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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2014
Mar. 31, 2014
Current assets:    
Cash and cash equivalents $ 243,146 $ 232,118
Accounts receivable, net 542,624 2,095,640
Inventories, net 4,544,267 4,025,391
Prepaid expenses and other current assets 549,930 263,592
Deferred financing costs 102,303 108,321
Deferred income tax asset 1,089,538 1,089,538
Total current assets 7,071,808 7,814,600
Equipment and leasehold improvements, net 353,583 450,873
Deferred financing costs – long-term 0 48,142
Deferred income tax asset – non-current 2,513,198 2,273,068
Other long-term assets 47,670 47,670
Total assets 9,986,259 10,634,353
Current liabilities:    
Current portion of long-term debt, net of debt discount 202,759 718,848
Capital lease obligations – current portion 20,895 53,608
Accounts payable and accrued liabilities 3,617,674 3,332,181
Progress billings 592,156 775,475
Deferred revenues – current portion 36,041 37,452
Accrued payroll, vacation pay and payroll taxes 491,953 444,238
Total current liabilities 4,961,478 5,361,802
Subordinated notes payable - related parties 250,000 250,000
Capital lease obligations – long-term 13,231 21,320
Long-term debt 854,361 596,526
Deferred revenues – long-term 133,650 133,650
Warrant liability 460,389 354,309
Other long-term liabilities 51,900 56,100
Total liabilities 6,725,009 6,773,707
Commitments      
Stockholders' equity:    
Common stock, 4,000,000 shares authorized, par value $.10 per share, 3,253,887 and 3,251,387 shares issued and outstanding, respectively 325,386 325,136
Additional paid-in capital 8,019,654 7,987,100
Accumulated deficit (5,083,790) (4,451,590)
Total stockholders' equity 3,261,250 3,860,646
Total liabilities and stockholders' equity $ 9,986,259 $ 10,634,353