CYANOTECH CORP
For the period ended Jun 30, 2024. Filed Aug 7, 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.
Jun 30, 2024 · Filed Aug 7, 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 June 30, 2024 and March 31, 2024 (unaudited) | 4 | |
| Condensed Consolidated Statements of Operations for the three months ended June 30, 2024 and 2023 (unaudited) | 5 | |
| Condensed Consolidated Statements of Stockholders’ Equity for the three months ended June 30, 2024 and 2023 (unaudited) | 6 | |
| Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2024 and 2023 (unaudited) | 7 | |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 8 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 18 |
| Item 4. | Controls and Procedures | 23 |
| PART II. OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 24 |
| Item 1A | Risk Factors | 24 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 24 |
| Item 3. | Defaults upon Senior Securities | 24 |
| Item 5. | Other Information | 24 |
| Item 6. | Exhibits | 25 |
| SIGNATURES | 26 | |
PART I. ** FINANCIAL INFORMATION**
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
| June 30, 2024 | March 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | $720 | $707 |
| Accounts receivable, net of allowance for credit losses of $11 as of June 30, 2024 and March 31, 2024 | 2,137 | 2,102 |
| Inventories | 6,961 | 7,313 |
| Prepaid expenses and other current assets | 551 | 469 |
| Total current assets | 10,369 | 10,591 |
| Equipment and leasehold improvements, net | 9,783 | 10,109 |
| Operating lease right-of-use assets, net | 4,156 | 4,284 |
| Other assets | 124 | 128 |
| Total assets | $24,432 | $25,112 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $2,311 | $1,439 |
| Accrued expenses | 587 | 757 |
| Customer deposits | 278 | 198 |
| Operating lease obligations, current portion | 536 | 530 |
| Short term debt - bank | 1,120 | 1,240 |
| Line of credit – related party | 1,250 | 1,250 |
| Current maturities of long-term debt, including $1,000 of related party debt as of June 30, 2024 | 4,080 | 3,140 |
| Total current liabilities | 10,162 | 8,554 |
| Long-term debt – related party | — | 1,000 |
| Long-term operating lease obligations | 3,610 | 3,744 |
| Total liabilities | 13,772 | 13,298 |
| 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 6,948,379 shares at June 30, 2024 and 6,947,246 shares at March 31, 2024 | 139 | 139 |
| Additional paid-in capital | 34,624 | 34,576 |
| Accumulated deficit | (24,103) | (22,901) |
| Total stockholders’ equity | 10,660 | 11,814 |
| Total liabilities and stockholders’ equity | $24,432 | $25,112 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.