CYANOTECH CORP
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 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
FORM 10-Q
INDEX
| PART I. FINANCIAL INFORMATION | ||
|---|---|---|
| Item 1. | Financial Statements | 4 |
| Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 (unaudited) | 4 | |
| Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2024 and 2023 (unaudited) | 5 | |
| Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended September 30, 2024 and 2023 (unaudited) | 6 | |
| Condensed Consolidated Statements of Cash Flows for the six months ended September 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 | 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 share data)
| September 30, 2024 | March 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | $780 | $707 |
| Accounts receivable, net of allowance for credit losses of $11 as of September 30, 2024 and March 31, 2024 | 1,592 | 2,102 |
| Inventories | 7,185 | 7,313 |
| Prepaid expenses and other current assets | 568 | 469 |
| Total current assets | 10,125 | 10,591 |
| Equipment and leasehold improvements, net | 9,505 | 10,109 |
| Operating lease right-of-use assets, net | 4,161 | 4,284 |
| Other assets | 122 | 128 |
| Total assets | $23,913 | $25,112 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $2,132 | $1,439 |
| Accrued expenses | 619 | 757 |
| Customer deposits | 272 | 198 |
| Operating lease obligations, current portion | 533 | 530 |
| Short term debt - bank | 1,000 | 1,240 |
| Line of credit – related party | 2,000 | 1,250 |
| Current maturities of long-term debt | 3,019 | 3,140 |
| Total current liabilities | 9,575 | 8,554 |
| Long-term debt – related party | 1,000 | 1,000 |
| Long-term operating lease obligations | 3,646 | 3,744 |
| Total liabilities | 14,221 | 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 7,142,700 shares at September 30, 2024 and 6,947,246 shares at March 31, 2024 | 143 | 139 |
| Additional paid-in capital | 34,802 | 34,576 |
| Accumulated deficit | (25,253) | (22,901) |
| Total stockholders’ equity | 9,692 | 11,814 |
| Total liabilities and stockholders’ equity | $23,913 | $25,112 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
| Three Months Ended September 30, | Six Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net sales | $5,845 | $6,373 | $11,743 | $11,519 |
| Cost of sales | 4,366 | 4,285 | 8,787 | 7,899 |
| Gross profit | 1,479 | 2,088 | 2,956 | 3,620 |
| Operating expenses: | ||||
| General and administrative | 1,244 | 1,160 | 2,513 | 2,434 |
| Sales and marketing | 1,073 | 1,385 | 2,238 | 2,661 |
| Research and development | 137 | 175 | 221 | 366 |
| Total operating expenses | 2,454 | 2,720 | 4,972 | 5,461 |
| Loss from operations | (975) | (632) | (2,016) | (1,841) |
| Interest expense, net | (175) | (163) | (336) | (323) |
| Loss before income taxes | (1,150) | (795) | (2,352) | (2,164) |
| Income tax expense | — | 2 | — | 2 |
| Net loss | $(1,150) | $(797) | $(2,352) | $(2,166) |
| Net loss per share: | ||||
| Basic | $(0.16) | $(0.13) | $(0.34) | $(0.34) |
| Diluted | $(0.16) | $(0.13) | $(0.34) | $(0.34) |
| Shares used in calculation of net loss per share: | ||||
| Basic | 7,004 | 6,366 | 6,976 | 6,328 |
| Diluted | 7,004 | 6,366 | 6,976 | 6,328 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three months ended September 30, 2024 and 2023
| Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders’ Equity | |
|---|---|---|---|---|---|
| (in thousands, except share data) | |||||
| Balances at June 30, 2024 | 6,948,379 | $139 | $34,624 | $(24,103) | $10,660 |
| Issuances of common stock for Directors Stock Grants | 116,049 | 2 | 92 | — | 94 |
| Issuances of common stock to Directors in lieu of cash for current year board fees | 13,334 | — | 10 | — | 10 |
| Issuances of common stock to Directors in lieu of cash for prior year board fees | 53,333 | 1 | 39 | 40 | |
| Issuances of vested shares of restricted stock | 18,608 | 1 | (5) | — | (4) |
| Shares withheld for tax payments | (7,003) | — | — | — | — |
| Share-based compensation expense | — | — | 42 | — | 42 |
| Net loss | — | — | — | (1,150) | (1,150) |
| Balances at September 30, 2024 | 7,142,700 | $143 | $34,802 | $(25,253) | $9,692 |
| Balances at June 30, 2023 | 6,291,086 | $126 | $33,917 | $(19,003) | $15,040 |
| Issuances of common stock for Directors Stock Grants | 159,493 | 3 | 123 | — | 126 |
| Issuances of vested shares of restricted stock | 35,718 | — | (11) | — | (11) |
| Shares withheld for tax payments | (12,518) | — | — | — | — |
| Share-based compensation expense | — | — | 49 | — | 49 |
| Net loss | — | — | — | (797) | (797) |
| Balances at September 30, 2023 | 6,473,779 | $129 | $34,078 | $(19,800) | $14,407 |
Six months ended September 30, 2024 and 2023
| 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, 2024 | 6,947,246 | $139 | $34,576 | $(22,901) | $11,814 |
| Issuances of common stock for Directors Stock Grants | 116,049 | 2 | 92 | — | 94 |
| Issuances of common stock to Directors in lieu of cash for current year board fees | 13,334 | — | 10 | — | 10 |
| Issuances of common stock to Directors in lieu of cash for prior year board fees | 53,333 | 1 | 39 | 40 | |
| Issuances of vested shares of restricted stock | 20,456 | 1 | (5) | — | (4) |
| Shares withheld for tax payments | (7,718) | — | — | — | — |
| Share-based compensation expense | — | — | 90 | — | 90 |
| Net loss | — | — | — | (2,352) | (2,352) |
| Balances at September 30, 2024 | 7,142,700 | $143 | $34,802 | $(25,253) | $9,692 |
| Balances at March 31, 2023 | 6,271,971 | $125 | $33,856 | $(17,634) | $16,347 |
| Issuances of common stock for Directors Stock Grants | 159,493 | 3 | 123 | — | 126 |
| 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 | — | — | 96 | — | 96 |
| Net loss | — | — | — | (2,166) | (2,166) |
| Balances at September 30, 2023 | 6,473,779 | $129 | $34,078 | $(19,800) | $14,407 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.