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Consolidated Balance Sheets (USD $)
Mar. 31, 2014
Mar. 31, 2013
Current assets:    
Cash $ 232,118 $ 310,297
Accounts receivable, net of allowance for doubtful accounts of $27,282 and $18,940, respectively 2,095,640 557,879
Inventories, net 4,025,391 6,241,181
Prepaid expenses and other current assets 263,592 115,852
Deferred financing costs 108,321 108,321
Deferred tax asset 1,089,538 1,238,421
Total current assets 7,814,600 8,571,951
Equipment and leasehold improvements, net 450,873 587,958
Deferred financing costs – long-term 48,142 156,463
Deferred tax asset – non-current 2,273,068 2,546,190
Other assets 47,670 56,872
Total assets 10,634,353 11,919,434
Current liabilities:    
Current portion of long-term debt 718,848 1,229,643
Capital lease obligations – current portion 53,608 74,508
Accounts payable 2,289,858 4,272,431
Progress billings 775,475 0
Deferred revenues – current portion 37,452 18,460
Accrued expenses - vacation pay, payroll and payroll withholdings 444,238 442,522
Accrued expenses - related parties 123,036 100,536
Accrued expenses – other 919,287 1,425,002
Total current liabilities 5,361,802 7,563,102
Subordinated notes payable – related parties 250,000 250,000
Capital lease obligations – long-term 21,320 76,055
Long-term debt, net of debt discount 596,526 1,134,549
Warrant liability 354,309 198,330
Deferred revenues – long-term 133,650 1,045
Other long-term liabilities 56,100 0
Total liabilities 6,773,707 9,223,081
Commitments and contingencies      
Stockholders’ equity    
Common stock, 4,000,000 shares authorized, par value $.10 per share, 3,251,387 and 3,011,739 shares issued and outstanding, respectively 325,136 301,171
Additional paid-in capital 7,987,100 7,108,300
Accumulated deficit (4,451,590) (4,713,118)
Total stockholders’ equity 3,860,646 2,696,353
Total liabilities and stockholders’ equity $ 10,634,353 $ 11,919,434