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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Mar. 31, 2015
Current assets:    
Cash and cash equivalents $ 795,393 $ 185,932
Accounts receivable, net 860,856 1,625,171
Inventories, net 4,686,063 4,032,074
Prepaid expenses and other current assets 376,568 281,002
Deferred financing costs 5,429 5,429
Deferred income tax asset 1,064,395 1,064,395
Total current assets 7,788,704 7,194,003
Equipment and leasehold improvements, net 224,192 270,792
Deferred financing costs – long-term 6,077 8,792
Deferred income tax asset – non-current 1,991,718 2,377,583
Other long-term assets 33,509 32,317
Total assets 10,044,200 9,883,487
Current liabilities:    
Current portion of long-term debt, net of debt discount 405,718 387,839
Capital lease obligations – current portion 13,231 16,758
Accounts payable and accrued liabilities 3,022,230 3,577,566
Deferred revenues – current portion 15,483 18,609
Accrued payroll, vacation pay and payroll taxes 689,904 594,114
Total current liabilities 4,146,566 4,594,886
Subordinated notes payable - related parties 125,000 250,000
Capital lease obligations – long-term 0 4,561
Long-term debt 516,977 708,604
Deferred revenues – long-term 132,068 133,650
Warrant liability 969,790 518,962
Other long-term liabilities 20,400 33,000
Total liabilities $ 5,910,801 $ 6,243,663
Commitments
Stockholders' equity:    
Common stock, 4,000,000 shares authorized, par value $0.10 per share, 3,256,887 and 3,256,887 shares issued and outstanding, respectively $ 325,686 $ 325,686
Additional paid-in capital 8,061,211 8,046,168
Accumulated deficit (4,253,498) (4,732,030)
Total stockholders' equity 4,133,399 3,639,824
Total liabilities and stockholders' equity $ 10,044,200 $ 9,883,487