Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Jun. 16, 2020 | Sep. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Cyanotech Corp | ||
Entity Central Index Key | 0000768408 | ||
Trading Symbol | cyan | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,028,312 | ||
Entity Public Float | $ 7,852,346 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $0.02 par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets: | ||
Cash | $ 2,417,000 | $ 840,000 |
Accounts receivable, net of allowance for doubtful accounts of $13 in 2020 and $27 in 2019 | 2,154,000 | 1,982,000 |
Inventories, net | 9,653,000 | 11,274,000 |
Prepaid expenses and other current assets | 504,000 | 496,000 |
Total current assets | 14,728,000 | 14,592,000 |
Equipment and leasehold improvements, net | 13,042,000 | 14,752,000 |
Operating lease right-of-use assets, net | 3,834,000 | |
Other assets | 183,000 | 282,000 |
Total assets | 31,787,000 | 29,626,000 |
Current liabilities: | ||
Accounts payable | 2,137,000 | 4,922,000 |
Accrued expenses | 849,000 | 992,000 |
Customer deposits | 327,000 | 626,000 |
Operating lease obligations, current portion | 319,000 | |
Short-term contract obligation | 38,000 | 285,000 |
Line of credit | 2,000,000 | 2,000,000 |
Current maturities of long-term debt | 689,000 | 663,000 |
Total current liabilities | 6,359,000 | 9,488,000 |
Long-term debt, less current maturities | 6,009,000 | 5,172,000 |
Long-term operating lease obligations | 3,519,000 | |
Other long-term liabilities | 54,000 | 57,000 |
Total liabilities | 15,941,000 | 14,717,000 |
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; issued and outstanding 6,011,885 shares at March 31, 2020 and 5,879,710 shares at March 31, 2019 | 120,000 | 117,000 |
Additional paid-in capital | 32,994,000 | 32,447,000 |
Accumulated deficit | (17,268,000) | (17,655,000) |
Total stockholders’ equity | 15,846,000 | 14,909,000 |
Total liabilities and stockholders’ equity | $ 31,787,000 | $ 29,626,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 13 | $ 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) | 6,011,885 | 5,879,710 |
Common stock, shares outstanding (in shares) | 6,011,885 | 5,879,710 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 31,899 | $ 30,202 | $ 34,115 |
Cost of sales | 19,199 | 19,736 | 20,744 |
Gross profit | 12,700 | 10,466 | 13,371 |
Operating expenses: | |||
General and administrative | 5,281 | 5,718 | 4,956 |
Sales and marketing | 5,758 | 6,822 | 6,438 |
Research and development | 608 | 923 | 563 |
Total operating expense | 11,647 | 13,463 | 11,957 |
Income (loss) from operations | 1,053 | (2,997) | 1,414 |
Other expense: | |||
Interest expense, net | (657) | (582) | (499) |
Total other expense, net | (657) | (582) | (499) |
Income (loss) before income taxes | 396 | (3,579) | 915 |
Income tax (expense) benefit | (9) | (17) | 110 |
Net income (loss) | $ 387 | $ (3,596) | $ 1,025 |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ 0.06 | $ (0.62) | $ 0.18 |
Diluted (in dollars per share) | $ 0.06 | $ (0.62) | $ 0.18 |
Shares used in calculation of net income (loss) per share: | |||
Basic (in shares) | 5,956 | 5,819 | 5,709 |
Diluted (in shares) | 5,961 | 5,819 | 5,781 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Former Executive [Member]Common Stock [Member] | Former Executive [Member]Additional Paid-in Capital [Member] | Former Executive [Member]Retained Earnings [Member] | Former Executive [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2017 | 5,685,381 | |||||||
Balance at Mar. 31, 2017 | $ 114 | $ 31,577 | $ (15,084) | $ 16,607 | ||||
Issuances of common stock for Director Stock Grants (in shares) | 57,501 | |||||||
Issuances of common stock for Director Stock Grants | $ 1 | 275 | $ 276 | |||||
Issuance of common stock for exercise of stock options for cash (in shares) | 29,150 | 29,150 | ||||||
Issuance of common stock for exercise of stock options for cash | 75 | $ 75 | ||||||
Share based compensation expense | 124 | 124 | ||||||
Net income (loss) | 1,025 | 1,025 | ||||||
Balance (in shares) at Mar. 31, 2018 | 5,772,032 | |||||||
Balance at Mar. 31, 2018 | $ 115 | 32,051 | (14,059) | 18,107 | ||||
Issuances of common stock for Director Stock Grants (in shares) | 47,223 | |||||||
Issuances of common stock for Director Stock Grants | $ 1 | 169 | $ 170 | |||||
Issuance of common stock for exercise of stock options for cash (in shares) | 49,600 | 49,600 | ||||||
Issuance of common stock for exercise of stock options for cash | $ 1 | 107 | $ 108 | |||||
Share based compensation expense | 152 | 152 | ||||||
Net income (loss) | (3,596) | (3,596) | ||||||
Issuances of vested shares of restricted stock (in shares) | 16,003 | |||||||
Issuances of vested shares of restricted stock | (32) | (32) | ||||||
Shares withheld for tax payments (in shares) | (5,148) | |||||||
Shares withheld for tax payments | ||||||||
Balance (in shares) at Mar. 31, 2019 | 5,879,710 | |||||||
Balance at Mar. 31, 2019 | $ 117 | 32,447 | (17,655) | 14,909 | ||||
Issuances of common stock for Director Stock Grants (in shares) | 74,882 | |||||||
Issuances of common stock for Director Stock Grants | $ 1 | 157 | $ 158 | |||||
Issuance of common stock for exercise of stock options for cash (in shares) | 2,112 | 2,112 | ||||||
Issuance of common stock for exercise of stock options for cash | 4 | $ 4 | ||||||
Share based compensation expense | 99 | 99 | ||||||
Net income (loss) | 387 | 387 | ||||||
Issuances of vested shares of restricted stock (in shares) | 22,489 | |||||||
Issuances of vested shares of restricted stock | $ 1 | (32) | (31) | |||||
Shares withheld for tax payments (in shares) | (18,629) | (7,672) | ||||||
Shares withheld for tax payments | ||||||||
Issuance of common stock in connection with severance of former executive (in shares) | 58,993 | |||||||
Issuance of common stock in connection with severance of former executive | $ 1 | 319 | 320 | |||||
Balance (in shares) at Mar. 31, 2020 | 6,011,885 | |||||||
Balance at Mar. 31, 2020 | $ 120 | $ 32,994 | $ (17,268) | $ 15,846 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 387,000 | $ (3,596,000) | $ 1,025,000 |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: | |||
Loss on sale or disposal of assets | 106,000 | ||
Depreciation and amortization | 1,934,000 | 1,908,000 | 1,877,000 |
Amortization of debt issue costs and other assets | 80,000 | 71,000 | 72,000 |
Amortization of operating leases right-of-use assets | 294,000 | ||
Share-based compensation expense | 577,000 | 322,000 | 400,000 |
Net (increase) decrease in assets: | |||
Accounts receivable | (172,000) | 682,000 | (529,000) |
Inventories | 1,621,000 | (2,240,000) | (1,062,000) |
Prepaid expenses and other assets | 41,000 | 64,000 | (139,000) |
Net increase (decrease) in liabilities: | |||
Accounts payable | (2,785,000) | 1,395,000 | (139,000) |
Accrued expenses | (143,000) | 100,000 | (121,000) |
Customer deposits | (299,000) | 493,000 | 13,000 |
Operating lease obligations | (289,000) | ||
Deferred rent and other liabilities | (3,000) | (46,000) | (13,000) |
Net cash provided by (used in) operating activities | 1,243,000 | (847,000) | 1,490,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Investment in equipment and leasehold improvements | (224,000) | (431,000) | (1,005,000) |
Cash paid to acquire Cellana assets | (100,000) | ||
Net cash used in investing activities | (224,000) | (531,000) | (1,005,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payments on short-term contract obligation | (247,000) | (110,000) | |
Net draws (payments) on line of credit | 1,500,000 | (111,000) | |
Proceeds from long-term debt – related party | 1,500,000 | ||
Proceeds from long-term debt, net of costs | 166,000 | ||
Principal payments on long-term debt | (611,000) | (576,000) | (538,000) |
Payments on capitalized leases | (57,000) | (66,000) | (90,000) |
Shares withheld for tax payments | (31,000) | (32,000) | |
Proceeds from issuance of common stock and exercise of stock options | 4,000 | 108,000 | 75,000 |
Net cash provided by (used in) financing activities | 558,000 | 824,000 | (498,000) |
Net increase (decrease) in cash | 1,577,000 | (554,000) | (13,000) |
Cash and restricted cash at beginning of year | 840,000 | 1,394,000 | 1,407,000 |
Cash and restricted cash at end of year | 2,417,000 | 840,000 | 1,394,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Interest | 618,000 | 380,000 | 413,000 |
Income taxes | |||
Non-cash financing activities: | |||
Less: Issuance of short-term obligation | (395,000) | ||
Cash paid to acquire Cellana assets | 100,000 | ||
Cellana Asset Purchase [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash paid to acquire Cellana assets | (100,000) | ||
Non-cash financing activities: | |||
Purchase of Cellana assets | 495,000 | ||
Cash paid to acquire Cellana assets | $ 100,000 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 12 Months Ended |
Mar. 31, 2020 | |
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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The accompanying consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”). Intercompany balances and transactions have been eliminated in consolidation. Liquidity and Debt Covenant Compliance As of March 31, 20 20 $2,417,000 $8,369,000 $840,000 $5,104,000, March 31, 2019. August 30, 2016, June 3, 2016, $2,000,000 March 31, 2020 2019, $2,000,000 August 30, 2020 As of March 31, 2020, $5,249,000 August 2032. March 31, 2019, 0.66:1 1.25:1. March 31, 2019, 1.49:1 1.50:1. June 17, 2019, March 31, 2019, In fiscal 2019, first 2019, August 2018. $1,250,000 fourth 2019, fourth 2019. April 2019, $1,500,000 6 16 March 31, 2020, Funds generated by operating activities and available cash are expected to 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. In fiscal year 2020, Based upon the Company's operating plan and related cash flow and financial projections, cash flows expected to be generated by operating activities and available financing are expected to be sufficient to fund the Company's operations through at least June 30, 2021, March 31, 2021, no March 31, 2021. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions. Financial Instruments The Company applies a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 3 three Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; and ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. Cash, Restricted Cash, Accounts Receivable, Accounts Payable, Accrued Expenses and Customer Deposits Line of Credit, Short-Term Contract Obligations and Long-Term Debt Cash and Restricted Cash Cash primarily consists of cash on hand and cash in bank deposits. Proceeds from equipment loans are classified as restricted cash until drawn upon. 