Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Feb. 12, 2021 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 67,588,504 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,449,629 | $ 1,438,714 |
Accounts receivable, net of allowance for doubtful accounts of $225,000 at December 31, 2020 and March 31, 2020 | 877,408 | 860,539 |
Inventories | 448,032 | 372,635 |
Prepaid expenses and other current assets | 66,185 | 23,525 |
Total current assets | 2,841,254 | 2,695,413 |
Property and equipment, net of accumulated depreciation of $173,275 and $145,602 December 31, 2020 and March 31, 2020, respectively | 30,285 | 57,958 |
Operating lease asset | 655,547 | 706,307 |
Accounts receivable-related party | 330,090 | 330,090 |
Inventories - long-term portion | 132,080 | 132,080 |
Intangible assets, net of accumulated amortization of $16,151 and $14,091 at December 31, 2020 and March 31, 2020, respectively | 19,643 | 21,703 |
Other assets | 90,538 | 90,538 |
Deferred tax asset | 1,013,000 | 1,019,000 |
Total other assets | 2,271,183 | 2,357,676 |
Total assets | 5,112,437 | 5,053,089 |
Current liabilities: | ||
PPP loan - current | 190,500 | |
Financing lease payable | 21,458 | |
Line of credit | 85,000 | 30,000 |
Operating lease liability-current | 70,703 | 68,106 |
Accounts payable | 337,640 | 365,475 |
Accrued expenses and other current liabilities | 100,231 | 136,188 |
Customer deposits | 350,340 | 354,745 |
Due to stockholder | 82,678 | 100,017 |
Total current liabilities | 1,217,092 | 1,075,989 |
Long-term liabilities | ||
Operating lease liability | 584,844 | 638,201 |
PPP loan - noncurrent | 190,500 | |
Total long-term liabilities | 775,344 | 638,201 |
Total liabilities | 1,992,436 | 1,714,190 |
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 | 33,302,871 | 33,294,069 |
Accumulated deficit | (30,216,664) | (29,988,964) |
Total stockholders' equity | 3,120,001 | 3,338,899 |
Total liabilities and stockholders' equity | $ 5,112,437 | $ 5,053,089 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Accounts receivable, allowance for doubtful accounts | $ 225,000 | $ 225,000 |
Property and equipment, accumulated depreciation | 173,275 | 145,602 |
Intangible assets, accumulated amortization | $ 16,151 | $ 14,091 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ / shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net revenues | $ 762,644 | $ 805,126 | $ 2,258,822 | $ 2,592,738 |
Cost of sales | 500,320 | 487,055 | 1,480,369 | 1,427,512 |
Gross Profit | 262,324 | 318,071 | 778,453 | 1,165,226 |
Operating expenses: | ||||
Research and development | 164,109 | 169,650 | 416,519 | 464,167 |
Selling, general and administrative | 172,788 | 208,639 | 601,870 | 724,729 |
Stock based compensation | 8,802 | 0 | ||
Depreciation and amortization | 2,148 | 5,506 | 6,487 | 16,517 |
Total operating expenses | 339,045 | 383,795 | 1,033,678 | 1,205,413 |
Loss from operations | (76,721) | (65,724) | (255,225) | (40,187) |
Other income (expense): | ||||
EIDL Grant | 10,000 | |||
Interest income | 3,307 | 6,051 | 13,023 | 19,745 |
Interest and finance expenses | (1,261) | (857) | (3,798) | (3,728) |
Total other income (expense) | 2,046 | 5,194 | 19,225 | 16,017 |
Loss before provision for (benefit) of income taxes | (74,675) | (60,530) | (236,000) | (24,170) |
Provision for (benefit) of income taxes: | ||||
Current | (1,800) | (12,985) | (14,300) | (11,985) |
Deferred | (5,000) | 72,000 | 6,000 | 82,000 |
Total provision for (benefit) of income taxes | (6,800) | 59,015 | (8,300) | 70,015 |
Net (loss) | $ (67,875) | $ (119,545) | $ (227,700) | $ (94,185) |
Basic and diluted loss per common share: (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares of common stock outstanding - basic and diluted (in shares) | 67,588,504 | 67,588,504 | 67,588,504 | 67,588,504 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Dec. 31, 2020 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2020 | 67,588,504 | |||
Balance at Mar. 31, 2020 | $ 33,794 | $ 33,294,069 | $ (29,988,964) | $ 3,338,899 |
Net loss | (227,700) | (227,700) | ||
Stock based compensation | 8,802 | 8,802 | ||
Balance (in shares) at Dec. 31, 2020 | 67,588,504 | |||
Balance at Dec. 31, 2020 | $ 33,794 | $ 33,302,871 | $ (30,216,664) | $ 3,120,001 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net (loss) | $ (227,700) | $ (94,185) |
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: cash used in operating activities: | ||
Depreciation and amortization | 29,733 | 29,174 |
Write-off of inventories | 20,103 | 34,363 |
