10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

☐TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to        

COMMISSION FILE NO. 0-17629

ADM TRONICS UNLIMITED, INC.
(Exact name of registrant as specified in its charter)

Delaware (State or Other Jurisdiction of Incorporation or or organization) 22-1896032 (I.R.S. Employer Identification Number)

224-S Pegasus Ave., Northvale, New Jersey 07647
(Address of Principal Executive Offices)

Registrant's Telephone Number, including area code: (201) 767-6040

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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, 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 ☒

State the number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date:

The Company has 67,588,492 shares outstanding as of November 14, 2023.

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

INDEX

		Page Number
Part I - Financial Information
Item 1.	Condensed Consolidated Financial Statements (unaudited):
	Condensed Consolidated Balance Sheets –September 30, 2023 (unaudited) and March 31, 2023	3
	Condensed Consolidated Statements of Operations for the three and six months ended September 30, 2023 and 2022 (unaudited)	4
	Condensed Consolidated Statement of Stockholders’ Equity for the three and six months ended September 30, 2023 and 2022 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the six months ended September 30, 2023 and 2022 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	17
Item 4.	Controls and Procedures	18
Part II - Other Information
Item 1.	Legal Proceedings	18
Item 1A.	Risk Factors	18
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 3.	Defaults Upon Senior Securities	18
Item 4.	Mine Safety Disclosures	18
Item 5.	Other Information	19
Item 6.	Exhibits	19

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS 

	September 30,			March 31,
	2023			2023
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	716,323		$	1,003,730
Accounts receivable, net of allowance for credit losses of $429,872 and $694,871 at September 30, 2023 and March 31, 2023, respectively		873,603			497,793
Inventories		396,761			443,465
Prepaid expenses and other current assets		23,904			41,251
Total current assets		2,010,591			1,986,239
Other Assets:
Long-term inventory	$	188,117		$	228,451
Operating lease right-of-use asset		441,053			481,535
Loan receivable		-			209,809
Due from affiliate		-			80,090
Intangible assets, net of accumulated amortization of $24,071 and $22,631 at September 30, 2023 and March 31, 2023, respectively		11,723			13,163
Other assets		90,538			90,538
Total other assets		731,431			1,103,586
Total assets	$	2,742,022		$	3,089,825
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	282,408		$	322,639
Bank overdraft		53,236			134,837
Accrued expenses and other current liabilities		76,709			75,659
PPP loan		8,966			11,656
Line of credit		297,339			112,809
Operating lease liability		86,639			82,917
Customer deposits		363,272			359,723
Due to stockholder		-			13,626
Total current liabilities		1,168,569			1,113,866
Long-term liabilities
Operating lease liability less current portion		366,270			410,474
Total long-term liabilities		366,270			410,474
Total liabilities		1,534,839			1,524,340
Stockholders' equity:
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding		-			-
Common stock, $0.0005 par value; 150,000,000 shares authorized, 67,588,492 shares issued and outstanding		33,794			33,794
Additional paid-in capital		33,601,580			33,599,516
Accumulated deficit		(32,428,191	)		(32,067,825	)
Total stockholders' equity		1,207,183			1,565,485
Total liabilities and stockholders' equity	$	2,742,022		$	3,089,825

See accompanying notes to the unaudited condensed consolidated financial statements

3

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three months ended						Six months ended
	September 30,						September 30,
	2023			2022			2023			2022
Net revenues	$	754,132		$	1,140,268		$	1,516,821		$	2,061,676
Cost of sales		547,980			582,235			985,527			1,120,584
Gross Profit		206,152			558,033			531,294			941,092
Operating expenses:
Research and development		131,743			136,102			262,330			259,702
Selling, general and administrative		302,059			319,039			634,410			613,123
Total operating expenses		433,802			455,141			896,740			872,825
Income (loss) from operations		(227,650	)		102,892			(365,446	)		68,267
Other income (expense):
Interest income		6,592			521			14,593			994
Interest and finance expenses		(7,047	)		(3,370	)		(9,513	)		(7,884	)
Total other income (expense)		(455	)		(2,849	)		5,080			(6,890	)
Income (loss) before provision for income taxes		(228,105	)		100,043			(360,366	)		61,377
Net income (loss)	$	(228,105	)	$	100,043		$	(360,366	)	$	61,377
Basic and diluted per common share:	$	(0.00	)	$	0.00		$	(0.01	)	$	0.00
Weighted average shares of common stock outstanding - basic and diluted		67,588,492			67,588,492			67,588,492			67,588,492

See accompanying notes to the unaudited condensed consolidated financial statements

4

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 

	Common Stock		Common Stock		Additional Paid-in		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance at April 1, 2022		67,588,492	$	33,794	$	33,311,672	$	(31,971,503	)	$	1,373,963
Stock based compensation						287,844					287,844
Net (loss)							$	(38,666	)		(38,666	)
Balance at June 30, 2022		67,588,492	$	33,794	$	33,599,516	$	(32,010,169	)	$	1,623,141
Net (loss)							$	100,043			100,043
Balance at September 30, 2022		67,588,492	$	33,794	$	33,599,516	$	(32,110,212	)	$	1,523,098
Balance at April 1, 2023		67,588,492	$	33,794	$	33,599,516	$	(32,067,825	)	$	1,565,485
Stock based compensation						1,032					1,032
Net (loss)								(132,261	)		(132,261	)
Balance at June 30, 2023		67,588,492	$	33,794	$	33,600,548	$	(32,200,086	)	$	1,434,256
Stock based compensation						1,032					1,032
Net (loss)								(228,105	)		(228,105	)
Balance at September 30, 2023		67,588,492	$	33,794	$	33,601,580	$	(32,428,191	)	$	1,207,183

See accompanying notes to the unaudited condensed consolidated financial statements

5

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 AND 2022

(Unaudited)

	2023			2022
Cash flows from operating activities:
Net loss	$	(360,366	)	$	61,377
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization		1,440			1,440
Write-off of inventories		28,710			23,853
Credit recoveries		(305,090	)		-
Loan impairment		209,809
Non-cash interest expense		11,706			13,780
Amortization of right-to-use asset		40,482			41,051
Stock based compensation		2,064			(2,876	)
Changes in operating assets and liabilities balances:
Accounts receivable		(70,720	)		125,549
Due from affiliate		80,090			-
Inventories		58,328			(121,590	)
Prepaid expenses and other current assets		17,347			46,091
Loan receivable		-			(76,504	)
Accounts payable		(40,231	)		2,685
Bank overdraft		(81,601	)		-
Customer deposits		3,549			(70,995	)
Accrued expenses and other current liabilities		1,050			(56,813	)
Payments of operating lease liability		(52,188	)		(50,937	)
Net cash provided by (used in) operating activities		(455,621	)		(63,889	)
Cash flows provided (used) in financing activities:
Due to shareholder		(13,626	)		(20,373	)
Proceeds from line of credit		192,060			82,424
Repayments of line of credit		(7,530	)		(179,477	)
Borrowing from (repayments to) stockholder		-			-
Proceeds (payments) from/to PPP loan		(2,690	)		(2,690	)
Net cash provided by (used in) financing activities		168,214			(120,116	)
Net decrease in cash and cash equivalents		(287,407	)		(184,005	)
Cash and cash equivalents - beginning of period		1,003,730			1,038,498
Cash and cash equivalents - end of period	$	716,323		$	854,493
Cash paid for:
Interest	$	9,513		$	7,884

See accompanying notes to the unaudited condensed consolidated financial statements

6

ADM TRONICS UNLIMITED, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 

NOTE 1 - NATURE OF BUSINESS

ADM Tronics Unlimited, Inc. (“we”, “us”, the “Company” or “ADM”), was incorporated under the laws of the state of Delaware on November 24, 1969. We are a manufacturing and engineering concern whose principal lines of business are the design, manufacture, and sale of electronics of our own products or on a contract manufacturing basis; the production and sale of chemical and antistatic products; and, research, development and engineering services.

Electronic equipment is manufactured in accordance with customer specifications on a contract basis. Our electronic device product line consists principally of proprietary devices used in diagnostics and therapeutics of humans and animals and electronic controllers for spas and hot tubs. These products are sold to customers located principally in the United States. We are registered with the FDA as a contract manufacturing facility and we manufacture medical devices for customers in accordance with their designs and specifications. Our chemical product line is principally comprised of water-based chemical products used in the food packaging and converting industries, and anti-static conductive paints, coatings and other products. These products are sold to customers located in the United States, Australia, Asia and Europe. We also provide research, development, regulatory, and engineering services to customers. Our Sonotron Medical Systems, Inc. subsidiary (“Sonotron”) is involved in medical electronic therapeutic technology.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared by ADM pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the condensed financial position and operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended March 31, 2023 as disclosed in our annual report on Form 10-K for that year. Unaudited interim results are not necessarily indicative of the results for the full fiscal year ending March 31, 2024. The consolidated balance sheet as of March 31, 2023 was derived from the audited consolidated financial statements as of and for the year then ended.

PRINCIPLES OF CONSOLIDATION

The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron (the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation.

USE OF ESTIMATES

These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our deferred tax assets and related valuation allowance, write down of inventory, impairment of long-lived assets, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates.

FAIR VALUE OF FINANCIAL INSTRUMENTS

For certain of our financial instruments, including accounts receivable, accounts payable, and accrued expenses, the carrying amounts approximate the fair value due to their relatively short maturities.

