Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2015 | Aug. 14, 2015 | |
Entity Registrant Name | ADM TRONICS UNLIMITED, INC. | |
Entity Central Index Key | 849,401 | |
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) | 67,008,502 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 370,526 | $ 216,395 |
Accounts receivable, net of allowance for doubtful accounts of $25,000 for each period | 750,803 | 616,070 |
Inventories | 166,792 | 137,704 |
Prepaid expenses and other current assets | 29,414 | 16,595 |
Restricted cash | 232,786 | 232,525 |
Total current assets | 1,550,321 | 1,219,289 |
Property and equipment, net of accumulated depreciation of $74,522 and $74,070, respectively | 2,794 | 3,246 |
Inventories - long-term portion | 84,904 | 88,257 |
Intangible assets, net of accumulated amortization of $154,015 and $153,667, respectively | 14,133 | 14,481 |
Other assets | 16,144 | 16,144 |
Total other assets | 117,975 | 122,128 |
Total assets | 1,668,296 | 1,341,417 |
Current liabilities: | ||
Note payable - bank | 114,966 | 121,966 |
Accounts payable | 173,216 | 329,291 |
Accrued expenses and other current liabilities | 266,840 | 221,106 |
Customer deposits | 99,102 | 99,102 |
Due to shareholder | 233,841 | 223,849 |
Total current liabilities | 887,965 | 995,314 |
Total liabilities | $ 887,965 | $ 995,314 |
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, 64,939,537 shares issued and outstanding at March 31, 2015 and 2014, respectively | $ 32,470 | $ 32,470 |
Additional paid-in capital | 32,298,094 | 32,298,094 |
Accumulated deficit | (31,550,233) | (31,984,461) |
Total stockholders' equity | 780,331 | 346,103 |
Total liabilities and stockholders' equity | $ 1,668,296 | $ 1,341,417 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Allowance for doubtful accounts | $ 25,000 | $ 25,000 |
Accumulated depreciation | 74,522 | 74,070 |
Accumulated amortization | $ 154,015 | $ 153,667 |
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) | 64,939,537 | 64,939,537 |
Common stock, shares outstanding (in shares) | 64,939,537 | 64,939,537 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudtied) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net revenues | $ 1,055,928 | $ 623,674 |
Cost of sales | 300,873 | 338,216 |
Gross Profit | 755,055 | 285,458 |
Operating expenses: | ||
Research and development | 24,689 | 12,045 |
Selling, general, and administrative | 295,221 | 236,037 |
Depreciation and amortization | 597 | 1,642 |
Total operating expenses | 320,507 | 249,724 |
Income from operations | 434,548 | 35,734 |
Other income (expense): | ||
Interest income | 321 | 1,047 |
Interest expense | (641) | (953) |
Total other income (expense) | (320) | 94 |
Net income | $ 434,228 | $ 35,828 |
Basic and diluted net income per common share: (in dollars per share) | $ 0.01 | $ 0 |
Weighted average shares of common stock outstanding - basic (in shares) | 64,939,537 | 64,939,537 |
Weighted average shares of common stock outstanding - diluted (in shares) | 65,539,537 | 65,539,537 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 434,228 | $ 35,828 |
Adjustments to reconcile net income to net cash provided (used) in operating activities: | ||
Depreciation and amortization | $ 800 | 1,642 |
Interest receivable | (1,047) | |
Increase (decrease) in cash flows as a result of changes in net assets and liabilities balances: | ||
Accounts receivable | $ (134,733) | (111,136) |
Inventory | (25,736) | (82,996) |
Prepaid expenses and other current assets | $ (12,818) | (23,838) |
Other assets | (1,000) | |
Accounts payable | $ (156,075) | 47,442 |
Accrued expenses and other current liabilities | 45,734 | $ 125,843 |
Due to shareholder | 9,992 | |
Total adjustments | (272,836) | $ (45,090) |
Net cash provided (used) in operating activities | 161,392 | $ (9,262) |
Cash flows from investing activities: | ||
Restricted cash | (261) | |
Net cash used in investing activities | (261) | |
Cash flows used in financing activities: | ||
Repayments on note payable - Bank | (7,000) | $ (4,000) |
Net cash used in financing activities | (7,000) | (4,000) |
Net increase (decrease) in cash and cash equivalents | 154,131 | (13,262) |
Cash and cash equivalents - beginning of year | 216,395 | 83,156 |
Cash and cash equivalents - end of year | 370,526 | 69,894 |
Cash paid for: | ||
