Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Jul. 16, 2019 | Sep. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | ADM TRONICS UNLIMITED, INC. | ||
Entity Central Index Key | 0000849401 | ||
Trading Symbol | admt | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 67,588,492 | ||
Entity Public Float | $ 10,678,894 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,555,687 | $ 1,693,532 |
Accounts receivable, net of allowance for doubtful accounts of $160,000 and $125,000 respectively | 1,246,934 | 1,207,493 |
Inventories | 326,308 | 201,023 |
Prepaid expenses and other current assets | 28,582 | 12,156 |
Total current assets | 3,157,511 | 3,114,204 |
Property and equipment, net of accumulated depreciation of $108,099 and $70,440, at March 31, 2019 and March 31, 2018, respectively | 95,461 | 133,120 |
Inventories - long-term portion | 85,457 | 111,051 |
Intangible assets, net of accumulated amortization of $12,035 and $10,639, at March 31, 2019 and March 31, 2018, respectively | 8,899 | 10,295 |
Other assets | 90,764 | 91,464 |
Deferred tax asset | 1,107,000 | 1,092,000 |
Total other assets | 1,387,581 | 1,437,930 |
Total assets | 4,545,092 | 4,552,134 |
Current liabilities: | ||
Capital lease payable | 31,196 | 31,196 |
Line of credit | 169,885 | |
Accounts payable | 275,591 | 286,964 |
Accrued expenses and other current liabilities | 150,549 | 149,382 |
Customer deposits | 321,441 | 122,167 |
Due to stockholder | 139,322 | 130,551 |
Total current liabilities | 1,087,984 | 720,260 |
Long-term liabilities | ||
Capital lease payable, net of current portion | 22,450 | 54,637 |
Total liabilities | 1,110,434 | 774,897 |
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, 67,588,492 shares issued and outstanding | 33,794 | 33,794 |
Additional paid-in capital | 33,294,069 | 33,294,069 |
Accumulated deficit | (29,893,205) | (29,550,626) |
Total stockholders' equity | 3,434,658 | 3,777,237 |
Total liabilities and stockholders' equity | $ 4,545,092 | $ 4,552,134 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 160,000 | $ 125,000 |
Property and equipment, accumulated depreciation | 108,099 | 70,440 |
Intangible assets, accumulated amortization | $ 12,035 | $ 10,639 |
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) | 67,588,492 | 67,588,492 |
Common stock, outstanding (in shares) | 67,588,492 | 67,588,492 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net revenues | $ 3,018,954 | $ 3,754,212 |
Cost of sales | 1,454,700 | 1,865,908 |
Gross Profit | 1,564,254 | 1,888,304 |
Operating expenses: | ||
Research and development | 673,855 | 527,659 |
Selling, general and administrative | 1,243,011 | 1,404,604 |
Depreciation and amortization | 22,108 | 22,229 |
Total operating expenses | 1,938,974 | 1,954,492 |
Income (loss) from operations | (374,720) | (66,188) |
Other income (expense): | ||
Interest income | 26,948 | 17,632 |
Interest expense | (8,807) | (6,707) |
Total other income (expense) | 18,141 | 10,925 |
Income (loss) before provision for taxes | (356,579) | (55,263) |
Provision (benefit) for income taxes: | ||
Current | 1,000 | (1,000) |
Deferred | (15,000) | 166,000 |
Total benefit (provision) for income taxes | (14,000) | 165,000 |
Net income (loss) | $ (342,579) | $ 109,737 |
Basic and diluted earnings per common share: (in dollars per share) | $ (0.01) | $ 0 |
Weighted average shares of common stock outstanding - basic (in shares) | 67,588,492 | 67,588,492 |
Weighted average shares of common stock outstanding - diluted (in shares) | 67,588,492 | 67,588,492 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2017 | 67,588,492 | |||
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 | 67,588,492 | |||
Balance at Mar. 31, 2018 | $ 33,794 | 33,294,069 | (29,550,626) | 3,777,237 |
Net income | (342,579) | (342,579) | ||
Balance (in shares) at Mar. 31, 2019 | 67,588,492 | |||
Balance at Mar. 31, 2019 | $ 33,794 | $ 33,294,069 | $ (29,893,205) | $ 3,434,658 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ (342,579) | $ 109,737 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 39,055 | 39,273 |
Write-off of inventories | 131,089 | 312,830 |
Bad debt | 100,000 | |
Deferred taxes | (15,000) | (166,000) |
Changes in operating assets and liabilities balances: | ||
Accounts receivable | (39,441) | (444,874) |
Inventories | (230,780) | (198,497) |
Prepaid expenses and other current assets | (15,726) | 37,039 |
