CYANOTECH CORP
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 8, 2024
CYAN$0.520.0%Stored close · as of Jul 8, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
INDEX
| PART I. FINANCIAL INFORMATION | ||
|---|---|---|
| Item 1. | Financial Statements | 4 |
| Condensed Consolidated Balance Sheets as of December 31, 2023 and March 31, 2023 (unaudited) | 4 | |
| Condensed Consolidated Statements of Operations for the three and nine months ended December 31, 2023 and 2022 (unaudited) | 5 | |
| Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended December 31, 2023 and 2022 (unaudited) | 6 | |
| Condensed Consolidated Statements of Cash Flows for the nine months ended December 31, 2023 and 2022 (unaudited) | 7 | |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 8 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20 |
| Item 4. | Controls and Procedures | 26 |
| PART II. OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 27 |
| Item 1A | Risk Factors | 27 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 27 |
| Item 3. | Defaults upon Senior Securities | 27 |
| Item 5. | Other Information | 27 |
| Item 6. | Exhibits | 28 |
| SIGNATURES | 29 | |
PART I. ** FINANCIAL INFORMATION**
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
| December 31, 2023 | March 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | $661 | $974 |
| Accounts receivable, net of allowance for credit losses of $11 as of December 31, 2023 and $64 as of March 31, 2023 | 2,036 | 1,331 |
| Inventories | 9,124 | 10,707 |
| Prepaid expenses and other current assets | 464 | 484 |
| Total current assets | 12,285 | 13,496 |
| Equipment and leasehold improvements, net | 10,434 | 11,366 |
| Operating lease right-of-use assets, net | 4,409 | 4,776 |
| Other assets | 126 | 90 |
| Total assets | $27,254 | $29,728 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $1,389 | $1,021 |
| Accrued expenses | 753 | 1,101 |
| Customer deposits | 70 | 89 |
| Operating lease obligations, current portion | 517 | 483 |
| Short term debt - bank | 1,360 | — |
| Line of credit – bank | — | 1,540 |
| Line of credit – related party | 1,250 | 500 |
| Current maturities of long-term debt | 3,199 | 3,369 |
| Total current liabilities | 8,538 | 8,103 |
| Long-term debt, less current maturities | 1,000 | 1,000 |
| Long-term operating lease obligations | 3,883 | 4,275 |
| Other long-term liabilities | — | 3 |
| Total liabilities | 13,421 | 13,381 |
| 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 6,886,600 shares at December 31, 2023 and 6,271,971 shares at March 31, 2023 | 138 | 125 |
| Additional paid-in capital | 34,515 | 33,856 |
| Accumulated deficit | (20,820) | (17,634) |
| Total stockholders’ equity | 13,833 | 16,347 |
| Total liabilities and stockholders’ equity | $27,254 | $29,728 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| Three Months Ended December 31, | Nine Months Ended December 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Net sales | $5,582 | $5,891 | $17,101 | $17,786 |
| Cost of sales | 3,933 | 4,127 | 11,831 | 11,914 |
| Gross profit | 1,649 | 1,764 | 5,270 | 5,872 |
| Operating expenses: | ||||
| General and administrative | 947 | 1,021 | 3,381 | 3,631 |
| Sales and marketing | 1,387 | 1,041 | 4,048 | 3,351 |
| Research and development | 163 | 106 | 530 | 556 |
| Total operating expenses | 2,497 | 2,168 | 7,959 | 7,538 |
| Loss from operations | (848) | (404) | (2,689) | (1,666) |
| Interest expense, net | (172) | (186) | (495) | (333) |
| Loss before income taxes | (1,020) | (590) | (3,184) | (1,999) |
| Income tax expense | — | 8 | 2 | 11 |
| Net loss | $(1,020) | $(598) | $(3,186) | $(2,010) |
| Net loss per share: | ||||
| Basic | $(0.16) | $(0.10) | $(0.50) | $(0.32) |
| Diluted | $(0.16) | $(0.10) | $(0.50) | $(0.32) |
| Shares used in calculation of net loss per share: | ||||
| Basic | 6,554 | 6,272 | 6,404 | 6,235 |
| Diluted | 6,554 | 6,272 | 6,404 | 6,235 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three months ended December 31, 2023 and 2022
| Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | |
|---|---|---|---|---|---|
| (in thousands, except per share data) | |||||
| Balances at September 30, 2023 | 6,473,779 | $129 | $34,078 | $(19,800) | $14,407 |
| Proceeds from the sale of common stock, net of expenses | 400,000 | 8 | 384 | — | 392 |
| Issuances of common stock to Directors in lieu of cash for current year board fees | 12,821 | 1 | 10 | — | 11 |
| Share-based compensation expense | — | — | 43 | — | 43 |
| Net loss | — | — | — | (1,020) | (1,020) |
| Balances at December 31, 2023 | 6,886,600 | $138 | $34,515 | $(20,820) | $13,833 |
| Balances at September 30, 2022 | 6,271,971 | $125 | $33,767 | $(15,606) | $18,286 |
| Share-based compensation expense | — | — | 45 | — | 45 |
| Net loss | — | — | — | (598) | (598) |
| Balances at December 31, 2022 | 6,271,971 | $125 | $33,812 | $(16,204) | $17,733 |
Nine months ended December 31, 2023 and 2022
| Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | |
|---|---|---|---|---|---|
| (in thousands, except per share data) | |||||
| Balances at March 31, 2023 | 6,271,971 | $125 | $33,856 | $(17,634) | $16,347 |
| Proceeds from the sale of common stock, net of expenses | 400,000 | 8 | 384 | 392 | |
| Issuances of common stock to Directors Stock Grants | 159,493 | 3 | 123 | — | 126 |
| Issuances of common stock to Directors in lieu of cash for current year board fees | 12,821 | 1 | 10 | — | 11 |
| Issuances of common stock to Directors in lieu of cash for prior year board fees | 17,672 | — | 15 | — | 15 |
| Issuances of vested shares of restricted stock | 37,996 | 1 | (12) | — | (11) |
| Shares withheld for tax payments | (13,353) | — | — | — | — |
| Share-based compensation expense | — | — | 139 | — | 139 |
| Net loss | — | — | — | (3,186) | (3,186) |
| Balances at December 31, 2023 | 6,886,600 | $138 | $34,515 | $(20,820) | $13,833 |
| Balances at March 31, 2022 | 6,202,223 | $124 | $33,557 | $(14,194) | $19,487 |
| Issuances of common stock to Directors Stock Grants | 64,489 | 1 | 157 | — | 158 |
| Issuances of vested shares of restricted stock | 8,312 | — | (10) | — | (10) |
| Shares withheld for tax payments | (3,053) | — | — | — | — |
| Share-based compensation expense | — | — | 108 | — | 108 |
| Net loss | — | — | — | (2,010) | (2,010) |
| Balances at December 31, 2022 | 6,271,971 | $125 | $33,812 | $(16,204) | $17,733 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.