Interest | $ 641 | $ 953 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 (unaudited) and March 31, 2015 and for the three month periods ended June 30, 2015 and 2014 (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 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 financial statements and explanatory notes for the year ended March 31, 2015 as disclosed in our annual report on Form 10-K for that year . The operating results and cash flows for three months ended June 30, 2015 (unaudited) are not necessarily indicative of the results to be expected for the pending full year ending March 31, 2016. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2015 | |
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 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 fiscal years ended March 31, 2015 and 2014. 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. NET INCOME PER SHARE Basic net income per share is calculated based on the weighted average number of common shares outstanding during the periods. Diluted net income per share is computed similar to basic income 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 net income amounted to $0.01 and $0.00 for the three months ended June 30, 2015 and 2014, respectively. There were 600,000 common stock equivalents at June 30, 2015 and 2014, 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. |
Note 3 - Inventory
Note 3 - Inventory | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORIES Inventories at June 30, 2015 consisted of the following: Current Long Term Total Raw materials $ 139,584 $ 84,285 $ 223,869 Finished Goods 27,208 619 27,827 $ 166,792 $ 84,904 $ 251,696 Inventories at March 31, 2015 consisted of the following: Current Long Term Total Raw materials $ 95,702 $ 87,638 $ 183,340 Finished Goods 42,002 619 42,621 $ 137,704 $ 88,257 $ 225,961 The Company values its inventories on the first in, first out ("FIFO") method at the lower of cost or market. |
Note 4 - Concentrations
Note 4 - Concentrations | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 4 – CONCENTRATIONS During the three month period ended June 30, 2015, one customer accounted for 46% of our revenue and approximately 48% of our accounts receivable as of June 30, 2015. During the three month period ended June 30, 2014, one customer accounted for 18% of our revenue. As of June 30, 2014, three customers represented approximately 52% of our accounts receivable. The Company’s customer base is comprised of domestic and foreign entities with diverse demographics. Revenues from foreign customers represented $101,313 of net revenue or 9.6% for the three months ended June 30, 2015 and $40,095 of net revenue or 6.4% for the three months ended June 30, 2014. As of June 30, 2015 and 2014, accounts receivable included $50,637 and $4,300, respectively, from foreign customers. |
Note 5 - Segment Information
Note 5 - Segment Information | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 5 - SEGMENT INFORMATION Information about segments is as follows: Chemical Electronics Engineering Total Three months ended June 30, 2015 Revenue from external customers $ 365,944 $ 175,229 $ 514,755 $ 1,055,928 Segment operating income (loss) $ 200,900 $ 15,668 $ 217,980 $ 434,548 Year ended June 30, 2014 Revenue from external customers $ 297,159 $ 242,210 $ 84,305 $ 623,674 Segment operating income (loss) $ 87,479 $ (8,836 ) $ (42,909 ) $ 35,734 Total assets at June 30, 2015 $ 578,168 $ 276,851 $ 813,277 $ 1,668,296 Total assets at March 31, 2015 $ 509,738 $ 389,011 $ 442,868 $ 1,341,417 |
Note 6 - Options Outstanding
Note 6 - Options Outstanding | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | N OTE 6 - 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 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 June 30, 2015 and 2014. 