Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Feb. 12, 2019 | |
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 | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 5,836,110 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Current assets: | ||
Cash | $ 1,573 | $ 1,329 |
Accounts receivable, net of allowance for doubtful accounts of $27 at December 31, 2018 and $27 at March 31, 2018 | 1,883 | 2,664 |
Inventories, net | 10,112 | 9,034 |
Prepaid expenses and other current assets | 641 | 590 |
Total current assets | 14,209 | 13,617 |
Equipment and leasehold improvements, net | 15,183 | 15,734 |
Restricted cash | 65 | |
Other assets | 291 | 291 |
Total assets | 29,683 | 29,707 |
Current liabilities: | ||
Accounts payable | 4,055 | 3,527 |
Accrued expenses | 1,073 | 892 |
Short-term contract obligation | 332 | |
Line of credit | 1,750 | 500 |
Current maturities of long-term debt | 663 | 655 |
Customer deposits | 172 | 133 |
Total current liabilities | 8,045 | 5,707 |
Long-term debt, less current maturities | 5,328 | 5,790 |
Other long-term liabilities | 57 | 103 |
Total liabilities | 13,430 | 11,600 |
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, shares authorized 50,000,000; 5,836,110 shares issued and outstanding at December 31, 2018 and 5,772,032 shares at March 31, 2018 | 117 | 115 |
Additional paid-in capital | 32,318 | 32,051 |
Accumulated deficit | (16,182) | (14,059) |
Total stockholders’ equity | 16,253 | 18,107 |
Total liabilities and stockholders’ equity | $ 29,683 | $ 29,707 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 27 | $ 27 |
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) | 5,836,110 | 5,772,032 |
Common stock, shares outstanding (in shares) | 5,836,110 | 5,772,032 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
NET SALES | $ 10,044,000 | $ 9,150,000 | $ 24,143,000 | $ 26,014,000 |
COST OF SALES | 5,928,000 | 4,910,000 | 15,906,000 | 14,551,000 |
Gross profit | 4,116,000 | 4,240,000 | 8,237,000 | 11,463,000 |
OPERATING EXPENSES: | ||||
General and administrative | 1,337,000 | 1,368,000 | 4,190,000 | 4,132,000 |
Sales and marketing | 2,068,000 | 1,620,000 | 5,088,000 | 4,549,000 |
Research and development | 216,000 | 142,000 | 635,000 | 433,000 |
Total operating expenses | 3,621,000 | 3,130,000 | 9,913,000 | 9,114,000 |
Income (loss) from operations | 495,000 | 1,110,000 | (1,676,000) | 2,349,000 |
Interest expense, net | (134,000) | (130,000) | (414,000) | (371,000) |
Income(loss) before income taxes | 361,000 | 980,000 | (2,090,000) | 1,978,000 |
INCOME TAX EXPENSE (BENEFIT) | 73,000 | (127,000) | 33,000 | (105,000) |
NET INCOME (LOSS) | $ 288,000 | $ 1,107,000 | $ (2,123,000) | $ 2,083,000 |
NET INCOME (LOSS) PER SHARE: | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.19 | $ (0.37) | $ 0.36 |
Diluted (in dollars per share) | $ 0.05 | $ 0.19 | $ (0.37) | $ 0.36 |
SHARES USED IN CALCULATION OF NET INCOME (LOSS) PER SHARE: | ||||
Basic (in shares) | 5,836 | 5,749 | 5,809 | 5,714 |
Diluted (in shares) | 5,862 | 5,831 | 5,809 | 5,774 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net (loss) income | $ (2,123,000) | $ 2,083,000 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 1,421,000 | 1,403,000 |
Share-based compensation expense | 282,000 | 369,000 |
Amortization of debt issue costs and other assets | 57,000 | 52,000 |
Net (increase) decrease in assets: | ||
Accounts receivable | 781,000 | (791,000) |
Inventories | (1,078,000) | (1,730,000) |
Prepaid expenses and other assets | (84,000) | (86,000) |
Net increase (decrease) in liabilities: | ||
Accounts payable | 528,000 | (76,000) |
Accrued expenses | 181,000 | 332,000 |
Customer deposits | 39,000 | (80,000) |
Other long-term liabilities | (46,000) | (8,000) |
Net cash (used in) provided by operating activities | (42,000) | 1,468,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in equipment and leasehold improvements | (375,000) | (667,000) |
Investment in Cellana asset purchase | (100,000) | |
Investment in restricted cash | (65,000) | |
Net cash used in investing activities | (475,000) | (732,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net draws (payments) on line of credit | 1,250,000 | (111,000) |
Payments on short term contract obligation | (63,000) | |
Payments on capitalized leases | (49,000) | (67,000) |
Principal payments on long-term debt | (429,000) | (394,000) |
Proceeds from long-term debt, net of costs | 166,000 | |
Withholding on restricted stock unit vesting | (32,000) | |
Proceeds from stock options exercised | 19,000 | 26,000 |
Net cash provided by (used in) financing activities | 696,000 | (380,000) |
Net increase in cash | 179,000 | 356,000 |
Cash and restricted cash at beginning of period | 1,394,000 | 1,407,000 |
Cash at end of period | 1,573,000 | 1,763,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 358,000 | 313,000 |
Income taxes | 17,000 | |
Cash paid to acquire Cellana assets | 100,000 | |
Cellana Asset Purchase [Member] | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment in Cellana asset purchase | (100,000) | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Purchase of Cellana assets | 495,000 | |
Less: Issuance of short-term obligation | 395,000 | |