Accounts payable | (11,373) | 17,957 |
Customer deposits | 199,274 | (2,975) |
Accrued expenses and other current liabilities | 1,167 | 651 |
Due to shareholder | 8,771 | (65,011) |
Net cash provided by (used in) operating activities | (275,543) | (259,870) |
Cash flows from investing activities: | ||
Net cash provided by (used in) investing activities | ||
Cash flows provided (used) in financing activities: | ||
Proceeds from line of credit | 386,000 | |
Repayments of line of credit | (216,115) | |
Repayments on capital lease payable | (32,187) | (28,874) |
Net cash provided by (used in) financing activities | 137,698 | (28,874) |
Net increase (decrease) in cash and cash equivalents | (137,845) | (288,744) |
Cash and cash equivalents - beginning of period | 1,693,532 | 1,982,276 |
Cash and cash equivalents - end of period | 1,555,687 | 1,693,532 |
Cash paid for: | ||
Interest | 8,807 | 6,707 |
Taxes |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 | |
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 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. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000 per institution. At March 31, 2019, approximately $1,388,775 exceeded the FDIC limit. 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. Allowance for doubtful accounts was increased for the fiscal year ended March 31, 2019 to $160,000, up from $125,000 for the fiscal year ended March 31, 2018. 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 contract manufacturing 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, 2019 and 2018. 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. INVENTORIES Inventories are stated at the lower of cost ( first -in, first -out method) and net realizable value. 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. Obsolete inventory is written off annually. 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 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 $59,877 and $62,297 for the fiscal years ended March 31, 2019 and 2018, respectively. SHIPPING AND HANDLING COSTS Shipping and handling costs incurred for the years ended March 31, 2019 and 2018 were approximately $3,754 and $2,904, 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 2014 and beyond New Jersey 2013 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, 2019 and 2018, the Company has no accrued interest or penalties related to uncertain tax positions. 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 $( 0.01 ) and $0.00 for the fiscal years ended March 31, 2019 and 2018, respectively. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU 2016 - 02, “Leases”, 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 both assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make the 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 was adopted by the Company in April of 2018 and did not have a material impact on our financial statements. In June 2016, the FASB issued ASU- 2016 - 13 “Financial Instruments – Credit Losses”. This guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The guidance requires organizations to measure all expected credit losses for financial instruments at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. It is effective for fiscal years beginning after December 15, 2019. The Company is evaluating the potential impact on the Company’s consolidated financial statements. In February 2018, the FASB issued ASU 2018 - 02, “Income Statement- Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance gives businesses the option of reclassifying to retained earnings the so-called “stranded tax effects” left in accumulated other comprehensive income due to the reduction in the corporate income tax rate resulting from the 2017 Tax Cuts and Jobs Act. This amendment is effective for all organizations for fiscal years beginning afterDecember 15, 2018 and interim periods within those fiscal years. Early adoption is allowed. We do not believe that this ASU will have a material impact on our consolidated financial statements. 