Note 9 - Commitments and Contingencies

6 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

9. COMMITMENTS AND CONTINGENCIES

From time to time, the Company

may

be involved in litigation and investigations relating to claims and matters arising out of its operations in the normal course of business.

On

October 2, 2019,

a shareholder of the Company, Meridian OHC Partners, LP (“Meridian”), filed a complaint in the United States District Court, District of Hawaii, against the Board of Directors seeking to proceed derivatively on behalf of the Company. The Company is named as a nominal defendant. The complaint alleges, among other things, that the directors have breached their fiduciary duties, in overseeing the Company. Meridian seeks declaratory and injunctive relief and an award of damages to the Company. The case is

Meridian v. Davis et al. (Cyanotech)

,

No.

19

-cv-

0536

(D. Hawaii). The Company and the defendants filed motions to dismiss, and the court granted these motions and dismissed the complaint with prejudice on

July 15, 2020.