• Filing Date: 2017-02-21
  • Form Type: 10-Q
  • Description: Quarterly report
v3.6.0.2
Document And Entity Information - shares
9 Months Ended
Dec. 31, 2016
Feb. 21, 2017
Document Information [Line Items]    
Entity Registrant Name ADM TRONICS UNLIMITED, INC.  
Entity Central Index Key 0000849401  
Trading Symbol admt  
Current Fiscal Year End Date --03-31  
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Entity Common Stock, Shares Outstanding (in shares)   67,298,502
Document Type 10-Q  
Document Period End Date Dec. 31, 2016  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q3  
Amendment Flag false  
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
v3.6.0.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
Dec. 31, 2016
Mar. 31, 2016
Allowance for doubtful accounts $ 25,000 $ 25,000
Property and equipment, accumulated depreciation 24,199 77,690
Intangible assets, accumulated amortization $ 8,895 $ 155,062
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0005 $ 0.0005
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares issued (in shares) 67,298,502 67,008,502
Common stock, shares outstanding (in shares) 67,298,502 67,008,502
v3.6.0.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Net revenues $ 1,156,512 $ 1,045,388 $ 3,914,281 $ 3,354,197
Cost of sales 599,607 375,745 1,695,765 1,172,298
Gross Profit 556,905 669,643 2,218,516 2,181,899
Operating expenses:        
Research and development 113,752 46,292 151,548 101,503
Selling, general and administrative 433,712 385,226 1,105,081 1,155,637
Stock based compensation 46,400 46,400 598,699
Depreciation and amortization 2,951 555 5,890 1,861
Total operating expenses 596,815 432,073 1,308,919 1,857,700
Income (loss) from operations (39,910) 237,570 909,597 324,199
Other income (expense):        
Interest income 835 88 2,295 657
Interest expense (3,546) (583) (4,389) (2,054)
Total other income (expense) (2,711) (495) (2,094) (1,397)
Income (loss) before benefit for income taxes - deferred (42,621) 237,075 907,503 322,802
Benefit for income taxes - deferred 857,000
Net income $ (42,621) $ 237,075 $ 907,503 $ 1,179,802
Basic and diluted earnings per common share: (in dollars per share) $ 0 $ 0 $ 0.01 $ 0.02
Weighted average shares of common stock outstanding - basic (in shares) 67,216,545 67,008,502 67,078,102 66,045,493
Weighted average shares of common stock outstanding - diluted (in shares) 67,216,545 67,537,914 67,078,102 66,574,905
v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income $ 907,503 $ 1,179,802
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 46,400 598,699
Depreciation and amortization 8,892 2,399
Deferred income tax (857,000)
Increase (decrease) in cash flows as a result of changes in net assets and liabilities balances:    
Accounts receivable (712) 43,916
Inventories (237,126) (138,300)
Prepaid expenses and other current assets (150,879) (22,866)
Accounts payable 116,407 (28,362)
Customer deposits 9,240
Accrued expenses and other current liabilities (214,525) 63,314
Due to shareholder 28,027 13,004
Net cash provided by operating activities 503,987 863,846
Cash flows from investing activities:    
Purchase of equipment (8,070)
Restricted cash (224) (437)
Net cash used in investing activities (8,294) (437)
Cash flows from financing activities:    
Repayments on notes payable (18,000) (19,000)
Repayments on capital lease payable (2,739)
Sale of common stock 300,000
Net cash provided by (used) in financing activities (20,739) 281,000
Net increase in cash 474,954 1,144,409
Cash and cash equivalents - beginning of period 1,398,848 216,395
Cash and cash equivalents - end of period 1,873,802 1,360,804
Cash paid for:    
Interest 4,389 2,054
Non-cash investing activities:    
Purchase of equipment with the assumption of capital lease obligations $ 128,807
v3.6.0.2
Note 1 - Nature of Business
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
NOTE
1
- NATURE OF BUSINESS
 
ADM Tronics Unlimited, Inc. ("we", "us", the “Company" or "ADM"), was incorporated under the laws of the state of Delaware on
November
24,
1969.
 We are a technology-based developer and manufacturer of diversified lines of products and derive revenues from the production and sale of electronics for medical devices and other applications; environmentally safe chemical products for industrial, medical and cosmetic uses; and, research, development, regulatory and engineering services.
 
