Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2022 | Nov. 21, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000849401 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-17629 | |
Entity Registrant Name | ADM TRONICS UNLIMITED, INC. | |
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, 2022 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 854,493 | $ 1,038,498 |
Accounts receivable, net of allowance for doubtful accounts of $675,000 at September 30, 2022 and March 31, 2022, respectively | 604,172 | 729,721 |
Inventories | 385,813 | 288,076 |
Prepaid expenses and other current assets | 120,209 | 57,741 |
Total current assets | 1,964,687 | 2,114,036 |
Other Assets: | ||
Operating lease right-of-use asset | 472,087 | 513,138 |
Loan receivable | 204,826 | 128,322 |
Due from affiliate | 80,090 | 80,090 |
Inventories - long-term portion | 183,730 | 183,730 |
Intangible assets, net of accumulated amortization of $21,191 and $19,751 at September 30, 2022 and March 31, 2022, respectively | 14,603 | 16,043 |
Other assets | 90,538 | 90,538 |
Deferred tax asset | 125,000 | 125,000 |
Total other assets | 1,170,874 | 1,136,861 |
Total assets | 3,135,561 | 3,250,897 |
Current liabilities: | ||
Accounts payable | 332,239 | 329,554 |
Accrued expenses and other current liabilities | 76,240 | 133,053 |
PPP loan | 14,345 | 5,335 |
Line of credit | 237,617 | 334,760 |
Warrant liability | 0 | 182,161 |
Operating lease liability | 78,410 | 75,254 |
Customer deposits | 192,624 | 263,619 |
Due to stockholder | 29,860 | 50,233 |
Total current liabilities | 961,335 | 1,373,969 |
Long-term liabilities | ||
PPP loan less current portion | 0 | 11,700 |
Operating lease liability less current portion | 451,042 | 491,265 |
Total long-term liabilities | 451,042 | 502,965 |
Total liabilities | 1,412,377 | 1,876,934 |
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 | 33,599,516 | 33,311,672 |
Accumulated deficit | (31,910,126) | (31,971,503) |
Total stockholders' equity | 1,723,184 | 1,373,963 |
Total liabilities and stockholders' equity | $ 3,135,561 | $ 3,250,897 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited)-parentheticals (Parentheticals) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 675,000 | $ 675,000 |
Intangible assets, accumulated amortization | 21,191 | 19,751 |
Intangible assets, accumulated amortization | $ 21,191 | $ 19,751 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0005 | $ 0.0005 |
Common Stock, Shares 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net revenues | $ 1,140,268 | $ 851,859 | $ 2,061,676 | $ 1,573,217 |
Cost of sales | 582,235 | 489,195 | 1,120,584 | 908,571 |
Gross Profit | 558,033 | 362,664 | 941,092 | 664,646 |
Operating expenses: | ||||
Research and development | 136,102 | 132,773 | 259,702 | 294,141 |
Selling, general and administrative | 319,039 | 494,621 | 613,123 | 678,232 |
Consulting | 0 | 287,844 | 0 | 287,844 |
Total operating expenses | 455,141 | 915,238 | 872,825 | 1,260,217 |
Income (loss) from operations | 102,892 | (552,574) | 68,267 | (595,571) |
Other income (expense): | ||||
Forgiveness of Payroll Protection loan | 0 | 361,275 | 0 | 361,275 |
Interest income | 521 | 755 | 994 | 1,819 |
Interest and finance expenses | (3,370) | (2,930) | (7,884) | (5,169) |
Total other income (expense) | (2,849) | 359,100 | (6,890) | 357,925 |
Income (loss) before provision for income taxes | 100,043 | (193,474) | 61,377 | (237,646) |
Provision for (benefit) for income taxes: | ||||
Current | 0 | (25,318) | 0 | (19,818) |
Deferred | 0 | (131,000) | 0 | (150,000) |
Total provision (benefit) for income taxes | 0 | (156,318) | 0 | (169,818) |
Net income (loss) | $ 100,043 | $ (37,156) | $ 61,377 | $ (67,828) |
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) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at June 30, 2022 | $ 33,794 | $ 33,311,672 | $ (30,587,240) | $ 2,758,226 |
Balance at April 1, 2021 (in shares) at Mar. 31, 2021 | 67,588,504 | |||
Balance at April 1, 2021 at Mar. 31, 2021 | $ 33,794 | 33,311,672 | (30,587,240) | 2,758,226 |
Net (loss) | (30,672) | (30,672) | ||
Net income | (30,672) | (30,672) | ||
Balance at June 30, 2021 (in shares) at Jun. 30, 2021 | 67,588,504 | |||
Balance at June 30, 2021 at Jun. 30, 2021 | $ 33,794 | 33,311,672 | (30,617,912) | 2,727,554 |
Balance at April 1, 2021 (in shares) at Mar. 31, 2021 | 67,588,504 | |||
Balance at April 1, 2021 at Mar. 31, 2021 | $ 33,794 | 33,311,672 | (30,587,240) | 2,758,226 |
Net (loss) | (67,828) | |||
