Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Feb. 13, 2015 | |
Entity Registrant Name | ADM TRONICS UNLIMITED INC/DE | |
Entity Central Index Key | 849401 | |
Current Fiscal Year End Date | -28 | |
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) | 64,939,537 | |
Document Type | 10-Q | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $222,799 | $83,156 |
Accounts receivable, net of allowance for doubtful accounts of $6,000 and $3,000, respectively | 456,973 | 271,038 |
Inventories | 261,199 | 94,692 |
Prepaid expenses and other current assets | 16,406 | 10,623 |
Restricted cash | 232,437 | 232,264 |
Total current assets | 1,189,814 | 691,773 |
Property and equipment, net of accumulated depreciation of $73,618 and $70,942, respectively | 3,698 | 6,374 |
Inventories - long-term portion | 64,552 | 38,046 |
Secured convertible note receivable, including interest of $24,064 and $20,900, respectively | 66,064 | 62,900 |
Intangible assets, net of accumulated amortization of $153,268 and $151,777, respectively | 14,880 | 16,371 |
Other assets | 15,764 | 14,764 |
Total other assets | 164,958 | 138,455 |
Total assets | 1,354,772 | 830,228 |
Current liabilities: | ||
Note payable - bank | 127,966 | 136,990 |
Accounts payable | 256,700 | 208,248 |
Accrued expenses and other current liabilities | 377,706 | 312,901 |
Customer deposits | 111,054 | 24,770 |
Due to shareholder | 214,182 | 160,006 |
Total current liabilities | 1,087,608 | 842,915 |
Total liabilities | 1,087,608 | 842,915 |
Stockholders' equity: | ||
Common stock, $0.0005 par value; 150,000,000 authorized, 64,939,537 shares issued and outstanding at December 31, 2014 and March 31, 2014, respectively | 32,470 | 32,470 |
Additional paid-in capital | 32,298,094 | 32,298,094 |
Accumulated deficit | -32,063,400 | -32,343,251 |
Total stockholders' equity | 267,164 | -12,687 |
Total liabilities and stockholders' equity | $1,354,772 | $830,228 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Allowance for doubtful accounts | $6,000 | $3,000 |
Accumulated depreciation | 73,618 | 70,942 |
Secured convertible note receivable interest | 24,064 | 20,900 |
Accumulated amortization | $153,268 | $151,777 |
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) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 64,939,537 | 64,939,537 |
Common stock, shares outstanding (in shares) | 64,939,537 | 64,939,537 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenues | $677,683 | $412,331 | $2,049,950 | $1,124,742 |
Cost of sales | 284,125 | 195,787 | 843,041 | 560,497 |
Gross Profit | 393,558 | 216,544 | 1,206,909 | 564,245 |
Operating expenses: | ||||
Research and development | 59,400 | 17,411 | 89,686 | 36,513 |
Selling, general and administrative | 218,885 | 164,644 | 834,377 | 605,712 |
Depreciation and amortization | 1,113 | 2,944 | 4,167 | 11,608 |
Total operating expenses | 279,398 | 184,999 | 928,230 | 653,833 |
Income (loss) from operations | 114,160 | 31,545 | 278,679 | -89,588 |
Other income (expense): | ||||
Interest income | 992 | 1,123 | 3,364 | 3,716 |
Interest expense | -499 | -131 | -2,192 | -1,702 |
Total other income (expense) | 493 | 992 | 1,172 | 2,014 |
Net income (loss) | $114,653 | $32,537 | $279,851 | ($87,574) |
Basic and diluted (loss) per common share: (in dollars per share) | $0 | $0 | $0 | $0 |
Weighted average shares of common stock outstanding - basic (in shares) | 64,939,537 | 59,939,537 | 64,939,537 | 59,939,537 |
Weighted average shares of common stock outstanding - diluted (in shares) | 65,539,537 | 59,939,537 | 65,539,537 | 59,939,537 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net income (loss) | $279,851 | ($87,574) |
Adjustments to reconcile net income (loss) to net cash provided (used) in operating activities: | ||
Depreciation and amortization | 4,167 | 11,608 |
Bad debt | 3,000 | 1,000 |
Interest receivable | -3,164 | -3,164 |
Increase (decrease) in cash flows as a result of changes in assets and liabilities balances: | ||
Accounts receivable | -188,935 | -64,414 |
Inventories | -193,013 | -9,214 |
Prepaid expenses and other current assets | -5,783 | 9,979 |
Other assets | -121 | |
Accounts payable | 48,452 | 25,781 |
Customer deposits | 86,284 | 17,273 |
Due to shareholder | 54,176 | |