CASH AND CASH EQUIVALENTS

Cash equivalents are comprised of highly liquid investments with original maturities of three months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At September 30, 2023 and March 31, 2023, approximately $466,000 and $638,000, respectively, exceeded the FDIC limit.

7

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

REVENUE RECOGNITION

ELECTRONICS:

We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited 90-day warranty on our electronics products and contract manufacturing, and a limited 5-year warranty on our electronic controllers for spas and hot tubs. Historically, the amount of warranty expense included in sales of our electronic products have been de minimis. We have no other post shipment obligations. For contract manufacturing, revenues are recognized after shipments of the completed products.

Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $57,000 and $84,000 were recognized as revenues during the three and six months ended September 30, 2023 and $27,000 and $62,000 for the three and six months ended September 30, 2022, respectively.

CHEMICAL PRODUCTS:

Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists.

ENGINEERING SERVICES:

We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services over time as the applicable performance obligations are satisfied.

All revenue is recognized net of discounts.

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. Obsolete inventory is written off based on prior and expected future usage.

Long-Term Inventory: Due to recent shortages of materials relating to supply chain and COVID issues, when an item the Company believes will be used in the future, even beyond the current fiscal year, becomes available, it will purchase as many items as management deems necessary to fulfill future orders.

PROPERTY AND EQUIPMENT

We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five to seven years, the estimated useful lives of the property and equipment. As of September 30, 2023, all fixed assets were fully depreciated.

ADVERTISING COSTS

Advertising costs are expensed as incurred and amounted to $4,434 and $11,133 and $8,796 and $15,031 for the three and six months ended September 30, 2023 and September 30, 2022, respectively.

8

NET LOSS PER SHARE

We compute basic earnings per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive. Common equivalent shares are excluded from the computation of net earnings per share if their effect is anti-dilutive.

There were no anti-dilutive instruments in force during the periods ended September 30, 2023 and 2022, respectively.

Per share basic and diluted income/(loss) amounted to $(0.00) and $0.00 for the three months ended September 30, 2023 and 2022, respectively. Per share basic and diluted income/(loss) amounted to $(0.01) and $0.00 for the six months ended September 30, 2023 and 2022, respectively.

RECLASSIFICATION

Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net loss.

NEW ACCOUNTING STANDARDS

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of April 1, 2023. These standards replace the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected. The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.

NOTE 3 - INVENTORIES      

Inventories at September 30, 2023 consisted of the following:

	Current		Long Term		Total
Raw materials	$	335,572	$	182,119	$	517,691
Finished goods		61,189		5,998		67,187
Totals	$	396,761	$	188,117	$	584,878

Inventories at March 31, 2023 consisted of the following:

	Current		Long Term		Total
Raw materials	$	390,792	$	201,317	$	592,109
Finished goods		52,673		27,134		79,807
Totals	$	443,465	$	228,451	$	671,916

9

NOTE 4 - INTANGIBLE ASSETS

Intangible assets are being amortized using the straight-line method over periods ranging from 10-15 years with a weighted average remaining life of approximately 6 years.

	September 30, 2023										March 31, 2023
	Cost		Weighted Average Amortization Period (Years)			Accumulated Amortization			Net Carrying Amount		Cost		Weighted Average Amortization Period (Years)			Accumulated Amortization			Net Carrying Amount
Patents & Trademarks	$	35,794	10	-	15	$	(24,071	)	$	11,723	$	35,794	10	-	15	$	(22,631	)	$	13,163

Estimated aggregate future amortization expense related to intangible assets is as follows:

For the fiscal years ended March 31,
2024	$	1,443
2025		2,466
2026		1,980
2027		1,725
2028		1,725
Thereafter		2,384
	$	11,723

NOTE 5 – CONCENTRATIONS

During the three months ended September 30, 2023, two customers accounted for 48% of our net revenue. During the three months ended September 30, 2022, three customers accounted for 65% of net revenue.

During the six months ended September 30, 2023, two customers accounted for 42% of our net revenue. During the three months ended September 30, 2022, two customers accounted for 50% of net revenue.

As of September 30, 2023, three customers represented 69% of our gross accounts receivable. As of March 31, 2023, two customers accounted for 75% of our gross accounts receivable.

As of September 30, 2023, two vendors accounted for 42% of our accounts payable balance.

The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three and six months ended September 30, 2023 were $79,106 or 10% of net sales and $198,141 or 13% of net sales, respectively.

Net revenues from foreign customers for the three and six months ended September 30, 2022 were $86,296 or 8% of net sales and $211,571 or 10% of net sales, respectively.

10

NOTE 6 - DISAGGREGATED REVENUES AND SEGMENT INFORMATION

The following tables show the Company's revenues disaggregated by reportable segment and by product and service type:

	Three months Ended September 30,
	2023		2022
Net Revenue in the US
Chemical	$	203,804	$	259,099
Electronics		392,878		633,857
Engineering		78,344		161,016
		675,026		1,053,972
Net Revenue outside the US
Chemical		79,106		86,296
Electronics		-		-
Engineering		-		-
		79,106		86,296
Total Revenues	$	754,132	$	1,140,268

	Six Months Ended September 30,
	2023		2022
Net Revenue in the US
Chemical	$	422,774	$	505,999
Electronics		659,041		1,098,549
Engineering		236,865		245,557
		1,318,680		1,850,105
Net Revenue outside the US
Chemical		198,141		211,571
Electronics		-		-
Engineering		-		-
		198,141		211,571
Total Revenues	$	1,516,821	$	2,061,676

Information about segments is as follows:

	Chemical			Electronics			Engineering			Total
Three months ended September 30, 2023
Revenue from external customers	$	282,910		$	392,878		$	78,344		$	754,132
Segment operating (loss)	$	(115,567	)	$	(102,070	)	$	(10,013	)	$	(227,650	)
Six months ended September 30, 2023
Revenue from external customers	$	620,915		$	681,307		$	214,599		$	1,516,821
Segment operating (loss)	$	(195,355	)	$	(153,512	)	$	(16,579	)	$	(365,446	)
Three months ended September 30, 2022
Revenue from external customers	$	345,395		$	633,857		$	161,016		$	1,140,268
Segment operating income	$	1,018		$	43,226		$	58,648		$	102,892
Six months ended September 30, 2022
Revenue from external customers	$	717,570		$	1,098,549		$	245,557		$	2,061,676
Segment operating income (loss)	$	12,411		$	(23,429	)	$	79,285		$	68,267
Total assets at September 30, 2023	$	1,124,229		$	1,233,910		$	383,883		$	2,742,022
Total assets at March 31, 2023	$	1,050,541		$	1,575,811		$	463,473		$	3,089,825

11

NOTE 7 – DUE FROM AFFILIATE 

The Company has a $75,000 investment for 23.2% of Qol Devices Inc. (Qol). It was determined that the Company does not hold a significant influence which results in us carrying this asset at cost and reported as a component of other assets in the accompanying consolidated balance sheets.

The Company provided $330,090 in engineering services to Qol during the year ended March 31, 2018. This amount is shown net of a $330,090 and $250,000 allowance for credit losses on the consolidated balance sheets as of September 30, 2023 and March 31, 2023.

NOTE 8 – LEASES

We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of September 30, 2023:

	For the fiscal year ended:	Amount
FY 2024	March 31, 2024		$	53,436
FY 2025	March 31, 2025			106,872
FY 2026	March 31, 2026			106,872
FY 2027	March 31, 2027			106,872
FY 2028	March 31, 2028			106,872
FY 2029	March 31, 2029	ends June 30, 2028		26,718
				507,642
	Less: Amount attributable to imputed interest			(54,733	)
			$	452,909
	Weighted average remaining lease term (in years)			2.9
	Weighted average discount rate			5	%

Rent and real estate tax expense for all facilities for the three and six months ended September 30, 2023 was approximately $35,000 and $69,000, respectively.

Rent and real estate tax expense for all facilities for the three and six months ended September 30, 2022 was approximately was approximately $34,000 and $68,000, respectively.

These are reported as a component of cost of sales and selling, general and administrative expenses in the accompanying consolidated statements of operations.

NOTE 9 – PAYCHECK PROTECTION PROGRAM (PPP) LOAN

In May 2020, the Company obtained funding through the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) of $381,000. In February 2021, a second PPP loan was obtained in the amount of $332,542, for a total of $713,542. The loans will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities, with at least 60% being used for payroll. The Company did use the funds for these expenses during the year ended March 31, 2021. The Company applied for loan forgiveness of both PPP loans. On September 7, 2021, the Company received approval from the SBA for $361,275 of PPP loan forgiveness. On December 21, 2021, the Company received approval from the Bank for $332,542. This amount was recorded as Forgiveness of Paycheck Protection loan in the accompanying condensed Consolidated Statements of Operations during the fiscal year ended March 31, 2022.

12

The unforgiven portion of the first PPP loan is $19,725, which was converted to a term loan payable in equal installments of principal plus interest at 1% with a maturity date of May 15, 2025. No collateral or personal guarantees is required for the loan. At September 30, 2023, the outstanding balance is $8,966.

NOTE 10 – WARRANTS

On April 11, 2023, warrants to purchase Company stock were issued to two outside consultants. Each consultant was granted 100,000 warrants with a strike price of $0.20. The Warrants vested and were exercisable immediately. The warrants were valued using a Black Scholes model effective April 11, 2023, cumulative volatility was computed at 123.52% and the total valuation was $8,256 which will be amortized over the 24-month life.

