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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2011
Mar. 31, 2011
Current assets:    
Cash and cash equivalents $ 932,289 $ 123,955
Accounts receivable, net 1,455,363 2,585,619
Unbilled government receivables 1,466,623 1,466,623
Inventories, net 2,645,818 2,970,378
Prepaid expenses and other 121,608 70,970
Deferred debt expense 108,321 108,321
Deferred income tax asset 846,955 1,131,175
Total current assets 7,576,977 8,457,041
Equipment and leasehold improvements, net 420,134 330,694
Deferred debt expenses – long-term 318,945 373,105
Deferred income tax asset – non-current 1,461,664 1,461,664
Other assets 62,670 35,235
Total assets 9,840,390 10,657,739
Current liabilities:    
Current portion long-term debt 504,617 282,798
Capital lease obligations 10,445 15,685
Accounts payable 437,241 1,598,679
Progress billings   424,202
Deferred revenues – current portion 23,731 28,382
Accrued payroll, vacation pay and payroll taxes 419,109 445,738
Accrued expenses 1,900,369 1,287,034
Total current liabilities 3,295,512 4,082,518
Subordinated notes payable-related parties 250,000 250,000
Capital lease obligations – long-term 57,327  
Deferred revenues 8,969 15,381
Warranty Liability 429,832 366,137
Long-term debt, net of debt discount 1,744,682 1,979,114
Total liabilities 5,786,322 6,693,150
Commitments 0 0
Stockholders' equity:    
Common stock, par value $.10 per share, 2,652,315 and 2,646,215 issued and outstanding as of September 30, 2011 and March 31, 2011, respectively 265,231 264,621
Additional paid-in capital 5,777,879 5,711,531
Accumulated deficit (1,989,042) (2,011,563)
Total stockholders' equity 4,054,068 3,964,589
Total liabilities and stockholders' equity $ 9,840,390 $ 10,657,739