Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2019 | Nov. 19, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | ADM TRONICS UNLIMITED, INC. | |
Entity Central Index Key | 0000849401 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 67,588,492 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,627,203 | $ 1,555,687 |
Accounts receivable, net of allowance for doubtful accounts of $160,000 for each period | 1,007,707 | 916,844 |
Inventories | 372,674 | 326,308 |
Prepaid expenses and other current assets | 115,225 | 28,582 |
Total current assets | 3,122,809 | 2,827,421 |
Property and equipment, net of accumulated depreciation of $126,850 and $108,099 at September 30, 2019 and March 31, 2019, respectively | 76,710 | 95,461 |
Operating lease asset | 916,406 | |
Accounts receivable-related party | 330,090 | 330,090 |
Inventories - long-term portion | 85,457 | 85,457 |
Intangible assets, net of accumulated amortization of $12,733 and $12,035 at September 30, 2019 and March 31, 2019, respectively | 8,201 | 8,899 |
Other assets | 90,764 | 90,764 |
Deferred tax asset | 1,097,000 | 1,107,000 |
Total other assets | 2,604,628 | 1,717,671 |
Total assets | 5,727,437 | 4,545,092 |
Current liabilities: | ||
Finance lease payable | 31,196 | 31,196 |
Line of credit | 169,885 | |
Accounts payable | 336,835 | 275,591 |
Accrued expenses and other current liabilities | 158,881 | 150,549 |
Customer deposits | 671,528 | 321,441 |
Due to stockholder | 146,217 | 139,322 |
Total current liabilities | 1,344,657 | 1,087,984 |
Long-term liabilities | ||
Finance lease payable, net of current portion | 6,356 | 22,450 |
Operating lease liability | 916,406 | |
Total long-term liabilities | 922,762 | 22,450 |
Total liabilities | 2,267,419 | 1,110,434 |
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 | (29,867,845) | (29,893,205) |
Total stockholders' equity | 3,460,018 | 3,434,658 |
Total liabilities and stockholders' equity | $ 5,727,437 | $ 4,545,092 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 160,000 | $ 160,000 |
Property and equipment, accumulated depreciation | 126,850 | 108,099 |
Intangible assets, accumulated amortization | $ 12,733 | $ 12,035 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net revenues | $ 956,791 | $ 854,696 | $ 1,787,612 | $ 1,611,663 |
Cost of sales | 544,448 | 332,617 | 940,457 | 637,038 |
Gross Profit | 412,343 | 522,079 | 847,155 | 974,625 |
Operating expenses: | ||||
Research and development | 148,751 | 106,715 | 294,517 | 216,583 |
Selling, general and administrative | 301,835 | 328,909 | 516,090 | 654,491 |
Depreciation and amortization | 5,505 | 11,011 | ||
Total operating expenses | 456,091 | 435,624 | 821,618 | 871,074 |
Income (loss) from operations | (43,748) | 86,455 | 25,537 | 103,551 |
Other income (expense): | ||||
Interest income | 6,541 | 7,197 | 13,694 | 13,446 |
Interest and finance expenses | (1,202) | (1,245) | (2,871) | (1,973) |
Total other income (expense) | 5,339 | 5,952 | 10,823 | 11,473 |
Income (loss) before provision for income taxes | (38,409) | 92,407 | 36,360 | 115,024 |
Provision (benefit) for income taxes: | ||||
Current | 6,000 | 1,000 | 6,000 | |
Deferred | (11,000) | (32,000) | 10,000 | (32,000) |
Total provision (benefit) for income taxes | (11,000) | (26,000) | 11,000 | (26,000) |
Net income (loss) | $ (27,409) | $ 118,407 | $ 25,360 | $ 141,024 |
Basic and diluted per common share: (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares of common stock outstanding - basic and diluted (in shares) | 67,588,492 | 67,588,492 | 67,588,492 | 67,588,492 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 25,360 | $ 141,024 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 19,449 | 19,605 |
Write-off of inventories | 46,715 | |
Deferred taxes | 10,000 | (32,000) |
Changes in operating assets and liabilities balances: | ||
Accounts receivable | (90,863) | (13,452) |
Inventories | (93,081) | (179,307) |
Prepaid expenses and other current assets | (86,643) | (29,038) |
Operating lease asset | (916,406) | |
Accounts payable | 61,244 | (41,194) |
Customer deposits | 350,087 | 11,406 |
Accrued expenses and other current liabilities | 8,332 | 58,851 |
Due to shareholder | 6,895 | 3,465 |
Operating lease liability | 916,406 | |
Net cash provided by (used in) operating activities | 257,495 | (60,640) |
Cash flows provided (used) in financing activities: | ||
Proceeds from line of credit | 115,000 | 80,518 |
Repayments of line of credit | (284,885) | (25,413) |
Repayments on capital lease payable | (16,094) | (16,093) |
Net cash provided by (used in) financing activities | (185,979) | 39,012 |
