XML 73 R55.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisitions (Details Narrative) - USD ($)
12 Months Ended
Nov. 05, 2020
Jun. 26, 2020
Jun. 26, 2020
Oct. 31, 2019
Apr. 30, 2019
Mar. 15, 2019
Mar. 15, 2019
Sep. 27, 2018
Mar. 31, 2021
Mar. 31, 2020
Aug. 20, 2018
Cash payment               $ 250,000      
Contingent consideration payable               1,250,000      
Contingent consideration fair value                 $ 119,731 $ 190,377  
Rent expenes   $ 34,071               786,687  
Debt instrument maturity date         Apr. 01, 2020            
Debt instrument, description         The note bears interest per annum at approximately 4.6% payable in arrears monthly.            
Proceeds from notes payable                 4,000,000  
Administrative and Management Services [Member]                      
Inventory purchased during period           $ 1,900,000     3,400,000    
Rent expenes                 405,171 394,128  
Expenses related to support cost                   153,604  
Settlement Agreement [Member]                      
Principal payments   $ 1,269,977 $ 1,269,977                
Payment of note payable related party $ 6,000,000                    
Debt instrument maturity date   Aug. 15, 2021 Aug. 15, 2021                
Debt instrument, description   Pursuant to the Settlement Agreement, the Company shall pay JSC $1,269,977 and shall provide JSC with: (i) two new promissory notes, a note of $5,803,800 related to the Seller Note and note of $2,635,797 for inventory and services, both with a maturity date of August 15, 2021, (ii) general business security agreements granting JSC a security interest in all personal property of the Company. Pursuant to the Notes, the Company is obligated to make monthly payments totaling $204,295 to JSC. In addition, the Notes have a mandatory prepayment provision that comes into effect if the Company conducts a publicly registered offering. Pursuant to such provision, the Company: (a) upon the closing of an Offering of less than $10,000,000 would be obligated to pay the lesser of ninety percent (90%) of the Offering proceeds or seventy (70%) of the then aggregate outstanding balance of the Notes; and (b) upon the closing of an Offering of more than $10,000,000 would be obligated to pay one hundred percent (100%) of the then aggregate outstanding balance of the Notes. The Company was granted an option to repurchase up to 1,000,000 of the shares of the Company's common stock issued to JSC under the Amended APA at a price of $1.50 per share through April 1, 2021 so long as there are no defaults under the Settlement Agreement. Pursuant to the Settlement Agreement, the Company shall pay JSC $1,269,977 and shall provide JSC with: (i) two new promissory notes, a note of $5,803,800 related to the Seller Note and note of $2,635,797 for inventory and services, both with a maturity date of August 15, 2021, (ii) general business security agreements granting JSC a security interest in all personal property of the Company. Pursuant to the Notes, the Company is obligated to make monthly payments totaling $204,295 to JSC. In addition, the Notes have a mandatory prepayment provision that comes into effect if the Company conducts a publicly registered offering. Pursuant to such provision, the Company: (a) upon the closing of an Offering of less than $10,000,000 would be obligated to pay the lesser of ninety percent (90%) of the Offering proceeds or seventy (70%) of the then aggregate outstanding balance of the Notes; and (b) upon the closing of an Offering of more than $10,000,000 would be obligated to pay one hundred percent (100%) of the then aggregate outstanding balance of the Notes. The Company was granted an option to repurchase up to 1,000,000 of the shares of the Company's common stock issued to JSC under the Amended APA at a price of $1.50 per share through April 1, 2021 so long as there are no defaults under the Settlement Agreement.                
Settlement Agreement [Member] | Maximum [Member]                      
Option grant to repurchase   1,000,000 1,000,000                
Settlement Agreement [Member] | Seller Note [Member]                      
Payment of note payable related party   $ 5,803,800 $ 5,803,800                
Post Closing Transaction Note Reduction [Member]                      
Post-closing changes to the purchase price of transaction       $ 2,596,200         2,596,200    
Decreased Equipment Net [Member]                      
Post-closing changes to the purchase price of transaction       1,871,306         1,871,306    
Reduction in Other Intangible Assets [Member]                      
Post-closing changes to the purchase price of transaction       766,068         766,068    
Increased Accounts Receivable [Member]                      
Post-closing changes to the purchase price of transaction       31,924         31,924    
Increase to Deposits [Member]                      
Post-closing changes to the purchase price of transaction       9,250         9,250    
Decreased Accumulated Amortization [Member]                      
Post-closing changes to the purchase price of transaction       $ 159,530         159,530    
Inventory and Services [Member] | Settlement Agreement [Member]                      
Payment of note payable related party   2,635,797 2,635,797                
SW Kenetics Inc. [Member]                      
Cash payment                   350,000  
Contingent consideration payable                   350,000  
Contingent consideration payable                 589,892 709,623  
Contingent consideration fair value                 $ 119,731 $ 190,377  
Monthly Payments [Member] | Settlement Agreement [Member]                      
Principal payments   204,295 204,295                
Ninety Percent [Member] | Settlement Agreement [Member]                      
Proceeds from notes payable   10,000,000 10,000,000                
Hundred Percent [Member] | Settlement Agreement [Member]                      
Proceeds from notes payable   $ 10,000,000 $ 10,000,000                
SW Kenetics Inc. [Member]                      
Cash payment               250,000      
Contingent consideration payable               1,250,000      
Gain on bargain purchase               1,599,161      
SW Kenetics Inc. [Member] | Patents [Member]                      
Fair value of intangible assets               7,723,166      
SW Kenetics Inc. [Member] | Patents [Member] | Minimum [Member]                      
Fair value of intangible assets               $ 6,124,005      
SW Kenetics Inc. [Member] | Claw Back Provisions [Member]                      
Number of shares issued in acquisition               1,700,002      
Cash payment                     $ 250,000
Common stock weighted average share price                     $ 2.72
SW Kenetics Inc. [Member] | Restricted Stock [Member]                      
Number of shares issued in acquisition               1,700,002      
Jagemann Stamping Company [Member]                      
Number of shares issued in acquisition             4,750,000        
Cash payment           7,000,000 $ 7,000,000        
Contingent consideration payable           $ 10,400,000 $ 10,400,000        
Common stock weighted average share price           $ 2.00 $ 2.00