XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Mar. 31, 2011
Current assets:    
Cash and cash equivalents $ 640,170 $ 123,955
Accounts receivable, net 1,769,817 2,585,619
Unbilled government receivables 1,466,623 1,466,623
Inventories, net 3,785,971 2,970,378
Prepaid expenses and other 137,542 70,970
Deferred debt expense 108,321 108,321
Deferred income tax asset 1,126,247 1,131,175
Total current assets 9,034,691 8,457,041
Equipment and leasehold improvements, net 617,213 330,694
Deferred debt expenses – long-term 291,865 373,105
Deferred income tax asset – non-current 1,461,664 1,461,664
Other assets 56,872 35,235
Total assets 11,462,305 10,657,739
Current liabilities:    
Current portion long-term debt 522,959 282,798
Capital lease obligations 62,397 15,685
Accounts payable 1,996,916 1,598,679
Progress billings   424,202
Deferred revenues – current portion 19,985 28,382
Accrued payroll, vacation pay and payroll taxes 410,865 445,738
Accrued expenses 1,674,819 1,287,034
Total current liabilities 4,687,941 4,082,518
Subordinated notes payable-related parties 250,000 250,000
Capital lease obligations – long-term 166,727  
Deferred revenues 6,342 15,381
Warranty Liability 299,399 366,137
Long-term debt, net of debt discount 1,620,638 1,979,114
Total liabilities 7,031,047 6,693,150
Commitments 0 0
Stockholders' equity:    
Common stock, par value $.10 per share, 2,652,815 and 2,646,215 issued and outstanding as of December 31, 2011 and March 31, 2011, respectively 265,281 264,621
Additional paid-in capital 5,800,944 5,711,531
Accumulated deficit (1,634,967) (2,011,563)
Total stockholders' equity 4,431,258 3,964,589
Total liabilities and stockholders' equity $ 11,462,305 $ 10,657,739