		Outstanding and exercisable
				Weighted-		Weighted-
Range of				average		average
exercise		Number		remaining life		exercise		Number
prices		outstanding		in years		price		exercisable
$	0.20		200,000		1.78	$	0.20		200,000	See below

	2023				2022
	# of Shares		Weighted		# of Shares		Weighted
			Average				Average
			Exercise				Exercise
			Price				Price
Outstanding, beginning of year		-	$	-		-	$	-
Issued		200,000		0.20		-		-
Exercised		-		-		-		-
Expired		-		-		-		-
Cancelled		-		-		-		-
Outstanding, end of period		200,000	$	0.20		-	$	-
Exercisable, end of period		200,000	$	0.20		-	$	-

NOTE 11 – LINE OF CREDIT

On June 15, 2018, the Company obtained an unsecured revolving line of credit, with a limit of $400,000. The line expires May 15, 2024, renewing automatically every year. The Company is required to make monthly interest payments, at a rate of 8.87% as of September 30, 2023. Any unpaid principal will be due upon maturity. At September 30, 2023 and March 31, 2023, the outstanding balance was $297,339 and $112,809, respectively.

NOTE 12 – DUE TO STOCKHOLDER

The Company’s President and a stockholder has been deferring his salary and bonuses periodically to assist the Company’s cash flow. There are no repayment terms or interest accruing on this liability. As of September 30, 2023 and March 31, 2023, the amount due was $0.00 and $13,626, respectively.

NOTE 13 – LEGAL PROCEEDINGS

We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.

13

NOTE 14 – CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS

Legal Contingencies

We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.

Product Liability

As of September 30, 2023 and March 31, 2023, there were no claims against us for product liability.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our operations and financial condition should be read in conjunction with the condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. 

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the "safe harbor" provisions under section 21E of the Securities and Exchange Act of 1934 and the Private Securities Litigation Act of 1995. We use forward-looking statements in our description of our plans and objectives for future operations and assumptions underlying these plans and objectives. Forward-looking terminology includes the words "may", "expects", "believes", "anticipates", "intends", "forecasts", "projects", or similar terms, variations of such terms or the negative of such terms. These forward-looking statements are based on management's current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in such forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this Form 10-Q to reflect any change in our expectations or any changes in events, conditions or circumstances on which any forward-looking statement is based. Factors which could cause such results to differ materially from those described in the forward-looking statements include those set forth under "Item. 1 Description of Business – Risk Factors" and elsewhere in or incorporated by reference into our Annual Report on Form 10-K for the year ended March 31, 2022.

BUSINESS OVERVIEW

The Company is a technology-based developer and manufacturer of diversified lines of products and derives revenue from the production and sale of electronics for medical devices and other applications; environmentally safe chemical products for industrial, medical and cosmetic uses; and, research, development, regulatory and engineering services. The Company has increased internal research and development by utilizing their engineering resources to advance their own proprietary medical device technologies.

The Company is a corporation that was organized under the laws of the State of Delaware on November 24, 1969. Our operations are conducted through ADM and its subsidiary Sonotron.  

RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2023 AS COMPARED TO SEPTEMBER 30, 2022.  

For the three months ended September 30, 2023
	Chemical			Electronics			Engineering			Total
Revenue	$	282,910		$	392,878		$	78,344		$	754,132
Cost of Sales		234,508			253,444			60,028			547,980
Gross Profit		48,402			139,434			18,316			206,152
Gross Profit Percentage		17	%		35	%		23	%		27	%
Operating Expenses		163,969			241,504			28,329			433,802
Operating Income (Loss)		(115,567	)		(102,070	)		(10,013	)		(227,650	)
Other income (expenses)		(302	)		299			(452	)		(455	)
Income (loss) before benefit from income taxes	$	(115,869	)	$	(101,771	)	$	(10,465	)	$	(228,105	)

14

For the three months ended September 30, 2022
	Chemical			Electronics			Engineering			Total
Revenue	$	345,395		$	633,857		$	161,016		$	1,140,268
Cost of Sales		210,139			336,875			35,221			582,235
Gross Profit		135,256			296,982			125,795			558,033
Gross Profit Percentage		39	%		47	%		78	%		49	%
Operating Expenses		134,238			253,756			67,147			455,141
Operating Income (Loss)		1,018			43,226			58,648			102,892
Other income (expenses)		(754	)		(1,631	)		(464	)		(2,849	)
Income (loss) before benefit from income taxes	$	264		$	41,595		$	58,184		$	100,043

Variance
	Chemical			Electronics			Engineering			Total
Revenue	$	(62,485	)	$	(240,979	)	$	(82,672	)	$	(386,136	)
Cost of Sales		24,369			(83,431	)		24,807			(34,255	)
Gross Profit		(86,854	)		(157,548	)		(107,479	)		(351,881	)
Gross Profit Percentage		-22	%		-11	%		-55	%		-22	%
Operating Expenses		29,731			(12,252	)		(38,818	)		(21,339	)
Operating Income (Loss)		(116,585	)		(145,296	)		(68,661	)		(330,542	)
Other income (expenses)		452			1,930			12			2,394
Income (loss) before benefit from income taxes	$	(116,133	)	$	(143,366	)	$	(68,649	)	$	(328,148	)

For the six months ended September 30, 2023
	Chemical			Electronics			Engineering			Total
Revenue	$	620,915		$	659,041		$	236,865		$	1,516,821
Cost of Sales		448,609			431,287			105,631			985,527
Gross Profit		172,306			227,754			131,234			531,294
Gross Profit Percentage		28	%		35	%		55	%		35	%
Operating Expenses		367,661			403,533			125,546			896,740
Operating Income (Loss)		(195,355	)		(175,779	)		5,688			(365,446	)
Other income (expenses)		2,133			2,236			711			5,080
Income before provision for income taxes	$	(193,222	)	$	(173,543	)	$	6,399		$	(360,366	)

For the six months ended September 30, 2022
	Chemical			Electronics			Engineering			Total
Revenue	$	717,570		$	1,098,549		$	245,557		$	2,061,676
Cost of Sales		399,671			659,380			61,533			1,120,584
Gross Profit		317,899			439,169			184,024			941,092
Gross Profit Percentage		44	%		40	%		75	%		46	%
Operating Expenses		305,488			462,598			104,739			872,825
Operating Income (Loss)		12,411			(23,429	)		79,285			68,267
Other income (expenses)		(2,411	)		(3,652	)		(827	)		(6,890	)
Income before provision for income taxes	$	10,000		$	(27,081	)	$	78,458		$	61,377

15

Variance
	Chemical			Electronics			Engineering			Total
Revenue	$	(96,655	)	$	(439,508	)	$	(8,692	)	$	(544,855	)
Cost of Sales		48,938			(228,093	)		44,098			(135,057	)
Gross Profit		(145,593	)		(211,415	)		(52,790	)		(409,798	)
Gross Profit Percentage		-17	%		-5	%		-20	%		-11	%
Operating Expenses		62,173			(59,065	)		20,807			23,915
Operating Income (Loss)		(207,766	)		(152,350	)		(73,597	)		(433,713	)
Other income (expenses)		4,544			5,888			1,538			11,970
Income (loss) before benefit from income taxes	$	(203,222	)	$	(146,462	)	$	(72,059	)	$	(421,743	)

Revenues for the three months ended September 30, 2023 decreased by $386,136. The decrease is a result of decreased sales of $62,485 in the Chemical segment, $240,979 in the Electronics segment and $82,672 in the Engineering segment.

Revenues for the six months ended September 30, 2023 decreased by $544,855. The decrease is a result of decreased sales of $96,655 in the Chemical segment, $439,508 in the Electronics segment and $8,692 in the Engineering segment.

Gross profit for the three and six months ended September 30, 2023 decreased by $351,881 and $409,798, respectively. The decrease in gross profit resulted primarily from decreased sales in all segments, Chemical, Electronics and Engineering.

During the three months ended September 30, 2023, two customers accounted for 48% of our net revenue. During the three months ended September 30, 2022, three customers accounted for 65% of net revenue.

During the six months ended September 30, 2023, two customers accounted for 42% of our net revenue. During the three months ended September 30, 2022, two customers accounted for 50% of net revenue.

The complete loss of or significant reduction in business from, or a material adverse change in the financial condition of any of our customers could cause a material and adverse change in our revenues and operating results.

Loss from operations for the three months ended September 30, 2023 was $227,650 compared to income from operations for the three months ended September 30, 2022 of $102,892.

Loss from operations for the six months ended September 30, 2023 was $365,446 compared to income from operations for the six months ended September 30, 2022 of $68,267.

Other income increased $2,394 for the three months ended September 30, 2023. The increase is mainly attributable to an increase in interest income.

Other income increased $11,970 for the six months ended September 30, 2023. The increase is mainly attributable to an increase in interest income.

The foregoing resulted in net loss before provision for taxes for the three and six months ended September 30, 2023 of $228,105 and $360,366.

Loss per share were ($0.00) and ($0.01) for the three and six months ended September 30, 2023.

16

LIQUIDITY AND CAPITAL RESOURCES  

At September 30, 2023, we had cash and cash equivalents of $716,323 as compared to $1,003,730 at March 31, 2023. The $287,407 decrease was primarily the result of cash used in operations during the six-month period in the amount of $453,602 and cash provided in financing activities of $166,193. Our cash will continue to be used for increased marketing costs, and increased production labor costs all in an attempt to increase our revenue, as well as increased expenditures for our internal R&D.  We expect to have enough cash to fund operations for the next twelve months.    

