% 2015 The Company executed a loan agreement with a lender providing for $5,500,000 ’s assets, including a mortgage on the Company's interest in its lease at the National Energy Laboratory of Hawaii Authority, pursuant to a Term Loan Agreement dated August 14, 2012 $2,250,000 $3,250,000, The provisions of the Loan required the payment of interest only for the first 12 August 14, 2032, nineteen 19 4.25% June 30, 2017 1.0% first no 5.50%. 5% first 1% fifth no $4,804,000 $4,854,000 June 30, 2017 March 31, 2017, The Loan includes a one $214,500 0.25% December 31 December 31, 2012. 80% The Company ’s current ratio of 1.92 1 1.97 1 March 31, 2017 2016, 2.10 1; March 31, 2017 2016, not Capital Leases The Company has four $364,000 March 2018 March 2021 60 one 36 4.18% 12.90%. $214,000 $236,000 June 30, 2017 March 31, 2017, Future principal payments under the term loan and capital lease agreements as of June 30, 2017 Payments Due (in thousands) Next 12 Months $ 624 Year 2 636 Year 3 653 Year 4 652 Year 5 678 Thereafter 3,745 Total principal payments $ 6,988 |
Note 7 - Operating Leases
Note 7 - Operating Leases | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 7. OPERATING LEASES The Company leases facilities, equipment and land under operating leases expiring through 2035. ’s sales. Management has accrued for the estimated contingent rent as of June 30, 2017. Future minimum lease payments under all non-cancelable operating leases at June 30, 2017 Payments Due (in thousands) Next 12 Months $ 614 Year 2 618 Year 3 608 Year 4 526 Year 5 532 Thereafter 4,157 Total minimum lease payments $ 7,055 |
Note 8 - Other Commitments and
Note 8 - Other Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. OTHER COMMITMENTS AND CONTINGENCIES From time to time, the Company may not or claims which, individually or in aggregate, would have a material effect on its consolidated financial position, results of operations or cash flows. |
Note 9 - Share-based Compensati
Note 9 - Share-based Compensation | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. SHARE-BASED COMPENSATION The Company accounts for share-based payment arrangements using fair value. If an award vests or becomes exercisable based on the achievement of a condition other than service, such as for meeting certain performance or market conditions, the award is classified as a liability. Liability-classified awards are remeasured to fair value at each balance sheet date until the award is settled. The Company currently has no not ’s stock options are service-based awards, and because the Company’s stock options are “plain vanilla,” as defined by the U.S. Securities and Exchange Commission in Staff Accounting Bulletin No. 107, As of June 30, 2017, two 2016 2016 2014 “2014 June 30, 2017, two 2005 “2005 2004 “2004 No 2005 2004 On August 25, 2016, ’s shareholders approved the 2016 2005 2016 1,300,000 600,000 June 30, 2017, 1,247,656 2016 On August 28, 2014, ’s shareholders approved the 2014 2014 350,000 June 30, 2017, 289,124 2014 The following table presents shares authorized, available for future grant and outstanding under each of the Company ’s plans: As of June 30, 2017 Authorized Available Outstanding 2016 Plan 1,300,000 1,247,656 52,344 2014 Directors Plan 350,000 289,124 12,000 2005 Plan — — 477,500 2004 Directors Plan — — 12,000 Total 1,650,000 1,536,780 553,844 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no ’s closing stock price on the date of grant. Options under the 2005 2014 No ten 10 $15,000 $77,000 three June 30, 2017 2016, 2014 $16,000 $0 three June 30, 2017 2016, A summary of option activity under the Company ’s stock plans for the three June 30, 2017 Option Activity Shares Weighted Average Price Weighted Average Remaining Aggregate Intrinsic Outstanding at March 31, 201 7 503,000 $ 4.10 4.7 $ 145,946 Granted — — Exercised — — Forfeited (1,500 ) $ 3.11 Outstanding at June 30, 201 7 501,500 $ 4.10 4.4 $ 103,461 Exercisable at June 30, 201 7 482,000 $ 4.07 4.3 $ 103,461 The aggregate intrinsic value in the table above is before applicable income taxes and represents the excess amount over the exercise price optionees would have received if all options