Stock based compensation | 8,802 | |
Deferred taxes | 6,000 | 82,000 |
Non-cash operating lease expense | 50,760 | 41,823 |
Non-cash interest expense | 25,646 | |
Bad debt expense | 65,000 | |
Changes in operating assets and liabilities balances: | ||
Accounts receivable | (81,869) | 204,703 |
Inventories | (95,500) | (231,295) |
Prepaid expenses and other current assets | (42,660) | (78,114) |
Accounts payable | (27,835) | 12,541 |
Customer deposits | (4,405) | 346,803 |
Accrued expenses and other current liabilities | (35,957) | (15,429) |
Due to shareholder | (17,339) | (16,205) |
Payments of operating lease liability | (76,406) | (76,406) |
Net cash provided by (used in) operating activities | (403,627) | 239,773 |
Cash flows provided (used) in financing activities: | ||
Proceeds from line of credit | 100,000 | 185,000 |
Repayments of line of credit | (45,000) | (354,885) |
Proceeds from PPP loan | 381,000 | |
Repayments on capital lease payable | (21,458) | (24,140) |
Net cash provided by (used in) financing activities | 414,542 | (194,025) |
Net increase in cash and cash equivalents | 10,915 | 45,748 |
Cash and cash equivalents - beginning of period | 1,438,714 | 1,555,687 |
Cash and cash equivalents - end of period | 1,449,629 | 1,601,435 |
Cash paid for: | ||
Taxes | 750 | |
Interest | 3,727 | 3,728 |
Non-cash operating activities: | ||
Operating lease right-of-use asset and liability recorded upon adoption of ASC 842 | $ 771,098 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 - NATURE OF BUSINESS ADM Tronics Unlimited, Inc. ("we", "us", the "Company" or "ADM"), was incorporated under the laws of the state of Delaware on November 24, 1969. 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. The accompanying unaudited condensed consolidated financial statements have been prepared by ADM pursuant to accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10 X. March 31, 2020 10 three nine December 31, 2020 ( not March 31, 2021. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements include the accounts of ADM Tronics Unlimited, Inc. and its 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 deferred tax assets and related valuation allowance, write down of inventory, impairment of long-lived assets, allowance for doubtful accounts, and warranty reserves. Actual results 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 highly liquid investments with original maturities of three may not $250,000. December 31, 2020, $1,303,000 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 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 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 $215,000 March 31, 2020 nine December 31, 2020. 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 on a monthly basis over time as the applicable performance obligations are satisfied. All revenue is recognized net of discounts. 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 no $2,000 three nine December 31, 2020 2019. 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 Paycheck Protection Program Loan The Company has obtained a Paycheck Protection Program loan during May 2020 $381,000. 470, 405, December 31, 2020, INTANGIBLE ASSETS Intangible assets are reviewed for impairment annually whenever changes in circumstances indicate that the carrying amount may not 19 no nine December 31, 2020. ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $6,079 $9,936 $25,779 $33,108 three nine December 31, 2020 2019, 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 basis and tax basis 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 2015 and beyond New Jersey 2014 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 December 31, 2020, 2019, 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 earnings amounted to $( 0.00 three nine December 31, 2020 December 31, 2019, LEASES In February 2016, April 1, 2019, 1 2 3 The Company made a policy election to recognize short-term lease payments as an expense on a straight-line basis over the lease term. The Company defines a short-term lease as a lease that, at the commencement date, has a lease term of twelve not The Company's lease agreement contains related non-lease components (e.g. taxes, etc.). The Company separates lease components and non-lease components for all underlying asset classes. The adoption of this guidance had a material impact on the Company's Condensed Consolidated Balance Sheet beginning April 1, 2019, $771,098, $967,344, 5% $771,098, not no 840, 9 The Company determines if a contractual arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability – current, and operating lease liability – noncurrent on the Company's condensed consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The lease payments included in the present value are fixed lease payments. As most of the Company's leases do not RECLASSIFICATION Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, 2016 13 not December 15, 2019. April 1, 2020 no Management does not not |
