Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2016 | Nov. 17, 2016 | |
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 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,676,761 | $ 1,398,848 |
Accounts receivable, net of allowance for doubtful accounts of $25,000 for each period | 917,754 | 588,875 |
Inventories | 350,822 | 216,108 |
Prepaid expenses and other current assets | 19,169 | 18,419 |
Restricted cash | 233,215 | 233,050 |
Deferred tax asset | 250,000 | 410,000 |
Total current assets | 3,447,721 | 2,865,300 |
Property and equipment, net of accumulated depreciation of $20,496 and $77,690, respectively | 27,754 | 26,859 |
Inventories - long-term portion | 36,547 | 52,657 |
Intangible assets, net of accumulated amortization of $8,546 and $155,062, respectively | 12,388 | 13,086 |
Other assets | 17,644 | 17,644 |
Deferred tax asset | 607,000 | 447,000 |
Total other assets | 701,333 | 557,246 |
Total assets | 4,149,054 | 3,422,546 |
Current liabilities: | ||
Note payable - bank | 86,966 | 96,966 |
Accounts payable | 116,412 | 276,171 |
Accrued expenses and other current liabilities | 248,851 | 331,231 |
Customer deposits | 108,342 | 108,342 |
Due to shareholder | 275,208 | 246,696 |
Total current liabilities | 835,779 | 1,059,406 |
Total liabilities | 835,779 | 1,059,406 |
Stockholders' equity: | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, $0.0005 par value; 150,000,000 authorized, 67,008,502 shares issued and outstanding at September 30, 2016 and March 31, 2016, respectively | 33,504 | 33,504 |
Additional paid-in capital | 33,195,759 | 33,195,759 |
Accumulated deficit | (29,915,988) | (30,866,123) |
Total stockholders' equity | 3,313,275 | 2,363,140 |
Total liabilities and stockholders' equity | $ 4,149,054 | $ 3,422,546 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Allowance for doubtful accounts | $ 25,000 | $ 25,000 |
Accumulated depreciation | 20,496 | 77,690 |
Accumulated amortization | $ 8,546 | $ 155,062 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0005 | $ 0.0005 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 67,008,502 | 67,008,502 |
Common stock, shares outstanding (in shares) | 67,008,502 | 67,008,502 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net revenues | $ 1,380,338 | $ 1,252,881 | $ 2,757,769 | $ 2,308,809 |
Cost of sales | 636,231 | 495,680 | 1,096,158 | 796,553 |
Gross Profit | 744,107 | 757,201 | 1,661,611 | 1,512,256 |
Operating expenses: | ||||
Research and development | 17,395 | 30,522 | 37,796 | 55,211 |
Selling, general and administrative | 296,762 | 475,186 | 671,369 | 770,411 |
Stock based compensation | 598,699 | 598,699 | ||
Depreciation and amortization | 1,487 | 709 | 2,939 | 1,306 |
Total operating expenses | 315,644 | 1,105,116 | 712,104 | 1,425,627 |
Income (loss) from operations | 428,463 | (347,915) | 949,507 | 86,629 |
Other income (expense): | ||||
Interest income | 762 | 248 | 1,460 | 569 |
Interest expense | (331) | (830) | (843) | (1,471) |
Total other income (expense) | 431 | (582) | 617 | (902) |
Income (loss) before provision for income taxes | 428,894 | (348,497) | 950,124 | 85,727 |
Benefit for income taxes - deferred | 857,000 | 857,000 | ||
Net income | $ 428,894 | $ 508,503 | $ 950,124 | $ 942,727 |
Basic and diluted per common share: (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Weighted average shares of common stock outstanding - basic (in shares) | 67,008,502 | 66,176,418 | 67,008,502 | 65,561,357 |
Weighted average shares of common stock outstanding - diluted (in shares) | 67,008,502 | 66,994,600 | 67,008,502 | 66,379,539 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 950,124 | $ 942,727 |
Adjustments to reconcile net income to net cash provided in operating activities: | ||
Stock-based compensation | 598,699 | |
Depreciation and amortization | 4,772 | 1,600 |
Deferred income tax | (857,000) | |
Increase (decrease) in cash flows as a result of changes in net assets and liabilities balances: | ||
Accounts receivable | (328,879) | (184,743) |
Inventories | (118,604) | (42,427) |
Prepaid expenses and other current assets | (750) | (5,000) |
Accounts payable | (159,759) | (90,538) |
Accrued expenses and other current liabilities | (82,368) | 50,022 |
Due to shareholder | 28,512 | 25,757 |
Net cash provided by operating activities | 293,048 | 439,097 |
Cash flows from investing activities: | ||