had been exercised on the last business day of the period indicated, based on the Company ’s closing stock price of $3.55 A summary of the Company ’s non-vested options for the three June 30, 2017 Nonvested Options Shares Weighted Average Nonvested at March 31, 201 7 19 ,500 $ 2 .93 Granted — — Vested — — Forfeited — — Nonvested at June 30, 201 7 19 ,500 $ 2 .93 The following table summarizes the weighted average characteristics of outstanding stock options as of June 30, 2017: Outstanding Options Exercisable Options Range of Exercise Prices Number of Shares Remaining Life (Years) Weighted Average Price Number of Shares Weighted Average Price $1.60 - $3.70 1 24,620 2 .7 $ 2.7 3 1 24,620 $ 2.7 3 $3.71 - $4.42 19 7,380 4 .3 3.8 3 1 97,380 3.8 3 $4.43 - $5.40 95 ,000 5 .9 5.00 75 ,500 5.0 4 $5.41 - $7.08 8 4,500 5 .4 5 .77 8 4,500 5 .77 Total stock options 501 ,500 4 .4 $ 4. 10 482 ,000 $ 4. 07 The range of fair value assumptions related to options granted during the year ended March 31, 2017 201 7 Exercise Price $ 4.08 Volatility 51.13 % Risk Free Rate 0.60 % Vesting Period (years) 0.5 Forfeiture Rate 0.00 % Expected Life (in years) 1.00 Dividend Rate 0 % As of June 30, 2017, $11,000, 0.3 Subsequent to June 30, 2017, 75,000 2016 Restricted Stock Units (“RSUs”) RSUs are service-based awards granted to eligible employees under the 2016 On March 31, 2017, 25,000 $3.85 three On April 5, 2017, 28,074 $3.92 over a period of three The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Average Nonvested restricted stock units at March 31, 2017 25,000 $ 3.85 Granted 28,074 3.92 Vested — — Exercised — — Forfeited (730 ) 3.92 Nonvested restricted stock units at June 30, 2017 52,344 $ 3.89 As of June 30, 2017, $183,000, 2.8 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES We utilize our estimated annual effective tax rate to determine our provision (benefit) for income taxes for interim periods. The income tax provision (benefit) is computed by multiplying the estimated annual effective tax rate by the year to date pre-tax book income (loss). We recorded income tax expense of $11,000 $51,000 three June 30, 2017 2016, 2.1% 6.8% June 30, 2017 June 30, 2016, three June 30, 2017 34% not not The Company is subject to taxation in the United States and two preparation of tax returns requires management to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company. Management, in consultation with its tax advisors, files its tax returns based on interpretations that are believed to be reasonable under the circumstances. The income tax returns, however, are subject to routine reviews by the various taxing authorities. As part of these reviews, a taxing authority may may As of June 30, 2017, no With few exceptions, the Company is no 201 2. |
Note 11 - Earnings (Loss) Per S
Note 11 - Earnings (Loss) Per Share | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the “treasury stock” method. Reconciliations between the numerator and the denominator of the basic and diluted earnings (loss) per share computations for the three June 30, 2017 2016 Three Months Ended June 30, 201 7 Net Income (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic income per share $ 501 5,685 $ 0.09 Effect of dilutive securities-Common stock options — 34 — Diluted income per share $ 501 5,719 $ 0.09 Three Months Ended June 30, 201 6 Net Loss (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic and diluted loss per share $ (691 ) 5,633 $ (0.12 ) Basic and diluted loss per share are the same in periods of a net loss, because common share equivalents are anti-dilutive when a net loss is recorded. Diluted earnings per share does not 0 45,000 three June 30, 2017 2016, not 27,344 three June 30, 2017, |
Note 12 - Concentrations of Ris