The accompanying unaudited condensed consolidated financial statements as of
December
31,
2016
and
March
31,
2016
and for the
three
and
nine
months ended
December
31,
2016
and
2015
(unaudited) have been prepared by ADM pursuant to generally accepted accounting principles in the United States and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form
10
-Q and Regulation S-X. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the condensed financial position and operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These condensed consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the audited consolidated financial statements and explanatory notes for the year ended
March
31,
2016
as disclosed in our annual report on Form
10
-K for that year. The operating results and cash flows for
three
and
nine
months ended
December
31,
2016
(unaudited) are not necessarily indicative of the results to be expected for the pending full year ending
March
31,
2017.
v3.6.0.2
Note 2 - Significant Accounting Policies
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
NOTE
2
- SIGNIFICANT ACCOUNTING POLICIES
 
PRINCIPLES OF CONSOLIDATION
 
The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary Sonotron. All significant intercompany balances and transactions have been eliminated in consolidation.
 
USE OF ESTIMATES
 
These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and, accordingly, require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our medical devices, reserves, deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others, option and warrant expenses related to compensation to employees and directors, consultants and investment banks, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates.  
 
REVENUE RECOGNITION
 
CHEMICAL PRODUCTS:
 
Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists.
 
ELECTRONICS: 
 
We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited
90
-day warranty on our electronics products and a limited
5
-year warranty on our electronic controllers for spas and hot tubs. We have no other post shipment obligations. Based on prior experience, no amounts have been accrued for potential warranty costs and actual costs were less than
$2,000,
for each of the
three
and
nine
months ended
December
31,
2016
and
2015.
For contract manufacturing, revenues are recognized after shipment of the completed products. 
 
ENGINEERING SERVICES: 
 
We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services as the services are provided. 
 
EARNINGS PER SHARE
 
Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive.
  
Per share basic and diluted earnings amounted to
$0.00
and
$0.01
and
$0.00
and
$0.02
 for the
three
and
nine
months ended
December
31,
2016
and
2015,
respectively. There were
3,000,000
and
3,600,000
common stock equivalents at
December
31,
2016
and
2015,
respectively.
 
RECLASSIFICATION
 
Certain items in the prior financial statements have been reclassified to conform to the current period presentation.
 
RECENT ACCOUNTING PRONOUNCEMENTS
 
Management does not believe that any recently issued, but not yet effective accounting pronouncement, if adopted, would have a material effect on the accompanying condensed consolidated financial statements.  
v3.6.0.2
Note 3 - Inventories
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Inventory Disclosure [Text Block]
NOTE
3
- INVENTORIES
     
 
Inventories at
December
31,
2016
consisted of the following:
 
   
Current
   
Long Term
   
Total
 
Raw materials
  $
446,623
    $
35,063
    $
481,686
 
Finished goods
   
23,624
     
581
     
24,205
 
    $
470,247
    $
35,644
    $
505,891
 
 
Inventories at
March
31,
2016
consisted of the following:
 
 
 
 
 
   
Current
   
Long Term
   
Total
 
Raw materials
  $
187,333
    $
51,939
    $
239,272
 
Finished goods
   
28,775
     
718
     
29,493
 
    $
216,108
    $
52,657
    $
268,765
 
 
 
 
 
 
 
 
 
The Company values its inventories at the
first
in,
first
out ("FIFO") method at the lower of cost or market.
v3.6.0.2
Note 4 - Concentrations
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
 
NOTE 
4
– CONCENTRATIONS
 
During the
three
-month period ended
December
31,
2016,
one
customer accounted for
71%
of our revenue.
During the
three
-month period ended
December
31,
2015,
one
customer accounted for
42%
of our revenue.
 
