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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Mar. 31, 2015
Current assets:    
Cash and cash equivalents $ 629,053 $ 185,932
Accounts receivable, net 1,027,437 1,625,171
Inventories, net 4,808,364 4,032,074
Prepaid expenses and other current assets 251,417 281,002
Deferred financing costs 5,429 5,429
Deferred income tax asset 1,064,395 1,064,395
Total current assets 7,786,095 7,194,003
Equipment and leasehold improvements, net 193,434 270,792
Deferred financing costs – long-term 4,720 8,792
Deferred income tax asset – non-current 1,764,767 2,377,583
Other long-term assets 33,509 32,317
Total assets 9,782,525 9,883,487
Current liabilities:    
Current portion of long-term debt, net of debt discount 411,912 387,839
Capital lease obligations – current portion 8,971 16,758
Accounts payable and accrued liabilities 2,339,126 3,577,566
Deferred revenues – current portion 23,275 18,609
Accrued payroll, vacation pay and payroll taxes 809,133 594,114
Total current liabilities 3,592,417 4,594,886
Subordinated notes payable - related parties 45,000 250,000
Capital lease obligations – long-term 0 4,561
Long-term debt 411,594 708,604
Deferred revenues – long-term 134,385 133,650
Warrant liability 1,216,541 518,962
Other long-term liabilities 14,100 33,000
Total liabilities $ 5,414,037 $ 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 8,069,714 8,046,168
Accumulated deficit (4,026,912) (4,732,030)
Total stockholders' equity 4,368,488 3,639,824
Total liabilities and stockholders' equity $ 9,782,525 $ 9,883,487