Note 12 - Concentrations of Risk | 3 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. CONCENTRATIONS OF RISK Concentration of Accounts Receivable and Revenues At June 30, 201 7, 46% three 21%, 15% 10%, March 31, 2017, 59% three 38%, 12% 9%, two 32% 13% three June 30, 2017. one 19% three June 30, 2016. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Liquidity and Debt Covenant Compliance [Policy Text Block] | Liquidity and Debt Covenant Compliance As of June 30, 2017, $1.3 $6.8 $1.4 $6.0 March 31, 2017. August 30, 2016, June 3, 2016, $2.0 June 30, 2017, $0.5 $1.5 August 30, 2017 June 12, 2017 . As of June 30, 2017, $6.8 August 2032. March 31, 2017 2016, 1.92:1 1.97:1, 2.10:1. March 31, 2017 2016, not Funds generated by operating activities and available cash continue to be the Company's most significant sources of liquidity for working capital requirements, debt service and funding of maintenance levels of capital expenditures. Based upon the Company's fiscal year 2018 March 31, 2018, twelve March 31, 2018. no for the next fiscal year or its projected consolidated financial position as of March 31, 2018. As indicated above, the Bank has not March 31, 2017 2016 March 31, 2018 no not may may not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 2017 09 718, December 15, 2017 not In December 2016, 2016 20 “Technical Corrections and Improvements to Topic 606, No. 2016 20” 2016 19 “Technical Corrections and Improvements” No. 2016 19" one four 2016 20 December 15, 2017, April 1, 2018. not In November 2016, 2016 18, Statement of Cash Flows (Topic 230 No. 2016 18” . 230, 2016 18 December 15, 2017, April 1, 2018. not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 Classification of Certain Cash Receipts and Cash Payments” No. 2016 15” eight not No. 2016 15 December 15, 2017, April 1, 2018. not In March 2016, 2016 09, Compensation – Stock Compensation (Topic 718 Improvements to Employee Share-Based Payment Accounting” (“ No. 2016 09 ”) 718 No. 2016 09 December 15, 2016, may April 1, 2017, 2016 09 2016 09 not In March 2016, No. 2016 08, “Revenue from Contracts with Customers (Topic 606 No. 2016 08” April 2016, No. 2016 10, “Revenue from Contracts with Customers (Topic 606 May 2016, No. 2016 12, “Revenue from Contracts with Customers (Topic 606 No. 2016 08, No. 2016 10 No. 2016 12 No. 2014 09, Revenue from Contracts with Customers December 15, 2017, one April 1, 2018. not No. 2016 08, No. 2016 10 No. 2016 12 In February 2016, 2016 02, Leases (Topic 842 No. 2016 02” No. 2016 02 No. 2016 02 twelve No. 2016 02 December 15, 2018. No. 2016 02 April 1, 2019. not In November 2015, No. 2015 17, Income Taxes (Topic 740 2015 17 December 15, 2016, April 1, 2017 In August 2015, 2015 14, “Revenue from Contracts with Customers (Topic 606 2014 09 one December 15, 2017 not In July 2015, No. 2015 11, “Inventory: Simplifying the Measurement of Inventory” not first The new standard will be effective for fiscal years beginning after December 15, 2016, April 1, 2017. not In May 2014, No 2014 09, “Revenue from Contracts with Customers (Topic 606 605, December 15, 2017, December 31, 2016. April 1, 2018. first March 31, 2019 December 2017. |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 201 7 March 31, 201 7 (in thousands) Raw materials $ 247 $ 347 Work in process 2,553 2,036 Finished goods (1) 5,064 5,460 Supplies 117 129 Inventories, net $ 7,981 $ 7,972 |
Note 3 - Equipment and Leaseh20
Note 3 - Equipment and Leasehold Improvements, Net (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Property, Plant, and Equipment, Estimated Useful Lives [Table Text Block] | Years Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 |
Property, Plant and Equipment [Table Text Block] | June 30, 201 7 March 31, 201 7 (in thousands) Equipment $ 17,427 $ 17,492 Leasehold improvements 13,892 13,892 Furniture and fixtures 380 380 31,699 31,764 Less accumulated depreciation and amortization (16,315 ) (15,835 ) Construction-in-progress 905 783 Equipment and leasehold improvements, net $ 16,289 $ 16,712 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 201 7 March 31, 201 7 (in thousands) Wages , commissions, bonus and profit sharing $ 912 $ 793 Rent and utilities 78 69 Other accrued expenses 153 151 Total accrued expenses $ 1,143 $ 1,013 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 201 7 March 31, 201 7 (in thousands) Long-term debt $ 6,988 $ 7,139 Less current maturities (624 ) (623 ) Long-term debt, excluding current maturities 6,364 6,516 Less unamortized debt issuance costs (259 ) (267 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 6,105 $ 6,249 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Payments Due (in thousands) Next 12 Months $ 624 Year 2 636 Year 3 653 Year 4 652 Year 5 678 Thereafter 3,745 Total principal payments $ 6,988 |