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, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories at March 31, 2019 Current Long Term Total Raw materials $ 273,039 $ 84,721 $ 357,760 Finished goods 53,269 736 54,005 Totals $ 326,308 $ 85,457 $ 411,765 Inventories at March 31, 2018 Current Long Term Total Raw materials $ 168,640 $ 110,433 $ 279,073 Finished goods 32,383 618 33,001 Totals $ 201,023 $ 111,051 $ 312,074 The Company values its inventories at the first first |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 Property and equipment as of March 31, 2019 2018 2019 2018 Machinery and equipment $ 199,810 $ 199,810 Leasehold improvements 3,750 3,750 203,560 203,560 Accumulated depreciation and amortization (108,099 ) (70,440 ) Property and equipment, net $ 95,461 $ 133,120 Depreciation and amortization expense related to property and equipment amounted to $37,659 $37,878 March 31, 2019 2018, |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 12 Months Ended |
Mar. 31, 2019 | |
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 6 March 31, 2019 March 31, 2018 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 (12,035 ) $ 8,899 $ 20,934 15 (10,639 ) $ 10,295 Amortization expense was $1,396 March 31, 2019 2018. Estimated aggregate future amortization expense related to intangible assets is as follows: For the fiscal years ended March 31, 2020 1,396 2021 1,396 2022 1,396 2023 1,396 2024 1,396 Thereafter 1,919 $ 8,899 |
Note 6 - Line of Credit
Note 6 - Line of Credit | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 6 LINE OF CREDIT On June 15, 2018, $400,000. May 16, 2020 5.37%. March 31, 2019, $169,885. |
Note 7 - Capital Leases
Note 7 - Capital Leases | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | NOTE 7 During September 2016 $129,000, March 31, 2018 $62,000. 2021. Future minimum lease payments under the above capital leases, as of March 31, 2018, For the Years Ending March 31, 2020 35,000 2021 20,000 55,000 Less: 2,000 Present value of minimum lease payments 53,000 Less: 31,000 $ 22,000 |
Note 8 - Concentrations
Note 8 - Concentrations | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 8 During the year ended March 31, 2019, two 58% March 31, 2018, three 58% March 31, 2019, three 93% March 31, 2018, two 93% The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Revenues from foreign customers represented $364,418 12% March 31, 2019. $341,415 8.8% March 31, 2018. |
Note 9 - Segment Information
Note 9 - Segment Information | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 Information about segments is as follows: Twelve months ended March 31, 2019 Revenue from external customers $ 1,318,814 $ 730,634 $ 969,506 $ 3,018,954 Segment operating income $ (81,849 ) $ (403,099 ) $ 110,228 $ (374,720 ) Twelve months ended March 31, 2018 Revenue from external customers $ 1,391,522 $ 1,056,384 $ 1,306,306 $ 3,754,212 Segment operating income $ 34,611 $ (303,388 ) $ 202,589 $ (66,188 ) Total assets at March 31, 2019 $ 1,985,501 $ 1,099,983 $ 1,459,608 $ 4,545,092 Total assets at March 31, 2018 $ 1,687,276 $ 1,280,908 $ 1,583,950 $ 4,552,134 |
Note 10 - Disaggregated Revenue
Note 10 - Disaggregated Revenues and Segment Information | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 10 The following tables show the Company's revenues disaggregated by reportable segment and by product and service type: Twelve Months Ended March 31, 2019 2018 Net Revenue in the US Chemical $ 954,396 $ 1,075,107 Electronics 730,634 1,031,384 Engineering 969,506 1,306,306 2,654,536 3,412,797 Net Revenue outside the US Chemical 364,418 316,415 Electronics - 25,000 Engineering - - 364,418 341,415 Total Revenues $ 3,018,954 $ 3,754,212 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 1 1 - INCOME TAXES At March 31, 2018, $2,300,000, 2033. may not not may Significant components of deferred tax assets are as follows as of March 31, 2019 2018: 2019 2018 Deferred tax assets (liabilities): Net operating loss carry-forward $ 637,000 $ 554,000 Stock based compensation - 196,000 Research & development tax credit carry-forward 429,000 495,000 Other 41,000 43,000 Deferred tax assets 1,107,000 1,288,000 Valuation allowance - (196,000 ) Deferred tax asset, net $ 1,107,000 $ 1,092,000 The change in the valuation allowance for the year ended March 31, 2017 $521,000. The benefit from income taxes for the years ended at March 31, 2018 2017 2019 2018 Statutory federal income tax rate 21% 21% Change in valuation allowance (17%) 278% Effective income tax rate 4% 299% |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 2 - COMMITMENTS AND CONTINGENCIES We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. March 31, 2019 For the twelve-month period ended March 31, Amount 2020 $ 101,875 2021 101,875 2022 101,875 2023 101,875 2024 105,625 Thereafter 454,219 $ 967,344 Rent and real estate tax expense for all facilities for the years ended March 31, 2019 2018 $132,000 $128,000, |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 1 3 – 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, 2019 2018. 2019 2018 # 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 3,000,000 - - - Outstanding, end of year - $ 0.00 3,000,000 $ 0.20 Exercisable, end of year - $ 0.00 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 14 - Legal Proceedings