Purchase of equipment | (4,970) | |
Restricted cash | (165) | (349) |
Net cash used by investing activities | (5,135) | (349) |
Cash flows provided (used) in financing activities: | ||
Repayments on note payable - Bank | (10,000) | (13,000) |
Sale of common stock | 300,000 | |
Net cash provided by (used) in financing activities | (10,000) | 287,000 |
Net increase in cash | 277,913 | 725,748 |
Cash and cash equivalents - beginning of year | 1,398,848 | 216,395 |
Cash and cash equivalents - end of year | 1,676,761 | 942,143 |
Cash paid for: | ||
Interest | $ 843 | $ 1,471 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 - NATURE OF BUSINESS ADM Tronics Unlimited, Inc. ("we", "us", the “Company" or "ADM"), was incorporated under the laws of the state of Delaware on November 24, 1969. We are a technology-based developer and manufacturer of diversified lines of products and derive revenues from the production and sale of electronics for medical devices and other applications; environmentally safe chemical products for industrial, medical and cosmetic uses; and, research, development, regulatory and engineering services. The accompanying condensed consolidated financial statements as of September 30, 2016 (unaudited) and March 31, 2016 and for the three and six months ended September 30, 2016 and 2015 (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 consolidated financial statements and explanatory notes for the year ended March 31, 2016 as disclosed in our annual report on Form 10-K for that year. The operating results and cash flows for three and six months ended September 30, 2016 (unaudited) are not necessarily indicative of the results to be expected for the pending full year ending March 31, 2017. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its subsidiary Sonotron. All significant intercompany balances and transactions have been eliminated in consolidation. USE OF ESTIMATES These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and, accordingly, require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our medical devices, reserves, deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others, option and warrant expenses related to compensation to employees and directors, consultants and investment banks, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates. REVENUE RECOGNITION CHEMICAL PRODUCTS: Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists. ELECTRONICS: We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited 90-day warranty on our electronics products and a limited 5-year warranty on our electronic controllers for spas and hot tubs. We have no other post shipment obligations. Based on prior experience, no amounts have been accrued for potential warranty costs and actual costs were less than $2,000, for each of the three and six months ended September 30, 2016 and 2015. For contract manufacturing, revenues are recognized after shipment of the completed products. ENGINEERING SERVICES: We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services as the services are provided. 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 $0.01 for the three and six months ended September 30, 2016 and 2015, respectively. There were 3,000,000 and 3,600,000 common stock equivalents at September 30, 2016 and 2015, respectively. RECLASSIFICATION Certain items in the prior financial statements have been reclassified to conform to the current period presentation. RECENT ACCOUNTING PRONOUNCEMENTS Management does not believe that any recently issued, but not yet effective accounting pronouncement, if adopted, would have a material effect on the accompanying condensed consolidated financial statements. |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORIES Inventory at September 30, 2016 consisted of the following: Current Long Term Total Raw materials $ 334,512 $ 35,937 $ 370,449 Finished Goods 16,310 610 16,920 $ 350,822 $ 36,547 $ 387,369 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 The Company values its inventories at the first in, first out ("FIFO") method at the lower of cost or market. |
Note 4 - Concentrations