Note 7 - Operating Leases (Tabl
Note 7 - Operating Leases (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Payments Due (in thousands) Next 12 Months $ 614 Year 2 618 Year 3 608 Year 4 526 Year 5 532 Thereafter 4,157 Total minimum lease payments $ 7,055 |
Note 9 - Share-based Compensa24
Note 9 - Share-based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of June 30, 2017 Authorized Available Outstanding 2016 Plan 1,300,000 1,247,656 52,344 2014 Directors Plan 350,000 289,124 12,000 2005 Plan — — 477,500 2004 Directors Plan — — 12,000 Total 1,650,000 1,536,780 553,844 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Option Activity Shares Weighted Average Price Weighted Average Remaining Aggregate Intrinsic Outstanding at March 31, 201 7 503,000 $ 4.10 4.7 $ 145,946 Granted — — Exercised — — Forfeited (1,500 ) $ 3.11 Outstanding at June 30, 201 7 501,500 $ 4.10 4.4 $ 103,461 Exercisable at June 30, 201 7 482,000 $ 4.07 4.3 $ 103,461 |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Options Shares Weighted Average Nonvested at March 31, 201 7 19 ,500 $ 2 .93 Granted — — Vested — — Forfeited — — Nonvested at June 30, 201 7 19 ,500 $ 2 .93 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding Options Exercisable Options Range of Exercise Prices Number of Shares Remaining Life (Years) Weighted Average Price Number of Shares Weighted Average Price $1.60 - $3.70 1 24,620 2 .7 $ 2.7 3 1 24,620 $ 2.7 3 $3.71 - $4.42 19 7,380 4 .3 3.8 3 1 97,380 3.8 3 $4.43 - $5.40 95 ,000 5 .9 5.00 75 ,500 5.0 4 $5.41 - $7.08 8 4,500 5 .4 5 .77 8 4,500 5 .77 Total stock options 501 ,500 4 .4 $ 4. 10 482 ,000 $ 4. 07 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 7 Exercise Price $ 4.08 Volatility 51.13 % Risk Free Rate 0.60 % Vesting Period (years) 0.5 Forfeiture Rate 0.00 % Expected Life (in years) 1.00 Dividend Rate 0 % |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested Restricted Stock Units Shares Weighted Average Nonvested restricted stock units at March 31, 2017 25,000 $ 3.85 Granted 28,074 3.92 Vested — — Exercised — — Forfeited (730 ) 3.92 Nonvested restricted stock units at June 30, 2017 52,344 $ 3.89 |
Note 11 - Earnings (Loss) Per25
Note 11 - Earnings (Loss) Per Share (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 201 7 Net Income (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic income per share $ 501 5,685 $ 0.09 Effect of dilutive securities-Common stock options — 34 — Diluted income per share $ 501 5,719 $ 0.09 Three Months Ended June 30, 201 6 Net Loss (Numerator) Shares (Denominator) Per Share Amount (in thousands) Basic and diluted loss per share $ (691 ) 5,633 $ (0.12 ) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Aug. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) |
Cash and Cash Equivalents, at Carrying Value | $ 1,299,000 | $ 1,407,000 | $ 1,554,000 | $ 1,240,000 | |
Working Capital (Deficit) | 6,800,000 | 6,000,000 | |||
Line of Credit, Current | $ 500,000 | $ 611,000 | |||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||
Current Ratio | 6.8 | 1.92 | 1.97 | ||
Debt Covenant, Minimum Current Ratio | 2.1 | ||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | $ 2,000,000 | |||
Line of Credit, Current | 500,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,500,000 |
Note 2 - Inventories (Details T
Note 2 - Inventories (Details Textual) - USD ($) | 3 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | |
Inventory Valuation Reserves | $ 33,000 | $ 3,000 | |
Non Inventoriable Fixed Costs | $ 9,000 | $ 28,000 |
Note 2 - Inventories - Componen
Note 2 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | |
Raw materials | $ 247 | $ 347 | |
Work in process | 2,553 | 2,036 | |
Finished goods (1) | [1] | 5,064 | 5,460 |
Supplies | 117 | 129 | |
Inventories, net | $ 7,981 | $ 7,972 | |
[1] | Net of reserve for obsolescence of $33,000 and $3,000 at June 30, 2017 and March 31, 2017, respectively. |
Note 3 - Equipment and Leaseh29