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: March 31, 20 20 March 31, 201 9 (in thousands) Cash $ 840 $ 1,329 Restricted cash — 65 Cash and restricted cash at beginning of period $ 840 $ 1,394 Cash $ 2,417 $ 840 Restricted cash — — Cash and restricted cash at end of period $ 2,417 $ 840 Concentration Risk The Company maintains its cash accounts in banks located in Hawaii, which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 March 31, 2020 2019 $1,917,000 $340,000, March 31, 2020, two 33% 18% March 31, 2019, two 33% 24% March 31, 2017, two 32% 15% Two three 80% 60% March 31, 2020 2019, Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not not 90 not Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first third may The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Abnormal amounts of freight, handling costs and wasted material (spoilage) are recognized as current period charges and fixed production overhead costs are allocated to inventory based on the normal capacity of production facilities. Normal capacity is defined as the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, and the shorter of the land lease term (see Notes 4 8 Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Capital project costs are accumulated in construction-in-progress until completed, at which time the costs are transferred to the relevant asset and commence depreciation. Repairs and Maintenance costs are expensed in the period incurred. Repairs and maintenance that significantly increase the useful life or value of the asset are capitalized and depreciated over the remaining life of the asset. The Company capitalizes interest cost incurred on funds used to construct property and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. Impairment of Long-Lived Assets Management reviews long-lived assets, such as equipment, leasehold improvements and purchased intangibles subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not Accounting for Asset Retirement Obligations Management evaluates quarterly the potential liability for asset retirement obligations under the Company’s lease for its principal facility and corporate headquarters. No March 31, 2020 2019 8 Revenue Recognition The Company records revenue based on the five 1 2 3 4 5 may not Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling a performance obligation. The Company has elected to exclude sales, use and similar taxes from the measurement of the transaction price. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, which includes costs for trade promotion programs, coupons, returns and early payment discounts. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. The Company reviews and updates these estimates at the end of each reporting period and the impact of any adjustments are recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, the Company considers the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 one Customer contract liabilities consist of customer deposits received in advance of fulfilling an order and are shown separately on the consolidated balance sheets. During the years ended March 31, 2020 2019, $550,000 $133,000, March 31, 2019 2018, one not Research and Development Research and development costs are expensed as incurred and consist primarily of labor, benefits and outside research. Advertising Advertising costs are expensed as incurred. Total advertising expense for the years ended March 31, 2020, 2019 2018 $1,992,000, $2,413,000, $1,548,000, Income Taxes Income taxes are accounted for under the asset and liability method. The asset and liability method require the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using income tax rates applicable to the period in which the tax difference is expected to reverse. Judgment is required in determining any valuation allowance recorded against deferred tax assets, specifically net operating loss carryforwards, tax credit carryforwards and deductible temporary differences that may In evaluating a tax position for recognition, management evaluates whether it is more-likely-than- not not 50% March 31, 2020 2019, no The Company recognizes accrued interest related to unrecognized tax benefits as well as any related penalties in interest expense in its consolidated statements of operations. During the years ended March 31, 2020 2019, no Share-Based Compensation The Company accounts for share-based payment arrangements using fair value. The Company currently has no not The Company utilizes the Black-Scholes option pricing model to determine the fair value of each option award. Expected volatilities are based on the historical volatility of the Company’s common stock over a period consistent with that of the expected term of the options. The expected term of the options is estimated based on factors such as vesting periods, contractual expiration dates and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms. Per Share Amounts Basic earnings (loss) per common share is calculated by dividing net income (loss) for the year by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated by dividing net income for the year by the sum of the weighted average number of common shares outstanding during the year plus the number of potentially dilutive common shares (“dilutive securities”) that were outstanding during the year. Dilutive securities include restricted stock units and stock options granted pursuant to the Company’s stock option plans. Dilutive securities related to the Company’s stock option plans are included in the calculation of diluted earnings per common share using the treasury stock method. Potentially dilutive securities are excluded from the computation of earnings per share in periods in which a net loss is reported, as their effect would be antidilutive. A reconciliation of the numerators and denominators of the basic and diluted income (loss) per common share calculations for the years ended March 31, 2020, 2019 2018 12. Recently Adopted Accounting Pronouncements Effective April 1, 2019, 2016 02, Leases (Topic 842 Leases No. 2018 01, 2018 10, 2018 11, 2018 20 2019 01 No. 2016 02, 842” 842 not 842 not 6. 8 In June 2018, 2018 07, Compensation - Stock Compensation (Topic 718 )” No. 2018 07” No. 2018 07 718 No. 2018 07 first 2020. No. 2018 07 April 1, 2019 no 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 March 31, 2017. 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” first 2021. |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. INVENTORIES Inventories consist of the following as of March 31, 2020 2019: 20 20 201 9 (in thousands) Raw materials $ 397 $ 495 Work in process 4,172 4,032 Finished goods 4,945 6,587 Supplies 139 160 Inventories, net $ 9,653 $ 11,274 The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. The Company expensed abnormal production costs of $0, $250,000 $538,000 March 31, 2020, 2019 2018, $343,000, $176,000 $271,000 March 31, 2020, 2019 2018, |
Note 4 - Equipment and Leasehol
Note 4 - Equipment and Leasehold Improvements | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. EQUIPMENT AND LEASEHOLD IMPROVEMENTS Equipment and leasehold improvements consist of the following as of March 31, 2020 2019: 20 20 201 9 (in thousands) Equipment $ 18,841 $ 18,679 Leasehold improvements 14,736 14,723 Furniture and fixtures 369 348 33,946 33,750 Less accumulated depreciation and amortization (21,179 ) (19,254 ) Construction in-progress 275 256 Equipment and leasehold improvements, net $ 13,042 $ 14,752 Management has determined no March 31, 2020 March 31, 2019, Depreciation and amortization expense were approximately $1,934,000, $1,908,000 $1,877,000 March 31, 2020, 2019 2018, |
Note 5 - Short-term Contract Ob
Note 5 - Short-term Contract Obligation | 12 Months Ended |
Mar. 31, 2020 | |
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 July 15, 2019. March 31, 2020 2019 $0 $137,000, The second $215,000 twelve December 1, 2018 October 15, 2019. $38,000 March 31, 2020. March 31, 2019 $148,000. |
Note 6 - Line of Credit and Lon
Note 6 - Line of Credit and Long-term Debt | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. LINE OF CREDIT AND LONG-TERM DEBT Total debt consists of the following at March 31, 2020 2019 20 20 201 9 (in thousands) Line of credit $ 2,000 $ 2,000 Long-term debt 5,367 6,035 Long-term debt – related party 1,500 — Less current maturities (2,689 ) (2,663 ) Long-term debt, excluding current maturities 6,178 5,372 Less unamortized debt issuance costs (169 ) (200 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 6,009 $ 5,172 Line of Credit and Term Loans On August 30, 2016, June 3, 2016, $2,000,000 4.75% March 31, 2020 5.5% March 31, 2019) 2%, At both March 31, 2020 2019, $2,000,000 August 30, 2019 August 30, 2020. August 30, 2019 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. In 2015, $2,500,000 “2015 July 30, 2015 “2015 2015 $2,500,000, 2015 $500,000 September 18, 2015, The provisions of the 2015 September 1, 2022, seven 7 2015 4.75% 5.5% March 31, 2020 2019, 2.0% first no 6.0%. 2015 5.0% first 2015 1.0% fifth no 2015 $1,027,000 $1,389,000 March 31, 2020 2019, In 2012, $5,500,000 “2012 August 14, 2012 “2012 2012 $2,250,000 $3,250,000, 2012 The provisions of the 2012 first 12 August 14, 2032, nineteen 19 2012 5.5% March 31, 2019 1.0% first no 5.5%. 2012 $4,222,000 $4,439,000 March 31, 2020 2019, The 2015 one $113,900 0.5% December 31 December 31, 2015. 80% 2015 2012 one $214,500 0.25% December 31 December 31, 2012. 80% 2012 $169,000 $200,000 March 31, 2020 2019, Loan Covenants The Company’s Credit Agreement, 2015 2012 March 31, 2020, March 31, 2019, not $5,828,000 $2,000,000. June 17, 2019, March 31, 2019. March 31, 2020 2019. Long-term Debt – Related Party In April 2019, $1,500,000, 1%, 5.5% March 31, 2020, April 2021 ( 16 $1,500,000 March 31, 2020. Equipment Finance Agreement In October 2017, $175,000 4.75%. October 31, 2022. $94,000 $126,000 March 31, 2020 2019, Finance Lease Obligations In August 2016, $52,000 May 2019 36 12.90%. $0 $7,800 March 31, 2020 2019, In February 2016, $51,000 March 2021 60 4.18%. $11,000 $22,000 March 31, 2020 2019, In July 2015, $174,000 July 2020 60 6.57%. $13,000 $52,000 March 31, 2020 2019, At March 31, 2020, one $25,000. Future principal payments under the loans and finance lease obligations at March 31, 2020 Fiscal year ending March 31 (in thousands) 2021 $ 689 2022 2,207 2023 513 2024 285 2025 302 Thereafter 2,870 Total principal payments $ 6,867 |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. ACCRUED EXPENSES Accrued expenses as of March 31, 2020 2019 20 20 201 9 (in thousands) Wages, commissions, bonus and profit sharing $ 295 $ 145 Vacation 301 338 Rent, interest and legal 76 235 Other accrued expenses 177 274 Total accrued expenses $ 849 $ 992 |
