XML 25 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Mar. 31, 2013
Current assets:    
Cash and cash equivalents $ 216,347 $ 310,297
Accounts receivable, net 1,129,913 557,879
Inventories, net 4,509,600 6,241,181
Prepaid expenses and other 143,929 115,852
Deferred financing costs 113,876 108,321
Deferred income tax asset 1,239,761 1,238,421
Total current assets 7,353,426 8,571,951
Equipment and leasehold improvements, net 445,735 587,958
Deferred financing costs – long-term 78,921 156,463
Deferred income tax asset – non-current 2,494,347 2,546,190
Other assets 56,872 56,872
Total assets 10,429,301 11,919,434
Current liabilities:    
Current portion long-term debt 641,254 1,229,643
Capital lease obligations – current portion 69,448 74,508
Accounts payable 2,233,671 4,272,431
Progress billings 795,050 0
Deferred revenues – current portion 8,155 18,460
Accrued payroll, vacation pay and payroll taxes 394,432 442,522
Accrued expenses 1,389,487 1,525,538
Total current liabilities 5,531,497 7,563,102
Subordinated notes payable-related parties 250,000 250,000
Capital lease obligations – long-term 25,159 76,055
Deferred revenues – long-term 118,350 1,045
Warrant liability 511,939 198,330
Long-term debt, net of debt discount 743,290 1,134,549
Total liabilities 7,180,235 9,223,081
Commitments      
Stockholders' equity:    
Common stock, par value $0.10 per share, 3,248,387 and 3,011,739 issued and outstanding as of December 31, 2013 and March 31, 2013, respectively 324,886 301,171
Additional paid-in capital 7,941,477 7,108,300
Accumulated deficit (5,017,297) (4,713,118)
Total stockholders' equity 3,249,066 2,696,353
Total liabilities and stockholders' equity $ 10,429,301 $ 11,919,434