Net increase (decrease) in cash and cash equivalents | 71,516 | (21,628) |
Cash and cash equivalents - beginning of period | 1,555,687 | 1,693,532 |
Cash and cash equivalents - end of period | 1,627,203 | 1,671,904 |
Cash paid for: | ||
Interest | $ 2,871 | $ 1,973 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 ADM Tronics Unlimited, Inc., incorporated under the laws of the state of Delaware on November 24, 1969, The accompanying unaudited condensed consolidated financial statements have been prepared by ADM pursuant to accounting principles generally accepted in the United States (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10 X. March 31, 2019 10 three six September 30, 2019 ( not March 31, 2020. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron Medical Systems, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. USE OF ESTIMATES These unaudited condensed consolidated financial statements have been prepared in accordance with US GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our medical devices, reserves, deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others, option and warrant expenses related to compensation to employees and directors, consultants and investment banks, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates. C redit risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and our investment in ITI. We have no C ash and cash equivalents For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three $250,000. September 30, 2019, $1,298,000 REVENUE RECOGNITION ADM extends credit terms to our customers based on their credit worthiness. As such, we record accounts receivable at the time of shipment, when our right to the consideration becomes unconditional. Accounts receivable from our customers are typically due within 30 CHEMICAL PRODUCTS: Revenues are recognized upon shipment to a customer because that is when the customer obtains control of the promised good. ELECTRONICS: We recognize revenue from the sale of our electronic products upon shipment to a customer because that is when the customer obtains control of the promised good. We offer a limited 90 no no $2,000, three six September 30, 2019 2018. Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $120,000 six September 30, 2019. ENGINEERING SERVICES: We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services as the services are provided. EARNINGS PER SHARE Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the periods. 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. Per share basic and diluted earnings amounted to $0.00 three six September 30, 2019 September 30, 2018, RECENT ACCOUNTING PRONOUNCEMENTS Effective April 1, 2019, 2016 02, 12 no not In June 2016, 2016 13 not December 15, 2019. Management does not not |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Current Long Term Total Raw materials $ 335,374 $ 84,721 $ 420,095 Finished goods 37,300 736 38,036 Totals $ 372,674 $ 85,457 $ 458,131 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 The Company values its inventories at the lower of cost and net realizable value using the first first |
Note 4 - Concentrations
Note 4 - Concentrations | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 4 During the three September 30, 2019, one 47% six September 30, 2019, one 47% During the three September 30, 2018, one 39% six September 30, 2018, two 49% As of September 30, 2019, two 80% As of March 31, 2019, two 88% Net revenues from foreign customers for the three six September 30, 2019 $116,910 12% $242,282 14%, Net revenues from foreign customers for the three six September 30, 2018 $144,977 17% $247,539 15%, At September 30, 2019 March 31, 2019, $35,730 $405, |
Note 5 - Disaggregated Revenues
Note 5 - Disaggregated Revenues and Segment Information | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5 The following tables show the Company's revenues disaggregated by reportable segment and by product and service type: Three months Ended September 30, 2019 2018 Net Revenue from US customers Chemical $ 295,739 $ 307,708 Electronics 281,210 74,752 Engineering 262,932 327,259 839,881 709,719 Net Revenue from foreign customers Chemical 116,910 119,989 Electronics - 24,988 Engineering - - 116,910 144,977 Total Revenues $ 956,791 $ 854,696 Six Months Ended September 30, 2019 2018 Net Revenue from US customers Chemical $ 557,999 $ 564,317 Electronics 435,977 223,718 Engineering 551,354 576,089 1,545,330 1,364,124 Net Revenue from foreign customers Chemical 242,282 222,551 Electronics - 24,988 Engineering - - 242,282 247,539 Total Revenues $ 1,787,612 $ 1,611,663 Information about segments is as follows: Chemical Electronics