Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Jul. 16, 2018 | Sep. 30, 2017 | |
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) | 67,588,504 | ||
Entity Public Float | $ 10,678,894 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 1,693,532 | $ 1,982,276 |
Accounts receivable, net of allowance for doubtful accounts of $125,000 and $25,000, at March 31, 2018 and 2017 respectively | 1,207,493 | 862,619 |
Inventories | 201,023 | 369,796 |
Prepaid expenses and other current assets | 12,156 | 35,752 |
Total current assets | 3,114,204 | 3,250,443 |
Property and equipment, net of accumulated depreciation of $70,440 and $32,562, at March 31, 2018 and 2017 respectively | 133,120 | 170,998 |
Inventories - long-term portion | 111,051 | 56,611 |
Intangible assets, net of accumulated amortization of $10,639 and $9,244, at March 31, 2018 and 2017 respectively | 10,295 | 11,690 |
Other assets | 91,464 | 104,907 |
Deferred tax asset | 1,092,000 | 926,000 |
Total other assets | 1,437,930 | 1,270,206 |
Total assets | 4,552,134 | 4,520,649 |
Current liabilities: | ||
Capital lease payable | 31,196 | 30,895 |
Accounts payable | 286,964 | 269,007 |
Accrued expenses and other current liabilities | 149,382 | 148,731 |
Customer deposits | 122,167 | 125,142 |
Due to stockholder | 130,551 | 195,562 |
Total current liabilities | 720,260 | 769,337 |
Long-term liabilities | ||
Capital lease payable, net of current portion | 54,637 | 83,812 |
Total liabilities | 774,897 | 853,149 |
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 shares authorized, 67,588,504 shares issued and outstanding | 33,794 | 33,794 |
Additional paid-in capital | 33,294,069 | 33,294,069 |
Accumulated deficit | (29,550,626) | (29,660,363) |
Total stockholders' equity | 3,777,237 | 3,667,500 |
Total liabilities and stockholders' equity | $ 4,552,134 | $ 4,520,649 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Allowance for doubtful accounts | $ 125,000 | $ 25,000 |
Property and equipment, accumulated depreciation | 70,440 | 32,562 |
Intangible assets, accumulated amortization | $ 10,639 | $ 9,244 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, 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, issued (in shares) | 67,588,504 | 67,588,504 |
Common stock, outstanding (in shares) | 67,588,504 | 67,588,504 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net revenues | $ 3,754,212 | $ 5,271,231 |
Cost of sales | 1,865,908 | 2,611,493 |
Gross profit | 1,888,304 | 2,659,738 |
Operating expenses: | ||
Research and development | 527,659 | 168,812 |
Selling, general and administrative | 1,404,604 | 1,241,991 |
Stock based compensation | 98,600 | |
Depreciation and amortization | 22,229 | 11,774 |
Total operating expenses | 1,954,492 | 1,521,177 |
Income (loss) from operations | (66,188) | 1,138,561 |
Other income (expense): | ||
Interest income | 17,632 | 3,146 |
Interest expense | (6,707) | (4,947) |
Total other income (expense) | 10,925 | (1,801) |
Income (loss) before (provision) benefit for income taxes | (55,263) | 1,136,760 |
(Provision) benefit for income taxes: | ||
Current | (1,000) | |
Deferred | 166,000 | 69,000 |
Total benefit for income taxes | 165,000 | 69,000 |
Net income | $ 109,737 | $ 1,205,760 |
Basic and diluted earnings per common share: (in dollars per share) | $ 0 | $ 0.02 |
Weighted average shares of common stock outstanding - basic (in shares) | 67,588,504 | 67,145,150 |
Weighted average shares of common stock outstanding - diluted (in shares) | 67,588,504 | 67,145,150 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficiency) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2016 | 67,008,504 | |||
Balance at Mar. 31, 2016 | $ 33,504 | $ 33,195,759 | $ (30,866,123) | $ 2,363,140 |
Stock Issued During Period, Shares, Issued for Services | 580,000 | 580,000 | ||
Stock Issued During Period, Value, Issued for Services | $ 290 | 98,310 | $ 98,600 | |
Net income | 1,205,760 | $ 1,205,760 | ||
Balance (in shares) at Mar. 31, 2017 | 67,588,504 | 67,588,504 | ||
Balance at Mar. 31, 2017 | $ 33,794 | 33,294,069 | (29,660,363) | $ 3,667,500 |
Net income | 109,737 | $ 109,737 | ||
Balance (in shares) at Mar. 31, 2018 | 67,588,504 | 67,588,504 | ||
Balance at Mar. 31, 2018 | $ 33,794 | $ 33,294,069 | $ (29,550,626) | $ 3,777,237 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 109,737 | $ 1,205,760 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 39,273 | 17,538 |