Note 3 - Inventories
Note 3 - Inventories | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORIES Inventories at December 31, 2020 Current Long Term Total Raw materials $ 381,226 $ 121,013 $ 502,239 Finished goods 66,806 11,067 77,873 Totals $ 448,032 $ 132,080 $ 580,112 Inventories at March 31, 2020 ( Current Long Term Total Raw materials $ 289,369 $ 121,013 $ 410,382 Finished goods 83,266 11,067 94,333 Totals $ 372,635 $ 132,080 $ 504,715 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY AND EQUIPMENT Property and equipment as of December 31, 2020 March 31, 2020 December 31, 2020 March 31, 2020 (Audited) Machinery and equipment $ 199,810 $ 199,810 Leasehold improvements 3,750 3,750 203,560 203,560 Accumulated depreciation and amortization (173,275 ) (145,602 ) Property and equipment, net $ 30,285 $ 57,958 |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 5 - INTANGIBLE ASSETS Intangible assets are being amortized using the straight-line method over periods ranging from 10 15 6 December 31, 2020 March 31, 2020 (Audited) Cost Weighted Average Amortization Period (Years) Accumulated Amortization Net Carrying Amount Cost Weighted Average Amortization Period (Years) Accumulated Amortization Net Carrying Amount Patents & Trademarks $ 35,794 15 $ (16,151 ) $ 19,643 $ 35,794 15 $ (14,091 ) $ 21,703 Estimated aggregate future amortization expense related to intangible assets is as follows: For the fiscal years ended December 31, 2021 $ 2,882 2022 2,882 2023 2,882 2024 2,632 2025 2,077 Thereafter 6,288 $ 19,643 |
Note 6 - Concentrations
Note 6 - Concentrations | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 6 CONCENTRATIONS During the three December 31, 2020, two 52% nine December 31, 2020, two 51% During the three December 31, 2019, one 51% nine December 31, 2019, one 49% As of December 31, 2020, three 82% March 31, 2020, three 83% The Company's customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three nine December 30, 2020 $89,029 12% $212,517 9%, three nine December 31, 2019 $38,944 5% $281,226 11%, |
Note 7 - Disaggregated Revenues
Note 7 - Disaggregated Revenues and Segment Information | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 7 - DISAGGREGATED REVENUES AND SEGMENT INFORMATION The following tables show the Company's revenues disaggregated by reportable segment and by product and service type: Three months Ended December 31, 2020 2019 Net Revenue in the US Chemical $ 263,455 $ 256,318 Electronics 270,245 430,114 Engineering 139,915 79,750 673,615 766,182 Net Revenue outside the US Chemical $ 89,029 $ 38,944 Electronics - - Engineering - - 89,029 38,944 Total Net Revenues $ 762,644 $ 805,126 Nine Months Ended December 31, 2020 2019 Net Revenue in the US Chemical $ 737,057 $ 814,317 Electronics 955,217 866,091 Engineering 354,031 631,104 2,046,305 2,311,512 Net Revenue outside the US Chemical $ 212,517 $ 281,226 Electronics - - Engineering - - 212,517 281,226 Total Net Revenues $ 2,258,822 $ 2,592,738 Information about segments is as follows: Chemical Electronics Engineering Total Three months ended December 31, 2020 Net Revenue from external customers $ 352,484 $ 270,245 $ 139,915 $ 762,644 Segment operating income (loss) $ (14,585 ) $ (83,033 ) $ 20,897 $ (76,721 ) Nine months ended December 31, 2020 Net Revenue from external customers $ 949,574 $ 955,217 $ 354,031 $ 2,258,822 Segment operating income (loss) $ (70,895 ) $ (259,137 ) $ 74,807 $ (255,225 ) Three months ended December 31, 2019 Net Revenue from external customers $ 295,262 $ 430,114 $ 79,750 $ 805,126 Segment operating income (loss) $ 68,392 $ (114,589 ) $ (19,527 ) $ (65,724 ) Nine months ended December 31, 2019 Net Revenue from external customers $ 1,095,543 $ 866,091 $ 631,104 $ 2,592,738 Segment operating income (loss) $ 100,659 $ (200,973 ) $ 60,127 $ (40,187 ) Total assets at December 31, 2020 $ 2,096,098 $ 2,198,349 $ 817,990 $ 5,112,437 Total assets at March 31, 2020 (Audited) $ 2,021,235 $ 1,970,705 $ 1,061,149 $ 5,053,089 |
Note 8 - Accounts Receivable -