Engineering Total Three months ended September 30, 2019 Revenue from external customers $ 412,649 $ 281,210 $ 262,932 $ 956,791 Segment operating income (loss) $ (42,634 ) $ (29,524 ) $ 28,410 $ (43,748 ) Six months ended September 30, 2019 Revenue from external customers $ 800,281 $ 435,977 $ 551,354 $ 1,787,612 Segment operating income (loss) $ 32,267 $ (86,384 ) $ 79,654 $ 25,537 Three months ended September 30, 2018 Revenue from external customers $ 427,697 $ 99,740 $ 327,259 $ 854,696 Segment operating income (loss) $ 119,155 $ (84,067 ) $ 51,367 $ 86,455 Six months ended September 30, 2018 Revenue from external customers $ 786,868 $ 248,706 $ 576,089 $ 1,611,663 Segment operating income (loss) $ 159,730 $ (146,909 ) $ 90,730 $ 103,551 Total assets at September 30, 2019 $ 2,577,346 $ 1,317,311 $ 1,832,780 $ 5,727,437 Total assets at March 31, 2019 $ 1,985,501 $ 1,099,983 $ 1,459,608 $ 4,545,092 |
Note 6 - Leases
Note 6 - Leases | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 6 We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. September 30, 2019 For the twelve-month period ending September 30, Amount 2020 $ 101,875 2021 101,875 2022 101,875 2023 103,125 2024 106,875 Thereafter 400,781 $ 916,406 Rent and real estate tax expense for all facilities for the three six September 30, 2019 2018 $19,000 $19,000 $37,000 $32,000, |
Note 7 - Finance Leases
Note 7 - Finance Leases | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Finance Leases [Text Block] | NOTE 7 During September 2016, $129,000 September 30, 2019 $75,000. 2021. Future minimum lease payments under the above capital leases, as of September 30, 2019, For the twelve-month period ending September 30, 2020 $ 35,000 2021 3,000 38,000 Less: 500 Present value of minimum lease payments 37,500 Less: 31,000 $ 6,500 |
Note 8 - Line of Credit
Note 8 - Line of Credit | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 On June 15, 2018, $400,000. May 16, 2020, 6.2% September 30, 2019. September 30, 2019, 0 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 At September 30, 2019, $2,200,000. may not not may During the six September 30, 2019, $36,000 $2,191,000 The effective rates were approximately 30% 23% six September 30, 2019 2018, |
Note 10 - Due to Stockholder
Note 10 - Due to Stockholder | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | NOTE 10 The Company’s President has been deferring his salary and bonuses periodically to assist the Company’s cash flow. There are no |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 11 We evaluated all subsequent events from the date of the condensed consolidated balance sheet through the issuance date and determined that there are no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its wholly owned subsidiary, Sonotron Medical Systems, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES These unaudited condensed consolidated financial statements have been prepared in accordance with US GAAP and, accordingly, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. Significant estimates made by management include expected economic life and value of our medical devices, reserves, deferred tax assets, valuation allowance, impairment of long lived assets, fair value of equity instruments issued to consultants for services and fair value of equity instruments issued to others, option and warrant expenses related to compensation to employees and directors, consultants and investment banks, allowance for doubtful accounts, and warranty reserves. Actual results could differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | C redit risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable and our investment in ITI. We have no |
Cash and Cash Equivalents, Policy [Policy Text Block] | C ash and cash equivalents For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three $250,000. September 30, 2019, $1,298,000 |
Revenue [Policy Text Block] | REVENUE RECOGNITION ADM extends credit terms to our customers based on their credit worthiness. As such, we record accounts receivable at the time of shipment, when our right to the consideration becomes unconditional. Accounts receivable from our customers are typically due within 30 CHEMICAL PRODUCTS: Revenues are recognized upon shipment to a customer because that is when the customer obtains control of the promised good. ELECTRONICS: We recognize revenue from the sale of our electronic products upon shipment to a customer because that is when the customer obtains control of the promised good. We offer a limited 90 no no $2,000, three six September 30, 2019 2018. Amounts received from customers in advance of our satisfaction of applicable performance obligations are recorded as customer deposits. Such amounts are recognized as revenues when the related performance obligations are satisfied. Customer deposits of approximately $120,000 six September 30, 2019. ENGINEERING SERVICES: We provide certain engineering services, including research, development, quality control, and quality assurance services along with regulatory compliance services. We recognize revenue from engineering services as the services are provided. |