Stock based compensation | 98,600 | |
Write-off of inventories | 312,830 | 8,343 |
Bad debt | 100,000 | |
Deferred taxes | (166,000) | (69,000) |
Changes in operating assets and liabilities balances: | ||
Accounts receivable | (444,874) | (273,744) |
Inventories | (198,497) | (165,985) |
Prepaid expenses and other current assets | 37,039 | (104,596) |
Accounts payable | 17,957 | (7,164) |
Customer deposits | (2,975) | 16,800 |
Accrued expenses and other current liabilities | 651 | (182,500) |
Due to stockholder | (65,011) | (51,134) |
Net cash provided by (used in) operating activities | (259,870) | 492,918 |
Cash flows from investing activities: | ||
Purchase of equipment | (31,474) | |
Restricted cash | 233,050 | |
Net cash provided by investing activities | 201,576 | |
Cash flows from financing activities: | ||
Repayments of notes payable | (96,966) | |
Repayments of capital lease payable | (28,874) | (14,100) |
Net cash (used in) financing activities | (28,874) | (111,066) |
Net increase (decrease) in cash and cash equivalents | (288,744) | 583,428 |
Cash and cash equivalents - beginning of year | 1,982,276 | 1,398,848 |
Cash and cash equivalents - end of year | 1,693,532 | 1,982,276 |
Cash paid for: | ||
Interest | 6,707 | 4,947 |
Taxes | 31,604 | |
Non-cash investing activities | ||
Purchase of equipment with the assumption of capital lease obligation | $ 128,807 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 ADM Tronics Unlimited, Inc. ("we", "us", "the Company" or "ADM"), was incorporated under the laws of the state of Delaware on November 24, 1969. 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, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its subsidiary Sonotron (the “Company”). 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, and accrued expenses, 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 may not $250,000 March 31, 2018, $1,438,000 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 not March 31, 2018 $125,000, $25,000 March 31, 2017. 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 5 no no $2,000, March 31, 2018 2017. CHEMICAL PRODUCTS: Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no 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 INVENTORIES Inventories are stated at the lower of cost ( first first one 1 not 1 PROPERTY AND EQUIPMENT We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five seven INTANGIBLE ASSETS Intangible assets are reviewed for impairment whenever changes in circumstances indicate that the carrying amount may not ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $62,297 $46,129 March 31, 2018 2017, SHIPPING AND HANDLING COSTS Shipping and handling costs incurred for the years ended March 31, 2018 2017 $2,904 $6,092, 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 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 not 50 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, Jurisdiction Fiscal Year Federal 2014 and beyond New Jersey 2013 and beyond There are currently no The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2018 2017, no NET EARNINGS PER SHARE We compute basic earnings per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings 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 earnings per share if their effect is anti-dilutive. Per share basic and diluted net income amounted to $( 0.00 $0.02 March 31, 2018 2017, RECENT ACCOUNTING PRONOUNCEMENTS Effective April 1, 2018, 606 606” not not 606 first 2018. In July 2015, 2015 11, April 2017, not In February 2016, 2016 02, 12 April 2018 not In June 2016, 2016 13 not December 15, 2019. In February 2018, 2018 02, 220 2017 December 15, 2018 not Management does not not |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories at March 31, 2018 Current Long Term Total Raw materials $ 168,640 $ 110,433 $ 279,073 Finished goods 32,383 618 33,001 $ 201,023 $ 111,051 $ 312,074 Inventories at March 31, 2017 Current Long Term Total Raw materials $ 338,443 $ 56,611 $ 395,054 Finished goods 31,353 - 31,353 $ 369,796 $ 56,611 $ 426,407 The Company values its inventories at the first first |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 Property and equipment as of March 31, 2018 2017 2018 2017 Computer equipment $ - $ - Machinery and equipment 199,810 199,810 Leasehold improvements 