Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Jul. 13, 2016 | Sep. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | ADM TRONICS UNLIMITED, INC. | ||
Entity Central Index Key | 849,401 | ||
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) | 67,008,502 | ||
Entity Public Float | $ 9,048,074 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,398,848 | $ 216,395 |
Accounts receivable, net of allowance for doubtful accounts of $25,000 for each period | 588,875 | 616,070 |
Inventories | 216,108 | 137,704 |
Prepaid expenses and other current assets | 18,419 | 16,595 |
Restricted cash | 233,050 | 232,525 |
Deferred tax asset | 410,000 | |
Total current assets | 2,865,300 | 1,219,289 |
Property and equipment, net of accumulated depreciation of $77,690 and $74,070, respectively | 26,859 | 3,246 |
Inventories - long-term portion | 52,657 | 88,257 |
Net Carrying Amount | 13,086 | 14,481 |
Other assets | 17,644 | 16,144 |
Deferred tax asset | 447,000 | |
Total other assets | 557,246 | 122,128 |
Total assets | 3,422,546 | 1,341,417 |
Current liabilities: | ||
Note payable - bank | 96,966 | 121,966 |
Accounts payable | 276,171 | 329,291 |
Accrued expenses and other current liabilities | 331,231 | 221,106 |
Customer deposits | 108,342 | 99,102 |
Due to shareholder | 246,696 | 223,849 |
Total current liabilities | 1,059,406 | 995,314 |
Total liabilities | 1,059,406 | 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, 67,008,502 and 64,939,537 shares issued and outstanding at March 31, 2016 and March 31, 2015, respectively | 33,504 | 32,470 |
Additional paid-in capital | 33,195,759 | 32,298,094 |
Accumulated deficit | (30,866,123) | (31,984,461) |
Total stockholders' equity | 2,363,140 | 346,103 |
Total liabilities and stockholders' equity | $ 3,422,546 | $ 1,341,417 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Allowance for doubtful accounts | $ 25,000 | $ 25,000 |
Accumulated depreciation | 77,690 | 74,070 |
Accumulated amortization | $ 155,062 | $ 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) | 67,008,502 | 64,939,537 |
Common stock, shares outstanding (in shares) | 67,008,502 | 64,939,537 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net revenues | $ 4,513,070 | $ 2,850,548 |
Cost of sales (inclusive of depreciation and amortization of $1,054 and $1,406, respectively) | 1,915,901 | 1,485,590 |
Gross Profit | 2,597,169 | 1,364,958 |
Operating expenses: | ||
Research and development | 91,774 | 38,055 |
Selling, general and administrative | 1,639,752 | 1,073,342 |
Stock based compensation | 598,699 | |
Depreciation and amortization | 3,961 | 3,612 |
Total operating expenses | 2,334,186 | 1,115,009 |
Income from operations | 262,983 | 249,949 |
Other income (expense): | ||
Interest income | 4,414 | 301 |
Interest expense | (6,059) | (6,234) |
Gain on settlement - Wellington | 114,774 | |
Total other income | (1,645) | 108,841 |
Income before provision for income taxes | 261,338 | 358,790 |
Benefit for income taxes - deferred | 857,000 | |
Net income | $ 1,118,338 | $ 358,790 |
Basic and diluted net income per common share: (in dollars per share) | $ 0.02 | $ 0.01 |
Weighted average shares of common stock outstanding - basic (in shares) | 66,284,930 | 64,939,537 |
Weighted average shares of common stock outstanding - diluted (in shares) | 66,821,772 | 65,539,537 |
Consolidated Statements of Inc5
Consolidated Statements of Income (Parentheticals) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Depreciation and amortization | $ 1,054 | $ 1,406 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Deficiency) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, Shares (in shares) at Mar. 31, 2014 | 64,939,537 | |||
Balance at Mar. 31, 2014 | $ 32,470 | $ 32,298,094 | $ (32,343,251) | $ (12,687) |
Net income | 358,790 | $ 358,790 | ||
Balance, Shares (in shares) at Mar. 31, 2015 | 64,939,537 | 64,939,537 | ||
Balance at Mar. 31, 2015 | $ 32,470 | 32,298,094 | (31,984,461) | $ 346,103 |
Net income | 1,118,338 | $ 1,118,338 | ||
Balance, Shares (in shares) at Mar. 31, 2016 | 67,008,492 | 67,008,502 | ||
Balance at Mar. 31, 2016 | $ 33,504 | 33,195,759 | (30,866,123) | $ 2,363,140 |
Stock based compensation | 598,699 | 598,699 | ||
Advanced Plasma Therapies stock purchase (in shares) | 2,068,955 | |||
Advanced Plasma Therapies stock purchase | $ 1,034 | $ 298,966 | $ 300,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,118,338 | $ 358,790 |
Adjustments to reconcile net income to net cash provided by in operating activities: | ||
Stock based compensation | 598,699 | |
Depreciation and amortization | 5,015 | 5,018 |
Bad debt | 22,000 | |
Write-off of inventories | 66,790 | 8,206 |
Forgiveness of note receivable - Wellington | 62,900 | |
Deferred income tax | (857,000) | |
Increase (decrease) in cash flows as a result of changes in net assets and liabilities balances: | ||