During the
nine
-month period ended
December
31,
2016,
one
customer accounted for
61%
of our revenue. As of 
December
31,
2016,
one
customer represented
32%
of our accounts receivable.
 
During the
nine
-month period ended
December
31,
2015,
one
customer accounted for
42%
of our revenue. As of
March
31,
2016,
one
customer represented
43%
of our accounts receivable.
 
The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Revenues from foreign customers represented
$48,750
of net revenue or
4.2%
for the
three
months ended
December
31,
2016
and
$103,783
of net revenue or
10.2%
for the
three
months ended
December
31,
2015.
 
Revenues from foreign customers represented
$602,405
of net revenue or
15.4%
for the
nine
months ended
December
31,
2016
and
$302,780
of net revenue or
9%
for the
nine
months ended
December
31,
2015.
  
As of
December
31,
2016,
and
March
31,
2016,
accounts receivable included 
$2,158
and
$3,580,
respectively, from foreign customers.
v3.6.0.2
Note 5 - Segment Information
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
NOTE 
5
 - SEGMENT INFORMATION
 
Information about segments is as follows:
 
 
   
Chemical Products
   
Electronics
   
Engineering Service
   
Total
 
Three months ended December 31, 2016
                               
Revenue from external customers
  $
288,083
    $
410,784
    $
457,645
    $
1,156,512
 
Segment operating income (loss)
  $
27,225
    $
(9,545
)   $
(57,590
)   $
(39,910
)
                                 
Nine months ended December 31, 2016
                               
Revenue from external customers
  $
942,931
    $
1,347,857
    $
1,623,493
    $
3,914,281
 
Segment operating income
  $
128,440
    $
369,414
    $
411,743
    $
909,597
 
                                 
Three months ended December 31, 2015
                               
Revenue from external customers
  $
372,652
    $
208,040
    $
464,696
    $
1,045,388
 
Segment operating income (loss)
  $
113,469
    $
(12,891
)   $
136,992
    $
237,570
 
                                 
Nine months ended December 31, 2015
                               
Revenue from external customers
  $
1,123,668
    $
585,643
    $
1,644,886
    $
3,354,197
 
Segment operating income (loss)
  $
172,602
    $
(59,445
)   $
211,042
    $
324,199
 
                                 
Total assets at December 31, 2016
  $
1,059,462
    $
1,191,895
    $
2,163,069
    $
4,414,426
 
                                 
Total assets at March 31, 2016
  $
1,070,944
    $
644,189
    $
1,707,413
    $
3,422,546
 
v3.6.0.2
Note 6 - Equity
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
Note
6
- Equity
 
During the
three
months ended
December
31,
2016,
290,000
shares of restricted stock were issued. The shares were valued at the services being performed, which approximated
$46,400.
v3.6.0.2
Note 7 - Options Outstanding
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
NOTE 
7
 - OPTIONS OUTSTANDING
 
 
On
September
2,
2015,
ADM granted an additional
3,000,000
stock options to employees at an exercise price of
$0.20
per option and with a term of
three
years. The options were valued at
$598,699
using the Black Scholes option pricing model with the following assumptions: risk free interest rate of
2.03%,
volatility of
353%,
estimated useful life of
3
years and dividend rate of
0%.
 
The following table summarizes information on all common share purchase options issued by us for the periods ended
December
31,
2016
and
March
31,
2016.
 
