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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For Quarterly Period Ended December 31, 2023

☐

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From to

Commission File Number 0-14602

CYANOTECH CORPORATION

(Exact name of registrant as specified in its charter)

Nevada	91-1206026
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

73-4460 Queen Kaahumanu Hwy. #102, Kailua-Kona, HI 96740

(Address of principal executive offices)

(808) 326-1353

(Registrant’s telephone number)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.02 par value per share	CYAN	NASDAQ

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of February 2, 2024, the number of shares outstanding of the registrant’s common stock was 6,886,600.

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Report and other presentations made by Cyanotech Corporation (“CYAN”) and its subsidiary contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “expects,” “anticipates,” “intends,” “plan,” “believes,” “predicts”, “estimates” or similar expressions. In addition, any statement concerning future financial performance, ongoing business strategies or prospects and possible future actions are also forward-looking statements. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning CYAN and its subsidiary (collectively, the “Company”), the performance of the industry in which CYAN does business, and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance. You should not place undue reliance on forward-looking statements.

Forward-looking statements speak only as of the date of the Report, presentation or filing in which they are made. Except to the extent required by the Federal Securities Laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Our forward-looking statements in this Report include, but are not limited to:

●

Statements relating to our business strategy;

●

Statements relating to our business objectives; and

●

Expectations concerning future operations, profitability, liquidity and financial resources.

These forward-looking statements are subject to risk, uncertainties and assumptions about us and our operations that are subject to change based on various important factors, some of which are beyond our control, including those factors described in Item 2 of Part I of this quarterly report and in Item 1A of Part I of the Company’s Annual Report on Form 10-K filed on June 27, 2023. Additionally, the following factors, among others, could cause our financial performance to differ significantly from the goals, plans, objectives, intentions and expectations expressed in our forward-looking statements:

●

The added risks associated with or attributed to the current local, national and world economic conditions, including but not limited to, the volatility of crude oil prices, inflation and currency fluctuations;

●

Access to available and reasonable financing on a timely basis;

●

The Company’s inability to generate enough revenues to meet its obligations or repay maturing indebtedness; and

●

Failure of capital projects to operate as expected or meet expected results.

It is not possible to predict or identify all potential risks and uncertainties and the above referenced factors and list do not comprise a complete list of all potential risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in any forward-looking statement contained in this report. All forward-looking statements speak only as of the date of this report and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this report. Except as is required by law, the Company expressly disclaims any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this report. Throughout this report, Cyanotech Corporation, together with its subsidiary, are referred to as “the Company.”

Table of Contents

CYANOTECH CORPORATION

FORM 10-Q

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

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CYANOTECH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

	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

See accompanying notes to condensed consolidated financial statements

Table of Contents

CYANOTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	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

See accompanying notes to condensed consolidated financial statements

Table of Contents

CYANOTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

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

See accompanying notes to condensed consolidated financial statements

Table of Contents

CYANOTECH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

	Nine Months Ended December 31,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(3,186	)	$	(2,010	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		1,206			1,243
Amortization of debt issue costs and other assets		(19	)		33
Amortization of operating leases right-of-use assets		366			324
Share-based compensation expense		276			266
Provision for doubtful accounts		11			35
Net (increase) decrease in assets:
Accounts receivable		(716	)		1,473
Inventories		1,583			(2,108	)
Prepaid expenses and other assets		12			267
Net increase (decrease) in liabilities:
Accounts payable		417			(1,368	)
Accrued expenses		(333	)		(424	)
Customer deposits		(19	)		(67	)
Operating lease obligations		(357	)		(333	)
Other liabilities		(3	)		(14	)
Net cash used in operating activities		(762	)		(2,683	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in equipment and leasehold improvements		(323	)		(1,018	)
Net cash used in investing activities		(323	)		(1,018	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (payments) draws on short term debt and line of credit – bank		(180	)		1,550
Net draws on line of credit – related party		750			500
Principal payments on long-term debt – bank		(179	)		(415	)
Proceeds from the issuance of common stock, net of expenses		392			—
Taxes paid related to net share settlement of restricted stock units		(11	)		(10	)
Net cash provided by financing activities		772			1,625
Net decrease in cash		(313	)		(2,076	)
Cash at beginning of period		974			2,589
Cash at end of period	$	661		$	513

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	420		$	242
Income taxes	$	6		$	27

See accompanying notes to condensed consolidated financial statements

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CYANOTECH CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2023

(Unaudited)

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, and is listed on the NASDAQ Capital Market under the symbol “CYAN”. The Company is engaged in the production of natural products derived from microalgae for the nutritional supplements market.