Earnings Per Share, Policy [Policy Text Block] | EARNINGS PER SHARE Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the periods. 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. Per share basic and diluted earnings amounted to $0.00 three six September 30, 2019 September 30, 2018, |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS Effective April 1, 2019, 2016 02, 12 no not In June 2016, 2016 13 not December 15, 2019. Management does not not |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Current Long Term Total Raw materials $ 335,374 $ 84,721 $ 420,095 Finished goods 37,300 736 38,036 Totals $ 372,674 $ 85,457 $ 458,131 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 |
Note 5 - Disaggregated Revenu_2
Note 5 - Disaggregated Revenues and Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months Ended September 30, 2019 2018 Net Revenue from US customers Chemical $ 295,739 $ 307,708 Electronics 281,210 74,752 Engineering 262,932 327,259 839,881 709,719 Net Revenue from foreign customers Chemical 116,910 119,989 Electronics - 24,988 Engineering - - 116,910 144,977 Total Revenues $ 956,791 $ 854,696 Six Months Ended September 30, 2019 2018 Net Revenue from US customers Chemical $ 557,999 $ 564,317 Electronics 435,977 223,718 Engineering 551,354 576,089 1,545,330 1,364,124 Net Revenue from foreign customers Chemical 242,282 222,551 Electronics - 24,988 Engineering - - 242,282 247,539 Total Revenues $ 1,787,612 $ 1,611,663 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Three months ended September 30, 2019 Revenue from external customers $ 412,649 $ 281,210 $ 262,932 $ 956,791 Segment operating income (loss) $ (42,634 ) $ (29,524 ) $ 28,410 $ (43,748 ) Six months ended September 30, 2019 Revenue from external customers $ 800,281 $ 435,977 $ 551,354 $ 1,787,612 Segment operating income (loss) $ 32,267 $ (86,384 ) $ 79,654 $ 25,537 Three months ended September 30, 2018 Revenue from external customers $ 427,697 $ 99,740 $ 327,259 $ 854,696 Segment operating income (loss) $ 119,155 $ (84,067 ) $ 51,367 $ 86,455 Six months ended September 30, 2018 Revenue from external customers $ 786,868 $ 248,706 $ 576,089 $ 1,611,663 Segment operating income (loss) $ 159,730 $ (146,909 ) $ 90,730 $ 103,551 Total assets at September 30, 2019 $ 2,577,346 $ 1,317,311 $ 1,832,780 $ 5,727,437 Total assets at March 31, 2019 $ 1,985,501 $ 1,099,983 $ 1,459,608 $ 4,545,092 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the twelve-month period ending September 30, Amount 2020 $ 101,875 2021 101,875 2022 101,875 2023 103,125 2024 106,875 Thereafter 400,781 $ 916,406 |
Note 7 - Finance Leases (Tables
Note 7 - Finance Leases (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Finance Lease, Liability, Maturity [Table Text Block] | For the twelve-month period ending September 30, 2020 $ 35,000 2021 3,000 38,000 Less: 500 Present value of minimum lease payments 37,500 Less: 31,000 $ 6,500 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash, Uninsured Amount | $ 1,298,000 | $ 1,298,000 | ||
Contract with Customer, Liability, Revenue Recognized | $ 0 | $ 120,000 | ||
Earnings Per Share, Basic and Diluted, Total | $ 0 | $ 0 | $ 0 | $ 0 |
Maximum [Member] | ||||
Product Warranty Expense | $ 2,000 | $ 2,000 | $ 2,000 | $ 2,000 |
Electronic Products [Member] | ||||
Warranty Term | 90 days |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Raw materials | $ 420,095 | $ 357,760 |
Finished goods | 38,036 | 54,005 |
Totals | 458,131 | 411,765 |
Current [Member] | ||
Raw materials | 335,374 | 273,039 |
Finished goods | 37,300 | 53,269 |
Totals | 372,674 | 326,308 |
Long Term [Member | ||
Raw materials | 84,721 | 84,721 |
Finished goods | 736 | 736 |
Totals | $ 85,457 | $ 85,457 |
Note 4 - Concentrations (Detail
Note 4 - Concentrations (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2019USD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 956,791 | $ 854,696 | $ 1,787,612 | $ 1,611,663 | |
Foreign Customers [Member] | |||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 35,730 | $ 35,730 | $ 405 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||||