Note 4 - Concentrations | 6 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 4 – CONCENTRATIONS During the three-month period ended September 30, 2016, one customer accounted for 58% of our revenue. During the three-month period ended September 30, 2015, one customer accounted for 42% of our revenue. During the six-month period ended September 30, 2016, one customer accounted for 57% of our revenue. As of September 30, 2016, two customers represented 58% of our accounts receivable. During the six-month period ended September 30, 2015, one customer accounted for 42% of our revenue. As of September 30, 2015, one customer represented 50% of our accounts receivable. The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Revenues from foreign customers represented $97,866 of net revenue or 7.1% for the three months ended September 30, 2016 and $98,411 of net revenue or 7.9% for the three months ended September 30, 2015. Revenues from foreign customers represented $198,398 of net revenue or 7.2% for the six months ended September 30, 2016 and $199,638 of net revenue or 8.6% for the six months ended September 30, 2015. As of September 30, 2016 and 2015, accounts receivable included $4,142 and $35,241, respectively, from foreign customers. |
Note 5 - Segment Information
Note 5 - Segment Information | 6 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 Revenue from external customers $ 363,364 $ 370,450 $ 646,524 $ 1,380,338 Segment operating income $ 102,390 $ 98,388 $ 227,685 $ 428,463 Six months ended September 30, 2016 Revenue from external customers $ 654,848 $ 937,073 $ 1,165,848 $ 2,757,769 Segment operating income $ 101,215 $ 378,958 $ 469,334 $ 949,507 Three months ended September 30, 2015 Revenue from external customers $ 385,072 $ 202,374 $ 665,435 $ 1,252,881 Segment operating income (loss) $ (141,767 ) $ (62,222 ) $ (143,926 ) $ (347,915 ) Six months ended September 30, 2015 Revenue from external customers $ 751,016 $ 377,603 $ 1,180,190 $ 2,308,809 Segment operating income (loss) $ 59,133 $ (46,554 ) $ 74,050 $ 86,629 Total assets at September 30, 2016 $ 985,216 $ 1,409,822 $ 1,754,016 $ 4,149,054 Total assets at March 31, 2016 $ 1,070,944 $ 644,189 $ 1,707,413 $ 3,422,546 |
Note 6 - Options Outstanding
Note 6 - Options Outstanding | 6 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 6 - OPTIONS OUTSTANDING On September 2, 2015, ADM granted an additional 3,000,000 stock options to employees at an exercise price of $0.20 per option and with a term of three years. The options were valued at $598,699 using the Black Scholes option pricing model with the following assumptions: risk free interest rate of 2.03%, volatility of 353%, estimated useful life of 3 years and dividend rate of 0%. The following table summarizes information on all common share purchase options issued by us as of September 30, 2016 and 2015. 2016 2015 # of Shares Weighted Average Exercise Price # of Shares Weighted Average Exercise Price Outstanding, beginning of year 3,000,000 $ 0.20 600,000 $ 0.02 Issued - $ - 3,000,000 $ 0.20 Exercised - $ - - $ - Expired - $ - - $ - Outstanding, end of period 3,000,000 $ 0.20 3,600,000 $ 0.17 Exercisable, end of period 3,000,000 $ 0.20 3,600,000 $ 0.17 |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 is as follows: For the twelve-month period ended September 30, Amount 2017 $ 104,625 2018 78,469 $ 183,094 Rent and real estate tax expense for all facilities for the six months ended September 30, 2016 and 2015 was approximately $63,000 for each period. 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 September 30, 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 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 - INCOME TAXES At September 30, 2016, the Company had federal and state net operating loss carry-forwards ("NOL")'s of approximately $2,566,000, which are due to expire through fiscal 2034. Due to the uncertainty related to future taxable income, the Company provides a partial valuation allowance for the deferred tax benefit resulting from the NOL's and depreciation and amortization. During the six months ended September 30, 2016, the Company utilized approximately $692,000 in net operating losses and expects to utilize $2,100,000 before expiration. For the six months ended September 30, 2016, the $380,000 reduction in deferred income taxes was offset by a similar reduction in the valuation allowance. |
Note 9 - Due to Shareholder
Note 9 - Due to Shareholder | 6 Months Ended |
Sep. 30, 2016 | |
