Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2021 | Nov. 22, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000849401 | |
Entity Registrant Name | ADM TRONICS UNLIMITED, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-17629 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-1896032 | |
Entity Address, Address Line One | 224-S Pegasus Ave | |
Entity Address, City or Town | Northvale | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07647 | |
City Area Code | 201 | |
Local Phone Number | 767-6040 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 67,588,504 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,264,488 | $ 1,546,950 |
Accounts receivable, net of allowance for doubtful accounts of $250,000 and $50,000 at September 30, 2021 and March 31, 2020, respectively | 1,024,710 | 1,153,684 |
Inventories | 296,288 | 227,234 |
Prepaid expenses and other current assets | 60,993 | 47,039 |
Total current assets | 2,646,479 | 2,974,907 |
Other Assets: | ||
Property and equipment, net of accumulated depreciation of $196,820 and $181,289 at September 30, 2021 and March 31, 2021, respectively | 6,740 | 22,271 |
Operating lease right-of-use asset, net of accumulated depreciation of $266,832 and $225,781 at September 30, 2021 and March 31, 2021, respectively | 554,188 | 595,240 |
Accounts receivable - long-term portion | 116,913 | 139,496 |
Accounts receivable-related party, net of allowance for doubtful accounts of $250,000 at September 30, 2021 and March 31, 2021, respectively | 80,090 | 80,090 |
Inventories - long-term portion | 211,634 | 211,634 |
Intangible assets, net of accumulated amortization of $18,311 and $16,871 at September 30, 2021 and March 31, 2021, respectively | 17,483 | 18,923 |
Other assets | 90,538 | 90,538 |
Deferred tax asset | 1,231,000 | 1,081,000 |
Total other assets | 2,308,586 | 2,239,192 |
Total assets | 4,955,065 | 5,214,099 |
Current liabilities: | ||
PPP loans | 190,227 | 288,257 |
Line of credit | 253,742 | 226,413 |
Warrant liability | 287,844 | 0 |
Operating lease liability-current | 73,399 | 71,591 |
Accounts payable | 313,363 | 364,305 |
Accrued expenses and other current liabilities | 129,328 | 130,384 |
Customer deposits | 246,232 | 293,638 |
Due to stockholder | 79,040 | 89,391 |
Total current liabilities | 1,573,175 | 1,463,979 |
Long-term liabilities | ||
PPP loan, net of current liabilities | 162,040 | 425,285 |
Operating lease liability | 529,452 | 566,609 |
Total long-term liabilities | 691,492 | 991,894 |
Total liabilities | 2,264,667 | 2,455,873 |
Stockholders' equity: | ||
Preferred stock, $.01 par value; 5,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
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 | 33,311,672 | 33,311,672 |
Accumulated deficit | (30,655,068) | (30,587,240) |
Total stockholders' equity | 2,690,398 | 2,758,226 |
Total liabilities and stockholders' equity | $ 4,955,065 | $ 5,214,099 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 250,000 | $ 50,000 |
Property and equipment, accumulated depreciation | 196,820 | 181,289 |
Operating lease right-of-use asset, accumulated depreciation | 266,832 | 225,781 |
Accounts receivable, related party, allowance | 250,000 | 250,000 |
Intangible assets, accumulated amortization | $ 18,311 | $ 16,871 |
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 | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net revenues | $ 851,859 | $ 927,085 | $ 1,573,217 | $ 1,496,178 |
Cost of sales | 489,195 | 561,628 | 908,571 | 946,421 |
Gross Profit | 362,664 | 365,457 | 664,646 | 549,757 |
Operating expenses: | ||||
Research and development | 132,773 | 126,506 | 294,141 | 252,410 |
Selling, general and administrative | 472,133 | 209,302 | 633,465 | 429,082 |
Stock based compensation | 0 | 8,802 | 0 | 8,802 |
Consulting | 287,844 | 0 | 287,844 | 0 |
Depreciation and amortization | 22,488 | 15,481 | 44,767 | 37,967 |
Total operating expenses | 915,238 | 360,091 | 1,260,217 | 728,261 |
Income (loss) from operations | (552,574) | 5,366 | (595,571) | (178,504) |
Other income (expense): | ||||