Below is a summary of our cash flow for the three-month ending periods indicated:

	September 30, 2023			September 30, 2022
Net cash used in operating activities	$	(453,602	)	$	(63,889	)
Cash flows provided (used) in financing activities:		166,195			(120,116	)
Net (decrease) in cash and cash equivalents		(287,407	)		(184,005	)
Cash and cash equivalents - beginning of period		1,003,730			1,038,498
Cash and cash equivalents - end of period		716,323			854,493

Future Sources of Liquidity:

We expect that growth with profitable customers and continued focus on new customers will enable us to generate cash flows from operating activities during fiscal 2024.

Based on current expectations, we believe that our existing cash and cash equivalents of $716,323 as of September 30, 2023, and other potential sources of cash will be sufficient to meet our cash requirements. Our ability to meet these requirements will depend on our ability to generate cash in the future, which is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control.

OPERATING ACTIVITIES 

Net cash used by operating activities was $453,523 for the six months ended September 30, 2023, as compared to net cash used by operating activities of $63,889 for the six months ended September 30, 2022. The cash used during the six months ended September 30, 2023 was primarily due to a decrease in net operating assets of $35,236 combined with a decrease in net operating liabilities of $167,324,  net loss of $360,366 offset by write-off of inventories of $28,710, amortization of $41,922, and stock based compensation of $2,064  and non-cash interest expense of $11,706, and .

INVESTING ACTIVITIES

No cash was provided for or used in investing activities for the six months ended September 30, 2023.

FINANCING ACTIVITIES

For the six months ended September 30,2023, net cash provided by financing activities was $166,116 due to a net borrowing and payments in the line of credit of $184,530, a decrease in due to stockholder of $15,724 and repayments on the PPP loan of $2,690.

OFF BALANCE SHEET ARRANGEMENTS

We have no off-balance sheet arrangements that have had or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Concentration of Credit Risk

Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

Cash and cash equivalents – For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three months or less at inception. The Company deposits cash and cash equivalents with high credit quality financial institutions and believes that any amounts in excess of insurance limitations to be at minimal risk. Cash and cash equivalents held at these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At September 30, 2023, approximately $604,000 exceeded the FDIC limit.

17

Our sales are materially dependent on a small group of customers, as noted in Note 6 of our condensed consolidated financial statements. We monitor our credit risk associated with our receivables on a routine basis. We also maintain credit controls for evaluating and granting customer credit. 

ITEM 4. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

The Company's management, including the Company's principal executive officer and principal financial officer, have evaluated the effectiveness of the Company's "disclosure controls and procedures," as such term is defined in Ru1e 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the "SEC") (1) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (2) is accumulated and communicated to the Company's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. During the quarterly and year to date period ended September 30, 2023, there were no changes in the Company's internal control over financial reporting which materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting. 

The determination that our disclosure controls and procedures were not effective as of September 30, 2023, is a result of:

a. Deficiencies in Internal Control Structure Environment. During the current year, the Company’s focus was on expanding their customer base to initiate revenue production.  

b. Inadequate staffing and supervision within the accounting operations of our company. The relatively small number of employees who are responsible for accounting functions prevents the Company from segregating duties within its internal control system. The inadequate segregation of duties is a weakness because it could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews.  The Company’s plan is to expand its accounting operations as the business of the Company expands. 

The Company believes that the financial statements present fairly, in all material respects, the Company’s condensed consolidated balance sheets as of September 30, 2023, and March 31, 2023 and the related condensed consolidated statements of operations, and cash flows for the three and six months ended September 30, 2023 and 2022, in conformity with generally accepted accounting principles, notwithstanding the material weaknesses we identified. 

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors contained in our Annual Report on Form 10-K for the year ended March 31, 2023. 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None 

ITEM 4. MINE SAFETY DISCLOSURES

None

18

ITEM 5. OTHER INFORMATION

None 

ITEM 6. EXHIBITS.

(a) Exhibit No.

21.1	Subsidiaries of the Company
31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS**	Inline XBRL Instance
101.SCH**	Inline XBRL Taxonomy Extension Schema
101.CAL**	Inline XBRL Taxonomy Extension Calculation
101.DEF**	Inline XBRL Taxonomy Extension Definition
101.LAB**	Inline XBRL Taxonomy Extension Labels
101.PRE**	Inline XBRL Taxonomy Extension Presentation
104	Cover Page Interactive Data File (embedded within the Inline XBRL and contained in Exhibit 101)

** XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ADM TRONICS UNLIMITED, INC.
(Registrant)
By:	/s/ Andre' DiMino
	Andre' DiMino, Chief Executive
	Officer and Chief Financial Officer

Dated:	Northvale, New Jersey
	November 14, 2023

19

EX-21.1

EXHIBIT 21.1

SUBSIDIARIES OF ADM TRONICS UNLIMITED, INC.

                     Sonotron Medical Systems, Inc.

EX-31.1

EXHIBIT 31.1

CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES - OXLEY ACT OF 2002 AND

SECURITIES AND EXCHANGE COMMISSION RELEASE 34-46427

I, Andre' DiMino, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ADM Tronics Unlimited, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am the registrant's only certifying officer and am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2023	/s/ Andre' DiMino
	Andre' DiMino
	Chief Executive Officer and Chief Financial Officer

A signed original of this written statement required by Section 302 has been provided to ADM Tronics Unlimited, Inc. and will be retained by ADM Tronics Unlimited, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual Report of ADM Tronics Unlimited, Inc. (the "Company") on Form 10-Q for the three and six months ended September 30, 2023, (the "Report"), filed with the Securities and Exchange Commission, Andre' DiMino, Chief Executive Officer and Chief Financial Officer, of the Company hereby certifies pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition of the Company as of the dates presented and the result of operations of the Company for the periods presented. 

Date: November 14, 2023	/s/ Andre' DiMino
	Chief Executive Officer and
	Chief Financial Officer

The foregoing certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and is not being filed as part of the Form 10-K or as a separate disclosure document.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to ADM Tronics Unlimited, Inc. and will be retained by ADM Tronics Unlimited, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2023	Nov. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	0-17629
Entity Registrant Name	ADM TRONICS UNLIMITED, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-1896032
Entity Address, Address Line One	224-S Pegasus Ave.
Entity Address, City or Town	Northvale
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07647
City Area Code	201
Local Phone Number	767-6040
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		67,588,492
Entity Central Index Key	0000849401
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 716,323	$ 1,003,730
Inventories	396,761	443,465
Prepaid expenses and other current assets	23,904	41,251
Total current assets	2,010,591	1,986,239
Other Assets:
Long-term inventory	188,117	228,451
Operating lease right-of-use asset	441,053	481,535
Loan receivable	0	209,809
Due from affiliate	0	80,090
Intangible assets, net of accumulated amortization of $24,071 and $22,631 at September 30, 2023 and March 31, 2023, respectively	11,723	13,163
Other assets	90,538	90,538
Total other assets	731,431	1,103,586
Total assets	2,742,022	3,089,825
Current liabilities:
Accounts payable	282,408	322,639
Bank overdraft	53,236	134,837
Accrued expenses and other current liabilities	76,709	75,659
PPP loan	8,966	11,656
Line of credit	297,339	112,809
Operating lease liability	86,639	82,917
Customer deposits	363,272	359,723
Due to stockholder	0.00	13,626
Total current liabilities	1,168,569	1,113,866
Long-term liabilities
Operating lease liability less current portion	366,270	410,474
Total long-term liabilities	366,270	410,474
Total liabilities	1,534,839	1,524,340
Stockholders' equity:
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.0005 par value; 150,000,000 shares authorized, 67,588,492 shares issued and outstanding	33,794	33,794
Additional paid-in capital	33,601,580	33,599,516
Accumulated deficit	(32,428,191)	(32,067,825)
Total stockholders' equity	1,207,183	1,565,485
Total liabilities and stockholders' equity	2,742,022	3,089,825
Related Party [Member]
Current assets:
Accounts receivable, net of allowance for credit losses of $429,872 and $694,871 at September 30, 2023 and March 31, 2023, respectively	873,603	497,793
Current liabilities:
Due to stockholder	$ 0	$ 13,626

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 429,872	$ 694,871
Intangible assets, accumulated amortization	24,071	22,631
Intangible assets, accumulated amortization	$ 24,071	$ 22,631
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0005	$ 0.0005
Common Stock, Shares Authorized (in shares)	150,000,000	150,000,000
Common Stock, Shares, Issued (in shares)	67,588,492	67,588,492
Common Stock, Shares, Outstanding, Ending Balance (in shares)	67,588,492	67,588,492

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net revenues	$ 754,132	$ 1,140,268	$ 1,516,821	$ 2,061,676
Cost of sales	547,980	582,235	985,527	1,120,584
Gross Profit	206,152	558,033	531,294	941,092
Operating expenses:
Research and development	131,743	136,102	262,330	259,702
Selling, general and administrative	302,059	319,039	634,410	613,123
Total operating expenses	433,802	455,141	896,740	872,825
Income (loss) from operations	(227,650)	102,892	(365,446)	68,267
Other income (expense):
Interest income	6,592	521	14,593	994
Interest and finance expenses	(7,047)	(3,370)	(9,513)	(7,884)
Total other income (expense)	(455)	(2,849)	5,080	(6,890)
Income (loss) before provision for income taxes	(228,105)	100,043	(360,366)	61,377
Net income (loss)	$ (228,105)	$ 100,043	$ (360,366)	$ 61,377
Basic and diluted per common share: (in dollars per share)	$ (0.00)	$ 0.00	$ (0.01)	$ 0.00
Weighted average shares of common stock outstanding - basic and diluted (in shares)	67,588,492	67,588,492	67,588,492	67,588,492