Note 8 - Operating Leases
Note 8 - Operating Leases | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 8. OPERATING LEASES The Company’s principal facility and its corporate headquarters are located at the Natural Energy Laboratory of Hawaii Authority (“NELHA”) at Keahole Point in Kailua-Kona, Hawaii. The Company leases two 40 2035 19 2037. not not The Company leases facilities, equipment and land under non-cancelable operating leases expiring through 2037. five March 31, 2020, 2019 2018 $49,000, $54,000 $49,000, Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Right-of-use assets and liabilities were recognized at April 1, 2019 March 31, 2020, 13.9 7.5% $592,000. Supplemental balance sheet information related to leases at March 31, 2020 Operating leases Balance Sheet Classification (in thousands) Right-of-use assets Operating lease right-of-use assets, net $ 3,834 Current lease liabilities Operating lease obligations $ 319 Non-current lease liabilities Long-term operating lease obligations 3,519 Total lease liabilities $ 3,838 Maturities of lease liabilities at March 31, 2020 Year ending March 31 (in thousands) 2021 $ 593 2022 593 2023 537 2024 371 2025 371 Thereafter 3,693 Total undiscounted lease payments 6,158 Less: present value discount (2,320 ) Total lease liability balance $ 3,838 Rent expense, including contingent rent, under operating leases were $623,000, $588,000 $578,000 March 31, 2020, 2019 2018, $28,000, $29,000 $11,000 March 31, 2020, 2019 2018, |
Note 9 - Other Commitments and
Note 9 - Other Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. OTHER COMMITMENTS AND CONTINGENCIES From time to time, the Company may On October 2, 2019, Meridian v. Davis et al. (Cyanotech) No. 19 0536 March 31, 2020, As of March 31, 2020, 2019 2018, $825,000, $951,000 $449,000, ten April 2026 not |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. SHARE-BASED COMPENSATION As of March 31, 2020, two 2016 “2016 2014 “2014 March 31, 2020, two 2005 “2005 2004 “2004 No 2005 2004 On August 25, 2016, 2016 2005 2016 1,300,000 600,000 March 31, 2020, 1,183,415 2016 On August 28, 2014, 2014 2014 350,000 March 31, 2020, 184,400 2014 The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans: As of March 31, 20 20 Authorized Available Outstanding 2016 Plan 1,300,000 1,183,415 67,766 2014 Directors Plan 350,000 184,400 116,724 2005 Plan — — 239,300 2004 Directors Plan — — 12,000 Total 1,650,000 1,367,815 435,790 Stock Options All stock option grants made under the equity-based compensation plans were issued at exercise prices no 2016 2005 2014 No ten 10 $133,000, $77,000 $62,000 March 31, 2020, 2019 2018, 2020, $109,000 A summary of option activity under the Company’s stock plans for the years ended March 31, 2020, 2019 2018 Option Activity Shares Weighted Price Weighted Average (in years) Aggregate Outstanding at March 31, 2017 503,000 $ 4.10 4.7 $ 145,946 Granted 120,000 3.53 Exercised (29,150 ) 2.59 Forfeited (3,700 ) 4.50 Expired (750 ) 1.60 Outstanding at March 31, 2018 589,400 $ 4.06 4.9 $ 675,300 Granted 50,000 3.00 Exercised (49,600 ) 2.17 Expired (50,000 ) 4.82 Outstanding at March 31, 2019 539,800 $ 4.06 4.9 $ 675,300 Granted 5,000 2.11 Exercised (2,112 ) 2.08 Forfeited (104,388 ) 4.58 Expired (120,000 ) 3.53 Outstanding at March 31, 2020 318,300 $ 4.08 3.0 $ — Exercisable at March 31, 2020 280,800 $ 4.22 2.3 $ — The aggregate intrinsic value in the table above is before applicable income taxes and represents the excess amount over the exercise price optionees would have received if all options had been exercised on the last business day of the period indicated, based on the Company’s closing stock price of $2.06, $3.24, $5.10 $3.85 March 31, 2020, 2019, 2018 2017, 2020, 2019 2018 $1,000, $77,000 $67,000, A summary of the Company’s non-vested options for the year ended March 31, 2020 Nonvested Options Shares Weighted Nonvested at March 31, 2019 130,000 $ 1.70 Granted 5,000 1.10 Vested (97,500 ) 1.74 Nonvested at March 31, 2020 37,500 $ 1.52 The weighted average grant-date fair value of stock options granted during fiscal years 2020, 2019 2018 $5,000, $76,000 $67000, 2020, 2019 2018 $169,000, $72,000 $57,000, The following table summarizes the weighted average characteristics of outstanding stock options as of March 31, 2020: Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Exercise Price Number of Weighted Exercise Price $2.11 - $3.70 93,400 5.7 $ 3.19 55,900 $ 3.70 $3.71 - $3.95 146,400 1.4 $ 3.82 146,400 $ 1.41 $3.96 - $5.73 31,000 3.2 $ 5.27 31,000 $ 3.23 $5.74 - $5.91 47,500 2.7 $ 5.85 47,500 $ 2.71 Total stock options 318,300 3.0 $ 4.08 280,800 $ 2.29 The range of fair value assumptions related to options granted during the years ended March 31, 2020, 2019 2018 20 20 201 9 201 8 Exercise Price $ 1.10 $ 3.00 $ 3.83 Volatility 50.61 % 49.94 % 51.91 % Risk Free Rate 1.47 % 2.40 % 2.50 % Vesting Period (in years) 0 4.0 3.0 Forfeiture Rate 0 % 0 % 0 % Expected Life (in years) 6.9 6.3 6.0 Dividend Rate 0 % 0 % 0 % Total unrecognized stock-based compensation expense related to all unvested stock options was $52,000 $180,400, March 31, 2020 2019, 2.8 2.3 Restricted Stock Grants of fully vested restricted stock issued during fiscal years 2020, 2019 2018 74,882, 47,223 57,501 2014 $158,000, $170,000 $276,000 three March 31, 2020, 2019 2018, Restricted Stock Units (“RSUs”) RSUs are service-based awards granted to eligible employees under our 2016 2016 $81,000, $75,000 $62,000 March 31, 2020, 2019 2018, 2020, $6,000 The following table summarizes information related to awarded RSUs: Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2017 25,000 $ 3.85 Granted 28,074 $ 3.92 Vested (8,333 ) $ 3.85 Forfeited (5,066 ) $ 3.92 Nonvested restricted stock units at March 31, 2018 39,675 $ 3.89 Granted 23,923 $ 4.10 Vested (16,003 ) $ 3.88 Forfeited (8,781 ) $ 4.07 Nonvested restricted stock units at March 31, 2019 38,814 $ 3.98 Granted 4,051 $ 2.67 Vested (24,483 ) $ 3.76 Forfeited (5,616 ) $ 4.01 Nonvested restricted stock units at March 31, 2020 12,766 $ 3.98 Total unrecognized stock-based compensation expense related to unvested restricted stock units was $18,000 $108,000 March 31, 2020 2019, 1.3 1.5 On April 5, 2020, 9,400 $2.07 three Common Stock In fiscal 2020, $205,000 |
Note 11 - Common and Preferred
Note 11 - Common and Preferred Stock | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. COMMON AND PREFERRED STOCK The Company has authorized a total of sixty million fifty million ten million None March 31, 2020 2019. |
Note 12 - Earnings (Loss) Per S
Note 12 - Earnings (Loss) Per Share | 12 Months Ended |
Mar. 31, 2020 | |
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 income (loss) per share computations for the years ended March 31, 2020, 2019 2018 Net Income (loss) Shares Per Share (in thousands, except per share amounts) Year ended March 31, 2020: Basic income per share $ 387 5,956 $ 0.06 Effective dilutive securities—Common stock options — 5 — Diluted income per share $ 387 5,961 $ 0.06 Year ended March 31, 2019: Basic and diluted loss per share $ (3,596 ) 5,819 $ (0.62 ) Year ended March 31, 2018: Basic income per share $ 1,025 5,709 $ 0.18 Effective dilutive securities—Common stock options — 72 — Diluted income per share $ 1,025 5,781 $ 0.18 Basic and diluted per share amounts are the same in periods of a net loss, because common share equivalents are anti-dilutive when a net loss is recorded. Diluted earnings per share does not 50,000 March 31, 2019, not 12,766, 38,814 39,675 March 31, 2020, 2019 2018, |
Note 13 - Profit Sharing and 40
Note 13 - Profit Sharing and 401k Plan | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Profit Sharing Plan and 401 Plan Disclosure [Text Block] | 13. PROFIT SHARING AND 401K The Company sponsors a profit sharing plan for all employees not may may 401 may 401 $34,000, $9,100 $91000 March 31, 2020, 2019 2018, 401 two $96,000, $116,000 $117,000 March 31, 2020, 2019 2018, |
Note 14 - Product Line and Geog
Note 14 - Product Line and Geographic Information | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. PRODUCT LINE AND GEOGRAPHIC INFORMATION Disaggregation of Revenue The following table represents revenue disaggregated by major product line and extraction services for the years ended March 31, 2020, 2019 2018 2020 2019 2018 Packaged sales Astaxanthin packaged $ 17,811 $ 18,792 $ 20,560 Spirulina packaged 7,986 7,867 8,815 Total packaged sales 25,797 26,659 29,375 Bulk sales Astaxanthin bulk 1,151 966 1,090 Spirulina bulk 4,404 2,340 3,650 Total bulk sales 5,555 3,306 4,740 Contract extraction revenue 547 237 — Total net sales $ 31,899 $ 30,202 $ 34,115 Cost of sales for contract extraction services for the years ended March 31, 2020 2019 $128,000 $142,000, Net sales by geographic region for the years ended March 31, 2020, 2019 2018 20 20 201 9 201 8 (dollars in thousands) Net sales (1) United States $ 24,855 78 % $ 24,192 80 % $ 26,348 77 % Asia / Pacific 1,848 6 % 2,597 9 % 3,238 9 % Europe 3,659 11 % 2,316 8 % 2,540 8 % Other 1,537 5 % 1,097 3 % 1,989 6 % $ 31,899 100 % $ 30,202 100 % $ 34,115 100 % ( 1 Net sales are attributed to countries based on location of customer. |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. INCOME TAXES Income tax benefit (expense) for the years ended March 31, 2020, 2019 2018 20 20 201 9 201 8 (in thousands) Current: Federal $ 3 $ 4 $ 112 State (12 ) (21 ) (2 ) Total current (expense) benefit (9 ) (17 ) 110 Deferred: Federal — — — State — — — Total deferred expense — — — Income tax (expense) benefit $ (9 ) $ (17 ) $ 110 On December 22, 2017 1, 34% 21% January 1, 2018. March 31, 2018 30.79%. 