Note 3 - Equipment and Leasehold Improvements, Net - Estimated Useful Lives (Details) | 3 Months Ended |
Jun. 30, 2017 | |
Equipment [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 10 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 25 years |
Note 3 - Equipment and Leaseh30
Note 3 - Equipment and Leasehold Improvements, Net - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | |
Equipment and leasehold improvements, gross | $ 31,699 | $ 31,764 | |
Less accumulated depreciation and amortization | (16,315) | (15,835) | |
Construction-in-progress | 905 | 783 | |
Equipment and leasehold improvements, net | 16,289 | 16,712 | |
Equipment [Member] | |||
Equipment and leasehold improvements, gross | [1] | 17,427 | 17,492 |
Leasehold Improvements [Member] | |||
Equipment and leasehold improvements, gross | 13,892 | 13,892 | |
Furniture and Fixtures [Member] | |||
Equipment and leasehold improvements, gross | $ 380 | $ 380 | |
[1] | Includes $373,000 and $314,000 of equipment under capital lease at March 31, 2017 and 2016 respectlively, with accumulated amortization of $106,000 and $41,000, respectively. |
Note 4 - Line of Credit (Detail
Note 4 - Line of Credit (Details Textual) - USD ($) | Aug. 30, 2016 | Sep. 18, 2015 | Jun. 30, 2017 | Mar. 31, 2017 |
Repayments of Notes Payable | $ 500,000 | |||
Line of Credit, Current | $ 500,000 | $ 611,000 | ||
First Foundation Bank [Member] | ||||
Repayments of Notes Payable | $ 600,000 | |||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | 2,000,000 | ||
Line of Credit, Current | 500,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,500,000 | |||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||
Debt Instrument Reference Rate | 4.25% | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 5 - Accrued Expenses - Com
Note 5 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Wages, commissions, bonus and profit sharing | $ 912 | $ 793 |
Rent and utilities | 78 | 69 |
Other accrued expenses | 153 | 151 |
Total accrued expenses | $ 1,143 | $ 1,013 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) | Sep. 18, 2015USD ($) | Aug. 14, 2012USD ($) | Jul. 30, 2015USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016 |
Repayments of Notes Payable | $ 500,000 | ||||||
Debt Instrument, Term | 7 years | ||||||
Bank of the West Finance [Member] | |||||||
Capital Leased Assets, Number of Units | 4 | ||||||
Capital Leased Assets, Gross | $ 364,000 | ||||||
Debt Instrument Periodic Payments Number | 60 | ||||||
Capital Lease Obligations | $ 214,000 | $ 236,000 | |||||
Bank of the West Finance [Member] | Capital Lease Asses Payable in 36 Equal Monthly Payments [Member] | |||||||
Capital Leased Assets, Number of Units | 1 | ||||||
Debt Instrument Periodic Payments Number | 36 | ||||||
Minimum [Member] | Bank of the West Finance [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.18% | ||||||
Maximum [Member] | Bank of the West Finance [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.90% | ||||||
2015 Loan Agreement [Member] | |||||||
Debt Instrument Guaranteed Portion | 80.00% | ||||||
Proceeds from Issuance of Debt | $ 2,500,000 | ||||||
Debt Instrument Prepayment Penalty Percentage | 5.00% | ||||||
Debt Instrument Prepayment Penalty Percentage Reduction During Each Year | 1.00% | ||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 1,970,000 | $ 2,049,000 | |||||
Debt Instrument One Time Origination and Guaranty Fees | $ 113,900 | ||||||
Debt Instrument Annual Renewal Fee Payable Percentage | 0.50% | ||||||
2015 Loan Agreement [Member] | Minimum [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
2015 Loan Agreement [Member] | Prime Rate [Member] | |||||||
Debt Instrument Reference Rate | 4.25% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||||
Debt Instrument Guaranteed Portion | 80.00% | ||||||
Current Ratio | 6.8 | 1.92 | 1.97 | ||||
Debt Covenant, Minimum Current Ratio | 2.1 | ||||||
Proceeds from Issuance of Debt | $ 5,500,000 | ||||||
Debt Instrument Interest Payment Period | 1 year | ||||||
Debt Instrument Amortization Period | 19 years | ||||||
Debt Instrument Reference Rate | 4.25% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Debt Instrument Prepayment Penalty Percentage | 5.00% | ||||||