Accounts receivable | 27,195 | (367,032) |
Inventories | (109,594) | (101,429) |
Prepaid expenses and other current assets | (3,324) | (5,972) |
Other assets | (380) | |
Accounts payable | (53,120) | 121,043 |
Customer deposit | 9,240 | 74,332 |
Accrued expenses and other current liabilities | 110,125 | (91,795) |
Due to shareholder | 22,847 | 63,843 |
Net cash provided by operating activities | 935,211 | 149,524 |
Cash flows from investing activities: | ||
Investment in Angiodroid | (1,000) | |
Purchase of equipment | (27,233) | |
Restricted cash | (525) | (261) |
Net cash used in investing activities | (27,758) | (1,261) |
Cash flows provided (used) in financing activities: | ||
Repayments on note payable - Bank | (25,000) | (15,024) |
Sale of common stock | 300,000 | |
Net cash provided by (used) in financing activities | 275,000 | (15,024) |
Net increase in cash and cash equivalents | 1,182,453 | 133,239 |
Cash and cash equivalents - beginning of year | 216,395 | 83,156 |
Cash and cash equivalents - end of year | 1,398,848 | 216,395 |
Cash paid for: | ||
Interest | $ 2,599 | $ 2,797 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Mar. 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 manufacturing and engineering concern whose principal lines of business are the design, manufacture and sale of electronics of our own products or on a contract manufacturing basis; the production and sale of chemical and antistatic products; and, research, development and engineering services. Electronic equipment is manufactured in accordance with customer specifications on a contract basis. Our electronic device product line consists principally of proprietary devices used in diagnostics and therapeutics of humans and animals and electronic controllers for spas and hot tubs. These products are sold to customers located principally in the United States. We are registered with the FDA as a contract manufacturing facility and we manufacture medical devices for customers in accordance with their designs and specifications. Our chemical product line is principally comprised of water-based chemical products used in the food packaging and converting industries, and anti-static conductive paints, coatings and other products. These products are sold to customers located in the United States, Australia, Asia and Europe. We also provide research, development, regulatory and engineering services to customers. Our Sonotron Medical Systems, Inc. subsidiary (“Sonotron”) is involved in medical electronic therapeutic technology. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The 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 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 deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments for services, allowance for doubtful accounts, and warranty reserves. Actual amounts could differ from those estimates. FAIR VALUE OF FINANCIAL INSTRUMENTS For certain of our financial instruments, including accounts receivable, accounts payable, accrued expenses, and notes payable – bank, the carrying amounts approximate fair value due to their relatively short maturities. CASH AND CASH EQUIVALENTS Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. REVENUE RECOGNITION 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, 2016 and 2015. For contract manufacturing, revenues are recognized after shipment of the completed products. 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. 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. WARRANTY LIABILITIES The Company’s provision for estimated future warranty costs is based upon historical relationship of warranty claims to sales. Based upon historical experience, the Company has concluded that no warranty liability is required as of the consolidated balance sheet dates. However, the Company periodically reviews the adequacy of its product warranties and will record an accrued warranty reserve if necessary. RESTRICTED CASH Restricted cash represents funds on deposit with a financial institution that secures the bank note payable. INVENTORIES Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. PROPERTY & EQUIPMENT We record our equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five to seven years, the estimated useful lives of the property and equipment. INTANGIBLE ASSETS Intangible assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount may not be recoverable. In reviewing for impairment, the Company compares the carrying value of the relevant asset to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and its carrying value. ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $32,124 and $21,564 for the fiscal years ended March 31, 2016 and 2015, respectively. SHIPPING AND HANDLING COSTS Shipping and handling costs incurred for the years ended March 31, 2016 and 2015 were approximately $11,831 and $19,894, respectively. Such costs are included in selling, general, and administrative expenses in the accompanying consolidated statements of income. INCOME TAXES We report the results of our operations as part of a consolidated Federal tax return with our subsidiary. Deferred income taxes result primarily from temporary differences between financial and tax reporting. Deferred tax assets and liabilities are determined based on the difference between the financial statement bases and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is recorded to reduce a deferred tax asset to that portion that is expected to more likely than not be realized. The Company has adopted the authoritative accounting guidance with respect to accounting for uncertainty in income taxes, which clarified the accounting and disclosures for uncertain tax positions related to income taxes recognized in the consolidated financial statements and addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company files income tax returns in several jurisdictions. The Company’s tax returns remain subject to examination, by major jurisdiction, for the years ended March 31, as follows: Jurisdiction Fiscal Year Federal 2012 and beyond New Jersey 2011 and beyond There are currently no tax years under examination by any major tax jurisdictions. The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2016 and 2015, the Company has no accrued interest or penalties related to uncertain tax positions. NET INCOME/LOSS PER SHARE We compute basic income/loss per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted income/loss per share is computed similar to basic income/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 equivalent shares are excluded from the computation of net income/loss per share if their effect is anti-dilutive. Per share basic and diluted net income amounted to $0.02 and $0.01 for the fiscal years ended March 31, 2016 and 2015, respectively. RECLASSIFICATION Certain items in the prior financial statements have been reclassified to conform to the current year presentation. RECENT ACCOUNTING PRONOUNCEMENTS On February 25, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-2, “Leases” (Topic 842), which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate and manufacturing equipment, to recognize on assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. This ASU will be effective for public entities beginning the first quarter 2019. We do not believe that this ASU will have a material impact on our financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes, Balance Sheet Classifications of Deferred Taxes.” This amendment simplifies the presentation of deferred taxes by requiring that all deferred tax liabilities and assets now be recorded as noncurrent. This amendment is effective for interim and annual reporting periods beginning after December 15, 2016 with early adoption permissible. The Company will adopt this amendment in April of 2017. This amendment has no material impact on the Company’s results of operation. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers.” This amendment defers the effective date of implementation to after December 15, 2017. In July 2015, the FASB issued ASU 2015-11, “Inventory. Simplifying the Measurement of Inventory.” This amendment only applies to entities that use the first-in, first-out (FIFO) or average cost methods of valuing inventory. Entities should now measure inventory at the lower of cost and net realizable value. This amendment aligns measurement of inventory in GAAP with the International Financial Reporting Standards (IFRS). This amendment is effective for annual periods beginning after December 15, 2016 with early adoption permitted. The Company will adopt this amendment in April of 2017. This amendment has no material impact on the Company’s results of operation. On May 14, 2014, FASB and IASB issued a new joint revenue recognition standard that supersedes nearly all U.S. 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 consolidated financial statements. |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORIES Inventory 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 Inventory 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 at the first in, first out ("FIFO") method at the lower of cost or market. |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY AND EQUIPMENT Property and equipment as of March 31, 2016 and 2015 consisted of the following: 2016 2015 Computer equipment $ 13,364 $ 13,364 Machinery and equipment 87,435 60,202 Leasehold improvements 3,750 3,750 104,549 77,316 Accumulated depreciation (77,690 ) (74,070 ) Property and equipment, net $ 26,859 $ 3,246 Depreciation expense related to property and equipment amounted to $3,620 and $3,128 for the years ended March 31, 2016 and 2015, respectively. |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5 - INTANGIBLE ASSETS Intangible assets are being amortized using the straight line method over periods ranging from 3-15 years with a weighted average remaining life of approximately 4.9 years. March 31, 2016 March 31, 2015 Cost Weighted Average Amortization Period (in years) Accumulated Amortization Net Carrying Amount Cost Weighted Average Amortization Period (in years) Accumulated Amortization Net Carrying Amount Patents & Trademarks $ 82,702 15 $ (69,616 ) $ 13,086 $ 82,702 15 $ (68,221 ) $ 14,481 Formulas 25,446 15 (25,446 ) - 25,446 15 (25,446 ) - Non-Compete Agreement 50,000 7 (50,000 ) - 50,000 7 (50,000 ) - Customer List 10,000 3 (10,000 ) - 10,000 3 (10,000 ) - $ 168,148 $ (155,062 ) $ 13,086 $ 168,148 $ (153,667 ) $ 14,481 Amortization expense was $1,395 and $1,890 for the twelve months ended March 31, 2016 and 2015, respectively. Estimated aggregate future amortization expense related to intangible assets is as follows: For the fiscal years ended March 31,: 2017 $ 1,396 2018 1,396 2019 1,396 2020 1,396 2021 1,396 Thereafter 6,106 $ 13,086 |
Note 6 - Note Payable, Bank
Note 6 - Note Payable, Bank | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 – NOTE PAYABLE, BANK 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 March 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. |
Note 7 - Concentrations
Note 7 - Concentrations | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 7 – CONCENTRATIONS During the year ended March 31, 2016, one customers accounted for 45% of our net revenues. As of March 31, 2016, one customer accounted for 43% of our accounts receivable. During the year ended March 31, 2015, two customers accounted for 38% of our net revenues. As of March 31, 2015, one customer accounted for 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 $374,130 of net revenue or 8.3%. Revenues from foreign customers represented $305,449 of net revenue or 10.5% for the year ended March 31, 2015. |
Note 8 - Segment Information
Note 8 - Segment Information | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 8 - SEGMENT INFORMATION Information about segments is as follows: Chemical Electronics Engineering Total Year ended March 31, 2016 Revenue from external customers $ 1,412,179 $ 849,447 $ 2,251,444 $ 4,513,070 Segment operating income (loss) $ 123,851 $ (146,570 ) $ 285,702 $ 262,983 Year ended March 31, 2015 Revenue from external customers $ 1,077,946 $ 839,306 $ 933,296 $ 2,850,548 Segment operating income (loss) $ 126,907 $ (53,127 ) $ 176,169 $ 249,949 Total assets at March 31, 2016 $ 1,070,944 $ 644,189 $ 1,707,413 $ 3,422,546 Total assets at March 31, 2015 $ 509,738 $ 389,011 $ 442,868 $ 1,341,417 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 - INCOME TAXES At March 31, 2016, the Company had federal and state net operating loss carry-forwards, (NOL’s) of approximately $3,517,000, which are due to expire through fiscal 2033. 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. Significant components of deferred tax assets and liabilities are as follows as of March 31, 2016 and 2015: 2016 2015 Deferred tax assets (liabilities): Net operating loss carry-forward $ 1,407,000 $ 1,718,000 Stock based compensation 239,000 - Other 11,000 11,000 Deferred tax assets 1,657,000 1,729,000 Valuation allowance (806,000 ) (1,729,000 ) Deferred tax asset, net $ 851,000 - The provision for income taxes at March 31, 2016 and 2015 differs from that amount using the statutory federal income tax rate as follows: 2016 2015 Statutory federal income tax rate 34 % 34 % State income taxes, net of federal taxes 6 6 Valuation allowance (40 ) (40 ) Effective income tax rate 0 % 0 % |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 0 - 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 March 31, 2016 is as follows: For the twelve-month period ended March 31, Amount 2017 $ 104,625 2018 104,625 2019 26,156 $ 235,406 Rent and real estate tax expense for all facilities for the years ended March 31, 2016 and 2015 was approximately $112,000 and $126,000, respectively. 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 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 year ended March 31, 2016 and 2015 were $36,000 and $36,300, respectively. |
Note 11 - Options Outstanding
Note 11 - Options Outstanding | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 1 1 – OPTIONS OUTSTANDING During 2013, ADM granted an aggregate of 5,600,000 stock options to employees and consultants expiring at various dates through March 2016. During 2014, 5,000,000 of the outstanding stock options were exercised. 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 as of March 31, 2016 and 2015. 2016 2015 # of Shares Weighted Average Exercise Price # of Shares Weighted Average Exercise Price Outstanding, beginning of year 600,000 $ 0.01 600,000 $ 0.01 Issued 3,000,000 $ 0.20 - $ - Exercised - $ - - $ - Expired (600,000 ) $ (0.01 ) - $ - Outstanding, end of year 3,000,000 $ 0.20 600,000 $ 0.01 Exercisable, end of year 3,000,000 $ 0.20 600,000 $ 0.01 |