3,750 3,750 203,560 203,560 Accumulated depreciation and amortization (70,440 ) (32,562 ) Property and equipment, net $ 133,120 $ 170,998 Depreciation and amortization expense related to property and equipment amounted to $37,878 $16,142 March 31, 2018 2017, |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5 Intangible assets are being amortized using the straight line method over periods ranging from 3 15 7 March 31, 2018 March 31, 2017 Cost Weighted Average Amortization Period (years) Accumulated Amortization Net Carrying Amount Cost Weighted Average Amortization Period (years) Accumulated Amortization Net Carrying Amount Patents & Trademarks $ 20,934 15 $ (10,639 ) $ 10,295 $ 20,934 15 $ (9,244 ) $ 11,690 Amortization expense was $1,395 March 31, 2018 2017. Estimated aggregate future amortization expense related to intangible assets is as follows: For the fiscal years ended March 31,: 2019 $ 1,395 2020 1,395 2021 1,395 2022 1,395 2023 1,395 Thereafter 3,320 $ 10,295 |
Note 6 - Note Payable, Bank
Note 6 - Note Payable, Bank | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 On August 21, 2008, $200,000. 2% March 31, 2016 2.15%. March 31, 2017, |
Note 7 - Capital Leases
Note 7 - Capital Leases | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | NOTE 7 During September 2016 $129,000, March 31, 2018 $35,000. 2021. Future minimum lease payments under the above capital leases, as of March 31, 2018, For the Years Ending March 31, 2019 35,000 2020 35,000 2021 18,000 88,000 Less: 2,000 Present value of minimum lease payments 86,000 Less: 31,000 $ 55,000 |
Note 8 - Concentrations
Note 8 - Concentrations | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 8 During the year ended March 31, 2018, three 58% March 31, 2017, one 59% March 31, 2018, two 93% March 31, 2017, one 83% The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Revenues from foreign customers represented $341,415 8.8% March 31, 2018. $332,693 6.3% March 31, 2017. |
Note 9 - Segment Information
Note 9 - Segment Information | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 Information about segments is as follows: Chemical Electronics Engineering Total Year ended March 31, 2018 Revenues $ 1,391,522 $ 1,056,384 $ 1,306,306 $ 3,754,212 Segment operating income (loss) $ 34,611 $ (303,388 ) $ 202,589 $ (66,188 ) Year ended March 31, 2017 Revenues $ 1,285,353 $ 1,820,490 $ 2,165,388 $ 5,271,231 Segment operating income $ 216,371 $ 361,484 $ 560,706 $ 1,138,561 Total assets at March 31, 2018 $ 1,687,276 $ 1,280,908 $ 1,583,950 $ 4,552,134 Total assets at March 31, 2017 $ 1,110,111 $ 1,553,484 $ 1,857,054 $ 4,520,649 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 - INCOME TAXES At March 31, 2018, $1,973,000, 2033. may not not may Significant components of deferred tax assets are as follows as of March 31, 2018 2017: 2018 2017 Deferred tax assets (liabilities): Net operating loss carry-forward $ 554,000 $ 915,000 Stock based compensation 196,000 279,000 Research & development tax credit carry-forward 495,000 - Other 43,000 11,000 Deferred tax assets 1,288,000 1,205,000 Valuation allowance (196,000 ) (279,000 ) Deferred tax asset, net $ 1,092,000 $ 926,000 The change in the valuation allowance for the year ended March 31, 2017 increased by $521,000 The benefit from income taxes for the years ended at March 31, 2018 2017 2018 2017 Statutory federal income tax rate 31% 34% Change in valuation allowance 263% (40%) Effective income tax rate 294% (6%) |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 1 - COMMITMENTS AND CONTINGENCIES We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. March 31, 2018 For the years ended March 31 Amount 2019 $ 102,562 2020 101,875 2021 101,875 2022 101,875 2023 101,875 Thereafter 559,844 $ 1,069,906 Rent and real estate tax expense for all facilities for the years ended March 31, 2018 2017 $128,000 $127,000, |
Note 12 - Stock Based Compensat
Note 12 - Stock Based Compensation | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 1 2 – STOCK BASED COMPENSATION On September 2, 2015, 3,000,000 $0.20 three $598,699 2.03%, 353%, 3 0%. The following table summarizes information on all common share purchase options issued by us as of March 31, 2018 2017. 2018 2017 # of Shares Weighted # of Shares Weighted Average Average Exercise Exercise Price Price Outstanding, beginning of year 3,000,000 $ 0.20 3,000,000 $ 0.20 Issued - - - - Exercised - - - - Expired - - - - Outstanding, end of year 3,000,000 $ 0.20 3,000,000 $ 0.20 Exercisable, end of year 3,000,000 $ 0.20 3,000,000 $ 0.20 On October 26, 2016, 290,000 $.0005 two March 15, 2017, 290,000 $.0005 March 31, 2017, 580,000 $98,600 |