Accrued expenses and other current liabilities | 64,805 | 7,827 |
Net cash provided (used) in operating activities | 149,840 | -91,019 |
Cash flows from investing activities: | ||
Repayment from related party | 10,620 | |
Restricted cash | -173 | -482 |
Investment in Angiodroid | -1,000 | |
Net cash provided (used) by investing activities | -1,173 | 10,138 |
Cash flows used in financing activities: | ||
Repayments on note payable - Bank | -9,024 | -9,000 |
Net cash used in financing activities | -9,024 | -9,000 |
Net increase (decrease) in cash and cash equivalents | 139,643 | -89,881 |
Cash and cash equivalents - beginning of year | 83,156 | 105,087 |
Cash and cash equivalents - end of year | 222,799 | 15,206 |
Cash paid for: | ||
Interest | $2,132 | $2,337 |
Note_1_Nature_of_Business
Note 1 - Nature of Business | 9 Months Ended |
Dec. 31, 2014 | |
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 an engineering and manufacturing concern whose principal lines of business are engineering and manufacturing of electronics, primarily medical electronic devices, and the development, production and sale of chemical products. | |
The accompanying condensed consolidated financial statements as of December 31, 2014 (unaudited) and March 31, 2014 and for the three and nine month periods ended December 31, 2014 and 2013 (unaudited) have been prepared by ADM pursuant to 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 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 financial statements and explanatory notes for the year ended March 31, 2014 as disclosed in our annual report on Form 10-K for that year . The results of the three and nine months ended December 31, 2014 (unaudited) are not necessarily indicative of the results to be expected for the pending full year ending March 31, 2015. |
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2014 | |
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 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 | |
ELECTRONICS: | |
We recognize revenue from engineering services on a project or monthly basis. Contract manufacturing and sales of our electronic products are recognized when they are shipped to the purchaser. | |
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. | |
NET INCOME / (LOSS) PER SHARE | |
Basic net income (loss) per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed similar to basic loss 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. Common stock equivalents for the nine months ended December 31, 2013, have been excluded from the fully diluted calculation of net income (loss) per share, as inclusion would be anti-dilutive. | |
6 | |
Per share basic and diluted net income (loss) amounted to $0.00 and ($0.00) for the three and nine months ended December 31, 2014 and 2013, respectively. There were 600,000 and 5,600,000 common stock equivalents at December 31, 2014 and 2013, respectively. | |
RECLASSIFICATION | |
Certain item in the prior financial statements have been reclassified to conform to the current presentation. | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
On May 14, 2014, FASB and IASB issued a new joint revenue recognition standard that supersedes nearly all US GAAP guidance on revenue recognition. The core principal of the standard is that revenue recognition should depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new standard is effective for the Company for the fiscal year beginning April 1, 2017 and the effects of the standard on the Company’s consolidated financial statements are not known at this time. | |
Management does not believe that any other recently issued, but not yet effective accounting pronouncement, if adopted, would have a material effect on the accompanying condensed consolidated financial statements. |
Note_3_Inventory
Note 3 - Inventory | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Notes to Financial Statements | |||||||||||||
Inventory Disclosure [Text Block] | NOTE 3 - Inventories | ||||||||||||
Inventories at December 31, 2014 consisted of the following: | |||||||||||||
Current | Long Term | Total | |||||||||||
Raw materials | $ | 234,825 | $ | 62,870 | $ | 297,695 | |||||||
Finished Goods | 26,374 | 1,682 | 28,056 | ||||||||||
$ | 261,199 | $ | 64,552 | $ | 325,751 | ||||||||
