• Filing Date: 2019-08-14
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.2
Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2019
Mar. 31, 2019
Current assets:    
Cash and cash equivalents $ 135,569 $ 273,348
Restricted cash 0 25,000
Accounts receivable, net of allowance for doubtful accounts of $20,000 at June 30, 2019 and $26,000 at March 31, 2019 1,021,341 1,009,106
Inventories, net of reserve for obsolescence of $40,000 at June 30, 2019 and $50,000 at March 31, 2019 1,377,719 1,472,543
Prepaid expenses 132,583 130,016
Total current assets 2,667,212 2,910,013
Equipment, at cost:    
Furniture, fixtures and equipment 3,082,315 3,061,329
Accumulated depreciation (2,848,095) (2,811,761)
Equipment, net 234,220 249,568
Right of use asset 1,181,590 0
Patents, net of accumulated amortization of $272,526 at June 30, 2019 and $266,028 at March 31, 2019 242,886 248,579
Other assets 19,548 19,548
TOTAL ASSETS 4,345,456 3,427,708
Current liabilities:    
Accounts payable 437,918 578,956
Accrued compensation 208,946 295,875
Other accrued liabilities 138,007 126,434
Line of credit 150,000 0
Accrued lease liability 158,721 0
Total current liabilities 1,093,592 1,001,265
Long-term liability:    
Accrued lease liability 1,074,434 0
Deferred rent 0 74,821
Total liabilities 2,168,026 1,076,086
Shareholders' equity:    
Preferred stock, no par value: 10,000,000 shares authorized; none issued and outstanding 0 0
Common stock and additional paid-in capital, no par value: 100,000,000 shares authorized; 11,558,355 shares issued and outstanding at June 30, 2019 and March 31, 2019 24,209,471 24,201,769
Accumulated (deficit) (22,032,041) (21,850,147)
Total shareholders' equity 2,177,430 2,351,622
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,345,456 $ 3,427,708