EIDL Grant | 0 | 0 | 0 | 10,000 |
Forgiveness of Payroll Protection Program loan | 361,275 | 0 | 361,275 | 0 |
Interest income | 755 | 4,807 | 1,819 | 9,716 |
Interest and finance expenses | (2,930) | (1,262) | (5,169) | (2,537) |
Total other income | 359,100 | 3,545 | 357,925 | 17,179 |
Income (loss) before provision for income taxes | (193,474) | 8,911 | (237,646) | (161,325) |
Provision (benefit) for income taxes: | ||||
Current | (25,318) | 0 | (19,818) | (12,500) |
Deferred | (131,000) | (53,000) | (150,000) | 11,000 |
Total (benefit) for income taxes | (156,318) | (53,000) | (169,818) | (1,500) |
Net income (loss) | $ (37,156) | $ 61,911 | $ (67,828) | $ (159,825) |
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) | 67,588,504 | 67,588,504 | 67,588,504 | 67,588,504 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Sep. 30, 2021 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2021 | 67,588,504 | |||
Balance at Mar. 31, 2021 | $ 33,794 | $ 33,311,672 | $ (30,587,240) | $ 2,758,226 |
Net income (loss) | (67,828) | (67,828) | ||
Balance (in shares) at Sep. 30, 2021 | 67,588,504 | |||
Balance at Sep. 30, 2021 | $ 33,794 | $ 33,311,672 | $ (30,655,068) | $ 2,690,398 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (67,828) | $ (159,825) |
Adjustments to reconcile net (loss) to net cash (used in) operating activities: | ||
Depreciation and amortization | 58,023 | 53,719 |
Write-off of inventories | 21,979 | 19,888 |
Stock Based Compensation | 0 | 8,802 |
Deferred taxes | (150,000) | 11,000 |
Non-cash interest expense | 15,589 | 17,309 |
Forgiveness of Paycheck Protection Program loan | (361,275) | 0 |
Bad debt write off | 200,000 | 0 |
Warrant liability | 287,844 | 0 |
Changes in operating assets and liabilities balances: | ||
Accounts receivable | (48,443) | (158,079) |
Inventories | (91,033) | (101,570) |
Prepaid expenses and other current assets | (13,954) | (20,236) |
Accounts payable | (50,942) | 1,806 |
Customer deposits | (47,406) | 21,102 |
Accrued expenses and other current liabilities | (1,056) | 16,352 |
Payments of operating lease liability | (50,938) | (50,938) |
Net cash (used in) operating activities | (299,440) | (340,670) |
Cash flows provided (used) in financing activities: | ||
Due to stockholder | (10,351) | (28,740) |
Proceeds from line of credit | 132,000 | 25,000 |
Repayments of line of credit | (104,671) | 0 |
Proceeds from PPP Loan | 0 | 381,000 |
Repayments on financing lease payable | 0 | (16,093) |
Net cash provided by (used in) financing activities | 16,978 | 361,167 |
Net (decrease) increase in cash and cash equivalents | (282,462) | 20,497 |
Cash and cash equivalents - beginning of period | 1,546,950 | 1,438,714 |
Cash and cash equivalents - end of period | 1,264,488 | 1,459,211 |
Cash paid for: | ||
Interest | $ 4,840 | $ 2,537 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Sep. 30, 2021 | |
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 (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) including Form 10 X. March 31, 2021 10 six September 30, 2021 ( not March 31, 2022. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2021 | |
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 (the “Company”). 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 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. September 30, 2021, 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-day warranty on our electronics products and contract manufacturing, and a limited 5-year warranty on our electronic controllers for spas and hot tubs. Historically, the amount of warranty revenue included in sales of our electronic products have been de minimus. We have 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 $115,000 as of March 31, 2021 six September 30, 2021. 