Cash paid to acquire Cellana assets | $ 100,000 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. ORGANIZATION AND BASIS OF PRESENTATION Cyanotech Corporation (the “Company”), located in Kailua-Kona, Hawaii, was incorporated in the state of Nevada on March 3, 1983 The Company is an agricultural company that produces high value natural products derived from microalgae grown in complex and intricate open-pond agricultural systems on the Kona coast of Hawaii. The Company's products include Hawaiian Spirulina Pacifica, a superfood with numerous benefits, including boosting the immune system and overall cellular health; and Hawaiian BioAstin, a powerful antioxidant shown to support and maintain the body's natural inflammatory response. 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 Accordingly, they do not not March 31, 2018 March 31, 2018, 10 June 15, 2018. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Consolidation 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 intercompany balances and transactions have been eliminated in consolidation. Use of Estimates 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. Cash and Restricted Cash The Company considers only its monetary liquid assets with original maturities of three The following table provides a reconciliation of cash and restricted cash reported within the Company's consolidated balance sheets to the total amount presented in the consolidated statement of cash flows: Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Cash $ 1,329 $ 1,407 Restricted Cash 65 — Cash and restricted cash at beginning of period $ 1,394 $ 1,407 Cash $ 1,573 $ 1,329 Restricted Cash — 65 Cash and restricted cash at end of period $ 1,573 $ 1,394 Concentration of Accounts Receivable and Revenues At December 31, 2018, 67% two 43% 24%, March 31, 2018, 76% three 45%, 16% 15%, Two 66% three December 31, 2018, 35% 31%, Two 50% three December 31, 2017, 26% 24%, Two 62% nine December 31, 2018, 35% 27%, Two 47% nine December 31, 2017, 30% 17%, Revenue Recognition The Company records revenue based on the five 1 2 3 4 5 may not Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling a performance obligation. The Company has elected to exclude sales, use and similar taxes from the measurement of the transaction price. The impact of this policy election is insignificant, as it aligns with our current practice. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, which includes costs for trade promotion programs, coupons, returns and early payment discounts. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. The Company reviews and updates these estimates at the end of each reporting period and the impact of any adjustments are recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, the Company considers the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 one Customer contract liabilities consist of customer deposits received in advance of fulfilling an order and are shown separately on the consolidated balance sheets. During the three December 31, 2018 December 31, 2017, $0 $20,000, March 31, 2018 March 31, 2017, nine December 31, 2018 December 31, 2017, $114,000 $91,000, March 31, 2018 March 31, 2017, one not Disaggregation of Revenue The following table represents revenue disaggregated three nine December 31, 2018 December 31, 2017 ( Three months ended December 31, 2018 Nine months ended December 31, 2018 Astaxanthin Spirulina Total Astaxanthin Spirulina Total Packaged products $ 6,012 $ 3,212 $ 9,224 $ 15,388 $ 6,208 $ 21,596 Bulk products 287 533 820 884 1,663 2,547 Total $ 6,299 $ 3,745 $ 10,044 $ 16,272 $ 7,871 $ 24,143 Three months ended December 31, 2017 Nine months ended December 31, 2017 Astaxanthin Spirulina Total Astaxanthin Spirulina Total Packaged products $ 5,746 $ 2,268 $ 8,014 $ 15,649 $ 6,560 $ 22,209 Bulk products 317 819 1,136 748 3,057 3,805 Total $ 6,063 $ 3,087 $ 9,150 $ 16,397 $ 9,617 $ 26,014 Reclassification Certain amounts previously reported in the fiscal 2018 2019 no Recently Adopted Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 ) Scope of Modification Accounting No. 2017 09" . No. 2017 09 718, December 15, 2017 No. 2017 09 April 1, 2018 no In November 2016, 2016 18, Statement of Cash Flows (Topic 230 ): Restricted Cash” No. 2016 18” . 230, Statement of Cash Flows No. 2016 18 December 15, 2017, April 1, 2018 nine December 31, 2018. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 ) Classification of Certain Cash Receipts and Cash Payments” No. 2016 15” No. 2016 15 eight not No. 2016 15 December 15, 2017. April 1, 2018 no In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 No. 2014 09" December 2016 2016 20. August 2015, No 2015 14 Revenue from Contracts with Customers (Topic 606 Deferral of the Effective Date, No. 2014 09 December 15, 2017. The new revenue standard is required to be applied either retrospectively to each prior reporting period presented or prospectively with the cumulative effect of initially applying the standard recognized at the date of the initial application, supplemented with certain disclosures related to the effect of adoption on previously reported amounts, if any (the modified retrospective method). The Company adopted the standard on April 1, 2018 not not not Recently Issued Accounting Pronouncements In November 2018, 2018 18 Collaborative Arrangements not first 2021 606, April 1, 2018, In August 2018, 2018 15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” No. 2018 15” (Subtopic 350 40 2018 15 first 2021 may In August 2018, 2018 13, Fair Value Measurement - Disclosure Framework (Topic 820 No. 2018 13” December 15, 2019. In June 2018, 2018 07, Compensation - Stock Compensation (Topic 718 No. 2018 07” No. 2018 07 718 No. 2018 07 December 15, 2018, no 606. 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. July 2018, 2018 10 Codification Improvements to Topic 842, No. 2018 02” No. 2018 02 No. 2016 02 840, 840, July 2018, No. 2018 11, Leases (Topic 842 March 2019. not |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. INVENTORIES Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first first Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Raw materials $ 460 $ 410 Work in process 4,649 2,602 Finished goods 4,828 5,878 Supplies 175 144 Inventories, net $ 10,112 $ 9,034 The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Abnormal costs related to spirulina production of $0 $250,000 three nine December 31, 2018, no three nine December 31, 2017. $35,000 $176,000 $35,000 $141,000 three nine December 31, 2018, $4,000 $88,000 three nine December 31, 2017, |