2015 2014 # of Shares Weighted Average Exercise Price # of Shares Weighted Average Exercise Price Outstanding, beginning of year 600,000 $ 0.01 5,600,000 $ 0.01 Issued - $ - - $ - Exercised - $ - (5,000,000 ) $ 0.01 Expired - $ - - $ - Outstanding, end of year 600,000 $ 0.01 600,000 $ 0.01 Exercisable, end of year 600,000 $ 0.01 600,000 $ 0.01 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7 - 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 June 30, 2015 is as follows: For the twelve month period ending June 30, Amount 2016 $ 104,625 2017 104,625 2018 104,625 $ 313,875 Rent and real estate tax expense for all facilities for the three months ended June 30, 2015 and 2014 was approximately $31,000 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 were $9,000 for the three months ended June 30, 2015 and 2014 respectively. LEGAL PROCEEDINGS NONE |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 - INCOME TAXES At June 30, 2015, the Company had federal and state net operating loss carry-forwards ("NOL")'s of approximately $3,800,000, which are due to expire through fiscal 2034 : 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 9 - Due to Shareholder
Note 9 - Due to Shareholder | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | NOTE 9 – 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 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 0 – SUBSEQUENT EVENTS On August 7, 2015 the Company sold 2,068,965 shares of its $.0005 par value common stock to Advanced Plasma Therapies, Inc. (“APT”) for $300,000. The shares purchased by APT are restricted securities and have not been registered for public sale. APT is a privately-held company involved in the development and commercialization of innovative therapeutic medical plasma technologies. The Company has been providing APT with engineering services for APT's plasma-based medical technologies currently in clinical development and is expected to manufacture APT products for clinical use and for commercial deployment following receipt of applicable regulatory approvals. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2015 | |
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 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 fiscal years ended March 31, 2015 and 2014. 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] | NET INCOME PER SHARE Basic net income per share is calculated based on the weighted average number of common shares outstanding during the periods. Diluted net income per share is computed similar to basic income 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 net income amounted to $0.01 and $0.00 for the three months ended June 30, 2015 and 2014, respectively. There were 600,000 common stock equivalents at June 30, 2015 and 2014, 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. |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Current Long Term Total Raw materials $ 139,584 $ 84,285 $ 223,869 Finished Goods 27,208 619 27,827 $ 166,792 $ 84,904 $ 251,696 Current Long Term Total Raw materials $ 95,702 $ 87,638 $ 183,340 Finished Goods 42,002 619 42,621 $ 137,704 $ 88,257 $ 225,961 |
Note 5 - Segment Information (T
Note 5 - Segment Information (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Three months ended June 30, 2015 Revenue from external customers $ 365,944 $ 175,229 $ 514,755 $ 1,055,928 Segment operating income (loss) $ 200,900 $ 15,668 $ 217,980 $ 434,548 Year ended June 30, 2014 Revenue from external customers $ 297,159 $ 242,210 $ 84,305 $ 623,674 Segment operating income (loss) $ 87,479 $ (8,836 ) $ (42,909 ) $ 35,734 Total assets at June 30, 2015 $ 578,168 $ 276,851 $ 813,277 $ 1,668,296 Total assets at March 31, 2015 $ 509,738 $ 389,011 $ 442,868 $ 1,341,417 |
Note 6 - Options Outstanding (T
Note 6 - Options Outstanding (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2015 2014 # of Shares Weighted Average Exercise Price # of Shares Weighted Average Exercise Price Outstanding, beginning of year 600,000 $ 0.01 5,600,000 $ 0.01 Issued - $ - - $ - Exercised - $ - (5,000,000 ) $ 0.01 Expired - $ - - $ - Outstanding, end of year 600,000 $ 0.01 600,000 $ 0.01 Exercisable, end of year 600,000 $ 0.01 600,000 $ 0.01 |
Note 7 - Commitments and Cont20
Note 7 - Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the twelve month period ending June 30, Amount 2016 $ 104,625 2017 104,625 2018 104,625 $ 313,875 |
Note 2 - Significant Accounti21
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Maximum [Member] | ||||
Product Warranty Expense | $ 2,000 | $ 2,000 | ||
Electronic Products [Member] | ||||
Warranty Term | 90 days | |||
Electronic Controllers for Spas and Hot Tubs [Member] | ||||
Warranty Term | 5 years | |||
Product Warranty Accrual, Current | $ 0 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 600,000 | 600,000 | ||