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 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 six September 30, 2021 2020. INVENTORIES Inventories are stated at the lower of cost ( first first one 1 not 1 PROPERTY AND EQUIPMENT We record our property and equipment at historical cost. We expense maintenance and repairs as incurred. Depreciation is provided for by the straight-line method over five seven INTANGIBLE ASSETS Intangible assets are reviewed for impairment annually whenever changes in circumstances indicate that the carrying amount may not ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $7,003 and $14,788, and $13,064 and $19,700 for the three six September 30, 2021 2020, 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 2016 and beyond New Jersey 2015 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 September 30, 2021, 2020, 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 (loss) amounted to $(0.00) for the three six September 30, 2021, $0.00 0.00 three six September 30, 2020, 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. 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 STANDARDS On December 18, 2019, 2019 12, 740 2019 12 December 15, 2020. April 1, 2021. Management does not not |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORIES Inventories at September 30, 2021 Current Long Term Total Raw materials $ 241,564 $ 202,846 $ 444,410 Finished goods 54,724 8,788 63,512 Totals $ 296,288 $ 211,634 $ 507,922 Inventories at March 31, 2021 Current Long Term Total Raw materials $ 139,361 $ 202,846 $ 342,207 Finished goods 87,873 8,788 96,661 Totals $ 227,234 $ 211,634 $ 438,868 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4 - PROPERTY AND EQUIPMENT Property and equipment as of September 30, 2021 March 31, 2021 September 30, March 31. 2021 2021 Machinery and equipment $ 199,810 $ 199,810 Leasehold improvements 3,750 3,750 203,560 203,560 Accumulated depreciation and amortization (196,820 ) (181,289 ) Property and equipment, net $ 6,740 $ 22,271 |
Note 5 - Intangible Assets
Note 5 - Intangible Assets | 6 Months Ended |
Sep. 30, 2021 | |
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 years with a weighted average remaining life of approximately 6 years. September 30, 2021 March 31, 2021 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 10 - 15 $ (18,311 ) $ 17,483 $ 35,794 10 - 15 $ (16,871 ) $ 18,923 Estimated aggregate future amortization expense related to intangible assets is as follows: For the fiscal years ended September 30, 2022 $ 2,882 2023 2,882 2024 2,798 2025 2,158 2026 2,222 Thereafter 4,541 $ 17,483 |
Note 6 - Concentrations
Note 6 - Concentrations | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 6 CONCENTRATIONS During the three September 30, 2021, three September 30, 2020, During the six September 30, 2021, six September 30, 2020, As of September 30, 2021, March 31, 2021, The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three six September 30, 2021 The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three six September 30, 2020 |
Note 7 - Disaggregated Revenues
Note 7 - Disaggregated Revenues and Segment Information | 6 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 2020 Net Revenue in the US Chemical $ 295,285 $ 311,745 Electronics 341,084 396,910 Engineering 139,949 119,608 776,318 828,263 Net Revenue outside the US Chemical $ 75,541 $ 98,822 Electronics - - Engineering - - 75,541 98,822 Total Revenues $ 851,859 $ 927,085 Six Months Ended September 30, 2021 2020 Net Revenue in the US Chemical $ 528,589 $ 473,602 Electronics 563,658 684,972 Engineering 323,476 214,116 1,415,723 1,372,690 Net Revenue outside the US Chemical $ 157,494 $ 123,488 Electronics - - Engineering - - 157,494 123,488 Total Revenues $ 1,573,217 $ 1,496,178 Information about segments is as follows: Chemical Electronics Engineering Total Three months ended September 30, 2021 Revenue from external customers $ 370,826 $ 341,084 $ 139,949 $ 851,859 Segment operating (loss) $ (223,166 ) $ (252,306 ) $ (77,102 ) $ (552,574 ) Six months ended September 30, 2021 Revenue from external customers $ 686,083 $ 563,658 $ 323,476 $ 1,573,217 Segment operating income (loss) $ (234,273 ) $ (345,779 ) $ (15,519 ) $ (595,571 ) Three months ended September 30, 2020 Revenue from external customers $ 410,567 $ 396,910 $ 119,608 $ 927,085 Segment operating income (loss) $ (11,158 ) $ (61,299 ) $ 77,823 $ 5,366 Six months ended September 30, 2020 Revenue from external customers $ 597,090 $ 684,972 $ 214,116 $ 1,496,178 Segment operating income (loss) $ (56,310 ) $ (176,104 ) $ 53,910 $ (178,504 ) Total assets at September 30, 2021 $ 2,130,678 $ 1,783,823 $ 1,040,564 $ 4,955,065 Total assets at March 31, 2021 $ 2,033,499 $ 2,294,203 $ 886,397 $ 5,214,099 |