Note 13 - Restatements
Note 13 - Restatements | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | NOTE 1 3 - RESTATEMENTS During the audit of March 31, 2018, The following summarizes these adjustments: Quarter 1 Quarter 2 Quarter 3 As originally reported: Revenue Chemical $ 308,355 $ 310,757 $ 432,803 Electronics 493,592 343,165 123,685 Engineering 344,408 415,784 464,554 1,146,355 1,069,706 1,021,042 Cost of revenue Chemical 107,995 138,418 232,553 Electronics 214,723 118,317 90,021 Engineering 133,827 99,203 216,610 456,545 355,938 539,184 Gross Profit Chemical 200,360 172,339 200,250 Electronics 278,869 224,848 33,664 Engineering 210,581 316,581 247,944 689,810 713,768 481,858 Gross Profit % Chemical 65 % 55 % 46 % Electronics 56 % 66 % 27 % Engineering 61 % 76 % 53 % 60 % 67 % 47 % Operating Income Chemical 65,446 21,109 2,068 Electronics 42,646 74,335 (21,809 ) Engineering 59,899 115,914 35,394 167,991 211,358 15,653 Net Income (Loss) $ 91,883 $ 134,559 $ (215,817 ) Adjustments: Engineering Revenue $ - $ 138,567 $ - Engineering Cost of Sales (18,667 ) (15,184 ) (81,101 ) Electronics Inventory Write Off 182,917 11,140 12,979 As adjusted Revenue Chemical $ 308,355 $ 310,757 $ 432,803 Electronics 493,592 343,165 123,685 Engineering 344,408 277,217 464,554 1,146,355 931,139 1,021,042 Cost of revenue Chemical 107,995 138,418 232,553 Electronics 397,640 129,457 103,000 Engineering 115,160 84,019 135,509 620,795 351,894 471,062 Gross Profit Chemical 200,360 172,339 200,250 Electronics 95,952 213,708 20,685 Engineering 229,248 193,198 329,045 525,560 579,245 549,980 Gross Profit % Chemical 65 % 55 % 46 % Electronics 19 % 62 % 17 % Engineering 67 % 70 % 71 % 46 % 62 % 54 % Operating Income Chemical 65,446 21,109 2,068 Electronics (140,271 ) 63,195 (34,788 ) Engineering 78,566 (7,469 ) 116,495 3,741 76,835 83,775 Net Income (Loss) $ (72,367 ) $ 36 $ (147,695 ) |
Note 14 - Legal Proceedings
Note 14 - Legal Proceedings | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | Note 14 The Company is involved in a lawsuit with a private company that was hired for advertising and consulting services. The plaintiff filed a lawsuit against the Company, alleging a breach of contract. The Company filed a counterclaim, alleging failure to provide services rendered under the contract. Total damages alleged by the plaintiff is $41,250. not |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 15 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
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 (the “Company”). 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, and accrued expenses, 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 may not $250,000 March 31, 2018, $1,438,000 |
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 not March 31, 2018 $125,000, $25,000 March 31, 2017. |
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 5 no no $2,000, March 31, 2018 2017. CHEMICAL PRODUCTS: Revenues are recognized when products are shipped to end users. Shipments to distributors are recognized as revenue when no 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 |
Inventory, Policy [Policy Text Block] | INVENTORIES Inventories are stated at the lower of cost ( first first one 1 not 1 |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY AND EQUIPMENT We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five seven |
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 |
Advertising Costs, Policy [Policy Text Block] | ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $62,297 $46,129 March 31, 2018 2017, |
Shipping and Handling Cost, Policy [Policy Text Block] | SHIPPING AND HANDLING COSTS Shipping and handling costs incurred for the years ended March 31, 2018 2017 $2,904 $6,092, |
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 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 not 50 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, Jurisdiction Fiscal Year Federal 2014 and beyond New Jersey 2013 and beyond There are currently no The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of March 31, 2018 2017, no |