Note 12 - Legal Proceedings
Note 12 - Legal Proceedings | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 1 2 - LEGAL PROCEEDINGS None |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 3 – SUBSEQUENT EVENTS We evaluated all subsequent events from the date of the 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 consolidated financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION The 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 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 deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments for services, allowance for doubtful accounts, and warranty reserves. Actual amounts could differ from those estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS For certain of our financial instruments, including accounts receivable, accounts payable, accrued expenses, and notes payable – bank, the carrying amounts approximate fair value due to their relatively short maturities. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS Cash equivalents are comprised of certain highly liquid investments with maturities of three months or less when purchased. We maintain our cash in bank deposit accounts, which at times, may exceed federally insured limits. We have not experienced any losses to date as a result of this policy. |
Receivables, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are stated at the amount management expects to collect from outstanding balances. The carrying amounts of accounts receivable is reduced by a valuation allowance that reflects management's best estimate of the amounts that will not be collected. Management individually reviews all accounts receivable balances that exceed the due date and estimates the portion, if any, of the balance that will not be collected. Management provides for probable uncollectible amounts through a charge to expenses and a credit to a valuation allowance, based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION 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, 2016 and 2015. For contract manufacturing, revenues are recognized after shipment of the completed products. 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. 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. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | WARRANTY LIABILITIES The Company’s provision for estimated future warranty costs is based upon historical relationship of warranty claims to sales. Based upon historical experience, the Company has concluded that no warranty liability is required as of the consolidated balance sheet dates. However, the Company periodically reviews the adequacy of its product warranties and will record an accrued warranty reserve if necessary. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | RESTRICTED CASH Restricted cash represents funds on deposit with a financial institution that secures the bank note payable. |
Inventory, Policy [Policy Text Block] | INVENTORIES Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories that are expected to be sold within one operating cycle (1 year) are classified as a current asset. Inventories that are not expected to be sold within 1 year, based on historical trends, are classified as Inventories - long term portion. |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY & EQUIPMENT We record our equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five to seven years, the estimated useful lives of the property and equipment. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | INTANGIBLE ASSETS Intangible assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount may not be recoverable. In reviewing for impairment, the Company compares the carrying value of the relevant asset to the estimated undiscounted future cash flows expected from the use of the assets and their eventual disposition. When the estimated undiscounted future cash flows are less than their carrying amount, an impairment loss is recognized equal to the difference between the assets’ fair value and its carrying value. |
Advertising Costs, Policy [Policy Text Block] | ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $32,124 and $21,564 for the fiscal years ended March 31, 2016 and 2015, respectively. |
Shipping and Handling Cost, Policy [Policy Text Block] | SHIPPING AND HANDLING COSTS Shipping and handling costs incurred for the years ended March 31, 2016 and 2015 were approximately $11,831 and $19,894, respectively. Such costs are included in selling, general, and administrative expenses in the accompanying consolidated statements of income. |