Net income | (67,828) | |||
Balance at June 30, 2021 (in shares) at Sep. 30, 2021 | 67,588,504 | |||
Balance at June 30, 2021 at Sep. 30, 2021 | $ 33,794 | 33,311,672 | 30,655,068 | 2,690,398 |
Balance at April 1, 2021 (in shares) at Mar. 31, 2021 | 67,588,504 | |||
Balance at April 1, 2021 at Mar. 31, 2021 | $ 33,794 | 33,311,672 | (30,587,240) | 2,758,226 |
Balance at June 30, 2021 (in shares) at Mar. 31, 2022 | 67,588,504 | |||
Balance at June 30, 2021 at Mar. 31, 2022 | $ 33,794 | 33,311,672 | (31,971,503) | 1,373,963 |
Balance at June 30, 2022 | $ 33,794 | 33,311,672 | (30,617,912) | 2,727,554 |
Balance at April 1, 2021 (in shares) at Jun. 30, 2021 | 67,588,504 | |||
Balance at April 1, 2021 at Jun. 30, 2021 | $ 33,794 | 33,311,672 | (30,617,912) | 2,727,554 |
Net (loss) | (37,156) | (37,156) | ||
Net income | (37,156) | (37,156) | ||
Balance at June 30, 2021 (in shares) at Sep. 30, 2021 | 67,588,504 | |||
Balance at June 30, 2021 at Sep. 30, 2021 | $ 33,794 | 33,311,672 | 30,655,068 | 2,690,398 |
Balance at June 30, 2022 | 33,794 | 33,311,672 | 30,655,068 | 2,690,398 |
Balance at June 30, 2022 | $ 33,794 | 33,311,672 | (31,971,503) | 1,373,963 |
Balance at April 1, 2021 (in shares) at Mar. 31, 2022 | 67,588,504 | |||
Balance at April 1, 2021 at Mar. 31, 2022 | $ 33,794 | 33,311,672 | (31,971,503) | 1,373,963 |
Net (loss) | (38,666) | (38,666) | ||
Stock based compensation | 287,844 | |||
Net income | (38,666) | (38,666) | ||
Balance at June 30, 2021 (in shares) at Jun. 30, 2022 | 67,588,504 | |||
Balance at June 30, 2021 at Jun. 30, 2022 | $ 33,794 | 33,599,516 | (32,010,169) | 1,623,141 |
Balance at April 1, 2021 (in shares) at Mar. 31, 2022 | 67,588,504 | |||
Balance at April 1, 2021 at Mar. 31, 2022 | $ 33,794 | 33,311,672 | (31,971,503) | 1,373,963 |
Net (loss) | 61,377 | |||
Net income | 61,377 | |||
Balance at June 30, 2021 (in shares) at Sep. 30, 2022 | 67,588,504 | |||
Balance at June 30, 2021 at Sep. 30, 2022 | $ 33,794 | 33,599,516 | (31,910,126) | 1,723,184 |
Balance at June 30, 2022 | $ 33,794 | 33,599,516 | (32,010,169) | 1,623,141 |
Balance at April 1, 2021 (in shares) at Jun. 30, 2022 | 67,588,504 | |||
Balance at April 1, 2021 at Jun. 30, 2022 | $ 33,794 | 33,599,516 | (32,010,169) | 1,623,141 |
Net (loss) | 100,043 | 100,043 | ||
Net income | 100,043 | 100,043 | ||
Balance at June 30, 2021 (in shares) at Sep. 30, 2022 | 67,588,504 | |||
Balance at June 30, 2021 at Sep. 30, 2022 | $ 33,794 | 33,599,516 | (31,910,126) | 1,723,184 |
Balance at June 30, 2022 | $ 33,794 | $ 33,599,516 | $ (31,910,126) | $ 1,723,184 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Cash flows from operating activities: | |||||||
Net income | $ 100,043 | $ (38,666) | $ (37,156) | $ (30,672) | $ 61,377 | $ (67,828) | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||
Depreciation and amortization | 1,440 | 58,023 | |||||
Write-off of inventories | 23,853 | 21,979 | |||||
Bad debt | 0 | 200,000 | |||||
Deferred taxes | 0 | (150,000) | |||||
Non-cash interest expense | 13,780 | 15,589 | |||||
Amortization of right-to-use asset | 41,051 | 0 | |||||
Stock based compensation | (2,876) | 0 | |||||
Forgiveness of Paycheck Protection Program loan | 0 | (361,275) | 0 | (361,275) | |||
Warrant liability | 0 | 287,844 | |||||
Changes in operating assets and liabilities balances: | |||||||
Accounts receivable | 125,549 | (48,443) | |||||
Inventories | (121,590) | (91,033) | |||||
Prepaid expenses and other current assets | 46,091 | (13,954) | |||||
Loan receivable | (76,504) | 0 | |||||
Accounts payable | 2,685 | (50,942) | |||||
Customer deposits | (70,995) | (47,406) | |||||
Accrued expenses and other current liabilities | (56,813) | (1,056) | |||||
Payments of operating lease liability | (50,937) | (50,938) | |||||
Net cash used in operating activities | (63,889) | (299,440) | |||||
Cash flows provided (used) in financing activities: | |||||||
Due to shareholder | (20,373) | (10,351) | |||||
Proceeds from line of credit | 82,424 | 132,000 | |||||
Repayments of line of credit | (179,477) | (104,671) | |||||
Proceeds (payments) from/to PPP loan | (2,690) | 0 | |||||
Net cash provided by (used in) financing activities | (120,116) | 16,978 | |||||
Net decrease in cash and cash equivalents | (184,005) | (282,462) | |||||
Cash and cash equivalents - beginning of period | $ 1,038,498 | $ 1,546,950 | 1,038,498 | 1,546,950 | $ 1,546,950 | ||
Cash and cash equivalents - end of period | $ 854,493 | $ 1,264,488 | 854,493 | 1,264,488 | $ 1,038,498 | ||