Earnings Per Share, Policy [Policy Text Block] | NET EARNINGS PER SHARE We compute basic earnings per share by dividing net income/loss by the weighted average number of common shares outstanding. Diluted earnings per share is computed similar to basic earnings 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 earnings per share if their effect is anti-dilutive. Per share basic and diluted net income amounted to $( 0.00 $0.02 March 31, 2018 2017, |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS Effective April 1, 2018, 606 606” not not 606 first 2018. In July 2015, 2015 11, April 2017, not In February 2016, 2016 02, 12 April 2018 not In June 2016, 2016 13 not December 15, 2019. In February 2018, 2018 02, 220 2017 December 15, 2018 not Management does not not |
Note 2 - Significant Accounti23
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Summary of Income Tax Examinations [Table Text Block] | Jurisdiction Fiscal Year Federal 2014 and beyond New Jersey 2013 and beyond |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Current Long Term Total Raw materials $ 168,640 $ 110,433 $ 279,073 Finished goods 32,383 618 33,001 $ 201,023 $ 111,051 $ 312,074 Current Long Term Total Raw materials $ 338,443 $ 56,611 $ 395,054 Finished goods 31,353 - 31,353 $ 369,796 $ 56,611 $ 426,407 |
Note 4 - Property and Equipme25
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2018 2017 Computer equipment $ - $ - Machinery and equipment 199,810 199,810 Leasehold improvements 3,750 3,750 203,560 203,560 Accumulated depreciation and amortization (70,440 ) (32,562 ) Property and equipment, net $ 133,120 $ 170,998 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2018 March 31, 2017 Cost Weighted Average Amortization Period (years) Accumulated Amortization Net Carrying Amount Cost Weighted Average Amortization Period (years) Accumulated Amortization Net Carrying Amount Patents & Trademarks $ 20,934 15 $ (10,639 ) $ 10,295 $ 20,934 15 $ (9,244 ) $ 11,690 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the fiscal years ended March 31,: 2019 $ 1,395 2020 1,395 2021 1,395 2022 1,395 2023 1,395 Thereafter 3,320 $ 10,295 |
Note 7 - Capital Leases (Tables
Note 7 - Capital Leases (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | For the Years Ending March 31, 2019 35,000 2020 35,000 2021 18,000 88,000 Less: 2,000 Present value of minimum lease payments 86,000 Less: 31,000 $ 55,000 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Year ended March 31, 2018 Revenues $ 1,391,522 $ 1,056,384 $ 1,306,306 $ 3,754,212 Segment operating income (loss) $ 34,611 $ (303,388 ) $ 202,589 $ (66,188 ) Year ended March 31, 2017 Revenues $ 1,285,353 $ 1,820,490 $ 2,165,388 $ 5,271,231 Segment operating income $ 216,371 $ 361,484 $ 560,706 $ 1,138,561 Total assets at March 31, 2018 $ 1,687,276 $ 1,280,908 $ 1,583,950 $ 4,552,134 Total assets at March 31, 2017 $ 1,110,111 $ 1,553,484 $ 1,857,054 $ 4,520,649 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 Deferred tax assets (liabilities): Net operating loss carry-forward $ 554,000 $ 915,000 Stock based compensation 196,000 279,000 Research & development tax credit carry-forward 495,000 - Other 43,000 11,000 Deferred tax assets 1,288,000 1,205,000 Valuation allowance (196,000 ) (279,000 ) Deferred tax asset, net $ 1,092,000 $ 926,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 Statutory federal income tax rate 31% 34% Change in valuation allowance 263% (40%) Effective income tax rate 294% (6%) |
Note 11 - Commitments and Con30
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the years ended March 31 Amount 2019 $ 102,562 2020 101,875 2021 101,875 2022 101,875 2023 101,875 Thereafter 559,844 $ 1,069,906 |
Note 12 - Stock Based Compens31
Note 12 - Stock Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 2018 2017 # of Shares Weighted # of Shares Weighted Average Average Exercise Exercise Price Price Outstanding, beginning of year 3,000,000 $ 0.20 3,000,000 $ 0.20 Issued - - - - Exercised - - - - Expired - - - - Outstanding, end of year 3,000,000 $ 0.20 3,000,000 $ 0.20 Exercisable, end of year 3,000,000 $ 0.20 3,000,000 $ 0.20 |
Note 13 - Restatements (Tables)