Income Tax, Policy [Policy Text Block] | INCOME TAXES We report the results of our operations as part of a consolidated Federal tax return with our subsidiary. Deferred income taxes result primarily from temporary differences between financial and tax reporting. Deferred tax assets and liabilities are determined based on the difference between the financial statement bases and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is recorded to reduce a deferred tax asset to that portion that is expected to more likely than not be realized. The Company has adopted the authoritative accounting guidance with respect to accounting for uncertainty in income taxes, which clarified the accounting and disclosures for uncertain tax positions related to income taxes recognized in the consolidated financial statements and addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company files income tax returns in several jurisdictions. The Company’s tax returns remain subject to examination, by major jurisdiction, for the years ended March 31, as follows: Jurisdiction Fiscal Year Federal 2012 and beyond New Jersey 2011 and beyond There are currently no tax years under examination by any major tax jurisdictions. The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2016 and 2015, the Company has no accrued interest or penalties related to uncertain tax positions. |
Earnings Per Share, Policy [Policy Text Block] | NET INCOME/LOSS PER SHARE We compute basic income/loss per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted income/loss per share is computed similar to basic income/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 equivalent shares are excluded from the computation of net income/loss per share if their effect is anti-dilutive. Per share basic and diluted net income amounted to $0.02 and $0.01 for the fiscal years ended March 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 year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS On February 25, 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-2, “Leases” (Topic 842), which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate and manufacturing equipment, to recognize on assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. This ASU will be effective for public entities beginning the first quarter 2019. We do not believe that this ASU will have a material impact on our financial statements. In November 2015, the FASB issued ASU 2015-17, “Income Taxes, Balance Sheet Classifications of Deferred Taxes.” This amendment simplifies the presentation of deferred taxes by requiring that all deferred tax liabilities and assets now be recorded as noncurrent. This amendment is effective for interim and annual reporting periods beginning after December 15, 2016 with early adoption permissible. The Company will adopt this amendment in April of 2017. This amendment has no material impact on the Company’s results of operation. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers.” This amendment defers the effective date of implementation to after December 15, 2017. In July 2015, the FASB issued ASU 2015-11, “Inventory. Simplifying the Measurement of Inventory.” This amendment only applies to entities that use the first-in, first-out (FIFO) or average cost methods of valuing inventory. Entities should now measure inventory at the lower of cost and net realizable value. This amendment aligns measurement of inventory in GAAP with the International Financial Reporting Standards (IFRS). This amendment is effective for annual periods beginning after December 15, 2016 with early adoption permitted. The Company will adopt this amendment in April of 2017. This amendment has no material impact on the Company’s results of operation. On May 14, 2014, FASB and IASB issued a new joint revenue recognition standard that supersedes nearly all U.S. 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 consolidated financial statements. |
Note 2 - Significant Accounti22
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Summary of Income Tax Examinations [Table Text Block] | Jurisdiction Fiscal Year Federal 2012 and beyond New Jersey 2011 and beyond |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | 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 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 4 - Property and Equipme24
