XML 50 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Mar. 31, 2013
Current assets:    
Cash and cash equivalents $ 193,950 $ 310,297
Accounts receivable, net 970,052 557,879
Inventories, net 5,477,243 6,241,181
Prepaid expenses and other 87,042 115,852
Deferred financing costs 108,321 108,321
Deferred income tax asset 1,238,421 1,238,421
Total current assets 8,075,029 8,571,951
Equipment and leasehold improvements, net 534,607 587,958
Deferred financing costs – long-term 129,383 156,463
Deferred income tax asset – non-current 2,564,059 2,546,190
Other assets 56,872 56,872
Total assets 11,359,950 11,919,434
Current liabilities:    
Current portion long-term debt 598,663 1,229,643
Capital lease obligations – current portion 77,231 74,508
Accounts payable 2,815,982 4,272,431
Progress billing 858,050 0
Deferred revenues – current portion 11,930 18,460
Accrued payroll, vacation pay and payroll taxes 431,904 442,522
Accrued expenses 1,643,586 1,525,538
Total current liabilities 6,437,346 7,563,102
Subordinated notes payable-related parties 350,000 250,000
Capital lease obligations – long-term 55,695 76,055
Deferred revenues – long-term 236 1,045
Warrant liability 173,758 198,330
Long-term debt, net of debt discount 1,051,976 1,134,549
Total liabilities 8,069,011 9,223,081
Commitments      
Stockholders' equity:    
Common stock, par value $.10 per share, 3,211,739 and 3,011,739 issued and outstanding as of June 30, 2013 and March 31, 2013, respectively 321,171 301,171
Additional paid-in capital 7,768,658 7,108,300
Accumulated deficit (4,798,890) (4,713,118)
Total stockholders' equity 3,290,939 2,696,353
Total liabilities and stockholders' equity $ 11,359,950 $ 11,919,434