Cash paid for: | |||||||
Interest | 7,884 | 4,840 | |||||
Taxes | 0 | 0 | |||||
Reclass of Warrant Liability to Additional Paid in Capital | (182,161) | 0 | |||||
Initial recognition of prepaid warrant expense | $ (105,683) | $ 0 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Sep. 30, 2022 | |
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. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION 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. 10 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 . 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 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 expense included in sales of our electronic products have been de minimis. 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 $27,000 and $62,000 as of March 31, 2022 were recognized as revenues during the three and six months ended September 30, 2022, respectively. 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. INVENTORIES Inventories are stated at the lower of cost ( first first one 1 not 1 Long-Term Inventory: Due to recent shortages of materials relating to supply chain and COVID issues, when an item the Company believes will be used in the future, even beyond the current fiscal year, becomes available, it will purchase as many items as management deems necessary to fulfill future orders. 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 ADVERTISING COSTS Advertising costs are expensed as incurred and amounted to $8,796 and $15,031 for the three and six months ended September 30, 2022 and $7,785 and $14,788 for the three and six months ended September 30, 2021, respectively. 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. There were no Per share basic and diluted (loss) amounted to $0.00 and $(0.00) and $0.00 and $(0.00) for the three and six months ended September 30, 2022 and 2021, respectively. 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 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments ASU The Company is assessing this guidance to determine what modifications to existing credit estimation processes may be required. The new guidance is complex and management is evaluating preliminary output from models that have been developed during this evaluative phase. In addition, future levels of allowances will also reflect new requirements to include estimated credit losses on investment securities classified as held-to-maturity, if any. It has been generally assumed that the conversion from the incurred loss model, required under current GAAP, to the current expected credit loss (CECL) methodology (as required upon implementation of this Update) will, more likely than not, result in increases to the allowances for credit losses. However, the amount of any change in the allowance for credit losses resulting from the new guidance will ultimately be impacted by the provisions of this guidance as well as by loan and trade receivable composition and asset quality at the adoption date, and economic conditions and forecasts at the time of adoption. The cumulative impact of the economic effects of the COVID-19 pandemic on the changes to the allowance for loan and trade receivable losses, that will be required upon the implementation of the CECL methodology, cannot be estimated at this time. From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on the Company’s financial position or results of operations upon adoption. |
Note 3 - Inventories
Note 3 - Inventories | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 - INVENTORIES Inventories at September 30, 2022 consisted of the following: Current Long Term Total Raw materials $ 347,577 $ 181,416 $ 528,993 Finished goods 38,236 2,314 40,550 Totals $ 385,813 $ 183,730 $ 569,543 Inventories at March 31, 2022 consisted of the following: Current Long Term Total Raw materials $ 240,163 $ 181,416 $ 421,579 Finished goods 47,913 2,314 50,227 Totals $ 288,076 $ 183,730 $ 471,806 |
Note 4 - Intangible Assets4
Note 4 - Intangible Assets4 | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 4 - 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, 2022 March 31, 2022 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 $ (21,191 ) $ 14,603 $ 35,794 10 - 15 $ (19,751 ) $ 16,043 Estimated aggregate future amortization expense related to intangible assets is as follows: For the fiscal years ended September 30, 2023 2,882 2024 2,882 2025 2,275 2026 1,725 2027 1,725 Thereafter 3,114 $ 14,603 |
Note 5 - Concentrations