 
   
December 31, 2016
   
March 31, 2016
 
   
# of Shares
   
Weighted
Average
Exercise
Price
   
# of Shares
   
Weighted
Average
Exercise
Price
 
                                 
Outstanding, beginning of period/year
   
3,000,000
    $
0.20
     
600,000
    $
0.02
 
                                 
Issued
   
-
    $
-
     
3,000,000
    $
0.20
 
                                 
Exercised
   
-
    $
-
     
-
    $
-
 
                                 
Expired
   
-
    $
-
     
(600,00
  $
(.01
                                 
Outstanding, end of period/year
   
3,000,000
    $
0.20
     
3,000,000
    $
0.20
 
                                 
Exercisable, end of period/year
   
3,000,000
    $
0.20
     
3,000,000
    $
0.20
 
v3.6.0.2
Note 8 - Commitments and Contingencies
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
NOTE 
8
 - COMMITMENTS AND CONTINGENCIES
 
We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on
June
30,
2019.
The Company’s future minimum lease commitment at
December
31,
2016
is as follows: 
 
For the twelve-month period ended December 31,
 
Amount
 
2017
  $
104,625
 
2018
   
52,313
 
    $
156,938
 
 
Rent and real estate tax expense for all facilities for the
nine
months ended
December
31,
2016
and
2015
was approximately
$67,000
and
$63,000,
respectively. 
 
On
August
21,
2008,
the Company entered into a note payable with a commercial bank in the amount of
$200,000.
This note bears interest at a rate of
2%
above the interest rate for the Company’s savings account at this bank. Interest rates at
December
31,
2016
and
2015
were
2.15%
for each year. The note is secured by cash on deposit with the institution, which is classified as restricted cash. Amounts outstanding under the note are payable on demand and interest is payable monthly. The balance of this note as of
December
31,
2016,
was
$78,966.
 
On
December
2,
2016,
the Company entered into a capital lease agreement with a commercial bank in the amount of
$85,680,
including
$6,930
in deferred interest, for the purchase of certain fixed assets. The lease has a term of
forty
-
eight
(48)
months and is payable in
forty
-
eight
equal installments of
$1,773.
The balance of this obligation as of
December
31,
2016,
was
$77,998.
 
On
December
2,
2016,
the Company entered into a capital lease agreement with a commercial bank in the amount of
$54,710,
including
$4,710
in deferred interest, for the purchase of certain fixed assets. The lease has a term of
forty
-
eight
(48)
months and is payable in
forty
-
eight
equal installments of
$1,128.
The balance of this obligation as of
December
31,
2016,
was
$48,070.
v3.6.0.2
Note 9 - Income Taxes
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
NOTE 
9
 - INCOME TAXES
 
At
December
31,
2016,
the Company had federal and state net operating loss carry-forwards ("NOL")'s of approximately
$2,616,000,
which are due to expire through fiscal
2034.
 
These NOLs
may
be used to offset future taxable income through their respective expiration dates and thereby reduce or eliminate our federal and state income taxes otherwise payable. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Ultimate utilization of such NOL's and credits is dependent upon the Company's ability to generate taxable income in future periods and
may
be significantly curtailed if a significant change in
 
ownership occurs.
 
Due to the uncertainty related to future taxable income, the Company provides a partial valuation allowance for the deferred tax asset resulting from the NOL's and depreciation and amortization. During the
nine
months ended
December
31,
2016,
the Company utilized approximately
$908,000
in net operating losses and expects to utilize
$1,200,000
before expiration. For the
nine
months ended
December
31,
2016,
the
$363,000
reduction in deferred income taxes was offset by a similar reduction in the valuation allowance.
 
v3.6.0.2
Note 10 - Due to Shareholder
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Compensation Related Costs, General [Text Block]
NOTE 
10
 – DUE TO STOCKHOLDER
 
The Company’s President has been deferring his salary and bonuses periodically to assist the Company’s cash flow. There are
no
repayment terms or interest accruing on this liability.
v3.6.0.2
Note 11 - Subsequent Events
9 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Subsequent Events [Text Block]
NOTE
11
 – SUBSEQUENT EVENTS
 
We evaluated all subsequent events from the date of the condensed consolidated balance sheet through the issuance date and determined that there are no events or transactions occurring during the subsequent event reporting period which require recognition or disclosure in the condensed consolidated financial statements. 
v3.6.0.2
Significant Accounting Policies (Policies)
9 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]
PRINCIPLES OF CONSOLIDATION
 
The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary Sonotron. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]
USE OF ESTIMATES
 
These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and, accordingly, require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our medical devices, reserves, deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others, option and warrant expenses related to compensation to employees and directors, consultants and investment banks, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates.  
Revenue Recognition, Policy [Policy Text Block]
REVENUE RECOGNITION
 
CHEMICAL PRODUCTS:
 
Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists.
 