Debt Instrument Prepayment Penalty Percentage Reduction During Each Year | 1.00% | ||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 4,804,000 | $ 4,854,000 | |||||
Debt Instrument One Time Origination and Guaranty Fees | $ 214,500 | ||||||
Debt Instrument Annual Renewal Fee Payable Percentage | 0.25% | ||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | Minimum [Member] | |||||||
Debt Instrument, Interest Rate During Period | 5.50% | ||||||
Term Loan Agreement, Promissory Note One [Member] | |||||||
Proceeds from Issuance of Debt | $ 2,250,000 | ||||||
Term Loan Agreement, Promissory Note Two [Member] | |||||||
Proceeds from Issuance of Debt | $ 3,250,000 |
Note 6 - Long-term Debt - Summa
Note 6 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Total principal payments | $ 6,988 | $ 7,139 |
Less current maturities | (624) | (623) |
Long-term debt, excluding current maturities | 6,364 | 6,516 |
Less unamortized debt issuance costs | (259) | (267) |
Total long-term debt, net of current maturities and unamortized debt issuance costs | $ 6,105 | $ 6,249 |
Note 6 - Long-term Debt - Futur
Note 6 - Long-term Debt - Future Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Next 12 Months | $ 624 | |
Year 2 | 636 | |
Year 3 | 653 | |
Year 4 | 652 | |
Year 5 | 678 | |
Thereafter | 3,745 | |
Total principal payments | $ 6,988 | $ 7,139 |
Note 7 - Operating Leases - Sum
Note 7 - Operating Leases - Summary of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Next 12 Months | $ 614 |
Year 2 | 618 |
Year 3 | 608 |
Year 4 | 526 |
Year 5 | 532 |
Thereafter | 4,157 |
Total minimum lease payments | $ 7,055 |
Note 9 - Share-based Compensa37
Note 9 - Share-based Compensation (Details Textual) | Apr. 05, 2017$ / sharesshares | Mar. 31, 2017$ / sharesshares | Aug. 10, 2017shares | Jun. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2016USD ($) | Aug. 25, 2016shares | Aug. 28, 2014shares |
Share Price | $ / shares | $ 3.55 | ||||||
Number of Shareholder Approved Share-based Compensation Plans | 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,536,780 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,650,000 | ||||||
Employee Stock Option [Member] | |||||||
Allocated Share-based Compensation Expense | $ | $ 15,000 | $ 77,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 11,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 109 days | ||||||
Restricted Stock [Member] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 183,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 292 days | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,074 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.92 | ||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 25,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.85 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,074 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.92 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Maximum [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
The 2005 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | |||||||
The 2016 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,247,656 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,300,000 | ||||||
The 2016 Plan [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 75,000 | ||||||
The 2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,247,656 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,300,000 | ||||||
The 2016 Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized for Issuance in Connection with Performance Awards and Stock Awards | 600,000 | ||||||
2014 Directors Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 289,124 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 | 350,000 | |||||
2014 Directors Plan [Member] | Restricted Stock [Member] | |||||||
Allocated Share-based Compensation Expense | $ | $ 16,000 | $ 0 | |||||
2004 Directors Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized |
Note 9 - Share-based Compensa38
Note 9 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) - shares | Jun. 30, 2017 | Mar. 31, 2017 | Aug. 25, 2016 | Aug. 28, 2014 |