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Computer equipment $ 13,364 $ 13,364 Machinery and equipment 87,435 60,202 Leasehold improvements 3,750 3,750 104,549 77,316 Accumulated depreciation (77,690 ) (74,070 ) Property and equipment, net $ 26,859 $ 3,246 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2016 March 31, 2015 Cost Weighted Average Amortization Period (in years) Accumulated Amortization Net Carrying Amount Cost Weighted Average Amortization Period (in years) Accumulated Amortization Net Carrying Amount Patents & Trademarks $ 82,702 15 $ (69,616 ) $ 13,086 $ 82,702 15 $ (68,221 ) $ 14,481 Formulas 25,446 15 (25,446 ) - 25,446 15 (25,446 ) - Non-Compete Agreement 50,000 7 (50,000 ) - 50,000 7 (50,000 ) - Customer List 10,000 3 (10,000 ) - 10,000 3 (10,000 ) - $ 168,148 $ (155,062 ) $ 13,086 $ 168,148 $ (153,667 ) $ 14,481 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the fiscal years ended March 31,: 2017 $ 1,396 2018 1,396 2019 1,396 2020 1,396 2021 1,396 Thereafter 6,106 $ 13,086 |
Note 8 - Segment Information (T
Note 8 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Year ended March 31, 2016 Revenue from external customers $ 1,412,179 $ 849,447 $ 2,251,444 $ 4,513,070 Segment operating income (loss) $ 123,851 $ (146,570 ) $ 285,702 $ 262,983 Year ended March 31, 2015 Revenue from external customers $ 1,077,946 $ 839,306 $ 933,296 $ 2,850,548 Segment operating income (loss) $ 126,907 $ (53,127 ) $ 176,169 $ 249,949 Total assets at March 31, 2016 $ 1,070,944 $ 644,189 $ 1,707,413 $ 3,422,546 Total assets at March 31, 2015 $ 509,738 $ 389,011 $ 442,868 $ 1,341,417 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax assets (liabilities): Net operating loss carry-forward $ 1,407,000 $ 1,718,000 Stock based compensation 239,000 - Other 11,000 11,000 Deferred tax assets 1,657,000 1,729,000 Valuation allowance (806,000 ) (1,729,000 ) Deferred tax asset, net $ 851,000 - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 Statutory federal income tax rate 34 % 34 % State income taxes, net of federal taxes 6 6 Valuation allowance (40 ) (40 ) Effective income tax rate 0 % 0 % |
Note 10 - Commitments and Con28
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the twelve-month period ended March 31, Amount 2017 $ 104,625 2018 104,625 2019 26,156 $ 235,406 |
Note 11 - Options Outstanding (
Note 11 - Options Outstanding (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | 2016 2015 # of Shares Weighted Average Exercise Price # of Shares Weighted Average Exercise Price Outstanding, beginning of year 600,000 $ 0.01 600,000 $ 0.01 Issued 3,000,000 $ 0.20 - $ - Exercised - $ - - $ - Expired (600,000 ) $ (0.01 ) - $ - Outstanding, end of year 3,000,000 $ 0.20 600,000 $ 0.01 Exercisable, end of year 3,000,000 $ 0.20 600,000 $ 0.01 |
Note 2 - Significant Accounti30
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Electronic Products [Member] | ||
Warranty Term | 90 days | |
Electronic Controllers for Spas and Hot Tubs [Member] | ||
Warranty Term | 5 years | |
Maximum [Member] | ||
Product Warranty Expense | $ 2,000 | $ 2,000 |
Property, Plant and Equipment, Useful Life | 7 years | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Product Warranty Accrual, Current | $ 0 | |
Advertising Expense | 32,124 | 21,564 |
Shipping, Handling and Transportation Costs | $ 11,831 | $ 19,894 |
Earnings Per Share, Basic and Diluted | $ 0.02 | $ 0.01 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 |
Note 2 - Income Tax Returns Jur
Note 2 - Income Tax Returns Jurisdictions Subject to Examination (Details) - Earliest Tax Year [Member] | 12 Months Ended |
Mar. 31, 2016 | |
Internal Revenue Service (IRS) [Member] | |
Open tax years | 2,012 |
New Jersey Division of Taxation [Member] | |
Open tax years | 2,011 |
Note 3 - Summary of Inventory (
Note 3 - Summary of Inventory (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Current [Member] | ||
Raw materials | $ 187,333 | $ 95,702 |
Finished Goods | 28,775 | 42,002 |
Total | 216,108 | 137,704 |
Long Term [Member | ||
Raw materials | 51,939 | 87,638 |
Finished Goods | 718 | 619 |
Total | 52,657 | 88,257 |
Raw materials | 239,272 | 183,340 |
Finished Goods | 29,493 | 42,621 |
Total | $ 268,765 | $ 225,961 |
Note 4 - Property and Equipme33
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Depreciation | $ 3,620 | $ 3,128 |
Note 4 - Property and Equipme34
Note 4 - Property and Equipment (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Computer equipment | $ 13,364 | $ 13,364 |
Machinery and equipment | 87,435 | 60,202 |
Leasehold improvements | 3,750 | 3,750 |
104,549 | 77,316 | |
Accumulated depreciation | (77,690) | (74,070) |
Property and equipment, net | $ 26,859 | $ 3,246 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 328 days | |
Amortization of Intangible Assets | $ 1,395 | $ 1,890 |
Note 5 - Intangible Assets (D36
Note 5 - Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Patents And Trademarks [Member] | ||
Cost | $ 82,702 | $ 82,702 |
Weighted Average Amortization Period | 15 years | 15 years |
Accumulated Amortization | $ (69,616) | $ (68,221) |
Net Carrying Amount | 13,086 | 14,481 |
Formulas [Member] | ||
Cost | $ 25,446 | $ 25,446 |
Weighted Average Amortization Period | 15 years | 15 years |