21% March 31, 2019 On December 22, 2017, No. 118 118" not $1,200,000. no March 31, 2019 March 31, 2018 no The following table reconciles the amount of income taxes computed at the federal rates of 21%, 21% 30.79% March 31, 2020, 2019 2018, March 31, 2020, 2019 2018: 20 20 201 9 201 8 (in thousands) Tax provision at federal statutory income tax rate $ (114 ) $ 752 $ (282 ) Stock based compensation (13 ) 6 (11 ) Decrease (increase) in valuation allowance 159 (1,015 ) 1,565 State income taxes benefit (expense), net of federal income tax effect (2 ) 264 (36 ) State rate adjustment (32 ) (30 ) 3 AMT Credit 3 4 112 Tax Cuts and Jobs Act — — (1,244 ) Other, net (10 ) 2 3 Income tax (expense) benefit $ (9 ) $ (17 ) $ 110 The tax effects of temporary differences related to various assets, liabilities and carry forwards that give rise to deferred tax assets and deferred tax liabilities as of March 31, 20 20 201 9 201 8 20 20 201 9 201 8 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 3,703 $ 3,611 $ 2,903 Inventory 492 509 295 Compensation accrual 136 131 153 Tax credit carry forwards 28 28 36 Interest limitation 3 174 — Operating lease right-of-use assets 1,108 — — Other 25 27 22 Gross deferred tax assets 5,495 4,480 3,409 Less valuation allowance (3,013 ) (3,172 ) (2,158 ) Net deferred tax assets 2,482 1,308 1,251 Operating lease obligations (1,106 ) — — Depreciation and amortization (1,376 ) (1,308 ) (1,251 ) Net deferred tax liabilities (2,482 ) (1,308 ) (1,251 ) Net deferred tax assets (liabilities) $ — $ — $ — In assessing the valuation allowance for deferred tax assets, management considers whether it is more likely than not not As of March 31, 2020, 2019 2018, While the Company’s long-term financial outlook remains positive, the Company concluded that its ability to rely on its long-term outlook as to future taxable income was limited due to the relative weight of the negative evidence from its recent cumulative losses. The Company’s conclusion regarding the need for a valuation allowance against its deferred tax assets could change in the future based on improvements in operating performance, which may At March 31, 2020, Expires March 31, Net Operating Research and 2022 $ 2,839 $ — 2023 1,863 — 2025 — 8 2026 159 2 2027 2,665 — 2028 1,612 1 2031 389 — 2032 44 1 2033 76 16 2034 392 — 2035 18 — 2037 1,680 — 2038 168 — 2039 3,056 — $ 14,961 $ 28 Under the Tax Act, the corporate Alternative Minimum Tax (“AMT”) was repealed. Taxpayers with AMT credit carryovers can use the credits to offset regular tax liability for any taxable year. In addition, the AMT credit is refundable in any taxable year beginning after December 31, 2017 December 31, 2022 50% 100% 2021 2022. $60,000 March 31, 2020. In response to the coronavirus (“COVID- 19” March 2020. may 2018 2020 five not 80% 2018, 2019 2020. 2020 2018 2019, 2019, 100% March 31, 2020 $60,000. At March 31, 2020, $2,640,000. March 31, 2037 2040. March 31, 2020, $7,685,000. March 31, 2030 2040. In addition, the CARES Act loosens the limitation applied to the deductibility of business interest from 30% 50%, 25% 15 100% not March 31, 2020. The following represents the open tax years and jurisdictions that the Company used in its evaluation of tax positions: Open tax years ending March 31, Jurisdiction 2017 - 2020 U.S. Federal 2017 - 2020 State of Hawaii 2016 - 2020 State of California |
Note 16 - Related-party Transac
Note 16 - Related-party Transactions and Balances | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 16. RELATED-PARTY TRANSACTIONS AND BALANCES During the year ended March 31, 2020, $1,500,000 1% April 12, 2021, may During the year ended March 31, 2019, May 5, 2018 one not $120,000 March 31, 2019. |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. SUBSEQUENT EVENTS Pursuant to the Paycheck Protection Program ("PPP") under the CARES Act, on May 5, 2020, one $1,380,000. April 30, 2020, May 5, 2022 1.0% November 5, 2020, may no |
Note 18 - Selected Quarterly Fi
Note 18 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 18. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) First Second Third Fourth Year (in thousands, except per share data) 20 20 Net sales $ 8,071 $ 7,690 $ 7,504 $ 8,634 $ 31,899 Gross profit 3,676 3,063 2,877 3,084 12,700 Net income (loss) (133 ) 228 171 121 387 Net income (loss) per share Basic and diluted (0.02 ) 0.04 0.03 0.01 0.06 201 9 Net sales $ 7,145 $ 6,954 $ 10,044 $ 6,059 $ 30,202 Gross profit 1,836 2,285 4,116 2,229 10,466 Net income (loss) (1,275 ) (1,136 ) 288 (1,473 ) (3,596 ) Net income (loss) per share Basic and diluted (0.22 ) (0.20 ) 0.05 (0.25 ) (0.62 ) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Cyanotech Corporation Valuation and Qualifying Accounts Years Ended March 31, 20 20 , 201 9 and 201 8 (in thousands) Additions Description Balance at Charged to Charged to Deductions Balance at Year Allowance for Doubtful Accounts: 2020 $ 27 $ — $ — $ 14 $ 13 2019 27 — — — 27 2018 49 — — 22 27 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments The Company applies a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 3 three Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: ● Quoted prices for similar assets or liabilities in active markets; ● Quoted prices for identical or similar assets or liabilities in inactive markets; ● Inputs other than quoted prices that are observable for the asset or liability; and ● Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value. Cash, Restricted Cash, Accounts Receivable, Accounts Payable, Accrued Expenses and Customer Deposits Line of Credit, Short-Term Contract Obligations and Long-Term Debt |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Restricted Cash Cash primarily consists of cash on hand and cash in bank deposits. Proceeds from equipment loans are classified as restricted cash until drawn upon. 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: March 31, 20 20 March 31, 201 9 (in thousands) Cash $ 840 $ 1,329 Restricted cash — 65 Cash and restricted cash at beginning of period $ 840 $ 1,394 Cash $ 2,417 $ 840 Restricted cash — — Cash and restricted cash at end of period $ 2,417 $ 840 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration Risk The Company maintains its cash accounts in banks located in Hawaii, which are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 March 31, 2020 2019 $1,917,000 $340,000, March 31, 2020, two 33% 18% March 31, 2019, two 33% 24% March 31, 2017, two 32% 15% Two three 80% 60% March 31, 2020 2019, |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not not 90 not |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first first third may The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, as an expense in the period incurred. Abnormal amounts of freight, handling costs and wasted material (spoilage) are recognized as current period charges and fixed production overhead costs are allocated to inventory based on the normal capacity of production facilities. Normal capacity is defined as the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives for equipment and furniture and fixtures, and the shorter of the land lease term (see Notes 4 8 Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 Capital project costs are accumulated in construction-in-progress until completed, at which time the costs are transferred to the relevant asset and commence depreciation. Repairs and Maintenance costs are expensed in the period incurred. Repairs and maintenance that significantly increase the useful life or value of the asset are capitalized and depreciated over the remaining life of the asset. The Company capitalizes interest cost incurred on funds used to construct property and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Management reviews long-lived assets, such as equipment, leasehold improvements and purchased intangibles subject to amortization for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not |
Asset Retirement Obligation [Policy Text Block] | Accounting for Asset Retirement Obligations Management evaluates quarterly the potential liability for asset retirement obligations under the Company’s lease for its principal facility and corporate headquarters. No March 31, 2020 2019 8 |
Revenue [Policy Text Block] | Revenue Recognition The Company records revenue based on the five 1 2 3 4 5 may not Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling a performance obligation. The Company has elected to exclude sales, use and similar taxes from the measurement of the transaction price. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, which includes costs for trade promotion programs, coupons, returns and early payment discounts. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. The Company reviews and updates these estimates at the end of each reporting period and the impact of any adjustments are recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, the Company considers the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, typically 30 one Customer contract liabilities consist of customer deposits received in advance of fulfilling an order and are shown separately on the consolidated balance sheets. During the years ended March 31, 2020 2019, $550,000 $133,000, March 31, 2019 2018, one not |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs are expensed as incurred and consist primarily of labor, benefits and outside research. |
Advertising Cost [Policy Text Block] | Advertising Advertising costs are expensed as incurred. Total advertising expense for the years ended March 31, 2020, 2019 2018 $1,992,000, $2,413,000, $1,548,000, |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. The asset and liability method require the recognition of deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using income tax rates applicable to the period in which the tax difference is expected to reverse. Judgment is required in determining any valuation allowance recorded against deferred tax assets, specifically net operating loss carryforwards, tax credit carryforwards and deductible temporary differences that may In evaluating a tax position for recognition, management evaluates whether it is more-likely-than- not not 50% March 31, 2020 2019, no The Company recognizes accrued interest related to unrecognized tax benefits as well as any related penalties in interest expense in its consolidated statements of operations. During the years ended March 31, 2020 2019, no |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company accounts for share-based payment arrangements using fair value. The Company currently has no not The Company utilizes the Black-Scholes option pricing model to determine the fair value of each option award. Expected volatilities are based on the historical volatility of the Company’s common stock over a period consistent with that of the expected term of the options. The expected term of the options is estimated based on factors such as vesting periods, contractual expiration dates and historical exercise behavior. The risk-free rates for periods within the contractual life of the options are based on the yields of U.S. Treasury instruments with terms comparable to the estimated option terms. |