Note 4 - Equipment and Leasehol
Note 4 - Equipment and Leasehold Improvements | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. EQUIPMENT AND LEASEHOLD IMPROVEMENTS Equipment and leasehold improvements consist of the following: Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Equipment $ 18,312 $ 17,935 Leasehold improvements 14,288 14,248 Furniture and fixtures 348 348 32,948 32,531 Less accumulated depreciation and amortization (18,767 ) (17,346 ) Construction-in-progress 1,002 549 Equipment and leasehold improvements, net $ 15,183 $ 15,734 The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not no December 31, 2018 March 31, 2018, |
Note 5 - Short Term Contract Ob
Note 5 - Short Term Contract Obligation | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 5. SHORT TERM CONTRACT OBLIGATION On November 30, 2018 six August 31, 2018. third $495,000 $100,000 $395,000 The short -term obligation is comprised of two $180,000 $215,000 first $180,000 6.25% four December 1, 2018 March 31, 2019. December 31, 2018 $137,000. The second $215,000 twelve two $10,000 ten $19,543. December 1, 2018 October 15, 2019. $38,000 December 31, 2018 $195,000. |
Note 6 - Line of Credit
Note 6 - Line of Credit | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 . LINE OF CREDIT On August 30, 2016, June 3, 2016, $2,000,000 5.50% December 31, 2018 2%, December 31, 2018, $1,750,000 $250,000 August 30, 2018 August 30, 2019. August 30, 2018 2.10:1 1.50:1 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 7 - Accrued Expenses
Note 7 - Accrued Expenses | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7 . ACCRUED EXPENSES Accrued expenses consist of the following: Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Wages, commissions, bonus and profit sharing $ 799 $ 707 Other accrued expenses 274 185 Total accrued expenses $ 1,073 $ 892 |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8 . LONG-TERM DEBT Long-term debt consists of the following: Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Long-term debt $ 6,101 $ 6,530 Capital lease obligations 98 148 Less current maturities (663 ) (655 ) Long-term debt, excluding current maturities 5,536 6,023 Less unamortized debt issuance costs (208 ) (233 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 5,328 $ 5,790 Term Loans On August 14, 2012, “August 2012 $5,500,000 August 2012 In accordance with terms of the August 2012 August 14, 2032. 5.50% December 31, 2018 1.0% first no 5.50%. August 2012 $4,492,000 $4,648,000 December 31, 2018 March 31, 2018, The Loan includes a one $214,500 0.25% December 31 December 31, 2012. 80% August 2012 On July 30, 2015, “2015 $2,500,000 2015 In accordance with terms in the 2015 September 1, 2022. 5.50% December 31, 2018 2.0% first The 2015 one $113,900 0.50% December 31 December 31, 2015. 80% 2015 At no 6.00%. 2015 5% first 1% fifth no 2015 $1,475,000 $1,726,000 December 31, 2018 March 31, 2018, On October 6, 2017, $175,000 4.75%. October 31, 2022. $134,000 $156,000 December 31, 2018 March 31, 2018, Capital Leases The Company has three $278,000 May 2019 March 2021 60 one 36 4.18% 12.90%. $98,000 $148,000 December 31, 2018 March 31, 2018, |
Note 9 - Contingencies
Note 9 - Contingencies | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9 . CONTINGENCIES From time to time, the Company may not |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10 . SHARE-BASED COMPENSATION The Company has share-based compensation plans, which are more fully described in Note 9, 10 June 15, 2018. As of December 31, 2018, two 2016 “2016 2014 “2014 December 31, 2018, two 2005 “2005 2004 “2004 No 2005 2004 The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of Dec ember 3 1 , 2018 Authorized Available Outstanding 2016 Plan 1,300,000 1,113,022 170,975 2014 Directors Plan 350,000 184,400 12,000 2005 Plan — — 434,400 2004 Directors Plan — — 12,000 Total 1,650,000 1,297,422 629,375 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no No ten 10 $18,000 $54,000 three nine December 31, 2018, $13,000 $47,000 three nine December 31, 2017, A summary of option activity under the Company’s stock plans for the nine December 31, 2018 Option Activity Shares Weighted Price Weighted Average years) Aggregate Outstanding at March 31, 2018 589,400 $ 4.06 4.9 $ 675,300 Granted — $ — Exercised (6,000 ) $ 2.85 Forfeited (5,000 ) $ 5.75 Outstanding at December 31, 2018 578,400 $ 4.06 4.2 $ 43,804 Exercisable at December 31, 2018 483,400 $ 4.15 3.3 $ 43,804 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 $3.02 A summary of the Company’s non-vested options for the nine December 31, 2018 Nonvested Options Shares Weighted Nonvested at March 31, 2018 120,000 $ 1.81 Granted — — Vested (25,000 ) 1.71 Forfeited — — Nonvested at December 31, 2018 95,000 $ 1.83 As of December 31, 2018, $127,000, 1.6 Subsequent to December 31, 2018, 50,000 2016 $3.00 Restricted Stock There were no three December 31, 2018 December 31, 2017. 