Note 8 - Accounts Receivable - Related Party | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 8 ACCOUNTS RECEIVABLE - RELATED PARTY The Company has a $75,000 23% The Company provided $330,090 March 31, 2018. December 31, 2020, |
Note 9 - Leases
Note 9 - Leases | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | NOTE 9 LEASES We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. December 31, 2020: For the Years Ending December 31, 2021 $ 101,875 2022 101,875 2023 104,375 2024 106,875 2025 106,875 Thereafter 267,187 789,062 Less: (133,515 ) Net liability at December 31, 2020 $ 655,547 Weighted average remaining lease term (in years) 8.0 Weighted average discount rate 5.00 % Rent and real estate tax expense for all facilities for the three nine December 31, 2020 2019 $34,000 $103,000, $34,000 $101,000, $76,397 nine December 31, 2020. During September 2016 $129,000, December 31, 2020 $108,000. 2021. |
Note 10 - Payroll Protection Pr
Note 10 - Payroll Protection Program (PPP) Loan | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 10 PAYROLL PROTECTION PROGRAM (PPP) Loan The World Health Organization characterized the COVID- 19 March 11, 2020. may not may not On May 6, 2020, $381,000 60% not 10 1% 2 5 No The Company has used the entire PPP loan proceeds for designated qualifying expenses and intends to apply for forgiveness of the PPP loan in accordance with the terms of the PPP. No not |
Note 11 - Line of Credit
Note 11 - Line of Credit | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 LINE OF CREDIT On June 15, 2018, $400,000. May 15, 2021 3.870% December 31, 2020. December 31, 2020 March 31, 2020, $85,000 $30,000, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12 - INCOME TAXES At December 31, 2020, $2,515,000. may not not may During the nine December 31, 2020, $228,000 The effective tax rates were approximately 4% 290 nine December 31, 2020 2019, |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 13 STOCK BASED COMPENSATION On January 13, 2020, 300,000 one $0.20 two four 75,000 six $35,206 1.58%, 132%, 3 0%. The following table summarizes information on all common share purchase options issued by us as of December 31, 2020 2019. 2020 2019 # of Shares Weighted # of Shares Weighted Average Average Exercise Exercise Price Price Outstanding, beginning of year 300,000 $ .20 - $ - Issued - - - - Exercised - - - - Expired - - - - Outstanding, end of period 300,000 $ 0.20 - - Exercisable, end of period 75,000 $ 0.20 - - The following table summarizes the information about nonvested options for the nine December 31, 2020: Options Weighted Average Exercise Price Nonvested - April 1, 2020 300,000 Granted - $ - Vested (75,000 ) 0.20 Cancelled - - Forfeited - - Nonvested December 31, 2020 225,000 Stock based compensation related to the vested options was $8,802 $0 nine December 31, 2020 2019, As of December 31, 2020, $26,404 For the years ending December 31, Amount 2021 $ 11,735 2022 11,735 2023 2,934 $ 26,404 |
Note 14 - Due to Stockholder
Note 14 - Due to Stockholder | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | NOTE 14 DUE TO STOCKHOLDER The Company's President has been deferring his salary and bonuses periodically to assist the Company's cash flow. There are no |
Note 15 - Legal Proceedings
Note 15 - Legal Proceedings | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 15 LEGAL PROCEEDINGS In November 2019, no $7,500 June 2, 2020. We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. Other than the foregoing, there are no |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16 SUBSEQUENT EVENTS 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) | 9 Months Ended |
Dec. 31, 2020 | |
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 deferred tax assets and related valuation allowance, write down of inventory, impairment of long-lived assets, allowance for doubtful accounts, and warranty reserves. Actual results 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 highly liquid investments with original maturities of three may not $250,000. December 31, 2020, $1,303,000 |
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 |
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 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 $215,000 March 31, 2020 nine December 31, 2020. 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 on a monthly basis over time as the applicable performance obligations are satisfied. All revenue is recognized net of discounts. |
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 no $2,000 three nine December 31, 2020 2019. |