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 BioAstin® Hawaiian Astaxanthin®, a powerful antioxidant shown to support and maintain the body's natural inflammatory response.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (“SEC”). These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Stockholders’ Equity and Condensed Consolidated Statements of Cash Flows for the periods presented in accordance with GAAP.

Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full fiscal year. The Condensed Consolidated Balance Sheet as of March 31, 2023 was derived from the audited consolidated financial statements. These condensed consolidated financial statements and notes should be read in conjunction with the Company’s audited consolidated financial statements for the year ended March 31, 2023, contained in the Company’s annual report on Form 10-K as filed with the SEC on June 27, 2023.

Liquidity and Going Concern

The accompanying condensed consolidated financial statements as of and for the three and nine months ended December 31, 2023 and 2022, and as of March 31, 2023, have been prepared assuming the Company will continue as a going concern. The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company sustained operating losses and negative cash flows from operations for these same periods. Further, as discussed below, the Company was not in compliance with a debt covenant requirement at March 31, 2023 and First Foundation Bank (the “Bank”) instituted a freeze on additional advances from the Revolving Credit Agreement (“Credit Agreement”). These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expense that may be necessary if the Company was unable to continue as a going concern.

As of December 31, 2023, the Company had cash of $661,000 and working capital of $3,747,000 compared to $974,000 and $5,393,000, respectively, as of March 31, 2023. The Company had a Credit Agreement with the Bank that provided for borrowings up to $2,000,000 on a revolving basis, however, as part of the covenant waiver at March 31, 2023, the borrowings under this line of credit were frozen at $1,770,000. On October 13, 2023, the Bank converted this line of credit to a term loan in the amount of $1,480,000 with a maturity date of August 30, 2024. As of December 31, 2023, the Company had $1,360,000 outstanding on this loan and as of March 31, 2023, the Company had outstanding borrowings of $1,540,000 on the line of credit. (See Note 5).

The Company also has a loan facility with a related party that allows the Company to borrow up to $2,000,000 on a revolving basis (the “Revolver”). At December 31, 2023 and March 31, 2023, the Company had $1,250,000 and $500,000, respectively, outstanding borrowings on the Revolver, which were included in line of credit – related party on the Condensed Consolidated Balance Sheets. The Revolver expires on April 12, 2025 (see Notes 5 and 13).

As of December 31, 2023, the Company had $3,282,000 of debt (“Term Loans”) payable to the Bank that require the payment of principal and interest monthly through August 2032. Pursuant to the Term Loans and the Credit Agreement, the Company is subject to annual financial covenants, customary affirmative and negative covenants and certain subjective acceleration clauses. As of March 31, 2023, the Company debt service coverage ratio fell short of the Bank’s annual requirement. On June 22, 2023, the Bank provided the Company with a letter waiving the covenant violation as of March 31, 2023, but noting that the Bank reserved its right to declare a default in the future if any covenants remain out of compliance at applicable measurement dates.

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On December 15, 2023, the Company completed a private placement (the “Private Placement”) for 400,000 shares of its common stock at a price of $1.00 per share, and incurred legal costs related to the Private Placement of $8,000. The net proceeds of $392,000 were used by the Company for general working capital. (See Note 10).

In April 2019, the Company obtained a loan in the amount of $1,500,000 from a related party. The proceeds were used to pay down accounts payable and for general operating capital purposes. On April 12, 2021, December 14, 2022, and August 14, 2023, the Company amended this loan (see Notes 5 and 13). As of both December 31, 2023 and March 31, 2023, the Company had $1,000,000 outstanding on the related party note. The loan matures on April 12, 2025.

The Company continues to experience a loss from operations as the impacts from the macroeconomic environment led to lower sales across the Company's portfolio on a year-to-date basis. Industry data shows that consumers intake of dietary supplements is not slowing down but may be trading down to private label brands to save on costs. The market for bulk material is increasingly price sensitive with many companies sourcing lower priced international ingredients. Since the second quarter of fiscal year 2023, the Company drew a net of $1,360,000 on its line of credit and $1,250,000 on the Revolver. To address the resulting cash flow challenges, the Company continues to monitor cost savings initiatives implemented in fiscal year 2023, including stopping or slowing production of inventory in alignment with current customer demand, maintaining a reduced headcount and compensation, primarily through attrition and furloughs, respectively, and eliminating certain discretionary selling, general and administrative expenses. The Company has also made changes in the sales and marketing team starting with the Chief Commercial Officer and strengthening the sales team, updating the Company’s marketing materials to emphasize its competitive strengths and raising capital by completing a private placement in the third fiscal quarter of 2024.