Accumulated Amortization | $ (25,446) | $ (25,446) |
Net Carrying Amount | ||
Noncompete Agreements [Member] | ||
Cost | $ 50,000 | $ 50,000 |
Weighted Average Amortization Period | 7 years | 7 years |
Accumulated Amortization | $ (50,000) | $ (50,000) |
Net Carrying Amount | ||
Customer Lists [Member] | ||
Cost | $ 10,000 | $ 10,000 |
Weighted Average Amortization Period | 3 years | 3 years |
Accumulated Amortization | $ (10,000) | $ (10,000) |
Net Carrying Amount | ||
Cost | 168,148 | 168,148 |
Accumulated Amortization | (155,062) | (153,667) |
Net Carrying Amount | $ 13,086 | $ 14,481 |
Note 5 - Estimated Aggregate Fu
Note 5 - Estimated Aggregate Future Amortization Expense (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
2,017 | $ 1,396 | |
2,018 | 1,396 | |
2,019 | 1,396 | |
2,020 | 1,396 | |
2,021 | 1,396 | |
Thereafter | 6,106 | |
$ 13,086 | $ 14,481 |
Note 6 - Note Payable, Bank (De
Note 6 - Note Payable, Bank (Details Textual) - USD ($) | Aug. 21, 2008 | Mar. 31, 2016 | Mar. 31, 2015 |
Debt Instrument, Face Amount | $ 200,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.15% | 2.15% |
Note 7 - Concentrations (Detail
Note 7 - Concentrations (Details Textual) | 12 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Foreign Customers [Member] | ||
Concentration Risk, Percentage | 8.30% | 10.50% |
Revenues | $ 374,130 | $ 305,449 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk, Number of Customers | 1 | 2 |
Concentration Risk, Percentage | 45.00% | 38.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Concentration Risk, Number of Customers | 1 | 1 |
Concentration Risk, Percentage | 43.00% | 43.00% |
Revenues | $ 4,513,070 | $ 2,850,548 |
Note 8 - Summary of Segment Inf
Note 8 - Summary of Segment Information (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Chemical [Member] | ||
Revenues | $ 1,412,179 | $ 1,077,946 |
Segment operating income (loss) | 123,851 | 126,907 |
Total assets | 1,070,944 | 509,738 |
Electronics [Member] | ||
Revenues | 849,447 | 839,306 |
Segment operating income (loss) | (146,570) | (53,127) |
Total assets | 644,189 | 389,011 |
Engineering [Member] | ||
Revenues | 2,251,444 | 933,296 |
Segment operating income (loss) | 285,702 | 176,169 |
Total assets | 1,707,413 | 442,868 |
Revenues | 4,513,070 | 2,850,548 |
Segment operating income (loss) | 262,983 | 249,949 |
Total assets | $ 3,422,546 | $ 1,341,417 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | Mar. 31, 2016USD ($) |
Operating Loss Carryforwards | $ 3,517,000 |
Note 9 - Significant Components
Note 9 - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Net operating loss carry-forward | $ 1,407,000 | $ 1,718,000 |
Stock based compensation | 239,000 | |
Other | 11,000 | 11,000 |
Deferred tax assets | 1,657,000 | 1,729,000 |
Valuation allowance | 806,000 | 1,729,000 |
Deferred tax asset, net | $ 851,000 |
Note 9 - Provision for Income T
Note 9 - Provision for Income Taxes (Details) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statutory federal income tax rate | 34.00% | 34.00% |
State income taxes, net of federal taxes | 6.00% | 6.00% |
Valuation allowance | (40.00%) | (40.00%) |
Effective income tax rate | 0.00% | 0.00% |
Note 10 - Commitments and Con44
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | Oct. 01, 2013 | Mar. 31, 2016 | Mar. 31, 2015 |
IHS [Member] | Engineering Services [Member] | |||
Monthly Services Revenue | $ 3,000 | ||
Sales Revenue, Services, Net | $ 36,000 | $ 36,300 | |
Operating Leases, Rent Expense | $ 112,000 | $ 126,000 |
Note 10 - Future Minimum Lease
Note 10 - Future Minimum Lease Payments (Details) | Mar. 31, 2016USD ($) |
2,017 | $ 104,625 |
2,018 | 104,625 |
2,019 | 26,156 |
Total | $ 235,406 |
Note 11 - Options Outstanding46
Note 11 - Options Outstanding (Details Textual) - USD ($) | Sep. 02, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,000,000 | 3,000,000 | 5,600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5,000,000 | ||||
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% |
Note 11 - Summary of Stock Opti
Note 11 - Summary of Stock Option Activity (Details) - $ / shares | Sep. 02, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2013 |
Outstanding, beginning of year (in shares) | 600,000 | 600,000 | ||
Outstanding, beginning of year (in dollars per share) | $ 0.01 | $ 0.01 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,000,000 | 3,000,000 | 5,600,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.20 | $ 0.20 | ||
Expired (in shares) | (600,000) | |||
Expired (in dollars per share) | $ (0.01) | |||
Outstanding, end of year (in shares) | 3,000,000 | 600,000 | ||
Outstanding, end of year (in dollars per share) | $ 0.20 | $ 0.01 | ||
Exercisable, end of year (in shares) | 3,000,000 | 600,000 | ||
Exercisable, end of year (in dollars per share) | $ 0.20 | $ 0.01 |