Note 8 - Accounts Receivable -
Note 8 - Accounts Receivable - Related Party | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 8 ACCOUNTS RECEIVABLE - RELATED PARTY The Company has a $75,000 investment for 23.2% of Qol Devices Inc. (Qol), which is carried at cost and reported as a component of other assets in the accompanying consolidated balance sheets. The Company provided $330,090 in engineering services to Qol during the year March 31, 2018. March 31, 2021. September 30, 2021 March 31, 2021. |
Note 9 - Leases
Note 9 - Leases | 6 Months Ended |
Sep. 30, 2021 | |
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. September 30, 2021: For the Period Ending September 30, 2022 $ 101,875 2023 103,125 2024 106,875 2025 106,875 2026 106,875 Thereafter 187,031 712,656 Less: Amount attributable to imputed interest (109,805 ) Net liability at September 30, 2021 $ 602,851 Weighted average remaining lease term (in years) 7.0 Weighted average discount rate 5.00 % Rent and real estate tax expense for all facilities for the three six September 30, 2021 three six September 30, 2020 |
Note 10 - Payroll Protection Pr
Note 10 - Payroll Protection Program (PPP) Loan | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 10 PAYROLL PROTECTION PROGRAM (PPP) Loan In May 2020, February 2021, second 60% March 31, 2021. first August 3, 2021. September 7, 2021, six September 30, 2021. The unforgiven portion of the first May 15, 2025 first October 15, 2021. No 1% two five second not September 30, 2021. 470, 405, |
Note 11 - Line of Credit
Note 11 - Line of Credit | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 LINE OF CREDIT On June 15, 2018, May 15, 2022 September 30, 2021. September 30, 2021 March 31, 2021, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12 - INCOME TAXES At September 30, 2021, may not not may During the six September 30, 2021, The effective tax rates were approximately 71% and .93% for the six September 30, 2021 2020, |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 13 STOCK BASED COMPENSATION On January 13, 2020, one two four six The following table summarizes information on all common share purchase options issued by us as of September 30, 2021 2020. 2021 2020 # of Shares Weighted # of Shares Weighted Average Average Exercise Exercise Price Price Outstanding, beginning of year 300,000 $ 0.20 300,000 $ 0.20 Issued - - - - Exercised - - - - Expired - - - - Cancelled (300,000 ) 0.20 Outstanding, end of period - $ - 300,000 $ 0.20 Exercisable, end of period - $ - - $ - |
Note 14 - Warrant Liability
Note 14 - Warrant Liability | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Warrant Liability [Text Block] | NOTE 14 WARRANT LIABILITY On July 2, 2021, first twelve second twelve The warrants were classified as a liability in the total amount of $287,844 at September 30, 2021 In addition, the warrants must be valued every reporting period and adjusted to market with the increase or decrease being adjusted through earnings. As of September 30, 2021, |
Note 15 - Due to Stockholder
Note 15 - Due to Stockholder | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | NOTE 15 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 repayment terms or interest accruing on this liability. |
Note 16 - Legal Proceedings
Note 16 - Legal Proceedings | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 16 LEGAL PROCEEDINGS We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 6 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17 SUBSEQUENT EVENTS We evaluated all subsequent events from the date of the condensed consolidated balance sheets through the issuance date and determined that there are no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2021 | |