47,223 57,501 nine December 31, 2018 December 31, 2017, $0 $170,000 three nine December 31, 2018, $0 $276,000 three nine December 31, 2017, Restricted Stock Units (“RSUs”) RSUs are service-based awards granted to eligible employees under the 2016 2016 $20,000 $58,000 three nine December 31, 2018, 2016 $15,000 $48,000 three nine December 31, 2017, On July 13, 2018, 22,449 $4.0252 two The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2018 39,675 $ 3.89 Granted 23,923 4.10 Vested (7,670 ) 3.92 Forfeited (4,953 ) 4.08 Nonvested restricted stock units at December 31, 2018 50,975 $ 3.97 As of December 31, 2018, $140,000, 1.8 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11 . INCOME TAXES On December 22, 2017 1, 34% 21% January 1, 2018. March 31, 2019 21%. 21% March 31, 2019 March 31, 2018 December 31, 2017 no 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 an income tax expense of $73,000 $127,000 three December 31, 2018 2017, $33,000 $105,000 nine December 31, 2018 2017, 20.2% 1.6% three nine December 31, 2018, 13.0% 5.3% three nine December 31, 2017, three nine December 31, 2018 21% not not The Company is subject to taxation in the United States and six may may As of December 31, 2018, no With few exceptions, the Company is no 2013. |
Note 12 - Earnings (Loss) Per S
Note 12 - Earnings (Loss) Per Share | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12 . EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed on the basis of the weighted average number of common shares outstanding. Diluted earnings per share is computed on the basis of the weighted average number of common shares outstanding plus the potentially dilutive effect of outstanding stock options using the “treasury stock” method. Reconciliations between the numerator and the denominator of the basic and diluted earnings per share computations for the three December 31, 2018 2017 Three Months Ended Dec ember 3 1 , 2018 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 288 5,836 $ 0.05 Effect of dilutive securities — Common stock options — 26 — Diluted income per share $ 288 5,862 $ 0.05 Three Months Ended Dec ember 3 1 , 2017 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 1,107 5,749 $ 0.19 Effect of dilutive securities — Common stock options — 82 — Diluted income per share $ 1,107 5,831 $ 0.19 Reconciliations between the numerator and the denominator of the basic and diluted (loss) earnings per share computations for the nine December 31, 2018 2017 Nine Months Ended Dec ember 3 1 , 2018 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (2,123 ) 5,809 $ (0.37 ) Nine Months Ended Dec ember 3 1 , 2017 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 2,083 5,714 $ 0.36 Effect of dilutive securities—Common stock options — 60 — Diluted income per share $ 2,083 5,774 $ 0.36 Potentially dilutive securities include 75,000 three nine December 31, 2018 20,991 three nine December 31, 2018. not 75,000 three December 31, 2018, nine December 31, 2018, no not 75,000 three nine December 31, 2017, |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions and Balances | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13 . RELATED PARTY TRANSACTIONS AND BALANCES During the nine December 31, 2018, May 5, 2018 one not $120,000 nine December 31, 2018 $120,000 nine December 31, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation 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 intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates 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. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Restricted Cash The Company considers only its monetary liquid assets with original maturities of three The following table provides a reconciliation of cash and restricted cash reported within the Company's consolidated balance sheets to the total amount presented in the consolidated statement of cash flows: Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Cash $ 1,329 $ 1,407 Restricted Cash 65 — Cash and restricted cash at beginning of period $ 1,394 $ 1,407 Cash $ 1,573 $ 1,329 Restricted Cash — 65 Cash and restricted cash at end of period $ 1,573 $ 1,394 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Accounts Receivable and Revenues At December 31, 2018, 67% two 43% 24%, March 31, 2018, 76% three 45%, 16% 15%, Two 66% three December 31, 2018, 35% 31%, Two 50% three December 31, 2017, 26% 24%, Two 62% nine December 31, 2018, 35% 27%, Two 47% nine December 31, 2017, 30% 17%, |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company records revenue based on the five 1 2 3 4 5 may not Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling a performance obligation. The Company has elected to exclude sales, use and similar taxes from the measurement of the transaction price. The impact of this policy election is insignificant, as it aligns with our current practice. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, which includes costs for trade promotion programs, coupons, returns and early payment discounts. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. The Company reviews and updates these estimates at the end of each reporting period and the impact of any adjustments are recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, the Company considers the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 one Customer contract liabilities consist of customer deposits received in advance of fulfilling an order and are shown separately on the consolidated balance sheets. During the three December 31, 2018 December 31, 2017, $0 $20,000, March 31, 2018 March 31, 2017, nine December 31, 2018 December 31, 2017, $114,000 $91,000, March 31, 2018 March 31, 2017, one not Disaggregation of Revenue The following table represents revenue disaggregated three nine December 31, 2018 December 31, 2017 ( Three months ended December 31, 2018 Nine months ended December 31, 2018 Astaxanthin Spirulina Total Astaxanthin Spirulina Total Packaged products $ 6,012 $ 3,212 $ 9,224 $ 15,388 $ 6,208 $ 21,596 Bulk products 287 533 820 884 1,663 2,547 Total $ 6,299 $ 3,745 $ 10,044 $ 16,272 $ 7,871 $ 24,143 Three months ended December 31, 2017 Nine months ended December 31, 2017 Astaxanthin Spirulina Total Astaxanthin Spirulina Total Packaged products $ 5,746 $ 2,268 $ 8,014 $ 15,649 $ 6,560 $ 22,209 Bulk products 317 819 1,136 748 3,057 3,805 Total $ 6,063 $ 3,087 $ 9,150 $ 16,397 $ 9,617 $ 26,014 |
Reclassification, Policy [Policy Text Block] | Reclassification Certain amounts previously reported in the fiscal 2018 2019 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In May 2017, 2017 09, Compensation-Stock Compensation (Topic 718 ) Scope of Modification Accounting No. 2017 09" . No. 2017 09 718, December 15, 2017 No. 2017 09 April 1, 2018 no In November 2016, 2016 18, Statement of Cash Flows (Topic 230 ): Restricted Cash” No. 2016 18” . 230, Statement of Cash Flows No. 2016 18 December 15, 2017, April 1, 2018 nine December 31, 2018. In August 2016, 2016 15, Statement of Cash Flows (Topic 230 ) Classification of Certain Cash Receipts and Cash Payments” No. 2016 15” No. 2016 15 eight not No. 2016 15 December 15, 2017. April 1, 2018 no In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 No. 2014 09" December 2016 2016 20. August 2015, No 2015 14 Revenue from Contracts with Customers (Topic 606 Deferral of the Effective Date, No. 2014 09 December 15, 2017. The new revenue standard is required to be applied either retrospectively to each prior reporting period presented or prospectively with the cumulative effect of initially applying the standard recognized at the date of the initial application, supplemented with certain disclosures related to the effect of adoption on previously reported amounts, if any (the modified retrospective method). The Company adopted the standard on April 1, 2018 not not not Recently Issued Accounting Pronouncements In November 2018, 2018 18 Collaborative Arrangements not first 2021 606, April 1, 2018, In August 2018, 2018 15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” No. 2018 15” (Subtopic 350 40 2018 15 first 2021 may In August 2018, 2018 13, Fair Value Measurement - Disclosure Framework (Topic 820 No. 2018 13” December 15, 2019. In June 2018, 2018 07, Compensation - Stock Compensation (Topic 718 No. 2018 07” No. 2018 07 718 No. 2018 07 December 15, 2018, no 606. 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. July 2018, 2018 10 Codification Improvements to Topic 842, No. 2018 02” No. 2018 02 No. 2016 02 840, 840, July 2018, No. 2018 11, Leases (Topic 842 March 2019. not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Cash $ 1,329 $ 1,407 Restricted Cash 65 — Cash and restricted cash at beginning of period $ 1,394 $ 1,407 Cash $ 1,573 $ 1,329 Restricted Cash — 65 Cash and restricted cash at end of period $ 1,573 $ 1,394 |
Disaggregation of Revenue [Table Text Block] | Three months ended December 31, 2018 Nine months ended December 31, 2018 Astaxanthin Spirulina Total Astaxanthin Spirulina Total Packaged products $ 6,012 $ 3,212 $ 9,224 $ 15,388 $ 6,208 $ 21,596 Bulk products 287 533 820 884 1,663 2,547 Total $ 6,299 $ 3,745 $ 10,044 $ 16,272 $ 7,871 $ 24,143 Three months ended December 31, 2017 Nine months ended December 31, 2017 Astaxanthin Spirulina Total Astaxanthin Spirulina Total Packaged products $ 5,746 $ 2,268 $ 8,014 $ 15,649 $ 6,560 $ 22,209 Bulk products 317 819 1,136 748 3,057 3,805 Total $ 6,063 $ 3,087 $ 9,150 $ 16,397 $ 9,617 $ 26,014 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Raw materials $ 460 $ 410 Work in process 4,649 2,602 Finished goods 4,828 5,878 Supplies 175 144 Inventories, net $ 10,112 $ 9,034 |
Note 4 - Equipment and Leaseh_2
Note 4 - Equipment and Leasehold Improvements (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Equipment $ 18,312 $ 17,935 Leasehold improvements 14,288 14,248 Furniture and fixtures 348 348 32,948 32,531 Less accumulated depreciation and amortization (18,767 ) (17,346 ) Construction-in-progress 1,002 549 Equipment and leasehold improvements, net $ 15,183 $ 15,734 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Wages, commissions, bonus and profit sharing $ 799 $ 707 Other accrued expenses 274 185 Total accrued expenses $ 1,073 $ 892 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Dec ember 3 1 , 2018 March 31, 2018 (in thousands) Long-term debt $ 6,101 $ 6,530 Capital lease obligations 98 148 Less current maturities (663 ) (655 ) Long-term debt, excluding current maturities 5,536 6,023 Less unamortized debt issuance costs (208 ) (233 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 5,328 $ 5,790 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of Dec ember 3 1 , 2018 Authorized Available Outstanding 2016 Plan 1,300,000 1,113,022 170,975 2014 Directors Plan 350,000 184,400 12,000 2005 Plan — — 434,400 2004 Directors Plan — — 12,000 Total 1,650,000 1,297,422 629,375 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Option Activity