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 | 6 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 10 – 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 Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its subsidiary Sonotron. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and, accordingly, require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our medical devices, reserves, deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others, option and warrant expenses related to compensation to employees and directors, consultants and investment banks, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates. |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION CHEMICAL PRODUCTS: Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no right of return exists. ELECTRONICS: We recognize revenue from the sale of our electronic products when they are shipped to the purchaser. We offer a limited 90-day warranty on our electronics products and a limited 5-year warranty on our electronic controllers for spas and hot tubs. We have no other post shipment obligations. Based on prior experience, no amounts have been accrued for potential warranty costs and actual costs were less than $2,000, for each of the three and six months ended September 30, 2016 and 2015. For contract manufacturing, revenues are recognized after shipment of the completed products. ENGINEERING SERVICES: We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services as the services are provided. |
Earnings Per Share, Policy [Policy Text Block] | 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 $0.01 for the three and six months ended September 30, 2016 and 2015, respectively. There were 3,000,000 and 3,600,000 common stock equivalents at September 30, 2016 and 2015, respectively. |
Reclassification, Policy [Policy Text Block] | RECLASSIFICATION Certain items in the prior financial statements have been reclassified to conform to the current period presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS Management does not believe that any recently issued, but not yet effective accounting pronouncement, if adopted, would have a material effect on the accompanying condensed consolidated financial statements. |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Current Long Term Total Raw materials $ 334,512 $ 35,937 $ 370,449 Finished Goods 16,310 610 16,920 $ 350,822 $ 36,547 $ 387,369 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 |
Note 5 - Segment Information (T
Note 5 - Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Three months ended September 30, 2016 Revenue from external customers $ 363,364 $ 370,450 $ 646,524 $ 1,380,338 Segment operating income $ 102,390 $ 98,388 $ 227,685 $ 428,463 Six months ended September 30, 2016 Revenue from external customers $ 654,848 $ 937,073 $ 1,165,848 $ 2,757,769 Segment operating income $ 101,215 $ 378,958 $ 469,334 $ 949,507 Three months ended September 30, 2015 Revenue from external customers $ 385,072 $ 202,374 $ 665,435 $ 1,252,881 Segment operating income (loss) $ (141,767 ) $ (62,222 ) $ (143,926 ) $ (347,915 ) Six months ended September 30, 2015 Revenue from external customers $ 751,016 $ 377,603 $ 1,180,190 $ 2,308,809 Segment operating income (loss) $ 59,133 $ (46,554 ) $ 74,050 $ 86,629 Total assets at September 30, 2016 $ 985,216 $ 1,409,822 $ 1,754,016 $ 4,149,054 Total assets at March 31, 2016 $ 1,070,944 $ 644,189 $ 1,707,413 $ 3,422,546 |
Note 6 - Options Outstanding (T
Note 6 - Options Outstanding (Tables) | 6 Months Ended |
Sep. 30, 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 3,000,000 $ 0.20 600,000 $ 0.02 Issued - $ - 3,000,000 $ 0.20 Exercised - $ - - $ - Expired - $ - - $ - Outstanding, end of period 3,000,000 $ 0.20 3,600,000 $ 0.17 Exercisable, end of period 3,000,000 $ 0.20 3,600,000 $ 0.17 |
Note 7 - Commitments and Cont20
Note 7 - Commitments and Contingencies (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the twelve-month period ended September 30, Amount 2017 $ 104,625 2018 78,469 $ 183,094 |
Note 2 - Significant Accounti21
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 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 | ||
Earnings Per Share, Basic and Diluted | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,000,000 | 3,600,000 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Current [Member] | ||
Raw materials | $ 334,512 | $ 187,333 |
Finished Goods | 16,310 | 28,775 |
Total | 350,822 | 216,108 |
Long Term [Member | ||
Raw materials | 35,937 | 51,939 |