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 (the “Company”). 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 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. September 30, 2021, |
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-day warranty on our electronics products and contract manufacturing, and a limited 5-year warranty on our electronic controllers for spas and hot tubs. Historically, the amount of warranty revenue included in sales of our electronic products have been de minimus. We have 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 $115,000 as of March 31, 2021 six September 30, 2021. 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 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 six September 30, 2021 2020. |
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 annually 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 $7,003 and $14,788, and $13,064 and $19,700 for the three six September 30, 2021 2020, |
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 2016 and beyond New Jersey 2015 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 September 30, 2021, 2020, |
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 (loss) amounted to $(0.00) for the three six September 30, 2021, $0.00 0.00 three six September 30, 2020, |
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. |
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] | NEW ACCOUNTING STANDARDS On December 18, 2019, 2019 12, 740 2019 12 December 15, 2020. April 1, 2021. Management does not not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Summary of Income Tax Contingencies [Table Text Block] | Jurisdiction Fiscal Year Federal 2016 and beyond New Jersey 2015 and beyond |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Current Long Term Total Raw materials $ 241,564 $ 202,846 $ 444,410 Finished goods 54,724 8,788 63,512 Totals $ 296,288 $ 211,634 $ 507,922 Current Long Term Total Raw materials $ 139,361 $ 202,846 $ 342,207 Finished goods 87,873 8,788 96,661 Totals $ 227,234 $ 211,634 $ 438,868 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, March 31. 2021 2021 Machinery and equipment $ 199,810 $ 199,810 Leasehold improvements 3,750 3,750 203,560 203,560 Accumulated depreciation and amortization (196,820 ) (181,289 ) Property and equipment, net $ 6,740 $ 22,271 |
Note 5 - Intangible Assets (Tab
Note 5 - Intangible Assets (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2021 March 31, 2021 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 10 - 15 $ (18,311 ) $ 17,483 $ 35,794 10 - 15 $ (16,871 ) $ 18,923 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | For the fiscal years ended September 30, 2022 $ 2,882 2023 2,882 2024 2,798 2025 2,158 2026 2,222 Thereafter 4,541 $ 17,483 |
Note 7 - Disaggregated Revenu_2
Note 7 - Disaggregated Revenues and Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months Ended September 30, 2021 2020 Net Revenue in the US Chemical $ 295,285 $ 311,745 Electronics 341,084 396,910 Engineering 139,949 119,608 776,318 828,263 Net Revenue outside the US Chemical $ 75,541 $ 98,822 Electronics - - Engineering - - 75,541 98,822 Total Revenues $ 851,859 $ 927,085 Six Months Ended September 30, 2021 2020 Net Revenue in the US Chemical $ 528,589 $ 473,602 Electronics 563,658 684,972 Engineering 323,476 214,116 1,415,723 1,372,690 Net Revenue outside the US Chemical $ 157,494 $ 123,488 Electronics - - Engineering - - 157,494 123,488 Total Revenues $ 1,573,217 $ 1,496,178 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Three months ended September 30, 2021 Revenue from external customers $ 370,826 $ 341,084 $ 139,949 $ 851,859 Segment operating (loss) $ (223,166 ) $ (252,306 ) $ (77,102 ) $ (552,574 ) Six months ended September 30, 2021 Revenue from external customers $ 686,083 $ 563,658 $ 323,476 $ 1,573,217 Segment operating income (loss) $ (234,273 ) $ (345,779 ) $ (15,519 ) $ (595,571 ) Three months ended