Note 13 - Restatements (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Quarter 1 Quarter 2 Quarter 3 As originally reported: Revenue Chemical $ 308,355 $ 310,757 $ 432,803 Electronics 493,592 343,165 123,685 Engineering 344,408 415,784 464,554 1,146,355 1,069,706 1,021,042 Cost of revenue Chemical 107,995 138,418 232,553 Electronics 214,723 118,317 90,021 Engineering 133,827 99,203 216,610 456,545 355,938 539,184 Gross Profit Chemical 200,360 172,339 200,250 Electronics 278,869 224,848 33,664 Engineering 210,581 316,581 247,944 689,810 713,768 481,858 Gross Profit % Chemical 65 % 55 % 46 % Electronics 56 % 66 % 27 % Engineering 61 % 76 % 53 % 60 % 67 % 47 % Operating Income Chemical 65,446 21,109 2,068 Electronics 42,646 74,335 (21,809 ) Engineering 59,899 115,914 35,394 167,991 211,358 15,653 Net Income (Loss) $ 91,883 $ 134,559 $ (215,817 ) Adjustments: Engineering Revenue $ - $ 138,567 $ - Engineering Cost of Sales (18,667 ) (15,184 ) (81,101 ) Electronics Inventory Write Off 182,917 11,140 12,979 As adjusted Revenue Chemical $ 308,355 $ 310,757 $ 432,803 Electronics 493,592 343,165 123,685 Engineering 344,408 277,217 464,554 1,146,355 931,139 1,021,042 Cost of revenue Chemical 107,995 138,418 232,553 Electronics 397,640 129,457 103,000 Engineering 115,160 84,019 135,509 620,795 351,894 471,062 Gross Profit Chemical 200,360 172,339 200,250 Electronics 95,952 213,708 20,685 Engineering 229,248 193,198 329,045 525,560 579,245 549,980 Gross Profit % Chemical 65 % 55 % 46 % Electronics 19 % 62 % 17 % Engineering 67 % 70 % 71 % 46 % 62 % 54 % Operating Income Chemical 65,446 21,109 2,068 Electronics (140,271 ) 63,195 (34,788 ) Engineering 78,566 (7,469 ) 116,495 3,741 76,835 83,775 Net Income (Loss) $ (72,367 ) $ 36 $ (147,695 ) |
Note 2 - Significant Accounti33
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash, Uninsured Amount | $ 1,438,000 | |
Allowance for Doubtful Accounts Receivable, Ending Balance | 125,000 | $ 25,000 |
Advertising Expense | 62,297 | 46,129 |
Shipping and Handling Costs | 2,904 | 6,092 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 |
Earnings Per Share, Basic and Diluted, Total | $ 0 | $ 0.02 |
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 | |
Electronic Products [Member] | ||
Warranty Term | 90 days | |
Electronic Controllers for Spas and Hot Tubs [Member] | ||
Warranty Term | 5 years |
Note 2 - Significant Accounti34
Note 2 - Significant Accounting Policies - Income Tax Returns Jurisdictions Subject to Examination (Details) - Earliest Tax Year [Member] | 12 Months Ended |
Mar. 31, 2018 | |
Internal Revenue Service (IRS) [Member] | |
Open tax years | 2,014 |
New Jersey Division of Taxation [Member] | |
Open tax years | 2,013 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Raw materials | $ 279,073 | $ 395,054 |
Finished goods | 33,001 | 31,353 |
312,074 | 426,407 | |
Current [Member] | ||
Raw materials | 168,640 | 338,443 |
Finished goods | 32,383 | 31,353 |
201,023 | 369,796 | |
Long Term [Member | ||
Raw materials | 110,433 | 56,611 |
Finished goods | 618 | |
$ 111,051 | $ 56,611 |
Note 4 - Property and Equipme36
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Depreciation, Total | $ 37,878 | $ 16,142 |
Note 4 - Property and Equipme37
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Computer equipment | ||
Machinery and equipment | 199,810 | 199,810 |
Leasehold improvements | 3,750 | 3,750 |
203,560 | 203,560 | |
Accumulated depreciation and amortization | (70,440) | (32,562) |
Property and equipment, net | $ 133,120 | $ 170,998 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | |
Amortization of Intangible Assets, Total | $ 1,395 | $ 1,395 |
Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note 5 - Intangible Assets - In
Note 5 - Intangible Assets - Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Amortization | $ (10,639) | $ (9,244) |
Net Carrying Amount | 10,295 | 11,690 |
Patents And Trademarks [Member] | ||
Cost | $ 20,934 | $ 20,934 |
Weighted Average Amortization Period (Year) | 15 years | 15 years |
Accumulated Amortization | $ (10,639) | $ (9,244) |
Net Carrying Amount | $ 10,295 | $ 11,690 |
Note 5 - Intangible Assets - Es
Note 5 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
2,019 | $ 1,395 | |
2,020 | 1,395 | |
2,021 | 1,395 | |
2,022 | 1,395 | |
2,023 | 1,395 | |
Thereafter | 3,320 | |
$ 10,295 | $ 11,690 |
Note 6 - Note Payable, Bank (De
Note 6 - Note Payable, Bank (Details Textual) - USD ($) | Aug. 21, 2008 | Mar. 31, 2016 |
Debt Instrument, Face Amount | $ 200,000 | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Debt Instrument, Interest Rate, Stated Percentage | 2.15% |
