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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2012
Mar. 31, 2012
Current assets:    
Cash and cash equivalents $ 196,270 $ 413,195
Accounts receivable, net 860,487 1,694,636
Unbilled government receivables 1,762,254 1,780,381
Inventories, net 6,564,837 5,023,975
Prepaid expenses and other 101,514 220,255
Deferred debt expense 190,030 108,321
Deferred income tax asset 1,099,169 1,288,631
Total current assets 10,774,561 10,529,394
Equipment and leasehold improvements, net 645,553 706,870
Deferred debt expenses – long-term 210,624 264,784
Deferred income tax asset – non-current 1,753,977 948,489
Other assets 56,872 56,872
Total assets 13,441,587 12,506,409
Current liabilities:    
Current portion long-term debt 1,113,356 542,382
Capital lease obligations 70,401 64,675
Accounts payable 3,382,728 2,850,432
Progress Billings 405,551  
Deferred revenues – current portion 18,721 34,767
Accrued payroll, vacation pay and payroll taxes 476,848 440,116
Accrued expenses 2,437,697 2,074,911
Total current liabilities 7,905,302 6,007,283
Subordinated notes payable-related parties, net of debt discount 250,000 250,000
Capital Lease Obligations 113,594 149,582
Deferred revenues 2,662 4,637
Warrant Liability 198,903 355,290
Long-term debt, net of debt discount 1,369,607 1,490,302
Total liabilities 9,840,068 8,257,094
Commitments 0 0
Stockholders' equity:    
Common stock, par value $.10 per share, 2,795,549 and 2,684,215 issued and outstanding as of September 30, 2012 and March 31, 2012, respectively 279,554 268,421
Additional paid-in capital 6,361,017 5,921,441
Accumulated deficit (3,039,052) (1,940,547)
Total stockholders' equity 3,601,519 4,249,315
Total liabilities and stockholders' equity $ 13,441,587 $ 12,506,409