Concentration Risk, Number of Customers | 1 | 1 | 1 | ||
Concentration Risk, Percentage | 47.00% | 39.00% | 47.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | |||||
Concentration Risk, Number of Customers | 2 | ||||
Concentration Risk, Percentage | 49.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Foreign Customers [Member] | |||||
Concentration Risk, Percentage | 12.00% | 17.00% | 14.00% | 15.00% | |
Revenue from Contract with Customer, Including Assessed Tax | $ 116,910 | $ 144,977 | $ 242,282 | $ 247,539 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Two Customers [Member] | |||||
Concentration Risk, Number of Customers | 2 | 2 | |||
Concentration Risk, Percentage | 80.00% | 88.00% |
Note 5 - Disaggregated Revenu_3
Note 5 - Disaggregated Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net revenues | $ 956,791 | $ 854,696 | $ 1,787,612 | $ 1,611,663 |
Chemical [Member] | ||||
Net revenues | 412,649 | 427,697 | 800,281 | 786,868 |
Electronics [Member] | ||||
Net revenues | 281,210 | 99,740 | 435,977 | 248,706 |
Engineering [Member] | ||||
Net revenues | 262,932 | 327,259 | 551,354 | 576,089 |
UNITED STATES | ||||
Net revenues | 839,881 | 709,719 | 1,545,330 | 1,364,124 |
UNITED STATES | Chemical [Member] | ||||
Net revenues | 295,739 | 307,708 | 557,999 | 564,317 |
UNITED STATES | Electronics [Member] | ||||
Net revenues | 281,210 | 74,752 | 435,977 | 223,718 |
UNITED STATES | Engineering [Member] | ||||
Net revenues | 262,932 | 327,259 | 551,354 | 576,089 |
Non-US [Member] | ||||
Net revenues | 116,910 | 144,977 | 242,282 | 247,539 |
Non-US [Member] | Chemical [Member] | ||||
Net revenues | 116,910 | 119,989 | 242,282 | 222,551 |
Non-US [Member] | Electronics [Member] | ||||
Net revenues | 24,988 | 24,988 | ||
Non-US [Member] | Engineering [Member] | ||||
Net revenues |
Note 5 - Disaggregated Revenu_4
Note 5 - Disaggregated Revenues and Segment Information - Summary of Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 956,791 | $ 854,696 | $ 1,787,612 | $ 1,611,663 | |
Segment operating income (loss) | (43,748) | 86,455 | 25,537 | 103,551 | |
Total assets | 5,727,437 | 5,727,437 | $ 4,545,092 | ||
Chemical [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 412,649 | 427,697 | 800,281 | 786,868 | |
Segment operating income (loss) | (42,634) | 119,155 | 32,267 | 159,730 | |
Total assets | 2,577,346 | 2,577,346 | 1,985,501 | ||
Electronics [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 281,210 | 99,740 | 435,977 | 248,706 | |
Segment operating income (loss) | (29,524) | (84,067) | (86,384) | (146,909) | |
Total assets | 1,317,311 | 1,317,311 | 1,099,983 | ||
Engineering [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 262,932 | 327,259 | 551,354 | 576,089 | |
Segment operating income (loss) | 28,410 | $ 51,367 | 79,654 | $ 90,730 | |
Total assets | $ 1,832,780 | $ 1,832,780 | $ 1,459,608 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Lease, Expense | $ 19,000 | $ 19,000 | $ 37,000 | $ 32,000 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) | Sep. 30, 2019USD ($) |
2020 | $ 101,875 |
2021 | 101,875 |
2022 | 101,875 |
2023 | 103,125 |
2024 | 106,875 |
Thereafter | 400,781 |
$ 916,406 |
Note 7 - Finance Leases (Detail
Note 7 - Finance Leases (Details Textual) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2016 |
Finance Lease, Right-of-Use Asset | $ 129,000 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | $ 126,850 | $ 108,099 | |
Leaseholds and Leasehold Improvements [Member] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | $ 75,000 |
Note 7 - Finance Leases - Futur
Note 7 - Finance Leases - Future Minimum Lease Payments (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
2020 | $ 35,000 | |
2021 | 3,000 | |
38,000 | ||
Less: Amount attributable to imputed interest | 500 | |
Present value of minimum lease payments | 37,500 | |
Less: Current maturities | 31,196 | $ 31,196 |
$ 6,356 | $ 22,450 |
Note 8 - Line of Credit (Detail
Note 8 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) | Jun. 15, 2018 | Sep. 30, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | |
Short-term Debt, Total | $ 0 | |
Line of Credit Facility, Expiration Date | May 16, 2020 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating Loss Carryforwards, Total | $ 2,200,000 | |
Operating Loss Carry-Forward, Amount Utilized | 36,000 | |
Operating Loss Carry-Forward, Expected Utilization Amount | $ 2,191,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 30.00% | (23.00%) |
Note 10 - Due to Stockholder (D
Note 10 - Due to Stockholder (Details Textual) $ in Thousands | Sep. 30, 2019USD ($) |
Deferred Compensation Liability, Interest Accrued | $ 0 |