Note 5 - Concentrations | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 5 CONCENTRATIONS During the three months ended September 30, 2022, three two During the six months ended September 30, 2022, two two As of September 30, 2022, two three The Company’s customer base is comprised of foreign and domestic entities with diverse demographics. Net revenues from foreign customers for the three and six months ended September 30, 2022 were $86,296 or 8% and $211,571 or 10%, respectively. Net revenues from foreign customers for the three and six months ended September 30, 2021 were $75,541 or 9% and $157,494 or 10%, respectively. |
Note 6 - Disaggregated Revenues
Note 6 - Disaggregated Revenues and Segment Information | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 6 - 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, 2022 2021 Net Revenue in the US Chemical $ 259,099 $ 295,285 Electronics 633,857 341,084 Engineering 161,016 139,949 1,053,972 776,318 Net Revenue outside the US Chemical 86,296 75,541 Electronics - - Engineering - - 86,296 75,541 Total Revenues $ 1,140,268 $ 851,859 Six Months Ended September 30, 2022 2021 Net Revenue in the US Chemical $ 505,999 $ 528,589 Electronics 1,098,549 563,658 Engineering 245,557 323,476 1,850,105 1,415,723 Net Revenue outside the US Chemical 211,571 157,494 Electronics - - Engineering - - 211,571 157,494 Total Revenues $ 2,061,676 $ 1,573,217 Chemical Electronics Engineering Total Three months ended September 30, 2022 Revenue from external customers $ 345,395 $ 633,857 $ 161,016 $ 1,140,268 Segment operating income (loss) $ 1,018 $ 43,226 $ 58,648 $ 102,892 Six months ended September 30, 2022 Revenue from external customers $ 717,570 $ 1,098,549 $ 245,557 $ 2,061,676 Segment operating income $ 12,411 $ (23,429 ) $ 79,285 $ 68,267 Three months ended September 30, 2021 Revenue from external customers $ 370,826 $ 341,084 $ 139,949 $ 851,859 Segment operating income $ (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 $ (234,273 ) $ (345,779 ) $ (15,519 ) $ (595,571 ) Total assets at September 30, 2022 $ 1,097,446 $ 1,661,848 $ 376,267 $ 3,135,561 Total assets at March 31, 2022 $ 1,332,867 $ 1,430,395 $ 487,635 $ 3,250,897 |
Note 7 - Due From Affiliate
Note 7 - Due From Affiliate | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 7 DUE FROM AFFILIATE The Company has a $75,000 investment for 23.2% of Qol Devices Inc. (Qol). It was determined that the Company does not hold a significant influence which results in us carrying this asset 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. This amount is shown net of a $250,000 allowance for doubtful accounts on the consolidated balance sheets as of September 30, 2022 and March 31, 2022. |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | N OTE 8 LEASES We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2028. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of September 30, 2022: For the fiscal year ended: Amount March 31, 2023 $ 50,937 March 31, 2024 105,625 March 31, 2025 106,875 March 31, 2026 106,875 March 31, 2027 106,875 March 31, 2028 106,875 March 31, 2029 26,719 610,781 Less: Amount attributable to imputed interest (81,329 $ 529,452 Weighted average remaining lease term (in years) 3.1 Weighted average discount rate 5 % Present Value of future payments $ 18,793 Rent and real estate tax expense for all facilities for the three and six months ended September 30, 2022 was approximately was approximately $34,000 and $68,000, respectively. Rent and real estate tax expense for all facilities for the three and six months ended September 30, 2021 was approximately was approximately $35,000 and $69,000, respectively. These are reported as a component of cost of sales and selling, general and administrative expenses in the accompanying consolidated statements of operations. |
Note 9 - Paycheck Protection Pr
Note 9 - Paycheck Protection Program (PPP) Loan | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 9 PAYCHECK PROTECTION PROGRAM (PPP) LOAN In May 2020, February 2021, second 60% March 31, 2021. September 7, 2021, December 21, 2021, The unforgiven portion of the first PPP loan is $19,725, which was converted to a term loan payable in equal installments of principal plus interest at 1% with a maturity date of May 15, 2025. No collateral or personal guarantees is required for the loan. At September 30, 2022, the outstanding balance is $14,345. |
Note 10 - Line of Credit