Authorized (in shares) | 1,650,000 | |||
Available (in shares) | 1,536,780 | |||
Outstanding (in shares) | 501,500 | 503,000 | ||
Outstanding (in shares) | 553,844 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Outstanding (in shares) | 52,344 | 25,000 | ||
The 2016 Plan [Member] | ||||
Authorized (in shares) | 1,300,000 | |||
Available (in shares) | 1,247,656 | |||
The 2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Outstanding (in shares) | 52,344 | |||
Authorized (in shares) | 1,300,000 | |||
Available (in shares) | 1,247,656 | |||
2014 Directors Plan [Member] | ||||
Authorized (in shares) | 350,000 | 350,000 | ||
Available (in shares) | 289,124 | |||
Outstanding (in shares) | 12,000 | |||
The 2005 Plan [Member] | ||||
Authorized (in shares) | ||||
Available (in shares) | 0 | |||
Outstanding (in shares) | 477,500 | |||
2004 Directors Plan [Member] | ||||
Authorized (in shares) | ||||
Available (in shares) | 0 | |||
Outstanding (in shares) | 12,000 |
Note 9 - Share-based Compensa39
Note 9 - Share-based Compensation - Summary of Option Activity Under Stock Plans (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Mar. 31, 2017 | |
Outstanding (in shares) | 503,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.10 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.10 | $ 4.10 |
Outstanding, weighted average remaining contractual term (Year) | 4 years 146 days | 4 years 255 days |
Outstanding, aggregate intrinsic value | $ 103,461 | $ 145,946 |
Granted (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | ||
Exercised, weighted average exercise price (in dollars per share) | ||
Forfeited (in shares) | (1,500) | |
Exercisable (in shares) | 482,000 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 4.07 | |
Forfeited, weighted average exercise price (in dollars per share) | $ 3.11 | |
Outstanding (in shares) | 501,500 | 503,000 |
Exercisable, weighted average remaining contractual term (Year) | 4 years 109 days | |
Exercisable, aggregate intrinsic value | $ 103,461 |
Note 9 - Share-based Compensa40
Note 9 - Share-based Compensation - Summary of Non-vested Options (Details) | 3 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Nonvested (in shares) | shares | 19,500 |
Nonvested (in dollars per share) | $ / shares | $ 2.93 |
Granted (in shares) | shares | |
Granted (in dollars per share) | $ / shares | |
Vested (in shares) | shares | |
Vested (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | |
Forfeited (in dollars per share) | $ / shares | |
Nonvested (in shares) | shares | 19,500 |
Nonvested (in dollars per share) | $ / shares | $ 2.93 |
Note 9 - Share-based Compensa41
Note 9 - Share-based Compensation - Summary of the Weighted-average Characteristics of Outstanding Stock Options (Details) | 3 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Outstanding Options Weighted Average Price (in dollars per share) | $ 4.10 |
Exercisable Options Number of Shares (in shares) | shares | 482,000 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 4.07 |
Outstanding Options Number of Shares (in shares) | shares | 501,500 |
Outstanding Options Remaining Life (Year) | 4 years 146 days |
Range 01 [Member] | |
Outstanding Options Weighted Average Price (in dollars per share) | $ 2.73 |
Exercisable Options Number of Shares (in shares) | shares | 124,620 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.73 |
Lower Range of Exercise (in dollars per share) | 1.60 |
Upper Range of Exercise (in dollars per share) | $ 3.70 |
Outstanding Options Number of Shares (in shares) | shares | 124,620 |
Outstanding Options Remaining Life (Year) | 2 years 255 days |
Range 02 [Member] | |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.83 |
Exercisable Options Number of Shares (in shares) | shares | 197,380 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 3.83 |
Lower Range of Exercise (in dollars per share) | 3.71 |
Upper Range of Exercise (in dollars per share) | $ 4.42 |
Outstanding Options Number of Shares (in shares) | shares | 197,380 |
Outstanding Options Remaining Life (Year) | 4 years 109 days |
Range 03 [Member] | |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5 |