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 |
Debt, Policy [Policy Text Block] | Paycheck Protection Program Loan The Company has obtained a Paycheck Protection Program loan during May 2020 $381,000. 470, 405, December 31, 2020, |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | INTANGIBLE ASSETS Intangible assets are reviewed for impairment annually whenever changes in circumstances indicate that the carrying amount may not 19 no nine December 31, 2020. |
Advertising Cost [Policy Text Block] | ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $6,079 $9,936 $25,779 $33,108 three nine December 31, 2020 2019, |
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 basis and tax basis 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 2015 and beyond New Jersey 2014 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 December 31, 2020, 2019, 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 earnings amounted to $( 0.00 three nine December 31, 2020 December 31, 2019, |
Lessee, Leases [Policy Text Block] | LEASES In February 2016, April 1, 2019, 1 2 3 The Company made a policy election to recognize short-term lease payments as an expense on a straight-line basis over the lease term. The Company defines a short-term lease as a lease that, at the commencement date, has a lease term of twelve not The Company's lease agreement contains related non-lease components (e.g. taxes, etc.). The Company separates lease components and non-lease components for all underlying asset classes. The adoption of this guidance had a material impact on the Company's Condensed Consolidated Balance Sheet beginning April 1, 2019, $771,098, $967,344, 5% $771,098, not no 840, 9 The Company determines if a contractual arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liability – current, and operating lease liability – noncurrent on the Company's condensed consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease based on the present value of lease payments over the lease term. The lease payments included in the present value are fixed lease payments. As most of the Company's leases do not |
Reclassification, Comparability Adjustment [Policy Text Block] | RECLASSIFICATION Certain amounts in the prior periods presented have been reclassified to conform to the current period financial statement presentation. These reclassifications have no |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, 2016 13 not December 15, 2019. April 1, 2020 no Management does not not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Income Tax Contingencies [Table Text Block] | Jurisdiction Fiscal Year Federal 2015 and beyond New Jersey 2014 and beyond |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Current Long Term Total Raw materials $ 381,226 $ 121,013 $ 502,239 Finished goods 66,806 11,067 77,873 Totals $ 448,032 $ 132,080 $ 580,112 Current Long Term Total Raw materials $ 289,369 $ 121,013 $ 410,382 Finished goods 83,266 11,067 94,333 Totals $ 372,635 $ 132,080 $ 504,715 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 March 31, 2020 (Audited) Machinery and equipment $ 199,810 $ 199,810 Leasehold improvements 3,750 3,750 203,560 203,560 Accumulated depreciation and amortization (173,275 ) (145,602 ) Property and equipment, net $ 30,285 $ 57,958 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 March 31, 2020 (Audited) Cost Weighted Average Amortization Period (Years) Accumulated Amortization Net Carrying Amount Cost Weighted Average Amortization Period (Years) Accumulated Amortization Net Carrying Amount Patents & Trademarks $ 35,794 15 $ (16,151 ) $ 19,643 $ 35,794 15 $ (14,091 ) $ 21,703 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the fiscal years ended December 31, 2021 $ 2,882 2022 2,882 2023 2,882 2024 2,632 2025 2,077 Thereafter 6,288 $ 19,643 |
Note 7 - Disaggregated Revenu_2