Note 14 - Legal Proceedings | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 1 4 – LEGAL PROCEEDINGS During September 2017, $33,000 $12,000 $300,000 January 9, 2019 $15,000. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 5 – 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019, $1,388,775 |
Receivable [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, 2019 $160,000, $125,000 March 31, 2018. |
Revenue [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, 2019 2018. 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 Cost [Policy Text Block] | ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $59,877 $62,297 March 31, 2019 2018, |
Shipping And Handling Costs [Policy Text Block] | SHIPPING AND HANDLING COSTS Shipping and handling costs incurred for the years ended March 31, 2019 2018 $3,754 $2,904, |
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, 2019 2018, 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 $( 0.01 $0.00 March 31, 2019 2018, |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS 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 15, 2018 not Management does not not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Current Long Term Total Raw materials $ 273,039 $ 84,721 $ 357,760 Finished goods 53,269 736 54,005 Totals $ 326,308 $ 85,457 $ 411,765 Current Long Term Total Raw materials $ 168,640 $ 110,433 $ 279,073 Finished goods 32,383 618 33,001 Totals $ 201,023 $ 111,051 $ 312,074 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2019 2018 Machinery and equipment $ 199,810 $ 199,810 Leasehold improvements 3,750 3,750 203,560 203,560 Accumulated depreciation and amortization (108,099 ) (70,440 ) Property and equipment, net $ 95,461 $ 133,120 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2019 March 31, 2018 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 (12,035 ) $ 8,899 $ 20,934 15 (10,639 ) $ 10,295 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the fiscal years ended March 31, 2020 1,396 2021 1,396 2022 1,396 2023 1,396 2024 1,396 Thereafter 1,919 $ 8,899 |
Note 7 - Capital Leases (Tables
Note 7 - Capital Leases (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | For the Years Ending March 31, 2020 35,000 2021 20,000 55,000 Less: 2,000 Present value of minimum lease payments 53,000 Less: 31,000 $ 22,000 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve months ended March 31, 2019 Revenue from external customers $ 1,318,814 $ 730,634 $ 969,506 $ 3,018,954 Segment operating income $ (81,849 ) $ (403,099 ) $ 110,228 $ (374,720 ) Twelve months ended March 31, 2018 Revenue from external customers $ 1,391,522 $ 1,056,384 $ 1,306,306 $ 3,754,212 Segment operating income $ 34,611 $ (303,388 ) $ 202,589 $ (66,188 ) Total assets at March 31, 2019 $ 1,985,501 $ 1,099,983 $ 1,459,608 $ 4,545,092 Total assets at March 31, 2018 $ 1,687,276 $ 1,280,908 $ 1,583,950 $ 4,552,134 |
Note 10 - Disaggregated Reven_2
Note 10 - Disaggregated Revenues and Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Twelve Months Ended March 31, 2019 2018 Net Revenue in the US Chemical $ 954,396 $ 1,075,107 Electronics 730,634 1,031,384 Engineering 969,506 1,306,306 2,654,536 3,412,797 Net Revenue outside the US Chemical 364,418 316,415 Electronics - 25,000 Engineering - - 364,418 341,415 Total Revenues $ 3,018,954 $ 3,754,212 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred tax assets (liabilities): Net operating loss carry-forward $ 637,000 $ 554,000 Stock based compensation - 196,000 Research & development tax credit carry-forward 429,000 495,000 Other 41,000 43,000 Deferred tax assets 1,107,000 1,288,000 Valuation allowance - (196,000 ) Deferred tax asset, net $ 1,107,000 $ 1,092,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Statutory