Inventories at March 31, 2014 consisted of the following: | |||||||||||||
Current | Long Term | Total | |||||||||||
Raw materials | $ | 78,072 | $ | 36,364 | $ | 114,436 | |||||||
Finished Goods | 16,620 | 1,682 | 18,302 | ||||||||||
$ | 94,692 | $ | 38,046 | $ | 132,738 | ||||||||
The Company values its inventories at the first in, first out ("FIFO") method at the lower of cost or market. |
Note_4_Secured_Convertible_Not
Note 4 - Secured Convertible Note Receivable | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 – SECURED CONVERTIBLE NOTE RECEIVABLE |
On June 4, 2009 the Company invested in Wellington Scientific, LLC (“Wellington”) which has rights to an electronic uroflowmetry diagnostic medical device technology. The Company invested a total of $50,000, with $10,000 provided in cash, and $40,000 in services to Wellington. Wellington issued a convertible note to the Company for a principal amount of $50,000 with an interest rate of 10% due at various dates through July 15, 2012. The total of the note receivable and accrued interest at December 31, 2014 and March 31, 2014 was $66,064 and $62,900, respectively. At the option of the Company, the Note is convertible in whole or in part, into equity of Wellington. The conversion price, and resulting equity ownership percentage in Wellington, is determined by dividing the cash value of principal and accrued interest by $2,000,000. (See Legal Proceedings). | |
As of February 13, 2015, the loan has not yet been repaid. |
Note_5_Concentrations
Note 5 - Concentrations | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 5 – CONCENTRATIONS |
During the three month period ended December 31, 2014, one customer accounted for 45% of our revenue. | |
During the three month period ended December 31, 2013, two customers accounted for 23% of our revenue. | |
7 | |
During the nine month period ended December 31, 2014, two customers accounted for 34% of our revenue. As of December 31, 2014, two customers represented approximately 43% of our accounts receivable. | |
During the nine month period ended December 31, 2013, two customers accounted for 26% of our revenue. | |
The Company’s customer base is comprised of domestic and foreign entities with diverse demographics. Revenues from foreign customers represented $61,166 of net revenue or 9% for the three months ended December 31, 2014 and $61,229 of net revenue or 13% for the three months ended December 31, 2013 | |
. | |
Revenues from foreign customers represented $191,801 of net revenue or 9% for the nine months ended December 31, 2014 and $188,603 of net revenue or 17% for the nine months ended December 31, 2013 | |
. | |
As of December 31, 2014 and 2013, accounts receivable included $3,110 and $10,116, respectively, from foreign customers. |
Note_6_Segment_Information
Note 6 - Segment Information | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Notes to Financial Statements | |||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 6 - SEGMENT INFORMATION | ||||||||||||
Information about segments is as follows: | |||||||||||||
Chemical | Electronics | Total | |||||||||||
Three months ended December 31, 2014 | |||||||||||||
Revenue from external customers | $ | 187,824 | $ | 489,859 | $ | 677,683 | |||||||
Segment operating income (loss) | $ | (25,205 | ) | $ | 139,365 | $ | 114,160 | ||||||
Three months ended December 31, 2013 | |||||||||||||
Revenue from external customers | $ | 207,712 | $ | 204,619 | $ | 412,331 | |||||||
Segment operating income (loss) | $ | 19,933 | $ | 11,612 | $ | 31,545 | |||||||
Nine months ended December 31, 2014 | |||||||||||||
Revenue from external customers | $ | 826,103 | $ | 1,223,846 | $ | 2,049,950 | |||||||
Segment operating income (loss) | $ | 133,272 | $ | 145,407 | $ | 278,679 | |||||||
Nine months ended December 31, 2013 | |||||||||||||
Revenue from external customers | $ | 747,786 | $ | 376,956 | $ | 1,124,742 | |||||||
Segment operating income (loss) | $ | 141,729 | $ | (231,317 | ) | $ | (89,588 | ) | |||||
Total assets at December 31, 2014 | $ | 824,020 | $ | 530,752 | $ | 1,354,772 | |||||||
Total assets at March 31, 2014 | $ | 613,406 | $ | 216,822 | $ | 830,228 | |||||||
Revenue from Engineering services is included in the Electronics Segment above as follows: | |||||||||||||