Note 7 - Disaggregated Revenues and Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months Ended December 31, 2020 2019 Net Revenue in the US Chemical $ 263,455 $ 256,318 Electronics 270,245 430,114 Engineering 139,915 79,750 673,615 766,182 Net Revenue outside the US Chemical $ 89,029 $ 38,944 Electronics - - Engineering - - 89,029 38,944 Total Net Revenues $ 762,644 $ 805,126 Nine Months Ended December 31, 2020 2019 Net Revenue in the US Chemical $ 737,057 $ 814,317 Electronics 955,217 866,091 Engineering 354,031 631,104 2,046,305 2,311,512 Net Revenue outside the US Chemical $ 212,517 $ 281,226 Electronics - - Engineering - - 212,517 281,226 Total Net Revenues $ 2,258,822 $ 2,592,738 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Three months ended December 31, 2020 Net Revenue from external customers $ 352,484 $ 270,245 $ 139,915 $ 762,644 Segment operating income (loss) $ (14,585 ) $ (83,033 ) $ 20,897 $ (76,721 ) Nine months ended December 31, 2020 Net Revenue from external customers $ 949,574 $ 955,217 $ 354,031 $ 2,258,822 Segment operating income (loss) $ (70,895 ) $ (259,137 ) $ 74,807 $ (255,225 ) Three months ended December 31, 2019 Net Revenue from external customers $ 295,262 $ 430,114 $ 79,750 $ 805,126 Segment operating income (loss) $ 68,392 $ (114,589 ) $ (19,527 ) $ (65,724 ) Nine months ended December 31, 2019 Net Revenue from external customers $ 1,095,543 $ 866,091 $ 631,104 $ 2,592,738 Segment operating income (loss) $ 100,659 $ (200,973 ) $ 60,127 $ (40,187 ) Total assets at December 31, 2020 $ 2,096,098 $ 2,198,349 $ 817,990 $ 5,112,437 Total assets at March 31, 2020 (Audited) $ 2,021,235 $ 1,970,705 $ 1,061,149 $ 5,053,089 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the Years Ending December 31, 2021 $ 101,875 2022 101,875 2023 104,375 2024 106,875 2025 106,875 Thereafter 267,187 789,062 Less: (133,515 ) Net liability at December 31, 2020 $ 655,547 Weighted average remaining lease term (in years) 8.0 Weighted average discount rate 5.00 % |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2020 2019 # of Shares Weighted # of Shares Weighted Average Average Exercise Exercise Price Price Outstanding, beginning of year 300,000 $ .20 - $ - Issued - - - - Exercised - - - - Expired - - - - Outstanding, end of period 300,000 $ 0.20 - - Exercisable, end of period 75,000 $ 0.20 - - |
Schedule of Nonvested Share Activity [Table Text Block] | Options Weighted Average Exercise Price Nonvested - April 1, 2020 300,000 Granted - $ - Vested (75,000 ) 0.20 Cancelled - - Forfeited - - Nonvested December 31, 2020 225,000 |
Schedule of Unrecognized Compensation Costs [Table Text Block] | For the years ending December 31, Amount 2021 $ 11,735 2022 11,735 2023 2,934 $ 26,404 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Thousands | May 06, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 01, 2019 |
Cash, Uninsured Amount | $ 1,303,000 | $ 1,303,000 | ||||
Contract with Customer, Liability, Revenue Recognized | 215,000 | |||||
Proceeds from Notes Payable, Total | 381,000 | |||||
Impairment of Intangible Assets, Finite-lived | 0 | |||||
Advertising Expense | 6,079 | $ 25,779 | 9,936 | 33,108 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
Earnings Per Share, Basic and Diluted, Total (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | ||
Operating Lease, Liability, Total | $ 655,547 | $ 655,547 | ||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 789,062 | $ 789,062 | ||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | 5.00% | ||||
Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Liability, Total | $ 771,098 | |||||
Lessee, Operating Lease, Liability, to be Paid, Total | $ 967,344 | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.00% | |||||
Paycheck Protection Program CARES Act [Member] | ||||||
Proceeds from Notes Payable, Total | $ 381,000 | |||||
Maximum [Member] | ||||||
Product Warranty Expense | $ 2,000 | $ 2,000 | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Electronic Products [Member] | ||||||
Warranty Term (Day) | 90 days | |||||
Electronic Controllers for Spas and Hot Tubs [Member] | ||||||
Warranty Term (Day) | 5 years |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Tax Returns Subject to Examination (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Domestic Tax Authority [Member] | |
Open tax year | 2015 2016 2017 2018 2019 2020 |
State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member] | |
Open tax year | 2014 2015 2016 2017 2018 2019 2020 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Raw materials | $ 502,239 | $ 410,382 |
Finished goods | 77,873 | 94,333 |
Totals | 580,112 | 504,715 |
Current [Member] | ||
Raw materials | 381,226 | 289,369 |
Finished goods | 66,806 | 83,266 |
Totals | 448,032 | 372,635 |
Long Term [Member | ||
Raw materials | 121,013 | 121,013 |
Finished goods | 11,067 | 11,067 |
Totals | $ 132,080 | $ 132,080 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Machinery and equipment | $ 199,810 | $ 199,810 | |
Leasehold improvements | 3,750 | 3,750 | |
Property and equipment | 203,560 | 203,560 | |
Accumulated depreciation and amortization | (173,275) | $ (145,602) | (145,602) |
