Cyanotech Corp. Files 2024 10-K

TL;DR

Cyanotech's 2024 10-K shows assets ~$7M, liabilities ~$6.3M. Check financials for full picture.

AI Summary

Cyanotech Corp. filed its 10-K for the fiscal year ending March 31, 2024, reporting total assets of $6,947,246 and total liabilities of $6,271,971. The company's net sales for the period were not explicitly stated in the provided snippet, but it reported revenue figures for prior years. Michael Davis is identified as the Chairman of the Board.

Why It Matters

This filing provides a comprehensive overview of Cyanotech Corp.'s financial health and operational performance for the fiscal year 2024, crucial for investors assessing the company's stability and future prospects.

Risk Assessment

Risk Level: medium — The company's liabilities are close to its total assets, indicating a potentially tight financial position.

Key Numbers

• $6.95M — Total Assets (As of March 31, 2024)
• $6.27M — Total Liabilities (As of March 31, 2024)
• 10,000,000 — Common Stock (Par value of common stock)

Key Players & Entities

• Cyanotech Corp. (company) — Filer of the 10-K
• March 31, 2024 (date) — Fiscal year end
• $6,947,246 (dollar_amount) — Total assets
• $6,271,971 (dollar_amount) — Total liabilities
• Michael Davis (person) — Chairman of the Board

FAQ

Key Financial Figures

• $358,000 — nded March 31, 2024, 2023 and 2022 were $358,000, $441,000 and $439,000, respectively.
• $441,000 — 31, 2024, 2023 and 2022 were $358,000, $441,000 and $439,000, respectively. Natural A
• $439,000 — 23 and 2022 were $358,000, $441,000 and $439,000, respectively. Natural Astaxanthin Pr
• $0.7 m — research and development expenses were $0.7 million, $0.8 million and $0.7 million fo
• $0.8 million — development expenses were $0.7 million, $0.8 million and $0.7 million for the years ended Ma
• $0.7 million — ses were $0.7 million, $0.8 million and $0.7 million for the years ended March 31, 2024, 202

Filing Documents

• cyan20240331_10k.htm (10-K) — 1583KB
• ex_685483.htm (EX-10.20) — 57KB
• ex_685484.htm (EX-10.21) — 41KB
• ex_685485.htm (EX-23.1) — 3KB
• ex_685486.htm (EX-31.1) — 13KB
• ex_685487.htm (EX-31.2) — 14KB
• ex_685488.htm (EX-32.1) — 9KB
• ex_685489.htm (EX-99.1) — 126KB
• cyanotech01.jpg (GRAPHIC) — 4KB
• 0001437749-24-021266.txt ( ) — 8666KB
• cyan-20240331.xsd (EX-101.SCH) — 79KB
• cyan-20240331_cal.xml (EX-101.CAL) — 59KB
• cyan-20240331_def.xml (EX-101.DEF) — 511KB
• cyan-20240331_lab.xml (EX-101.LAB) — 463KB
• cyan-20240331_pre.xml (EX-101.PRE) — 561KB
• cyan20240331_10k_htm.xml (XML) — 1366KB

Risk Factors

Risk Factors 9 1C. Cybersecurity 17 2.

Properties

Properties 17 3.

Legal Proceedings

Legal Proceedings 17 PART II 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 19 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 26 9A

Controls and Procedures

Controls and Procedures 48 9B Other Information 48 PART III 10. Directors and Executive Officers of the Registrant and Corporate Governance 49 11.

Executive Compensation

Executive Compensation 49 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49 13. Certain Relationships and Related Transactions, and Director Independence 49 14. Principal Accountant Fees and Services 49 PART IV 15. Exhibits and Financial Statement Schedules 50 16.

Signatures

Signatures 54 2 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: 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. The following factors, among others

Business

Business Unless otherwise indicated, all references in this report to the "Company", "we", "us", "our", and "Cyanotech" refer to Cyanotech Corporation and its wholly owned subsidiary, Nutrex Hawaii, Inc. ("Nutrex Hawaii" or "Nutrex"), a Hawaii corporation. General We are a world leader in the production of high value natural products derived from microalgae. Incorporated in 1983, we are guided by the principle of providing beneficial, quality microalgal products for health and human nutrition in a sustainable, reliable and environmentally sensitive operation. We are Good Manufacturing Practices ("GMP") certified by Merieux NutriSciences, reinforcing our commitment to quality in our products, quality in our relationships (with our customers, suppliers, employees and the communities we live in), and quality of the environment in which we work. Our products include: BioAstin Hawaiian Astaxanthin - a powerful, natural antioxidant clinically studied to support and maintain the body's natural inflammatory response, to enhance skin, and to support eye, joint and immune health*. It has expanding applications as a human dietary supplement and dietary ingredient; and Hawaiian Spirulina Pacifica - a nutrient-rich superfood dietary supplement clinically supported for natural energy, immune system support, cardiovascular health and as a source of antioxidant carotenoids* *These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease. Microalgae are a diverse group of microscopic plants that have a wide range of physiological and biochemical characteristics and contain, among other things, high levels of natural protein, amino acids, vitamins, pigments and enzymes. Microalgae have the following properties that make commercial production attractive: (1) microalgae grow much faster than land grown plants, often up to 100 times faster; (2) microalgae have uniform cell structures wit

View Full Filing

View this 10-K filing on SEC EDGAR