Earnings Per Share, Policy [Policy Text Block] | Per Share Amounts Basic earnings (loss) per common share is calculated by dividing net income (loss) for the year by the weighted average number of common shares outstanding during the year. Diluted earnings per common share is calculated by dividing net income for the year by the sum of the weighted average number of common shares outstanding during the year plus the number of potentially dilutive common shares (“dilutive securities”) that were outstanding during the year. Dilutive securities include restricted stock units and stock options granted pursuant to the Company’s stock option plans. Dilutive securities related to the Company’s stock option plans are included in the calculation of diluted earnings per common share using the treasury stock method. Potentially dilutive securities are excluded from the computation of earnings per share in periods in which a net loss is reported, as their effect would be antidilutive. A reconciliation of the numerators and denominators of the basic and diluted income (loss) per common share calculations for the years ended March 31, 2020, 2019 2018 12. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Effective April 1, 2019, 2016 02, Leases (Topic 842 Leases No. 2018 01, 2018 10, 2018 11, 2018 20 2019 01 No. 2016 02, 842” 842 not 842 not 6. 8 In June 2018, 2018 07, Compensation - Stock Compensation (Topic 718 )” No. 2018 07” No. 2018 07 718 No. 2018 07 first 2020. No. 2018 07 April 1, 2019 no 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 March 31, 2017. 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” first 2021. |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Table Text Block] | March 31, 20 20 March 31, 201 9 (in thousands) Cash $ 840 $ 1,329 Restricted cash — 65 Cash and restricted cash at beginning of period $ 840 $ 1,394 Cash $ 2,417 $ 840 Restricted cash — — Cash and restricted cash at end of period $ 2,417 $ 840 |
Property, Plant, and Equipment, Estimated Useful Lives [Table Text Block] | Equipment 3 to 10 Furniture and fixtures 3 to 7 Leasehold improvements 10 to 25 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 20 20 201 9 (in thousands) Raw materials $ 397 $ 495 Work in process 4,172 4,032 Finished goods 4,945 6,587 Supplies 139 160 Inventories, net $ 9,653 $ 11,274 |
Note 4 - Equipment and Leaseh_2
Note 4 - Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 20 20 201 9 (in thousands) Equipment $ 18,841 $ 18,679 Leasehold improvements 14,736 14,723 Furniture and fixtures 369 348 33,946 33,750 Less accumulated depreciation and amortization (21,179 ) (19,254 ) Construction in-progress 275 256 Equipment and leasehold improvements, net $ 13,042 $ 14,752 |
Note 6 - Line of Credit and L_2
Note 6 - Line of Credit and Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 20 20 201 9 (in thousands) Line of credit $ 2,000 $ 2,000 Long-term debt 5,367 6,035 Long-term debt – related party 1,500 — Less current maturities (2,689 ) (2,663 ) Long-term debt, excluding current maturities 6,178 5,372 Less unamortized debt issuance costs (169 ) (200 ) Total long-term debt, net of current maturities and unamortized debt issuance costs $ 6,009 $ 5,172 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal year ending March 31 (in thousands) 2021 $ 689 2022 2,207 2023 513 2024 285 2025 302 Thereafter 2,870 Total principal payments $ 6,867 |
Note 7 - Accrued Expenses (Tabl
Note 7 - Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 20 20 201 9 (in thousands) Wages, commissions, bonus and profit sharing $ 295 $ 145 Vacation 301 338 Rent, interest and legal 76 235 Other accrued expenses 177 274 Total accrued expenses $ 849 $ 992 |
Note 8 - Operating Leases (Tabl
Note 8 - Operating Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Supplement Balance Sheet Information for Operating Lease [Table Text Block] | Operating leases Balance Sheet Classification (in thousands) Right-of-use assets Operating lease right-of-use assets, net $ 3,834 Current lease liabilities Operating lease obligations $ 319 Non-current lease liabilities Long-term operating lease obligations 3,519 Total lease liabilities $ 3,838 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending March 31 (in thousands) 2021 $ 593 2022 593 2023 537 2024 371 2025 371 Thereafter 3,693 Total undiscounted lease payments 6,158 Less: present value discount (2,320 ) Total lease liability balance $ 3,838 |
Note 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Share-based Compensation Shares Authorized Available and Outstanding by Plan [Table Text Block] | As of March 31, 20 20 Authorized Available Outstanding 2016 Plan 1,300,000 1,183,415 67,766 2014 Directors Plan 350,000 184,400 116,724 2005 Plan — — 239,300 2004 Directors Plan — — 12,000 Total 1,650,000 1,367,815 435,790 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option Activity Shares Weighted Price Weighted Average (in years) Aggregate Outstanding at March 31, 2017 503,000 $ 4.10 4.7 $ 145,946 Granted 120,000 3.53 Exercised (29,150 ) 2.59 Forfeited (3,700 ) 4.50 Expired (750 ) 1.60 Outstanding at March 31, 2018 589,400 $ 4.06 4.9 $ 675,300 Granted 50,000 3.00 Exercised (49,600 ) 2.17 Expired (50,000 ) 4.82 Outstanding at March 31, 2019 539,800 $ 4.06 4.9 $ 675,300 Granted 5,000 2.11 Exercised (2,112 ) 2.08 Forfeited (104,388 ) 4.58 Expired (120,000 ) 3.53 Outstanding at March 31, 2020 318,300 $ 4.08 3.0 $ — Exercisable at March 31, 2020 280,800 $ 4.22 2.3 $ — |
Schedule of Nonvested Share Activity [Table Text Block] | Nonvested Options Shares Weighted Nonvested at March 31, 2019 130,000 $ 1.70 Granted 5,000 1.10 Vested (97,500 ) 1.74 Nonvested at March 31, 2020 37,500 $ 1.52 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding Options Exercisable Options Range of Exercise Prices Number Remaining Weighted Exercise Price Number of Weighted Exercise Price $2.11 - $3.70 93,400 5.7 $ 3.19 55,900 $ 3.70 $3.71 - $3.95 146,400 1.4 $ 3.82 146,400 $ 1.41 $3.96 - $5.73 31,000 3.2 $ 5.27 31,000 $ 3.23 $5.74 - $5.91 47,500 2.7 $ 5.85 47,500 $ 2.71 Total stock options 318,300 3.0 $ 4.08 280,800 $ 2.29 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 20 20 201 9 201 8 Exercise Price $ 1.10 $ 3.00 $ 3.83 Volatility 50.61 % 49.94 % 51.91 % Risk Free Rate 1.47 % 2.40 % 2.50 % Vesting Period (in years) 0 4.0 3.0 Forfeiture Rate 0 % 0 % 0 % Expected Life (in years) 6.9 6.3 6.0 Dividend Rate 0 % 0 % 0 % |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Nonvested Restricted Stock Units Shares Weighted Nonvested restricted stock units at March 31, 2017 25,000 $ 3.85 Granted 28,074 $ 3.92 Vested (8,333 ) $ 3.85 Forfeited (5,066 ) $ 3.92 Nonvested restricted stock units at March 31, 2018 39,675 $ 3.89 Granted 23,923 $ 4.10 Vested (16,003 ) $ 3.88 Forfeited (8,781 ) $ 4.07 Nonvested restricted stock units at March 31, 2019 38,814 $ 3.98 Granted 4,051 $ 2.67 Vested (24,483 ) $ 3.76 Forfeited (5,616 ) $ 4.01 Nonvested restricted stock units at March 31, 2020 12,766 $ 3.98 |
Note 12 - Earnings (Loss) Per_2
Note 12 - Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income (loss) Shares Per Share (in thousands, except per share amounts) Year ended March 31, 2020: Basic income per share $ 387 5,956 $ 0.06 Effective dilutive securities—Common stock options — 5 — Diluted income per share $ 387 5,961 $ 0.06 Year ended March 31, 2019: Basic and diluted loss per share $ (3,596 ) 5,819 $ (0.62 ) Year ended March 31, 2018: Basic income per share $ 1,025 5,709 $ 0.18 Effective dilutive securities—Common stock options — 72 — Diluted income per share $ 1,025 5,781 $ 0.18 |
Note 14 - Product Line and Ge_2
Note 14 - Product Line and Geographic Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | 2020 2019 2018 Packaged sales Astaxanthin packaged $ 17,811 $ 18,792 $ 20,560 Spirulina packaged 7,986 7,867 8,815 Total packaged sales 25,797 26,659 29,375 Bulk sales Astaxanthin bulk 1,151 966 1,090 Spirulina bulk 4,404 2,340 3,650 Total bulk sales 5,555 3,306 4,740 Contract extraction revenue 547 237 — Total net sales $ 31,899 $ 30,202 $ 34,115 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 20 20 201 9 201 8 (dollars in thousands) Net sales (1) United States $ 24,855 78 % $ 24,192 80 % $ 26,348 77 % Asia / Pacific 1,848 6 % 2,597 9 % 3,238 9 % Europe 3,659 11 % 2,316 8 % 2,540 8 % Other 1,537 5 % 1,097 3 % 1,989 6 % $ 31,899 100 % $ 30,202 100 % $ 34,115 100 % |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 20 20 201 9 201 8 (in thousands) Current: Federal $ 3 $ 4 $ 112 State (12 ) (21 ) (2 ) Total current (expense) benefit (9 ) (17 ) 110 Deferred: Federal — — — State — — — Total deferred expense — — — Income tax (expense) benefit $ (9 ) $ (17 ) $ 110 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 20 20 201 9 201 8 (in thousands) Tax provision at federal statutory income tax rate $ (114 ) $ 752 $ (282 ) Stock based compensation (13 ) 6 (11 ) Decrease (increase) in valuation allowance 159 (1,015 ) 1,565 State income taxes benefit (expense), net of federal income tax effect (2 ) 264 (36 ) State rate adjustment (32 ) (30 ) 3 AMT Credit 3 4 112 Tax Cuts and Jobs Act — — (1,244 ) Other, net (10 ) 2 3 Income tax (expense) benefit $ (9 ) $ (17 ) $ 110 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 20 20 201 9 201 8 (in thousands) Deferred tax assets: Net operating loss carry forwards $ 3,703 $ 3,611 $ 2,903 Inventory 492 509 295 Compensation accrual 136 131 153 Tax credit carry forwards 28 28 36 Interest limitation 3 174 — Operating lease right-of-use assets 1,108 — — Other 25 27 22 Gross deferred tax assets 5,495 4,480 3,409 Less valuation allowance (3,013 ) (3,172 ) (2,158 ) Net deferred tax assets 2,482 1,308 1,251 Operating lease obligations (1,106 ) — — Depreciation and amortization (1,376 ) (1,308 ) (1,251 ) Net deferred tax liabilities (2,482 ) (1,308 ) (1,251 ) Net deferred tax assets (liabilities) $ — $ — $ — |
Schedule of Operating Loss and Tax Credit Carry Forwards [Table Text Block] | Expires March 31, Net Operating Research and 2022 $ 2,839 $ — 2023 1,863 — 2025 — 8 2026 159 2 2027 2,665 — 2028 1,612 1 2031 389 — 2032 44 1 2033 76 16 2034 392 — 2035 18 — 2037 1,680 — 2038 168 — 2039 3,056 — $ 14,961 $ 28 |
Summary of Income Tax Contingencies [Table Text Block] | Open tax years ending March 31, Jurisdiction 2017 - 2020 U.S. Federal 2017 - 2020 State of Hawaii 2016 - 2020 State of California |
Note 18 - Selected Quarterly _2
Note 18 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Year (in thousands, except per share data) 20 20 Net sales $ 8,071 $ 7,690 $ 7,504 $ 8,634 $ 31,899 Gross profit 3,676 3,063 2,877 3,084 12,700 Net income (loss) (133 ) 228 171 121 387 Net income (loss) per share Basic and diluted (0.02 ) 0.04 0.03 0.01 0.06 201 9 Net sales $ 7,145 $ 6,954 $ 10,044 $ 6,059 $ 30,202 Gross profit 1,836 2,285 4,116 2,229 10,466 Net income (loss) (1,275 ) (1,136 ) 288 (1,473 ) (3,596 ) Net income (loss) per share Basic and diluted (0.22 ) (0.20 ) 0.05 (0.25 ) (0.62 ) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Additions Description Balance at Charged to Charged to Deductions Balance at Year Allowance for Doubtful Accounts: 2020 $ 27 $ — $ — $ 14 $ 13 2019 27 — — — 27 2018 49 — — 22 27 |
Note 1 - Organization and Bas_2
Note 1 - Organization and Basis of Presentation (Details Textual) | 12 Months Ended | |||||
Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Aug. 30, 2019 | Apr. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Aug. 30, 2016USD ($) | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 840,000 | $ 2,417,000 | $ 1,329,000 | |||
Working Capital (Deficit) | 5,104,000 | 8,369,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000 | |||||
Line of Credit, Current | $ 2,000,000 | 2,000,000 | ||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 5,249,000 | |||||
Unsecured Subordinated Loan From Skywords [Member] | ||||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||
First Foundation Bank [Member] | ||||||
Debt Service Coverage Ratio | (0.66) | |||||
Debt Covenant, Minimum Debt Service Coverage Ratio | 1.25 | |||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||||
Line of Credit, Current | $ 2,000,000 | $ 2,000,000 | ||||
Current Ratio | 1.49 | |||||
Debt Covenant, Minimum Current Ratio | 1.5 | 1.5 | ||||
Proceeds from Lines of Credit, Total | $ 1,250,000 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Cash, Uninsured Amount | $ 1,917,000 | $ 340,000 | |
Asset Retirement Obligation, Ending Balance | 0 | 0 | |
Contract with Customer, Liability, Revenue Recognized | 550,000 | 133,000 | |
Advertising Expense | 1,992,000 | 2,413,000 | $ 1,548,000 |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 2 | 2 | 2 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 1 [Member] | |||
Concentration Risk, Percentage | 33.00% | 33.00% | 32.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Number 2 [Member] | |||
Concentration Risk, Percentage | 18.00% | 24.00% | 15.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 2 | 3 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 80.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member] | |||
Concentration Risk, Percentage | 60.00% |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Polices - Reconciliation of Cash and Restricted Cash (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Cash | $ 840,000 | $ 1,329,000 | |
Restricted cash | 65,000 | ||
Cash and restricted cash at beginning of year | 840,000 | 1,394,000 | $ 1,407,000 |
Cash | 2,417,000 | 840,000 | 1,329,000 |
Restricted cash | 65,000 | ||
Cash and restricted cash at end of year | $ 2,417,000 | $ 840,000 | $ 1,394,000 |
Note 2 - Significant Accounti_5
Note 2 - Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Equipment [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 10 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 25 years |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Inventory Abnormal Production Costs | $ 0 | $ 250,000 | $ 538,000 |
Non Inventoriable Fixed Costs | $ 343,000 | $ 176,000 | $ 271,000 |
Note 3 - Inventories - Componen
Note 3 - Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Raw materials | $ 397 | $ 495 |
Work in process | 4,172 | 4,032 |
Finished goods | 4,945 | 6,587 |
Supplies | 139 | 160 |
Inventories, net | $ 9,653 | $ 11,274 |
Note 4 - Equipment and Leaseh_3
Note 4 - Equipment and Leasehold Improvements (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Asset Impairment Charges, Total | $ 0 | $ 0 | |
Depreciation, Depletion and Amortization, Total | $ 1,934,000 | $ 1,908,000 | $ 1,877,000 |
Note 4 - Equipment and Leaseh_4
Note 4 - Equipment and Leasehold Improvements - Components of Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Equipment and leasehold improvements, gross | $ 33,946 | $ 33,750 |
Less accumulated depreciation and amortization | (21,179) | (19,254) |
Construction in-progress | 275 | 256 |
Equipment and leasehold improvements, net | 13,042 | 14,752 |
Equipment [Member] | ||
Equipment and leasehold improvements, gross | 18,841 | 18,679 |
Leasehold Improvements [Member] | ||
Equipment and leasehold improvements, gross | 14,736 | 14,723 |
Furniture and Fixtures [Member] | ||
Equipment and leasehold improvements, gross | $ 369 | $ 348 |
Note 5 - Short-term Contract _2
Note 5 - Short-term Contract Obligation (Details Textual) | Nov. 30, 2018USD ($)a | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
Payments to Acquire Buildings | $ 100,000 | |||
Issuance of Short Term Obligations | (395,000) | |||
Short-term Non-bank Loans and Notes Payable | 38,000 | 285,000 | ||
Short-term Obligation for Cellana Asset Purchase [Member] | ||||
Debt Instrument, Face Amount | $ 180,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
Debt Instrument, Periodic Payment, Number of Monthly Payments | 4 | |||
Short-term Non-bank Loans and Notes Payable | 0 | 137,000 | ||
Short-term Obligation for Cellana Asset Purchase 2 [Member] | ||||
Debt Instrument, Face Amount | $ 215,000 | |||
Debt Instrument, Periodic Payment, Number of Monthly Payments | 12 | |||
Short-term Non-bank Loans and Notes Payable | 148,000 | |||
Debt Instrument, Hold-back, Amount | 38,000 | |||
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 | |||
Research Facility Owned by Cellana [Member] | ||||
Area of Real Estate Property (Acre) | a | 6 |
Note 6 - Line of Credit and L_3
Note 6 - Line of Credit and Long-term Debt (Details Textual) | Apr. 30, 2019USD ($) | Aug. 30, 2016USD ($) | Sep. 18, 2015USD ($) | Jul. 30, 2015USD ($) | Aug. 14, 2012USD ($) | Aug. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Jul. 31, 2015USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Aug. 30, 2019 | Oct. 06, 2017USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||||||||||
Line of Credit, Current | 2,000,000 | $ 2,000,000 | ||||||||||
Repayments of Notes Payable | $ 500,000 | |||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | 5,249,000 | |||||||||||
Debt Issuance Costs, Net, Total | 169,000 | 200,000 | ||||||||||
Long-term Debt, Total | 6,867,000 | |||||||||||
Finance Lease, Cost | 25,000 | |||||||||||
Finance Lease Agreement with Bank of the West [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.18% | |||||||||||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 52,000 | $ 51,000 | ||||||||||
Finance Lease Liability, Number of Periodic Payments | 60 | |||||||||||
Finance Lease, Liability, Total | 11,000 | 22,000 | ||||||||||
Finance Lease Agreement with Thermo Fisher Financial [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.90% | |||||||||||
Finance Lease Liability, Number of Periodic Payments | 36 | |||||||||||
Finance Lease, Liability, Total | 0 | 7,800 | ||||||||||
Finance Lease Agreement with Huntington Technology Finance [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.57% | |||||||||||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 174,000 | |||||||||||
Finance Lease Liability, Number of Periodic Payments | 60 | |||||||||||
Finance Lease, Liability, Total | 13,000 | 52,000 | ||||||||||
Unsecured Subordinated Loan [Member] | ||||||||||||
Long-term Debt, Gross | $ 1,500,000 | |||||||||||
Maximum [Member] | ||||||||||||
Lessee, Finance Lease, Remaining Lease Term (Year) | 1 year | |||||||||||
The 2015 Loan Agreement [Member] | ||||||||||||
Proceeds from Issuance of Debt | $ 2,500,000 | |||||||||||
Debt Instrument, Term (Year) | 7 years | |||||||||||
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 | $ 1,027,000 | $ 1,389,000 | ||||||||||
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% | |||||||||||
The 2015 Loan Agreement [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||
Term Loan Agreement, Maturing on August 14, 2032 [Member] | ||||||||||||
Debt Instrument Reference Rate | 5.50% | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||
Proceeds from Issuance of Debt | $ 5,500,000 | |||||||||||
Long-term Debt and Capital Lease Obligations, Current and Noncurrent | $ 4,222,000 | $ 4,439,000 | ||||||||||
Debt Instrument Interest Payment Period (Month) | 1 year | |||||||||||
Debt Instrument Amortization Period (Year) | 19 years | |||||||||||
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% | |||||||||||
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 | |||||||||||
Term Loan Payable [Member] | ||||||||||||
Term Loan subject to Immediate Repayment Due to Debt Agreement Violation | $ 5,828,000 | |||||||||||
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | $ 1,500,000 | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | |||||||||||
Long-term Debt, Gross | $ 1,500,000 | |||||||||||
Equipment Finance Agreement [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 175,000 | |||||||||||
Long-term Debt, Total | $ 94,000 | $ 126,000 | ||||||||||
Prime Rate [Member] | The 2015 Loan Agreement [Member] | ||||||||||||
Debt Instrument Reference Rate | 4.75% | 5.50% | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||
Prime Rate [Member] | Skywords Note [Member] | Unsecured Subordinated Loan [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | ||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | |||||||||||
Line of Credit, Current | $ 2,000,000 | $ 2,000,000 | ||||||||||
Debt Covenant, Minimum Current Ratio | 1.5 | 1.5 | ||||||||||
Line of Credit Subject to Immediate Repayment Due to Debt Agreement Violation | $ 2,000,000 | |||||||||||
First Foundation Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||||||||
Debt Instrument Reference Rate | 4.75% | 5.50% | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Note 6 - Line of Credit and L_4
Note 6 - Line of Credit and Long-term Debt - Summary of Line of Credit and Long-term Debt (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Less current maturities | $ (2,689,000) | $ (2,663,000) |
Long-term debt, excluding current maturities | 6,178,000 | 5,372,000 |
Less unamortized debt issuance costs | (169,000) | (200,000) |
Total long-term debt, net of current maturities and unamortized debt issuance costs | 6,009,000 | 5,172,000 |
Line of Credit [Member] | ||
Long-term debt | 2,000,000 | 2,000,000 |
Long-term Debt, Excluding Related Party Debt [Member] | ||
Long-term debt | 5,367,000 | 6,035,000 |
Unsecured Subordinated Loan [Member] | ||
Long-term debt | $ 1,500,000 |
Note 6 - Line of Credit and L_5
Note 6 - Line of Credit and Long-term Debt - Future Payments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2021 | $ 689 |
2022 | 2,207 |
2023 | 513 |
2024 | 285 |
2025 | 302 |
Thereafter | 2,870 |
Total principal payments | $ 6,867 |
Note 7 - Accrued Expenses - Com
Note 7 - Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Wages, commissions, bonus and profit sharing | $ 295 | $ 145 |
Vacation | 301 | 338 |
Rent, interest and legal | 76 | 235 |
Other accrued expenses | 177 | 274 |
Total accrued expenses | $ 849 | $ 992 |
Note 8 - Operating Leases (Deta
Note 8 - Operating Leases (Details Textual) | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Operating Leases, Expense, Contingent Rentals | $ 49,000 | $ 54,000 | $ 49,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 13 years 328 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 7.50% | ||
