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Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Mar. 31, 2017
Current assets:    
Cash $ 307,812 $ 287,873
Accounts receivable, net of allowance for doubtful accounts of $7,500 and $7,500, respectively 1,095,049 1,556,382
Inventories, net 4,269,934 4,208,179
Restricted cash to support appeal bond 2,000,866 0
Prepaid expenses and other current assets 147,746 188,578
Total current assets 7,821,407 6,241,012
Equipment and leasehold improvements, net 180,763 161,427
Deferred tax asset, net 63,500 0
Other assets 35,109 33,509
Total assets 8,100,779 6,435,948
Current liabilities:    
Current portion of long-term debt 2,124 291,991
Line of credit 1,000,000 200,000
Capital lease obligations – current portion 6,875 6,268
Accounts payable 2,307,813 1,428,320
Deferred revenues – current portion 60,051 123,720
Federal and state taxes payable 0 4,105
Accrued expenses - vacation pay, payroll and payroll withholdings 447,863 527,413
Accrued legal damages 5,059,990 2,800,000
Accrued expenses - related parties 31,151 45,586
Accrued expenses – other 241,419 599,049
Total current liabilities 9,157,286 6,026,452
Capital lease obligations – long-term 6,885 13,760
Long-term debt, net of debt discount 0 2,124
Warrant liability 0 95,000
Deferred revenues – long-term 337,676 352,973
Total liabilities 9,501,847 6,490,309
Commitments and contingencies
Stockholders’ deficit    
Preferred stock, 1,000,000 shares authorized, par value $0.10 per share, 500,000 shares 8% Cumulative Series A Convertible Preferred issued and outstanding 3,035,998 0
Common stock, 4,000,000 shares authorized, par value $.10 per share, 3,255,887 and 3,255,887 shares issued and outstanding, respectively 325,586 325,586
Additional paid-in capital 8,046,975 8,107,369
Accumulated deficit (12,809,627) (8,487,316)
Total stockholders’ deficit (1,401,068) (54,361)
Total liabilities and stockholders’ deficit $ 8,100,779 $ 6,435,948