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Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Mar. 31, 2022	67,588,492
Balance at Mar. 31, 2022	$ 33,794	$ 33,311,672	$ (31,971,503)	$ 1,373,963
Stock based compensation		287,844		287,844
Net Income (loss)			(38,666)	(38,666)
Balance (in shares) at Jun. 30, 2022	67,588,492
Balance at Jun. 30, 2022	$ 33,794	33,599,516	(32,010,169)	1,623,141
Balance (in shares) at Mar. 31, 2022	67,588,492
Balance at Mar. 31, 2022	$ 33,794	33,311,672	(31,971,503)	1,373,963
Net Income (loss)				61,377
Balance (in shares) at Sep. 30, 2022	67,588,492
Balance at Sep. 30, 2022	$ 33,794	33,599,516	(32,110,212)	1,523,098
Balance (in shares) at Jun. 30, 2022	67,588,492
Balance at Jun. 30, 2022	$ 33,794	33,599,516	(32,010,169)	1,623,141
Net Income (loss)			100,043	100,043
Balance (in shares) at Sep. 30, 2022	67,588,492
Balance at Sep. 30, 2022	$ 33,794	33,599,516	(32,110,212)	1,523,098
Balance (in shares) at Mar. 31, 2023	67,588,492
Balance at Mar. 31, 2023	$ 33,794	33,599,516	(32,067,825)	1,565,485
Stock based compensation		1,032
Net Income (loss)			(132,261)	(132,261)
Balance (in shares) at Jun. 30, 2023	67,588,492
Balance at Jun. 30, 2023	$ 33,794	33,600,548	(32,200,086)	1,434,256
Balance (in shares) at Mar. 31, 2023	67,588,492
Balance at Mar. 31, 2023	$ 33,794	33,599,516	(32,067,825)	1,565,485
Net Income (loss)				(360,366)
Balance (in shares) at Sep. 30, 2023	67,588,492
Balance at Sep. 30, 2023	$ 33,794	33,601,580	(32,428,191)	1,207,183
Balance (in shares) at Jun. 30, 2023	67,588,492
Balance at Jun. 30, 2023	$ 33,794	33,600,548	(32,200,086)	1,434,256
Stock based compensation		1,032		1,032
Net Income (loss)			(228,105)	(228,105)
Balance (in shares) at Sep. 30, 2023	67,588,492
Balance at Sep. 30, 2023	$ 33,794	$ 33,601,580	$ (32,428,191)	$ 1,207,183

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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net Income (loss)	$ (360,366)	$ 61,377
Adjustments to reconcile net loss to net cash in operating activities:
Amortization	1,440	1,440
Write-off of inventories	28,710	23,853
Credit recoveries	(305,090)	0
Non-cash interest expense	11,706	13,780
Amortization of right-to-use asset	40,482	41,051
Stock based compensation	2,064	(2,876)
Changes in operating assets and liabilities balances:
Accounts receivable	(70,720)	125,549
Inventories	58,328	(121,590)
Prepaid expenses and other current assets	17,347	46,091
Loan receivable	0	(76,504)
Accounts payable	(40,231)	2,685
Bank overdraft	(81,601)	0
Customer deposits	3,549	(70,995)
Accrued expenses and other current liabilities	1,050	(56,813)
Payments of operating lease liability	(52,188)	(50,937)
Net cash provided by (used in) operating activities	(455,621)	(63,889)
Cash flows provided (used) in financing activities:
Proceeds from line of credit	192,060	82,424
Due to shareholder	(13,626)	(20,373)
Repayments of line of credit	(7,530)	(179,477)
Proceeds (payments) from/to PPP loan	(2,690)	(2,690)
Net cash provided by (used in) financing activities	168,214	(120,116)
Net decrease in cash and cash equivalents	(287,407)	(184,005)
Cash and cash equivalents - beginning of period	1,003,730	1,038,498
Cash and cash equivalents - end of period	716,323	854,493
Cash paid for:
Interest	$ 9,513	$ 7,884

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Note 1 - Nature of Business

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE 1 - NATURE OF BUSINESS

ADM Tronics Unlimited, Inc. (“we”, “us”, the “Company” or “ADM”), was incorporated under the laws of the state of Delaware on November 24, 1969. We are a manufacturing and engineering concern whose principal lines of business are the design, manufacture, and sale of electronics of our own products or on a contract manufacturing basis; the production and sale of chemical and antistatic products; and, research, development and engineering services.

Electronic equipment is manufactured in accordance with customer specifications on a contract basis. Our electronic device product line consists principally of proprietary devices used in diagnostics and therapeutics of humans and animals and electronic controllers for spas and hot tubs. These products are sold to customers located principally in the United States. We are registered with the FDA as a contract manufacturing facility and we manufacture medical devices for customers in accordance with their designs and specifications. Our chemical product line is principally comprised of water-based chemical products used in the food packaging and converting industries, and anti-static conductive paints, coatings and other products. These products are sold to customers located in the United States, Australia, Asia and Europe. We also provide research, development, regulatory, and engineering services to customers. Our Sonotron Medical Systems, Inc. subsidiary (“Sonotron”) is involved in medical electronic therapeutic technology.

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Note 2 - Significant Accounting Policies

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Significant Accounting Policies [Text Block]

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared by ADM pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the condensed financial position and operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended March 31, 2023 as disclosed in our annual report on Form 10-K for that year. Unaudited interim results are not necessarily indicative of the results for the full fiscal year ending March 31, 2024. The consolidated balance sheet as of March 31, 2023 was derived from the audited consolidated financial statements as of and for the year then ended.

PRINCIPLES OF CONSOLIDATION

The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron (the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation.

USE OF ESTIMATES

These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our deferred tax assets and related valuation allowance, write down of inventory, impairment of long-lived assets, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates.

FAIR VALUE OF FINANCIAL INSTRUMENTS

For certain of our financial instruments, including accounts receivable, accounts payable, and accrued expenses, the carrying amounts approximate the fair value due to their relatively short maturities.

CASH AND CASH EQUIVALENTS

Cash equivalents are comprised of highly liquid investments with original maturities of three months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At September 30, 2023 and March 31, 2023, approximately $466,000 and $638,000, respectively, exceeded the FDIC limit.

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

REVENUE RECOGNITION

ELECTRONICS:

We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited 90-day warranty on our electronics products and contract manufacturing, and a limited 5-year warranty on our electronic controllers for spas and hot tubs. Historically, the amount of warranty expense included in sales of our electronic products have been de minimis. We have no other post shipment obligations. For contract manufacturing, revenues are recognized after shipments of the completed products.

Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $57,000 and $84,000 were recognized as revenues during the three and six months ended September 30, 2023 and $27,000 and $62,000 for the three and six months ended September 30, 2022, respectively.

CHEMICAL PRODUCTS:

Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists.

ENGINEERING SERVICES:

We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services over time as the applicable performance obligations are satisfied.

All revenue is recognized net of discounts.

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. Obsolete inventory is written off based on prior and expected future usage.

Long-Term Inventory: Due to recent shortages of materials relating to supply chain and COVID issues, when an item the Company believes will be used in the future, even beyond the current fiscal year, becomes available, it will purchase as many items as management deems necessary to fulfill future orders.

PROPERTY AND EQUIPMENT

We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five to seven years, the estimated useful lives of the property and equipment. As of September 30, 2023, all fixed assets were fully depreciated.

ADVERTISING COSTS

Advertising costs are expensed as incurred and amounted to $4,434 and $11,133 and $8,796 and $15,031 for the three and six months ended September 30, 2023 and September 30, 2022, respectively.

NET LOSS PER SHARE

We compute basic earnings per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive. Common equivalent shares are excluded from the computation of net earnings per share if their effect is anti-dilutive.

There were no anti-dilutive instruments in force during the periods ended September 30, 2023 and 2022, respectively.

Per share basic and diluted income/(loss) amounted to $(0.00) and $0.00 for the three months ended September 30, 2023 and 2022, respectively. Per share basic and diluted income/(loss) amounted to $(0.01) and $0.00 for the six months ended September 30, 2023 and 2022, respectively.

RECLASSIFICATION

Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net loss.

NEW ACCOUNTING STANDARDS

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of April 1, 2023. These standards replace the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected. The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.

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Note 3 - Inventories

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE 3 - INVENTORIES      

Inventories at September 30, 2023 consisted of the following:

	Current		Long Term		Total
Raw materials	$	335,572	$	182,119	$	517,691
Finished goods		61,189		5,998		67,187
Totals	$	396,761	$	188,117	$	584,878

Inventories at March 31, 2023 consisted of the following:

	Current		Long Term		Total
Raw materials	$	390,792	$	201,317	$	592,109
Finished goods		52,673		27,134		79,807
Totals	$	443,465	$	228,451	$	671,916

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Note 4 - Intangible Assets

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE 4 - INTANGIBLE ASSETS

Intangible assets are being amortized using the straight-line method over periods ranging from 10-15 years with a weighted average remaining life of approximately 6 years.