Exercisable Options Number of Shares (in shares) | shares | 75,500 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 5.04 |
Lower Range of Exercise (in dollars per share) | 4.43 |
Upper Range of Exercise (in dollars per share) | $ 5.40 |
Outstanding Options Number of Shares (in shares) | shares | 95,000 |
Outstanding Options Remaining Life (Year) | 5 years 328 days |
Range 04 [Member] | |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5.77 |
Exercisable Options Number of Shares (in shares) | shares | 84,500 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 5.77 |
Lower Range of Exercise (in dollars per share) | 5.41 |
Upper Range of Exercise (in dollars per share) | $ 7.08 |
Outstanding Options Number of Shares (in shares) | shares | 84,500 |
Outstanding Options Remaining Life (Year) | 5 years 146 days |
Note 9 - Share-based Compensa42
Note 9 - Share-based Compensation - Summary of Valuation Assumptions Related to Options Granted (Details) | 3 Months Ended |
Jun. 30, 2017$ / shares | |
Exercise Price (in dollars per share) | $ 4.08 |
Volatility | 51.13% |
Risk Free Rate | 0.60% |
Vesting Period (years) (Year) | 182 days |
Forfeiture Rate | 0.00% |
Expected Life (in years) (Year) | 1 year |
Dividend Rate | 0.00% |
Note 9 - Share-based Compensa43
Note 9 - Share-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Nonvested restricted stock units at March 31, 2017 (in shares) | shares | 25,000 |
Nonvested restricted stock units at March 31, 2016, weighted average grant price (in dollars per share) | $ / shares | $ 3.85 |
Granted (in shares) | shares | 28,074 |
Granted, weighted average grant price (in dollars per share) | $ / shares | $ 3.92 |
Vested (in shares) | shares | |
Vested, weighted average grant price (in dollars per share) | $ / shares | |
Exercised (in shares) | shares | |
Exercised, weighted average grant price (in dollars per share) | $ / shares | |
Nonvested restricted stock units at March 31, 2017, weighted average grant price (in dollars per share) | $ / shares | $ 3.89 |
Forfeited (in shares) | shares | (730) |
Forfeited, weighted average grant price (in dollars per share) | $ / shares | $ 3.92 |
Nonvested restricted stock units at June 30, 2017 (in shares) | shares | 52,344 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Expense (Benefit) | $ 11,000 | $ (51,000) |
Unrecognized Tax Benefits | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent | 2.10% | 6.80% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Note 11 - Earnings (Loss) Per45
Note 11 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 45,000 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 27,344 |
Note 11 - Earnings (Loss) Per46
Note 11 - Earnings (Loss) Per Share - Summary of Reconciliations Between the Numerator and the Denominator of the Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Effect of dilutive securities on net income | $ 0 | |
Shares - dilutive securities (in shares) | 34 | |
Net Income - diluted | $ 501 | |
Diluted (in shares) | 5,719 | 5,633 |
Diluted (in dollars per share) | $ 0.09 | $ (0.12) |
Net Income - basic | $ 501 | $ (691) |
Basic (in shares) | 5,685 | 5,633 |
Basic (in dollars per share) | $ 0.09 | $ (0.12) |
Shares (in shares) | 5,633 | |
Per Share Amount (in dollars per share) | $ (0.12) |
Note 12 - Concentrations of R47
Note 12 - Concentrations of Risk (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | |
Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 46.00% | 59.00% | |
Number of Major Customers | 3 | 3 | |
Accounts Receivable [Member] | Customer Number 1 [Member] | |||
Concentration Risk, Percentage | 21.00% | 38.00% | |
Accounts Receivable [Member] | Customer Number 2 [Member] | |||
Concentration Risk, Percentage | 15.00% | 12.00% | |
Accounts Receivable [Member] | Customer Number 3 [Member] | |||
Concentration Risk, Percentage | 10.00% | 9.00% | |
Sales Revenue, Net [Member] | |||
Concentration Risk, Percentage | 19.00% | ||
Number of Major Customers | 2 | 1 | |
Sales Revenue, Net [Member] | Customer Number 1 [Member] | |||
Concentration Risk, Percentage | 32.00% | ||
Sales Revenue, Net [Member] | Customer Number 2 [Member] | |||
Concentration Risk, Percentage | 13.00% |