Shares Weighted Price Weighted Average years) Aggregate Outstanding at March 31, 2018 589,400 $ 4.06 4.9 $ 675,300 Granted — $ — Exercised (6,000 ) $ 2.85 Forfeited (5,000 ) $ 5.75 Outstanding at December 31, 2018 578,400 $ 4.06 4.2 $ 43,804 Exercisable at December 31, 2018 483,400 $ 4.15 3.3 $ 43,804 |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Options Shares Weighted Nonvested at March 31, 2018 120,000 $ 1.81 Granted — — Vested (25,000 ) 1.71 Forfeited — — Nonvested at December 31, 2018 95,000 $ 1.83 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2018 39,675 $ 3.89 Granted 23,923 4.10 Vested (7,670 ) 3.92 Forfeited (4,953 ) 4.08 Nonvested restricted stock units at December 31, 2018 50,975 $ 3.97 |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Dec ember 3 1 , 2018 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 288 5,836 $ 0.05 Effect of dilutive securities — Common stock options — 26 — Diluted income per share $ 288 5,862 $ 0.05 Three Months Ended Dec ember 3 1 , 2017 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 1,107 5,749 $ 0.19 Effect of dilutive securities — Common stock options — 82 — Diluted income per share $ 1,107 5,831 $ 0.19 Nine Months Ended Dec ember 3 1 , 2018 Net Loss Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic and diluted loss per share $ (2,123 ) 5,809 $ (0.37 ) Nine Months Ended Dec ember 3 1 , 2017 Net Income Shares Per Share (Numerator) (Denominator) Amount (in thousands) Basic income per share $ 2,083 5,714 $ 0.36 Effect of dilutive securities—Common stock options — 60 — Diluted income per share $ 2,083 5,774 $ 0.36 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2018 | |
Deposit Account [Member] | |||||
Contract with Customer, Liability, Revenue Recognized | $ 0 | $ 20,000 | $ 114,000 | $ 91,000 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Percentage | 67.00% | 76.00% | |||
Number of Major Customers | 2 | 3 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Number 1 [Member] | |||||
Concentration Risk, Percentage | 43.00% | 45.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Number 2 [Member] | |||||
Concentration Risk, Percentage | 24.00% | 16.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer Number 3 [Member] | |||||
Concentration Risk, Percentage | 15.00% | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Concentration Risk, Percentage | 66.00% | 50.00% | 62.00% | 47.00% | |
Number of Major Customers | 2 | 2 | 2 | 2 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Number 1 [Member] | |||||
Concentration Risk, Percentage | 35.00% | 26.00% | 35.00% | 30.00% | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer Number 2 [Member] | |||||
Concentration Risk, Percentage | 31.00% | 24.00% | 27.00% | 17.00% |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Polices - Reconciliation of Cash and Restricted Cash (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Cash | $ 1,573,000 | $ 1,329,000 | $ 1,407,000 | |
Restricted Cash | 65,000 | |||
Cash and restricted cash at beginning of period | $ 1,573,000 | $ 1,394,000 | $ 1,763,000 | $ 1,407,000 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Revenue By Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 10,044 | $ 9,150 | $ 24,143 | $ 26,014 |
Packaged Astaxanthin [Member] | ||||
Revenue | 6,012 | 5,746 | 15,388 | 15,649 |
Packaged Spirulina [Member] | ||||
Revenue | 3,212 | 2,268 | 6,208 | 6,560 |
Packaged Products [Member] | ||||
Revenue | 9,224 | 8,014 | 21,596 | 22,209 |
Bulk Astaxanthin [Member] | ||||
Revenue | 287 | 317 | 884 | 748 |
Bulk Spirulina [Member] | ||||
Revenue | 533 | 819 | 1,663 | 3,057 |
Bulk Products [Member] | ||||
Revenue | 820 | 1,136 | 2,547 | 3,805 |
Astaxanthin [Member] | ||||
Revenue | 6,299 | 6,063 | 16,272 | 16,397 |
Spirulina [Member] | ||||
Revenue | $ 3,745 | $ 3,087 | $ 7,871 | $ 9,617 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Abnormal Production Costs | $ 0 | $ 0 | $ 250,000 | $ 0 |
Non Inventoriable Fixed Costs | 176,000 | |||
Astaxanthin [Member] | ||||
Non Inventoriable Fixed Costs | $ 35,000 | 35,000 | ||
Spirulina [Member] | ||||
Non Inventoriable Fixed Costs | $ 4,000 | $ 141,000 | $ 88,000 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 | |
Raw materials | $ 460 | $ 410 | |
Work in process | 4,649 | 2,602 | |
Finished goods | [1] | 4,828 | 5,878 |
Supplies | 175 | 144 | |
Inventories, net | $ 10,112 | $ 9,034 | |
[1] | Net of reserve for obsolescence of $1,000 and $5,000 at June 30, 2018 and March 31, 2018, respectively. |
Note 4 - Equipment and Leaseh_3
Note 4 - Equipment and Leasehold Improvements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Asset Impairment Charges, Total | $ 0 | $ 0 |
Note 4 - Equipment and Leaseh_4
Note 4 - Equipment and Leasehold Improvements, Net - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Equipment and leasehold improvements, gross | $ 32,948 | $ 32,531 |
Less accumulated depreciation and amortization | (18,767) | (17,346) |
Construction-in-progress | 1,002 | 549 |
Equipment and leasehold improvements, net | 15,183 | 15,734 |
Equipment [Member] | ||
Equipment and leasehold improvements, gross | 18,312 | 17,935 |
Leasehold Improvements [Member] | ||
Equipment and leasehold improvements, gross | 14,288 | 14,248 |
Furniture and Fixtures [Member] | ||
Equipment and leasehold improvements, gross | $ 348 | $ 348 |
Note 5 - Short Term Contract _2
Note 5 - Short Term Contract Obligation (Details Textual) | Nov. 30, 2018USD ($)a | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2018USD ($) |