Note 7 - Capital Leases (Detail
Note 7 - Capital Leases (Details Textual) - USD ($) | Mar. 31, 2018 | Sep. 30, 2016 |
Capital Leased Assets, Gross, Total | $ 129,000 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ 35,000 |
Note 7 - Capital Leases - Futur
Note 7 - Capital Leases - Future Minimum Lease Payments Under Capital Leases (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
2,019 | $ 35,000 | |
2,020 | 35,000 | |
2,021 | 18,000 | |
88,000 | ||
Less: Amount attributable to imputed interest | 2,000 | |
Present value of minimum lease payments | 86,000 | |
Less: Current maturities | 31,196 | $ 30,895 |
$ 54,637 | $ 83,812 |
Note 8 - Concentrations (Detail
Note 8 - Concentrations (Details Textual) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | |
Revenues, Total | $ 1,021,042 | $ 931,139 | $ 1,146,355 | $ 3,754,212 | $ 5,271,231 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Concentration Risk, Number of Customers | 3 | 1 | |||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Three Customers [Member] | |||||
Concentration Risk, Percentage | 58.00% | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 59.00% | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Foreign Customers [Member] | |||||
Concentration Risk, Percentage | 8.80% | 6.30% | |||
Revenues, Total | $ 341,415 | $ 332,693 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Number of Customers | 2 | 1 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | |||||
Concentration Risk, Percentage | 83.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||
Concentration Risk, Percentage | 93.00% |
Note 9 - Segment Information -
Note 9 - Segment Information - Summary of Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 1,021,042 | $ 931,139 | $ 1,146,355 | $ 3,754,212 | $ 5,271,231 |
Segment operating income (loss) | 83,775 | 76,835 | 3,741 | (66,188) | 1,138,561 |
Total assets | 4,552,134 | 4,520,649 | |||
Chemical [Member] | |||||
Revenues | 432,803 | 310,757 | 308,355 | 1,391,522 | 1,285,353 |
Segment operating income (loss) | 2,068 | 21,109 | 65,446 | 34,611 | 216,371 |
Total assets | 1,687,276 | 1,110,111 | |||
Electronics [Member] | |||||
Revenues | 123,685 | 343,165 | 493,592 | 1,056,384 | 1,820,490 |
Segment operating income (loss) | (34,788) | 63,195 | (140,271) | (303,388) | 361,484 |
Total assets | 1,280,908 | 1,553,484 | |||
Engineering [Member] | |||||
Revenues | 464,554 | 277,217 | 344,408 | 1,306,306 | 2,165,388 |
Segment operating income (loss) | $ 116,495 | $ (7,469) | $ 78,566 | 202,589 | 560,706 |
Total assets | $ 1,583,950 | $ 1,857,054 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2018 | |
Operating Loss Carryforwards, Total | $ 1,973,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 521,000 |
Note 10 - Income Taxes - Signif
Note 10 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Deferred tax assets (liabilities): | ||
Net operating loss carry-forward | $ 554,000 | $ 915,000 |
Stock based compensation | 196,000 | 279,000 |
Research & development tax credit carry-forward | 495,000 | |
Other | 43,000 | 11,000 |
Deferred tax assets | 1,288,000 | 1,205,000 |
Valuation allowance | (196,000) | (279,000) |
Deferred tax asset, net | $ 1,092,000 | $ 926,000 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statutory federal income tax rate | 31.00% | 34.00% |
Change in valuation allowance | 263.00% | (40.00%) |
Effective income tax rate | 294.00% | (6.00%) |
Note 11 - Commitments and Con49
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Leases, Rent Expense, Total | $ 128,000 | $ 127,000 |
Note 11 - Commitments and Con50
Note 11 - Commitments and Contingencies - Future Minimum Lease Payments (Details) | Mar. 31, 2018USD ($) |
2,019 | $ 102,562 |
2,020 | 101,875 |
2,021 | 101,875 |
2,022 | 101,875 |
2,023 | 101,875 |
Thereafter | 559,844 |
$ 1,069,906 |
Note 12 - Stock Based Compens51
Note 12 - Stock Based Compensation (Details Textual) - USD ($) | Mar. 15, 2017 | Oct. 26, 2016 | Sep. 02, 2015 | Mar. 31, 2018 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,000,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.20 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 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 Term | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Stock Issued During Period, Shares, Issued for Services | 290,000 | 290,000 | 580,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0005 | $ 0.0005 | $ 0.0005 | $ 0.0005 | |
