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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2011
Mar. 31, 2011
Current assets:    
Cash and cash equivalents $ 715,323 $ 123,955
Accounts receivable, net 1,714,744 2,585,619
Unbilled government receivables 1,466,623 1,466,623
Inventories, net 2,520,492 2,970,378
Prepaid expenses and other 101,241 70,970
Deferred debt expense 108,321 108,321
Deferred income tax asset 1,105,802 1,131,175
Total current assets 7,732,546 8,457,041
Equipment and leasehold improvements, net 300,813 330,694
Deferred debt expenses – long-term 346,025 373,105
Deferred income tax asset – non-current 1,461,664 1,461,664
Other assets 52,886 35,235
Total assets 9,893,934 10,657,739
Current liabilities:    
Current portion long-term debt 367,859 282,798
Capital lease obligations 7,353 15,685
Accounts payable 730,260 1,598,679
Progress billings   424,202
Deferred revenues – current portion 18,450 28,382
Accrued payroll, vacation pay and payroll taxes 444,357 445,738
Accrued expenses 1,451,387 1,287,034
Total current liabilities 3,019,666 4,082,518
Subordinated notes payable-related parties, net of debt discount 250,000 250,000
Deferred revenues 12,037 15,381
Warranty Liability 534,723 366,137
Long-term debt, net of debt discount 1,907,449 1,979,114
Total liabilities 5,723,875 6,693,150
Commitments 0 0
Stockholders' equity:    
Common stock, par value $.10 per share, 2,648,215 and 2,646,215 issued and outstanding as of June 30, 2011 and March 31, 2011, respectively 264,821 264,621
Additional paid-in capital 5,740,952 5,711,531
Accumulated deficit (1,835,714) (2,011,563)
Total stockholders' equity 4,170,059 3,964,589
Total liabilities and stockholders' equity $ 9,893,934 $ 10,657,739