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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Mar. 31, 2012
Current assets:    
Cash and cash equivalents $ 166,674 $ 413,195
Accounts receivable, net 539,446 1,694,636
Unbilled government receivables 1,768,208 1,780,381
Inventories, net 7,101,996 5,023,975
Prepaid expenses and other 134,587 220,255
Deferred debt expense 108,321 108,321
Deferred income tax asset 1,288,631 1,288,631
Total current assets 11,107,863 10,529,394
Equipment and leasehold improvements, net 654,287 706,870
Deferred debt expenses – long-term 237,704 264,784
Deferred income tax asset – non-current 1,112,334 948,489
Other assets 56,872 56,872
Total assets 13,169,060 12,506,409
Current liabilities:    
Current portion long-term debt 605,492 542,382
Capital lease obligations 67,921 64,675
Accounts payable 3,821,297 2,850,432
Deferred revenues – current portion 25,765 34,767
Accrued payroll, vacation pay and payroll taxes 484,585 440,116
Accrued expenses 2,615,472 2,074,911
Total current liabilities 7,620,532 6,007,283
Subordinated notes payable-related parties, net of debt discount 250,000 250,000
Capital Lease Obligations 131,910 149,582
Deferred revenues 3,470 4,637
Warranty Liability 105,896 355,290
Long-term debt, net of debt discount 1,355,525 1,490,302
Total liabilities 9,467,333 8,257,094
Commitments 0 0
Stockholders' equity:    
Common stock, par value $.10 per share, 2,710,715 and 2,646,215 issued and outstanding as of June 30, 2012 and March 31, 2012, respectively 271,071 268,421
Additional paid-in capital 6,040,003 5,921,441
Accumulated deficit (2,609,347) (1,940,547)
Total stockholders' equity 3,701,727 4,249,315
Total liabilities and stockholders' equity $ 13,169,060 $ 12,506,409