	September 30, 2023										March 31, 2023
	Cost		Weighted Average Amortization Period (Years)			Accumulated Amortization			Net Carrying Amount		Cost		Weighted Average Amortization Period (Years)			Accumulated Amortization			Net Carrying Amount
Patents & Trademarks	$	35,794	10	-	15	$	(24,071	)	$	11,723	$	35,794	10	-	15	$	(22,631	)	$	13,163

Estimated aggregate future amortization expense related to intangible assets is as follows:

For the fiscal years ended March 31,
2024	$	1,443
2025		2,466
2026		1,980
2027		1,725
2028		1,725
Thereafter		2,384
	$	11,723

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Note 5 - Concentrations

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

NOTE 5 – CONCENTRATIONS

During the three months ended September 30, 2023, two customers accounted for 48% of our net revenue. During the three months ended September 30, 2022, three customers accounted for 65% of net revenue.

During the six months ended September 30, 2023, two customers accounted for 42% of our net revenue. During the three months ended September 30, 2022, two customers accounted for 50% of net revenue.

As of September 30, 2023, three customers represented 69% of our gross accounts receivable. As of March 31, 2023, two customers accounted for 75% of our gross accounts receivable.

As of September 30, 2023, two vendors accounted for 42% of our accounts payable balance.

The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three and six months ended September 30, 2023 were $79,106 or 10% of net sales and $198,141 or 13% of net sales, respectively.

Net revenues from foreign customers for the three and six months ended September 30, 2022 were $86,296 or 8% of net sales and $211,571 or 10% of net sales, respectively.

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Note 6 - Disaggregated Revenues and Segment Information

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE 6 - DISAGGREGATED REVENUES AND SEGMENT INFORMATION

The following tables show the Company's revenues disaggregated by reportable segment and by product and service type:

	Three months Ended September 30,
	2023		2022
Net Revenue in the US
Chemical	$	203,804	$	259,099
Electronics		392,878		633,857
Engineering		78,344		161,016
		675,026		1,053,972
Net Revenue outside the US
Chemical		79,106		86,296
Electronics		-		-
Engineering		-		-
		79,106		86,296
Total Revenues	$	754,132	$	1,140,268

	Six Months Ended September 30,
	2023		2022
Net Revenue in the US
Chemical	$	422,774	$	505,999
Electronics		659,041		1,098,549
Engineering		236,865		245,557
		1,318,680		1,850,105
Net Revenue outside the US
Chemical		198,141		211,571
Electronics		-		-
Engineering		-		-
		198,141		211,571
Total Revenues	$	1,516,821	$	2,061,676

Information about segments is as follows:

	Chemical			Electronics			Engineering			Total
Three months ended September 30, 2023
Revenue from external customers	$	282,910		$	392,878		$	78,344		$	754,132
Segment operating (loss)	$	(115,567	)	$	(102,070	)	$	(10,013	)	$	(227,650	)
Six months ended September 30, 2023
Revenue from external customers	$	620,915		$	681,307		$	214,599		$	1,516,821
Segment operating (loss)	$	(195,355	)	$	(153,512	)	$	(16,579	)	$	(365,446	)
Three months ended September 30, 2022
Revenue from external customers	$	345,395		$	633,857		$	161,016		$	1,140,268
Segment operating income	$	1,018		$	43,226		$	58,648		$	102,892
Six months ended September 30, 2022
Revenue from external customers	$	717,570		$	1,098,549		$	245,557		$	2,061,676
Segment operating income (loss)	$	12,411		$	(23,429	)	$	79,285		$	68,267
Total assets at September 30, 2023	$	1,124,229		$	1,233,910		$	383,883		$	2,742,022
Total assets at March 31, 2023	$	1,050,541		$	1,575,811		$	463,473		$	3,089,825

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Note 7 - Due From Affiliate

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

NOTE 7 – DUE FROM AFFILIATE 

The Company has a $75,000 investment for 23.2% of Qol Devices Inc. (Qol). It was determined that the Company does not hold a significant influence which results in us carrying this asset at cost and reported as a component of other assets in the accompanying consolidated balance sheets.

The Company provided $330,090 in engineering services to Qol during the year ended March 31, 2018. This amount is shown net of a $330,090 and $250,000 allowance for credit losses on the consolidated balance sheets as of September 30, 2023 and March 31, 2023.

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Note 8 - Leases

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Lessee, Operating and Finance Leases [Text Block]

NOTE 8 – LEASES

We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of September 30, 2023:

	For the fiscal year ended:	Amount
FY 2024	March 31, 2024		$	53,436
FY 2025	March 31, 2025			106,872
FY 2026	March 31, 2026			106,872
FY 2027	March 31, 2027			106,872
FY 2028	March 31, 2028			106,872
FY 2029	March 31, 2029	ends June 30, 2028		26,718
				507,642
	Less: Amount attributable to imputed interest			(54,733	)
			$	452,909
	Weighted average remaining lease term (in years)			2.9
	Weighted average discount rate			5	%

Rent and real estate tax expense for all facilities for the three and six months ended September 30, 2023 was approximately $35,000 and $69,000, respectively.

Rent and real estate tax expense for all facilities for the three and six months ended September 30, 2022 was approximately was approximately $34,000 and $68,000, respectively.

These are reported as a component of cost of sales and selling, general and administrative expenses in the accompanying consolidated statements of operations.

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Note 9 - Paycheck Protection Program (PPP) Loan

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Long-Term Debt [Text Block]

NOTE 9 – PAYCHECK PROTECTION PROGRAM (PPP) LOAN

In May 2020, the Company obtained funding through the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) of $381,000. In February 2021, a second PPP loan was obtained in the amount of $332,542, for a total of $713,542. The loans will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities, with at least 60% being used for payroll. The Company did use the funds for these expenses during the year ended March 31, 2021. The Company applied for loan forgiveness of both PPP loans. On September 7, 2021, the Company received approval from the SBA for $361,275 of PPP loan forgiveness. On December 21, 2021, the Company received approval from the Bank for $332,542. This amount was recorded as Forgiveness of Paycheck Protection loan in the accompanying condensed Consolidated Statements of Operations during the fiscal year ended March 31, 2022.

The unforgiven portion of the first PPP loan is $19,725, which was converted to a term loan payable in equal installments of principal plus interest at 1% with a maturity date of May 15, 2025. No collateral or personal guarantees is required for the loan. At September 30, 2023, the outstanding balance is $8,966.

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Note 10 - Warrants

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Warrant Liability [Text Block]

NOTE 10 – WARRANTS

On April 11, 2023, warrants to purchase Company stock were issued to two outside consultants. Each consultant was granted 100,000 warrants with a strike price of $0.20. The Warrants vested and were exercisable immediately. The warrants were valued using a Black Scholes model effective April 11, 2023, cumulative volatility was computed at 123.52% and the total valuation was $8,256 which will be amortized over the 24-month life.

		Outstanding and exercisable
				Weighted-		Weighted-
Range of				average		average
exercise		Number		remaining life		exercise		Number
prices		outstanding		in years		price		exercisable
$	0.20		200,000		1.78	$	0.20		200,000	See below

	2023				2022
	# of Shares		Weighted		# of Shares		Weighted
			Average				Average
			Exercise				Exercise
			Price				Price
Outstanding, beginning of year		-	$	-		-	$	-
Issued		200,000		0.20		-		-
Exercised		-		-		-		-
Expired		-		-		-		-
Cancelled		-		-		-		-
Outstanding, end of period		200,000	$	0.20		-	$	-
Exercisable, end of period		200,000	$	0.20		-	$	-

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Note 11 - Line of Credit

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 11 – LINE OF CREDIT

On June 15, 2018, the Company obtained an unsecured revolving line of credit, with a limit of $400,000. The line expires May 15, 2024, renewing automatically every year. The Company is required to make monthly interest payments, at a rate of 8.87% as of September 30, 2023. Any unpaid principal will be due upon maturity. At September 30, 2023 and March 31, 2023, the outstanding balance was $297,339 and $112,809, respectively.

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Note 12 - Due to Stockholder

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Compensation Related Costs, General [Text Block]

NOTE 12 – DUE TO STOCKHOLDER

The Company’s President and a stockholder has been deferring his salary and bonuses periodically to assist the Company’s cash flow. There are no repayment terms or interest accruing on this liability. As of September 30, 2023 and March 31, 2023, the amount due was $0.00 and $13,626, respectively.

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Note 13 - Legal Proceedings

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Legal Matters and Contingencies [Text Block]

NOTE 13 – LEGAL PROCEEDINGS

We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.

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Note 14 - Contractual Obligations and Other Commitments

6 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Commitments Disclosure [Text Block]

NOTE 14 – CONTRACTUAL OBLIGATIONS AND OTHER COMMITMENTS

Legal Contingencies

We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no pending material legal proceedings or environmental investigations to which we are a party or to which our property is subject.

Product Liability

As of September 30, 2023 and March 31, 2023, there were no claims against us for product liability.

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Significant Accounting Policies (Policies)

6 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared by ADM pursuant to accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the condensed financial position and operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended March 31, 2023 as disclosed in our annual report on Form 10-K for that year. Unaudited interim results are not necessarily indicative of the results for the full fiscal year ending March 31, 2024. The consolidated balance sheet as of March 31, 2023 was derived from the audited consolidated financial statements as of and for the year then ended.