September 30, 2020 Revenue from external customers $ 410,567 $ 396,910 $ 119,608 $ 927,085 Segment operating income (loss) $ (11,158 ) $ (61,299 ) $ 77,823 $ 5,366 Six months ended September 30, 2020 Revenue from external customers $ 597,090 $ 684,972 $ 214,116 $ 1,496,178 Segment operating income (loss) $ (56,310 ) $ (176,104 ) $ 53,910 $ (178,504 ) Total assets at September 30, 2021 $ 2,130,678 $ 1,783,823 $ 1,040,564 $ 4,955,065 Total assets at March 31, 2021 $ 2,033,499 $ 2,294,203 $ 886,397 $ 5,214,099 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the Period Ending September 30, 2022 $ 101,875 2023 103,125 2024 106,875 2025 106,875 2026 106,875 Thereafter 187,031 712,656 Less: Amount attributable to imputed interest (109,805 ) Net liability at September 30, 2021 $ 602,851 Weighted average remaining lease term (in years) 7.0 Weighted average discount rate 5.00 % |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 6 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2021 2020 # of Shares Weighted # of Shares Weighted Average Average Exercise Exercise Price Price Outstanding, beginning of year 300,000 $ 0.20 300,000 $ 0.20 Issued - - - - Exercised - - - - Expired - - - - Cancelled (300,000 ) 0.20 Outstanding, end of period - $ - 300,000 $ 0.20 Exercisable, end of period - $ - - $ - |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash, Uninsured Amount | $ 1,051,000 | $ 1,051,000 | |||
Contract with Customer, Liability, Revenue Recognized | 115,000 | ||||
Advertising Expense | 7,003 | $ 13,064 | 14,788 | $ 19,700 | |
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 | |
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) | 6 Months Ended |
Sep. 30, 2021 | |
Domestic Tax Authority [Member] | |
Open tax year | 2016 2017 2018 2019 2020 2021 |
State and Local Jurisdiction [Member] | New Jersey Division of Taxation [Member] | |
Open tax year | 2015 2016 2017 2018 2019 2020 2021 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Raw materials | $ 444,410 | $ 342,207 |
Finished goods | 63,512 | 96,661 |
Totals | 507,922 | 438,868 |
Current [Member] | ||
Raw materials | 241,564 | 139,361 |
Finished goods | 54,724 | 87,873 |
Totals | 296,288 | 227,234 |
Long Term [Member | ||
Raw materials | 202,846 | 202,846 |
Finished goods | 8,788 | 8,788 |
Totals | $ 211,634 | $ 211,634 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment - Property and Equipment (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
Machinery and equipment | $ 199,810 | $ 199,810 |
Leasehold improvements | 3,750 | 3,750 |
Property and equipment | 203,560 | 203,560 |
Accumulated depreciation and amortization | (196,820) | (181,289) |
Property and equipment, net | $ 6,740 | $ 22,271 |
Note 5 - Intangible Assets (Det
Note 5 - Intangible Assets (Details Textual) | 6 Months Ended |
Sep. 30, 2021 | |
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 ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Mar. 31, 2021 | |
Accumulated Amortization | $ (18,311) | $ (16,871) |
Net Carrying Amount | 17,483 | 18,923 |
Patents And Trademarks [Member] | ||
Cost | 35,794 | 35,794 |
Accumulated Amortization | (18,311) | (16,871) |
Net Carrying Amount | $ 17,483 | $ 18,923 |
Patents And Trademarks [Member] | Minimum [Member] | ||
Weighted Average Amortization Period (Years) (Year) | 10 years | 10 years |
Patents And Trademarks [Member] | Maximum [Member] | ||
Weighted Average Amortization Period (Years) (Year) | 15 years | 15 years |
Note 5 - Intangible Assets - Es
Note 5 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($) | Sep. 30, 2021 | Mar. 31, 2021 |
2022 | $ 2,882 | |
2023 | 2,882 | |
2024 | 2,798 | |
2025 | 2,158 | |
2026 | 2,222 | |
Thereafter | 4,541 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 17,483 | $ 18,923 |
Note 6 - Concentrations (Detail
Note 6 - Concentrations (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 851,859 | $ 927,085 | $ 1,573,217 | $ 1,496,178 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customers [Member] | |||||
Concentration Risk, Number of Customers | 2 | 2 | 2 | 2 | |