Three months ended December 31, 2014 | $ | 281,551 | |||||||||||
Three months ended December 31, 2013 | $ | 37,648 | |||||||||||
Nine months ended December 31, 2014 | $ | 491,654 | |||||||||||
Nine months ended December 31, 2013 | $ | 37,648 |
Note_7_Options_Outstanding
Note 7 - Options Outstanding | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 7 - OPTIONS OUTSTANDING | ||||||||||||||||
During 2013, ADM granted an aggregate of 5,600,000 stock options to employees and consultants expiring at various dates through fiscal 2015. During March 2014, 5,000,000 of the outstanding stock options were exercised. The options had various exercise prices and were fully vested at the date of grant. The options were valued at $55,997 using the Black Scholes option pricing model with the following assumptions: risk free interest rate of 4.9%, volatility of 414%, estimated useful life of 1.5 years and dividend rate of 0%. The following table summarizes information on all common share purchase options issued by us as of December 31, 2014 and 2013. | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
# of Shares | Weighted Average Exercise Price | # of Shares | Weighted Average Exercise Price | ||||||||||||||
Outstanding, April 1 | 600,000 | $ | 0.01 | 5,600,000 | $ | 0.01 | |||||||||||
Issued | - | $ | - | - | $ | - | |||||||||||
Exercised | - | $ | - | - | $ | - | |||||||||||
Expired | - | $ | - | - | $ | - | |||||||||||
Outstanding, December 31 | 600,000 | $ | 0.01 | 5,600,000 | $ | 0.01 | |||||||||||
Exercisable, December 31 | 600,000 | $ | 0.01 | 5,600,000 | $ | 0.01 |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
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, 2014 is as follows: | |||||
For the twelve month period ending December 31, | Amount | ||||
2015 | $ | 104,625 | |||
2016 | 104,625 | ||||
2017 | 104,625 | ||||
2018 | 52,313 | ||||
$ | 366,188 | ||||
Rent and real estate tax expense for all facilities for the nine months ended December 31, 2014 and 2013 was approximately $94,000, respectively, for each period. | |||||
MASTER SERVICES AGREEMENT | |||||
On February 12, 2010, ADM agreed to provide certain services to Ivivi Health Sciences, LLC (IHS) pursuant to a Master Services Agreement, as described below: | |||||
● | We provided IHS with engineering services, including quality control and quality assurance services along with regulatory compliance services, warehouse fulfillment services and network administrative services including hardware and software services; | ||||
● | Effective October 1, 2013 the monthly amount to be paid by IHS for these services was $3,000 plus additional amounts for individual projects requested from time to time by IHS. Pursuant to this agreement, revenues from engineering services to IHS for the three and nine months ended December 31, 2014 were $9,900 and $28,200, respectively. Revenues for the three and nine months ended December 31, 2013 were $9,000 and $18,551, respectively. | ||||
9 | |||||
MANUFACTURING AGREEMENT | |||||
Under the terms of the February 12, 2010 manufacturing agreement with IHS, ADM has agreed to serve as the exclusive manufacturer of all current and future medical and non-medical electronic and other electronic devices or products to be sold or rented by IHS. For each product that ADM manufactures, IHS pays ADM an amount equal to 120% of the sum of (i) the actual, invoiced cost for raw materials, parts, components or other physical items that are used in the manufacture of product and actually purchased for such entity by ADM, if any, plus (ii) a labor charge the based on ADM’s standard hourly manufacturing labor rate, which ADM believes is more favorable than could be attained from unaffiliated third parties. Under the terms of the Agreement, if ADM is unable to perform its obligations to IHS under the manufacturing agreement or is otherwise in breach of any provision of the manufacturing agreement, IHS has the right, without penalty, to engage third parties to manufacture some or all of its products. In addition, if IHS elects to utilize a third-party manufacturer to supplement the manufacturing being completed by ADM, IHS has the right to require ADM to accept delivery of its products from these third-party manufacturers, finalize the manufacture of the products to the extent necessary to ensure that the design, testing, control, documentation and other quality assurance procedures during all aspects of the manufacturing process have been met. | |||||