Consolidation, Policy [Policy Text Block]

PRINCIPLES OF CONSOLIDATION

The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron (the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates, Policy [Policy Text Block]

USE OF ESTIMATES

These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our deferred tax assets and related valuation allowance, write down of inventory, impairment of long-lived assets, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates.

Fair Value of Financial Instruments, Policy [Policy Text Block]

FAIR VALUE OF FINANCIAL INSTRUMENTS

For certain of our financial instruments, including accounts receivable, accounts payable, and accrued expenses, the carrying amounts approximate the fair value due to their relatively short maturities.

Cash and Cash Equivalents, Policy [Policy Text Block]

CASH AND CASH EQUIVALENTS

Cash equivalents are comprised of highly liquid investments with original maturities of three months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At September 30, 2023 and March 31, 2023, approximately $466,000 and $638,000, respectively, exceeded the FDIC limit.

Receivable [Policy Text Block]

ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS

Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

Revenue [Policy Text Block]

REVENUE RECOGNITION

ELECTRONICS:

We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited 90-day warranty on our electronics products and contract manufacturing, and a limited 5-year warranty on our electronic controllers for spas and hot tubs. Historically, the amount of warranty expense included in sales of our electronic products have been de minimis. We have no other post shipment obligations. For contract manufacturing, revenues are recognized after shipments of the completed products.

Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $57,000 and $84,000 were recognized as revenues during the three and six months ended September 30, 2023 and $27,000 and $62,000 for the three and six months ended September 30, 2022, respectively.

CHEMICAL PRODUCTS:

Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists.

ENGINEERING SERVICES:

We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services over time as the applicable performance obligations are satisfied.

All revenue is recognized net of discounts.

Inventory, Policy [Policy Text Block]

INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out method) and net realizable value. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. Obsolete inventory is written off based on prior and expected future usage.

Long-Term Inventory: Due to recent shortages of materials relating to supply chain and COVID issues, when an item the Company believes will be used in the future, even beyond the current fiscal year, becomes available, it will purchase as many items as management deems necessary to fulfill future orders.

Property, Plant and Equipment, Policy [Policy Text Block]

PROPERTY AND EQUIPMENT

We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five to seven years, the estimated useful lives of the property and equipment. As of September 30, 2023, all fixed assets were fully depreciated.

Advertising Cost [Policy Text Block]

ADVERTISING COSTS

Advertising costs are expensed as incurred and amounted to $4,434 and $11,133 and $8,796 and $15,031 for the three and six months ended September 30, 2023 and September 30, 2022, respectively.

Earnings Per Share, Policy [Policy Text Block]

NET LOSS PER SHARE

We compute basic earnings per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive. Common equivalent shares are excluded from the computation of net earnings per share if their effect is anti-dilutive.

There were no anti-dilutive instruments in force during the periods ended September 30, 2023 and 2022, respectively.

Per share basic and diluted income/(loss) amounted to $(0.00) and $0.00 for the three months ended September 30, 2023 and 2022, respectively. Per share basic and diluted income/(loss) amounted to $(0.01) and $0.00 for the six months ended September 30, 2023 and 2022, respectively.

Reclassification, Comparability Adjustment [Policy Text Block]

RECLASSIFICATION

Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no effect on previously reported net loss.

New Accounting Pronouncements, Policy [Policy Text Block]

NEW ACCOUNTING STANDARDS

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The FASB subsequently issued amendments to ASU 2016-13, which have the same effective date and transition date of April 1, 2023. These standards replace the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measure at amortized cost to be presented at the net amount expected to be collected. The Company determined that this change does not have a material impact to the financial statements or financial statement disclosures.

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Note 3 - Inventories (Tables)

6 Months Ended

Sep. 30, 2023

Notes Tables

Schedule Of Inventory [Table Text Block]

	Current		Long Term		Total
Raw materials	$	335,572	$	182,119	$	517,691
Finished goods		61,189		5,998		67,187
Totals	$	396,761	$	188,117	$	584,878

	Current		Long Term		Total
Raw materials	$	390,792	$	201,317	$	592,109
Finished goods		52,673		27,134		79,807
Totals	$	443,465	$	228,451	$	671,916

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Note 4 - Intangible Assets (Tables)

6 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	September 30, 2023										March 31, 2023
	Cost		Weighted Average Amortization Period (Years)			Accumulated Amortization			Net Carrying Amount		Cost		Weighted Average Amortization Period (Years)			Accumulated Amortization			Net Carrying Amount
Patents & Trademarks	$	35,794	10	-	15	$	(24,071	)	$	11,723	$	35,794	10	-	15	$	(22,631	)	$	13,163

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

For the fiscal years ended March 31,
2024	$	1,443
2025		2,466
2026		1,980
2027		1,725
2028		1,725
Thereafter		2,384
	$	11,723

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Note 6 - Disaggregated Revenues and Segment Information (Tables)

6 Months Ended

Sep. 30, 2023

Notes Tables

Revenue from External Customers by Geographic Areas [Table Text Block]

	Three months Ended September 30,
	2023		2022
Net Revenue in the US
Chemical	$	203,804	$	259,099
Electronics		392,878		633,857
Engineering		78,344		161,016
		675,026		1,053,972
Net Revenue outside the US
Chemical		79,106		86,296
Electronics		-		-
Engineering		-		-
		79,106		86,296
Total Revenues	$	754,132	$	1,140,268

	Six Months Ended September 30,
	2023		2022
Net Revenue in the US
Chemical	$	422,774	$	505,999
Electronics		659,041		1,098,549
Engineering		236,865		245,557
		1,318,680		1,850,105
Net Revenue outside the US
Chemical		198,141		211,571
Electronics		-		-
Engineering		-		-
		198,141		211,571
Total Revenues	$	1,516,821	$	2,061,676

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Chemical			Electronics			Engineering			Total
Three months ended September 30, 2023
Revenue from external customers	$	282,910		$	392,878		$	78,344		$	754,132
Segment operating (loss)	$	(115,567	)	$	(102,070	)	$	(10,013	)	$	(227,650	)
Six months ended September 30, 2023
Revenue from external customers	$	620,915		$	681,307		$	214,599		$	1,516,821
Segment operating (loss)	$	(195,355	)	$	(153,512	)	$	(16,579	)	$	(365,446	)
Three months ended September 30, 2022
Revenue from external customers	$	345,395		$	633,857		$	161,016		$	1,140,268
Segment operating income	$	1,018		$	43,226		$	58,648		$	102,892
Six months ended September 30, 2022
Revenue from external customers	$	717,570		$	1,098,549		$	245,557		$	2,061,676
Segment operating income (loss)	$	12,411		$	(23,429	)	$	79,285		$	68,267
Total assets at September 30, 2023	$	1,124,229		$	1,233,910		$	383,883		$	2,742,022
Total assets at March 31, 2023	$	1,050,541		$	1,575,811		$	463,473		$	3,089,825

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Note 8 - Leases (Tables)

6 Months Ended

Sep. 30, 2023

Notes Tables

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

	For the fiscal year ended:	Amount
FY 2024	March 31, 2024		$	53,436
FY 2025	March 31, 2025			106,872
FY 2026	March 31, 2026			106,872
FY 2027	March 31, 2027			106,872
FY 2028	March 31, 2028			106,872
FY 2029	March 31, 2029	ends June 30, 2028		26,718
				507,642
	Less: Amount attributable to imputed interest			(54,733	)
			$	452,909
	Weighted average remaining lease term (in years)			2.9
	Weighted average discount rate			5	%

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Note 10 - Warrants (Tables)

6 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

		Outstanding and exercisable
				Weighted-		Weighted-
Range of				average		average
exercise		Number		remaining life		exercise		Number
prices		outstanding		in years		price		exercisable
$	0.20		200,000		1.78	$	0.20		200,000	See below

	2023				2022
	# of Shares		Weighted		# of Shares		Weighted
			Average				Average
			Exercise				Exercise
			Price				Price
Outstanding, beginning of year		-	$	-		-	$	-
Issued		200,000		0.20		-		-
Exercised		-		-		-		-
Expired		-		-		-		-
Cancelled		-		-		-		-
Outstanding, end of period		200,000	$	0.20		-	$	-
Exercisable, end of period		200,000	$	0.20		-	$	-

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Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Cash, Uninsured Amount	$ 466,000		$ 466,000		$ 638,000
Contract with Customer, Liability, Revenue Recognized	57,000	$ 27,000	84,000	$ 62,000
Advertising Expense	$ 4,434	$ 8,796	$ 11,133	$ 15,031
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			0	0
Earnings Per Share, Basic	$ (0.00)	$ 0.00	$ (0.01)	$ 0.00
Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years		5 years
Maximum [Member]
Property, Plant and Equipment, Useful Life	7 years		7 years

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Note 3 - Inventories - Summary of Inventory (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Raw materials	$ 517,691	$ 592,109
Raw materials	517,691	592,109
Finished goods	67,187	79,807
Finished goods	67,187	79,807
Totals	584,878	671,916
Totals	584,878	671,916
Current [Member]
Raw materials	335,572	390,792
Raw materials	335,572	390,792
Finished goods	61,189	52,673
Finished goods	61,189	52,673
Totals	396,761	443,465
Totals	396,761	443,465
Long Term [Member
Raw materials	182,119	201,317
Raw materials	182,119	201,317
Finished goods	5,998	27,134
Finished goods	5,998	27,134
Totals	188,117	228,451
Totals	$ 188,117	$ 228,451