Funds generated by operating activities and available cash are the Company’s most significant sources of liquidity for working capital requirements, debt service and funding of maintenance levels of capital expenditures. The Company has developed its operating plan to produce the cash flows necessary to meet all financing requirements. Although the Company has a history of either being in compliance with debt covenants, or obtaining the necessary waivers, execution of its operating plan is dependent on many factors, some of which are not within the control of the Company. However, no assurances can be provided that the Company will achieve its operating plan and cash flow projections for this fiscal year or its projected consolidated financial position as of December 31, 2024. Such estimates are subject to change based on future results and such change could cause future results to vary significantly from expected results.

2.	SIGNIFICANT ACCOUNTING POLICIES

Consolidation

The accompanying condensed consolidated financial statements include the accounts of Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. (“Nutrex Hawaii” or “Nutrex”, collectively the “Company”). All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of any contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Management reviews these estimates and assumptions periodically and reflects the effect of revisions in the period that they are determined to be necessary. Actual results could differ from those estimates and assumptions.

Cash

Cash primarily consists of cash on hand and cash in bank deposits.

Concentration Risk

A significant portion of revenues and accounts receivables are derived from a few major customers. For the three months ended December 31, 2023, two customers individually accounted for 34% and 22% of the Company’s total net sales, and for the three months ended December 31, 2022, one customer accounted for 36% of the Company’s total net sales. For the nine months ended December 31, 2023, two customers individually accounted for 36% and 18% of the Company’s total net sales, and for the nine months ended December 31, 2022, two customers individually accounted for 35% and 8% of the Company’s total net sales. Two customers accounted for 82% and 46% of the Company’s accounts receivable balance as of December 31, 2023 and March 31, 2023, respectively.

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Accounts Receivable

Accounts receivable balances are recorded at the invoiced amount and do not accrue interest. Credit is extended based on evaluation of the customer’s financial condition. Collateral is not required. The allowance for credit losses reflects management’s best estimate of expected credit losses inherent in the accounts receivable balance. Management determines the allowances based on historical experience, specifically identified nonpaying customers and other currently available evidence, including the likelihood of each customer not being able to pay, due to the Company’s small customer and recurring customer base. Management reviews its customer account balances monthly with a focus on significant individual past due balances over 90 days. All other balances are reviewed on a pooled basis. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers or otherwise.

Revenue Recognition

The Company records revenue based on the five-step model which includes: (1) identifying the contract with the customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations; and (5) recognizing revenue when the performance obligations are satisfied. Substantially all of the Company’s revenue is generated by fulfilling orders for the purchase of its microalgal dietary supplements to retailers, wholesalers, or direct to consumers via online channels, with each order considered to be a distinct performance obligation. These orders may be formal purchase orders, verbal phone orders, e-mail orders or orders received online. Shipping and handling activities for which the Company is responsible under the terms and conditions of the order are not accounted for as performance obligations but as fulfillment costs. These activities are required to fulfill the Company’s promise to transfer the goods and are expensed when revenue is recognized.

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 days from the invoice date, which occurs on the date of transfer of control of the products to the customer. Revenue is recognized at the point in time that control of the ordered products is transferred to the customer. Generally, this occurs when the product is delivered, or in some cases, picked up from one of the Company’s distribution centers by the customer. Revenue from extraction services is recognized when control is transferred upon completion of the extraction process.

Customer contract liabilities consist of customer deposits received in advance of fulfilling an order and are shown separately on the consolidated balance sheets. During the three months ended December 31, 2023 and 2022, the Company recognized $6,000 and $2,000, respectively, of revenue from deposits that were included in contract liabilities as of March 31, 2023 and 2022, respectively. During the nine months ended December 31, 2023 and 2022, the Company recognized $24,000 and $94,000, respectively, of revenue from deposits that were included in contract liabilities as of March 31, 2023 and 2022, respectively. The Company’s contracts have a duration of one year or less and therefore, the Company has elected the practical expedient of not disclosing revenues allocated to partially unsatisfied performance obligations.