Note 10 - Line of Credit | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 10 LINE OF CREDIT On June 15, 2018, the Company obtained an unsecured revolving line of credit, with a limit of $400,000. The line expires May 15, 2022, renewing automatically every year. The Company is required to make monthly interest payments, at a rate of 3.87% as of June 30, 2022. Any unpaid principal will be due upon maturity. At September 30, 2022 and March 31, 2022, the outstanding balance was $237,617 and $334,760, respectively. |
Note 11 - Warrant Liability
Note 11 - Warrant Liability | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Warrant Liability [Text Block] | NOTE 11 WARRANT LIABILITY On July 2, 2021, ADM entered into a consulting agreement. The agreement granted a consultant a warrant to purchase up to 3,500,000 shares of the Company's par value common stock at an exercise price of $0.17 per share for the first twelve twelve During the preparation of our consolidated financial statements for the three months ended June 30, 2022, we identified an error relating to the accounting treatment of the initial warrant liability in July of 2021 that was originally valued at approximately $288,000 and was subsequently revalued at March 31, 2022 for a value of approximately $ 182,000 288,000 182,000 We concluded the impact on the interim financial statements was immaterial and corrected the balances as of June 30, 2022. |
Note 12 - Due to Stockholder
Note 12 - Due to Stockholder | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | NOTE 12 DUE TO STOCKHOLDER The Company’s President and a stockholder, has been deferring his salary and bonuses periodically to assist the Company’s cash flow. There are no |
Note 13 - Legal Proceedings
Note 13 - Legal Proceedings | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | NOTE 13 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 14 - Contractual Obligatio
Note 14 - Contractual Obligations and Other Commitments | 6 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | NOTE 14 CONTRACTURAL OBLIGATIONS AND OTHER COMMITMENTS Legal Contingencies We are involved, from time to time, in litigation and proceedings arising out of the ordinary course of business. There are no Product Liability As of September 30, 2022 and March 31, 2022, there were no claims against us for product liability. COVID-19 Pandemic The Company had reduced revenues in the electronic and chemical segments as a result of the Covid pandemic. In the electronic segment certain orders of medical devices manufactured by the Company were reduced or delayed due to the cessation of elective surgeries during the pandemic and generally reduced activities by customers. In the chemical segment certain of the Company’s water-based industrial coatings and adhesives orders were reduced due to some customers having shutdowns or reduced activities during the pandemic. We intend to continue to evaluate and may, in certain circumstances, take preemptive actions to preserve liquidity during the COVID-19 pandemic. As the circumstances around the COVID-19 pandemic remain uncertain, we continue to actively monitor the pandemic's impact on us, including our financial position, liquidity, results of operations, and cash flows. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | BASIS OF PRESENTATIONThe 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. 10 |
Consolidation, Policy [Policy Text Block] | PRINCIPLES OF CONSOLIDATIONThe 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 ESTIMATESThese 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 INSTRUMENTSFor 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 EQUIVALENTSCash equivalents are comprised of highly liquid investments with original maturities of three may not . |
Receivable [Policy Text Block] | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTSAccounts 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 |
Revenue [Policy Text Block] | REVENUE RECOGNITIONELECTRONICS: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 expense included in sales of our electronic products have been de minimis. We have no no |
Inventory, Policy [Policy Text Block] | INVENTORIESInventories are stated at the lower of cost ( first first one 1 not 1 |
Property, Plant and Equipment, Policy [Policy Text Block] | PROPERTY AND EQUIPMENTWe 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 |
Advertising Cost [Policy Text Block] | ADVERTISING COSTSAdvertising costs are expensed as incurred and amounted to $8,796 and $15,031 for the three and six months ended September 30, 2022 and $7,785 and $14,788 for the three and six months ended September 30, 2021, respectively. |