Pursuant to the manufacturing agreement, sales of finished goods to IHS for the three and nine months ended December 31, 2014 were $-0- and $18,300, respectively. | |||||
Sales of finished goods to IHS for the three and nine months ended December 31, 2013 were $9,000 and $46,650, respectively. | |||||
LEGAL PROCEEDING | |||||
In August 2012, the Company filed a civil suit in the Superior Court of New Jersey against defendants Wellington Scientific LLC (“Wellington”) and Peter F. Lordi, demanding payment of the convertible note receivable from Wellington in the amount of $50,000 (plus accrued interest). The Company is suing for breach of contract, fraud in the inducement, and other claims. Since this civil suit is in the early stages of litigation, its ultimate outcome cannot be predicted with certainty at this time. | |||||
Wellington filed a counter claim for unspecified damages which the Company believes is without merit. |
Note_9_Income_Taxes
Note 9 - Income Taxes | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 - INCOME TAXES |
At December 31, 2014, the Company had federal and state net operating loss carry-forwards ("NOL")'s of approximately $7,766,000, 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 100% valuation allowance for the deferred tax benefit resulting from the NOL's and depreciation and amortization. |
Note_10_Due_to_Shareholder
Note 10 - Due to Shareholder | 9 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 – DUE TO SHAREHOLDER |
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. |
Note_11_Subsequent_Events
Note 11 - Subsequent Events | 9 Months Ended |
Dec. 31, 2014 | |
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 of this report 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. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2014 | |
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 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 |
ELECTRONICS: | |
We recognize revenue from engineering services as they are invoiced to customers on a project or monthly basis and contract manufacturing revenues are recognized after shipment of completed products. For the sale of our electronic products revenues are recognized when they are shipped to the purchaser. | |
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. | |
Earnings Per Share, Policy [Policy Text Block] | NET INCOME / (LOSS) PER SHARE |
Basic net income (loss) per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed similar to basic loss 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. Common stock equivalents for the three and nine months ended December 31, 2013, have been excluded from the fully diluted calculation of net income (loss) per share, as inclusion would be anti-dilutive. | |
Per share basic and diluted net income (loss) amounted to $0.00 and ($0.00) for the three and nine months ended December 31, 2014 and 2013, respectively. There were 600,000 and 5,600,000 common stock equivalents at December 31, 2014 and 2013, respectively. | |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS |
On May 14, 2014, FASB and IASB issued a new joint revenue recognition standard that supersedes nearly all US GAAP guidance on revenue recognition. The core principal of the standard is that revenue recognition should depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new standard is effective for the Partnership for the fiscal year beginning April 1, 2017 and the effects of the standard on the Partnership’s consolidated financial statements are not known at this time. | |
Management does not believe that any other recently issued, but not yet effective accounting pronouncement, if adopted, would have a material effect on the accompanying condensed consolidated financial statements. |
Note_3_Inventory_Tables
Note 3 - Inventory (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Notes Tables | |||||||||||||
Schedule Of Inventory [Table Text Block] | Current | Long Term | Total | ||||||||||