Earnings Per Share, Basic and Diluted | $ 0.01 | $ 0 |
Note 3 - Inventory - Summary of
Note 3 - Inventory - Summary of Inventory (Details) - USD ($) | Jun. 30, 2015 | Mar. 31, 2015 |
Current [Member] | ||
Raw materials | $ 139,584 | $ 95,702 |
Finished Goods | 27,208 | 42,002 |
166,792 | 137,704 | |
Long Term [Member | ||
Raw materials | 84,285 | 87,638 |
Finished Goods | 619 | 619 |
84,904 | 88,257 | |
Raw materials | 223,869 | 183,340 |
Finished Goods | 27,827 | 42,621 |
$ 251,696 | $ 225,961 |
Note 4 - Concentrations (Detail
Note 4 - Concentrations (Details Textual) | 3 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2015USD ($) | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Foreign Customers [Member] | |||
Concentration Risk, Percentage | 9.60% | 6.40% | |
Revenues | $ 101,313 | $ 40,095 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Number of Customers | 1 | 1 | |
Concentration Risk, Percentage | 46.00% | 18.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Foreign Customers [Member] | |||
Accounts Receivable, Net, Current | $ 50,637 | $ 4,300 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Number of Customers | 3 | ||
Concentration Risk, Percentage | 48.00% | 52.00% | |
Revenues | $ 1,055,928 | $ 623,674 | |
Accounts Receivable, Net, Current | $ 750,803 | $ 616,070 |
Note 5 - Segment Information -
Note 5 - Segment Information - Summary of Segment Information (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Chemical [Member] | |||
Revenues | $ 365,944 | $ 297,159 | |
Segment operating income (loss) | 200,900 | 87,479 | |
Total assets | 578,168 | $ 509,738 | |
Electronics [Member] | |||
Revenues | 175,229 | 242,210 | |
Segment operating income (loss) | 15,668 | (8,836) | |
Total assets | 276,851 | 389,011 | |
Engineering [Member] | |||
Revenues | 514,755 | 84,305 | |
Segment operating income (loss) | 217,980 | (42,909) | |
Total assets | 813,277 | 442,868 | |
Revenues | 1,055,928 | 623,674 | |
Segment operating income (loss) | 434,548 | $ 35,734 | |
Total assets | $ 1,668,296 | $ 1,341,417 |
Note 6 - Options Outstanding (D
Note 6 - Options Outstanding (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
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 | 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 6 - Options Outstanding -
Note 6 - Options Outstanding - Summary of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | |
Outstanding, beginning of year (in shares) | 600,000 | 5,600,000 | |
Outstanding, beginning of year (in dollars per share) | $ 0.01 | $ 0.01 | |
Issued (in shares) | |||
Issued (in dollars per share) | |||
Exercised (in shares) | (5,000,000) | (5,000,000) | |
Exercised (in dollars per share) | $ 0.01 | ||
Expired (in shares) | |||
Expired (in dollars per share) | |||
Outstanding, end of year (in shares) | 600,000 | 600,000 | 5,600,000 |
Outstanding, end of year (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Exercisable, end of year (in shares) | 600,000 | 600,000 | |
Exercisable, end of year (in dollars per share) | $ 0.01 | $ 0.01 |
Note 7 - Commitments and Cont27
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | Oct. 01, 2013 | Jun. 30, 2015 | Jun. 30, 2014 |
IHS [Member] | Engineering Services [Member] | |||
Sales Revenue, Services, Net | $ 3,000 | $ 9,000 | $ 9,000 |
Operating Leases, Rent Expense | $ 31,000 | $ 31,000 |
Note 7 - Commitments and Cont28
Note 7 - Commitments and Contingencies - Future Minimum Lease Payments (Details) | Jun. 30, 2015USD ($) |
2,016 | $ 104,625 |
2,017 | 104,625 |
2,018 | 104,625 |
$ 313,875 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - Jun. 30, 2015 - USD ($) | Total |
Operating Loss Carryforwards | $ 3,800,000 |
Deferred Tax Assets, Valuation Allowance, Percentage | 100.00% |
Note 9 - Due to Shareholder (De
Note 9 - Due to Shareholder (Details Textual) | Jun. 30, 2015USD ($) |
Deferred Compensation Liability, Interest Accrued | $ 0 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) - USD ($) | Aug. 07, 2015 | Jun. 30, 2015 | Mar. 31, 2015 |
Restricted Stock [Member] | Private Placement [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 2,068,965 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0005 | ||
Proceeds from Issuance of Common Stock | $ 300,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0005 | $ 0.0005 |