Stock Issued During Period, Value, Issued for Services | $ 98,600 |
Note 12 - Stock Based Compens52
Note 12 - Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | Sep. 02, 2015 | Mar. 31, 2018 | Mar. 31, 2017 |
Outstanding, beginning of year (in shares) | 3,000,000 | 3,000,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.20 | $ 0.20 | |
Issued (in shares) | 3,000,000 | ||
Issued, weighted average exercise price (in dollars per share) | $ 0.20 | ||
Exercised (in shares) | |||
Exercised, weighted average exercise price (in dollars per share) | |||
Expired (in shares) | |||
Expired, weighted average exercise price (in dollars per share) | |||
Outstanding, end of year (in shares) | 3,000,000 | 3,000,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 0.20 | $ 0.20 | |
Exercisable, end of year (in shares) | 3,000,000 | 3,000,000 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 0.20 | $ 0.20 |
Note 13 - Restatements - Error
Note 13 - Restatements - Error Corrections and Prior Period Adjustments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Net revenues | $ 1,021,042 | $ 931,139 | $ 1,146,355 | $ 3,754,212 | $ 5,271,231 |
Cost of revenue | 471,062 | 351,894 | 620,795 | 1,865,908 | 2,611,493 |
Gross Profit | $ 549,980 | $ 579,245 | $ 525,560 | 1,888,304 | 2,659,738 |
Gross Profit % | 54.00% | 62.00% | 46.00% | ||
Operating income (loss) | $ 83,775 | $ 76,835 | $ 3,741 | (66,188) | 1,138,561 |
Net Income (Loss) | (147,695) | 36 | (72,367) | 109,737 | 1,205,760 |
Inventory Write Off | 312,830 | 8,343 | |||
Chemical [Member] | |||||
Net revenues | 432,803 | 310,757 | 308,355 | 1,391,522 | 1,285,353 |
Cost of revenue | 232,553 | 138,418 | 107,995 | ||
Gross Profit | $ 200,250 | $ 172,339 | $ 200,360 | ||
Gross Profit % | 46.00% | 55.00% | 65.00% | ||
Operating income (loss) | $ 2,068 | $ 21,109 | $ 65,446 | 34,611 | 216,371 |
Electronics [Member] | |||||
Net revenues | 123,685 | 343,165 | 493,592 | 1,056,384 | 1,820,490 |
Cost of revenue | 103,000 | 129,457 | 397,640 | ||
Gross Profit | $ 20,685 | $ 213,708 | $ 95,952 | ||
Gross Profit % | 17.00% | 62.00% | 19.00% | ||
Operating income (loss) | $ (34,788) | $ 63,195 | $ (140,271) | (303,388) | 361,484 |
Engineering [Member] | |||||
Net revenues | 464,554 | 277,217 | 344,408 | 1,306,306 | 2,165,388 |
Cost of revenue | 135,509 | 84,019 | 115,160 | ||
Gross Profit | $ 329,045 | $ 193,198 | $ 229,248 | ||
Gross Profit % | 71.00% | 70.00% | 67.00% | ||
Operating income (loss) | $ 116,495 | $ (7,469) | $ 78,566 | $ 202,589 | $ 560,706 |
Previously Reported [Member] | |||||
Net revenues | 1,021,042 | 1,069,706 | 1,146,355 | ||
Cost of revenue | 539,184 | 355,938 | 456,545 | ||
Gross Profit | $ 481,858 | $ 713,768 | $ 689,810 | ||
Gross Profit % | 47.00% | 67.00% | 60.00% | ||
Operating income (loss) | $ 15,653 | $ 211,358 | $ 167,991 | ||
Net Income (Loss) | (215,817) | 134,559 | 91,883 | ||
Previously Reported [Member] | Chemical [Member] | |||||
Net revenues | 432,803 | 310,757 | 308,355 | ||
Cost of revenue | 232,553 | 138,418 | 107,995 | ||
Gross Profit | $ 200,250 | $ 172,339 | $ 200,360 | ||
Gross Profit % | 46.00% | 55.00% | 65.00% | ||
Operating income (loss) | $ 2,068 | $ 21,109 | $ 65,446 | ||
Previously Reported [Member] | Electronics [Member] | |||||
Net revenues | 123,685 | 343,165 | 493,592 | ||
Cost of revenue | 90,021 | 118,317 | 214,723 | ||
Gross Profit | $ 33,664 | $ 224,848 | $ 278,869 | ||
Gross Profit % | 27.00% | 66.00% | 56.00% | ||
Operating income (loss) | $ (21,809) | $ 74,335 | $ 42,646 | ||
Previously Reported [Member] | Engineering [Member] | |||||
Net revenues | 464,554 | 415,784 | 344,408 | ||
Cost of revenue | 216,610 | 99,203 | 133,827 | ||
Gross Profit | $ 247,944 | $ 316,581 | $ 210,581 | ||
Gross Profit % | 53.00% | 76.00% | 61.00% | ||
Operating income (loss) | $ 35,394 | $ 115,914 | $ 59,899 | ||
Restatement Adjustment [Member] | Engineering [Member] | |||||
Net revenues | 138,567 | ||||
Cost of revenue | (81,101) | (15,184) | (18,667) | ||
Inventory Write Off | $ 12,979 | $ 11,140 | $ 182,917 |
Note 14 - Legal Proceedings (De
Note 14 - Legal Proceedings (Details Textual) | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Loss Contingency, Damages Sought, Value | $ 41,250 |