Payments to Acquire Buildings | $ 100,000 | |||
Short-term Non-bank Loans and Notes Payable | 332,000 | |||
Short-term Obligation for Cellana Asset Purchase [Member] | ||||
Debt Instrument, Face Amount | $ 180,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
Short-term Non-bank Loans and Notes Payable | 137,000 | |||
Short-term Obligation for Cellana Asset Purchase 2 [Member] | ||||
Debt Instrument, Face Amount | $ 215,000 | |||
Short-term Non-bank Loans and Notes Payable | 195,000 | |||
Debt Instrument, Hold-back, Amount | 38,000 | |||
Short-term Obligation for Cellana Asset Purchase 2 [Member] | Redeemed in Two Monthly Payments [Member] | ||||
Debt Instrument, Periodic Payment, Total | 10,000 | |||
Short-term Obligation for Cellana Asset Purchase 2 [Member] | Redeemed in Ten Monthly Payments [Member] | ||||
Debt Instrument, Periodic Payment, Total | 19,543 | |||
Cellana Asset Purchase [Member] | ||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired, Total | 495,000 | 495,000 | ||
Payments to Acquire Buildings | 100,000 | 100,000 | ||
Issuance of Short Term Obligations | $ 395,000 | $ 395,000 | ||
Research Facility Owned by Cellana [Member] | ||||
Area of Real Estate Property | a | 6 |
Note 6 - Line of Credit (Detail
Note 6 - Line of Credit (Details Textual) | Aug. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017 |
Line of Credit, Current | $ 1,750,000 | $ 500,000 | ||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||
Line of Credit, Current | 1,750,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 250,000 | |||
Debt Covenant, Minimum Current Ratio | 1.5 | 2.1 | ||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||
Debt Instrument Reference Rate | 5.50% | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 7 - Accrued Expenses - Com
Note 7 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Wages, commissions, bonus and profit sharing | $ 799 | $ 707 |
Other accrued expenses | 274 | 185 |
Total accrued expenses | $ 1,073 | $ 892 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) | Aug. 14, 2012USD ($) | Jul. 30, 2015USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Oct. 06, 2017USD ($) |
Long-term Debt, Total | $ 6,101,000 | $ 6,530,000 | |||
Capital Lease Obligations, Total | 98,000 | 148,000 | |||
Bank of the West Finance [Member] | |||||
Capital Leased Assets, Gross, Total | $ 278,000 | ||||
Debt Instrument Periodic Payments Number | 60 | ||||
Capital Lease Obligations, Total | $ 98,000 | 148,000 | |||
Bank of the West Finance [Member] | Capital Lease Asses Payable in 36 Equal Monthly Payments [Member] | |||||
Debt Instrument Periodic Payments Number | 36 | ||||
Capital Leased Assets, Number of Units | 1 | ||||
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% | ||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | |||||
Proceeds from Issuance of Debt | $ 5,500,000 | ||||
Debt Instrument Reference Rate | 5.50% | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 4,492,000 | 4,648,000 | |||
Debt Instrument One Time Origination and Guaranty Fees | $ 214,500 | ||||
Debt Instrument Annual Renewal Fee Payable Percentage | 0.25% | ||||
Debt Instrument Guaranteed Portion | 80.00% | ||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate During Period | 5.50% | ||||
The 2015 Loan Agreement [Member] | |||||
Proceeds from Issuance of Debt | $ 2,500,000 | ||||
Debt Instrument Reference Rate | 5.50% | ||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 1,475,000 | 1,726,000 | |||
Debt Instrument One Time Origination and Guaranty Fees | $ 113,900 | ||||
Debt Instrument Annual Renewal Fee Payable Percentage | 0.50% | ||||
Debt Instrument Guaranteed Portion | 80.00% | ||||
Debt Instrument, Prepayment Penalty Percentage | 5.00% | ||||
Debt Instrument, Prepayment Penalty Percentage Reduction During Each Year | 1.00% | ||||
The 2015 Loan Agreement [Member] | Prime Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||
The 2015 Loan Agreement [Member] | Minimum [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||
Equipment Finance Agreement [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||
Debt Agreement, Maximum Borrowing Capacity | $ 175,000 | ||||
Long-term Debt, Total | $ 134,000 | $ 156,000 |
Note 8 - Long-term Debt - Summa
Note 8 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Mar. 31, 2018 |
Long-term debt | $ 6,101 | $ 6,530 |
Capital lease obligations | 98 | 148 |
Less current maturities | (663) | (655) |
Long-term debt, excluding current maturities | 5,536 | 6,023 |
Less unamortized debt issuance costs | (208) | (233) |
Total long-term debt, net of current maturities and unamortized debt issuance costs | $ 5,328 | $ 5,790 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) | Jul. 13, 2018$ / sharesshares | Feb. 11, 2019$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)shares |
Number of Shareholder Approved Share-based Compensation Plans | 2 | 2 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,297,422 | 1,297,422 | ||||
Share Price | $ / shares | $ 3.02 | $ 3.02 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | ||||||
Subsequent Event [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 50,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3 | |||||
Employee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ | $ 18,000 | $ 13,000 | $ 54,000 | $ 47,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | 127,000 | $ 127,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | |||||