Raw materials | $ | 234,825 | $ | 62,870 | $ | 297,695 | |||||||
Finished Goods | 26,374 | 1,682 | 28,056 | ||||||||||
$ | 261,199 | $ | 64,552 | $ | 325,751 | ||||||||
Current | Long Term | Total | |||||||||||
Raw materials | $ | 78,072 | $ | 36,364 | $ | 114,436 | |||||||
Finished Goods | 16,620 | 1,682 | 18,302 | ||||||||||
$ | 94,692 | $ | 38,046 | $ | 132,738 |
Note_6_Segment_Information_Tab
Note 6 - Segment Information (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Notes Tables | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical | Electronics | Total | ||||||||||
Three months ended December 31, 2014 | |||||||||||||
Revenue from external customers | $ | 187,824 | $ | 489,859 | $ | 677,683 | |||||||
Segment operating income (loss) | $ | (25,205 | ) | $ | 139,365 | $ | 114,160 | ||||||
Three months ended December 31, 2013 | |||||||||||||
Revenue from external customers | $ | 207,712 | $ | 204,619 | $ | 412,331 | |||||||
Segment operating income (loss) | $ | 19,933 | $ | 11,612 | $ | 31,545 | |||||||
Nine months ended December 31, 2014 | |||||||||||||
Revenue from external customers | $ | 826,103 | $ | 1,223,846 | $ | 2,049,950 | |||||||
Segment operating income (loss) | $ | 133,272 | $ | 145,407 | $ | 278,679 | |||||||
Nine months ended December 31, 2013 | |||||||||||||
Revenue from external customers | $ | 747,786 | $ | 376,956 | $ | 1,124,742 | |||||||
Segment operating income (loss) | $ | 141,729 | $ | (231,317 | ) | $ | (89,588 | ) | |||||
Total assets at December 31, 2014 | $ | 824,020 | $ | 530,752 | $ | 1,354,772 | |||||||
Total assets at March 31, 2014 | $ | 613,406 | $ | 216,822 | $ | 830,228 |
Note_7_Options_Outstanding_Tab
Note 7 - Options Outstanding (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2014 | 2013 | |||||||||||||||
# of Shares | Weighted Average Exercise Price | # of Shares | Weighted Average Exercise Price | ||||||||||||||
Outstanding, April 1 | 600,000 | $ | 0.01 | 5,600,000 | $ | 0.01 | |||||||||||
Issued | - | $ | - | - | $ | - | |||||||||||
Exercised | - | $ | - | - | $ | - | |||||||||||
Expired | - | $ | - | - | $ | - | |||||||||||
Outstanding, December 31 | 600,000 | $ | 0.01 | 5,600,000 | $ | 0.01 | |||||||||||
Exercisable, December 31 | 600,000 | $ | 0.01 | 5,600,000 | $ | 0.01 |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Dec. 31, 2014 | |||||
Notes Tables | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the twelve month period ending December 31, | Amount | |||
2015 | $ | 104,625 | |||
2016 | 104,625 | ||||
2017 | 104,625 | ||||
2018 | 52,313 | ||||
$ | 366,188 |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ||||
Earnings Per Share, Basic and Diluted | $0 | $0 | $0 | $0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 600,000 | 5,600,000 |
Note_3_Summary_of_Inventory_De
Note 3 - Summary of Inventory (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Raw materials | $297,695 | $114,436 |
Finished Goods | 28,056 | 18,302 |
Total | 325,751 | 132,738 |
Current [Member] | ||
Raw materials | 234,825 | 78,072 |
Finished Goods | 26,374 | 16,620 |
Total | 261,199 | 94,692 |
Long Term [Member | ||
Raw materials | 62,870 | 36,364 |
Finished Goods | 1,682 | 1,682 |
Total | $64,552 | $38,046 |
Note_4_Secured_Convertible_Not1
Note 4 - Secured Convertible Note Receivable (Details Textual) (USD $) | 0 Months Ended | |||
Jun. 04, 2009 | Dec. 31, 2014 | Mar. 31, 2014 | Jul. 15, 2012 | |
Receivables [Abstract] | ||||
Notes, Loans and Financing Receivable, Gross, Noncurrent | $50,000 | $66,064 | $62,900 | $50,000 |
Payments to Acquire Notes Receivable | 10,000 | |||
Other Significant Noncash Transaction, Value of Consideration Given | 40,000 | |||
Note Receivable Interest Rate | 1000.00% | |||
Convertible Note Receivable Conversion Price Denominator | $2,000,000 |
Note_5_Concentrations_Details_
Note 5 - Concentrations (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Risks and Uncertainties [Abstract] | |||||
Revenues | $677,683 | $412,331 | $2,049,950 | $1,124,742 | |
Accounts Receivable, Net, Current | 456,973 | 456,973 | 271,038 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Risks and Uncertainties [Abstract] | |||||
Concentration Risk, Number of Customers | 2 | ||||