ELECTRONICS: 
 
We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited
90
-day warranty on our electronics products and a limited
5
-year warranty on our electronic controllers for spas and hot tubs. We have no other post shipment obligations. Based on prior experience, no amounts have been accrued for potential warranty costs and actual costs were less than
$2,000,
for each of the
three
and
nine
months ended
December
31,
2016
and
2015.
For contract manufacturing, revenues are recognized after shipment of the completed products. 
 
ENGINEERING SERVICES: 
 
We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services as the services are provided. 
Earnings Per Share, Policy [Policy Text Block]
EARNINGS PER SHARE
 
Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share is computed similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential shares had been issued and if the additional shares were dilutive.
  
Per share basic and diluted earnings amounted to
$0.00
and
$0.01
and
$0.00
and
$0.02
 for the
three
and
nine
months ended
December
31,
2016
and
2015,
respectively. There were
3,000,000
and
3,600,000
common stock equivalents at
December
31,
2016
and
2015,
respectively.
Reclassification, Policy [Policy Text Block]
RECLASSIFICATION
 
Certain items in the prior financial statements have been reclassified to conform to the current period presentation.
New Accounting Pronouncements, Policy [Policy Text Block]
RECENT ACCOUNTING PRONOUNCEMENTS
 
Management does not believe that any recently issued, but not yet effective accounting pronouncement, if adopted, would have a material effect on the accompanying condensed consolidated financial statements.  
v3.6.0.2
Note 3 - Inventories (Tables)
9 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule Of Inventory [Table Text Block]
   
Current
   
Long Term
   
Total
 
Raw materials
  $
446,623
    $
35,063
    $
481,686
 
Finished goods
   
23,624
     
581
     
24,205
 
    $
470,247
    $
35,644
    $
505,891
 
   
Current
   
Long Term
   
Total
 
Raw materials
  $
187,333
    $
51,939
    $
239,272
 
Finished goods
   
28,775
     
718
     
29,493
 
    $
216,108
    $
52,657
    $
268,765
 
v3.6.0.2
Note 5 - Segment Information (Tables)
9 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
   
Chemical Products
   
Electronics
   
Engineering Service
   
Total
 
Three months ended December 31, 2016
                               
Revenue from external customers
  $
288,083
    $
410,784
    $
457,645
    $
1,156,512
 
Segment operating income (loss)
  $
27,225
    $
(9,545
)   $
(57,590
)   $
(39,910
)
                                 
Nine months ended December 31, 2016
                               
Revenue from external customers
  $
942,931
    $
1,347,857
    $
1,623,493
    $
3,914,281
 
Segment operating income
  $
128,440
    $
369,414
    $
411,743
    $
909,597
 
                                 
Three months ended December 31, 2015
                               
Revenue from external customers
  $
372,652
    $
208,040
    $
464,696
    $
1,045,388
 
Segment operating income (loss)
  $
113,469
    $
(12,891
)   $
136,992
    $
237,570
 
                                 
Nine months ended December 31, 2015
                               
Revenue from external customers
  $
1,123,668
    $
585,643
    $
1,644,886
    $
3,354,197
 
Segment operating income (loss)
  $
172,602
    $
(59,445
)   $
211,042
    $
324,199
 
                                 
Total assets at December 31, 2016
  $
1,059,462
    $
1,191,895
    $
2,163,069
    $
4,414,426
 