Concentration Risk, Percentage | 51.00% | 49.00% | 48.00% | 51.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Foreign Customers [Member] | |||||
Concentration Risk, Percentage | 9.00% | 11.00% | 10.00% | 8.00% | |
Revenue from Contract with Customer, Including Assessed Tax | $ 75,541 | $ 98,822 | $ 157,494 | $ 123,488 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member] | |||||
Concentration Risk, Number of Customers | 3 | 3 | |||
Concentration Risk, Percentage | 71.00% | 81.00% |
Note 7 - Disaggregated Revenu_3
Note 7 - Disaggregated Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 851,859 | $ 927,085 | $ 1,573,217 | $ 1,496,178 |
Chemical [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 370,826 | 410,567 | 686,083 | 597,090 |
Electronics [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 341,084 | 396,910 | 563,658 | 684,972 |
Engineering [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 139,949 | 119,608 | 323,476 | 214,116 |
UNITED STATES | ||||
Revenue from Contract with Customer, Including Assessed Tax | 776,318 | 828,263 | 1,415,723 | 1,372,690 |
UNITED STATES | Chemical [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 295,285 | 311,745 | 528,589 | 473,602 |
UNITED STATES | Electronics [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 341,084 | 396,910 | 563,658 | 684,972 |
UNITED STATES | Engineering [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 139,949 | 119,608 | 323,476 | 214,116 |
Non-US [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 75,541 | 98,822 | 157,494 | 123,488 |
Non-US [Member] | Chemical [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 75,541 | 98,822 | 157,494 | 123,488 |
Non-US [Member] | Electronics [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 |
Non-US [Member] | Engineering [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Note 7 - Disaggregated Revenu_4
Note 7 - Disaggregated Revenues and Segment Information - Summary of Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Revenue from external customers | $ 851,859 | $ 927,085 | $ 1,573,217 | $ 1,496,178 | |
Segment operating (loss) | (552,574) | 5,366 | (595,571) | (178,504) | |
Segment operating income (loss) | (552,574) | 5,366 | (595,571) | (178,504) | |
Total assets | 4,955,065 | 4,955,065 | $ 5,214,099 | ||
Chemical [Member] | |||||
Revenue from external customers | 370,826 | 410,567 | 686,083 | 597,090 | |
Segment operating (loss) | (223,166) | (11,158) | (234,273) | (56,310) | |
Segment operating income (loss) | (223,166) | (11,158) | (234,273) | (56,310) | |
Total assets | 2,130,678 | 2,130,678 | 2,033,499 | ||
Electronics [Member] | |||||
Revenue from external customers | 341,084 | 396,910 | 563,658 | 684,972 | |
Segment operating (loss) | (252,306) | (61,299) | (345,779) | (176,104) | |
Segment operating income (loss) | (252,306) | (61,299) | (345,779) | (176,104) | |
Total assets | 1,783,823 | 1,783,823 | 2,294,203 | ||
Engineering [Member] | |||||
Revenue from external customers | 139,949 | 119,608 | 323,476 | 214,116 | |
Segment operating (loss) | (77,102) | 77,823 | (15,519) | 53,910 | |
Segment operating income (loss) | (77,102) | $ 77,823 | (15,519) | $ 53,910 | |
Total assets | $ 1,040,564 | $ 1,040,564 | $ 886,397 |
Note 8 - Accounts Receivable _2
Note 8 - Accounts Receivable - Related Party (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2021 | Mar. 31, 2021 | |
Qol [Member] | |||
Due from Related Parties, Total | $ 330,090 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 250,000 | $ 250,000 | |
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 | 23.20% |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Lease, Expense | $ 35,000 | $ 34,000 | $ 69,000 | $ 68,000 |
Note 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Lease Payments (Details) | Sep. 30, 2021USD ($) |
2022 | $ 101,875 |
2023 | 103,125 |
2024 | 106,875 |
2025 | 106,875 |
2026 | 106,875 |
Thereafter | 187,031 |
Lessee, Operating Lease, Liability, to be Paid, Total | 712,656 |
Less: Amount attributable to imputed interest | (109,805) |