federal income tax rate 21% 21% Change in valuation allowance (17%) 278% Effective income tax rate 4% 299% |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the twelve-month period ended March 31, Amount 2020 $ 101,875 2021 101,875 2022 101,875 2023 101,875 2024 105,625 Thereafter 454,219 $ 967,344 |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2019 2018 # 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 3,000,000 - - - Outstanding, end of year - $ 0.00 3,000,000 $ 0.20 Exercisable, end of year - $ 0.00 3,000,000 $ 0.20 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | 17 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 01, 2018 | |
Cash, Uninsured Amount | $ 1,388,775 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 160,000 | $ 125,000 | |
Advertising Expense | 59,877 | 62,297 | |
Shipping and Handling Costs | 3,754 | 2,904 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | |
Earnings Per Share, Basic and Diluted, Total | $ (0.01) | $ 0 | $ 0 |
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 Accounti_4
Note 2 - Significant Accounting Policies - Income Tax Returns Jurisdictions Subject to Examination (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member] | |
Open tax years | 2014 2015 2016 2017 2018 |
New Jersey Division of Taxation [Member] | State and Local Jurisdiction [Member] | |
Open tax years | 2013 2014 2015 2016 2017 2018 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Raw materials | $ 357,760 | $ 279,073 |
Finished goods | 54,005 | 33,001 |
Totals | 411,765 | 312,074 |
Current [Member] | ||
Raw materials | 273,039 | 168,640 |
Finished goods | 53,269 | 32,383 |
Totals | 326,308 | 201,023 |
Long Term [Member | ||
Raw materials | 84,721 | 110,433 |
Finished goods | 736 | 618 |
Totals | $ 85,457 | $ 111,051 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Depreciation, Total | $ 37,659 | $ 37,878 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Machinery and equipment | $ 199,810 | $ 199,810 |
Leasehold improvements | 3,750 | 3,750 |
203,560 | 203,560 | |
Accumulated depreciation and amortization | (108,099) | (70,440) |
Property and equipment, net | $ 95,461 | $ 133,120 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years | |
Amortization of Intangible Assets, Total | $ 1,396 | $ 1,396 |
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, 2019 | Mar. 31, 2018 | |
Accumulated Amortization | $ (12,035) | $ (10,639) |
Net Carrying Amount | 8,899 | 10,295 |
Patents And Trademarks [Member] | ||
Cost | $ 20,934 | $ 20,934 |
Weighted Average Amortization Period (Year) | 15 years | 15 years |
Accumulated Amortization | $ (12,035) | $ (10,639) |
Net Carrying Amount | $ 8,899 | $ 10,295 |
Note 5 - Intangible Assets - Es
Note 5 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
2020 | $ 1,396 | |
2021 | 1,396 | |
2022 | 1,396 | |
2023 | 1,396 | |
2024 | 1,396 | |
Thereafter | 1,919 | |
$ 8,899 | $ 10,295 |
Note 6 - Line of Credit (Detail
Note 6 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) | Jun. 15, 2018 | Mar. 31, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |
Line of Credit Facility, Expiration Date | May 16, 2020 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.37% | |
Short-term Debt, Total | $ 169,885 |
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 | $ 62,000 |
Note 7 - Capital Leases - Futur
Note 7 - Capital Leases - Future Minimum Lease Payments Under Capital Leases (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
2020 | $ 35,000 | |
2021 | 20,000 | |
55,000 | ||
Less: Amount attributable to imputed interest | 2,000 | |
Present value of minimum lease payments | 53,000 | |
Less: Current maturities | $ 31,196 | 31,196 |
$ 22,450 | $ 54,637 |
Note 8 - Concentrations (Detail
Note 8 - Concentrations (Details Textual) | 12 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,018,954 | $ 3,754,212 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | ||
Concentration Risk, Number of Customers | 2 | |
Concentration Risk, Percentage | 58.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Three Customers [Member] | ||
Concentration Risk, Number of Customers | 3 | |
Concentration Risk, Percentage | 58.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Foreign Customers [Member] | ||
Concentration Risk, Percentage | 12.00% | 8.80% |