Operating Lease, Cost | $ 592,000 | ||
Operating Lease, Expense | 623,000 | 588,000 | 578,000 |
Payments for Property Taxes | $ 28,000 | $ 29,000 | $ 11,000 |
HAWAII1 [Member] | |||
Leases, Number of Lease Properties | 2 | ||
HAWAII1 [Member] | Commercial Lease Expiring in 2035 [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 40 years | ||
HAWAII1 [Member] | Commercial Lease Expiring in 2037 [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 19 years |
Note 8 - Operating Leases - Sup
Note 8 - Operating Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Right-of-use assets | $ 3,834 | |
Current lease liabilities | 319 | |
Non-current lease liabilities | 3,519 | |
Total lease liabilities | $ 3,838 |
Note 8 - Operating Leases - Ope
Note 8 - Operating Leases - Operating Leases Maturities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2021 | $ 593 |
2022 | 593 |
2023 | 537 |
2024 | 371 |
2025 | 371 |
Thereafter | 3,693 |
Total undiscounted lease payments | 6,158 |
Less: present value discount | (2,320) |
Total lease liability balance | $ 3,838 |
Note 9 - Other Commitments an_2
Note 9 - Other Commitments and Contingencies (Details Textual) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Purchase Obligation, Total | $ 825,000 | $ 951,000 | $ 449,000 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) | Apr. 05, 2020$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017$ / shares | Aug. 25, 2016shares | Aug. 28, 2014shares |
Number of Shareholder Approved Share-based Compensation Plans | 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,367,815 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,650,000 | ||||||
Share Price (in dollars per share) | $ / shares | $ 2.06 | $ 3.24 | $ 5.10 | $ 3.85 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | $ 1,000 | $ 77,000 | $ 67,000 | ||||
ShareBased Compensation Arrangement By Share Based Payment Award Weighted Average Grant Date Fair Value Options Granted | $ | 5,000 | 76,000 | 67,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | 169,000 | 72,000 | 57,000 | ||||
Former Executive [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | 205,000 | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | 133,000 | 77,000 | 62,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 52,000 | $ 180,400 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 292 days | 2 years 109 days | |||||
Share-based Payment Arrangement, Option [Member] | Former Executive [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | $ 109,000 | ||||||
Restricted Stock [Member] | Non-employee Directors [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | $ 158,000 | $ 170,000 | $ 276,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 74,882 | 47,223 | 57,501 | ||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,051 | 23,923 | 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 (in dollars per share) | $ / shares | $ 2.67 | $ 4.10 | $ 3.92 | ||||
Restricted Stock Units (RSUs) [Member] | Former Executive [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | $ 6,000 | ||||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||||
Share-based Payment Arrangement, Expense | $ | 81,000 | $ 75,000 | $ 62,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 18,000 | $ 108,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 109 days | 1 year 182 days | |||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 9,400 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 2.07 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Maximum [Member] | Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||
The 2005 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,300,000 | ||||||
The 2005 Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized for Issuance in Connection with Performance Awards and Stock Awards (in shares) | 600,000 | ||||||
The 2016 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,183,415 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,300,000 | ||||||
2014 Directors Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 184,400 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 350,000 | 350,000 | |||||
2004 Directors Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plan (Details) - shares | Mar. 31, 2020 | Aug. 25, 2016 | Aug. 28, 2014 |
Authorized (in shares) | 1,650,000 | ||
Available (in shares) | 1,367,815 | ||
Outstanding (in shares) | 435,790 | ||
The 2016 Plan [Member] | |||
Authorized (in shares) | 1,300,000 | ||
Available (in shares) | 1,183,415 | ||
Outstanding (in shares) | 67,766 | ||
2014 Directors Plan [Member] | |||
Authorized (in shares) | 350,000 | 350,000 | |
Available (in shares) | 184,400 | ||
Outstanding (in shares) | 116,724 | ||
The 2005 Plan [Member] | |||
Authorized (in shares) | 1,300,000 | ||
Available (in shares) | 0 | ||
Outstanding (in shares) | 239,300 | ||
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 ($) | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Outstanding (in shares) | 539,800 | 589,400 | 503,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.06 | $ 4.06 | $ 4.10 | |
Outstanding, weighted average remaining contractual term (Year) | 3 years | 4 years 328 days | 4 years 328 days | 4 years 255 days |
Outstanding, aggregate intrinsic value | $ 675,300 | $ 675,300 | $ 145,946 | |
Granted (in shares) | 5,000 | 50,000 | 120,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 2.11 | $ 3 | $ 3.53 | |
Exercised (in shares) | (2,112) | (49,600) | (29,150) | |
Exercised, weighted average exercise price (in dollars per share) | $ 2.08 | $ 2.17 | $ 2.59 | |
Forfeited (in shares) | (104,388) | (3,700) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 4.58 | $ 4.50 | ||
Expired (in shares) | (120,000) | (50,000) | (750) | |
Expired, weighted average exercise price (in dollars per share) | $ 3.53 | $ 4.82 | $ 1.60 | |
Outstanding (in shares) | 318,300 | 539,800 | 589,400 | 503,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.08 | $ 4.06 | $ 4.06 | $ 4.10 |
Exercisable (in shares) | 280,800 | |||
Exercisable, weighted average exercise price (in dollars per share) | $ 4.22 | |||
Exercisable, weighted average remaining contractual term (Year) | 2 years 109 days | |||
Exercisable, aggregate intrinsic value |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Summary of Non-vested Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Nonvested (in shares) | 130,000 | ||
Nonvested (in dollars per share) | $ 1.70 | ||
Granted (in shares) | 5,000 | 50,000 | 120,000 |
Granted (in dollars per share) | $ 1.10 | ||
Vested (in shares) | (97,500) | ||
Vested (in dollars per share) | $ 1.74 | ||
Nonvested (in shares) | 37,500 | 130,000 | |
Nonvested (in dollars per share) | $ 1.52 | $ 1.70 |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Summary of the Weighted-average Characteristics of Outstanding Stock Options (Details) | 12 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Outstanding Options Number of Shares (in shares) | shares | 318,300 |
Outstanding Options Remaining Life (Year) | 3 years |
Outstanding Options Weighted Average Price (in dollars per share) | $ 4.08 |
Exercisable Options Number of Shares (in shares) | shares | 280,800 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.29 |
Range 01 [Member] | |
Lower Range of Exercise (in dollars per share) | 2.11 |
Upper Range of Exercise (in dollars per share) | $ 3.70 |
Outstanding Options Number of Shares (in shares) | shares | 93,400 |
Outstanding Options Remaining Life (Year) | 5 years 255 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.19 |
Exercisable Options Number of Shares (in shares) | shares | 55,900 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 3.70 |
Range 02 [Member] | |
Lower Range of Exercise (in dollars per share) | 3.71 |
Upper Range of Exercise (in dollars per share) | $ 3.95 |
Outstanding Options Number of Shares (in shares) | shares | 146,400 |
Outstanding Options Remaining Life (Year) | 1 year 146 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 3.82 |
Exercisable Options Number of Shares (in shares) | shares | 146,400 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 1.41 |
Range 03 [Member] | |
Lower Range of Exercise (in dollars per share) | 3.96 |
Upper Range of Exercise (in dollars per share) | $ 5.73 |
Outstanding Options Number of Shares (in shares) | shares | 31,000 |
Outstanding Options Remaining Life (Year) | 3 years 73 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5.27 |
Exercisable Options Number of Shares (in shares) | shares | 31,000 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 3.23 |
Range 04 [Member] | |
Lower Range of Exercise (in dollars per share) | 5.74 |
Upper Range of Exercise (in dollars per share) | $ 5.91 |
Outstanding Options Number of Shares (in shares) | shares | 47,500 |
Outstanding Options Remaining Life (Year) | 2 years 255 days |
Outstanding Options Weighted Average Price (in dollars per share) | $ 5.85 |
Exercisable Options Number of Shares (in shares) | shares | 47,500 |
Exercisable Options Weighted Average Price (in dollars per share) | $ 2.71 |
Note 10 - Share-based Compens_8
Note 10 - Share-based Compensation - Summary of Valuation Assumptions Related to Options Granted (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Exercise Price (in dollars per share) | $ 1.10 | $ 3 | $ 3.83 |
Volatility | 50.61% | 49.94% | 51.91% |
Risk Free Rate | 1.47% | 2.40% | 2.50% |
Vesting Period (Year) | 0 years | 4 years | 3 years |
Forfeiture Rate | 0.00% | 0.00% | 0.00% |
Expected Life (Year) | 6 years 328 days | 6 years 109 days | 6 years |
Dividend Rate | 0.00% | 0.00% | 0.00% |
Note 10 - Share-based Compens_9
Note 10 - Share-based Compensation - Restricted Stock Units (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Nonvested restricted stock units (in shares) | 435,790 | ||
Restricted Stock Units (RSUs) [Member] | |||
Nonvested restricted stock units (in shares) | 38,814 | 39,675 | 25,000 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ 3.98 | $ 3.89 | $ 3.85 |
Granted (in shares) | 4,051 | 23,923 | 28,074 |
Granted, weighted average grant price (in dollars per share) | $ 2.67 | $ 4.10 | $ 3.92 |
Vested (in shares) | (24,483) | (16,003) | (8,333) |
Vested, weighted average grant price (in dollars per share) | $ (3.76) | $ (3.88) | $ (3.85) |
Forfeited (in shares) | (5,616) | (8,781) | (5,066) |
Forfeited, weighted average grant price (in dollars per share) | $ 4.01 | $ 4.07 | $ 3.92 |
Vested, weighted average grant price (in dollars per share) | $ 3.76 | $ 3.88 | $ 3.85 |
Nonvested restricted stock units (in shares) | 12,766 | 38,814 | 39,675 |
Nonvested restricted stock units, weighted average grant price (in dollars per share) | $ 3.98 | $ 3.98 | $ 3.89 |
Note 11 - Common and Preferre_2