                                 
Total assets at March 31, 2016
  $
1,070,944
    $
644,189
    $
1,707,413
    $
3,422,546
 
v3.6.0.2
Note 7 - Options Outstanding (Tables)
9 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
   
December 31, 2016
   
March 31, 2016
 
   
# of Shares
   
Weighted
Average
Exercise
Price
   
# of Shares
   
Weighted
Average
Exercise
Price
 
                                 
Outstanding, beginning of period/year
   
3,000,000
    $
0.20
     
600,000
    $
0.02
 
                                 
Issued
   
-
    $
-
     
3,000,000
    $
0.20
 
                                 
Exercised
   
-
    $
-
     
-
    $
-
 
                                 
Expired
   
-
    $
-
     
(600,00
  $
(.01
                                 
Outstanding, end of period/year
   
3,000,000
    $
0.20
     
3,000,000
    $
0.20
 
                                 
Exercisable, end of period/year
   
3,000,000
    $
0.20
     
3,000,000
    $
0.20
 
v3.6.0.2
Note 8 - Commitments and Contingencies (Tables)
9 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]
For the twelve-month period ended December 31,
 
Amount
 
2017
  $
104,625
 
2018
   
52,313
 
    $
156,938
 
v3.6.0.2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Earnings Per Share, Basic and Diluted $ 0 $ 0 $ 0.01 $ 0.02
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount     3,000,000 3,600,000
Maximum [Member]        
Product Warranty Expense $ 2,000 $ 2,000 $ 2,000 $ 2,000
Electronic Products [Member]        
Warranty Term     90 days  
Electronic Controllers for Spas and Hot Tubs [Member]        
Warranty Term     5 years  
v3.6.0.2
Note 3 - Inventories - Summary of Inventory (Details) - USD ($)
Dec. 31, 2016
Mar. 31, 2016
Raw materials $ 481,686 $ 239,272
Finished Goods 24,205 29,493
Total 505,891 268,765
Current [Member]    
Raw materials 446,623 187,333
Finished Goods 23,624 28,775
Total 470,247 216,108
Long Term [Member    
Raw materials 35,063 51,939
Finished Goods 581 718
Total $ 35,644 $ 52,657
v3.6.0.2
Note 4 - Concentrations (Details Textual)
3 Months Ended 9 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Mar. 31, 2016
USD ($)
Revenues $ 1,156,512 $ 1,045,388 $ 3,914,281 $ 3,354,197  
Accounts Receivable, Net, Current 589,587   589,587   $ 588,875
Foreign Customers [Member]          
Accounts Receivable, Net, Current $ 2,158 $ 3,580 $ 2,158 $ 3,580  
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]          
Concentration Risk, Number of Customers 1 1 1 1  
Concentration Risk, Percentage 71.00% 42.00% 61.00% 42.00%  
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Foreign Customers [Member]          
Concentration Risk, Percentage 4.20% 10.20% 15.40% 9.00%  
Revenues $ 48,750 $ 103,783 $ 602,405 $ 302,780  
Customer Concentration Risk [Member] | Accounts Receivable [Member]          
Concentration Risk, Number of Customers     1 1  
Concentration Risk, Percentage     32.00% 43.00%  
v3.6.0.2
Note 5 - Segment Information - Summary of Segment Information (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Mar. 31, 2016
Revenue from external customers $ 1,156,512 $ 1,045,388 $ 3,914,281 $ 3,354,197  
Segment operating income (loss) (39,910) 237,570 909,597 324,199  
Total assets 4,414,426   4,414,426   $ 3,422,546
Chemical [Member]          
Revenue from external customers 288,083 372,652 942,931 1,123,668  
Segment operating income (loss) 27,225 113,469 128,440 172,602  
Total assets 1,059,462   1,059,462   1,070,944
Electronics [Member]          
Revenue from external customers 410,784 208,040 1,347,857 585,643  
Segment operating income (loss) (9,545) (12,891) 369,414 (59,445)  