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Note 4 - Intangible Assets (Details Textual)	Sep. 30, 2023
Finite-Lived Intangible Assets, Remaining Amortization Period (Year)	6 years
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	15 years

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Note 4 - Intangible Assets - Intangible Assets (Details) - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Accumulated amortization	$ (24,071)	$ (22,631)
Net carrying amount	11,723	13,163
Patents And Trademarks [Member]
Cost	35,794	35,794
Accumulated amortization	$ (24,071)	(22,631)
Net carrying amount		$ 13,163
Patents And Trademarks [Member] | Minimum [Member]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)	10 years	10 years
Net carrying amount	$ 11,723
Patents And Trademarks [Member] | Maximum [Member]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)	15 years	15 years

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Note 4 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
2024	$ 1,443
2025	2,466
2026	1,980
2027	1,725
2028	1,725
Thereafter	2,384
Finite-Lived Intangible Assets, Net	$ 11,723	$ 13,163

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Note 5 - Concentrations (Details Textual)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2022
Revenue from Contract with Customer, Including Assessed Tax	$ 754,132	$ 1,140,268	$ 1,516,821	$ 2,061,676
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Concentration Risk, Number of Customers	2	3	2	2
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member]
Concentration Risk, Percentage	48.00%		42.00%	50.00%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Customers [Member]
Concentration Risk, Percentage		65.00%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Foreign Customers [Member]
Concentration Risk, Percentage	10.00%	8.00%	13.00%	10.00%
Revenue from Contract with Customer, Including Assessed Tax	$ 79,106	$ 86,296	$ 198,141	$ 211,571
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk, Number of Customers			3		2
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member]
Concentration Risk, Percentage					75.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member]
Concentration Risk, Percentage			69.00%
Supplier Concentration Risk [Member] | Accounts Payable [Member]
Concentration Risk, Number of Vendors			2
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Three Vendors [Member]
Concentration Risk, Percentage			42.00%

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Note 6 - Disaggregated Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer, Including Assessed Tax	$ 754,132	$ 1,140,268	$ 1,516,821	$ 2,061,676
Chemical [Member]
Revenue from Contract with Customer, Including Assessed Tax	282,910	345,395	620,915	717,570
Electronics [Member]
Revenue from Contract with Customer, Including Assessed Tax	392,878	633,857	681,307	1,098,549
Engineering [Member]
Revenue from Contract with Customer, Including Assessed Tax	78,344	161,016	214,599	245,557
UNITED STATES
Revenue from Contract with Customer, Including Assessed Tax	675,026	1,053,972	1,318,680	1,850,105
UNITED STATES | Chemical [Member]
Revenue from Contract with Customer, Including Assessed Tax	203,804	259,099	422,774	505,999
UNITED STATES | Electronics [Member]
Revenue from Contract with Customer, Including Assessed Tax	392,878	633,857	659,041	1,098,549
UNITED STATES | Engineering [Member]
Revenue from Contract with Customer, Including Assessed Tax	78,344	161,016	236,865	245,557
Non-US [Member]
Revenue from Contract with Customer, Including Assessed Tax	79,106	86,296	198,141	211,571
Non-US [Member] | Chemical [Member]
Revenue from Contract with Customer, Including Assessed Tax	79,106	86,296	198,141	211,571
Non-US [Member] | Electronics [Member]
Revenue from Contract with Customer, Including Assessed Tax	0	0	0	0
Non-US [Member] | Engineering [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 0	$ 0	$ 0	$ 0

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Note 6 - Disaggregated Revenues and Segment Information - Summary of Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Net revenues	$ 754,132	$ 1,140,268	$ 1,516,821	$ 2,061,676
Segment operating income	(227,650)	102,892	(365,446)	68,267
Total assets	2,742,022		2,742,022		$ 3,089,825
Chemical [Member]
Net revenues	282,910	345,395	620,915	717,570
Segment operating income	(115,567)	1,018	(195,355)	12,411
Total assets	1,124,229		1,124,229		1,050,541
Electronics [Member]
Net revenues	392,878	633,857	681,307	1,098,549
Segment operating income	(102,070)	43,226	(153,512)	(23,429)
Total assets	1,233,910		1,233,910		1,575,811
Engineering [Member]
Net revenues	78,344	161,016	214,599	245,557
Segment operating income	(10,013)	$ 58,648	(16,579)	$ 79,285
Total assets	$ 383,883		$ 383,883		$ 463,473

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Note 7 - Due From Affiliate (Details Textual) - USD ($)	12 Months Ended
	Mar. 31, 2018	Sep. 30, 2023	Mar. 31, 2023
Qol [Member]
Accounts Receivable, Allowance for Credit Loss		$ 330,090	$ 250,000
Engineering Services [Member] | Qol [Member]
Related Party Transaction, Amounts of Transaction	$ 330,090
Qol [Member]
Equity Method Investments		$ 75,000
Equity Method Investment, Ownership Percentage		23.20%

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Note 8 - Leases (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Lease, Expense	$ 35,000	$ 34,000	$ 69,000	$ 68,000

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Note 8 - Leases - Future Minimum Lease Payments (Details) - USD ($)	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
FY 2024		$ 53,436
FY 2025		106,872
FY 2026		106,872
FY 2027		106,872
FY 2028		106,872
FY 2029		26,718
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Seven		$ 507,642
Lessee, Operating Lease, Liability, Undiscounted Excess Amount			$ 54,733
Operating Lease, Liability	$ 452,909
Operating Lease, Weighted Average Remaining Lease Term	2 years 10 months 24 days
Operating Lease, Weighted Average Discount Rate, Percent	500.00%

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Note 9 - Paycheck Protection Program (PPP) Loan (Details Textual) - USD ($)			1 Months Ended		10 Months Ended
	Dec. 21, 2021	Sep. 07, 2021	Feb. 28, 2021	May 30, 2020	Feb. 28, 2021	Sep. 30, 2023
Paycheck Protection Program CARES Act [Member]
Proceeds from Notes Payable, Total			$ 332,542	$ 381,000	$ 713,542
Gain (Loss) on Extinguishment of Debt, Total		$ 361,275
Gain (Loss) on Extinguishment of Debt		361,275
Paycheck Protection Program CARES Act [Member] | Loans Payable [Member]
Gain (Loss) on Extinguishment of Debt, Total	$ 332,542
Gain (Loss) on Extinguishment of Debt	$ 332,542
PPP Term Loan One [Member]
Loans Payable, Total		$ 19,725				$ 8,966
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Debt Instrument, Maturity Date		May 15, 2025

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Note 10 - Warrants (Details Textual)	Sep. 30, 2023 $ / shares	Apr. 11, 2023 USD ($) $ / shares shares	Mar. 31, 2023 $ / shares	Sep. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.20		$ 0	$ 0	$ 0
Consulting Agreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares		100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 0.20
Warrants and Rights Outstanding | $		$ 8,256
Warrants and Rights Outstanding, Term		24 months
Consulting Agreement [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input		1.2352

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Note 10 - Warrants - Outstanding and Exercisable (Details) - $ / shares	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.20	$ 0
Outstanding, beginning of year, shares (in shares)	0	0
Class of Warrant or Right, Outstanding (in shares)	200,000	0
Outstanding, beginning of year, weighted average exercise price (in dollars per share)	$ 0	$ 0
Class of Warrant or Right, Exercisable (in shares)	200,000	0
Issued, shares (in shares)	200,000	0
Issued, weighted average exercise price (in dollars per share)	$ 0.20	$ 0
Exercised, shares (in shares)	0	0
Exercised, weighted average exercise price (in dollars per share)	$ 0	$ 0
Expired, shares (in shares)	0	0
Expired, weighted average exercise price (in dollars per share)	$ 0	$ 0
Cancelled, shares (in shares)	0	0
Cancelled, weighted average exercise price (in dollars per share)	$ 0	$ 0
Outstanding, end of period, shares (in shares)	200,000	0
Outstanding, end of period, weighted average exercise price (in dollars per share)	$ 0.20	$ 0
Exercisable, end of period, shares (in shares)	200,000	0
Exercisable, end of period, weighted average exercise price (in dollars per share)	$ 0.20	$ 0
Warrant One [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.20
Class of Warrant or Right, Outstanding (in shares)	200,000
Class of Warrant or Right, Outstanding, Weighted Average Remaining Contractual Life (Year)	1 year 9 months 10 days
Class of Warrant or Right, Exercisable (in shares)	200,000
Outstanding, end of period, shares (in shares)	200,000
Outstanding, end of period, weighted average exercise price (in dollars per share)	$ 0.20
Exercisable, end of period, shares (in shares)	200,000

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Note 11 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($)	9 Months Ended
	Dec. 31, 2022	Sep. 30, 2023	Mar. 31, 2023	Jun. 15, 2018
Line of Credit Facility, Maximum Borrowing Capacity				$ 400,000
Line of Credit Facility, Expiration Date	May 15, 2024
Debt Instrument, Interest Rate, Stated Percentage		8.87%
Short-Term Debt, Total		$ 297,339	$ 112,809

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Note 12 - Due to Stockholder (Details Textual) - USD ($)	Sep. 30, 2023	Mar. 31, 2023
Deferred Compensation Liability, Interest Accrued	$ 0
Deferred Compensation Liability, Current	$ 0.00	$ 13,626