Revenue from Contract with Customer, Including Assessed Tax | $ 364,418 | $ 341,415 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | ||
Concentration Risk, Number of Customers | 2 | |
Concentration Risk, Percentage | 93.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member] | ||
Concentration Risk, Number of Customers | 3 | |
Concentration Risk, Percentage | 93.00% |
Note 9 - Segment Information -
Note 9 - Segment Information - Summary of Segment Information (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,018,954 | $ 3,754,212 |
Segment operating income | (374,720) | (66,188) |
Total assets | 4,545,092 | 4,552,134 |
Chemical [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,318,814 | 1,391,522 |
Segment operating income | (81,849) | 34,611 |
Total assets | 1,985,501 | 1,687,276 |
Electronics [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 730,634 | 1,056,384 |
Segment operating income | (403,099) | (303,388) |
Total assets | 1,099,983 | 1,280,908 |
Engineering [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 969,506 | 1,306,306 |
Segment operating income | 110,228 | 202,589 |
Total assets | $ 1,459,608 | $ 1,583,950 |
Note 10 - Disaggregated Reven_3
Note 10 - Disaggregated Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net revenues | $ 3,018,954 | $ 3,754,212 |
Chemical [Member] | ||
Net revenues | 1,318,814 | 1,391,522 |
Electronics [Member] | ||
Net revenues | 730,634 | 1,056,384 |
Engineering [Member] | ||
Net revenues | 969,506 | 1,306,306 |
UNITED STATES | ||
Net revenues | 2,654,536 | 3,412,797 |
UNITED STATES | Chemical [Member] | ||
Net revenues | 954,396 | 1,075,107 |
UNITED STATES | Electronics [Member] | ||
Net revenues | 730,634 | 1,031,384 |
UNITED STATES | Engineering [Member] | ||
Net revenues | 969,506 | 1,306,306 |
Non-US [Member] | ||
Net revenues | 364,418 | 341,415 |
Non-US [Member] | Chemical [Member] | ||
Net revenues | 364,418 | 316,415 |
Non-US [Member] | Electronics [Member] | ||
Net revenues | 25,000 | |
Non-US [Member] | Engineering [Member] | ||
Net revenues |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2018 | |
Operating Loss Carryforwards, Total | $ 2,300,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 521,000 |
Note 11 - Income Taxes - Signif
Note 11 - Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred tax assets (liabilities): | ||
Net operating loss carry-forward | $ 637,000 | $ 554,000 |
Stock based compensation | 196,000 | |
Research & development tax credit carry-forward | 429,000 | 495,000 |
Other | 41,000 | 43,000 |
Deferred tax assets | 1,107,000 | 1,288,000 |
Valuation allowance | (196,000) | |
Deferred tax asset, net | $ 1,107,000 | $ 1,092,000 |
Note 11 - Income Taxes - Provis
Note 11 - Income Taxes - Provision for Income Taxes (Details) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statutory federal income tax rate | 21.00% | 21.00% |
Change in valuation allowance | (17.00%) | 278.00% |
Effective income tax rate | 4.00% | 299.00% |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Leases, Rent Expense, Total | $ 132,000 | $ 128,000 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Future Minimum Lease Payments (Details) | Mar. 31, 2019USD ($) |
2020 | $ 101,875 |
2021 | 101,875 |
2022 | 101,875 |
2023 | 101,875 |
2024 | 105,625 |
Thereafter | 454,219 |
$ 967,344 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) | Mar. 15, 2017 | Oct. 26, 2016 | Sep. 02, 2015 | Mar. 31, 2019 | 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 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | Sep. 02, 2015 | Mar. 31, 2019 | Mar. 31, 2018 |
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) | 3,000,000 | ||
Expired, weighted average exercise price (in dollars per share) | |||
Outstanding, end of year (in shares) | 3,000,000 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | $ 0.20 | |
Exercisable, end of year (in shares) | 3,000,000 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 0 | $ 0.20 |
Note 14 - Legal Proceedings (De
Note 14 - Legal Proceedings (Details Textual) - USD ($) | Jan. 09, 2019 | Sep. 30, 2017 |
Vendor Claiming Non Payment For Services [Member] | ||
Loss Contingency, Damages Sought, Value | $ 33,000 | |
Litigation Settlement, Amount Awarded to Other Party | $ 15,000 | |
Countersuit By ADM Tronics [Member] | ||
Loss Contingency, Damages Sought, Value | 12,000 | |
Loss Contingency, Countersuit Damages, Shares | $ 300,000 |