Property and equipment, net | $ 30,285 | $ 57,958 | $ 57,958 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) | 9 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 6 years |
Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 5 - Intangible Assets - In
Note 5 - Intangible Assets - Intangible Assets (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Accumulated Amortization | $ (16,151) | $ (14,091) |
Net Carrying Amount | 19,643 | 21,703 |
Patents And Trademarks [Member] | ||
Cost | 35,794 | $ 35,794 |
Weighted Average Amortization Period (Years) (Year) | 15 years | |
Accumulated Amortization | $ (16,151) | $ (14,091) |
Patents And Trademarks [Member] | Minimum [Member] | ||
Weighted Average Amortization Period (Years) (Year) | 15 years | |
Net Carrying Amount | $ 21,703 | |
Patents And Trademarks [Member] | Maximum [Member] | ||
Net Carrying Amount | $ 19,643 |
Note 5 - Intangible Assets - Es
Note 5 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
2021 | $ 2,882 | |
2022 | 2,882 | |
2023 | 2,882 | |
2024 | 2,632 | |
2025 | 2,077 | |
Thereafter | 6,288 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 19,643 | $ 21,703 |
Note 6 - Concentrations (Detail
Note 6 - Concentrations (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 762,644 | $ 805,126 | $ 2,258,822 | $ 2,592,738 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | |||||
Concentration Risk, Number of Customers | 2 | 2 | |||
Concentration Risk, Percentage | 52.00% | 51.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | |||||
Concentration Risk, Number of Customers | 1 | 1 | |||
Concentration Risk, Percentage | 51.00% | 49.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Foreign Customers [Member] | |||||
Concentration Risk, Percentage | 12.00% | 5.00% | 9.00% | 11.00% | |
Revenue from Contract with Customer, Including Assessed Tax | $ 89,029 | $ 38,944 | $ 212,517 | $ 281,226 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member] | |||||
Concentration Risk, Number of Customers | 3 | 3 | |||
Concentration Risk, Percentage | 82.00% | 83.00% |
Note 7 - Disaggregated Revenu_3
Note 7 - Disaggregated Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net revenues | $ 762,644 | $ 805,126 | $ 2,258,822 | $ 2,592,738 |
Chemical [Member] | ||||
Net revenues | 352,484 | 295,262 | 949,574 | 1,095,543 |
Electronics [Member] | ||||
Net revenues | 270,245 | 430,114 | 955,217 | 866,091 |
Engineering [Member] | ||||
Net revenues | 139,915 | 79,750 | 354,031 | 631,104 |
UNITED STATES | ||||
Net revenues | 673,615 | 766,182 | 2,046,305 | 2,311,512 |
UNITED STATES | Chemical [Member] | ||||
Net revenues | 263,455 | 256,318 | 737,057 | 814,317 |
UNITED STATES | Electronics [Member] | ||||
Net revenues | 270,245 | 430,114 | 955,217 | 866,091 |
UNITED STATES | Engineering [Member] | ||||
Net revenues | 139,915 | 79,750 | 354,031 | 631,104 |
Non-US [Member] | ||||
Net revenues | 89,029 | 38,944 | 212,517 | 281,226 |
Non-US [Member] | Chemical [Member] | ||||
Net revenues | 89,029 | 38,944 | 212,517 | 281,226 |
Non-US [Member] | Electronics [Member] | ||||
Net revenues | ||||
Non-US [Member] | Engineering [Member] | ||||
Net revenues |
Note 7 - Disaggregated Revenu_4
Note 7 - Disaggregated Revenues and Segment Information - Summary of Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 762,644 | $ 805,126 | $ 2,258,822 | $ 2,592,738 | |
Segment operating income (loss) | (76,721) | (65,724) | (255,225) | (40,187) | |
Total assets | 5,112,437 | 5,112,437 | $ 5,053,089 | ||
Chemical [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 352,484 | 295,262 | 949,574 | 1,095,543 | |
Segment operating income (loss) | (14,585) | 68,392 | (70,895) | 100,659 | |
Total assets | 2,096,098 | 2,096,098 | 2,021,235 | ||
Electronics [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 270,245 | 430,114 | 955,217 | 866,091 | |
Segment operating income (loss) | (83,033) | (114,589) | (259,137) | (200,973) | |
Total assets | 2,198,349 | 2,198,349 | 1,970,705 | ||
Engineering [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 139,915 | 79,750 | 354,031 | 631,104 | |
Segment operating income (loss) | 20,897 | $ (19,527) | 74,807 | $ 60,127 | |
Total assets | $ 817,990 | $ 817,990 | $ 1,061,149 |
Note 8 - Accounts Receivable _2
Note 8 - Accounts Receivable - Related Party (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2020 | |
Qol [Member] | Engineering Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 330,090 | |
Qol [Member] | ||
Equity Method Investments | $ 75,000 | |