Finished Goods | 610 | 718 |
Total | 36,547 | 52,657 |
Raw materials | 370,449 | 239,272 |
Finished Goods | 16,920 | 29,493 |
Total | $ 387,369 | $ 268,765 |
Note 4 - Concentrations (Detail
Note 4 - Concentrations (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2016USD ($) | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Foreign Customers [Member] | |||||
Concentration Risk, Percentage | 7.10% | 7.90% | 7.20% | 8.60% | |
Revenues | $ 97,866 | $ 98,411 | $ 198,398 | $ 199,638 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Concentration Risk, Number of Customers | 1 | 1 | 1 | 1 | |
Concentration Risk, Percentage | 58.00% | 42.00% | 57.00% | 42.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Number of Customers | 2 | 1 | |||
Concentration Risk, Percentage | 58.00% | 50.00% | |||
Foreign Customers [Member] | |||||
Accounts Receivable, Net, Current | $ 4,142 | $ 35,241 | $ 4,142 | $ 35,241 | |
Revenues | 1,380,338 | $ 1,252,881 | 2,757,769 | $ 2,308,809 | |
Accounts Receivable, Net, Current | $ 917,754 | $ 917,754 | $ 588,875 |
Note 5 - Segment Information -
Note 5 - Segment Information - Summary of Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Chemical [Member] | |||||
Revenue from external customers | $ 363,364 | $ 385,072 | $ 654,848 | $ 751,016 | |
Segment operating income | 102,390 | (141,767) | 101,215 | 59,133 | |
Total assets | 985,216 | 985,216 | $ 1,070,944 | ||
Electronics [Member] | |||||
Revenue from external customers | 370,450 | 202,374 | 937,073 | 377,603 | |
Segment operating income | 98,388 | (62,222) | 378,958 | (46,554) | |
Total assets | 1,409,822 | 1,409,822 | 644,189 | ||
Engineering [Member] | |||||
Revenue from external customers | 646,524 | 665,435 | 1,165,848 | 1,180,190 | |
Segment operating income | 227,685 | (143,926) | 469,334 | 74,050 | |
Total assets | 1,754,016 | 1,754,016 | 1,707,413 | ||
Revenue from external customers | 1,380,338 | 1,252,881 | 2,757,769 | 2,308,809 | |
Segment operating income | 428,463 | $ (347,915) | 949,507 | $ 86,629 | |
Total assets | $ 4,149,054 | $ 4,149,054 | $ 3,422,546 |
Note 6 - Options Outstanding (D
Note 6 - Options Outstanding (Details Textual) - USD ($) | Sep. 02, 2015 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,000,000 | 3,000,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.20 | $ 0.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 598,699 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.03% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 353.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Note 6 - Options Outstanding -
Note 6 - Options Outstanding - Summary of Stock Option Activity (Details) - $ / shares | Sep. 02, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Outstanding, beginning of period (in shares) | 3,000,000 | 600,000 | |
Outstanding, beginning of period (in dollars per share) | $ 0.20 | $ 0.02 | |
Issued (in shares) | 3,000,000 | 3,000,000 | |
Issued (in dollars per share) | $ 0.20 | $ 0.20 | |
Exercised (in shares) | |||
Exercised (in dollars per share) | |||
Expired (in shares) | |||
Expired (in dollars per share) | |||
Outstanding, end of period (in shares) | 3,000,000 | 3,600,000 | |
Outstanding, end of period (in dollars per share) | $ 0.20 | $ 0.17 | |
Exercisable, end of period (in shares) | 3,000,000 | 3,600,000 | |
Exercisable, end of period (in dollars per share) | $ 0.20 | $ 0.17 |
Note 7 - Commitments and Cont27
Note 7 - Commitments and Contingencies (Details Textual) - USD ($) | Aug. 21, 2008 | Sep. 30, 2016 | Sep. 30, 2015 |
Notes Payable to Banks [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Debt Instrument, Interest Rate During Period | 2.15% | 2.15% | |
Operating Leases, Rent Expense | $ 63,000 | $ 63,000 | |
Debt Instrument, Face Amount | $ 200,000 |
Note 7 - Commitments and Cont28
Note 7 - Commitments and Contingencies - Future Minimum Lease Payments (Details) | Sep. 30, 2016USD ($) |
2,017 | $ 104,625 |
2,018 | 78,469 |
Total | $ 183,094 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Operating Loss Carryforwards | $ 2,566,000 |
Operating Loss Carry-Forward, Amount Utilized | 692,000 |
Operating Loss Carry-Forward, Expected Utilization Amount | 2,100,000 |
Deferred Income Taxes and Tax Credits | $ 380,000 |
Note 9 - Due to Shareholder (De
Note 9 - Due to Shareholder (Details Textual) | Sep. 30, 2016USD ($) |
Deferred Compensation Liability, Interest Accrued | $ 0 |