Note 11 - Common and Preferred Stock (Details Textual) - shares | Mar. 31, 2020 | Mar. 31, 2019 |
Shares Authorized (in shares) | 60,000,000 | |
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued, Total (in shares) | 0 | 0 |
Note 12 - Earnings (Loss) Per_3
Note 12 - Earnings (Loss) Per Share (Details Textual) - shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 50,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 12,766 | 38,814 | 39,675 |
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, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 121 | $ 171 | $ 228 | $ (133) | $ (1,473) | $ 288 | $ (1,136) | $ (1,275) | $ 387 | $ (3,596) | $ 1,025 |
Shares outstanding - basic (in shares) | 5,956 | 5,819 | 5,709 | ||||||||
Earnings per share - basic (in dollars per share) | $ 0.06 | $ (0.62) | $ 0.18 | ||||||||
Effective dilutive securities—Common stock options | |||||||||||
Effective dilutive securities—Common stock options oustanding (in shares) | 5 | 72 | |||||||||
Net income - diluted | $ 387 | $ 1,025 | |||||||||
Shares outstanding - diluted (in shares) | 5,961 | 5,819 | 5,781 | ||||||||
Earnings per share - diluted (in dollars per share) | $ 0.06 | $ (0.62) | $ 0.18 | ||||||||
Basic and diluted loss per share (in shares) | 5,819 | ||||||||||
Basic and diluted loss per share (in dollars per share) | $ 0.01 | $ 0.03 | $ 0.04 | $ (0.02) | $ (0.25) | $ 0.05 | $ (0.20) | $ (0.22) | $ 0.06 | $ (0.62) |
Note 13 - Profit Sharing and _2
Note 13 - Profit Sharing and 401k Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Profit Sharing Defined Contribution Plan [Member] | |||
Defined Contribution Plan, Cost | $ 34,000 | $ 9,100 | $ 91,000 |
Defined Contribution 401K Plan [Member] | |||
Defined Contribution Plan, Cost | $ 96,000 | $ 116,000 | $ 117,000 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
Note 14 - Product Line and Ge_3
Note 14 - Product Line and Geographic Information (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cost of Goods and Services Sold, Total | $ 19,199,000 | $ 19,736,000 | $ 20,744,000 |
Contract Extraction [Member] | |||
Cost of Goods and Services Sold, Total | $ 128,000 | $ 142,000 |
Note 14 - Product Line and Ge_4
Note 14 - Product Line and Geographic Information - Net Sales by Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Total net sales | $ 31,899 | $ 30,202 | $ 34,115 |
Packaged Astaxanthin [Member] | |||
Total net sales | 17,811 | 18,792 | 20,560 |
Packaged Spirulina [Member] | |||
Total net sales | 7,986 | 7,867 | 8,815 |
Packaged Products [Member] | |||
Total net sales | 25,797 | 26,659 | 29,375 |
Bulk Astaxanthin [Member] | |||
Total net sales | 1,151 | 966 | 1,090 |
Bulk Spirulina [Member] | |||
Total net sales | 4,404 | 2,340 | 3,650 |
Bulk Products [Member] | |||
Total net sales | 5,555 | 3,306 | 4,740 |
Contract Extraction [Member] | |||
Total net sales | $ 547 | $ 237 |
Note 14 - Product Line and Ge_5
Note 14 - Product Line and Geographic Information - Sales by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Net sales | $ 31,899 | $ 30,202 | $ 34,115 | |
Geographic Concentration Risk [Member] | ||||
Net sales | [1] | $ 31,899 | $ 30,202 | $ 34,115 |
Net sales, percent | [1] | 100.00% | 100.00% | 100.00% |
Geographic Concentration Risk [Member] | UNITED STATES | ||||
Net sales | [1] | $ 24,855 | $ 24,192 | $ 26,348 |
Net sales, percent | [1] | 78.00% | 80.00% | 77.00% |
Geographic Concentration Risk [Member] | Asia Pacific [Member] | ||||
Net sales | [1] | $ 1,848 | $ 2,597 | $ 3,238 |
Net sales, percent | [1] | 6.00% | 9.00% | 9.00% |
Geographic Concentration Risk [Member] | Europe [Member] | ||||
Net sales | [1] | $ 3,659 | $ 2,316 | $ 2,540 |
Net sales, percent | [1] | 11.00% | 8.00% | 8.00% |
Geographic Concentration Risk [Member] | Other Countries [Member] | ||||
Net sales | [1] | $ 1,537 | $ 1,097 | $ 1,989 |
Net sales, percent | [1] | 5.00% | 3.00% | 6.00% |
[1] | Net sales are attributed to countries based on location of customer. |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 30.79% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 1,200,000 | ||
Tax Credit Carryforward, Amount | $ 28,000 | ||
Operating Loss Carryforwards, Total | 14,961,000 | ||
California Franchise Tax Board [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | 2,640,000 | ||
Hawaii Department of Taxation [Member] | State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | 7,685,000 | ||
AMT [Member] | |||
Tax Credit Carryforward, Amount | $ 60,000 | ||
Taxable Year Beginning After 2017 and Before 2022 [Member] | |||
Alternative Minimum Tax Refund Percentage | 50.00% | ||
taxable years beginning in 2021 [Member] | |||
Alternative Minimum Tax Refund Percentage | 100.00% |
Note 15 - Income Taxes - Compon
Note 15 - Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Federal | $ 3 | $ 4 | $ 112 |
State | (12) | (21) | (2) |
Total current (expense) benefit | (9) | (17) | 110 |
Federal | |||
State | |||
Total deferred expense | |||
Income tax (expense) benefit | $ (9) | $ (17) | $ 110 |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of the Amount of Income Taxes Computed at the Federal Statutory Rate to the Amount Reflected in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Tax provision at federal statutory income tax rate | $ (114) | $ 752 | $ (282) |
Stock based compensation | (13) | 6 | (11) |
Decrease (increase) in valuation allowance | 159 | (1,015) | 1,565 |
State income taxes benefit (expense), net of federal income tax effect | (2) | 264 | (36) |
State rate adjustment | (32) | (30) | 3 |
AMT Credit | 3 | 4 | 112 |
Tax Cuts and Jobs Act | (1,244) | ||
Other, net | (10) | 2 | 3 |
Income tax (expense) benefit | $ (9) | $ (17) | $ 110 |
Note 15 - Income Taxes - Effect
Note 15 - Income Taxes - Effects of Temporary Differences Related to Various Assets, Liabilities and Carry Forwards That Give Rise to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Net operating loss carry forwards | $ 3,703 | $ 3,611 | $ 2,903 |
Inventory | 492 | 509 | 295 |
Compensation accrual | 136 | 131 | 153 |
Tax credit carry forwards | 28 | 28 | 36 |
Interest limitation | 3 | 174 | |
Operating lease right-of-use assets | 1,108 | ||
Other | 25 | 27 | 22 |
Gross deferred tax assets | 5,495 | 4,480 | 3,409 |
Less valuation allowance | (3,013) | (3,172) | (2,158) |
Net deferred tax assets | 2,482 | 1,308 | 1,251 |
Operating lease obligations | (1,106) | ||
Depreciation and amortization | (1,376) | (1,308) | (1,251) |
Net deferred tax liabilities | (2,482) | (1,308) | (1,251) |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Note 15 - Income Taxes - Net Op
Note 15 - Income Taxes - Net Operating Loss Carry Forwards and Tax Credit Carry Forwards Available to Offset Future Federal Income Tax (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Operating Loss Carryforwards, Total | $ 14,961 |
Tax Credit Carryforward, Amount | 28 |
Expiration Tax Year 2022 [Member] | |
Operating Loss Carryforwards, Total | 2,839 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2023 [Member] | |
Operating Loss Carryforwards, Total | 1,863 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2025 [Member] | |
Operating Loss Carryforwards, Total | |
Tax Credit Carryforward, Amount | 8 |
Expiration Tax Year 2026 [Member] | |
Operating Loss Carryforwards, Total | 159 |
Tax Credit Carryforward, Amount | 2 |
Expiration Tax Year 2027 [Member] | |
Operating Loss Carryforwards, Total | 2,665 |
Tax Credit Carryforward, Amount | |
ExpirationTax Year 2028 [Member] | |
Operating Loss Carryforwards, Total | 1,612 |
Tax Credit Carryforward, Amount | 1 |
Expiration Tax Year 2031 [Member] | |
Operating Loss Carryforwards, Total | 389 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2032 [Member] | |
Operating Loss Carryforwards, Total | 44 |
Tax Credit Carryforward, Amount | 1 |
Expiration Tax Year 2033 [Member] | |
Operating Loss Carryforwards, Total | 76 |
Tax Credit Carryforward, Amount | 16 |
Expiration Tax Year 2034 [Member] | |
Operating Loss Carryforwards, Total | 392 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2035 [Member] | |
Operating Loss Carryforwards, Total | 18 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2037 [Member] | |
Operating Loss Carryforwards, Total | 1,680 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2038 [Member] | |
Operating Loss Carryforwards, Total | 168 |
Tax Credit Carryforward, Amount | |
Expiration Tax Year 2039 [Member] | |
Operating Loss Carryforwards, Total | 3,056 |
Tax Credit Carryforward, Amount |
Note 15 - Income Taxes - Open T
Note 15 - Income Taxes - Open Tax Years and Jurisdictions That the Company Used in Its Evaluation of Tax Positions (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |
Open tax year | 2017 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |
Open tax year | 2020 |
State and Local Jurisdiction [Member] | Hawaii Department of Taxation [Member] | Earliest Tax Year [Member] | |
Open tax year | 2017 |
State and Local Jurisdiction [Member] | Hawaii Department of Taxation [Member] | Latest Tax Year [Member] | |
Open tax year | 2020 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Earliest Tax Year [Member] | |
Open tax year | 2016 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Latest Tax Year [Member] | |
Open tax year | 2020 |
Note 16 - Related-party Trans_2
Note 16 - Related-party Transactions and Balances (Details Textual) - USD ($) | Apr. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Director [Member] | |||
Due to Related Parties, Total | $ 120,000 | ||
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | |||
Debt Instrument, Face Amount | $ 1,500,000 | $ 1,500,000 | |
Skywords Note [Member] | Unsecured Subordinated Loan [Member] | Prime Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) | May 05, 2020USD ($) |
Subsequent Event [Member] | |
Proceeds from Paycheck Protection Program Under CARES Act | $ 1,380,000 |
Note 18 - Selected Quarterly _3
Note 18 - Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 8,634 | $ 7,504 | $ 7,690 | $ 8,071 | $ 6,059 | $ 10,044 | $ 6,954 | $ 7,145 | $ 31,899 | $ 30,202 | |
Gross profit | 3,084 | 2,877 | 3,063 | 3,676 | 2,229 | 4,116 | 2,285 | 1,836 | 12,700 | 10,466 | $ 13,371 |
Net income (loss) | $ 121 | $ 171 | $ 228 | $ (133) | $ (1,473) | $ 288 | $ (1,136) | $ (1,275) | $ 387 | $ (3,596) | $ 1,025 |
Basic and diluted loss per share (in dollars per share) | $ 0.01 | $ 0.03 | $ 0.04 | $ (0.02) | $ (0.25) | $ 0.05 | $ (0.20) | $ (0.22) | $ 0.06 | $ (0.62) |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Balance at Beginning of Year | $ 27 | $ 27 | $ 49 |
Additions Charged to Costs and Expense | |||
Additions Charged to Other Accounts | |||
Deductions | 14 | 22 | |
Balance at End of Year | $ 13 | $ 27 | $ 27 |