Restricted Stock [Member] | Non-employee Directors [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ | $ 0 | $ 0 | $ 170,000 | $ 276,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 47,223 | 57,501 | ||
Restricted Stock Units (RSUs) [Member] | ||||||
Allocated Share-based Compensation Expense, Total | $ | $ 20,000 | $ 15,000 | $ 58,000 | $ 48,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ | $ 140,000 | $ 140,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 23,923 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4.10 | |||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,449 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 4.0252 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 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 | 0 | ||||
2004 Directors Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | 0 |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) - shares | Dec. 31, 2018 | Mar. 31, 2018 |
Authorized (in shares) | 1,650,000 | |
Available (in shares) | 1,297,422 | |
Outstanding (in shares) | 629,375 | |
Restricted Stock Units (RSUs) [Member] | ||
Outstanding (in shares) | 50,975 | 39,675 |
The 2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||
Authorized (in shares) | 1,300,000 | |
Available (in shares) | 1,113,022 | |
Outstanding (in shares) | 170,975 | |
2014 Directors Plan [Member] | ||
Authorized (in shares) | 350,000 | |
Available (in shares) | 184,400 | |
Outstanding (in shares) | 12,000 | |
The 2005 Plan [Member] | ||
Authorized (in shares) | ||
Available (in shares) | 0 | |
Outstanding (in shares) | 434,400 | |
2004 Directors Plan [Member] | ||
Authorized (in shares) | ||
Available (in shares) | 0 | |
Outstanding (in shares) | 12,000 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Summary of Option Activity Under Stock Plans (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Outstanding (in shares) | 589,400 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.06 | $ 4.06 |
Outstanding, weighted average remaining contractual term (Year) | 4 years 73 days | 4 years 328 days |
Outstanding, aggregate intrinsic value | $ 43,804 | $ 675,300 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ||
Granted, weighted average exercise price (in dollars per share) | ||
Exercised (in shares) | (6,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 2.85 | |
Forfeited (in shares) | (5,000) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 5.75 | |
Outstanding (in shares) | 578,400 | 589,400 |
Exercisable (in shares) | 483,400 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 4.15 | |
Exercisable, weighted average remaining contractual term (Year) | 3 years 109 days | |
Exercisable, aggregate intrinsic value | $ 43,804 |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Summary of Non-vested Options (Details) | 9 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Nonvested (in shares) | shares | 120,000 |
Nonvested (in dollars per share) | $ / shares | $ 1.81 |
Granted (in shares) | shares | |
Granted (in dollars per share) | $ / shares | |
Vested (in shares) | shares | (25,000) |
Vested (in dollars per share) | $ / shares | $ 1.71 |
Forfeited (in shares) | shares | |
Forfeited (in dollars per share) | $ / shares | |
Nonvested (in shares) | shares | 95,000 |
Nonvested (in dollars per share) | $ / shares | $ 1.83 |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Restricted Stock Units (Details) | 9 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Nonvested restricted stock units (in shares) | 629,375 |
Restricted Stock Units (RSUs) [Member] | |
Nonvested restricted stock units (in shares) | 39,675 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ / shares | $ 3.89 |
Granted (in shares) | 23,923 |
Granted, weighted average grant price (in dollars per share) | $ / shares | $ 4.10 |
Vested (in shares) | (7,670) |
Vested, weighted average grant price (in dollars per share) | $ / shares | $ 3.92 |
Forfeited (in shares) | (4,953) |
Forfeited, weighted average grant price (in dollars per share) | $ / shares | $ 4.08 |
Nonvested restricted stock units (in shares) | 50,975 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ / shares | $ 3.97 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 73,000 | $ 127,000 | $ 33,000 | $ 105,000 |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.20% | (13.00%) | (1.60%) | (5.30%) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 75,000 | 75,000 | 75,000 | 75,000 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20,991 | 20,991 |
Note 12 - Earnings (Loss) Per_4
Note 12 - 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 | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ 288,000 | $ 1,107,000 | $ (2,123,000) | $ 2,083,000 |
Shares outstanding - basic (in shares) | 5,836 | 5,749 | 5,809 | 5,714 |
Earnings per share - basic (in dollars per share) | $ 0.05 | $ 0.19 | $ (0.37) | $ 0.36 |
Effect of dilutive securities on net income | ||||
Shares - dilutive securities (in shares) | 26 | 82 | 60 | |
Net income - diluted | $ 288,000 | $ 1,107,000 | ||
Shares outstanding - diluted (in shares) | 5,862 | 5,831 | 5,809 | 5,774 |
Earnings per share - diluted (in dollars per share) | $ 0.05 | $ 0.19 | $ (0.37) | $ 0.36 |
Shares outstanding - basic and diluted (in shares) | 5,809 | 5,774 | ||
Earnings per share - basic and diluted (in dollars per share) | $ (0.37) | $ 0.36 |
Note 13 - Related Party Trans_2
Note 13 - Related Party Transactions and Balances (Details Textual) - Director [Member] | 9 Months Ended |
Dec. 31, 2018USD ($) | |
Due to Related Parties, Total | $ 120,000 |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 120,000 |