Concentration Risk, Percentage | 43.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Foreign Customers [Member] | |||||
Risks and Uncertainties [Abstract] | |||||
Accounts Receivable, Net, Current | 3,110 | 10,116 | 3,110 | 10,116 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||
Risks and Uncertainties [Abstract] | |||||
Concentration Risk, Number of Customers | 1 | 2 | 2 | 2 | |
Concentration Risk, Percentage | 45.00% | 23.00% | 34.00% | 26.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Foreign Customers [Member] | |||||
Risks and Uncertainties [Abstract] | |||||
Concentration Risk, Percentage | 9.00% | 13.00% | 9.00% | 17.00% | |
Revenues | $61,166 | $61,229 | $191,801 | $188,603 |
Note_6_Segment_Information_Det
Note 6 - Segment Information (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting [Abstract] | ||||
Revenues | $677,683 | $412,331 | $2,049,950 | $1,124,742 |
Electronics [Member] | ||||
Segment Reporting [Abstract] | ||||
Revenues | 489,859 | 204,619 | 1,223,846 | 376,956 |
Engineering Services [Member] | Electronics [Member] | ||||
Segment Reporting [Abstract] | ||||
Revenues | $281,551 | $37,648 | $491,654 | $37,648 |
Note_6_Summary_of_Segment_Info
Note 6 - Summary of Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Revenues | $677,683 | $412,331 | $2,049,950 | $1,124,742 | |
Segment operating income (loss) | 114,160 | 31,545 | 278,679 | -89,588 | |
Total assets at December 31, 2014 | 1,354,772 | 1,354,772 | 830,228 | ||
Chemical [Member] | |||||
Revenues | 187,824 | 207,712 | 826,103 | 747,786 | |
Segment operating income (loss) | -25,205 | 19,933 | 133,272 | 141,729 | |
Total assets at December 31, 2014 | 824,020 | 824,020 | 613,406 | ||
Electronics [Member] | |||||
Revenues | 489,859 | 204,619 | 1,223,846 | 376,956 | |
Segment operating income (loss) | 139,365 | 11,612 | 145,407 | -231,317 | |
Total assets at December 31, 2014 | $530,752 | $530,752 | $216,822 |
Note_7_Options_Outstanding_Det
Note 7 - Options Outstanding (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,600,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $55,997 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.90% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 414.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year 182 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Note_7_Summary_of_Stock_Option
Note 7 - Summary of Stock Option Activity (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Outstanding (in shares) | 600,000 | 600,000 | 5,600,000 | 5,600,000 |
Outstanding (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 |
Outstanding (in shares) | 600,000 | 600,000 | 5,600,000 | 5,600,000 |
Outstanding (in dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 |
Exercisable (in shares) | 600,000 | 5,600,000 | ||
Exercisable (in dollars per share) | $0.01 | $0.01 |
Note_8_Commitments_and_Conting2
Note 8 - Commitments and Contingencies (Details Textual) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |
Feb. 12, 2010 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Operating Leases, Rent Expense | $94,000 | |||||
Percentage of Cost Paid by Agreement | 120.00% | |||||
IHS [Member] | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Sales Revenue, Goods, Gross | 18,300 | 0 | 9,000 | 46,650 | ||
IHS [Member] | Monthly [Member] | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Sales Revenue, Services, Net | 3,000 | |||||
IHS [Member] | Engineering Services [Member] | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Sales Revenue, Services, Net | 18,551 | |||||
IHS [Member] | Engineering Services [Member] | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Sales Revenue, Services, Net | 28,200 | 9,900 | 9,000 | |||
Wellington [Member] | Pending Litigation [Member] | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Loss Contingency, Damages Sought, Value | $50,000 |
Note_8_Future_Minimum_Lease_Pa
Note 8 - Future Minimum Lease Payments (Details) (USD $) | Dec. 31, 2014 |
2015 | $104,625 |
2016 | 104,625 |
2017 | 104,625 |
2018 | 52,313 |
$366,188 |
Note_9_Income_Taxes_Details_Te
Note 9 - Income Taxes (Details Textual) (USD $) | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |
Operating Loss Carryforwards | $7,766,000 |
Deferred Tax Assets, Valuation Allowance, Percentage | 100.00% |