• Filing Date: 2017-02-21
  • Form Type: 10-Q
  • Description: Quarterly report
v3.6.0.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Dec. 31, 2016
Mar. 31, 2016
ASSETS    
Cash and cash equivalents $ 1,873,802 $ 1,398,848
Accounts receivable, net of allowance for doubtful accounts of $25,000 for each period 589,587 588,875
Inventories 470,247 216,108
Prepaid expenses and other current assets 169,298 18,419
Restricted cash 233,274 233,050
Deferred tax asset 250,000 410,000
Total current assets 3,586,208 2,865,300
Property and equipment, net of accumulated depreciation of $24,199 and $77,690, at December 31, 2016 and March 31, 2016, respectively 155,891 26,859
Inventories - long-term portion 35,644 52,657
Intangible assets, net of accumulated amortization of $8,895 and $155,062, at December 31, 2016 and March 31, 2016, respectively 12,039 13,086
Other assets 17,644 17,644
Deferred tax asset 607,000 447,000
Total other assets 828,218 557,246
Total assets 4,414,426 3,422,546
LIABILITIES AND STOCKHOLDERS' EQUITY    
Note payable - bank 78,966 96,966
Capital lease payable 34,806
Accounts payable 392,578 276,171
Accrued expenses and other current liabilities 116,706 331,231
Customer deposits 108,342 108,342
Due to shareholder 274,723 246,696
Total current liabilities 1,006,121 1,059,406
Capital lease payable, net of current portion 91,262
Total liabilities 1,097,383 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, 67,298,502 and 67,008,502 shares issued and outstanding at December 31, 2016 and March 31, 2016, respectively 33,649 33,504
Additional paid-in capital 33,242,014 33,195,759
Accumulated deficit (29,958,620) (30,866,123)
Total stockholders' equity 3,317,043 2,363,140
Total liabilities and stockholders' equity $ 4,414,426 $ 3,422,546