Net liability | $ 602,851 |
Weighted average remaining lease term (in years) (Year) | 7 years |
Weighted average discount rate | 5.00% |
Note 10 - Payroll Protection _2
Note 10 - Payroll Protection Program (PPP) Loan (Details Textual) - USD ($) | Sep. 07, 2021 | Feb. 28, 2021 | May 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 28, 2021 |
Proceeds from Notes Payable, Total | $ 0 | $ 381,000 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 361,275 | $ 0 | 361,275 | $ 0 | ||||
Paycheck Protection Program CARES Act [Member] | ||||||||
Proceeds from Notes Payable, Total | $ 332,542 | $ 381,000 | $ 713,542 | |||||
Gain (Loss) on Extinguishment of Debt, Total | $ 361,275 | |||||||
PPP Term Loan One [Member] | ||||||||
Loans Payable, Total | $ 19,725 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||
Debt Instrument, Periodic Payment, Total | $ 737.05 | |||||||
Debt Instrument, Maturity Date | May 15, 2025 |
Note 11 - Line of Credit (Detai
Note 11 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) | Jun. 15, 2018 | Sep. 30, 2021 | Mar. 31, 2021 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.87% | ||
Short-term Debt, Total | $ 253,742 | $ 226,413 | |
Line of Credit Facility, Expiration Date | May 15, 2022 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 6 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Loss Carryforwards, Total | $ 3,211,000 | |
Operating Loss Carry-Forward, Amount Utilized | $ 401,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 71.00% | 93.00% |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) | Jan. 13, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 300,000 | 0 | 0 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.20 | $ 0 | $ 0 |
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% | ||
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 | Sep. 30, 2021 | Sep. 30, 2020 |
Outstanding, beginning of year (in shares) | 300,000 | 300,000 | |
Outstanding, beginning of year, weighted average exercise price (in dollars per share) | $ 0.20 | $ 0.20 | |
Issued (in shares) | 300,000 | 0 | 0 |
Issued, weighted average exercise price (in dollars per share) | $ 0.20 | $ 0 | $ 0 |
Exercised (in shares) | 0 | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |
Expired (in shares) | 0 | 0 | |
Expired, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |
Cancelled (in shares) | (300,000) | ||
Cancelled, weighted average exercise price (in dollars per share) | $ 0.20 | ||
Outstanding, end of period (in shares) | 0 | 300,000 | |
Outstanding, beginning of year, weighted average exercise price (in dollars per share) | $ 0 | $ 0.20 | |
Exercisable, end of period (in shares) | 0 | 0 | |
Exercisable, end of period (in dollars per share) | $ 0 | $ 0 |
Note 14 - Warrant Liability (De
Note 14 - Warrant Liability (Details Textual) | Jul. 02, 2022$ / shares | Sep. 30, 2021USD ($) | Jul. 02, 2021$ / sharesshares | Mar. 31, 2021USD ($) |
Warrant Liability, Current | $ 287,844 | $ 0 | ||
Consulting Agreement [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 3,500,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.17 | |||
Class of Warrant or Right, Exercisable Period (Month) | 12 months | |||
Warrant Liability, Current | 287,844 | |||
Warrants and Rights Outstanding | $ 287,844 | |||
Consulting Agreement [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 1.58 | |||
Consulting Agreement [Member] | Measurement Input, Price Volatility [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 143 | |||
Consulting Agreement [Member] | Measurement Input, Expected Term [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 2 | |||
Consulting Agreement [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||
Consulting Agreement [Member] | Forecast [Member] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.20 | |||
Class of Warrant or Right, Exercisable Period (Month) | 12 months |
Note 15 - Due to Stockholder (D
Note 15 - Due to Stockholder (Details Textual) $ in Thousands | Sep. 30, 2021USD ($) |
Deferred Compensation Liability, Interest Accrued | $ 0 |