Earnings Per Share, Policy [Policy Text Block] | NET EARNINGS PER SHAREWe 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.There were no |
Lessee, Leases [Policy Text Block] | LEASESIn February 2016, April 1, 2019, 1 2 3 twelve not |
Reclassification, Comparability Adjustment [Policy Text Block] | RECLASSIFICATIONCertain 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 STANDARDSIn June 2016, the FASB issued ASU No. 2016-13, Financial Instruments ASU |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule Of Inventory [Table Text Block] | Inventories at September 30, 2022 consisted of the following: Current Long Term Total Raw materials $ 347,577 $ 181,416 $ 528,993 Finished goods 38,236 2,314 40,550 Totals $ 385,813 $ 183,730 $ 569,543 Inventories at March 31, 2022 consisted of the following: Current Long Term Total Raw materials $ 240,163 $ 181,416 $ 421,579 Finished goods 47,913 2,314 50,227 Totals $ 288,076 $ 183,730 $ 471,806 |
Note 4 - Intangible Assets4 (Ta
Note 4 - Intangible Assets4 (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2022 March 31, 2022 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 $ (21,191 ) $ 14,603 $ 35,794 10 - 15 $ (19,751 ) $ 16,043 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated aggregate future amortization expense related to intangible assets is as follows: For the fiscal years ended September 30, 2023 2,882 2024 2,882 2025 2,275 2026 1,725 2027 1,725 Thereafter 3,114 $ 14,603 |
Note 6 - Disaggregated Revenu_2
Note 6 - Disaggregated Revenues and Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months Ended September 30, 2022 2021 Net Revenue in the US Chemical $ 259,099 $ 295,285 Electronics 633,857 341,084 Engineering 161,016 139,949 1,053,972 776,318 Net Revenue outside the US Chemical 86,296 75,541 Electronics - - Engineering - - 86,296 75,541 Total Revenues $ 1,140,268 $ 851,859 Six Months Ended September 30, 2022 2021 Net Revenue in the US Chemical $ 505,999 $ 528,589 Electronics 1,098,549 563,658 Engineering 245,557 323,476 1,850,105 1,415,723 Net Revenue outside the US Chemical 211,571 157,494 Electronics - - Engineering - - 211,571 157,494 Total Revenues $ 2,061,676 $ 1,573,217 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Chemical Electronics Engineering Total Three months ended September 30, 2022 Revenue from external customers $ 345,395 $ 633,857 $ 161,016 $ 1,140,268 Segment operating income (loss) $ 1,018 $ 43,226 $ 58,648 $ 102,892 Six months ended September 30, 2022 Revenue from external customers $ 717,570 $ 1,098,549 $ 245,557 $ 2,061,676 Segment operating income $ 12,411 $ (23,429 ) $ 79,285 $ 68,267 Three months ended September 30, 2021 Revenue from external customers $ 370,826 $ 341,084 $ 139,949 $ 851,859 Segment operating income $ (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 $ (234,273 ) $ (345,779 ) $ (15,519 ) $ (595,571 ) Total assets at September 30, 2022 $ 1,097,446 $ 1,661,848 $ 376,267 $ 3,135,561 Total assets at March 31, 2022 $ 1,332,867 $ 1,430,395 $ 487,635 $ 3,250,897 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the fiscal year ended: Amount March 31, 2023 $ 50,937 March 31, 2024 105,625 March 31, 2025 106,875 March 31, 2026 106,875 March 31, 2027 106,875 March 31, 2028 106,875 March 31, 2029 26,719 610,781 Less: Amount attributable to imputed interest (81,329 $ 529,452 Weighted average remaining lease term (in years) 3.1 Weighted average discount rate 5 % Present Value of future payments $ 18,793 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ / shares in Thousands | 3 Months Ended | 6 Months Ended | 15 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Mar. 31, 2022 | |
Cash, Uninsured Amount | $ 687,000 | $ 687,000 | $ 687,000 | $ 887,000 | ||
Contract with Customer, Liability, Revenue Recognized | 62,000 | $ 27,000 | ||||
Advertising Expense | $ 8,796 | $ 7,785 | $ 15,031 | $ 14,788 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | ||||
Earnings Per Share, Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | ||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||
Electronic Products [Member] | ||||||
Warranty Term (Year) | 90 years |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventory (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Raw materials | $ 528,993 | $ 421,579 |
Finished goods | 40,550 | 50,227 |
Totals | 569,543 | 471,806 |
Current [Member] | ||
Raw materials | 347,577 | 240,163 |