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Disaggregation of Revenue

The following table represents revenue disaggregated by major product line and extraction services for the:

($ in thousands)	Three Months Ended December 31, 2023		Three Months Ended December 31, 2022
Packaged sales
Astaxanthin packaged	$	3,691	$	3,113
Spirulina packaged		1,277		1,147
Total packaged sales		4,968		4,260

Bulk sales
Astaxanthin bulk		261		378
Spirulina bulk		312		967
Total bulk sales		573		1,345

Contract extraction and R&D services revenue		41		286
Total net sales	$	5,582	$	5,891

($ in thousands)	Nine Months Ended December 31, 2023		Nine Months Ended December 31, 2022
Packaged sales
Astaxanthin packaged	$	10,195	$	9,492
Spirulina packaged		4,447		3,719
Total packaged sales		14,642		13,211

Bulk sales
Astaxanthin bulk		1,168		1,204
Spirulina bulk		1,033		2,844
Total bulk sales		2,201		4,048

Contract extraction and R&D services revenue		258		527
Total net sales	$	17,101	$	17,786

Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses” (“Topic 326”), which was subsequently amended in November 2018 through ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses” (“CECL”). CECL requires entities to estimate lifetime expected credit losses for trade and other receivables, net investment in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. The guidance is effective for interim and annual periods beginning after December 15, 2022. The Company adopted this standard as of April 1, 2023, however, due to the relatively short-term nature of its accounts receivable and history of limited bad debt expense, the impact of this guidance was not significant to the Company’s consolidated financial statements and related disclosure. The Company will continue to evaluate the impact of CECL going forward.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosure” (“ASU 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures. Adjustments to the annual disclosure of income taxes include: a tabulate rate reconciliation comprised of eight specific categories; income taxes paid, disaggregated between significant federal, state, and foreign jurisdictions; eliminating requirements to disclose the nature and estimate of reasonably possible changes to unrecognized tax benefits in the next 12 months or that an estimated range cannot be made; and adds a requirement to disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations disaggregated between domestic and foreign. ASU 2023-09 is effective for public business entities for fiscal years beginning on or after December 15, 2024, with early adoption permitted. The amendments in ASU 2023-09 should be applied on a prospective basis. Retrospective application is permitted.

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3.	INVENTORIES

Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. Inventories consist of the following as of:

	December 31, 2023		March 31, 2023
	(in thousands)
Raw materials	$	1,369	$	1,887
Work in process		2,508		2,049
Finished goods		4,977		6,502
Supplies		270		269
Inventories	$	9,124	$	10,707

The Company recognizes abnormal production costs, including fixed cost variances from normal production capacity, fixed production overhead costs, idle facilities, freight handling costs and spoilage, as an expense in the period incurred, without adjusting overhead absorption rates. Normal production 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. The Company had abnormal production cost recovery of $73,000 and costs of $64,000 to cost of sales for the three months ended December 31, 2023 and 2022, respectively. The Company had abnormal production costs of $60,000 and $90,000 to cost of sales for the nine months ended December 31, 2023 and 2022, respectively.

Beginning in fiscal year 2021 through fiscal year 2023, cultivation of astaxanthin was completed in the first six months of the fiscal year during the most productive months of the year due to the best growing conditions, compared to year-round production in the prior fiscal years. In fiscal year 2024, cultivation of astaxanthin reverted back to year-round in order to manage staffing constraints. The Company calculates total production costs for the year based on normal capacity of production expected to be achieved in a year under normal circumstances. These costs are then allocated into inventory based on the period of production, not including abnormal production costs. Allocating fixed and overhead costs requires management’s judgement to determine when production is outside of the normal range of expected variation in production.

Other non-inventoriable fixed costs of $71,000 and $72,000 were expensed to cost of sales for the three months ended December 31, 2023 and 2022, respectively. Other non-inventoriable fixed costs of $396,000 and $115,000 were expensed to cost of sales for the nine months ended December 31, 2023 and 2022, respectively.

4.	EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Equipment and leasehold improvements consist of the following as of:

	December 31, 2023			March 31, 2023
	(in thousands)
Equipment	$	21,864		$	21,649
Leasehold improvements		15,071			15,038
Furniture and fixtures		419			407
		37,354			37,094
Less accumulated depreciation and amortization		(27,127	)		(25,947	)
Construction-in-progress		207			219
Equipment and leasehold improvements, net	$	10,434		$	11,366

Management has determined that no asset impairment existed as of December 31, 2023. Depreciation and amortization expense were approximately $395,000 and $409,000 for the three months ended December 31, 2023 and 2022, respectively. Depreciation and amortization expense were approximately $1,206,000 and $1,243,000 for the nine months ended December 31, 2023 and 2022, respectively.

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5.	LINE OF CREDIT AND LONG-TERM DEBT

Total debt consists of the following as of:

	December 31, 2023		March 31, 2023
	(in thousands)
Line of credit - bank	$	—	$	1,540
Short-term debt - bank		1,360		—
Line of credit – related party		1,250		500
Long-term debt		3,282		3,461
Long-term debt - related party		1,000		1,000