XML 105 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Balance Sheets (USD $)
Mar. 31, 2013
Mar. 31, 2012
Current assets:    
Cash $ 310,297 $ 413,195
Accounts receivable, net of allowance for doubtful accounts of $18,940 and $35,470, respectively 557,879 1,694,636
Unbilled government receivables 0 1,780,381
Inventories, net 6,241,181 5,023,975
Prepaid expenses and other current assets 115,852 220,255
Deferred financing costs 108,321 108,321
Deferred tax asset 1,238,421 1,288,631
Total current assets 8,571,951 10,529,394
Equipment and leasehold improvements, net 587,958 706,870
Deferred financing costs – long-term 156,463 264,784
Deferred tax asset – non-current 2,546,190 948,489
Other assets 56,872 56,872
Total assets 11,919,434 12,506,409
Current liabilities:    
Current portion of long-term debt 1,229,643 542,382
Capital lease obligations – current portion 74,508 64,675
Accounts payable 4,272,431 2,850,432
Deferred revenues – current portion 18,460 34,767
Accrued expenses - vacation pay, payroll and payroll withholdings 442,522 440,116
Accrued expenses - related parties 100,536 68,777
Accrued expenses – other 1,425,002 2,006,134
Total current liabilities 7,563,102 6,007,283
Subordinated notes payable – related parties 250,000 250,000
Capital lease obligations – long-term 76,055 149,582
Long-term debt, net of debt discount 1,134,549 1,490,302
Warrant liability 198,330 355,290
Deferred revenues – long-term 1,045 4,637
Total liabilities 9,223,081 8,257,094
Commitments and contingencies      
Stockholders’ equity    
Common stock, 4,000,000 shares authorized, par value $.10 per share, 3,011,739 and 2,684,215 shares issued and outstanding, respectively 301,171 268,421
Additional paid-in capital 7,108,300 5,921,441
Accumulated deficit (4,713,118) (1,940,547)
Total stockholders’ equity 2,696,353 4,249,315
Total liabilities and stockholders’ equity $ 11,919,434 $ 12,506,409