Finished goods | 38,236 | 47,913 |
Totals | 385,813 | 288,076 |
Long Term [Member | ||
Raw materials | 181,416 | 181,416 |
Finished goods | 2,314 | 2,314 |
Totals | $ 183,730 | $ 183,730 |
Note 4 - Intangible Assets4 (De
Note 4 - Intangible Assets4 (Details Textual) | 6 Months Ended |
Sep. 30, 2022 | |
Minimum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Maximum [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 4 - Intangible Assets - In
Note 4 - Intangible Assets - Intangible Assets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | |
Accumulated Amortization | $ (21,191) | $ (19,751) | |
Intangible assets, net of accumulated amortization of $21,191 and $19,751 at September 30, 2022 and March 31, 2022, respectively | 14,603 | 16,043 | |
Net Carrying Amount | 14,603 | 16,043 | |
Patents And Trademarks [Member] | |||
Cost | 35,794 | 35,794 | |
Accumulated Amortization | (21,191) | (19,751) | |
Intangible assets, net of accumulated amortization of $21,191 and $19,751 at September 30, 2022 and March 31, 2022, respectively | 14,603 | 16,043 | |
Net Carrying Amount | $ 14,603 | $ 16,043 | |
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 4 - Intangible Assets - Es
Note 4 - Intangible Assets - Estimated Aggregate Future Amortization Expense (Details) - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
2023 | $ 2,882 | |
2024 | 2,882 | |
2025 | 2,275 | |
2026 | 1,725 | |
2027 | 1,725 | |
Thereafter | 3,114 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 14,603 | $ 16,043 |
Note 5 - Concentrations (Detail
Note 5 - Concentrations (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Mar. 31, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,140,268 | $ 851,859 | $ 2,061,676 | $ 1,573,217 | |
Customer Concentration Risk [Member] | Three Customers [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Number of Customers | 3 | ||||
Concentration Risk, Percentage | 65% | ||||
Customer Concentration Risk [Member] | Three Customers [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Number of Customers | 3 | ||||
Concentration Risk, Percentage | 75% | ||||
Customer Concentration Risk [Member] | Two Customers [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Number of Customers | 2 | 2 | 2 | ||
Concentration Risk, Percentage | 51% | 50% | 48% | ||
Customer Concentration Risk [Member] | Two Customers [Member] | Accounts Receivable [Member] | |||||
Concentration Risk, Number of Customers | 2 | ||||
Concentration Risk, Percentage | 61% | ||||
Customer Concentration Risk [Member] | Foreign Customers [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Percentage | 8% | 9% | 10% | 10% | |
Revenue from Contract with Customer, Including Assessed Tax | $ 86,296 | $ 75,541 | $ 211,571 | $ 157,494 |
Note 6 - Disaggregated Revenu_3
Note 6 - Disaggregated Revenues and Segment Information - Net Revenue, Classified by Geography (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,140,268 | $ 851,859 | $ 2,061,676 | $ 1,573,217 |
Chemical [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 345,395 | 370,826 | 717,570 | 686,083 |
Electronics [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 633,857 | 341,084 | 1,098,549 | 563,658 |
Engineering [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 161,016 | 139,949 | 245,557 | 323,476 |
UNITED STATES | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,053,972 | 776,318 | 1,850,105 | 1,415,723 |
UNITED STATES | Chemical [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 259,099 | 295,285 | 505,999 | 528,589 |
UNITED STATES | Electronics [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 633,857 | 341,084 | 1,098,549 | 563,658 |
UNITED STATES | Engineering [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 161,016 | 139,949 | 245,557 | 323,476 |
Non-US [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 86,296 | 75,541 | 211,571 | 157,494 |
Non-US [Member] | Chemical [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 86,296 | 75,541 | 211,571 | 157,494 |
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 6 - Disaggregated Revenu_4
Note 6 - Disaggregated Revenues and Segment Information - Summary of Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,140,268 | $ 851,859 | $ 2,061,676 | $ 1,573,217 | |
Segment operating income (loss) | 102,892 | (552,574) | 68,267 | (595,571) | |
Total assets at September 30, 2022 | 3,135,561 | 3,135,561 | $ 3,250,897 | ||
Chemical [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 345,395 | 370,826 | 717,570 | 686,083 | |
