• Filing Date: 2016-11-17
  • Form Type: 10-Q
  • Description: Quarterly report
v3.5.0.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Sep. 30, 2016
Mar. 31, 2016
Current assets:    
Cash and cash equivalents $ 1,676,761 $ 1,398,848
Accounts receivable, net of allowance for doubtful accounts of $25,000 for each period 917,754 588,875
Inventories 350,822 216,108
Prepaid expenses and other current assets 19,169 18,419
Restricted cash 233,215 233,050
Deferred tax asset 250,000 410,000
Total current assets 3,447,721 2,865,300
Property and equipment, net of accumulated depreciation of $20,496 and $77,690, respectively 27,754 26,859
Inventories - long-term portion 36,547 52,657
Intangible assets, net of accumulated amortization of $8,546 and $155,062, respectively 12,388 13,086
Other assets 17,644 17,644
Deferred tax asset 607,000 447,000
Total other assets 701,333 557,246
Total assets 4,149,054 3,422,546
Current liabilities:    
Note payable - bank 86,966 96,966
Accounts payable 116,412 276,171
Accrued expenses and other current liabilities 248,851 331,231
Customer deposits 108,342 108,342
Due to shareholder 275,208 246,696
Total current liabilities 835,779 1,059,406
Total liabilities 835,779 1,059,406
Stockholders' equity:    
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.0005 par value; 150,000,000 authorized, 67,008,502 shares issued and outstanding at September 30, 2016 and March 31, 2016, respectively 33,504 33,504
Additional paid-in capital 33,195,759 33,195,759
Accumulated deficit (29,915,988) (30,866,123)
Total stockholders' equity 3,313,275 2,363,140
Total liabilities and stockholders' equity $ 4,149,054 $ 3,422,546