Total assets 1,191,895   1,191,895   644,189
Engineering [Member]          
Revenue from external customers 457,645 464,696 1,623,493 1,644,886  
Segment operating income (loss) (57,590) $ 136,992 411,743 $ 211,042  
Total assets $ 2,163,069   $ 2,163,069   $ 1,707,413
v3.6.0.2
Note 6 - Equity (Details Textual)
3 Months Ended
Dec. 31, 2016
USD ($)
shares
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares 290,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | $ $ 46,400
v3.6.0.2
Note 7 - Options Outstanding (Details Textual) - USD ($)
9 Months Ended 12 Months Ended
Sep. 02, 2015
Dec. 31, 2016
Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 3,000,000 3,000,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 0.20 $ 0.20
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 3 years    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value $ 598,699    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 2.03%    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 353.00%    
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 0.00%    
v3.6.0.2
Note 7 - Options Outstanding - Summary of Stock Option Activity (Details) - $ / shares
9 Months Ended 12 Months Ended
Sep. 02, 2015
Dec. 31, 2016
Mar. 31, 2016
Outstanding, beginning of period/year (in shares)   3,000,000 600,000
Outstanding, beginning of period/year (in dollars per share)   $ 0.20 $ 0.02
Issued (in shares) 3,000,000 3,000,000
Issued (in dollars per share) $ 0.20 $ 0.20
Exercised (in shares)  
Exercised (in dollars per share)  
Expired (in shares)   (60,000)
Expired (in dollars per share)   $ (0.01)
Outstanding, end of period/year (in shares)   3,000,000 3,000,000
Outstanding, end of period/year (in dollars per share)   $ 0.20 $ 0.20
Exercisable, end of period/year (in shares)   3,000,000 3,000,000
Exercisable, end of period/year (in dollars per share)   $ 0.20 $ 0.20
v3.6.0.2
Note 8 - Commitments and Contingencies (Details Textual)
9 Months Ended
Dec. 02, 2016
USD ($)
Aug. 21, 2008
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Operating Leases, Rent Expense     $ 67,000 $ 63,000
Debt Instrument, Face Amount   $ 200,000    
Capital Lease Agreement One [Member]        
Capital Lease Obligations, Gross $ 85,680      
Capital Lease Obligations, Deferred Interest $ 6,930      
Debt Instrument, Term 4 years      
Capital Lease Obligations, Number of Installments 48      
Debt Instrument, Periodic Payment $ 1,773      
Capital Lease Obligations     77,998  
Capital Lease Agreement Two [Member]        
Capital Lease Obligations, Gross 54,710      
Capital Lease Obligations, Deferred Interest $ 4,710      
Debt Instrument, Term 4 years      
Capital Lease Obligations, Number of Installments 48      
Debt Instrument, Periodic Payment $ 1,128      
Capital Lease Obligations     $ 48,070  
Notes Payable to Banks [Member]        
Debt Instrument, Basis Spread on Variable Rate   2.00%    
Debt Instrument, Interest Rate During Period     2.15% 2.15%
Long-term Debt     $ 78,966  
v3.6.0.2
Note 8 - Commitments and Contingencies - Future Minimum Lease Payments (Details)
Dec. 31, 2016
USD ($)
2017 $ 104,625
2018 52,313
Total $ 156,938
v3.6.0.2
Note 9 - Income Taxes (Details Textual)
9 Months Ended
Dec. 31, 2016
USD ($)
Operating Loss Carryforwards $ 2,616,000
Operating Loss Carry-Forward, Amount Utilized 908,000
Operating Loss Carry-Forward, Expected Utilization Amount 1,200,000
Deferred Income Taxes and Tax Credits $ 363,000
v3.6.0.2
Note 10 - Due to Shareholder (Details Textual)
$ in Thousands
Dec. 31, 2016
USD ($)
Deferred Compensation Liability, Interest Accrued $ 0