Segment operating income (loss) | 1,018 | (223,166) | 12,411 | (234,273) | |
Total assets at September 30, 2022 | 1,097,446 | 1,097,446 | 1,332,867 | ||
Electronics [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 633,857 | 341,084 | 1,098,549 | 563,658 | |
Segment operating income (loss) | 43,226 | (252,306) | (23,429) | (345,779) | |
Total assets at September 30, 2022 | 1,661,848 | 1,661,848 | 1,430,395 | ||
Engineering [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 161,016 | 139,949 | 245,557 | 323,476 | |
Segment operating income (loss) | 58,648 | $ (77,102) | 79,285 | $ (15,519) | |
Total assets at September 30, 2022 | $ 376,267 | $ 376,267 | $ 487,635 |
Note 7 - Due From Affiliate (De
Note 7 - Due From Affiliate (Details Textual) - USD ($) | 17 Months Ended | ||
Aug. 31, 2018 | Sep. 30, 2022 | Mar. 31, 2022 | |
Qol [Member] | |||
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 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Lease, Expense | $ 34,000 | $ 35,000 | $ 68,000 | $ 69,000 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Lease Payments (Details) | Sep. 30, 2022 USD ($) |
March 31, 2023 | $ 50,937 |
March 31, 2024 | 105,625 |
March 31, 2025 | 106,875 |
March 31, 2026 | 106,875 |
March 31, 2027 | 106,875 |
March 31, 2028 | 106,875 |
March 31, 2029 | 26,719 |
Lessee, Operating Lease, Liability, to be Paid, Total | 610,781 |
Less: Amount attributable to imputed interest | (81,329) |
Operating Lease, Liability, Total | $ 529,452 |
Weighted average remaining lease term (in years) (Year) | 3 years 1 month 6 days |
Weighted average discount rate | 5% |
Present Value of future payments | $ 18,793 |
Note 9 - Paycheck Protection _2
Note 9 - Paycheck Protection Program (PPP) Loan (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 10 Months Ended | 217 Months Ended | ||||
Dec. 21, 2021 | Sep. 07, 2021 | Feb. 28, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Feb. 28, 2021 | May 30, 2020 | |
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 361,275 | $ 0 | $ 361,275 | |||||
Gain (Loss) on Extinguishment of Debt, Total | 0 | $ 361,275 | 0 | $ 361,275 | |||||
Debt Instrument, Maturity Date | May 15, 2025 | ||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||
Proceeds from Notes Payable, Total | $ 332,542 | $ 713,542 | $ 381,000 | ||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 361,275 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | 361,275 | ||||||||
Paycheck Protection Program CARES Act [Member] | Loans Payable [Member] | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 332,542 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 332,542 | ||||||||
PPP Term Loan One [Member] | |||||||||
Loans Payable, Total | $ 19,725 | $ 14,345 | $ 14,345 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1% |
Note 10 - Line of Credit (Detai
Note 10 - Line of Credit (Details Textual) - Revolving Credit Facility [Member] - USD ($) | 6 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 15, 2018 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |||
Line of Credit Facility, Expiration Date | May 15, 2022 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.87% | |||
Short-Term Debt, Total | $ 237,617 | $ 334,760 |
Note 11 - Warrant Liability (De
Note 11 - Warrant Liability (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Jul. 02, 2022 | Jul. 31, 2021 | Jul. 02, 2021 | |
Warrant Liability, Current | $ 0 | $ 0 | $ 182,161 | |||||||
Warrant Liability, Current | 0 | 0 | (182,161) | |||||||
Net Income (Loss) Attributable to Parent, Total | (100,043) | $ 38,666 | $ 37,156 | $ 30,672 | (61,377) | $ 67,828 | ||||
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||||||||
Warrant Liability, Current | (182,000) | |||||||||
Additional Paid in Capital, Total | 288,000 | |||||||||
Warrant Liability, Current | 182,000 | |||||||||
Prepaid Expense, Current, Total | $ 181,000 | $ 181,000 | ||||||||
Net Income (Loss) Attributable to Parent, Total | 75,000 | |||||||||
Consulting Agreement [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,500,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0.20 | $ 0.17 | ||||||||
Class of Warrant or Right, Exercisable Period (Month) | 12 months | 12 months | ||||||||
Warrant Liability, Current | 182,000 | $ 288,000 | ||||||||
Warrant Liability, Current | $ (182,000) | $ (288,000) |
Note 12 - Due to Stockholder (D
Note 12 - Due to Stockholder (Details Textual) $ in Thousands | Sep. 30, 2022 USD ($) |
Deferred Compensation Liability, Interest Accrued | $ 0 |