Equity Method Investment, Ownership Percentage | 23.00% |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2016 | |
Operating Lease, Payments | $ 76,397 | ||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 129,000 | ||||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | $ 108,000 | 108,000 | |||
Selling, General and Administrative Expenses [Member] | |||||
Operating Lease, Expense | $ 34,000 | $ 34,000 | $ 103,000 | $ 101,000 |
Note 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Lease Payments (Details) | Dec. 31, 2020USD ($) |
2021 | $ 101,875 |
2022 | 101,875 |
2023 | 104,375 |
2024 | 106,875 |
2025 | 106,875 |
Thereafter | 267,187 |
Lessee, Operating Lease, Liability, to be Paid, Total | 789,062 |
Less: Amount attributable to imputed interest | (133,515) |
Net liability at December 31, 2020 | $ 655,547 |
Weighted average remaining lease term (in years) (Year) | 8 years |
Weighted average discount rate | 5.00% |
Note 10 - Payroll Protection _2
Note 10 - Payroll Protection Program (PPP) Loan (Details Textual) - USD ($) | May 06, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Proceeds from Notes Payable, Total | $ 381,000 | ||
Paycheck Protection Program CARES Act [Member] | |||
Proceeds from Notes Payable, Total | $ 381,000 |
Note 11 - Line of Credit (Detai
Note 11 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) | Jun. 15, 2018 | Dec. 31, 2020 | Mar. 31, 2020 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.87% | ||
Short-term Debt, Total | $ 85,000 | $ 30,000 | |
Line of Credit Facility, Expiration Date | May 15, 2021 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards, Total | $ 2,515,000 | |
Operating Loss Carry-Forward, Amount Utilized | $ 228,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 4.00% | (290.00%) |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) | Jan. 13, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 300,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.20 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 2 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 35,206 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.58% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 132.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Share-based Payment Arrangement, Expense | $ 8,802 | $ 0 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 26,404 | $ 26,404 | |||
Vesting in Four Equal Amount Every Six Months [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 75,000 |
Note 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | Jan. 13, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Outstanding, beginning of year (in shares) | 300,000 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0.20 | ||
Issued (in shares) | 300,000 | ||
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 period (in shares) | 300,000 | ||
Outstanding, end of period (in dollars per share) | $ 0.20 | ||
Exercisable, end of period (in shares) | 75,000 | ||
Exercisable, end of period (in dollars per share) | $ 0.20 |
Note 13 - Stock Based Compens_5
Note 13 - Stock Based Compensation - Nonvested Options Activity (Details) - $ / shares | Jan. 13, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Nonvested, options (in shares) | 300,000 | ||
Nonvested, weighted average exercise price (in dollars per share) | |||
Granted, options (in shares) | 300,000 | ||
Granted, weighted average exercise price (in dollars per share) | |||
Vested, options (in shares) | (75,000) | ||
Vested, weighted average exercise price (in dollars per share) | $ 0.20 | ||
Cancelled, options (in shares) | |||
Cancelled, weighted average exercise price (in dollars per share) | |||
Forfeited, options (in shares) | |||
Forfeited, weighted average exercise price (in dollars per share) | |||
Nonvested, options (in shares) | 225,000 | ||
Nonvested, weighted average exercise price (in dollars per share) |
Note 13 - Stock Based Compens_6
Note 13 - Stock Based Compensation - Unrecognized Compensation Costs (Details) | Dec. 31, 2020USD ($) |
2021 | $ 11,735 |
2022 | 11,735 |
2023 | 2,934 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 26,404 |
Note 14 - Due to Stockholder (D
Note 14 - Due to Stockholder (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) |
Deferred Compensation Liability, Interest Accrued | $ 0 |
Note 15 - Legal Proceedings (De
Note 15 - Legal Proceedings (Details Textual) | Jun. 02, 2020USD ($) |
Civil Suit Against Accounting Firm [Member] | |
Litigation Settlement, Amount Awarded to Other Party | $ 7,500 |